# EDGAR Filing Document

**Accession Number:** 0002025255
**File Stem:** 0001213900-25-079436
**Filing Date:** 2025-8
**Character Count:** 1628427
**Document Hash:** 3ed01fe9927ceb85fc5a4332236854ea
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-079436.hdr.sgml**: 20250821

**ACCESSION NUMBER**: 0001213900-25-079436

**CONFORMED SUBMISSION TYPE**: F-1

**PUBLIC DOCUMENT COUNT**: 148

**FILED AS OF DATE**: 20250821

**DATE AS OF CHANGE**: 20250821

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AIGO HOLDING Ltd
- **CENTRAL INDEX KEY:** 0002025255
- **STANDARD INDUSTRIAL CLASSIFICATION:** WHOLESALE-ELECTRICAL APPLIANCES, TV & RADIO SETS [5064]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** F-1
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-289766
- **FILM NUMBER:** 251241765

**BUSINESS ADDRESS:**
- **STREET 1:** 4TH FLOOR, BUILDING NO. 26, JU YUAN ZHOU
- **STREET 2:** JINSHAN INDUSTRIAL ZONE, 618 JINSHAN AVE
- **CITY:** FUZHOU CITY
- **STATE:** F4
- **ZIP:** 350028
- **BUSINESS PHONE:** 86 0591 83700296

**MAIL ADDRESS:**
- **STREET 1:** 4TH FLOOR, BUILDING NO. 26, JU YUAN ZHOU
- **STREET 2:** JINSHAN INDUSTRIAL ZONE, 618 JINSHAN AVE
- **CITY:** FUZHOU CITY
- **STATE:** F4
- **ZIP:** 350028

#### As submitted with the Securities and Exchange Commission on August 21 , 2025.

#### Registration Statement No. 333-

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

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

#### AIGO HOLDING LIMITED<br> (Exact name of Registrant as specified in its charter)

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

#### ____________________

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| | | |
|:---|:---|:---|
|  **Cayman Islands** | **5064** | **Not Applicable** |
|  (State or other jurisdiction of <br>incorporation or organization) | (Primary Standard Industrial <br>Classification Code Number) | (I.R.S. Employer <br>Identification Number) |

---

**4**<sup>th</sup> **floor, Building No. 26, Ju Yuan Zhou Garden,<br>Jinshan Industrial Zone, 618 Jinshan Avenue, Jianxin Town,<br>Fuzhou City, Fujian Province, China 350028<br>Tel: +86 0591 83700296<br>(Address, including zip code, and telephone number, including area code, of Registrant's principal executive offices)**

**Puglisi & Associates**

**850 Library Avenue, Suite 204**

**Newark, Delaware 19711**

**Tel: +1 (302) 738**-6680

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

***Copies to:***

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| | |
|:---|:---|
|  **Yu Wang, Esq. <br>Han Kun Law Offices LLP <br>Rooms 4301**-10**, 43/F, Gloucester Tower, <br>The Landmark, 15 Queen's Road Central, <br>Hong Kong <br>Tel: +852 6386 1503** | **Yue (Mark) Li, Esq. <br>Xiaochun (Jonathan) Jiang, Esq. <br>MagStone Law, LLP <br>293 Eisenhower Parkway, Suite 135 <br>Livingston, NJ 07039 <br>347**-989-6327 |

---

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

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

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

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

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

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933.

Emerging growth company ☒

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

____________

† The term "new or revised financial accounting standard" refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

**The Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933, as amended, or until the Registration Statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to such Section 8(a), may determine.**

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

*PRELIMINARY PROSPECTUS (Subject to Completion) <br>Dated , 2025*

#### Aigo Holding Limited

#### 2,000,000 Ordinary Shares
This is an initial public offering of 2,000,000 ordinary shares, par value US$0.00025 per share, by Aigo Holding Limited. We currently anticipate the initial public offering price of our ordinary shares to be between US$4.00 and US$6.00 per ordinary share.

Prior to this offering, there has been no public market for our ordinary shares. We intend to apply for the listing of our ordinary shares on the Nasdaq Global Market (the "Nasdaq") under the symbol "AIGO." This offering is contingent upon the listing of our ordinary shares on the Nasdaq. As of the date of this prospectus, the Nasdaq has not yet approved our application to list our ordinary shares. There is no assurance that such application will be approved, and if our application is not approved by Nasdaq, this offering may not be completed.

Upon the completion of this offering, our issued and outstanding share capital will consist of 66,932,729 ordinary shares, assuming the underwriters do not exercise their option to purchase additional ordinary shares.

Additionally, we will be a "controlled company" as defined under corporate governance rules of the Nasdaq Stock Market, because Mr. Fufei Lin, our founder and chief executive officer, is expected to own 78.41% of our total issued and outstanding share capital, and will be able to exercise 78.41% of the aggregate voting power immediately after the completion of this offering, assuming the underwriters do not exercise their option to purchase additional shares. As Mr. Fufei Lin will hold more than 50% of our aggregate voting power upon the immediate completion of this offering, Mr. Fufei Lin will have the ability to control or significantly influence the outcome of matters requiring majority shareholder approval. We currently plan to utilize the exemptions available for controlled companies after we complete this offering. For further information, see "Principal Shareholders," "Summary — Implications of Being a Controlled Company" and "Risk Factors — Risks Related to This Offering — We are a "controlled company" as defined under the Nasdaq listing rules and, as a result can rely on exemptions from certain corporate governance requirements that provide protection to shareholders" on page 43.

We are an "emerging growth company" under applicable U.S. federal securities laws, and, as such are eligible for certain reduced public company reporting requirements. See the section titled "Prospectus Summary — Implications of Being an Emerging Growth Company" for additional information.

Aigo Holding Limited, or our Company, is not an operating company, but an investment holding company incorporated in the Cayman Islands. A portion of our daily operations, including product procurement and research and development, are conducted primarily through our operating subsidiaries in the PRC (including mainland China and Hong Kong). We also have operations, and generate all our revenue from countries outside of the PRC, including countries in the European Union, the United Kingdom and United States. We do not use a variable interest entity structure. Investors purchasing our ordinary shares in this initial public offering are purchasing equity securities of our Cayman Islands holding company and are not purchasing equity securities of our operating subsidiaries. This holding company structure involves unique risks to investors and investors may never hold equity interests in our operating subsidiaries. While we do not operate in an industry that is currently subject to foreign ownership limitations in China, PRC regulatory authorities could decide to limit foreign ownership in our industry or disallow our structure in the future, which could result in a material change in our operations and/or a material change in the value of our ordinary shares, including that it could cause the value of our ordinary shares to significantly decline or become worthless. See "Risk Factors — Risks Related to Our Legal and Regulatory Environment — PRC regulatory authorities could disallow our holding company structure" on page 29.

As an investment holding company, we may rely on dividends from our subsidiaries for our cash requirements, including any payment of dividends to our shareholders. The ability of our subsidiaries to pay dividends to us, however, may be restricted by the debt they incur on their own behalf and/or laws and regulations applicable to them. Unless otherwise indicated or the context otherwise requires, "we," "us," "our company," and "our" refer to Aigo Holding Limited, our Cayman Islands holding company and its subsidiaries, which include those in the PRC (including the mainland China and Hong Kong), various countries in the European Union, the United Kingdom and United States that conduct daily operations. If needed, cash can be transferred between our Cayman Islands holding company and subsidiaries incorporated in these countries through equity investments and

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intercompany loans. Currently, there are no restrictions of transferring funds from our Cayman Islands holding company to subsidiaries in Hong Kong through equity investments and intercompany loans. To the extent our cash is in mainland China or Hong Kong or held in our subsidiaries in mainland China or Hong Kong, the funds may not be available to fund operations or for other use outside of mainland China or Hong Kong due to interventions in, or the imposition of restrictions and limitations on, the ability of us or our subsidiaries by the PRC government to transfer cash. Although currency exchange control measures imposed by the PRC government may restrict the ability of our subsidiaries in the PRC to transfer their cash to our Cayman Islands holding company and other subsidiaries incorporated outside the PRC through loans, advances or cash dividends, we do not expect to make such transfer in the foreseeable future, as we generate all our revenue from outside the PRC. Please see "Risk Factors — Risks Related to Our Legal and Regulatory Environment — We may rely on dividends and other distributions on equity paid by our subsidiaries to fund any cash and financing requirements we may have, and any limitation on the ability of our PRC subsidiaries to make payments to us could have a material and adverse effect on our ability to conduct our business. To the extent our cash is in mainland China or Hong Kong or held in our subsidiaries in mainland China or Hong Kong, the funds may not be available to fund operations or for other use outside of mainland China and Hong Kong due to interventions in, or the imposition of restrictions and limitations on, the ability of us or our subsidiaries by the PRC government to transfer cash" on page 36. We may also make loans and additional capital contribution to our subsidiaries or branches, subject to certain restrictions under the applicable local laws, including the laws of China. For example, loans by us to our wholly-owned PRC subsidiaries to finance their activities cannot exceed statutory limits and must be registered with the local counterpart of SAFE. Capital contributions by us to our PRC subsidiaries are subject to registration with the State Administration for Market Regulation (the "SAMR") or its local branch, reporting of foreign investment information with the PRC Ministry of Commerce, or registration with other governmental authorities in China. See "Risk Factors — Risks Related to Our Legal and Regulatory Environment — PRC regulation of loans to and direct investment in PRC entities by offshore holding companies and governmental control of currency conversion may delay or prevent us from using the proceeds of our offshore financing to make loans or additional capital contributions to our PRC subsidiaries, which could materially and adversely affect our liquidity and our ability to fund and expand our business" on page 35. As an investment holding company, we may depend on receipt of funds from one or more of our subsidiaries if we determine to pay cash dividends to holders of our ordinary shares in the future. We do not have a regular dividend policy currently, and we have discretion as to whether to declare dividends, subject to certain requirements of Cayman Islands law and our Articles of Association. We currently do not have cash management policies in place that dictate how funds are transferred between us, our subsidiaries, and the investors, as we plan to determine the payment of dividends and fund transfer based on our specific business needs on a case-by-case basis in accordance with the applicable laws and regulations. As of the date of this prospectus, our Cayman Islands holding company has not declared or paid any dividends or distributions on equity to its shareholders. In 2023 and 2024, Fuzhou Aigostar, our primary operating company in China, paid dividends to its then shareholders in the amount of €1,153,000 and €1,479,000, respectively. See "Consolidated Statements of Changes in Shareholders' Equity" on page F-5 and "Consolidated Statements of Cash Flows" on page F-6 for more details. In February and July 2024, Fuzhou Aigostar paid dividends to its former shareholder in the amount of approximately RMB4.28 million and RMB7.36 million, respectively. In March 2024, Fuzhou Aigostar declared dividends to its then shareholder, Fuzhou Aigo Juyou Investment Co. Ltd., in the amount of approximately RMB53.81 million, which has not been paid as of the date of this prospectus. Except the above-mentioned dividend payment, as of the date of this prospectus, no cash transfer or transfer of other assets by way of dividends or distributions have occurred between us and our subsidiaries, or to investors. See "Prospectus Summary — Cash transfers and dividend distributions" on page 9 for the summary of our cash transfers and dividend distributions.

Pursuant to the Holding Foreign Companies Accountable Act, or the HFCAA, the Public Company Accounting Oversight Board, or the PCAOB, issued a Determination Report in December 2021 which found that the PCAOB is unable to inspect or investigate completely registered public accounting firms headquartered in mainland China and Hong Kong because of positions taken by the authorities in those jurisdictions. Our auditor, which is based in New York, is currently subject to inspection by the PCAOB at least every three years. On August 26, 2022, the PCAOB entered into a Statement of Protocol with the China Securities Regulatory Commission and the Ministry of Finance of the PRC and, as summarized in the "Statement on Agreement Governing Inspections and Investigations of Audit Firms Based in China and Hong Kong" published on the U.S. Securities and Exchange Commission's official website, the parties agreed to the following: (i) in accordance with the Sarbanes-Oxley Act of 2002, or the Sarbanes-Oxley Act, the PCAOB shall have independent discretion to select any issuer audits for inspection or investigation; (ii) the PCAOB shall have direct access to interview or take testimony from all personnel of the audit firms whose issuer engagements are being inspected or investigated; (iii) the PCAOB shall have the unfettered ability to transfer information to the SEC, in accordance with the Sarbanes-Oxley Act; and (iv) the PCAOB inspectors shall have access to complete audit work papers without any redactions, with view-only procedures for certain targeted pieces of information such as personally identifiable information.

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On December 15, 2022, the PCAOB issued a report that vacated its December 16, 2021 determination and removed mainland China and Hong Kong from the list of jurisdictions where it is unable to inspect or investigate completely registered public accounting firms. On December 29, 2022, legislation entitled "Consolidated Appropriations Act, 2023," or the Consolidated Appropriations Act, was signed into law by President Joseph Biden of the United States. The Consolidated Appropriations Act contained, among other things, an identical provision to the Accelerating Holding Foreign Companies Accountable Act, which reduces the number of consecutive non-inspection years required for triggering the prohibitions under the HFCAA from three years to two. Each year, the PCAOB will determine whether it can inspect and investigate completely audit firms in mainland China and Hong Kong, among other jurisdictions. We cannot assure you that we will not be identified by the SEC under the HFCAA as an issuer that has retained an auditor that has a branch or office located in a foreign jurisdiction that the PCAOB determines it is unable to inspect or investigate completely because of a position taken by an authority in that foreign jurisdiction. In addition, there can be no assurance that, if we have a "non-inspection" year, we will be able to take any remedial measures. If any such event were to occur, trading in our securities could in the future be prohibited under the HFCAA and, as a result, we cannot assure you that we will be able to maintain the listing of our ordinary shares on the Nasdaq Stock Market or that you will be allowed to trade our ordinary shares in the United States on the "over-the-counter" markets or otherwise. Should our ordinary shares become not listed or tradeable in the United States, the value of our ordinary shares could be materially affected. See "Risk Factors — Risks Related to Our Legal and Regulatory Environment — The continued U.S. regulatory and legislative focus, including the enactment of the HFCAA, may adversely affect the market price of our ordinary shares and may eventually require us to delist our securities from the U.S. markets" on page 32 for a detailed discussion.

We have substantial business operations located in mainland China and are subject to PRC laws and regulations. Recently, the PRC government has initiated a series of regulatory actions and made a number of public statements on offerings that are conducted overseas and/or involve foreign investment in China-based issuers, including the Opinions on Strictly Cracking down on Securities-related Illegal Activities in Accordance with the Law (promulgated by the General Office of the Central Committee of the Communist Party of China and the General Office of the State Council on July 6, 2021), the Cybersecurity Review Measures (promulgated by Cybersecurity Administration of China, or the CAC, on December 28, 2021 and became effective on February 15, 2022), the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies, or the Trial Measures (promulgated by the China Securities Regulatory Commission, or the CSRC and became effective on March 31, 2023), and the Provisions on Strengthening Confidentiality and Archives Administration in Respect of Overseas Issuance and Listing of Securities by Domestic Enterprises, or the Confidentiality and Archives Administration Provisions (promulgated by China Securities Regulatory Commission, Ministry of Finance, State Secrecy Administration, State Archives Bureau and became effective on March 31, 2023).

We do not believe that approval of the cybersecurity review of the CAC is required in connection with this Offering under current PRC laws, regulations and rules at this stage, as we have not processed, and do not anticipate to process in the foreseeable future, personal information of more than one million users or persons and the data we handle in our business operations, either by its nature or in scale, does not normally trigger significant concerns over PRC national security. However, we cannot affirm that PRC regulators share the same interpretation. According to the Trial Measures, among other things, a domestic company in the PRC that seeks to offer and list securities on overseas markets (either in direct or indirect means) shall fulfill the filing procedures with the CSRC as per requirement of the Trial Measures. We therefore are required to file with the CSRC in accordance with the Trial Measures with respect to this offering. According to the Confidentiality and Archives Administration Provisions, domestic companies that seek overseas offering and listing (either in direct or indirect means) and the securities companies and securities service (either incorporated domestically or overseas) providers that undertake relevant businesses shall not leak any state secret or working secret of government agencies, or harm national security and public interests. Furthermore, a domestic PRC company that provides accounting archives or copies of accounting archives to any entities, including securities companies, securities service providers and overseas regulators and individuals, shall fulfill due procedures in compliance with applicable regulations. We believe that this offering does not involve the leaking of any state secret or working secret of government agencies, or the harming of national security and public interests. However, we may be required to perform additional procedures in connection with the provision of accounting archives. The specific requirements of the relevant procedures are currently unclear and we cannot be certain whether we will be able to perform the relevant procedures.

Because these statements and regulatory actions are new and subject to change, it is uncertain as to the potential impact such amended or new legislation will have on our daily business operations or our ability to accept foreign investments and list on a U.S. stock exchange. We face various legal and operational risks associated with being headquartered in China. The PRC government has significant authority to exert influence on the ability of a China-based company, such as us, to conduct its business, accept foreign investments or list on a U.S. or

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other foreign exchanges. For example, we face risks associated with regulatory approvals on offerings conducted overseas by and foreign investment in China-based issuers, anti-monopoly regulatory actions. These risks could result in a material adverse change in our operations and the value of the securities we are registering for sale or could significantly limit or completely hinder our ability to offer or continue to offer securities to investors and cause the value of such securities to significantly decline or be worthless. Moreover, the Standing Committee of the National People's Congress (the "SCNPC") or other PRC regulatory authorities may in the future promulgate laws or regulations or implement rules that require our company, or any of our subsidiaries to obtain regulatory approval from PRC authorities before listing in the United States. For risks relating to approval of the CSRC and other PRC government authorities, please refer to "Risk Factors — Risks Related to Our Legal and Regulatory Environment — In addition to the filing with the CSRC per the requirements of the Trial Measures, other approval of or filing with the CSRC or other PRC government authorities may be required in connection with our previous or future offshore offerings under PRC laws, and, if required, we cannot predict whether or for how long we will be able to obtain such approval or complete such filing" on page 37, "Risk Factors — Risks Related to Our Legal and Regulatory Environment — PRC regulatory authorities could disallow our holding company structure" on page 29 and "Risk Factors — Risks Related to Our Legal and Regulatory Environment — The PRC government's significant oversight and discretion over our business operations could result in a material adverse change in our operations and the value of our ordinary shares" on page 30.

In addition to our operations in mainland China, we also have subsidiaries in Hong Kong through which are intermediate entities that facilitate our supply logistics, such as purchasing from suppliers and selling to our overseas subsidiaries. None of our Hong Kong subsidiaries has office, employee, warehouses or independent suppliers or customers. As of the date of this prospectus, regulatory actions related to data security or anti-monopoly concerns in Hong Kong do not have a material impact on our ability to conduct business, accept foreign investment in the future, or list on a U.S. or foreign exchange. However, new regulatory actions related to data security or anti-monopoly concerns in Hong Kong may be taken in the future, and such regulatory actions may have a material impact on our ability to conduct business, accept foreign investment, or list on a U.S. or foreign exchange. See "Risk Factors — Risks Related to Our Legal and Regulatory Environment — Complying with evolving laws and regulations regarding cybersecurity, information security, privacy and data protection and other related laws and requirements may entail significant expenses which may have an adverse effect on our business, financial conditions and results of operations" on page 33.

**See "Risk Factors" beginning on page 16 to read about factors you should consider before buying our ordinary shares**.

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

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____________

(1) For a description of compensation payable to the underwriters, see "Underwriting."

(2) Represents underwriting discounts up to seven percent (7%) (or $ per ordinary share), of gross proceeds of this offering. Does not include a non-accountable expense allowance. See "Underwriting" for all compensation to be paid to the underwriters.

The underwriters have a thirty (30) days option to purchase up to an additional 300,000 ordinary shares from us at the initial public offering price less the underwriting discounts and commissions.

***The Securities and Exchange Commission and state securities regulators have not approved or disapproved of these securities, or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.***

*The underwriter expects to deliver the ordinary shares against payment in U.S. dollars in New York, NY on , 2025*.

#### ____________________________
The date of this prospectus is , 2025

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#### **TABLE OF CONTENTS**

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| | |
|:---|:---|
|  | **Page** |
|  [PROSPECTUS SUMMARY](#T25) | 1 |
|  [THE OFFERING](#T24) | 13 |
|  [SUMMARY CONSOLIDATED FINANCIAL AND OPERATING DATA](#T23) | 14 |
|  [RISK FACTORS](#T22) | 16 |
|  [SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS](#T21) | 45 |
|  [USE OF PROCEEDS](#T20) | 47 |
|  [DIVIDEND POLICY](#T19) | 48 |
|  [CAPITALIZATION](#T18) | 49 |
|  [DILUTION](#T17) | 50 |
|  [ENFORCEMENT OF CIVIL LIABILITIES](#T16) | 52 |
|  [OUR CORPORATE STRUCTURE](#T15) | 53 |
|  [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#T9901) | 55 |
|  [INDUSTRY OVERVIEW](#T14) | 70 |
|  [BUSINESS](#T13) | 80 |
|  [REGULATIONS](#T9902) | 100 |
|  [MANAGEMENT](#T12) | 116 |
|  [PRINCIPAL SHAREHOLDERS](#T11) | 121 |
|  [RELATED PARTY TRANSACTIONS](#T10) | 123 |
|  [DESCRIPTION OF SHARE CAPITAL](#T9) | 126 |
|  [SHARES ELIGIBLE FOR FUTURE SALE](#T8) | 134 |
|  [TAXATION](#T7) | 136 |
|  [UNDERWRITING](#T6) | 142 |
|  [EXPENSES RELATED TO THIS OFFERING](#T5) | 148 |
|  [LEGAL MATTERS](#T4) | 149 |
|  [EXPERTS](#T994001) | 149 |
|  [WHERE YOU CAN FIND ADDITIONAL INFORMATION](#T994002) | 149 |
|  [INDEX TO CONSOLIDATED FINANCIAL STATEMENTS](#T1) | F-1 |
|  [PART II](#T9903) | II-1 |
|  [INFORMATION NOT REQUIRED IN PROSPECTUS](#T9904) | II-1 |

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

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

Until , 2025 (the 25<sup>th</sup> day after the date of this prospectus), all dealers that buy, sell or trade the ordinary shares, whether or not participating in this offering, may be required to deliver a prospectus. This is in addition to the obligation of dealers to deliver a prospectus when acting as underwriters and with respect to their unsold allotments or subscriptions.

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#### PROSPECTUS SUMMARY
*The following summary is qualified in its entirety by, and should be read in conjunction with, the more detailed information and financial statements appearing elsewhere in this prospectus. In addition to this summary, we urge you to read the entire prospectus carefully, especially the risks of investing in our ordinary shares discussed under "Risk Factors" and information contained in "Management's Discussion and Analysis of Financial Condition and Results of Operations" before deciding whether to buy our ordinary shares. In addition, this prospectus contains information from a report prepared by China Insight Industry Consultancy Limited, a third*-party *market research firm.*

#### Overview
We are a consumer products provider well established in Southern Europe with global operations that extend into geographic regions including Europe, Asia, North America, Latin America, and Africa. In 2024, we generated revenue from approximately 40 countries and regions in four continents.

We primarily offer consumers lifestyle products through our various sales channels, with a particular focus on four main product categories: (i) lighting products; (ii) electrical products; (iii) household appliances; and (iv) pet products. Since 2019, we have also been developing and offering IoT-related consumer products.

We have three proprietary brands, namely, AIGOSTAR<sup>®</sup>, nobleza<sup>®</sup> and Taylor Swoden<sup>®</sup>, each of which has its distinct product lines, marketing strategies and intended consumers. As of December 31, 2024, we had a 115-member R&D team that is dedicated to research and development of new products tailored to customer needs as well as the development of our IT system. We generate recurring revenue from certain core products as well as revenue from new products we offer to the market.

We sell our products through both offline and online channels. Our offline customers are mainly business entities, including local community stores and/or high-end boutiques, shopping malls, supermarkets and distributors, who purchase products from us, either by directly placing orders with us or through our proprietary apps designed specifically for our offline customers to place orders efficiently, and on-sell them to end consumers. Our online customers are generally users who purchase products directly from us through third-party E-commerce platforms and our proprietary AigoSmart App. In 2023, we generated 50.8% and 48.3% of our aggregate revenue from offline and online channels, respectively. In 2024, we generated 55.8% and 43.5% of our aggregate revenue from offline and online channels, respectively.

We have established local sales teams in several European countries, many members of whom are local residents with in-depth local knowledge and business connections. Through such local sales teams, we form strategic relationships with many of our local community store customers, which are mainly small-scale or boutique stores located in various communities with a targeted audience in the near neighborhood. In the course of the last five years, we systematically cooperated with over 4,000 stores and help such stores renovate their overall store décor pursuant to our design instruction to improve their operational efficiency and consumer appeal and, in turn, many of such local stores have set up sales areas that exclusively showcase our branded products.

We procure our products from third-party, original equipment manufacturers, or OEMs, who manufacture our products based on our product designs and specifications, or original design manufacturers, or ODMs, who provide both design and manufacturing services to us. In 2024, around 90% of our ODM and OEM suppliers were located in the PRC. As of the date of this prospectus, we operate twelve local warehouses in the PRC and Europe, from which we fulfill online and offline product orders.

Our revenue in 2023 and 2024 was €151.2 million and €177.8 million (US$184.7 million), respectively, and our gross profit was €75.4 million and €85.9 million (US$89.3 million) in the corresponding years, representing a gross profit margin of 49.9% and 48.3%, respectively. We recorded a net income of €5.7 million in 2023, and a net income of €3.7 million (US$3.9 million) for the year ended December 31, 2024, respectively.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Well-established consumer products provider in Southern Europe with global reach and growth potential;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Proven product development capability that offers quality products tailored to evolving consumer demands;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Deep-penetrating and multi-layered sales network across multiple continents with balanced revenue generating capacity through both local stores and online channels;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Capability for expedite response and strategic adjustment on a global scale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Proprietary IT system with high integration of supply chain management, warehousing, sales and logistics that empower our replicable business model; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Visionary management team with extensive industry know-how and long-term commitment.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Enhanced focus and investment in IoT product offerings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Continue to optimize and expand our sales network;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Commitment to product renovation and offerings based on local customer needs; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Further prudent expansion into global markets.

#### Our Corporate History and Structure
We commenced our business in 2011 in Spain as a consumer product company through Aigotech Onsynk SL. and steadily expanded our networks and established subsidiaries in various countries and regions including China (including the mainland and Hong Kong), the European Union, the United Kingdom and the United States. From 2012 to 2014, we established three Hong Kong companies, namely, Aigostar Spain Limited, Aigoleo Limited, and Sanmu Express Limited. From 2020 to 2023, Aigoleo Limited and Aigostar Spain Limited acquired 100% shares of our subsidiaries in the European Union, the United Kingdom and the United States.

Our PRC operating entity, Fuzhou Aigostar, was incorporated in Fuzhou, Fujian Province under the PRC laws on July 7, 2016, currently with a registered capital of RMB 37.73 million. As of the date of this prospectus, Fuzhou Aigostar held 100% equity interest of Fuzhou Xingyish, a limited liability company formed on May 22, 2019 under the laws of the PRC, and 100% equity interest of Fuzhou Infinite, a limited liability company formed on September 29, 2017 under the laws of the PRC.

We set up a holding company structure by establishing our Cayman Islands holding company, Aigo Holding Limited, or Aigo Holding. On June 11, 2024, Fuzhou Aigo Juxing Investment Co. Ltd. ("WFOE") was incorporated as a wholly foreign-owned subsidiary of Aigo Holding. On June 17, 2024, WFOE acquired 100% equity interest of Fuzhou Aigostar from its then four shareholders, including Fufei Lin, Fuzhou Aigo Juyou Investment Co. Ltd., Yongsheng Guo and Ping Capital Limited. On June 12, 2024, Aigo Holding acquired 100% share interest of Aigostar Spain Limited, Aigoleo Limited, and Sanmu Express Limited, and thereby obtaining 100% share interest of our subsidiaries in the European Union, the United Kingdom and the United States.

On August 28, 2024, our founder, Mr. Fufei Lin, acting on behalf of Aigoleo Limited, entered into the Share Sale Commitment Agreement Conditional on Favorable Due Diligence with Shengli Chen Pen and Francisco Javier Zorrilla Lozano (the "Sellers"), the shareholders of Arteconfort Hoteles S.L., pursuant to which Aigoleo Limited agreed to purchase and the Sellers agreed to sell, 100% equity interest of Arteconfort Hoteles S.L. to Aigoleo Limited, subject to the satisfactory of due diligence conditions and results as stipulated therein (the "Share Sale Commitment Agreement"). The price of purchasing 100% equity interest of Arteconfort Hoteles S.L. is €8 million and please see "Our Corporate Structure" for specific payment terms. On December 27, 2024, being satisfied of the due diligence conditions and results, Aigoleo Limited, and the Sellers entered into a share purchase agreement to acquire 100% equity interest of Arteconfort Hoteles S.L. The completion of the acquisition transaction took place on January 1, 2025. Following the completion of the acquisition, Arteconfort Hoteles S.L. became our wholly-owned subsidiary.

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The following diagram illustrates our corporate structure and our significant subsidiaries as of the date of this prospectus. We do not use a variable interest entity structure. See "Our Corporate Structure — Our Subsidiaries" for more information on the operations of our subsidiaries corporate entities.

#### Risks related to our Company
Investing in our ordinary shares involves risks. The risks summarized below are qualified by reference to the section entitled "Risk Factors," which you should carefully consider before deciding to purchase our ordinary shares. If any of these risks actually occurs, our business, financial condition, or results of operations would likely be materially and adversely affected. In such cases, the trading price of our ordinary shares would likely decline, and you may lose all or part of your investment.

We believe some of the major risks and uncertainties that may materially and adversely affect us include the following:

#### Risks related to our business and industry
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We currently derive the majority of our revenue from sales in Europe, and any fluctuation or slowdown of the European market may adversely affect our business, financial condition and results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our growth depends on expanding in various geographic markets and such expansion may pose new logistical, operational and marketing challenges that may materially and adversely affect our business prospects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes in external economic environment may decrease the demand for our products and adversely affect our growth and strategies and business prospects; and historically we have experienced failure to achieve financial goals due to the outbreak of the Russian-Ukraine war.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If we fail to manage our stock inventory at an acceptable level, our business, financial condition and results of operations may be adversely affected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We participate in intensely competitive markets and we may not compete successfully against new and existing competitors, which may materially and adversely affect our results of operations.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Claims by third parties that we are infringing their intellectual property and other litigation may materially and adversely affect our business and prospects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our online sale incurs relatively low profitability level; and our inability to increase our online profitability level may materially and adversely affect our growth and financial performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our business in IoT-integrated products utilizes cloud services provided by third party, and is still in the development phase. If we are unable to maintain our relationship with cloud service provider or manage our expansion of IoT products successfully, our business, financial condition and results of operations may be materially and adversely affected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We rely substantially on third-party suppliers for the manufacture of our products, and any deterioration in such business relationships or the quality of those products may materially and adversely affect our business, financial condition and results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The design, technology and intellectual property rights of our ODM products remain with our ODM suppliers; failure to maintain stable relationship with such suppliers may materially and adversely affect our business, financial condition and results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The prospects of our business depend substantially on the recognition, maintaining and strengthening our brands to generate and maintain ongoing demand for our products.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are subject to certain risks relating to the warehousing of our products.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We use third-party couriers to deliver our products and their failure to provide high quality delivery services or our failure to effectively manage our relationships with them may materially and adversely affect our business, financial condition and results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We rely on community retail stores to sell our products to consumers, and failure to maintain and further develop our relationships with these retail stores may adversely affect our business, financial condition and results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our business, prospect and financial conditions may be adversely affected by our relationship with third-party e-commerce platforms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our offline sale relies substantially on our business customers (including community stores, supermarkets, distributors and construction project partners). Any failure to manage or maintain relationships with our business customers may adversely affect our business, financial condition and results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our expansion may lower our profit margins, and materially and adversely affect our business, financial condition and results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any failure to quickly identify and adapt to changing industry conditions and consumer preferences, especially in the industry of household appliances and pet products industries, may have a material and adverse effect on our business, financial condition and results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our business involves the potential for product recalls, product liability and other claims against it, which may materially and adversely affect our business, reputation and results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We have been and may continue to be subject to litigations, allegations, complaints, investigations and penalties from time to time, which may adversely affect our business, financial condition and results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fluctuations in currency exchange rates may make our growth and future prospects uncertain and difficult to evaluate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our growth and profitability depend, to a significant extent, on international trade relationships between China and other countries and consumer confidence in Chinese products and any trade restrictions or losses in consumer confidence may materially and adversely affect our results of operations.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In the course of preparing our consolidated financial statements, we have identified a material weakness and other control deficiencies in our internal control over financial reporting, which, as of the date of this prospectus, have not been remediated. If we fail to maintain an effective system of internal control over financial reporting, we may be unable to accurately report our financial results or prevent fraud and investor confidence in our company and the market price of the shares may be adversely affected.

#### Risks related to our legal and regulatory environment
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our holding company structure involves unique risks to investors and investors may never hold equity interests in our operating subsidiaries. PRC regulatory authorities could decide to limit foreign ownership in our industry or disallow our structure in the future, which could result in a material change in our operations and/or a material change in the value of our ordinary shares, including that it could cause the value of our ordinary shares to significantly decline or become worthless. For details, see "Risk Factors — Risks Related to Our Legal and Regulatory Environment — PRC regulatory authorities could disallow our holding company structure" on page 29.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The PRC government has significant authority in regulating our operations and may influence or intervene in our operations at any time or exert more control over offerings conducted overseas and/or foreign investment in China-based issuers, which could result in a material adverse change in our operations and the value of our ordinary shares. Actions by the PRC government to exert more control over offerings conducted overseas by, and foreign investment in, China-based issuers could result in a material change in our operations, and significantly limit or completely hinder our ability to offer or continue to offer securities to investors and cause the value of such securities to significantly decline or be worthless. For details, see "Risk Factors — Risks Related to Our Legal and Regulatory Environment — The PRC government's significant oversight and discretion over our business operations could result in a material adverse change in our operations and the value of our ordinary shares" on page 30.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Risks and uncertainties arising from the legal system in China, including risks and uncertainties regarding the enforcement of laws and the fact that rules and regulations in China can change quickly with little advance notice. Rules and regulations in China are subject to changes by the relevant authorities. Sometimes such authorities will publish draft of the revisions to existing rules and regulations for public comments and consultation before enacting such revisions. But such consultations are done on case-by-case basis and we otherwise lack public channels to learn the extents of the revisions beforehand, in which case we might have limited time to ensure timely compliance upon the enactment of such revisions. All of the above could result in a material adverse change in our operations and the value of our ordinary shares. For details, see "Risk Factors — Risks Related to Our Legal and Regulatory Environment — Any failure by us to meet with the PRC legal system could adversely affect us" on page 30.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Chinese government may exert substantial influence over the conduct of our business and may intervene with or influence our operations as the government deems appropriate to further regulatory, political and societal goals. The Chinese government has recently published new policies that significantly affected certain industries, and we cannot rule out the possibility that it will in the future release regulations or policies regarding our industry that could adversely affect our business, financial condition and results of operations. For details, see "Risk Factors — Risks Related to Our Legal and Regulatory Environment — The PRC government may exert substantial influence over the manner in which we conduct our business operations. It may influence or intervene in our operations at any time as part of its efforts to enforce PRC law, or exert more control over offerings conducted overseas and/or foreign investment in China-based issuers, which could result in a material adverse change in our operations and the value of our ordinary shares" on page 31.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are subject to governmental export and import controls imposed by the EU, the U.S. and various governments. Compliance with such requirements may create delays or prevent the export of our products to some countries. For details, see "Risk Factors — Risks Related to Our Legal and Regulatory Environment — We are subject to governmental export and import controls, customs and economic sanction laws that could subject us to liability and impair our ability to compete in international markets" on page 31.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A majority of our products are manufactured by third-party suppliers in China, and the PRC government has oversight over the conduct of these suppliers and may intervene or influence their operations. For details, see "Risk Factors — Risks Related to Our Legal and Regulatory Environment — The PRC government may intervene in or influence our operations in China or the operations of our third party suppliers, which could result in a material change in our business, financial condition and results of operations as well as the value of our ordinary shares" on page 32.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On December 2, 2021, the SEC adopted final amendments implementing the disclosure and submission requirements under the HFCAA. Under such rules, an issuer that has filed an annual report containing an audit report issued by a registered public accounting firm that the PCAOB has determined it is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction will be identified by the SEC as a "Commission-Identified Issuer." The SEC will impose a trading prohibition on an issuer after it is identified as a Commission-Identified Issuer for three consecutive years. For details, see "Risk Factors — Risks Related to Our Legal and Regulatory Environment — The continued U.S. regulatory and legislative focus, including the enactment of the HFCAA, may adversely affect the market price of our ordinary shares and may eventually require us to delist our securities from the U.S. markets" on page 32.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• PRC regulation of loans to and direct investment in PRC entities by offshore holding companies and governmental control of currency conversion may delay or prevent us from using the proceeds of our offshore financing to make loans or additional capital contributions to our PRC subsidiaries, which could materially and adversely affect our liquidity and our ability to fund and expand our business. See page 35 for details.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may rely on dividends and other distributions on equity paid by our subsidiaries to fund any cash and financing requirements we may have, and any limitation on the ability of our PRC subsidiaries to make payments to us could have a material and adverse effect on our ability to conduct our business. To the extent our cash is in mainland China or Hong Kong or held in our subsidiaries in mainland China or Hong Kong, the funds may not be available to fund operations or for other use outside of mainland China and Hong Kong due to interventions in, or the imposition of restrictions and limitations on, the ability of us or our subsidiaries by the PRC government to transfer cash. See page 36 for details.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In addition to the filing with the CSRC per the requirements of the Trial Measures, other approval of or filing with the CSRC or other PRC government authorities may be required in connection with our previous or future offshore offerings under PRC laws, and, if required, we cannot predict whether or for how long we will be able to obtain such approval or complete such filing. See page 37 for details.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may be subject to future tax audits, and our intercompany sale may be challenged as transfer pricing, resulting in higher taxes or penalties. See page 39 for details.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may be subject to civil complaints and regulatory actions under certain laws and regulations relating to labor, social insurance and housing provident fund. See page 39 for details.

#### Risks related to this offering
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There has been no public market for our ordinary shares prior to this offering and you may not be able to resell our ordinary shares at or above the price you pay for them, or at all.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You will experience immediate dilution in the net tangible book value of ordinary shares purchased.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You may face difficulties in protecting your interests and your ability to protect your rights through the U.S. federal courts may be limited, because we are incorporated under Cayman Islands law, operate a substantial part of our business from mainland China and countries other than the United States, and all of our officers reside outside the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our management will have considerable discretion as to the use of the net proceeds from this offering.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are an "emerging growth company" and we cannot be certain if the reduced disclosure requirements applicable to emerging growth companies will make our ordinary shares less attractive to investors.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are a "controlled company" as defined under the Nasdaq listing rules and, as a result can rely on exemptions from certain corporate governance requirements that provide protection to shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There can be no assurance that we will not be a passive foreign investment company, or PFIC, for United States federal income tax purposes for any taxable year, which could subject United States investors in our ordinary shares to significant adverse United States income tax consequences.

#### Our Corporate Information
Our principal office is located at 4<sup>th</sup> floor, Building No. 26, Ju Yuan Zhou Garden, Jinshan Industrial Zone, 618 Jinshan Avenue, Jianxin Town, Fuzhou City, Fujian Province, P.R. China 350028. Our telephone number at this address is +86 0591 83700296. Our registered office in the Cayman Islands is at Vistra (Cayman) Limited, P. O. Box 31119 Grand Pavilion, Hibiscus Way, 802 West Bay Road, Grand Cayman, KY1 — 1205 Cayman Islands. Our principal website is *https://www.aigostar.com*. The information contained on our website does not constitute a part of this prospectus.

Investor inquiries should be directed to us at the address and telephone number of our principal offices set forth above. Our agent for service of process in the U.S. is located at 850 Library Avenue, Suite 204, Newark, Delaware 19711.

#### Regulatory Permissions and Licenses for Our Operations in China and This Offering

#### Permission Required for Our Operations
Our operations in China are primarily conducted through our PRC subsidiaries. Our operations in China are governed by PRC laws and regulations. We are required to obtain certain licenses, permits and approvals from relevant governmental authorities in China in order to operate our business. It is the opinion of our PRC counsel, Beijing Dacheng Law Offices, LLP (Fuzhou), or Dacheng, that as of the date of this prospectus, we and our PRC subsidiaries received from relevant PRC authorities all requisite licenses, permissions, approvals or certificates needed to engage in the businesses currently conducted in China, and no permission or approval was denied. The following table provides details on the licenses and permissions currently held by our PRC subsidiaries.

---

| | | | |
|:---|:---|:---|:---|
|  **Company** | **License/Permission** | **Issuing Authority** | **Validity** |
|  Fuzhou Aigo Juxing Investment Co. Ltd. | Business License | Administration for <br>Market Regulation <br>Bureau of Cangshan <br>District, Fuzhou City | Until June 10, 2054 |
|  Fuzhou Aigostar Optoelectronic Technology Co., Ltd | Business License | Administration for <br>Market Regulation <br>Bureau of Cangshan <br>District, Fuzhou City | Until July 6, 2046 |
|  Fuzhou Aigostar Optoelectronic Technology Co., Ltd | Registration Certificate of Customs Declaration Unit of the People's Republic of China | Fuzhou Customs | Long Term |
|  Fuzhou Aigostar Optoelectronic Technology Co., Ltd | Foreign Trade Managers Record Registration Form | Filing and Registration Authority | Long Term |
|  Fuzhou Xingyishi Electronic Commerce Co. Ltd. | Business License | Administration for <br>Market Regulation <br>Bureau of Cangshan <br>District, Fuzhou City | Until May 21, 2044 |
|  Fuzhou Infinite Information Technology Co., Ltd. | Business License | Administration for <br>Market Regulation <br>Bureau of Cangshan <br>District, Fuzhou City | Until September 28, 2047 |

---

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Given the changes of interpretation and implementation of relevant laws and regulations and the enforcement practice by relevant government authorities, and the promulgation of new laws and regulations and amendment to the existing ones, we may be required to obtain additional licenses, permits, registrations, filings or approvals for our business operations in the future. We cannot assure you that we will be able to obtain, in a timely manner or at all, or maintain such licenses, permits or approvals, and we may also inadvertently conclude that such permissions or approvals are not required. Any lack of or failure to maintain requisite approvals, licenses or permits applicable to us or the affiliated entities may have a material adverse impact on our business, results of operations, financial condition and prospects and cause the value of any securities we offer to significantly decline or become worthless. In addition, we may be subject to investigations by competent regulators, fines or penalties, ordered to suspend our relevant operations and rectify any non-compliance, prohibited from engaging in relevant business or conducting any offering, and these risks could result in a material adverse impact on our operations, significantly limit or completely hinder our ability to offer or continue to offer securities to investors, or cause such securities to significantly decline in value or become worthless.

#### Permission Required for This Offering
On February 17, 2023, the CSRC promulgated the Trial Measures and the related guidelines, which became effective on March 31, 2023. The Trial Measures, which reformed the existing regulatory regime for overseas offering and listing of securities by PRC domestic companies and both direct and indirect overseas offering and listing of securities by PRC domestic companies, imposes a filing-based regulatory regime. According to the Trial Measures, if the issuer meets both of the following criteria, the overseas securities offering and listing conducted by such issuers shall be deemed as indirect overseas offering and listing: (i) more than 50% of the issuer's operating revenue, total profit, total assets or net assets as documented in its audited consolidated financial statements for the most recent accounting year is accounted for by domestic companies; and (ii) the main parts of the issuer's business activities are conducted in China, or its main places of business are located in China, or the senior managers in charge of its business operation and majority of the issuer's management are PRC citizens or domiciled in the PRC.

Based on the above-mentioned criteria, we are required to file with the CSRC in accordance with the Trial Measures with respect to the offering. We plan to make the required filing to the CSRC in connection with this offering and our listing on the Nasdaq Stock Market in accordance with the Trial Measures. On July 2, 2024, we submitted our filing materials and applied for registration to the CSRC in accordance with the requirements of the Trial Measures. As of the date of this prospectus, we have completed the filing for this offering with the CSRC in compliance with the Trial Measures and the CSRC has concluded the filing procedure and published the filing results on the CSRC website on March 18, 2025. As a result, we have received all requisite permissions and/or approvals from the CSRC in connection with this offering. However, if the CSRC later determines that the disclosures in our filing for this offering are inadequate or not in full compliance with its requirements or standards, we may face fines and penalties imposed by the CSRC. See "Risk Factors — Risks Related to Our Legal and Regulatory Environment — In addition to the filing with the CSRC per the requirements of the Trial Measures, other approval of or filing with the CSRC or other PRC government authorities may be required in connection with our previous or future offshore offerings under PRC laws, and, if required, we cannot predict whether or for how long we will be able to obtain such approval or complete such filing" on page 37.

Our PRC counsel, Dacheng, has advised us that, based on its understanding of the current PRC laws and regulations, apart from the filing with the CSRC per the requirements of the Trial Measures, we and our subsidiaries are currently not required to obtain any other permission or approval from any PRC authorities to operate or to issue our ordinary shares to foreign investors. We believe that we and our subsidiaries are not required to obtain permission or approval relating to our ordinary shares from PRC authorities, including the CSRC, apart from the filing with the CSRC per the requirements of the Trial Measures, and the CAC, for our subsidiaries' operations, nor have we or our subsidiaries received any other approvals or denial for our subsidiaries' operations with respect to this offering. It is the opinion of our PRC counsel, Dacheng, that none of the Company or its PRC subsidiaries is an operator of any "critical information infrastructure" as defined under the PRC Cybersecurity Law and the Security Protection Measures on Critical Information Infrastructure, given that we are not engaged in important public communication and information services, energy, transportation, water conservancy, finance, public services, e-government or defense technology industry; nor are we involved with other important network facilities or information systems that may seriously endanger national security, national economy and people's livelihood. Additionally, none of the Company or its PRC subsidiaries is an "online platform operators" processing personal information of more than one million users. Therefore, we are not classified as entities required to declare

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cybersecurity review under the Cybersecurity Review Measures. Since we are not subject to such declaration, we are also exempt from participating in the security evaluation organized by the CAC. Therefore, the understanding is that we and our subsidiaries are not currently covered by permission requirements from the CSRC, apart from the filing with the CSRC per the requirements of the Trial Measures, the CAC or any other governmental agency that is required to approve our operations, and no such permissions or approvals have been received or denied.

Except as disclosed above, we have not been requested to obtain or denied any license or permission from any government authority in China in connection with our operations or this offering as of the date of this prospectus. However, the PRC regulatory authorities may adopt new laws, rules and regulations, or detailed implementation and interpretation of the current applicable PRC laws, rules and regulations, and we cannot assure you that the relevant PRC regulatory authorities would reach the same conclusion as us. Any further actions by the PRC government to exert more oversight and control over offerings that are conducted overseas and foreign investment in China-based issuers or any failure by us to fully comply with new regulatory requirements may significantly limit or completely hinder our ability to offer or continue to offer our ordinary shares, cause significant disruption to our business operations, and severely damage our reputation, which would materially and adversely affect our financial condition and results of operations and cause our ordinary shares to significantly decline in value or become worthless.

#### Cash transfers and dividend distributions
Aigo Holding Limited, our Cayman Islands holding company, may transfer cash to Sanmu Express Limited, Aigostar Spain Limited or Aigoleo Limited, its wholly owned subsidiaries in Hong Kong, through equity investments and intercompany loans. Our Cayman Islands holding company may also transfer cash to WFOE, its wholly-owned subsidiary in the PRC, through equity investments and intercompany loans. If our subsidiaries in the PRC realize accumulated after-tax profits, they may, upon satisfaction of relevant statutory conditions and procedures, pay dividends or distribute earnings to our Cayman Islands holding company.

In 2023 and 2024, Fuzhou Aigostar, our primary operating company in China, paid dividends to its then shareholders in the amount of €1,153,000 and €1,479,000, respectively. In February and July 2024, Fuzhou Aigostar paid dividends to its then shareholder Mr. Fufei Lin, in the amount of approximately RMB4.28 million and RMB7.36 million, respectively. In March 2024, Fuzhou Aigostar declared dividends to its then shareholder, Fuzhou Aigo Juyou Investment Co. Ltd., in the amount of approximately RMB53.81 million, which has not been paid as of the date of this prospectus. As of the date of this prospectus, except for the dividends disclosed in the immediately preceding sentences (i) no transfer of cash through equity investments or intercompany loans was made between our Company and a subsidiary, (ii) no assets other than cash was transferred between our Company and a subsidiary, and (iii) none of the subsidiaries made any dividend payment or distribution to our Company. See "Consolidated Statements of Cash Flows" beginning on Page F-6.

In 2023 and 2024, we generated all our revenue and cash flow from operating activities outside of the PRC. We intend to keep future earnings to finance the expansion of our business, and do not anticipate that any cash dividends will be paid or any funds will be transferred from our PRC subsidiaries to our Company. We currently do not have cash management policies in place that dictate how funds are transferred between our Company and our subsidiaries. We will determine the payment of dividends and fund transfer based on our specific business needs in accordance with the applicable laws and regulations should the need arises. Currently, there is no restriction of transferring funds between our Company and its subsidiaries in Hong Kong; however, currency exchange control measures imposed by the PRC government may restrict the ability of our subsidiaries in the PRC to transfer their cash to our Company and other subsidiaries incorporated outside the PRC through loans, advances or cash dividends, primarily in the following aspects: (i) our PRC subsidiaries may be restricted from paying dividends to us, and (ii) we may also be restricted to make loans and additional capital contribution to our subsidiaries. For example, PRC law permits payment of dividends to us by our PRC subsidiaries only out of net income, if any, determined in accordance with PRC accounting standards and regulations, and each of our PRC subsidiaries is required to set aside at least 10% of its after-tax profits each year, if any, to fund a statutory reserve until such reserve reaches 50% of its registered capital and these reserves are not distributable as cash dividends. In addition, the Enterprise Income Tax Law and its implementation rules provide that a withholding tax rate of up to 10% will be applicable to dividends payable by Chinese companies to non-PRC-resident enterprises unless otherwise exempted or reduced according to treaties or arrangements between the PRC central government and governments of other countries or regions where the non-PRC resident enterprises are incorporated. Loans by us to our wholly-owned PRC subsidiaries to finance their activities cannot exceed statutory limits and must be registered with the local counterpart of SAFE. Capital

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contributions by us to our PRC subsidiaries are subject to registration with the SAMR or its local branch, reporting of foreign investment information with the PRC Ministry of Commerce, or registration with other governmental authorities in China. The PRC government also imposes controls on the conversion of RMB into foreign currencies. See "Risk Factors — Risks Related to our Legal and Regulatory Environment — We may rely on dividends and other distributions on equity paid by our subsidiaries to fund any cash and financing requirements we may have, and any limitation on the ability of our PRC subsidiaries to make payments to us could have a material and adverse effect on our ability to conduct our business. To the extent our cash is in mainland China or Hong Kong or held in our subsidiaries in mainland China or Hong Kong, the funds may not be available to fund operations or for other use outside of mainland China and Hong Kong due to interventions in, or the imposition of restrictions and limitations on, the ability of us or our subsidiaries by the PRC government to transfer cash" on page 36. and "Risk Factors — Risks Related to Our Legal and Regulatory Environment — PRC regulation of loans to and direct investment in PRC entities by offshore holding companies and governmental control of currency conversion may delay or prevent us from using the proceeds of our offshore financing to make loans or additional capital contributions to our PRC subsidiaries, which could materially and adversely affect our liquidity and our ability to fund and expand our business" on page 35.

In addition, our PRC subsidiaries are only permitted to pay dividends only out of their retained earnings. Each of our PRC subsidiaries is required to set aside at least 10% of its after-tax profits each year, after making up for previous year's accumulated losses, if any, to fund certain statutory reserves, until the aggregate amount of such funds reaches 50% of its registered capital. This portion of our PRC subsidiaries' respective net assets are prohibited from being distributed to their shareholders as dividends. See "Regulation — Regulations on Dividend Distribution."

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

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

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

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

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

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

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

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

In addition, as an exempted company incorporated in the Cayman Islands, we are permitted to adopt certain home country practices in relation to corporate governance matters that differ significantly from the corporate governance standards of the Nasdaq Stock Market. We currently intend to follow Cayman Islands corporate governance practices in lieu of the Nasdaq corporate governance requirements for U.S. companies in the following respects:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Executive Sessions*. We have elected to adopt the practices of our home country, Cayman Islands, whose practices do not require independent directors to meet regularly in executive sessions separate from the full board of directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Nomination of Directors*. We follow Cayman Islands practices which do not require us to have a formal written charter or board resolution addressing the director nominations process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Composition of Board*. We follow Cayman Islands practices which do not require a majority independent board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Composition of Committees*. We follow Cayman Islands practices which do not require that any of the member of a company's compensation committee be independent directors.

See "Risk Factors — We are a foreign private issuer with the meaning of the rules under the Exchange Act, and as such we are exempt from certain provisions applicable to U.S. domestic public companies." and "Management — Corporate Governance Practices."

#### Implications of Being a Controlled Company
Following the completion of this offering, Mr. Fufei Lin, our founder, chairman and chief executive officer, is expected to beneficially own 78.41% of our total issued and outstanding share capital. As a result, we will remain a "controlled company" within the meaning of the Nasdaq Stock Market Rules and therefore we are permitted to elect not to comply with certain corporate governance requirements. We currently plan to utilize the exemptions available for controlled companies after we complete this offering, including the requirement that the majority of our board of directors be independent directors, that our director nominees be selected or recommended solely by independent directors, and that we have a nomination committee and a compensation committee that are composed entirely of independent directors with a written charter addressing the purposes and responsibilities of the committees. As a result, you will not have the same protection afforded to shareholders of companies that are subject to these corporate governance requirements.

#### Conventions That Apply to This Prospectus
Except otherwise indicated or the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Aigo Holding" or our Company refers to Aigo Holding Limited;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "ARPU" refers to average revenue per user;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Fuzhou Aigostar" refers to Fuzhou Aigostar Optoelectronic Technology Co., Ltd;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "CAC" refers to the Cyberspace Administration of China;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "CAGR" refers to compound average growth rate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "China" or the "PRC," in each case, refers to the People's Republic of China, including Hong Kong, Macau and Taiwan. The term "Chinese" has a correlative meaning for the purpose of this prospectus. When used in the case of laws and regulations, of "China" or "the PRC," it refers to only such laws and regulations of mainland China;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "CSRC" refers to the China Securities Regulatory Commission;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "EIT" refers to enterprise income tax;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Euro," "EUR" and "€" refer to the legal currency of the European Union;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Hong Kong" refers to Hong Kong Special Administrative Region in the PRC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "IoT" refers to Internet of Things;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "R&D" refers to research and development;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "RMB" and "Renminbi" refer to the legal currency of mainland China;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "SEC" refers to the Securities and Exchange Commission;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "SKU" refers to stock keep unit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Southern Europe" refers to the region and countries located in the southern part of the European continent including Italy, Spain, Portugal, Romania, Greece, Bulgaria, Croatia, Slovenia, Serbia, Bosnia and Herzegovina, Albania, Malta, North Macedonia, Montenegro, Andorra, and San Marino;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "US$" and "U.S. dollars" refer to the legal currency of the United States;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "we," "us," "our company," "the Group" or "our" refers to Aigo Holding Limited, a Cayman Islands exempted company with limited liability, and its subsidiaries, as a group.

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

Our reporting currency is Euros. Our operating entities in China use Renminbi as their functional currency. Unless otherwise noted, all translations from Euros to U.S. dollars and vice versa are made as €0.9626 to US$1.0000, representing the noon buying rate in The City of New York for cable transfers of EUR as certified for customs purposes by the Federal Reserve Bank of New York on December 31, 2024. We make no representation that the Renminbi, Euros or U.S. dollar amounts referred to in this prospectus could have been or could be converted into other currencies, as the case may be, at any particular rate or at all. Due to rounding, numbers presented throughout this prospectus may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.

The English names of our PRC business entities are directly translated from Chinese and may be different from their names shown on their respective records filed with relevant PRC authorities.

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

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#### THE OFFERING

---

| | |
|:---|:---|
|  Offering price | US$4.00 to US$6.00 per ordinary share |
|  Ordinary shares offered by us | 2,000,000 ordinary shares |
|  Ordinary shares issued and outstanding prior to completion of this offering | 64,932,729 ordinary shares |
|  Ordinary shares issued and outstanding immediately after this offering | 66,932,729 ordinary shares (or 67,232,729 ordinary shares if the underwriters exercise in full their option to purchase additional ordinary shares). |
|  Over-Allotment Option | We have granted to the underwriter an option, exercisable within 30 days from the effective date of the registration statement of which this prospectus forms a part, to purchase up to an aggregate of 300,000 additional ordinary shares at the initial public offering price, less underwriting discounts and commissions, solely for the purpose of covering over-allotments. |
|  Listing | We will apply to have our ordinary shares listed on the Nasdaq Global Market under the symbol "AIGO." The closing of this offering is conditioned upon Nasdaq's final approval of our listing application, and there is no guarantee or assurance that our ordinary shares will be approved for listing on Nasdaq. |
|  Use of Proceeds | We estimate that we will receive net proceeds of approximately US$6.72 million from this offering, assuming an initial public offering price of US$5.00 per ordinary share, the mid-point of the estimated range of the initial public offering price, and no exercise of the underwriter's over-allotment option, after deducting estimated underwriter discounts, commissions and estimated offering expenses payable by us.<br> We intend to use our net proceeds from this offering for, among other things, (i) research and development of new product lines, (ii) expanding our warehousing facilities, (iii) branding and endorsement, strengthening market awareness, as well as expanding sales channels, and (iv) general corporate purpose. See "Use of Proceeds" for additional information. |
|  Transfer agent | Transhare Corporation |
|  Lock-up | We, our directors, executive officers and 5% or more shareholders of our ordinary shares, have agreed with the underwriter, not to sell, or otherwise transfer or otherwise dispose of any ordinary shares for a period of six month from the date of this prospectus. See "Underwriting" for more information. |

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#### SUMMARY CONSOLIDATED FINANCIAL AND OPERATING DATA

#### Consolidated Financial Statements
The following summary consolidated statement of comprehensive income for the fiscal years ended December 31, 2023 and 2024, summary consolidated balance sheets data as of December 31, 2023 and 2024, and summary consolidated cash flow data for the fiscal years ended December 31, 2023 and 2024 have been derived from our audited consolidated financial statement included elsewhere in this prospectus. Our consolidated financial statements are prepared and presented in accordance with accounting principles generally accepted in the United States of America, or U.S. GAAP. Our historical results do not necessarily indicate results expected for any future periods. You should read this Summary Consolidated Financial Data section together with our consolidated financial statements and the related notes and "Management's Discussion and Analysis of Financial Condition and Results of Operations" included elsewhere in this prospectus.

The following table presents our summary consolidated statements of operations and comprehensive profit or loss data for fiscal years ended December 31, 2023 and 2024 (in thousands of EUR and US$):

---

| | | | |
|:---|:---|:---|:---|
|  | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** |
|  | **2023** | **2024** | **2024** |
|  | **EUR** | **EUR** | **USD** |
|  **Revenues** | 151194 | 177776 | 184691  |
|  Cost of revenues | (75752) | (91835) | (95407) |
|  **Gross profit** | 75442 | 85941 | 89284  |
|  **Operating expenses:** |  |  |  |
|  Sales and marketing | (65027) | (69924) | (72645) |
|  General and administrative | (5188) | (6318) | (6563) |
|  Research and development | (2699) | (2702) | (2807) |
|  **Total operating expenses** | (72914) | (78944) | (82015) |
|  **Operating income (loss)** | **2528** | **6997** | **7269** |
|  Interest income | 5 | 9 | 9 |
|  Interest expense | (234) | (420) | (436) |
|  Government grants | 245 | 192 | 200 |
|  Foreign exchange gain/(loss) | 3723 | (2831) | (2941) |
|  Other income (expense), net | (165) | 4 | 4 |
|  **Income (loss) before income taxes** | **6102** | **3951** | **4105** |
|  Income tax expense | (394) | (263) | (274) |
|  **Net income (loss)** | **5708** | **3688** | **3831** |
|  **Comprehensive income (loss)** |  |  |  |
|  Net income (loss) | 5708 | 3688 | 3831 |
|  Foreign currency translation adjustment | (1955) | 1963 | 2039 |
|  **Total comprehensive income (loss)** | **3753** | **5651** | **5870** |

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The following table presents our summary consolidated balance sheets data as of December 31, 2023 and 2024 (in thousands of EUR and US$):

---

| | | | |
|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** |
|  | **2023** | **2024** | **2024** |
|  | **EUR** | **EUR** | **USD** |
|  **Summary Combined and Consolidated Balance Sheet Data** |  |  |  |
|  Cash | 7977 | 3926 | 4079 |
|  Restricted Cash | 2 | 274 | 285 |
|  Accounts receivable, net (net of allowance for doubtful accounts of EUR169 and EUR160 (USD166) as of December 31, 2023 and 2024, respectively) | 21222 | 43480 | 45171 |
|  Accounts receivable – related parties, net | 833 | 8 | 8 |
|  Advance to suppliers | 764 | 742 | 771 |
|  Inventories, net | 48090 | 59181 | 61483 |
|  Prepayments and other current assets, net | 5509 | 9986 | 10374 |
|  Amount due from related parties | 57 | 84 | 87 |
|  **Total current assets** | **84454** | **117681** | **122258**  |
|  **Total non-current assets** | **14477** | **14674** | **15243**  |
|  **Total assets** | **98931** | **132355** | **137501** |
|  **Total current liabilities** | **66917** | **97659** | **101458** |
|  **Total non-current liabilities** | **5733** | **4814** | **5001** |
|  **Total liabilities** | **72650** | **102473** | **106459** |
|  **Total shareholders' equity** | **26281** | **29882** | **31042** |
|  **Total liabilities and shareholders' equity** | **98931** | **132355** | **137501**  |

---

The following table presents our summary consolidated cash flow data for the fiscal years ended December 31, 2023 and 2024 (in thousands of EUR and US$):

---

| | | | |
|:---|:---|:---|:---|
|  | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** |
|  | **2023** | **2024** | **2024** |
|  | **EUR** | **EUR** | **USD** |
|  **Net cash provided by operating activities** | **3200** | **(12006)** | **(12472)** |
|  **Net cash used in investing activities** | **(4500)** | **(549)** | **(570)** |
|  **Net cash provided by financing activities** | **4011** | **8721** | **9060** |
|  **Effect of exchange rate changes on cash and restricted <br>cash** | **(139)** | **55** | **57** |
|  Net increase/(decrease) in cash and restricted cash | 2572 | (3779) | (3927) |
|  Cash and restricted cash, at beginning of year | 5407 | 7979 | 8289 |
|  **Cash and restricted cash, at end of year** | **7979** | **4200** | **4364** |

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

#### Risks Related to Our Business and Industry
***We currently derive the majority of our revenue from sales in Europe, and any fluctuation or slowdown of the European market may adversely affect our business, financial condition and results of operations.***

The success of our business ultimately depends on consumer spending. We derive a substantial part of our revenue from the European Union. In 2023 and 2024, revenue generated from the European Union accounted for approximately 85% and 84% of our total revenue of the same years, respectively. As a result, our revenue and financial results are impacted to a significant extent by economic conditions in the European Union. The EU macroeconomic environment is facing challenges, such as the economic slowdown in the Eurozone since 2014, potential impact of the United Kingdom's exit from the EU on January 31, 2020, and the adverse impact on the economies and financial markets of the EU from the COVID-19 pandemic. In 2022, the outbreak of Russian-Ukraine war also contributed to our failure to achieve our financial goal for that year. As the outbreak of the Russian-Ukraine war caused the price of energy and energy-dependent products to increase, European consumers cut back expending on non-essential items. Further, due to the outbreak of the war, there was a decrease in the number of our new stores opened across Europe in 2022, which negatively impacted the attainment of our financial goal for that year. As the war is still ongoing, it is uncertain that whether our sales and operations in Europe will be adversely affected. There have also been concerns over unrest and terrorist threats in Europe. Tensions in the relationship between China and the EU may pose further challenges to our performance in the European Union market. Sales of products that are prone to consumers' subjective perceptions and personal preferences, such as our pet products, depend in part on discretionary consumer spending and are particularly exposed to adverse changes in general economic conditions. In response to downturns and fluctuations, perceived or otherwise, in EU's economic conditions, consumers might delay, reduce or cancel purchases of our products, which may materially and adversely affect our results of operations.

***Our growth depends on expanding in various geographic markets and such expansion may pose new logistical, operational and marketing challenges that may materially and adversely affect our business.***

In 2023 and 2024, we generated revenue from approximately 40 countries and regions. Our results of operations in each of the jurisdictions or geographic regions are heavily affected by the regional economic and market condition. As such, conducting business operations in multiple jurisdictions or geographic regions poses additional challenges and complications. If we fail to monitor, identify and resolve such challenges and complications in a timely manner, or at all, our financial condition and results of operations may be negatively impacted.

We plan to further increase the sales of our products by deepening our penetration of geographic markets globally. We still have relatively little experience in many countries in the world. It is costly to establish, develop and maintain international operations and websites and promote our brand internationally. The expansion of sales into such geographic markets may not be profitable on a sustained basis for many reasons including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• local economic and political conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• government regulation of online and offline sale of electrical devices, lighting products, household appliances and pet products, as well as restrictive governmental actions (such as trade protection measures, including export duties and quotas and custom duties and tariffs), nationalization and restrictions on foreign ownership;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• restrictions on sales or distribution of certain products or services and uncertainty regarding intellectual property rights and liability for products, services and content on our websites or social marketing channels;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• business licensing or certification requirements, such as for imports, exports and electrical devices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• limited fulfillment and technology infrastructure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• laws and regulations regarding consumer protection, import and export requirements, duties, tariffs, other trade-related barriers or restrictions, data protection, privacy, network security, encryption and restrictions on pricing or discounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• lower levels of consumer spending and fewer growth opportunities compared to our current geographic markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increased payment risk; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• difficulty in staffing, developing and managing foreign operations as a result of language and cultural differences.

As we expand the sale of our products to other countries, competition will intensify. Local companies may have a substantial competitive advantage over us because of their greater understanding of, and focus on, local consumers, as well as their more established local brand names. Reduced logistics costs and marketing expenses could also be advantageous for local companies. We may not be able to hire, train, retain and manage required personnel, which may limit our international growth. Failure to compete with local companies would materially and adversely affect our results of operations.

***Changes in external economic environment may decrease the demand for our products and adversely affect our growth and strategies and business prospects; and historically we have experienced failure to achieve financial goals primarily due to the outbreak of the Russian-Ukraine war.***

The current economic environment continues to present uncertainties and risks for our business. Continued concerns about the systemic impact of a potentially long-term and widespread recession, the EU energy crisis and high inflation all have contributed to increased market volatility and diminished expectations for economic growth around the world. Such economic challenges have resulted in high unemployment in Europe and North America, as well as stagnant wage levels, which has dampened consumer purchasing power. A continued or future slowdown in Europe, the United States or other global economies or a negative economic outlook could materially and adversely affect our future operating results. Any current or future wars or conflicts, such as the Israeli-Palestinian conflict could materially and adversely affect our growth, strategies and business prospects.

#### If we fail to manage our stock inventory at an acceptable level, our business, financial condition and results of operations may be adversely affected.
To ensure adequate inventory supply for our various products, we forecast inventory needs and place orders with our suppliers before firm orders are placed by our customers.

Inventory levels in excess of consumer demand may result in inventory write-downs or write-offs, and the sale of excess inventory at discounted prices or in less preferred distribution channels could impair the image of our brands and harm our gross profit margin. If we fail to accurately forecast consumer demand, our excess inventory levels may continue. Factors that could affect our ability to accurately forecast demand and manage inventory level include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an increase or decrease in consumer demand for our products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a failure to accurately forecast consumer acceptance for our new products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• product introductions by competitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• unanticipated changes in general market conditions or other factors, which may result in cancellations of advance orders or a reduction in the rate of reorders or at-once orders;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• weakening of economic conditions or reduced consumer confidence in future economic condition which could reduce demand for discretionary items, such as our products; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the uncertainties and logistical challenges that accompany operations on a global scale.

***We participate in intensely competitive markets and we may not compete successfully against new and existing competitors, which may materially and adversely affect our results of operations.***

The market for our products is intensely competitive. Our ability to compete in these highly competitive markets may be adversely affected by a number of factors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *we compete against many well*-established *companies that may have substantially greater financial, sourcing, marketing, operational or other resources than we do;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *in some markets, some competitors may have more solid brand awareness than our brands;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *our competitors have obtained, and may in the future be able to obtain, exclusivity or sole source at particular community stores, supermarkets and distributors, or favorable in*-store *placement;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *in some key product categories such as smart IoT products, technology advancements and product improvements by competitors may weaken consumer demand for our products; and*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *consumer preferences may change to lower or higher margin products or products other than those we market.*

Increased competition my reduce our gross and operating margins, market share and brand recognition. We may not be able to compete successfully against current and future competitors, and competitive pressures may materially and adversely affect our business, financial condition and results of operations.

#### Claims by third parties that we are infringing their intellectual property and other litigation may materially and adversely affect our business and prospects.
From time to time, we have been, and expect we will continue to be, subject to claims that we are infringing the patents and other intellectual property of others, and it is possible that third parties will assert infringement, misappropriation, unfair competition or similar claims against us in the future. For example, in 2023 our three Italian-style wall switch product series — "AB Matix," "AB Living Lighting," and "AV Plana" — were sued by two Italian local brands for alleged infringement of their intellectual property rights, even though we had registered trademarks for such products. The local Public Prosecutor's Office of Italy filed criminal charges against Mr. Shurong Chen, acting in his capacity as the legal representative of our Italian subsidiary, for "introduction into the state and trade of products with false signs" and "receiving illegal goods." The verdicts for these suits are still pending, and about 1.5 million light switch products are under temporary injunction by the court pending the outcome of the legal proceeding by relevant court. As advised by the Italian legal counsel engaged in these proceedings, Mr. Shurong Chen could be subject to fines and imprisonment if found guilty, but there will be no criminal liability for our Italian and PRC subsidiaries. For details, please see "Business — Legal and Administrative Proceedings." Any such claims, charges or judicial procedures, with or without merit, could be time-consuming and expensive and may require us to incur substantial costs, including the diversion of the resources of management and technical personnel, cause product delays or require us to redesign our products or enter into licensing or other agreements in order to secure continued access to necessary or desirable intellectual property.

An adverse finding against us in these or similar patent or other intellectual property litigations or disputes may have a material adverse effect on our business, financial condition and results of operations. If we are deemed to be infringing or otherwise violating a third party's intellectual property and are unable to continue using that intellectual property as we had been, our business and results of operations could be harmed if we are unable to successfully develop non-infringing alternative products or features on a timely basis or license non-infringing alternatives or substitutes, if any exist, on commercially reasonable terms. In addition, an unfavorable ruling in intellectual property litigation could subject us to significant liability, as well as require us to cease developing, manufacturing or selling the affected products or using the affected processes or product feature. Any significant restriction on our proprietary intellectual property or operations that impedes our ability to develop and commercialize our products could have a material adverse effect on our business, financial condition and results of operations.

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***Our online sale incurs relatively low profitability level; and our inability to increase our online profitability level may materially and adversely affect our growth and financial performance.***

We have been experiencing low profit margins in our online channels. Despite the increasing revenue from online channels, the online profitability remains a pressing issue for us. Our net profit margin is significantly reduced by the high platform fees. In addition, we've had to make compromises with our online profitability, in pursuit of higher online sales. As we face even fiercer competition in the online marketplace, we cannot assure you that our online sales will achieve high profit margin, which may materially and adversely affect our growth and financial performance.

***Our business in IoT-integrated products utilizes cloud services provided by third party, and is still in the development phase. If we are unable to maintain our relationship with cloud service provider or manage our expansion of IoT products successfully, our business, financial condition and results of operations may be materially and adversely affected.***

Our business in IoT products sector is still in its early stage of development. For the years ended December 31, 2023 and 2024, revenue generated from our IoT products only accounted for approximately 3.1% and 2.6% of our total revenue, respectively. Our AigoSmart APP, in which we have intelligent product terminal control feature incorporated, utilizes cloud services provided by a third party. Despite our efforts to make our IoT products fully independent by enhancing our self-developed APP in the future, we still need to rely on third-party service provider for our IoT integration at the current stage and in the near future. If our relationship with such third-party cloud service provider deteriorates or is terminated or if we fail to maintain the relationship on commercially viable terms, we may not be able to locate alternative service providers in a timely manner, and hence our operations and financial condition may be materially and adversely affected.

As we have set as one of our key strategies to focus on the advancement of IoT products, we anticipate spending significant resources on marketing, technology and other business expenditures to grow. We will need to expand, train, manage and motivate our workforce and manage our relationship with customers, suppliers, end consumers, and third-party service providers. We also intend to broaden the range of our IoT products offerings, which will require us to introduce new IoT product categories, and address the needs of different kinds of customers. We may incur significant costs in trying to expand our offerings into these new IoT product categories, or fail to introduce new product categories that meet anticipated customer demand. If we fail to manage such expansion successfully and cost-effectively, our business, financial conditions, and results of operations may be adversely affected.

***We may not be able to successfully adopt new technologies or adapt new systems in response to the rapidly changing industry standards and policies imposed by various countries, especially with respect to lighting products and electrical products.***

The sale of some of our core product, such as lighting products and electrical products, is constantly subject to a multitude of laws, regulations, policies, and safety standards in different countries. We may not be able to follow and monitor the constant change of such laws, regulations, policies and standards on a timely basis, or at all. Our excess inventory also prevents us from clearing out our stock in a timely manner when new laws and regulations are implemented. As a result, sometimes our product updates cannot keep pace with the rapid speed of changes in the legal requirements and standards.

Our competitors are also vigilant about the products being sold by us, especially via community stores, and may report any failure of us to meet the most updated regulations and standards, which could have a material adverse effect on our business, financial condition and results of operations.

***Changes in international trade policies and international barriers to trade, or the emergence of a trade war, may have a material adverse effect on our business and expansion plans.***

There have been significant changes and proposed changes in recent years to international trade policies, tariffs and treaties affecting imports. For example, in October 2023, the European Commission has declared its decision to initiate anti-subsidy investigation on imported electric vehicles from China, and to evaluate the imposition of tariffs on electric vehicles imported from China based on the finds of their investigations.

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A significant portion of our products are manufactured in China, and other countries or regions outside of the EU, the UK, the U.S. and other countries where our markets are located. Accordingly, such international policy changes have made it, and may continue to make it, difficult or more expensive for us to obtain certain products manufactured outside Europe, which could affect our net sales and profitability. Retaliatory tariff and trade measures imposed by other countries could affect our ability to export products and therefore adversely affect our net sales. Any of these factors could depress economic activity and restrict our access to suppliers, customers or end consumers and could have a material adverse effect on our business, financial condition and results of operations and affect our strategy in Europe and elsewhere around the world.

In 2025, U.S. tariff policies on Chinese goods have been highly volatile. These frequent and drastic changes pose multiple challenges to Chinese enterprises exporting to the U.S., mainly including escalating cost pressures and increased market uncertainty. Higher tariffs directly inflate export costs, reducing product competitiveness in the price — sensitive US market, while unpredictable policy shifts make demand forecasting and strategic planning difficult.

Our company's sales in the U.S. accounted for 4.2% of total sales in the 2024 fiscal year. In the current unstable tariff environment, if the U.S. tightens its policies further, our exported products will face higher costs, potentially shrinking our U.S. market share. Tariff — induced market uncertainty may also disrupt our operation in U.S., causing order delays or cancellations and negatively impacting our revenue and profitability.

***We rely substantially on third-party suppliers for the manufacture of our products, and any deterioration in such business relationships or the quality of those products may materially and adversely affect our business, financial condition and results of operations.***

We source the manufacturing of our products from selected third-party suppliers. Our continued growth will increase our product demands, which will require us to increase our ability to source products of commercial quality on reasonable terms.

Our suppliers may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cease selling merchandise to us on terms acceptable to us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fail to deliver products that meet our standards or customer demands;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• encounter financial difficulties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• terminate our relationships or enter into agreements with our competitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• have economic or business interests or goals that are inconsistent with ours and take actions contrary to our instructions, requests or objectives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• be unable or unwilling to fulfill their obligations, including their obligations to meet our production deadlines, quality standards and product specifications;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fail to expand their production capabilities to meet our growing demands;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• encounter raw material or labor shortages or increases in raw materials or labor costs, which may impact our procurement costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• engage in other activities or employment practices that may harm our reputation.

Furthermore, agreements with our suppliers do not typically establish a fixed price for the purchase of products. As a result, we may be subject to price fluctuations based on changes in our suppliers' businesses, cost structures or other factors. The occurrence of any of these events, alone or together, may have a material and adverse effect on our business, financial condition and results of operations.

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***The design, technology and intellectual property rights of our ODM products remain with our ODM suppliers; failure to maintain stable relationships with such suppliers may materially and adversely affect our business, financial condition and results of operations.***

A significant portion of our revenue is generated from the sale of our ODM products. The proprietary rights, including the design, technology and intellectual property rights, of our ODM products remain with our ODM suppliers. If we fail to maintain stable relationships with such suppliers, our ability to sustainably provide certain ODM products to targeted markets may be jeopardized. In addition, our ODM suppliers may cease to manufacture for us, or restrict our ability to sell certain products. Although we may have legal claims against such actions, our business, financial condition, results of operation, and the value and reputation of our brands will be adversely affected.

#### The prospects of our business depend substantially on the recognition, maintaining and strengthening our brands to generate and maintain ongoing demand for our products.
The "Aigostar," "nobleza" and "Taylor Swoden" brands and related brand images are integral to the growth of our business, as well as to the implementation of our strategies for expanding our business into new categories and markets. Our success depends on the value and reputation of our brands, which, in turn depends on factors such as the quality, design, performance, functionality and durability of our products, the display and image of our community stores, our communication activities, including advertising, social media, various commercial initiatives, and public relations, and our management of the consumer experience. Maintaining, promoting and positioning our brands is important to expanding our consumer base and will depend largely on the success of our marketing and merchandising efforts and our ability to provide consistent, high-quality consumer experiences. We intend to continue making substantial investments in these areas in order to maintain and enhance our brands, and such investments may not be successful.

Ineffective marketing, negative publicity, product or manufacturing defects, product recalls, counterfeit products, failure to protect the intellectual property rights in our brands and detrimental acts by third parties are potential threats to the strength of our brands, and those and other factors could rapidly and severely diminish consumer confidence in us, which may materially and adversely affect our business, financial condition or results of operations. Additionally, the growing use of social media increases the speed with which information and opinions can be shared and the speed with which a company's reputation can be affected. If we fail to correct or mitigate misinformation or negative information, including information spread through social media or traditional media channels, about us, the products we offer, our consumer experience or any aspect of our brands, our business, financial condition and results of operations could be adversely impacted. Maintaining and enhancing the image of our brands in our current key markets, including Europe and other select international markets, and in new markets where we currently may have limited brand recognition, is important to expanding our consumer base. If we are unable to maintain or enhance our brands in current or new markets, or if we fail to continue to successfully market and sell our products to our existing consumers or expand our consumer base, growth strategy, business, financial condition and results of operations could be harmed.

***We currently derive our revenue from a limited number of product categories and any event that adversely affects the demand for our products in those product categories may harm our growth strategies and business prospects.***

In 2023, we generated approximately 29%, 14%, 29% and 24% of our total revenue from lighting products, electrical products, household appliances and pet products, respectively. In 2024, we generated approximately 31%, 14%, 25% and 23% of our revenue from the same product categories.

A decrease in the demand for any of these product categories could have a material and adverse effects on our business prospects. While we have expanded and diversified our product category offerings and revenue sources, sales in new product categories may not reach a level that would reduce our dependence on our existing product categories. In addition, if we are unable to deliver consistently high quality products in our new product categories, the number of customers for our products may decline. Our failure to successfully introduce new product categories may have a material and adverse effect on our business prospects and limit our growth.

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#### We are subject to certain risks relating to the warehousing of our products.
Before delivery of our products to customers, we store them in our twelve warehouses in Spain, Italy, Poland, the PRC, Germany, United Kingdom and France. If any accidents, including fires, were to occur, causing damage to our products or our warehouses, our ability to supply products to our customers on time and our market reputation, financial condition, results of operations could be materially and adversely affected.

Over 80% of our warehouses in terms of area are currently leased properties. When any of our current leases expires, we cannot assure you that relevant premise for a new lease term or suitable alternative locations will be readily available on commercially reasonable terms. If we fail to extend or renew our current leases and are unable to locate desirable alternatives, our business, financial condition and results of operations could be materially and adversely affected.

***Our leased property interests in China may be defective and our right to use the properties may be challenged, or we may fail to extend or renew our current leases or locate desirable alternatives for our inventories on commercially acceptable terms, which could materially and adversely affect our business.***

We presently lease several premises in China. Among them, the buildings involved in the following leased property interests of Fuzhou Aigostar have not yet been granted the legal title certificate: (1) the 5<sup>th</sup>-floor rooftop structure of about 900 square meters of Building 26, Juyuanzhouyuan, Jinshan Industrial Zone, No. 618 Jinshan Avenue, Jianxin Town, Cangshan District, Fuzhou, with a lease term from March 13, 2024 to March 12, 2027; and (2) the 5<sup>th</sup>-floor rooftop structure of about 400 square meters in Building 26, Juyuanzhouyuan, Jinshan Industrial Zone, No. 618 Jinshan Avenue, Jianxin Town, Cangshan District, Fuzhou, with a lease term from April 1, 2024 to March 31, 2027. However, as advised by our PRC counsel, Dacheng, our lease contract may be deemed invalid because the lessor does not have the legal title certificate. According to the Interpretation of the Supreme People's Court on Several Issues concerning the Application of Law in the Trial of Cases about Disputes over Lease Contracts on Urban Buildings, a lease contract signed by a lessor and a lessee with regard to a property for which no construction project planning permit is obtained or which is not constructed in conformity with the provisions in the construction project planning permit is invalid. As of the date of this prospectus, the lessor of the property fails to provide valid proof of ownership of the premises or construction project planning permit, and we may not be able to continue to use Fuzhou Aigostar's leased properties if the lessor fails to obtain proof of ownership or construction project planning permit. In accordance with the foregoing judicial interpretation, if our lease is deemed invalid, we may have to find a new warehouse for storage and our business could be materially and adversely affected.

Furthermore, under PRC laws, all lease agreements are required to be registered with the local housing authorities. Currently all of our lease agreements in China have not been registered with the relevant authorities. Failure to complete these required registrations may expose us to potential monetary fines ranging from RMB1,000 to RMB10,000.

When our current leases expire, we may be unable to extend or renew our leases for reasons such as unavailability of the relevant premises for a new lease term or substantially higher rent demanded by the owners. We cannot assure you that suitable alternative locations will be readily available on commercially reasonable terms, or at all, and if we are unable to relocate our operations in a timely manner, our operations may be adversely affected.

***We use third-party couriers to deliver our products and their failure to provide high quality delivery services or our failure to effectively manage our relationships with them may materially and adversely affect our business, financial condition and results of operations.***

We use a network of third-party courier companies to deliver our products to customers. Interruptions to or failure in these third parties' shipping services could prevent the timely delivery of our products. These interruptions may be due to unforeseen events such as inclement weather, natural disasters, import or export restrictions, or labor unrest, which may be beyond our control or the control of these third-party couriers. For example, our cost of revenue increased and our gross profit margin decreased in 2024 compared to the same period in 2023. One of the important factors being the increase of shipping clearance fee during the first half year of 2024 due to the situation in the Red Sea. In particular, the situation in the Red Sea led to longer delivery time as ships had to take detours, which in turn caused increase in shipping costs, shortage of cabin spaces and containers, and increase in shipping

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clearance fees. We tried to mitigate the cost increase by bulking our shipment in a more concentrated manner, negotiating package prices with ship owners, and locating cabin spaces offered at discounts due to other canceled bookings.

If we do not deliver products in a timely manner or deliver damaged products, our customers may refuse to accept our products and become less confident in us. Many of our products, such as pet products and holiday special products, may be specifically sensitive to delivery delay given that they are often purchased in anticipation of a specific date or limited period of time. If our third-party couriers fail to deliver in a timely manner, or cause harm to our products during delivery, we may face additional costs or even legal actions. In addition, our third-party couriers may also offer us less favorable terms, which may increase our shipping cost and materially and adversely affect our financial condition and results of operations.

***We rely on community retail stores to sell our products to end consumers, and failure to maintain and further develop our relationships with these community stores may adversely affect our business, financial condition and results of operations.***

We sell a significant amount of our products to community retail stores. In 2023 and 2024, sales to community stores contributed approximately 35% and 33%, respectively, to our total revenue. These community stores service end customers by stocking and displaying our products, explaining our products' attributes and capabilities and sharing the story of our brands. Our relationships with these community stores are important to the recognizing of our brands and the marketing programs we continue to deploy. If we fail to maintain relationships with these community stores, our business, financial condition and results of operations could be adversely affected.

#### Our business, prospect and financial conditions may be adversely affected by our relationship with third-party e-commerce platforms.
In addition to our offline sales through community stores, distributors and other business customers and our online sale via our self-operated websites and Aigosmart APP, we also operate flagship stores on third-party e-commerce platforms, including Amazon, and other popular platforms in specific countries. Sales through these platforms have significantly contributed to our financial performance. Nevertheless, these e-commerce platforms may lose appeal to customers who need tailored services and specialized products. To the extent that we fail to leverage traffic on these third-party platforms, our flagship store sales may decline and we may experience difficulties in locating customers. At the same time, our cooperation with these third-party platforms may be negatively affected by a number of factors, including but not limited to higher commissions and fees, negative publicity and service outages of these platforms, all of which are beyond our control. If our relationship with these third-party platforms deteriorate or are terminated or if we fail to maintain the relationship on commercially viable terms, we may not be able to quickly locate alternative online sales channels. Hence, our operations and financial condition will be materially and adversely affected.

***We plan to expand our own websites and mobile APP platforms. If we are not able to manage such expansion successfully, we may have to rely more substantially on third-party platforms, which may result in material and adverse effect on our business, financial condition and results of operations.***

Although we have traditionally cooperated with third-party platforms such as Amazon, we believe our self-operated websites and Aigosmart APP are strategically essential to our success, especially with respect to our online selling. We intend to expand our websites and Aigosmart APP to provide more purchasing options for our customers. We cannot assure you that we will be able to manage our websites and Aigosmart APP in a cost-effective way. In addition, the expansion of our websites and APP will put pressure on our managerial, financial, operational and other resources. Another crucial point for us is to continue integrating and improving our websites and APP in collaboration with logistics companies. If we are unable to effectively manage our expansion of our websites and APP, we will have to rely more substantially on third-party platforms and be further subject to the rules and requirements of such third-party platforms, which may adversely affect our business, financial conditions, and results of operations.

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***Our offline sale relies substantially on our business customers (including community stores, supermarkets, distributors and construction project partners). Any failure to manage or maintain relationships with our business customers may adversely affect our business, financial condition and results of operations.***

In many cases, we sell our products to our community stores, supermarkets, distributors, and construction partners (collectively, business customers) who on-sell our products, directly or indirectly, to end consumers. In 2023 and 2024, we generated approximately 50% of our total revenue from over 10,000 business customers globally. Any significant reduction in purchases, failure to obtain anticipated orders or delays or cancellations of orders by any of these major business customers, or significant pressure to reduce prices from any of these major business customers, could have a material adverse effect on our business, financial condition and results of operations. Factors that could affect our ability to maintain or expand our sales to these customers include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• failure to accurately identify the needs of our consumers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a lack of consumer acceptance of new products or enhancements to existing products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• unwillingness of our key community stores to attribute value to our new or existing products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• failure to obtain shelf space from our community stores or supermarkets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• new, well-received product introductions by competitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• damage to our relationships with key business customers due to brand or reputational harm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• delays or defaults on our customers' payment obligations to us; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• store closures, decreased foot traffic, recessionary pressures, adverse economic or market conditions or other adverse effects, including public health crises such as the COVID-19 pandemic (or other future pandemics or epidemics).

We cannot ensure that our current business customers will continue to carry our current products, carry any new products that we develop or continue to operate. If we lose any of our key business customers or any key customer reduce their purchases of our existing or new products or promotes products of our competitors over ours, our sales would be harmed. Additionally, a significant deterioration in the financial condition of the retail industry in general could have a material adverse effect on our business, financial condition and results of operations.

#### Our expansion may lower our profit margins, and materially and adversely affect our business, financial condition and results of operations.
We have traditionally focused on the sale of lighting products, electrical products, household appliances and pet products, and derived a large percentage of our net revenue from such product categories. We have since expanded our offerings by increasing the number of products in our core categories of smart IoT products, especially smart household appliances. We have also introduced our own websites, such as *https://www.aigostarstore.com/*, *www.noblezashop.com*, and *http://www.taylorswoden.com*, as well as our own AigoSmart APP. This has required improvements to our technology and logistics infrastructure and increased marketing spending.

These new businesses involve risks and challenges different from the sale of our traditional product categories. We may introduce new product categories, which may increase the risks of inventory write-downs and financing costs. As a result, we may not be able to compete successfully in these new markets, our costs may increase and our revenue and profit margins may decrease, all of which may materially and adversely affect our business, financial condition and results of operations.

***Our plan to expand our sales and marketing efforts may be costly, and any failure to manage our growth or execute our marketing strategies effectively may materially and adversely affect our business and prospects.***

We plan to continue to utilize a number of marketing initiatives to promote our brand. We have invested and will need to continue to dedicate significant time, efforts, and resources to advertising and market promotion initiatives. Our sales and marketing expenses (including salaries of sales and marketing staff, advertising fee, commission of third-party e-commerce platforms, transportation expenses, warehouse expenses and other expenses) were approximately €65.0 million in 2023 and €69.9 million in 2024, representing approximately 43.0% and 39.3% of our revenue of the same periods, respectively. We may need to devote an even greater portion of our resources to continue to strengthen our brand recognition and build our user base, which may impact our profitability. We cannot

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assure you that our marketing efforts will ultimately be successful, as it is affected by various factors, including the effectiveness of our marketing campaigns, our ability to provide consistent, high quality products, consumers' satisfaction with our products, as well as supports and services we provide, among others.

In addition, any negative publicity related to our brand, products, suppliers, distributors, retail stores, third-party platforms or KOLs that we are associated with could have an adverse impact on our brand, which may materially and adversely affect our business and prospects.

#### We may not be able to prevent unauthorized use of our intellectual property, which could harm our business and competitive position.
We regard our trademarks, patents domain names, trade secrets, proprietary technologies and similar intellectual property critical to our success and we currently rely on a mix of trademark law, patent law, and confidentiality agreements with our employees, suppliers and others to protect our proprietary rights. Our trademarks and patents may be invalidated, circumvented or challenged. Confidentiality agreements may be breached and we may not have adequate remedies for any breach.

Our products may be counterfeited. Unauthorized imitation, replication of our design, infringement of our trademarks or labeling by third parties may affect our reputation and profitability. Although we monitor any unauthorized use of our registered designs and trademarks, counterfeiting or imitation of our products to ensure that our intellectual property rights are protected, we cannot assure you that counterfeiting and imitation would not occur, or if it does occur, that we would be able to detect and address the problem effectively. A significant presence of counterfeit products in the market could have a negative impact on the value and image of our brands, lead to loss of consumer confidence in our brands and materially and adversely affect our business, financial condition and results of operations.

***Any failure to quickly identify and adapt to changing industry conditions and consumer preferences, especially in the industry of household appliances and pet products, may have a material and adverse effect on our business, financial condition and results of operations.***

Our growth depends, in part, on our ability to successfully introduce new products to meet the evolving requirements of our customers and end consumers. This, in turn, depends on our ability to foresee and respond to evolving consumer trends, demands and preferences, especially those related to household appliances and pet products. The development and introduction of new products involve considerable costs, and may not generate sufficient customer interest or sales to cover their development or marketing expenses, which may reduce our operating income. In addition, any such unsuccessful effort may adversely affect our brand and reputation. To the extent that we are not able to successfully identify customer preferences, develop or promote new products, we may lose our competitive edge in the market and our business, financial condition and results of operations may be adversely affected.

***If we are unable to attract, train and retain qualified personnel, our business, financial condition and results of operations may be materially and adversely affected.***

Our business is supported and enhanced by a team of highly skilled employees who are critical to maintaining the quality and consistency of our business and reputation. It is important for us to attract qualified employees, especially our marketing personnel, our products managers, R&D personnel with high levels of experience in business marketing, creative design, and Internet-related services. Competition for these employees is intense. In order to attract prospective employees and retain current employees, we may have to increase our employee compensation by a larger amount and at a faster pace than expected, which would increase our operating expenses. In addition, we must hire and train qualified employees in a timely manner to keep pace with our rapid growth while maintaining the quality of our operations in various geographic locations.

We must also provide continuous training to our employees so that they have up-to-date knowledge of various aspects of our operations and can meet our demand for high quality services. If we fail to do so, the quality of our services may deteriorate in one or more of the markets where we operate, which may cause a negative perception of our brands and adversely affect our business. Finally, disputes between us and our employees may arise from time to time and if we are not able to properly handle our relationship with our employees, our business, financial condition and results of operations may be adversely affected.

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***Failure to protect confidential information of our customers and our network against security breaches could damage our reputation and substantially harm our business and results of operations.***

A significant challenge to online commerce and communications is the secure transmission of confidential information over public networks. Online payments for our products are settled through third-party online payment service providers. We also share certain personal information about our customers with third-party delivery service providers, such as their names, addresses, and phone numbers. In such transactions, maintaining complete security for the transmission of confidential information is essential to maintain consumer confidence. We have no control over the security measures of third-party electronic payment service providers.

We may not be able to prevent third parties, such as hackers or criminal organizations, from stealing information provided by our customers to us through our websites, APP or third-party platforms. Furthermore, our third-party logistics and payment service providers may accidentally or purposefully disclose information about our customers. We may also accidentally disclose such information due to employee negligence.

Significant capital and other resources may be required to protect against security breaches or to alleviate problems caused by such breaches. The methods used by hackers and others engaged in online criminal activities are increasingly sophisticated and constantly evolving. Even if we successfully adapt to and prevent new security breaches, any perception by the public that online commerce and transactions are becoming increasingly unsafe could inhibit the growth of e-commerce and other online services generally, which, in turn, may reduce the number of purchase orders we receive. Any compromise of our security or third-party service providers' security could materially and adversely affect our reputation, business, prospects, financial condition and results of operations.

***Our business involves the potential for product recalls, product liability and other claims against it, which may materially and adversely affect our business, reputation and results of operations.***

The quality and safety of our products are critical to our business. We may be exposed to product recalls, withdrawals, claims against product liability, and adverse publicity if our products are alleged to be fake, or cause injury or illness or if we are alleged to have violated governmental regulations. We may also voluntarily recall or withdraw products that we consider below our standards. Consumer concerns regarding the quality and safety of our products, whether justified or not, could adversely affect our brand reputation and business. A product recall or withdrawal could result in substantial and unexpected expenditures, destruction of product inventory and lost sales, which could reduce our cash flow and prevent us from achieving profitability. In addition, a product recall or withdrawal may have detrimental effects on our brand reputation, leading to increased scrutiny by regulatory agencies and sharp decrease in demand for our products, all of which require significant management attention. These could adversely impact our business, and consequently, adversely affect our results of operations and reputation.

Any material product liability claim, litigation or governmental enforcement action could materially and adversely affect our business, reputation and results of operations.

In addition, we allow our customers to return certain products and offer refunds, subject to our or third-party platforms' return and refunds policy. If merchandise returns or refunds are significant or higher than anticipated and forecasted, our business, financial condition, and results of operations could be adversely affected.

***We have been and may continue to be subject to litigations, allegations, complaints, investigations and penalties from time to time, which may adversely affect our business, financial condition and results of operations.***

We may be subject to litigations, allegations, complaints, investigations and penalties from time to time relating to issues including intellectual property, employment and labor, product safety, personal injury, privacy, information security tax compliance, as well as licenses and permits. Legal proceedings are inherently uncertain, and any judgment, ruling, fine, penalty or injunctive relief entered against us or any adverse settlement in these or other future matters could result in harm to our reputation, sanctions, consent decrees, injunctions or orders requiring a change in our business practices or otherwise negatively affect our business, result in costly litigation, be harmful to our reputation and divert significant resources.

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***We currently rely on commercial banks and third-party online payment service providers for payment processing and escrow services. If these payment services are restricted or curtailed in any way, are offered to us on less favorable terms, or become unavailable to us or our buyers for any reason, our business may be materially and adversely affected.***

Our customers may choose from a wide range of payment methods, including payment through commercial banks and third-party only payment service providers. We rely on third parties, such as commercial banks, PayPal, to provide certain payment processing services, including the processing of credit card and debit card transactions. Our business may be disrupted if these companies become unwilling or unable to provide these services to us. We are also subject to payment card association operating rules, certification requirements and rules governing electronic funds transfers, which could change or be interpreted to make it difficult or impossible for us to comply. If we fail to comply with these rules or requirements, we may be subject to fines and higher transaction fees and lose our ability to accept credit and debit card payments from our customers, process electronic funds transfers, or facilitate other types of online payments and our business and operating results could be adversely affected.

#### Fluctuations in currency exchange rates may make our growth and future prospects uncertain and difficult to evaluate.
We source our products primarily from China and sell to customers in approximately 40 countries and regions. We pay most of our suppliers in RMB, while we set our selling price in Euro and the majority of our customers pay for our products in Euro. As a result, our profit margin will decrease if Euro depreciates against RMB. In addition, some of our customers pay in local currencies other than Euros. The amount of such payment will change depending on the exchange rates of the local currencies against Euro. If Euro appreciates against these foreign currencies, our prices will become less competitive relative to those of our competitors who source and price their products in their respective local currencies. As a result, we may experience short-term fluctuations in our earnings derived from certain regions.

***Our growth and profitability depend, to a significant extent, on international trade relationships between China and other countries and consumer confidence in Chinese products and any trade restrictions or losses in consumer confidence may materially and adversely affect our results of operations.***

We are headquartered in China, source almost all of our products from China and a majority of our operational team members currently reside in China. As a result, if our consumers lose confidence in Chinese products or sovereign nations restrict trade with Chinese companies, we may suffer a competitive disadvantage. For example, any governmental initiatives to support locally produced goods with subsidies may render our goods relatively more expensive. In addition, countries could place quotas or taxes, such as retaliatory tariffs and anti-dumping restrictions, on goods produced in China, which would restrict our ability to export products to such countries.

We may not anticipate the promulgation or implementation of governmental policies, which may reflect or result from political relationships between the countries in which we conduct our business. To the extent that we suffer a competitive disadvantage as a result of restrictions in free trade or adverse consumer perceptions, our business, financial condition and results of operations may be materially and adversely affected.

#### Any catastrophe, including outbreaks of health pandemics and other extraordinary events, could severely disrupt our business operations.
Our operations are vulnerable to interruption and damage from natural and other types of catastrophes, including earthquakes, fire, floods, hail, windstorms, severe winter weather (including snow, freezing water, ice storms and blizzards), environmental accidents, power loss, communications failures, explosions, man-made events such as terrorist attacks and similar events. Due to their nature, we cannot predict the incidence, timing and severity of catastrophes. In November 2023, Italy was struck by exceptionally heavy floods. In 2022, Europe experienced extreme heat weather. In April 2025, the power systems of Spain and Portugal experienced a power blackout. Although the floods, heat weather and power blackout did not materially affect our business, other occurrences of natural disasters, as well as accidents and incidents of adverse weather in or around our warehouses, sourcing offices or suppliers may materially and adversely affect our business and results of operations. We may be particularly vulnerable to catastrophes in Europe, where most of our customers are located.

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Changing climate conditions, primarily rising global temperatures, may be increasing, or may in the future increase, the frequency and severity of natural catastrophes. If any such catastrophe or extraordinary event occurs in the future, our ability to operate our business could be seriously impaired. Such events could make it difficult or impossible for us to deliver our services and products to our consumers and could decrease demand for our products. Our financial position and operating results could be materially and adversely affected in the event of any major catastrophic event.

In addition, our business could be materially and adversely affected by the outbreak of coronavirus disease (COVID-19) and severe acute respiratory syndrome (SARS) or other pandemics. Any occurrence of these pandemic diseases or other adverse public health developments in China, Europe or elsewhere could severely disrupt our staffing or the staffing of our suppliers and couriers and otherwise reduce the activity levels of our work force and the work force of our suppliers and couriers, causing a material and adverse effect on our business operations.

***We may need to raise additional capital in the future for working capital, capital expenditures and/or acquisitions, and we may not be able to do so on favorable terms or at all, which would impair our ability to operate our business or achieve our growth objectives.***

Our ongoing ability to generate cash is important for funding our continuing operations, making acquisitions and servicing our indebtedness. To the extent that existing cash balances and cash flow from operations, together with borrowing capacity are insufficient to make investments or acquisitions or provide needed working capital, we may require additional financing from other sources. In addition, our ability to undertake large investments or consummate significant acquisitions will depend on the availability of equity and debt financing. Our ability to obtain such additional financing in the future will depend in part upon prevailing capital market conditions and conditions in our business and our operating results. Those factors may affect our efforts to arrange additional financing on terms acceptable to us. We cannot assure you that we will be able to obtain new financings in the future on favorable terms or at all.

Furthermore, if global economic, political or other market conditions adversely affect the financial institutions that provide credit to us, it is possible that our ability to draw upon credit facilities may be impacted. If adequate funds are not available, or are not available on acceptable terms, we may not be able to make future investments, take advantage of acquisitions or other opportunities, or respond to competitive challenges, resulting in loss of market share, each of which could have a material adverse impact on our financial position, results of operations, cash flows and liquidity.

***In the course of preparing our consolidated financial statements, we have identified a material weakness and other control deficiencies in our internal control over financial reporting, which, as of the date of this prospectus, have not been remediated. If we fail to maintain an effective system of internal control over financial reporting, we may be unable to accurately report our financial results or prevent fraud and investor confidence in our company and the market price of the shares may be adversely affected.***

Prior to this offering, we have been a private company with limited accounting and financial reporting personnel and other resources to address our internal controls and procedures. In connection with the audits of our consolidated financial statements included in this prospectus, we and our independent registered public accounting firm identified material weaknesses in our internal control over financial reporting. As defined in the standards established by the Public Company Accounting Oversight Board of the United States, a "material weakness" is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company's annual or interim financial statements will not be prevented or detected on a timely basis.

The material weakness identified related to our (i) lack of sufficient accounting and financial reporting personnel with requisite knowledge and experience in application of U.S. GAAP and SEC rules and (ii) lack of financial reporting policies and procedures that are commensurate with U.S. GAAP and SEC reporting requirements.

We have since hired certain mid-level financial staff with U.S. GAAP and/or SEC reporting experience. We are in the process of implementing a number of measures to address these material weaknesses identified, including: (i) continuing to hire additional accounting and financial reporting personnel with U.S. GAAP and SEC reporting experience, (ii) expanding the capabilities of existing accounting and financial reporting personnel through

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continuous training and education in the accounting and reporting requirements under U.S. GAAP, and SEC rules and regulations, (iii) developing, communicating and implementing an accounting policy manual for our accounting and financial reporting personnel for recurring transactions and period-end closing processes, and (iv) hiring an external consulting firm to assist in the design and implementation of effective monitoring and oversight controls to identify non-recurring and complex transactions to ensure the accuracy and completeness of our company's consolidated financial statements and related disclosures.

While we are working to remediate these material weaknesses as quickly and efficiently as possible, at this time we cannot provide an estimate of costs expected to be incurred in connection with implementing this remediation plan. These remediation measures may be time consuming, costly and might place significant demands on our financial and operational resources. If we are unable to successfully remediate these material weaknesses, and if we are unable to produce accurate and timely financial statements, our financial statements could contain material misstatements that, when discovered in the future, could cause us to fail to meet our future reporting obligations and cause the price of our securities to decline.

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

In addition, once we cease to be an "emerging growth company" as such term is defined in the JOBS Act, our independent registered public accounting firm must attest to and report on the effectiveness of our internal control over financial reporting. Our management may conclude that our internal control over financial reporting is not effective. Moreover, even if our management concludes that our internal control over financial reporting is effective, our independent registered public accounting firm, after conducting its own independent testing, may issue a report with adverse opinion on our internal control over financial accounting if it is not satisfied with our internal controls or the level at which our controls are documented, designed, operated or reviewed, or if it interprets the relevant requirements differently from us. In addition, after we become a public company, our reporting obligations may place a significant strain on our management, operational and financial resources and systems for the foreseeable future. We may be unable to timely complete our evaluation testing and any required remediation.

During the course of documenting and testing our internal control procedures, in order to satisfy the requirements of Section 404, we may identify other weaknesses and deficiencies in our internal control over financial reporting. If we fail to maintain the adequacy of our internal control over financial reporting, as these standards are modified, supplemented or amended from time to time, we may not be able to conclude on an ongoing basis that we have effective internal control over financial reporting in accordance with Section 404. Generally, if we fail to achieve and maintain an effective internal control environment, it could result in material misstatements in our financial statements and could also impair our ability to comply with applicable financial reporting requirements and related regulatory filings on a timely basis. As a result, our business, results of operations, financial condition and prospects, as well as the trading price of our ordinary shares, may be materially and adversely affected. Additionally, ineffective internal control over financial reporting could expose us to increased risk of fraud or misuse of corporate assets and subject us to potential delisting from the stock exchange on which we list, regulatory investigations and civil or criminal sanctions. We may also be required to restate our financial statements from prior periods.

#### Risks Related to Our Legal and Regulatory Environment

#### PRC regulatory authorities could disallow our holding company structure.
Aigo Holding Limited is not an operating company but a Cayman Islands holding company with operations primarily conducted through its wholly-owned subsidiaries in China, the European Union, the United Kingdom and the United States. Under this holding company structure, investors in our ordinary shares are purchasing equity interests in

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the Cayman Islands holding company. This holding company structure involves unique risks to investors and investors may never hold equity interests in our operating subsidiaries. Chinese regulatory authorities could disallow our structure which, in turn, would likely result in a material change in our operations or the value of our ordinary shares. In such an event, the value of our ordinary shares you invest in could significantly decline or become worthless.

Laws regulating foreign investment in China include the PRC Foreign Investment Law effective from January 1, 2020, and the Regulation on Implementing the PRC Foreign Investment Law, or the Implementation Regulations, effective from January 1, 2020. The PRC Foreign Investment Law specifies that foreign investments shall be conducted in line with the "negative list" to be issued or approved to be issued by the State Council. While we do not operate in an industry that is currently subject to foreign investment restrictions or prohibition in China, it is uncertain whether our industry will be named in an updated "negative list" to be issued in the future. If our industry is added to the "negative list" or if the PRC regulatory authorities otherwise decide to limit foreign ownership in our industry, there could be a risk that we would be unable to do business in China as we are currently structured. If any new laws and/or regulations on foreign investments in China are promulgated and implemented, such changes could have a significant impact on our current corporate structure, which in turn could have a material adverse impact on our business and operations, our ability to raise capital and the market price of our ordinary shares. In such event, despite our efforts to restructure to comply with the then applicable PRC laws and regulations in order to continue our operations in China, we may experience material changes in our business and results of operations, our attempts may prove to be futile due to factors beyond our control, and the value of the ordinary shares you invest in may significantly decline or become worthless.

***The PRC government's significant oversight and discretion over our business operations could result in a material adverse change in our operations and the value of our ordinary shares.***

We conduct our business primarily through our subsidiaries in China, the EU, the U.S. and the UK. Our operations in China are governed by PRC laws and regulations. The PRC government has significant oversight and discretion over the conduct of our business, and may intervene or influence our operations as part of its efforts to enforce PRC law, which could result in a material adverse change in our operations, and our ordinary shares may decline in value or become worthless. The PRC government has recently published new policies that significantly affected certain industries and we cannot rule out the possibility that it will in the future release regulations or policies that directly or indirectly affect our industry or require us to seek additional permission to continue our operations. Therefore, investors of our company and our business face potential uncertainty from actions taken by the PRC government affecting our business. In addition, the PRC government has exerted more oversight and control over offerings that are conducted overseas and foreign investment in China-based issuers. Such actions could significantly limit or completely hinder our ability to offer or continue to offer securities to investors and cause the value of our ordinary shares to significantly decline or be worthless. For more details, see "Risk Factors — Risks Related to Our Legal and Regulatory Environment — In addition to the filing with the CSRC per the requirements of the Trial Measures, other approval of or filing with the CSRC or other PRC government authorities may be required in connection with our previous or future offshore offerings under PRC laws, and, if required, we cannot predict whether or for how long we will be able to obtain such approval or complete such filing" on page 37.

#### Any failure by us to meet with the PRC legal system could adversely affect us.
The PRC legal system is a civil law system based on written statutes, where prior court decisions have limited precedential value.

We are subject to a variety of laws and regulations in the PRC regarding our capital raising activities, which may be continuously evolving and under development, as rules and regulations in China can change quickly with little advance notice. Rules and regulations in China are subject to changes by the relevant authorities. Sometimes such authorities will publish draft of the revisions to existing rules and regulations for public comments and consultation before enacting such revisions. But such consultations are done on case-by-case basis and we otherwise lack public channels to learn the extents of the revisions beforehand, in which case we might have limited time to ensure timely compliance upon the enactment of such revisions. For instance, on February 17, 2023, the CSRC released the New Regulations on Filing, which was formally implemented on March 31, 2023. Under New Regulations on Filing, a filing-based regulatory system will also be applied to "indirect overseas offering and listing" of PRC domestic companies, and those PRC domestic companies that have submitted a valid application for an overseas offering and listing but have not received consent from the overseas regulator or overseas stock exchange before March 31, 2023, such as shall complete the filing with CSRC before the completion of this offering.

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From time to time, we may have to resort to administrative and court proceedings to enforce our legal rights. However, since PRC judicial and administrative authorities have significant discretion in interpreting and implementing statutory and contractual terms, it may be difficult to predict the outcome of a judicial or administrative proceeding. These uncertainties may impede our ability to enforce the contracts we have entered into and could materially and adversely affect our business and results of operations.

We may not always be aware of any potential violation of government policies and rules that may not be made available to us in a timely manner. Such unpredictability towards our contractual, property (including intellectual property) and procedural rights could adversely affect our business and impede our ability to continue our operations.

***The PRC government may exert substantial influence over the manner in which we conduct our business operations. It may influence or intervene in our operations at any time as part of its efforts to enforce PRC law, or exert more control over offerings conducted overseas and/or foreign investment in China-based issuers, which could result in a material adverse change in our operations and the value of our ordinary shares.***

We are headquartered in China, and our PRC subsidiaries are governed by PRC laws, rules and regulations. The PRC government may exert substantial influence over the conduct of our business, and may intervene in or influence our operations at any time as part of its efforts to enforce PRC law. The PRC government has recently published new policies that substantially affected certain industries. We cannot rule out the possibility that it will in the future release regulations or policies that directly or indirectly affect our industry or require us to seek additional permission to continue our operations, which could result in a material adverse change in our operation and/or the value of our ordinary shares. Therefore, investors of our company and our business face potential uncertainty from actions taken by the PRC government affecting our business.

The Chinese government has exerted more oversight and control over offerings that are conducted overseas and foreign investment in China-based issuers. Such actions may significantly limit or completely hinder our ability to offer or continue to offer securities to investors and cause the value of our ordinary shares to significantly decline or be worthless. The Chinese government may influence or intervene in our operations at any time as part of its efforts to enforce PRC law, or exert more control over offerings conducted overseas and/or foreign investment in China-based issuers, which could result in a material adverse change in our operations and the value of our ordinary shares. For more details, see "— Risks Related to Our Legal and Regulatory Environment — In addition to the filing with the CSRC per the requirements of the Trial Measures, other approval of or filing with the CSRC or other PRC government authorities may be required in connection with our previous or future offshore offerings under PRC laws, and, if required, we cannot predict whether or for how long we will be able to obtain such approval or complete such filing" on page 37.

***We are subject to governmental export and import controls, customs and economic sanction laws that could subject us to liability and impair our ability to compete in international markets.***

The European Union, the United States and various foreign governments have imposed controls, export license requirements and restrictions on the import or export of certain products, as well as customs and other import regulatory requirements. Our products may be subject to export controls imposed by various countries. Compliance with applicable regulatory requirements regarding the import and export of our products may create delays in the introduction of our products in international markets and, in some cases, prevent the export of our products to some countries altogether. Over the past year, several countries have imposed far-reaching export controls with respect to geopolitical conflicts in addition to export control measures targeting certain industries. Although we do not believe our products are directly impacted by these recent measures, we cannot rule out the possibility that these measures could have an indirect negative impact on our business.

We could also be subject to future enforcement action with respect to compliance with governmental export and import controls, customs laws and economic sanctions laws that result in penalties, costs and restrictions on export privileges that could have an adverse effect on our business, financial condition and results of operations.

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***The PRC government may intervene in or influence our operations in China or the operations of our third party suppliers, which could result in a material change in our business, financial condition and results of operations as well as the value of our ordinary shares.***

Currently, we maintain operations in China where various third-party suppliers manufacture a majority of our products. The Chinese government has oversight over the conduct of these suppliers in China and may intervene or influence their operations as the government deems appropriate to further regulatory, political and societal goals. The Chinese government has recently published new policies that significantly affect certain industries and we cannot rule out the possibility that it will, in the future, implement regulations or policies that impact our business or the business of our suppliers, which may adversely affect our business, financial condition and results of operations.

***The continued U.S. regulatory and legislative focus, including the enactment of the HFCAA, may adversely affect the market price of our ordinary shares and may eventually require us to delist our securities from the U.S. markets.***

Under U.S. securities laws, publicly listed companies are required to have their financial statements audited by independent public accounting firms registered with the PCAOB. Under the Sarbanes-Oxley Act, the PCAOB is required to inspect the PCAOB-registered accounting firms to assess compliance with auditing standards and bring enforcement actions for non-compliance with such standards. If requested by the PCAOB or the SEC, PCAOB-registered accounting firms are required to provide the audit work papers and other related information for inspection. However, Article 177 of the revised PRC Securities Law prohibits, without the approval of the securities regulatory authority in China, (i) foreign securities regulators from engaging in any inspection activities within China and (ii) anyone from providing any documents or materials relating to capital markets activities to foreign parties.

To seek a framework for cooperation, in May 2013, the PCAOB entered into a Memorandum of Understanding on Enforcement Cooperation, or the MOU, with the CSRC and the MoF, which establishes a cooperative framework among the parties for the production and exchange of audit documents relevant to investigations undertaken by the PCAOB, the CSRC or the MoF in the United States and the PRC, respectively. Despite the MOU, the Chairmen of each of the SEC and the PCAOB issued a joint statement in December 2018 alleging continuing, significant issues relating to the ability of the PCAOB to inspect the audit work papers and practices of PCAOB-registered accounting firms in China with respect to their audit work of U.S.-listed companies with operations in China. The SEC and the PCAOB reiterated these allegations and highlighted such risks in another joint statement in April 2020.

As part of the continued regulatory scrutiny in the United States on access to audit and other information currently protected by laws in China, in December 2020, the U.S. Congress passed the Holding Foreign Companies Accountable Act, or the HFCAA, which had passed the U.S. Senate in May 2020. The HFCAA was signed into law by the President in December 2020. The HFCAA amended the Sarbanes-Oxley Act to require the SEC to determine each company that is required to file periodic reports with the SEC that has retained an accounting firm: (i) that is located in a foreign jurisdiction and (ii) whom the PCAOB is unable to inspect or investigate due to the position taken by an authority in the foreign jurisdiction (as determined by the PCAOB). If the SEC determines that the PCAOB has been unable to inspect or investigate such accounting firm for three consecutive years, it will prohibit such company from trading its securities on a U.S. securities exchange or in any "over-the-counter" exchange. In addition, in August 2020, the President's Working Group on Financial Markets, or the PWG, released a report recommending that the SEC take certain steps, including adopting enhanced listing standards on U.S. stock exchanges, to protect U.S. investors from the perceived risks of Chinese companies. This would require, as a condition to initial and continued listing on a U.S. stock exchange, PCAOB access to work papers of the principal audit firm for the audit of the listed company.

On September 22, 2021, the PCAOB adopted PCAOB Rule 6100, Board Determinations Under the HFCAA, which was approved by the SEC on November 4, 2021. The PCAOB Rule 6100 establishes a framework for the PCAOB to make determinations as to whether PCAOB is unable to inspect an audit firm in a foreign jurisdiction, or a PCAOB-Identified Firm, including the timing, factors, bases, publication and revocation or modification of such determinations, and such determinations will be made on a jurisdiction-wide basis in a consistent manner applicable to all firms headquartered in the jurisdiction. On December 16, 2021, pursuant to PCAOB Rule 6100, PCAOB issued a report setting forth the PCAOB-registered public accounting firms headquartered in Mainland China and Hong Kong that it is unable to inspect or investigate completely, because of positions taken by PRC authorities in those jurisdictions.

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On December 2, 2021, the SEC adopted amendments to finalize the interim final rules adopted earlier on March 24, 2021 relating to the implementation of certain disclosure and documentation requirements of the HFCAA, or final amendments. Pursuant to the final amendments, promptly after filing an annual report, the SEC will evaluate whether the annual report contains an audit report signed by a PCAOB-Identified Firm. Once a registrant has been so identified, the SEC will provisionally identify such issuer as a "Commission-Identified Issuer" on its website. For a period of 15 business days after the provisional identification, a registrant may contact the SEC if it believes it has been incorrectly identified and may provide evidence supporting such claims. After reviewing the information, the registrant will be notified whether the SEC will conclusively identify the registrant as a "Commission-Identified Issuer." The SEC will identify registrants pursuant to the HFCAA based on the PCAOB's determination and on registrants' annual reports for fiscal years beginning after December 18, 2020. If we are conclusively identified as a "Commission-Identified Issuer" for three consecutive years, the SEC will impose an initial trading prohibition on us as soon as practicable. If the SEC ends the initial trading prohibition and, thereafter, we are again determined to be a "Commission-Identified Issuer," the SEC will impose a subsequent trading prohibition on us for a minimum of five years. To end an initial or subsequent trading prohibition, we must certify that we have retained or will retain a registered public accounting firm that the PCAOB has determined it is able to inspect or investigate. To make that certification, we must file financial statements that include an audit report signed by such a registered public accounting firm.

Furthermore, on December 29, 2022, the Consolidated Appropriation Act, 2023 was enacted. Among other things, it amended the HFCAA to require the SEC to prohibit an issuer's securities from trading on any U.S. stock exchanges if its auditor is not subject to PCAOB inspections for two consecutive years instead of three.

On August 26, 2022, the PCAOB signed a Statement of Protocol with the CSRC and the MoF which contains provisions that, if abided by, would give the PCAOB access to inspect and investigate registered public accounting firms headquartered in mainland China and Hong Kong completely. On December 15, 2022, the PCAOB announced that it was able to conduct inspections and investigations completely of PCAOB registered public accounting firms headquartered in mainland China and Hong Kong in 2022. The PCAOB vacated its previous determinations accordingly. As a result, we do not expect to be identified as a "Commission-Identified Issuer" under the HFCAA.

However, whether the PCAOB will continue to conduct inspections and investigations completely to its satisfaction of PCAOB-registered public accounting firms headquartered in mainland China and Hong Kong is subject to uncertainty and depends on a number of factors out of our, and our auditor's, control, including positions taken by authorities of the PRC and the PCAOB. The PCAOB is expected to continue to demand complete access to inspections and investigations against accounting firms headquartered in mainland China and Hong Kong in the future and states that it has already made plans to resume regular inspections in early 2023 and beyond. The PCAOB is required under the HFCAA to make its determination on an annual basis with regards to its ability to inspect and investigate completely accounting firms based in mainland China and Hong Kong. The possibility of being a "Commission-Identified Issuer" and risk of delisting could continue to adversely affect the trading price of our securities. If the PCAOB determines in the future that it no longer has full access to inspect and investigate accounting firms headquartered in mainland China and Hong Kong and we continue to use such accounting firm to conduct audit work, we would be identified as a "Commission-Identified Issuer" under the HFCAA following the filing of the annual report for the relevant fiscal year, and if we were so identified for two consecutive years, trading in our securities on U.S. markets would be prohibited. Such a prohibition would substantially impair your ability to sell or purchase the shares when you wish to do so. The market price of the shares could be materially and adversely affected as a result of anticipated negative impacts of these actions upon, as well as negative investor sentiment towards, companies with significant operations in China that are listed in the United States, regardless of whether these actions are implemented and regardless of our actual operating performance. Also, such a prohibition would significantly affect our ability to raise capital on terms acceptable to us, or at all, which would have a material adverse impact on our business, financial condition and prospects.

***Complying with evolving laws and regulations regarding cybersecurity, information security, privacy and data protection and other related laws and requirements may entail significant expenses which may have an adverse effect on our business, financial conditions and results of operations.***

The PRC regulatory and enforcement regime with regard to data security and data protection is evolving. We may be required by Chinese governmental authorities to share personal information and data that we collect to comply with PRC laws relating to cybersecurity. All these laws and regulations may result in additional expenses

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to us and subject us to negative publicity which could harm our reputation and negatively affect the trading price of our ordinary shares. There are also uncertainties with respect to how these laws will be implemented in practice. PRC regulators have been increasingly focused on regulation in the areas of data security and data protection. See "Regulation — Regulations on Cybersecurity, Data Security and Personal Information Protection." We expect that these areas will receive greater attention and focus from regulators, as well as attract continued or greater public scrutiny and attention going forward, which could increase our compliance costs and subject us to heightened risks and challenges associated with data security and protection. We cannot assure you that the measures we have taken are always sufficient and effective. If we are unable to manage these risks, we could become subject to penalties, fines, suspension of business and revocation of required licenses, and our reputation and results of operations could be materially and adversely affected.

In addition to our operations in mainland China, we also have subsidiaries in Hong Kong. To the extent we have accessed data in Hong Kong, we believe we have been in compliance with relevant laws and regulations in Hong Kong regarding data securities. We believe that the laws and regulations in Hong Kong regarding data security do not have a material impact on our business. If certain laws and regulations in Hong Kong were to result in oversight over data security that impact our subsidiaries in Hong Kong, we may be required to incur additional cost to ensure our compliance to such laws and regulations, and any violation could result in a material adverse impact on our business, reputation and results of operations.

***Recent greater oversight by the CAC over data security, particularly for companies seeking to list on a foreign exchange, could adversely impact our PRC subsidiaries' business and our offering.***

On December 28, 2021, 13 governmental departments of the PRC, including the CAC, jointly promulgated the Cybersecurity Review Measures, which became effective on February 15, 2022. The Cybersecurity Review Measures provide that, in addition to CIIO that intend to purchase Internet products and services, online platform operators engaging in data processing activities that affect or may affect national security must be subject to cybersecurity review by the Cybersecurity Review Office of the PRC. According to the Cybersecurity Review Measures, a cybersecurity review assesses potential national security risks that may be brought about by any procurement, data processing, or overseas listing. The Cybersecurity Review Measures require that an online platform operator which possesses the personal information of at least one million users must apply for a cybersecurity review by the CAC if it intends to be listed in foreign countries.

On September 24, 2024, the State Council promulgated the Regulations on Network Data Security Management, which came into effect on January 1, 2025. The regulations aim to regulate network data processing activities, protect the legitimate rights and interests of individuals and organizations, and safeguard national security and public interests. They put forward general requirements and provisions for network data security, further specify rules concerning personal information protection, and fine-tune mechanisms for the management of important data which refers to the data in a specific field, group or region or with a certain precision and scale, which, once tampered with, destroyed, divulged, illegally obtained or illegally used, may directly endanger national security, economic operation, social stability, public health and security. Handlers of important data shall specify the person in charge of network data security and the management body for network data security. In addition, the regulations also stipulate the obligations for internet platform service providers, specifying data protection requirements for entities such as third-party service and product providers.

We currently do not have over one million users' personal information and do not anticipate that we will be collecting over one million users' personal information in the foreseeable future. Besides, we are not in possession of or otherwise holding any important data.

As of the date of this prospectus, we have not received any notice from any authorities identifying our PRC subsidiaries as CIIOs or handler of important data or requiring us to go through cybersecurity review or national security review by the CAC. It is the opinion of our PRC counsel, Dacheng, that neither the operations of our PRC subsidiaries, nor our listing are expected to be affected, and that we are not subject to cybersecurity review by the CAC under the Cybersecurity Review Measures, nor will any such entity be subject to the Regulations on Network Data Security Management, because our PRC subsidiaries are not CIIOs or online platform operators that possess personal information of at least one million users or engage in data processing activities that affect or may affect national security. We believe we are fully compliant with the regulations or policies that have been issued by the CAC to date.

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There remains uncertainty, however, as to how the Cybersecurity Review Measures and the Regulations on Network Data Security Management will be interpreted or implemented and whether the PRC regulatory agencies, including the CAC, may adopt new laws, regulations, rules, or detailed implementation and interpretation related to the Cybersecurity Review Measures and the Regulations on Network Data Security Management. If any such new laws, regulations, rules, or implementation and interpretation come into effect, we expect to take all reasonable measures and actions to comply and to minimize the adverse effect of such laws on us. We cannot guarantee, however, that our PRC subsidiaries will not be subject to cybersecurity review and network data security review in the future. During such reviews, our PRC subsidiaries may be required to suspend their operations or experience other disruptions to their operations. Cybersecurity review and network data security review could also result in negative publicity with respect to our Company and diversion of our managerial and financial resources, which could materially and adversely affect our business, financial conditions, and results of operations.

***PRC regulation of loans to and direct investment in PRC entities by offshore holding companies and governmental control of currency conversion may delay or prevent us from using the proceeds of our offshore financing to make loans or additional capital contributions to our PRC subsidiaries, which could materially and adversely affect our liquidity and our ability to fund and expand our business.***

In utilizing the proceeds of this offering, we, as an offshore holding company, are permitted under PRC laws and regulations to provide funding to our PRC subsidiaries, which are treated as foreign-invested enterprises under PRC laws, through loans or capital contributions. However, loans by us to our PRC subsidiaries to finance their activities cannot exceed statutory limits and must be registered with the local counterpart of SAFE and capital contributions by us to our PRC subsidiaries are subject to registration with the SAMR or its local branch, reporting of foreign investment information with the PRC Ministry of Commerce, or registration with other governmental authorities in China.

SAFE promulgated the Notice of the State Administration of Foreign Exchange on Reforming the Administration of Foreign Exchange Settlement of Capital of Foreign-invested Enterprises, or Circular 19, effective on June 1, 2015, and last amended on March 23, 2023. According to Circular 19, the flow and use of the RMB capital converted from foreign currency-denominated registered capital of a foreign-invested company is regulated such that RMB capital may not be used for the issuance of RMB entrusted loans, the repayment of inter-enterprise loans or the repayment of banks loans that have been transferred to a third-party. Although Circular 19 allows RMB capital converted from foreign currency-denominated registered capital of a foreign-invested enterprise to be used for equity investments within the PRC, it also reiterates the principle that RMB converted from the foreign currency-denominated capital of a foreign-invested company may not be directly or indirectly used for purposes beyond its business scope. SAFE promulgated the Notice of the State Administration of Foreign Exchange on Reforming and Standardizing the Foreign Exchange Settlement Management Policy of Capital Account, or Circular 16, effective on June 9, 2016, which reiterates some of the rules set forth in Circular 19, but changes the prohibition against using RMB capital converted from foreign currency-denominated registered capital of a foreign-invested company to issue RMB entrusted loans to a prohibition against using such capital to issue loans to non-associated enterprises. Violations of SAFE Circular 19 and Circular 16 could result in administrative penalties. Circular 19 and Circular 16 may significantly limit our ability to transfer any foreign currency we hold, including the net proceeds from this offering, to our PRC subsidiaries, which may adversely affect our liquidity and our ability to fund and expand our business in the PRC.

On October 23, 2019, SAFE promulgated the Circular of the State Administration of Foreign Exchange on Further Promoting the Facilitation of Cross-border Trade and Investment, or SAFE Circular 28, which permits non-investment foreign-invested enterprises to use their capital funds to make equity investments in China, with genuine investment projects and in compliance with effective foreign investment restrictions and other applicable laws.

In light of the various requirements imposed by PRC regulations on loans to, and direct investment in, PRC entities by offshore holding companies, we cannot assure you that we will be able to complete the necessary government registrations or obtain the necessary government approvals on a timely basis, if at all, with respect to future loans or future capital contributions by us to our PRC subsidiaries. As a result, uncertainties exist as to our ability to provide prompt financial support to our PRC subsidiaries when needed. If we fail to complete such registrations or obtain such approvals, our ability to use foreign currency, including the proceeds we received from this offering, and to capitalize or otherwise fund our PRC operations may be negatively affected, which could materially and adversely affect our liquidity and our ability to fund and expand our business.

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***We may rely on dividends and other distributions on equity paid by our subsidiaries to fund any cash and financing requirements we may have, and any limitation on the ability of our PRC subsidiaries to make payments to us could have a material and adverse effect on our ability to conduct our business. To the extent our cash is in mainland China or Hong Kong or held in our subsidiaries in mainland China or Hong Kong, the funds may not be available to fund operations or for other use outside of mainland China and Hong Kong due to interventions in, or the imposition of restrictions and limitations on, the ability of us or our subsidiaries by the PRC government to transfer cash.***

Aigo Holding Limited is a holding company incorporated in the Cayman Islands. We rely on dividends and other distributions on equity paid by our subsidiaries, including our PRC subsidiaries and subsidiaries located in the European Union, the UK and the U.S., for our cash and financing requirements, including the funds necessary to pay dividends and other cash distributions to our shareholders and service any debt we may incur outside of the PRC. Current mainland China regulations permit our mainland China subsidiaries to pay dividends to us only out of their accumulated after-tax profits upon satisfaction of relevant statutory conditions and procedures, if any, determined in accordance with Chinese accounting standards and regulations. In addition, each of our PRC subsidiaries is required to set aside at least 10% of its after-tax profits each year, if any, to fund certain reserve funds until the total amount set aside reaches 50% of its registered capital. These reserves, together with the registered capital, are not distributable as cash dividends. Additionally, if our PRC subsidiaries incur debt on their own behalf in the future, the instruments governing their debt may restrict their ability to pay dividends or make other distributions to us. To the extent our cash is in mainland China or Hong Kong or held in our subsidiaries in mainland China or Hong Kong, the funds may not be available to fund operations or for other use outside of mainland China and Hong Kong due to interventions in, or the imposition of restrictions and limitations on, the ability of us or our subsidiaries by the PRC government to transfer cash.

Any limitation on the ability of our PRC subsidiaries to distribute dividends or other payments to their respective shareholders could materially and adversely limit our ability to grow, make investments or acquisitions that could be beneficial to our businesses, pay dividends or otherwise fund and conduct our business.

In addition, the Enterprise Income Tax Law and its implementation rules provide that a withholding tax rate of up to 10% will be applicable to dividends payable by Chinese companies to non-PRC-resident enterprises unless otherwise exempted or reduced according to treaties or arrangements between the PRC central government and governments of other countries or regions where the non-PRC resident enterprises are tax resident.

***If we are classified as a PRC resident enterprise for PRC enterprise income tax purposes, such classification could result in unfavorable tax consequences to us and our non-PRC shareholders.***

Under the Enterprise Income Tax Law and its implementing rules, enterprises established under the laws of jurisdictions outside of China with "de facto management bodies" located in China may be considered PRC tax resident enterprises for tax purposes and may be subject to the PRC enterprise income tax at the rate of 25% on their global income. "De facto management body" refers to a managing body that exercises substantial and overall management and control over the production and operations, personnel, accounting and assets of an enterprise. The SAT issued the Notice Regarding the Determination of Chinese-Controlled Offshore-Incorporated Enterprises as PRC Tax Resident Enterprises on the Basis of De Facto Management Bodies, or Circular 82, on April 22, 2009, which was most recently amended on December 29, 2017. Circular 82 provides certain specific criteria for determining whether the "de facto management body" of a Chinese-controlled offshore-incorporated enterprise is located in China. Although Circular 82 only applies to offshore enterprises controlled by PRC enterprises or PRC enterprise groups, not those controlled by foreign enterprises or individuals, the determining criteria set forth in Circular 82 may reflect the State Administration of Taxation's general position on how the "de facto management body" test should be applied in determining the tax resident status of offshore enterprises, regardless of whether they are controlled by PRC enterprises or PRC enterprise groups. According to Circular 82, an offshore incorporated enterprise controlled by a PRC enterprise or a PRC enterprise group will be regarded as a PRC tax resident by virtue of having its "de facto management body" in China and will be subject to PRC enterprise income tax on its global income only if all of the following conditions are met: (i) the primary location of the day-to-day operational management and the management department is in the PRC; (ii) decisions relating to the enterprise's financial and human resource matters are made or are subject to approval by organizations or personnel in the PRC; (iii) the enterprise's primary assets, accounting books and records, company seals, and board and shareholder resolutions and minutes, are located or maintained in the PRC; and (iv) at least 50% of voting board members or senior executives

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habitually reside in the PRC. If we were to be considered a PRC resident enterprise, we would be subject to PRC enterprise income tax at the rate of 25% on our global income. In such case, our profitability and cash flow may be materially reduced as a result of our global income being taxed under the Enterprise Income Tax Law. In addition, our shareholders may be subject to PRC tax, as described in "— Dividends paid to our foreign investors and gains on the sale or other disposition of the ordinary shares by our foreign investors may become subject to PRC tax" below. We believe that none of our entities outside of China is a PRC resident enterprise for PRC tax purposes. However, the tax resident status of an enterprise is subject to determination by the PRC tax authorities and uncertainties remain with respect to the interpretation of the term "de facto management body."

***In addition to the filing with the CSRC per the requirements of the Trial Measures, other approval of or filing with the CSRC or other PRC government authorities may be required in connection with our previous or future offshore offerings under PRC laws, and, if required, we cannot predict whether or for how long we will be able to obtain such approval or complete such filing.***

On August 8, 2006, six PRC regulatory agencies, including the MOFCOM, the State-Owned Assets Supervision and Administration Commission, the State Administration of Taxation, or the SAT, the State Administration for Industry and Commerce, currently known as the SAMR, the CSRC, and the State Administration of Foreign Exchange, or the SAFE, jointly adopted the Regulations on Mergers and Acquisitions of Domestic Enterprises by Foreign Investors, or the M&A Rules, which came into effect on September 8, 2006 and were amended on June 22, 2009. The M&A Rules include, among other things, provisions that purport to require that an offshore special purpose vehicle that is controlled by PRC domestic companies or individuals and that has been formed for the purpose of an overseas listing of securities through acquisitions of PRC domestic companies or assets to obtain the approval of the CSRC prior to the listing and trading of such special purpose vehicle's securities on an overseas stock exchange. On September 21, 2006, the CSRC published on its official website procedures regarding its approval of overseas listings by special purpose vehicles. However, substantial uncertainty remains regarding the scope and applicability of the M&A Rules to offshore special purpose vehicles.

While the application of the M&A Rules remains unclear, it is the opinion of our PRC counsel, Dacheng, that the CSRC approval is not required under the M&A Rules in the context of this offering because (i) the CSRC currently has not issued any definitive rule or interpretation concerning whether offerings under the prospectus are subject to the M&A Rules; and (ii) we established our PRC subsidiary, Fuzhou Aigo Juxing Investment Co. Ltd. (WFOE), by means of direct investment rather than by merger with or acquisition of PRC domestic companies. However, our PRC legal counsel has further advised us that there remains some uncertainty as to how the M&A Rules will be interpreted or implemented in the context of an overseas offering, and its opinions summarized above are subject to any new laws, rules and regulations or detailed implementations and interpretations in any form relating to the M&A Rules. There can be no assurance that the relevant PRC government agencies, including the CSRC, would reach the same conclusion as that of our PRC legal counsel. If the CSRC or other PRC regulatory body subsequently determines that we need to obtain the CSRC's approval for this offering or if the CSRC or any other PRC government authorities promulgates any interpretation or implements rules before our listing that would require us to obtain CSRC or other governmental approvals for this offering, we may face adverse actions or sanctions by the CSRC or other PRC regulatory agencies. In any such event, these regulatory agencies may impose fines and penalties on our operations in China, limit our operating privileges in China, delay or restrict the repatriation of the proceeds from this offering into the PRC or take other actions that could have a material adverse effect on our business, financial condition, results of operations, reputation and prospects, as well as our ability to complete this offering. The CSRC or other PRC regulatory agencies may also take actions requiring us, or making it advisable for us, to halt this offering before settlement and delivery of the ordinary shares offered by this prospectus. Consequently, if you engage in market trading or other activities in anticipation of and prior to settlement and delivery, you do so at the risk that such settlement and delivery may not occur. In addition, if the CSRC or other regulatory agencies later promulgate new rules or explanations requiring us to obtain their approvals for this offering, we may be unable to obtain waivers of such approval requirements. Any uncertainties and/or negative publicity regarding such approval requirements could have a material adverse effect on the trading price of our shares.

Moreover, the Chinese government has also reiterated its intention to oversight over the offshore listing activities of Chinese companies. On December 24, 2021, the CSRC published draft Administration Provisions and the draft Filing Measures for public comments. These Draft Regulations require "PRC domestic companies" that directly or indirectly issue or list their securities overseas to file with CSRC certain required documents. On February 17, 2023, the CSRC promulgated the Trial Measures, and the relevant five guidelines, which became

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effective on March 31, 2023. The Trial Measures will comprehensively improve and reform the existing regulatory regime for overseas offering and listing of PRC domestic companies' securities and will regulate both direct and indirect overseas offering and listing of PRC domestic companies' securities by adopting a filing-based regulatory regime. Pursuant to the Trial Measures, PRC domestic companies that seek to offer and list securities in overseas markets, either in direct or indirect means, are required to fulfill the filing procedure with the CSRC and report relevant information. The Trial Measures provides that if the issuer meets both the following criteria, the overseas securities offering and listing conducted by such issuer will be deemed as indirect overseas offering by PRC domestic companies: (i) 50% or more of any of the issuer's operating revenue, total profit, total assets or net assets as documented in its audited consolidated financial statements for the most recent fiscal year is accounted for by domestic companies; and (ii) the main parts of the issuer's business activities are conducted in mainland China, or its main place(s) of business are located in mainland China, or the majority of senior management staff in charge of its business operations and management are PRC citizens or have their usual place(s) of residence located in mainland China. Pursuant to the Trial Measures, where a domestic company seeks to indirectly offer and list securities in an overseas market, the issuer shall designate a major domestic operating entity responsible for all filing procedures with the CSRC, and where an issuer makes an application for initial public offering and listing in an overseas market, the issuer shall submit filings with the CSRC within three business days after such application is submitted, and shall complete the filing before the completion of their overseas offering and listing.

According to the Trial Measures, where a domestic company fails to fulfill filing procedure or in violation of the provisions as stipulated above, in respect of its overseas offering and listing, the CSRC shall order rectification, issue warnings to such domestic company, and impose a fine ranging from RMB1,000,000 to RMB10,000,000. Also, the directly responsible person-in-charge and other directly responsible persons of such domestic company may be warned and imposed fines, and the controlling shareholders and the actual controllers of such domestic company that organize or instruct the aforementioned violations shall be imposed fines. The filing procedure with the CSRC under the Trial Measures is required for this offering and any future offerings, listing or any other capital raising activities, it is uncertain whether we could complete the filing procedure in a compliant and timely manner, or at all. During the filing process, we may need to revise and update the disclosure of PRC laws and regulations and PRC legal matters in the prospectus as required by the CSRC. In addition, the Trial Measures may subject us to additional compliance requirement in the future, and we cannot assure you that we will be able to get the clearance of filing procedures under the Trial Measures on a timely basis, or at all. Any failure of us to fully comply with the Trail Measures may significantly limit or completely hinder our ability to offer or continue to offer our ordinary shares, cause significant disruption to our business operations, and severely damage our reputation, which would materially and adversely affect our financial condition and results of operations and cause our ordinary shares to significantly decline in value or become worthless.

On February 24, 2023, the CSRC, together with other PRC government authorities, released the Provisions on Strengthening the Confidentiality and Archives Administration Related to the Overseas Securities Offering and Listing by Domestic Enterprises, or the Confidentiality and Archives Administration Provisions, which came into effect on March 31, 2023. The Confidentiality and Archives Administration Provisions require, among others, that PRC domestic enterprises seeking to offer and list securities in overseas markets, either directly or indirectly, shall establish the confidentiality and archives system, and shall complete approval and filing procedures with competent authorities, if such PRC domestic enterprises or their overseas listing entities provide or publicly disclose documents or materials involving state secrets and work secrets of PRC government agencies to relevant securities companies, securities service institutions, overseas regulatory agencies and other entities and individuals. It further stipulates that providing or publicly disclosing by domestic companies, or providing or publicly disclosing through its overseas listing entities, to the relevant securities companies, securities service agencies, overseas regulatory authorities and other entities or individuals documents and materials that may adversely affect national security or public interests after leakage, the domestic enterprise shall strictly go through the corresponding procedures in accordance with relevant laws and regulations. Where a domestic company provides to the relevant securities companies, securities service institutions, overseas regulatory authorities and other entities or individuals, any accounting records or duplicates of such accounting records, it shall complete relevant procedures according to the relevant regulations. The Confidentiality and Archives Administration Provisions were also newly published, and there remains uncertainty as to their interpretation, application and implementation.

As advised by Dacheng, our PRC counsel, taking into consideration the abovementioned criteria, this offering is an indirect offering under the Trial Measures, and we are subject to the filing requirements of the CSRC. We are required to fulfill the filing procedure with the CSRC in accordance with the Trial Measures. On July 2, 2024,

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we submitted our filing materials and applied for registration to the CSRC in accordance with the requirements of the Trial Measures. As of the date of this prospectus, we have completed the filing for this offering with the CSRC in compliance with the Trial Measures and the CSRC has concluded the filing procedure and published the filing results on the CSRC website on March 18, 2025. As a result, we have received all requisite permissions and/or approvals from the CSRC in connection with this offering. As of the date of this prospectus, except for the comments from the CSRC regarding the filing materials, neither we nor our PRC subsidiaries have received any inquiry, notice, warning, or sanction regarding our planned overseas listing from the CSRC or any other PRC governmental authorities. However, if the CSRC later determines that the disclosures in our filing for this offering are inadequate or not in full compliance with its requirements or standards, we may face fines and penalties imposed by the CSRC. Since these statements and regulatory actions are newly published, however, official guidance and related implementation rules have not been issued. It is highly uncertain what the potential impact such modified or new laws and regulations will have on the daily business operations of our subsidiaries, our ability to accept foreign investments, and our listing on a U.S. exchange.

#### We may be subject to future tax audits, and our intercompany sale may be challenged as transfer pricing, resulting in higher taxes or penalties.
We operate in multiple jurisdictions, are taxed pursuant to the tax laws of each of these jurisdictions and may be subject to future tax audits in each of these jurisdictions. Because we have substantial operations in a number of locations worldwide, tax authorities in various jurisdictions may raise questions concerning matters such as transfer pricing, whether revenue or expenses should be attributed to particular countries, and other tax-related matters. A material assessment by a tax authority in any jurisdiction could require that we make significant cash payments without reimbursement. In addition, the sale of our products from our PRC companies to our European and Hong Kong-based companies puts us at risk for transfer pricing. If tax authorities in any of these countries were to successfully challenge our intercompany sale as not reflecting arms' length transactions, they could require us to adjust our prices and thereby reallocate our income to reflect these revised prices. If this were to occur, our business, financial condition and results of operations could be adversely affected.

#### We may be subject to civil complaints and regulatory actions under certain laws and regulations relating to labor, social insurance and housing provident fund.
We are required under PRC laws and regulations to participate in various government sponsored employee benefit plans, including certain social insurance, housing funds and other statutory employee benefits, such as pensions insurance, medical insurance, unemployment injury insurance, maternity insurance, and work-related injury insurance to designated government agencies for the benefit of our employees. The relevant government agencies may examine whether we are in compliance with the relevant labor laws and regulations. Failure to make full payment of the requisite statutory employee benefits and any potential non-compliance may subject us to late payment fees, fines, and/or other penalties. If the relevant PRC authorities determine that we shall make supplemental social insurance and housing fund contributions or that we are subject to fines and legal sanctions in relation to our failure to make social insurance and housing fund contributions in full for our employees, our business, financial condition and results of operations may be adversely affected.

***Our business is subject to the laws of various jurisdictions, many of which are unsettled and still developing and could subject us to claims or otherwise harm our business.***

We are subject to a variety of laws in various jurisdictions, including Mainland China, Hong Kong, Spain, Italy, and other jurisdictions, including laws regarding data protection, privacy and consumer protection, that are continuously evolving and developing. The scope and interpretation of the laws that are or may be applicable to us are often uncertain and may be conflicting. For example, regulatory authorities around the world are going through a series of promulgation on laws and regulations concerning data protection, personal information protection, cybersecurity, and other matters that may be applicable to our business. It is also likely that as our business grows and evolves and our solutions are used in a greater number of countries, we will become subject to laws and regulations in additional jurisdictions. It is difficult to predict how existing laws will be applied to our business and the new laws to which we may become subject.

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If we are not able to comply with these laws or regulations or if we become liable under these laws or regulations, we could be directly harmed and we may be forced to implement new measures to reduce our exposure to this liability. This may require us to expend substantial resources or to discontinue certain solutions. In addition, the increased attention focused upon liability issues as a result of lawsuits and legislative proposals could harm our reputation or otherwise impact the growth of our business. Any costs incurred as a result of this potential liability could harm our business, financial condition and results of operations.

#### Risks Related to This Offering
***There has been no public market for our ordinary shares prior to this offering and you may not be able to resell our ordinary shares at or above the price you pay for them, or at all.***

Prior to this initial public offering, there has been no public market for our ordinary shares. If an active trading market for our ordinary shares does not develop after this offering, the market price and liquidity of the shares will be materially and adversely affected. The initial public offering price for the ordinary shares was determined by negotiations between us and the underwriters and may bear no relationship to the market price for our ordinary shares after the initial public offering. We cannot assure you that an active trading market for our ordinary shares will develop or that the market price of our ordinary shares will not decline below the initial public offering price.

#### The market price for our ordinary shares may be volatile.
In addition to the volatility in the price of our ordinary shares which could be caused by the materialization of any of the risks described in this section, the securities markets in the United States, China and elsewhere have from time to time experienced significant price and volume fluctuations that are not related to the operating performance of particular companies. These market fluctuations may also materially and adversely affect the market price of our ordinary shares.

#### You will experience immediate dilution in the net tangible book value of ordinary shares purchased.
When you purchase our ordinary shares in the offering, you will incur immediate dilution of approximately $4.48 per share, representing the difference between the initial public offering price of $5.00 per share shown on the front cover of this prospectus, and our pro forma as-adjusted net tangible book value per share after giving effect to this offering. See "Dilution." In addition, you may experience further dilution in the net tangible book value of the shares purchased to the extent that additional ordinary shares are issued upon exercise of outstanding options and options we may grant from time to time. See "Dilution."

***We may need additional capital, and the sale of additional shares or other equity securities or incurrence of additional indebtedness could result in additional dilution to our shareholders or increase our debt service obligations.***

We may, however, require additional cash resources due to changed business conditions or other future developments, including any changes in our pricing policy, marketing initiatives or investments we may decide to pursue. If these resources are insufficient to satisfy our cash requirements, we may seek to obtain a credit facility or sell additional equity or debt securities. The sale of additional equity securities could result in dilution of our existing shareholders. The incurrence of indebtedness would result in increased debt service obligations and could result in operating and financing covenants that would restrict our operations. It is uncertain whether financing will be available in amounts or on terms acceptable to us, if at all.

***If securities or industry analysts do not publish research or publish inaccurate or unfavorable research about our business, our share price and trading volume could decline.***

The trading market for our ordinary shares will depend, in part, on the research and reports that securities or industry analysts publish about us or our business. If research analysts do not establish and maintain adequate research coverage of our company, the trading price for our ordinary shares could be negatively impacted. If we obtain securities or industry analyst coverage, and if one or more of the analysts who covers us downgrades our ordinary shares or publishes inaccurate or unfavorable research about our business, our share price would likely decline. If one or more of these analysts ceases coverage of us or fails to publish reports on us regularly, demand for our ordinary shares could decrease, which could cause the share price and trading volume of our ordinary shares to decline.

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***You may face difficulties in protecting your interests and your ability to protect your rights through the U.S. federal courts may be limited, because we are incorporated under Cayman Islands law, operate a substantial part of our business from mainland China and countries other than the United States, and all of our officers reside outside the United States.***

We are incorporated in the Cayman Islands and primarily conduct our operations through our subsidiaries in Hong Kong, the mainland China and various European countries. All of our directors and officers reside outside the United States and all or a substantial portion of their assets are located outside of the United States. All of our directors and executive officers reside in mainland China and are PRC residents, except for our founder, Mr. Fufei Lin, and our director, Mr. Yindi Pang, who reside in Spain. As a result, it may be difficult or impossible for you to bring an original action against us or against these individuals in a Cayman Islands or PRC court in the event that you believe that your rights have been infringed under the U.S. federal securities laws or otherwise. Even if you are successful in bringing an action of this kind, the laws of the Cayman Islands and of China may render you unable to enforce a judgment against our assets or the assets of our directors and officers. There is no statutory recognition in the Cayman Islands of judgments obtained in the United States, although the courts of the Cayman Islands will generally recognize and enforce a non-penal judgment of a foreign court of competent jurisdiction without retrial on the merits. For more information regarding the relevant laws of the Cayman Islands and China, see "Enforcement of Civil Liabilities."

Our corporate affairs are governed by our memorandum and articles of association and by the Companies Act and common law of the Cayman Islands. The rights of shareholders to take legal action against our directors and us, actions by minority shareholders and the fiduciary responsibilities of our directors to us under Cayman Islands law are to a large extent governed by the common law of the Cayman Islands. The common law of the Cayman Islands is derived in part from comparatively limited judicial precedent in the Cayman Islands as well as from English common law, which has persuasive, but not binding, authority on a court in the Cayman Islands. The rights of our shareholders and the fiduciary responsibilities of our directors under Cayman Islands law are not as clearly established as they would be under statutes or judicial precedents in the United States. In particular, the Cayman Islands have a less developed body of securities laws as compared to the United States, and provide significantly less protection to investors. In addition, Cayman Islands companies may not have standing to initiate a shareholder derivative action before the federal courts of the United States. As a result, your ability to protect your interests if you are harmed in a manner that would otherwise enable you to sue in a United States federal court may be limited to direct shareholder lawsuits.

As a result of all of the above, our public shareholders may have more difficulties in protecting their interests through actions against our management, directors or major shareholders than would shareholders of a corporation incorporated in a jurisdiction in the United States.

#### Our management will have considerable discretion as to the use of the net proceeds from this offering.
We intend to use the net proceeds of this offering for investment in research and development, expansion of product offerings and categories, customer acquisition and brand building, development of our IoT products, expansion of our warehousing facilities and general corporate purposes. However, our management will have considerable discretion in the application of the net proceeds received by us. You will not have the opportunity, as part of your investment decision, to assess whether proceeds are being used appropriately. You must rely on the judgment of our management regarding the application of the net proceeds of this offering. The net proceeds may be used for corporate purposes that do not improve our efforts to maintain profitability or increase our share price. The net proceeds from this offering may be placed in investments that do not produce income or that lose value.

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the selective disclosure rules by issuers of material nonpublic information under Regulation FD.

As a foreign private issuer, the information we are required to file with or furnish to the SEC will be less extensive and less timely compared to that required to be filed with SEC by U.S. domestic issuers. As a result, you may not be afforded the same protections or information that would be made available to you were you investing in a U.S. domestic issuer.

In addition, as an exempted company incorporated in the Cayman Islands, we are permitted to adopt certain home country practices in relation to corporate governance matters that differ significantly from the corporate governance standards of the Nasdaq Stock Market. We currently intend to follow Cayman Islands corporate governance practices in lieu of the Nasdaq corporate governance requirements for U.S. companies in the following respects:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Executive Sessions*. We have elected to adopt the practices of our home country, Cayman Islands, whose practices do not require independent directors to meet regularly in executive sessions separate from the full board of directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Nomination of Directors*. We follow Cayman Islands practices which do not require us to have a formal written charter or board resolution addressing the director nominations process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Composition of Board*. We follow Cayman Islands practices which do not require a majority independent board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Composition of Committees*. We follow Cayman Islands practices which do not require that any of the member of a company's compensation committee be independent directors.

***We are an "emerging growth company" and we cannot be certain if the reduced disclosure requirements applicable to emerging growth companies will make our ordinary shares less attractive to investors.***

We are an "emerging growth company," as defined in the Jumpstart Our Business Startups Act of 2012, and we may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not "emerging growth companies" including, but not limited to, not being required to comply with the auditor attestation requirements of section 404 of the Sarbanes-Oxley Act of 2002 for up to five fiscal years after the date of this offering. Section 404(b) of the Sarbanes-Oxley Act of 2002 requires our independent registered public accounting firm to attest to and report on the effectiveness of the internal control structure and procedures for financial reporting.

In addition, Section 107(b) of the Jumpstart Our Business Startups Act of 2012 provides that an "emerging growth company" can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. In other words, an "emerging growth company" can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We have elected to take advantage of the extended transition period. Although as of the date of this prospectus, we have not delayed the adoption of any accounting standard, as a result of this election, our future financial statements may not be comparable to other public companies that comply with the public company effective dates for these new or revised accounting standards.

We will cease to be an "emerging growth company" upon the earliest of: (i) the last day of the fiscal year in which we earn $1.235 billion or more in revenue, (ii) the last day of the fiscal year following the fifth anniversary of the date of this offering, (iii) the date on which we have issued more than $1.0 billion in non-convertible debt during the previous three-year period, or (iv) when we become a "large accelerated filer," as defined in Rule 12b-2 under the Exchange Act.

We cannot predict if investors will find our shares less attractive because we may rely on these exemptions. If some investors find our ordinary shares less attractive as a result, there may be a less active trading market for our ordinary shares and the trading price of our ordinary shares may be more volatile.

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***We are a "controlled company" as defined under the Nasdaq listing rules and, as a result can rely on exemptions from certain corporate governance requirements that provide protection to shareholders.***

We are a "controlled company" as defined under the Nasdaq listing rules because our founder and Chief Executive Officer, Mr. Fufei Lin, will be the beneficial owner of 52,484,400 ordinary shares of our company, representing approximately 78.41% of our aggregate voting power upon the completion of this offering. Mr. Lin will have the ability to control or significantly influence the outcome of matters requiring majority shareholders approval. As a result, we will remain a "controlled company" within the meaning of the Nasdaq Stock Market Rules and therefore we are eligible for certain exemptions from the corporate governance listing requirements of the Nasdaq. We currently plan to utilize the exemptions available for controlled companies after we complete this offering, including the requirement that the majority of our board of directors be independent directors, that our director nominees be selected or recommended solely by independent directors, and that we have a nomination committee and a compensation committee that are composed entirely of independent directors with a written charter addressing the purposes and responsibilities of the committees. As a result, you may not have the same protection afforded to shareholders of companies that are subject to all of the corporate governance requirements of Nasdaq.

#### We will incur additional costs as a result of becoming a public company.
As a public company, we will incur significant legal, accounting and other expenses that we did not have as a private company prior to this offering. In addition, new rules and regulations relating to information disclosure, financial reporting and control and corporate governance, which could be adopted by the Securities and Exchange Commission, or the SEC, the NASDAQ and other regulatory bodies and exchange entities from time to time, could result in a significant increase in legal, accounting and other compliance costs and to make certain corporate activities more time-consuming and costly, which could materially affect our business, financial condition and results of operations.

***Our Memorandum and Articles of Association, as well as Cayman law, contain provisions that could discourage acquisition bids or merger proposals, which may adversely affect the market price of our ordinary shares.***

Our Memorandum and Articles of Association authorize us to issue one or more classes or series of preferred shares upon such terms and conditions as we may from time to time by ordinary resolutions which may include super voting, special approval, dividend, repurchase rights, liquidation preferences or other rights or preferences superior to the rights of the holders of ordinary shares. The terms of one or more classes or series of preferred shares could adversely impact the value of our ordinary shares. Furthermore, if we elect to issue preferred shares it could be more difficult for a third party to acquire us. For example, we may grant holders of preferred shares the right to elect some number of our directors in all events or upon the occurrence of specified events or the right to veto specified transactions.

In addition, some provisions of our new Memorandum and Articles of Association could make it more difficult for a third party to acquire control of us, even if the change of control would be beneficial to our shareholders, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• providing that the authorized number of directors may be changed only by ordinary resolution; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• providing that our Memorandum and Articles of Association may be amended by the affirmative vote of the majority of not less than two-thirds of the votes cast by such shareholders as, being entitled to do, vote in person or by proxy or, in the cases of Shareholders which are corporations, by their respective duly authorized representatives.

***There can be no assurance that we will not be a passive foreign investment company, or PFIC, for United States federal income tax purposes for any taxable year, which could subject United States investors in our ordinary shares to significant adverse United States income tax consequences.***

A non-U.S. corporation, such as our company, will be classified as a passive foreign investment company, or PFIC, for U.S. federal income tax purposes for any taxable year if either (i) 75% or more of our gross income for such year consists of certain types of "passive" income or (ii) 50% or more of the value of our assets (generally determined on the basis of a quarterly average) during such year produce or are held for the production of passive income (the "asset test"). Passive income generally includes dividends, interest, royalties, rents, annuities, net gains

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from the sale or exchange of property producing such income and net foreign currency gains. For this purpose, cash and assets readily convertible into cash are categorized as passive assets and the company's goodwill and other unbooked intangibles are generally taken into account when determining the value of its assets. Based upon our current and expected income and assets, including goodwill and other unbooked intangibles not reflected on our balance sheet (taking into account the expected proceeds from this offering) and projections as to the market price of our Ordinary Shares immediately following the offering, we do not expect to be classified as a PFIC for the current taxable year or the foreseeable future. While we do not expect to be classified as a PFIC, because the value of our assets for purposes of the asset test may be determined by reference to the market price of our ordinary shares, fluctuations in the market price of our ordinary shares may cause us to be classified as a PFIC for the current or subsequent taxable years. The determination of whether we will be classified as a PFIC will also depend, in part, on the composition of our income and assets. In addition, the composition of our income and assets will also be affected by how, and how quickly, we use our liquid assets and the cash raised in this offering. If we determine not to deploy significant amounts of cash for active purposes, our risk of being a PFIC may substantially increase. It is also possible that the U.S. Internal Revenue Service, or the IRS, could challenge our classification of certain income and assets as non-passive, which could result in our company being or becoming a PFIC for the current or future taxable years. Because PFIC status is a factual determination made annually after the close of each taxable year, there can be no assurance that we will not be a PFIC for the current taxable year or any future taxable year.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our goals and strategies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our prospects, future business development, financial condition and results of operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the expected growth of the consumer product industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our expectations regarding demand for and market acceptance of our products and services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our expectations regarding our bases of customers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our plans to invest in our products and services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• competition in the consumer product industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our plans to expand in various geographic markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our plans to further develop the IoT upgrading of our products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our expectations regarding our sales channels;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our planned use of proceeds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• relevant government policies and regulations relating to the consumer product industry.

These forward-looking statements involve various risks and uncertainties. Although we believe that our expectations expressed in these forward-looking statements are reasonable, our expectations may later be found to be incorrect. The forward-looking statements made in this prospectus relate only to events or information as of the date on which the statements are made in this prospectus. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. You should thoroughly read this prospectus and the documents that we refer to herein with the understanding that our actual future results may be materially different from and worse than what we expect. We qualify all of our forward-looking statements by these cautionary statements.

This prospectus contains certain data and information that we obtained from various government and private publications. Statistical data in these publications also include projections based on a number of assumptions. The consumer product industry may not grow at the rate projected by market data, or at all. Failure of this industry to grow at the projected rate may have a material and adverse effect on our business and the market price of our ordinary shares. In addition, the rapidly changing nature of this industry results in significant uncertainties for any projections or estimates relating to the growth prospects or future condition of our industry. Furthermore, if any one or more of the assumptions underlying the market data are later found to be incorrect, actual results may differ from the projections based on these assumptions. You should not place undue reliance on these forward-looking statements.

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

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#### USE OF PROCEEDS
We estimate that we will receive net proceeds from this offering of approximately US$6.72 million, or approximately US$8.10 million if the underwriters exercise their option to purchase additional ordinary shares in full, after deducting underwriting discounts and the estimated offering expenses payable by us and based upon an assumed initial offering price of $5.00 per Ordinary Share (the mid-point of the estimated public offering price range shown on the front cover of this prospectus). A US$1.00 increase (decrease) in the assumed initial public offering price of US$5.00 per ordinary share would increase (decrease) the net proceeds to us from this offering by US$1.84 million, after deducting the estimated underwriting discounts and commissions and estimated aggregate offering expenses payable by us and assuming no change to the number of ordinary shares offered by us as set forth on the cover page of this prospectus.

We anticipate using the net proceeds of this offering as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• approximately 30.0% for research and development of new product lines, including the development of hardware and upgrading of our products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• approximately 20.0% for expanding our warehousing facilities, including purchasing warehouses for existing markets and establishing a warehousing system in new markets; in particular, we are focusing on the European market and seeking to purchase warehousing facilities in Spain, Italy, German, the United Kingdom, and France. As of the date of this prospectus, we did not identify, or engage in any material discussions regarding any particular target;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• approximately 30.0% for branding and endorsement, strengthening market awareness, and expanding our sales channels; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• approximately 20.0% for general corporate purposes, including incremental costs associated with being a public company, and for potential acquisitions of, or investments in, other businesses or technologies that we believe we will complement our current operations and expansion strategies; as of the date of this prospectus, we were in the process of seeking potential acquisition opportunities and have not entered into any definitive acquisition agreement.

The foregoing represents our intentions as of the date of this prospectus with respect to the use and allocation of the net proceeds of this offering based upon our present plans and business conditions, but our management will have significant flexibility and discretion in applying the net proceeds of the offering. The occurrence of unforeseen events or changed business conditions may result in application of the proceeds of this offering in a manner other than as described in this prospectus.

To the extent that the net proceeds we receive from this offering are not immediately applied for the above purposes, we intend to invest our net proceeds in short-term, interest bearing, debt instruments or bank deposits.

In utilizing the proceeds of this offering, we are permitted under PRC laws and regulations to provide funding to our PRC subsidiaries only through loans or capital contributions, subject to satisfaction of applicable government registration and approval requirements. We cannot assure you that we will be able to obtain these government registrations or approvals on a timely basis, if at all. See "Risk Factors — Risks Related to Our Legal and Regulatory Environment — PRC regulation of loans to and direct investment in PRC entities by offshore holding companies and governmental control of currency conversion may delay or prevent us from using the proceeds of our offshore financing to make loans or additional capital contributions to our PRC subsidiaries, which could materially and adversely affect our liquidity and our ability to fund and expand our business" on page 35.

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#### DIVIDEND POLICY
Our board of directors ("Board") has discretion on whether to distribute dividends, subject to certain requirements of Cayman Islands law. In addition, subject to any rights and restrictions for the time being attached to any shares, our Company may by ordinary resolution declare a dividend, but no dividend may exceed the amount recommended by the Board. In either case, all dividends are subject to certain restrictions under Cayman Islands law, namely that our Company may only pay dividends out of profits or share premium, and provided always that, in no circumstances may a dividend be paid if this would result in our Company being unable to pay its debts as they fall due in the ordinary course of business. Even if we decide to pay dividends, the form, frequency and amount will depend upon our future operations and earnings, capital requirements and surplus, general financial condition, contractual restrictions and other factors that the Board may deem relevant.

In 2023 and 2024, our primary PRC operating company, Fuzhou Aigostar, paid cash dividends to its former shareholders in the amount of €1,153,000 and €1,479,000, respectively. Please see "Consolidated Statements of Changes in Shareholders' Equity" on page F-5 for more details. In February and July 2024, Fuzhou Aigostar, our PRC operating company, paid dividends to its then shareholder, Mr. Fufei Lin, in the amount of approximately RMB4.28 million and RMB7.36 million, respectively. In March 2024, Fuzhou Aigostar declared dividends to its then shareholder, Fuzhou Aigo Juyou Investment Co. Ltd., in the amount of approximately RMB53.81 million. As of the date of this prospectus, we have not paid such declared dividend to Fuzhou Aigo Juyou Investment Co. Ltd. See also "Related Party Transactions — Amount Due to Related Parties." Although we intend to distribute dividends in the future, the amount, timing, and whether or not we actually distribute dividends at all are at the discretion of our board of directors.

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#### CAPITALIZATION
The following table sets forth our capitalization, as of December 31, 2024 as follows:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• on an adjusted basis to reflect (i) a four for-one-stock split implemented on March 6, 2025, as a result of which, the authorized share capital of the Company became US$50,000 divided into 200,000,000 ordinary shares with a par value of US$0.00025 each and the issued and outstanding ordinary shares of the Company increased from 15,874,700 shares to 63,498,800 shares (the "Share Subdivision"); and (ii) the issuance of 1,433,929 ordinary shares at US$2.8 per share to certain investors and received gross proceeds of US$4,015,000 on May 30, 2025, following which the issued and outstanding ordinary shares of the Company increased from 63,498,800 shares to 64,932,729 shares (the "May Issuance");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• on a pro forma as adjusted basis to reflect the issuance and sale of the ordinary shares by us in this offering at the assumed initial public offering price of US$5.00 per ordinary share, which is the mid-point of the estimated initial public offering price range set forth on the cover page of this prospectus, after deducting the estimated discounts to the underwriters (assuming that all of the investors in this offering are introduced by the underwriters) and the estimated offering expenses payable by us and assuming no exercise of the underwriters of their over-allotment option; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• on a pro forma as adjusted basis to reflect the issuance and sale of the ordinary shares by us in this offering at the assumed initial public offering price of US$5.00 per ordinary share, which is the midpoint of the estimated initial public offering price range set forth on the cover page of this prospectus, after deducting the estimated discounts to the underwriters (assuming that all of the investors in this offering are introduced by the underwriters) and the estimated offering expenses payable by us and assuming the underwriters exercise their over-allotment option in full.

You should read this table in conjunction with "Management's Discussion and Analysis of Financial Condition and Results of Operations" and our consolidated financial statements and related notes included elsewhere in this prospectus.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of December 31, 2024<br>(Amounts in thousands of EUR)** | **As of December 31, 2024<br>(Amounts in thousands of EUR)** | **As of December 31, 2024<br>(Amounts in thousands of EUR)** | **As of December 31, 2024<br>(Amounts in thousands of EUR)** |
|  | **Actual** | **As adjusted <br>to reflect <br>the Share <br>Subdivision <br>and the May <br>Issuance** | **As adjusted<br> (Over-allotment<br> option not<br> exercised)** | **As adjusted<br> (Over-allotment<br> option exercised <br>in full)** |
|  Short-term borrowings | 9775 | 9775 | 9775 | 9775 |
|  Long-term borrowings<sup>(3)</sup> | 1423 | 1423 | 1423 | 1423 |
|  Amounts due to related parties | 9600 | 9600 | 9600 | 9600 |
|  Shareholders' equity/(deficit): |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Ordinary shares, $0. 00025 par value, 200,000,000 shares authorized, 64,932,729 issued and outstanding as of December 31, 2024<sup>(2)</sup>; | 14 | 14 | 15 | 15 |
| &nbsp;&nbsp;&nbsp; Subscription receivable | (14) | (14) | (14) | (14) |
| &nbsp;&nbsp;&nbsp; Additional paid-in capital<sup>(1)</sup> | 13682 | 17546 | 24018 | 25346 |
| &nbsp;&nbsp;&nbsp; Statutory reserve | 1201 | 1201 | 1201 | 1201 |
| &nbsp;&nbsp;&nbsp; Retained earnings | 15787 | 15787 | 15787 | 15787 |
| &nbsp;&nbsp;&nbsp; Accumulated other comprehensive income | (788) | (788) | (788) | (788) |
|  Total shareholders' equity<sup>(1)</sup> | 29882 | 33746 | 40219  | 41547 |
|  Total capitalization | 50680 | 54544 | 61017  | 62345 |

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____________

(1) Each $1.00 increase (decrease) in the assumed initial public offering price of $5.00 per ordinary share, the mid-point of the estimated range of the initial public offering price shown on the front cover of this prospectus, would increase (decrease) each of additional paid-in capital, total shareholders' equity and total capitalization by $1.84 million, assuming the number of ordinary shares offered by us, as set forth on the front cover of this prospectus, remains the same and after deducting underwriting discounts and commissions and estimated offering expenses payable by us. The pro forma as adjusted information is illustrative only, and we will adjust this information based on the actual initial public offering price and other terms of this offering determined at pricing.

(2) Retroactively adjusted to reflect the Share Subdivision and the May Issuance.

(3) See "Notes to Consolidated Financial Statements" on page F-8.

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

Our net tangible book value as of December 31, 2024, adjusted to reflect the Share Subdivision and the May Issuance, was approximately US$28.2 million, or US$0.43 per ordinary share as of that date. Net tangible book value represents the amount of our total consolidated tangible assets, less the amount of our total consolidated liabilities. Dilution is determined by subtracting net tangible book value per ordinary share, after giving effect to the additional proceeds we expect to receive from this offering, from the assumed initial public offering price of US$5.00 per ordinary share, which is the midpoint of the estimated offering price range set forth on the cover page of this prospectus after deducting underwriting discounts and commissions and estimated offering expenses payable by us.

Without taking into account any other changes in net tangible book value after December 31, 2024, other than the Share Subdivision and the May issuance, to give effect to the sale of 2,000,000 ordinary shares offered in this offering at the assumed initial public offering price of US$5.00 per ordinary share, the mid-point of the estimated range of the offering price, after deduction of the underwriting discounts and commissions and estimated offering expenses payable by us, our pro forma as adjusted net tangible book value as of December 31, 2024 would have been approximately US$34.9 million, or US$0.52 per ordinary share. This represents an immediate increase in net tangible book value of US$0.09 per ordinary share to the existing shareholders and an immediate dilution in net tangible book value of US$4.48 per ordinary share to investors purchasing ordinary shares in this offering. The following table illustrates such dilution:

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| | | |
|:---|:---|:---|
|  | **Per Ordinary Share** | **Per Ordinary Share** |
|  | **(Over-allotment<br>option not<br>exercised)** | **(Over-allotment<br>option exercised <br>in full)** |
|  | **(US$)** | **(US$)** |
|  Assumed initial public offering price per ordinary share | 5.00 | 5.00 |
|  Net tangible book value as per ordinary share of December 31, 2024, as adjusted to reflect the Share Subdivision and the May Issuance | 0.43 | 0.43 |
|  Pro forma net tangible book value per ordinary share | 0.09 | 0.11 |
|  Pro forma as adjusted net tangible book value per Ordinary Share after giving effect to this offering | 0.52 | 0.54 |
|  Amount of dilution in net tangible book value per Ordinary Share to new investors in this offering | 4.48 | 4.46 |

---

Each US$1.00 change in the assumed public offering price of US$5 per ordinary share would increase (decrease) our pro forma as adjusted net tangible book value after giving effect to this offering by approximately US$1.84 million, the pro forma as adjusted net tangible book value per ordinary share after giving effect to this offering by US$0.03 per ordinary share, and the dilution in pro forma as adjusted net tangible book value per ordinary share to new investors in this offering by US$0.92 per ordinary share, assuming no change to the number of ordinary shares offered by us as set forth on the cover page of this prospectus, and after deducting underwriting discounts and commissions and other offering expenses.

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The following table summarizes, on a pro forma as adjusted basis as of December 31, 2024, the differences between existing shareholders and the new investors with respect to the number of ordinary shares purchased from us in this offering, the total consideration paid and the average price per ordinary share paid before deducting the underwriting discounts and commissions and estimated offering expenses. The total number of ordinary shares does not include ordinary shares issuable upon the exercise of the over-allotment option granted to the underwriters.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Ordinary Shares Purchased** | **Ordinary Shares Purchased** | **Total Consideration** | **Total Consideration** | **Average Price <br>Per Ordinary <br>Share** |
|  | **Number** | **Percent** | **Amount** | **Percent** | **Average Price <br>Per Ordinary <br>Share** |
|  Existing shareholders\* | 64932729 | 97.01% | $18243000 | 64.59% | $0.28 |
|  New investors | 2000000  | 2.99% | $10000000 | 35.41% | $5.00 |
|  **Total** | 66932729  | **100%** | $28243000  | **100%** |  |

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____________

\* Presented on a retroactive basis to reflect the Share Subdivision and the May issuance.

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

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#### ENFORCEMENT OF CIVIL LIABILITIES
We are registered under the laws of the Cayman Islands as an exempted company with limited liability. We are registered in the Cayman Islands because of certain benefits associated with being a Cayman Islands corporation, such as political and economic stability, an effective judicial system, a favorable tax system, the absence of foreign exchange control or currency restrictions and the availability of professional and support services. However, the Cayman Islands has a less developed body of securities laws as compared to the United States and provides protections for investors to a significantly lesser extent. In addition, Cayman Islands companies may not have standing to sue before the federal courts of the United States.

A substantial portion of our assets are located in China. In addition, all of our directors and officers are residents of jurisdictions other than the United States and all or a substantial portion of their assets are located outside the United States. All of our directors and executive officers reside in China and are PRC residents, except for our founder, Mr. Fufei Lin, and our director, Mr. Yindi Pang, who reside in Spain. As a result, it may be difficult for investors to effect service of process within the United States upon us or these persons, or to enforce against us or them judgments obtained in United States courts, including judgments predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States. It may also be difficult for you to enforce in United States courts judgments obtained in United States courts based on the civil liability provisions of the United States federal securities laws against us, our officers and directors.

We have appointed Puglisi and Associates, located at 850 Library Avenue, Suite 204, Newark, Delaware 19711, as our agent upon whom process may be served in any action brought against us under the securities laws of the United States.

Appleby, our counsel as to Cayman Islands law, and Dacheng, our counsel as to PRC law, have advised us in respect of their respective jurisdiction, that there is uncertainty as to whether the courts of the Cayman Islands or the PRC would, respectively, (1) recognize or enforce judgments of United States courts obtained against us or our directors or officers predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States; or (2) entertain original actions brought in the Cayman Islands or the PRC against us or our directors or officers predicated upon the securities laws of the United States or any state in the United States.

Appleby has informed us that any final and conclusive judgment for a definite sum (not being a sum payable in respect of taxes or other charges of a like nature nor a fine or other penalty) and/or certain non-monetary judgments rendered in any action or proceedings brought against our Company in a foreign court (other than certain judgments of a superior court of certain states of the Commonwealth of Australia) will be recognized as a valid judgment by the courts of the Cayman Islands without re-examination of the merits of the case. On general principles, we would expect such proceedings to be successful provided that the court which gave the judgment was competent to hear the action in accordance with private international law principles as applied in the Cayman Islands and the judgment is not contrary to public policy in the Cayman Islands, has not been obtained by fraud or in proceedings contrary to natural justice.

Dacheng has advised us that the recognition and enforcement of foreign judgments are provided for under the PRC Civil Procedure Law. PRC courts may recognize and enforce foreign judgments in accordance with the requirements of the PRC Civil Procedure Law based either on treaties between China and the country where the judgment is made or on principles of reciprocity between jurisdictions. Dacheng has advised us further that under PRC law, a foreign judgment, which does not otherwise violate basic legal principles, state sovereignty, safety or social public interest, may be recognized and enforced by a PRC court, based either on treaties between China and the country where the judgment is made or on principles of reciprocity between jurisdictions. As there existed no treaty or other form of reciprocity between China and the United States governing the recognition and enforcement of judgments as of the date of this prospectus, including those predicated upon the liability provisions of the United States federal securities laws, there is uncertainty whether and on what basis a PRC court would enforce judgments rendered by United States courts.

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#### OUR CORPORATE STRUCTURE
The following diagram illustrates our corporate structure as of the date of this prospectus. We do not use a variable interest entity structure. See "Our Subsidiaries" for more information on the operations of our corporate entities. For additional information on risks relating to the countries in which our subsidiaries operate, see "Risk Factors — Risk Factors Related to Our Business."

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#### Our History
Aigo Holding Limited, or Aigo Holding, is a holding company incorporated on February 28, 2024, under the laws of the Cayman Islands. Aigo Holding's registered office is located at the offices of Vistra (Cayman) Limited, P.O. Box 31119 Grand Pavilion, Hibiscus Way, 802 West Bay Road, Grand Cayman, KY1 — 1205 Cayman Islands. Structured as a holding company with no substantive operations, Aigo Holding conducts its operations through its PRC subsidiaries, primarily Fuzhou Aigostar Optoelectronic Technology Co., Ltd ("Fuzhou Aigostar"), Fuzhou Xingyishi Electronic Commerce Co. Ltd. ("Fuzhou Xingyish") and Fuzhou Infinite Information Technology Co., Ltd. ("Fuzhou Infinite"), as well as its 22 subsidiaries in Hong Kong, the European Union, the United Kingdom and the United States.

Our founder, Mr. Fufei Lin, started our business in the consumer product industry in 2011 in Spain, through Aigotech Onsynk SL. With the growth of our business, Mr. Lin, by himself or through his affiliates, established our subsidiaries in various countries or regions including Hong Kong, the European Union, the UK and the U.S. From 2012 to 2014, Mr. Lin established three Hong Kong companies, namely, Aigostar Spain Limited, Aigoleo Limited, and Sanmu Express Limited. From 2020 to 2023, Aigoleo Limited and Aigostar Spain Limited acquired 100% shares of our subsidiaries in the European Union, the UK and the U.S. Our PRC operating entity, Fuzhou Aigostar, was incorporated in Fuzhou, Fujian province under the PRC laws on July 7, 2016, with a current registered capital of RMB 37.73 million. As of the date of this prospectus, Fuzhou Aigostar held 100% equity interest of Fuzhou Xingyish, a limited liability company formed on May 22, 2019 under the laws of the PRC, and 100% equity interest of Fuzhou Infinite, a limited liability company formed on September 29, 2017 under the laws of the PRC. With the growth of our business and in order to facilitate international capital investment in us, we started a reorganization as described below involving new offshore and onshore entities in the first quarter of 2024 and completed the reorganization in June 2024.

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On June 11, 2024, Fuzhou Aigo Juxing Investment Co. Ltd. ("WFOE") was incorporated as a limited liability company under the laws of the PRC and as a wholly foreign-owned subsidiary of Aigo Holding. WFOE is a holding company with no business operations. On June 17, 2024, WFOE acquired 100% equity interest of Fuzhou Aigostar from its then four shareholders, Fufei Lin, Fuzhou Aigo Juyou Investment Co. Ltd., Yongsheng Guo and Ping Capital Limited.

On June 12, 2024, Aigo Holding acquired 100% share interest of our Hong Kong subsidiaries, Aigostar Spain Limited, Aigoleo Limited, and Sanmu Express Limited, and thereby obtaining 100% share interest of our subsidiaries in the European Union, the UK and the U.S.

On August 28, 2024, our founder, Mr. Fufei Lin, acting on behalf of Aigoleo Limited, entered into the Share Sale Commitment Agreement Conditional on Favorable Due Diligence with Shengli Chen Pen and Francisco Javier Zorrilla Lozano (the "Sellers"), the shareholders of Arteconfort Hoteles S.L. ("Arteconfort"), pursuant to which Aigoleo Limited agreed to purchase and the Sellers agreed to sell, 100% equity interest of Arteconfort Hoteles S.L. to Aigoleo Limited, subject to the satisfactory of due diligence conditions and results as stipulated therein (the "Share Sale Commitment Agreement"). According to the Share Sale Commitment Agreement, subject to the satisfaction of the due diligence results, the price of Aigoleo Limited purchasing 100% equity interests of Arteconfort is €8 million, the payment of which is arranged as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a fixed price of €5.5 million, dividing into (i) €0.5 million was paid to the Sellers on September 2, 2024, as a deposit and shall be returned in full in the event that the due diligence is not satisfactory, and (ii) the remaining €5 million is scheduled to be paid by December 14, 2024, and if not, by February 28, 2025 along with accrued interest at an annual rate of 10%; as of the date of this prospectus, we have paid the remaining €5 million;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• €1.25 million due on December 1, 2025, subject to adjustment based on any shortfall from the expected profit of €2 million of Arteconfort for the year of 2025; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• €1.25 million due on February 28, 2027, subject to adjustment in proportion to any shortfall from the expected profit of €2 million of Arteconfort for each of the year of 2025 and 2026.

The parties have also agreed that Aigoleo Limited will pay additional amounts to the Sellers in accordance with the following terms:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• by March 1, 2025, an amount equal to the portion of the pre-tax profit achieved by Arteconfort for the financial year of 2024 that exceeds €1.5 million; and if the pre-tax profit of 2024 is above €3 million, the portion exceeding €3 million shall be halved. Arteconfort has recorded a €1,884,859 for the financial year of 2024, accordingly, €384,859 is payable by us to the Sellers. As of the date of this prospectus, the said amount has not yet been settled;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• by March 1, 2026, an amount equal to the portion of the pre-tax profit achieved by Arteconfort for the financial year of 2025 that is above €2 million and no more than €2.6 million; and if the pre-tax profit of 2025 is above €2.6 million, the portion exceeding €2.6 million shall be halved; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• by February 28, 2027, an amount equal to the portion of the pre-tax profit achieved by Arteconfort for the financial year of 2026 that is above €2 million and no more than €2.6 million; and if the pre-tax profit of 2026 is above €2.6 million, the portion exceeding €2.6 million shall be halved.

According to the Share Sale Commitment Agreement, upon the satisfaction of the due diligence results, Aigoleo Limited and the Sellers will enter into a share purchase agreement to acquire 100% equity interest of Arteconfort Hoteles S.L. On December 27, 2024, being satisfied of the due diligence conditions and results, Aigoleo Limited, and the Sellers entered into a share purchase agreement to acquire 100% equity interest of Arteconfort Hoteles S.L. The completion of the acquisition transaction took place on January 1, 2025. Following the completion, Arteconfort Hoteles S.L. became our wholly-owned subsidiary.

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#### MANAGEMENT'S DISCUSSION AND ANALYSIS OF <br>FINANCIAL CONDITION AND RESULTS OF OPERATIONS
***You should read the following discussion and analysis of our financial condition and results of operations in conjunction with the section entitled "Selected Consolidated Financial Data" and our combined and consolidated financial statements and related notes included elsewhere in this prospectus. This discussion contains forward***-looking ***statements that involve risks and uncertainties. Our actual results and the timing of events could differ materially from those anticipated in these forward***-looking ***statements as a result of various factors, including those set forth under "Risk Factors" and elsewhere in this prospectus. We assume no obligation to update any of these forward***-looking ***statements.***

#### Overview
We are a consumer products provider well established in Southern Europe with global operations that extend into geographic regions including Europe, Asia, North America, Latin America and Africa. We primarily offer consumers lifestyle products through our various sales channels, with a particular focus on four main product categories: (i) lighting products; (ii) electrical products; (iii) household appliances; and (iv) pet products. We procure our products from third-party original design manufacturers (ODMs), or original equipment manufacturers (OEMs).

Our total revenue grew from €151.2 million in 2023 to €177.8 million (US$184.7 million) in 2024, driven by the growth across both our online and offline businesses. Our gross profit for 2023 and 2024 fiscal years was €75.4 million and €85.9 million (US$89.3 million), respectively, representing a 13.9% increase from 2023 to 2024. Our gross profit margin for 2023 and 2024 fiscal years was 49.9% and 48.3%, respectively.

We commenced our consumer product business in Spain in 2011 and have been steadily building our brand recognition and expanding our sales networks. We have been consistently making investment in brand building in recent years, our advertising expense recognized in sales and marketing expenses were approximately €0.35 million and €0.27 million in 2023 and 2024, respectively. In 2023 and 2024, we generated revenue from over 10,000 offline customers through our sales network across European countries (including Spain, Italy, Netherlands and Poland), from which we generated over 50% of our total revenue in the same year from a total of over 10,000 SKU. Approximately 60% of our revenue from European countries was generated from Spain and Italy in each of 2023 and 2024. We will continue to further develop our brand and product offerings and optimize our product mix catering to customers' demands and drive customer spending and profitability.

#### Key Components of Results of Operations

#### Revenue
The following table sets forth a breakdown of our revenue, in absolute amounts and as a percentage of total revenue, for the periods indicated:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the <br>Year Ended<br> December 31, 2023** | **For the <br>Year Ended<br> December 31, 2023** | **For the <br>Year Ended<br> December 31, 2024** | **For the <br>Year Ended<br> December 31, 2024** |
|  | **EUR** | **%** | **EUR** | **%** |
|  | **(in thousands, except percentages)** | **(in thousands, except percentages)** | **(in thousands, except percentages)** | **(in thousands, except percentages)** |
|  Revenue from sales of goods | 149918 | 99.1 | 176490 | 99.3 |
|  Revenue from sublease | 289 | 0.2 | 50 | 0.03 |
|  Others | 987 | 0.7 | 1236 | 0.7 |
|  **Total revenue** | **151194** |  | **177776** |  |

---

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

Revenue from sales of goods consists of the revenue generated from our online business and offline business. The growth of the revenue generated from our online business is mainly attributable to Amazon. Below is a breakdown of our revenue from sales of goods by nature, in absolute amounts and as a percentage of total revenue from sales of goods.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the <br>Year Ended<br> December 31, 2023** | **For the <br>Year Ended<br> December 31, 2023** | **For the <br>Year Ended<br> December 31, 2024** | **For the <br>Year Ended<br> December 31, 2024** |
|  | **EUR** | **%** | **EUR** | **%** |
|  | **(in thousands, except percentages)** | **(in thousands, except percentages)** | **(in thousands, except percentages)** | **(in thousands, except percentages)** |
|  Online business | 73059 | 48.7 | 77368 | 43.8 |
|  Offline business | 76859 | 51.3 | 99122 | 56.2 |
|  **Total revenue from sales of goods** | **149918** |  | **176490** |  |

---

Our sales of business grew from €149.9 million in 2023 to €176.5 million (US$183.4 million) in 2024, primarily due to (i) a brand upgrade strategy since 2019 in order to achieve the goal of transitioning from a "branded" company to a "well-known brand" company; (ii) tactical measures such as Project Falcon, which is our branding initiative that offers our customers an integrated sales solution including store renovation and decoration, advertisement, and setting up sales areas dedicated to showcase our branded products; and inviting celebrities and KOLs for brand endorsements, in order to increase our brand influence in Europe; and (iii) the integration of our strategy and measures to comprehensively develop online channels in major European countries.

Our revenue from our online business increased by 5.9% for the year ended December 31, 2024 compared to the year ended December 31, 2023, primarily because the number of our online customers increased from approximately 2.9 million in 2023 to approximately 3.4 million in 2024. Our revenue from our offline business increased by 29.0% for the year ended December 31, 2024 compared to the year ended December 31, 2023, primarily because we extended our Christmas light products variety, expanded sales in the Mexican market and increased wholesale business for new products.

The following table breaks down our revenue by product line for the periods presented:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the <br>Year Ended<br> December 31, 2023** | **For the <br>Year Ended<br> December 31, 2023** | **For the <br>Year Ended<br> December 31, 2024** | **For the <br>Year Ended<br> December 31, 2024** |
|  | **EUR** | **%** | **EUR** | **%** |
|  | **(in thousands, except percentages)** | **(in thousands, except percentages)** | **(in thousands, except percentages)** | **(in thousands, except percentages)** |
|  Lighting Products | 44176 | 29.2 | 55191 | 31.1 |
|  Electrical Products | 21343 | 14.1 | 24271 | 13.7 |
|  Household Appliances | 43182 | 28.6 | 51779 | 25.1 |
|  Pet Products | 36477 | 24.1 | 40596 | 22.8 |
|  IoT Products | 4740 | 3.1 | 4653 | 2.6 |
|  Rental Income and Others | 1276 | 0.8 | 1286 | 4.7 |
|  **Total revenue** | **151194** | **100.0** | **177776** | **100.0** |

---

Our sales of the lighting products, household appliances, electrical products, pet products and IoT products remain relatively stable in 2023 and 2024. Our revenue from IoT products decreased for the year ended December 31, 2024 compared to the year ended December 31, 2023, both in terms of amount and percentage to total revenue, primarily because we phased out certain out-of-date products, while our new IoT products upgrading is progressing at a pace slower than expectation.

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

The following table breaks down our revenue by geographic region for the periods presented:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the <br>Year Ended<br> December 31, 2023** | **For the <br>Year Ended<br> December 31, 2023** | **For the <br>Year Ended<br> December 31, 2024** | **For the <br>Year Ended<br> December 31, 2024** |
|  | **EUR** | **%** | **EUR** | **%** |
|  Italy | 43628 | 28.9 | 45114 | 25.4 |
|  Spain | 47600 | 31.5 | 62426 | 35.1 |
|  Poland | 5008 | 3.3 | 7762 | 4.4 |
|  Netherlands | 10348 | 6.8 | 8044 | 4.5 |
|  Germany | 14425 | 9.5 | 17810 | 10.0 |
|  France | 7969 | 5.3 | 8238 | 4.6 |
|  The United States | 9523 | 6.3 | 7508 | 4.2 |
|  The United Kingdom | 8483 | 5.6 | 9567 | 5.4 |
|  Others | 4210 | 2.8 | 11307 | 6.4 |
|  **Total revenue** | **151194** | **100.0** | **177776** | **100.0** |

---

In 2024, our sales of goods in Italy increased in terms of amount, but decreased in terms of percentage to total revenue, as our sales in Spain has increased during this period due to bespoken events and new products marketing launched in Spain.

#### Cost of Revenue
The following table sets forth our cost of revenues in absolute amount for the periods indicated:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the <br>Year Ended <br>December 31, 2023** | **For the <br>Year Ended <br>December 31, 2024** | **For the <br>Year Ended <br>December 31, 2024** |
|  | **EUR** | **EUR** | **USD<sup>1</sup>** |
|  | **(in thousands, except percentages)** | **(in thousands, except percentages)** | **(in thousands, except percentages)** |
|  Cost of revenue | (75752) | (91835) | (95407) |

---

Cost of revenue mainly consists of cost associated with procurement cost of goods sold, cost of sea freight, customs clearance fees, import duties and inventory write-downs.

#### Gross Profit and Margin
The following table sets forth our gross profit and gross profit margin for the periods indicated:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the <br>Year Ended <br>December 31, 2023** | **For the <br>Year Ended <br>December 31, 2024** | **For the <br>Year Ended <br>December 31, 2024** |
|  | **EUR** | **EUR** | **USD<sup>1</sup>** |
|  | **(in thousands, except percentages)** | **(in thousands, except percentages)** | **(in thousands, except percentages)** |
|  **Gross profit** | **75442** | **85941** | **89284** |
|  **Gross profit margin %** | **49.9** | **48.3** |  |

---

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

#### Operating Expenses
The following table sets forth a breakdown of our total operating expenses, in absolute amount and as a percentage of total operating expenses, for the periods indicated:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the <br>Year Ended <br>December 31, 2023** | **For the <br>Year Ended <br>December 31, 2023** | **For the <br>Year Ended <br>December 31, 2024** | **For the <br>Year Ended <br>December 31, 2024** | **For the <br>Year Ended <br>December 31, 2024** |
|  | **EUR** | **%** | **EUR** | **%** | **USD<sup>1</sup>** |
|  | **(in thousands, except percentages)** | **(in thousands, except percentages)** | **(in thousands, except percentages)** | **(in thousands, except percentages)** | **(in thousands, except percentages)** |
|  **Operating expenses:** |  |  |  |  |  |
|  Sales and marketing | (65027) | (89.2) | (69924) | (88.6) | (72645) |
|  General and administrative | (5188) | (7.1) | (6318) | (8.0) | (6563) |
|  Research and development | (2699) | (3.7) | (2702) | (3.4) | (2807) |
|  **Total operating expenses** | **(72914)** | **100.0** | **(78944)** | **100.0** | **(82015)** |

---

____________

*Note:* 

1 Translations from EUR into US$ as of December 31, 2024 are solely for the convenience of the reader and were calculated at the rate of US$1.00 to EUR0.9626, representing the noon buying rate in The City of New York for cable transfers of EUR as certified for customs purposes by the Federal Reserve Bank of New York on December 31, 2024. No representation is made that the EUR amounts represent or could have been, or could be, converted, realized or settled into US$ at that rate on December 31, 2024, or at any other rate.

*Sales and marketing expenses*.*

Sales and marketing expenses primarily consist of (i) salaries and benefits of sales and marketing staff; (ii) advertising fees; (iii) commission of third-party e-commerce platforms for our online business; (iv) transportation expenses for shipping our products to end customers; (v) warehouse expenses; and (vi) other expenses, such as entertainment expenses for sales office. We expect our sales and marketing expenses to increase in absolute amounts in the foreseeable future primarily in line with the increase in our business scale and as we continue to promote our brands to increase brand awareness. Below is a breakdown of our sales and marketing expenses by nature, in absolute amounts and as percentage of total sales and marketing expenses.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the <br>Year Ended <br>December 31, 2023** | **For the <br>Year Ended <br>December 31, 2023** | **For the <br>Year Ended <br>December 31, 2024** | **For the <br>Year Ended <br>December 31, 2024** |
|  | **EUR** | **%** | **EUR** | **%** |
|  | **(in thousands, except percentages)** | **(in thousands, except percentages)** | **(in thousands, except percentages)** | **(in thousands, except percentages)** |
|  Salaries and benefits of sales and marketing staff | (14610) | 22.4 | (14851) | 21.2 |
|  Advertising fees | (351) | 0.5 | (267) | 0.4 |
|  Commission of third-party e-commerce platforms for our online business | (20273) | 31.1 | (22575) | 32.3 |
|  Transportation expenses for shipping our products to end customers | (22896) | 35.1 | (24026) | 34.4 |
|  Warehouse expenses | (658) | 1.0 | (899) | 1.3 |
|  Other expenses | (6420) | 9.8 | (7306) | 10.4 |
|  **Total sales and marketing expenses** | **(65027)** | **100.0** | **(69924)** | **100.0** |

---

*General and administrative expenses*.*

General and administrative expenses mainly consist of payroll and related costs for employees involved in general corporate functions, including accounting, finance, tax, legal and human resources, professional fees and other general corporate expenses, as well as costs associated with the use by these functions of facilities and equipment, such as depreciation and operating lease costs. We expect our general and administrative expenses to increase in the foreseeable future due to the anticipated growth of our business as well as accounting, insurance, investor relations and other public company costs.

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

*Research and development expenses.*

Research and development expenses mainly consist of (i) salaries and benefits of research and development staff; (ii) outsourced development expenses; (iii) purchase price of materials used for development; and (iv) depreciation of research and development equipment. Costs associated with research and development are expensed as incurred. We expect our research and development expenses to increase in the foreseeable future due to the investment in the research and development of our IoT products and our software platform, AigoSmart App. We believe that smart products will be vital in maintaining our competitive edge for our further development.

#### Other Operating Income
Other operating income, net, primarily consists of income from government grants and foreign exchange gain.

#### Net income and Margin
The following table sets forth our net income and net income margin for the periods indicated:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the <br>Year Ended <br>December 31, 2023** | **For the <br>Year Ended <br>December 31, 2024** | **For the <br>Year Ended <br>December 31, 2024** |
|  | **EUR** | **EUR** | **USD<sup>1</sup>** |
|  | **(in thousands, except percentages)** | **(in thousands, except percentages)** | **(in thousands, except percentages)** |
|  **Net income (loss)** | **5708** | **3688** | **3831** |
|  **Net income (loss) margin %** | **3.8** | **2.1** |  |

---

#### Taxation

#### Cayman Islands
We are incorporated in the Cayman Islands. Under the current law of the Cayman Islands, we are not subject to tax on income or capital gains arising from the Cayman Islands. In addition, upon payment of dividends by the Company to its shareholders, no Cayman Islands withholding tax will be imposed.

#### Hong Kong
Our subsidiaries in Hong Kong are subject to the Hong Kong profits tax rate. Under the two-tiered profits tax rates regime, the first HKD2,000,000 of profits of the qualifying group entity will be taxed at 8.25%, and profits above HKD2,000,000 will be taxed at 16.5%. Under the Hong Kong tax law, there are no withholding taxes in Hong Kong on remittance of dividends.

#### Spain
Our subsidiaries in Spain are subject to corporate income tax. The standard corporate income tax rate in Spain is 25%.

Our subsidiaries in Spain are subject to value-added tax, which is levied on the added value of goods sold or services provided. In Spain, the standard VAT rate is 21%.

#### Italy
Our subsidiaries in Italy are subject to corporate income tax, or the IRES. The IRES is calculated by applying a single tax rate (currently fixed at 24%) to income produced by companies. Our subsidiaries in Italy are also subject to IRAP (Imposta regionale sulle attività produttive), a regional tax on productive activities, at 3.9% of the gross profit of the companies. The payment is made through a down payment and balance mechanism.

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

Our subsidiaries in Italy are subject to value-added tax, which is levied on the added value of goods sold or services provided. In Italy, the standard VAT rate is 22%. The VAT is paid on a monthly or quarterly basis.

#### Mainland China
Our subsidiaries incorporated in China are subject to PRC enterprise income tax on their taxable income in accordance with the relevant PRC income tax laws. Pursuant to the PRC Enterprise Income Tax Law, which became effective on January 1, 2008 and amended on December 29, 2018, a uniform 25% enterprise income tax rate is generally applicable to both foreign-invested enterprises and domestic enterprises, except where a special preferential rate applies.

Enterprises qualified as "High and New Technology Enterprises" are entitled to a preferential rate of 15% subject to renewal every three years. Our PRC subsidiaries are subject to value-added taxes, or VAT, at a rate from 6% to 13% on our products and services, less any deductible VAT we have already paid or borne. They are also subject to surcharges on VAT payments in accordance with PRC laws.

Our Cayman Islands holding company may receive dividends from our PRC subsidiaries. The PRC Enterprise Income Tax Law and its implementing rules provide that dividends paid by a PRC entity to a nonresident enterprise for income tax purposes is subject to PRC withholding tax at a rate of 10%, subject to reduction by an applicable tax treaty with China.

Under the PRC Enterprise Income Tax Law and its implementation rules, an enterprise established outside of the PRC with its "de facto management body" within the PRC is considered a PRC resident enterprise and will be subject to the enterprise income tax on its global income at the rate of 25%. We believe our Company is not a PRC resident enterprise for PRC tax purposes. However, the tax resident status of an enterprise is subject to determination by the PRC tax authorities. If our holding company in the Cayman Islands or any of our subsidiaries outside of China were deemed to be a "resident enterprise" under the PRC Enterprise Income Tax Law, it would be subject to enterprise income tax on its worldwide income at a rate of 25%.

According to the relevant laws and regulations in the PRC, enterprises engaging in research and development activities are entitled to claim certain percentage of their research and development expenses so incurred as tax deductible expenses when determining their assessable profits for that year. In 2008, China confirmed the weighted deduction policy for R&D Expenses in legal form. In 2015, the scope of preferential R&D activities and R&D expenses was significantly relaxed. In 2017, the percentage of weighted deduction for small or medium-sized scientific and technological enterprise was increased from 50% to 75%. The percentage of weighted deduction for enterprises in all eligible industries was increased from 50% to 75% and pre-tax weighted deduction of expenses for overseas R&D commissioned by enterprises was allowed in 2018. In 2021, China raised the percentage of weighted deduction for manufacturing enterprises from 75% to 100%, and for the first time allow enterprises to enjoy the incentive policy for weighted deduction for R&D expenses incurred in the past three quarters during the filing period for prepayment in October. In 2022, the weighted deduction rate for small or medium-sized scientific and technological enterprise was increased from 75% to 100%, the weighted deduction rate for other enterprises in the fourth quarter was increased from 75% to 100%, and enterprises were allowed to declare in advance to enjoy the preferential deduction of R&D expenses in the first three quarters in the declaration period of October each year. Announcement on Further Improvements to Policies for Weighted Pre-tax Deduction of R&D Expenses promulgated by Ministry of Finance and the State Administration of Taxation in 2023, further increased the preferential rate of weighted deduction for enterprises in all eligible industries from 75% to 100%, effective from January 1, 2023.

Our intercompany sale may be challenged as transfer pricing, resulting in higher taxes or penalties. Please refer to the "Risk Factors — We may be subject to future tax audits, and our intercompany sale may be challenged as transfer pricing, resulting in higher taxes or penalties." on page 39 for further details.

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#### Results of Operations
The following table sets forth a summary of our combined and consolidated results of operations for the periods presented, both in absolute amounts and as percentages of our revenue. This information should be read together with our combined and consolidated financial statements and related notes included elsewhere in this prospectus. The results of operations in any particular period are not necessarily indicative of our future trends.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the <br>Year Ended <br>December 31, 2023** | **For the <br>Year Ended <br>December 31, 2023** | **For the <br>Year Ended <br>December 31, 2024** | **For the <br>Year Ended <br>December 31, 2024** | **For the <br>Year Ended <br>December 31, 2024** |
|  | **EUR** | **%** | **EUR** | **%** | **USD<sup>1</sup>** |
|  | **(in thousands, except percentages)** | **(in thousands, except percentages)** | **(in thousands, except percentages)** | **(in thousands, except percentages)** | **(in thousands, except percentages)** |
|  **Revenue** | **151194** |  | **177776** |  | **184691** |
|  Cost of revenue | (75752) | (50.1) | (91835) | (51.7) | (95407) |
|  **Gross profit** | **75442** | **49.9** | **85941** | **48.3** | **89284** |
|  **Operating expenses:** |  |  |  |  |  |
|  Sales and marketing | (65027) | (43.0) | (69924) | (39.3) | (72645) |
|  General and administrative | (5188) | (3.4) | (6318) | (3.6) | (6563) |
|  Research and development | (2699) | (1.8) | (2702) | (1.5) | (2807) |
|  **Total operating expenses** | **(72914)** | **(48.3)** | **(78944)** | **(44.4)** | **(82015)** |
|  **Operating income** | **2528** | 1.7 | **6997** | **3.9** | **7269** |
|  Interest income | 5 | 0.0 | 9 | 0.0 | 9 |
|  Interest expense | (234) | 0.0 | (420) | (0.2) | (436) |
|  Government grants | 245 | 0.2 | 192 | 0.1 | 200 |
|  Investment income | 0 | 0.0 | 0 | 0.0 | 0 |
|  Foreign exchange gain/(loss) | 3723 | 2.5 | (2831) | (1.6) | (2941) |
|  Other income (expense), net | (165) | (0.1) | 4 | 0.0 | 4 |
|  **Income before income taxes** | **6102** | **4.0** | **3951** | **2.2** | **4105** |
|  Income tax expense | (394) | 0.0 | (263) | (0.1) | (274) |
|  **Net income** | **5708** | **3.8** | **3688** | **2.1** | **3831** |
|  **Comprehensive income** |  |  |  |  |  |
|  Net income | 5708 | 3.8 | 3688 | 2.1 | 3831 |
|  Foreign currency translation adjustment | (1955) | (1.3) | 1963 | 1.1 | 2039 |
|  **Total comprehensive income** | **3753** | **2.5** | **5651** | **3.2** | **5870** |

---

#### Comparison of the Years Ended December 31, 2023 and 2024

#### Revenue
For the years ended December 31, 2024, our total revenue was €177.8 million (US$184.7 million), representing a 17.6% increase from €151.2 million in 2023. The revenue growth was mainly due to (i) the continued increase in sales of goods generated from our online business, the number of our online customers increased from approximately 2.9 million in 2023 to 3.4 million in 2024; and (2) the increase in sales of goods generated from our offline business as a result of our market development and the bespoken sales of our Christmas lighting products in Spain. We generate the majority of our revenue from Spain and Italy, while achieved increases in revenue in Germany, France and Poland. For the year ended December 31, 2023, approximately 31.5% and 28.9% of our revenue was generated from Spain and Italy, respectively, and approximately 35.1% and 25.4% of our revenue was generated from these two countries respectively for the year ended December 31, 2024. In addition, lighting products, electrical products, household appliances and pet products, accounted for approximately 31.1%, 13.9%, 28.8% and 22.9%, respectively, of our total revenue for the year ended December 31, 2024, and 29.2%, 14.1%, 28.6% and 24.1%, respectively, for the year ended December 31, 2023.

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*Cost of Revenue*

Our cost of revenue increased from €75.8 million for the year ended December 31, 2023 to €91.8 million (US$95.4 million) for the year ended December 31, 2024, generally in line with the increase in sales revenue. In addition, the shipping clearance fee increased during the first half year of 2024 due to the impact of the situation in Red Sea. In particular, the situation in the Red Sea led to longer delivery time as ships had to take detours, which in turn caused increase in shipping costs, shortage of cabin spaces and containers, and increase in shipping clearance fees. We tried to mitigate the cost increase by bulking our shipment in a more concentrated manner, negotiating package prices with ship owners, and locating cabin spaces offered at discounts due to other canceled bookings.

*Gross profit and gross profit margin*

As a result of the foregoing, our gross profit increased by 13.9% from €75.4 million for the year ended December 31, 2023 to €85.9 million (US$89.3 million) for the year ended December 31, 2024, our gross profit margin decreased from 49.9% for the year ended December 31, 2023 to 48.3% for the year ended December 31, 2024. The increase of gross profit was primarily due to a 17.6% increase of our total revenue for the year ended December 31 from 2023 to 2024. The decrease of our gross profit margin was mainly because of the significant increase of the shipping clearance fee during the first half year of 2024.

#### Operating Cost and Expenses
Our total operating cost and expenses were €78.9 million (US$82.0 million) for the year ended December 31, 2024, representing an increase by 8.3% from €72.9 million for the year ended December 31, 2023.

*Sales and marketing expenses.*

Our sales and marketing expenses were €69.9 million (US$72.6 million) for the year ended December 31, 2024, compared to €65.0 million for the year ended December 31, 2023. The increase in sales and marketing expenses was largely in line with the growth of revenue for the sales of goods. We also devote greater efforts in our marketing and advertising in 2024.

*General and administrative expenses.*

Our general and administrative expenses were €6.3 million (US$6.6 million) for the year ended December 31, 2024, compared to €5.2 million for the year ended December 31, 2023. The increase in general and administrative expenses was mainly attributable to (i) the increase in the salaries of administrative staff members; and (ii) the increase in the expense in association with our planned initial public offerings.

*Research and development expenses*

Our research and development expenses were €2.7 million (US$2.8 million) for the year ended December 31, 2024, compared to €2.7 million for the year ended December 31, 2023. The slight increase in research and development expenses was mainly attributable to (i) investment in research and development in molds; and (ii) the increase in labor cost, including the increase of both the number of employees and the social insurance contribution base.

#### Other operating income (loss)
Our other operating income (loss) was €3.0 million (US$3.2 million) for the year ended December 31, 2024, representing a 185.2% decrease from €3.5 million for the year ended December 31, 2023. The decrease in other operating income (loss) was primarily attributable to foreign exchange loss derived from depreciation of Euro while appreciated in 2023.

#### Income tax expense
We recorded income tax expense of €0.26 million (US$0.27 million) for the year ended December 31, 2024, representing a 33.2% decrease from €0.39 million for the year ended December 31, 2023, primarily due to a lower profit recognized for the year ended December 31, 2024.

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Significant components of the provision for income taxes are as follows:

---

| | | |
|:---|:---|:---|
|  | **For the year ended <br>December 31,** | **For the year ended <br>December 31,** |
|  | **2023** | **2024** |
|  | **EUR** | **EUR** |
|  | **(in thousands, <br>except <br>percentages)** | **(in thousands, <br>except <br>percentages)** |
|  Current income tax expenses | 441 | 449 |
|  Deferred tax benefit | (47) | (186) |
|  **Total** | **394** | **263** |

---

#### Net income
As a result of the foregoing, we recorded a net income of €5.7 million for the year ended December 31, 2023 and €3.7 million (US$3.8 million) for the year ended December 31, 2024, respectively.

#### Selected Balance Sheet Items

#### Inventories, net
Inventories are primary consumers lifestyle products including (i) lighting products; (ii) electrical products; (iii) household appliances; and (iv) pet products. Inventories are stated at the lower of cost and net realizable value. Cost of inventory is determined using the first-in-first-out (FIFO) cost method. Adjustments are recorded to write down the cost of inventory to the estimated net realizable value due to slow-moving and obsolete inventory, which is dependent upon factors such as historical and forecasted consumer demand, and promotional environment.

Inventories, net consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **2023** | **2024** |
|  | **EUR** | **EUR** |
|  | **(in thousands, except percentages)** | **(in thousands, except percentages)** |
|  Finished goods | 53849 | 65162 |
|  Less: provision for impairment of inventories | (5759) | (5981) |
|  Inventories, net | **48090** | **59181** |

---

Our inventories were €59.2 million (US$61.5 million) in 2024, representing an 23.1% increase from €48.1 million in 2023. The increase in inventories was primarily attributable to the increase of the inventories prepared for peak season sales and for our sales in 2024 as our sales budget grew for 2024.

#### Accounts receivable, net
Accounts receivable mainly consist of amounts due from the Group's customers, which are recorded net of allowance for doubtful accounts. The Group performs ongoing credit evaluations of its customers and assesses allowance for doubtful accounts based on the expected credit loss model on a portfolio basis. When specific customers are identified as no longer sharing the same risk profile as the current pool, they are removed from the pool and evaluated separately. Accounts receivables are written off when there is no reasonable expectation of recovery.

Accounts receivable, net consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **2023** | **2024** |
|  | **EUR** | **EUR** |
|  | **(in thousands, except percentages)** | **(in thousands, except percentages)** |
|  Accounts receivable | 21391 | 43640 |
|  Less: Allowance for doubtful accounts | (169) | (160) |
|  **Accounts receivable, net** | **21222** | **43480** |

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Our accounts receivable was €43.5 million (US$45.2 million) in 2024, representing a 104.9% increase from €21.2 million in 2023. The increase in accounts receivable was primarily attributable to the extended credit periods for certain customers and increase of our sales in November and December of 2024.

#### Accounts payable
Our accounts payable was €61.2 million (US$63.6 million) for the year ended December 31, 2024, representing a 97.4% increase from €31.0 million for the year ended December 31, 2023. The increase in accounts payable was primarily attributable to our increased purchase of goods, due to our extension and diversification of Christmas lighting products, which was in line with our revenue growth in 2024.

#### Liquidity and Capital Resources
To date, we have financed our operating and investing activities primarily through cash generated from operating activities and shareholder contribution.

We had cash and cash equivalents of €8.0 million and €3.9 million (US$4.1 million) as of December 31, 2023 and 2024, representing a 50.8% decrease.

We believe that our current level of cash balances and cash flows from operations will be sufficient for our anticipated cash needs for at least the next 12 months. However, we may need additional cash resources in the future if we find and wish to pursue opportunities for investment, acquisition, strategic cooperation or other similar actions. If we determine that our cash requirements exceed our amounts of cash on hand or if we decide to further optimize our capital structure, we may seek to issue debt or equity securities or obtain additional credit facilities or other sources of funding.

We may, however, require additional cash due to changing business conditions or other future developments, including any investments or acquisitions we may decide to pursue. If our existing cash is insufficient to meet our requirements, we may seek to issue debt or equity securities or obtain additional credit facilities. Financing may be unavailable in the amounts we need or on terms acceptable to us, if at all. Issuance of additional equity securities, including convertible debt securities, would dilute our earnings per share. The incurrence of debt would divert cash for working capital and capital expenditures to service debt obligations and could result in operating and financial covenants that restrict our operations and our ability to pay dividends to our shareholders. If we are unable to obtain additional equity or debt financing as required, our business operations and prospects may suffer.

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

---

| | | | |
|:---|:---|:---|:---|
|  | **For the <br>Year Ended <br>December 31, 2023** | **For the <br>Year Ended <br>December 31, 2024** | **For the <br>Year Ended <br>December 31, 2024** |
|  | **EUR** | **EUR** | **USD<sup>1</sup>** |
|  | **(in thousands, except percentages)** | **(in thousands, except percentages)** | **(in thousands, except percentages)** |
|  **Net cash provided by (used in) operating activities** | **3200** | **(12006)** | **(12472)** |
|  **Net cash used in investing activities** | **(4500)** | **(549)** | **(570)** |
|  **Net cash provided by financing activities** | **4011** | **8721** | **9060** |
|  Effect of exchange rate changes on cash and restricted cash | (139) | 55 | 57 |
|  Net (decrease)/increase in cash and restricted cash | 2572 | (3779) | (3924) |
|  Cash and restricted cash, at beginning of year | 5407 | 7979 | 8289 |
|  **Cash and restricted cash, at end of year** | **7979** | **4200** | **4364** |

---

____________

*Note:*

1 Translations from EUR into US$ as of and for the year ended December 31, 2024 are solely for the convenience of the reader and were calculated at the rate of US$1.00 to EUR0.9626, representing the noon buying rate in The City of New York for cable transfers of EUR as certified for customs purposes by the Federal Reserve Bank of New York on December 31, 2024. No representation is made that the EUR amounts represent or could have been, or could be, converted, realized or settled into US$ at that rate on December 31, 2024, or at any other rate.

#### Operating activities
Net cash used in operating activities was €12.0 million (US$12.5 million) for the year ended December 31, 2024, which was primarily due to the payment for goods and other daily operating expenses.

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Net cash generated from operating activities was 3.2 million (US$3.5 million) in 2023, which was primarily attributed to our net income of €5.7 million (US$6.3 million).

#### Investing activities
Net cash used in investing activities was €0.5 million (US$0.6 million) for the year ended December 31, 2024, which was primarily attributed to (i) the payment of a deposit of €0.5 million regarding the Share Sale Commitment Agreement; and (ii) the purchase of fixed assets such as molds. See "Our Corporate Structure."

Net cash used in investing activities was €4.5 million (US$5.0 million) for the year ended December 31, 2023, which was primarily attributable to the purchase of a warehouse in Italy.

#### Financing activities
Net cash generated from financing activities was €8.7 million (US$9.1 million) for the year ended December 31, 2024, which was primarily attributed to the increase in bank loans used for establishing our research and development centers and increasing our inventories.

Net cash generated from financing activities was €4.0 million (US$4.4 million) for the year ended December 31, 2023, which was primarily attributable to proceeds from bank loans.

#### Capital Expenditures
We have not entered into any significant agreement or other commitments to guarantee the capital expenditures. We intend to fund our future capital expenditures with cash generated and to be generated from our operations and proceeds from this offering.

#### Contractual Obligations
As of December 31, 2024, we had contractual obligations totaling €7.5 million in relation to the acquisition of 100% equity interests in Arteconfort. Please see "Our Corporate Structure" for specific payment terms. Pursuant to the Share Sale Commitment Agreement, the payment of which was arranged as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a fixed price of €5 million;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• €1.25 million due on December 1, 2025, subject to adjustment based on any shortfall from the expected profit of €2 million of Arteconfort for the year of 2025; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• €1.25 million due on February 28, 2027, subject to adjustment in proportion to any shortfall from the expected profit of €2 million of Arteconfort for each of the year of 2025 and 2026.

Except as disclosed in this prospectus, We did not have any significant capital and other commitments, long-term obligations or guarantees as of December 31, 2024.

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

#### Critical Accounting Estimates
An accounting estimate is considered critical if it requires to be made based on assumptions about matters that are highly uncertain at the time such estimate is made, and if different accounting estimates that reasonably could have been used, or changes in the accounting estimate that are reasonably likely to occur periodically, could have materially impact to the consolidated financial statements.

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We prepare our consolidated financial statements in conformity with U.S. GAAP, which requires us to make estimates and assumptions. We continually evaluate these estimates and assumptions based on the most recently available information, our own historical experiences and various other assumptions that we believe to be reasonable under the circumstances. Since the use of estimates is an integral component of the financial reporting process, actual results could differ from our expectations as a result of changes in our estimates. Some of our accounting policies require a higher degree of judgment than others in their application and require us to make significant accounting estimates.

The following descriptions of critical accounting estimates should be read in conjunction with our consolidated financial statements and other disclosures included in this prospectus. For further information, see Note 2 to our consolidated financial statements in this this prospectus.

#### Income Taxes
Current income taxes are provided on the basis of net income for financial reporting purposes, adjusted for income and expense items which are not assessable or deductible for income tax purposes, in accordance with the regulations of the relevant tax jurisdictions. We follow the liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on the temporary differences between the financial statements carrying amounts and tax bases of existing assets and liabilities by applying enacted statutory tax rates that will be in effect in the period in which the temporary differences are expected to reverse. We record a valuation allowance to reduce the amount of deferred tax assets if based on the weight of available evidence, it is more likely than not that some portion, or all, of the deferred tax assets will not be realized. The effect on deferred taxes of a change in tax rate is recognized in our consolidated statements of operations and comprehensive loss in the period of change. Deferred tax assets and liabilities are classified as non-current in the consolidated balance sheets.

We recognize in our consolidated financial statements the benefit of a tax position if the tax position is "more likely than not" to prevail based on the facts and technical merits of the position. Tax positions that meet the "more likely than not" recognition threshold are measured at the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon settlement. We estimate our liability for unrecognized tax benefits which are periodically assessed and may be affected by changing interpretations of laws, rulings by tax authorities, changes and/or developments with respect to tax audits, and expiration of the statute of limitations. The ultimate outcome for a particular tax position may not be determined with certainty prior to the conclusion of a tax audit and, in some cases, appeal or litigation process. The actual benefits ultimately realized may differ from our estimates. As each audit is concluded, adjustments, if any, are recorded in our consolidated financial statements in the period in which the audit is concluded. Additionally, in future periods, changes in facts, circumstances and new information may require us to adjust the recognition and measurement estimates with regard to individual tax positions. Changes in recognition and measurement estimates are recognized in the period in which the changes occur. As of December 31, 2023 and 2024, we did not have any significant unrecognized uncertain tax positions.

#### Critical Accounting Policies, Judgments and Estimates
We prepare our consolidated financial statements in accordance with U.S. GAAP, which requires our management to make estimates that affect the reported amounts of assets, liabilities and disclosures of contingent assets and liabilities at the balance sheet dates, as well as the reported amounts of revenue and expenses during the reporting periods. To the extent that there are material differences between these estimates and actual results, our financial condition or results of operations would be affected. We base our estimates on our own historical experience and other assumptions that we believe are reasonable after taking account of our circumstances and expectations for the future based on available information. We evaluate these estimates on an ongoing basis.

Our expectations regarding the future are based on available information and assumptions that we believe to be reasonable, which together form our basis for making judgments about matters that are not readily apparent from other sources. Since the use of estimates is an integral component of the financial reporting process, our actual results could differ from those estimates. Some of our accounting policies require a higher degree of judgment than others in their application.

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While management believes its judgments, estimates and assumptions are reasonable, they are based on information presently available and actual results may differ significantly from those estimates under different assumptions and conditions.

We consider an accounting estimate to be critical if: (i) the accounting estimate requires us to make assumptions about matters that were highly uncertain at the time the accounting estimate was made, and (ii) changes in the estimate that are reasonably likely to occur from period to period or use of different estimates that we reasonably could have used in the current period, would have a material impact on our financial condition or results of operations. When reading our combined and consolidated financial statements, you should consider our selection of critical accounting policies, the judgment and other uncertainties affecting the application of such policies and the sensitivity of reported results to changes in conditions and assumptions.

The selection of critical accounting policies, the judgments and other uncertainties affecting application of those policies and the sensitivity of reported results to changes in conditions and assumptions are factors that should be considered when reviewing our financial statements. Our critical accounting policies and practices include the following: (i) Basis of presentation; (ii) principles of consolidation; (iii) use of estimates; (iv) foreign currency translation and transaction; (v) convenience translation; (vi) cash and cash equivalents, restricted cash; (vii) accounts receivable and allowance for doubtful accounts; (viii) credit loss; (ix) inventories, net; (x) property and equipment, net; (xi) impairment of long-lived assets other than goodwill; (xii) related party transactions; (xiii) fair value of financial instruments; (xiv) revenue recognition; (xv) cost of revenue; (xvi) sales and marketing expenses; (xvii) research and development expenses; (xviii) government grants; (xix) operating leases; (xx) income taxes; (xxi) earnings (losses) per share; (xxii) statutory reserves; (xxiii) concentration of credit risk; (xxiv) concentration of customers and suppliers; (xxv) Concentration of geographic area; (xxvi) segment reporting; (xxvii) commitments and contingencies; (xxviii) recently accounting pronouncements. See Note 2 "Summary of Significant Accounting Policies" of our consolidated financial statements for the disclosure of these accounting policies.

#### Internal Control over Financial Reporting
Prior to this offering, we have been a private company with limited accounting and financial reporting personnel and other resources to address our internal controls and procedures. In connection with the audits of our consolidated financial statements included in this prospectus, we and our independent registered public accounting firm identified material weaknesses in our internal control over financial reporting. As defined in the standards established by the Public Company Accounting Oversight Board of the United States, a "material weakness" is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company's annual or interim financial statements will not be prevented or detected on a timely basis.

The material weakness identified related to our (i) lack of sufficient accounting and financial reporting personnel with requisite knowledge and experience in application of U.S. GAAP and SEC rules and (ii) lack of financial reporting policies and procedures that are commensurate with U.S. GAAP and SEC reporting requirements.

We have since hired certain mid-level financial staff with U.S. GAAP and/or SEC reporting experience. We are in the process of implementing a number of measures to address these material weaknesses identified, including: (i) continuing to hire additional accounting and financial reporting personnel with U.S. GAAP and SEC reporting experience, (ii) expanding the capabilities of existing accounting and financial reporting personnel through continuous training and education in the accounting and reporting requirements under U.S. GAAP, and SEC rules and regulations, (iii) developing, communicating and implementing an accounting policy manual for our accounting and financial reporting personnel for recurring transactions and period-end closing processes, and (iv) hiring an external consulting firm to assist in the design and implementation of effective monitoring and oversight controls to identify non-recurring and complex transactions to ensure the accuracy and completeness of our company's consolidated financial statements and related disclosures.

While we are working to remediate these material weaknesses as quickly and efficiently as possible, at this time we cannot provide an estimate of costs expected to be incurred in connection with implementing this remediation plan. These remediation measures may be time consuming, costly and might place significant demands

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on our financial and operational resources. If we are unable to successfully remediate these material weaknesses, and if we are unable to produce accurate and timely financial statements, our financial statements could contain material misstatements that, when discovered in the future, could cause us to fail to meet our future reporting obligations and cause the price of our securities to decline.

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

#### Holding company structure
As a holding company with no material operations of our own, we conduct substantially all of our operations through our subsidiaries in the PRC (including mainland and Hong Kong), various countries in Europe, United Kingdom and United States (collectively, the "**Operating Subsidiaries**"). As a result, our ability to pay dividends depends significantly upon dividends paid by our Operating Subsidiaries. If our Operating Subsidiaries or any newly formed ones incur debt on their own behalf in the future, the instruments governing their debt may restrict their ability to pay dividends to us.

In addition, our subsidiaries in China are permitted to pay dividends to us only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. Under relevant PRC law, each of our subsidiaries in China is required to set aside at least 10% of its after-tax profits each year, if any, to fund certain statutory reserve funds until such reserve funds reach 50% of its registered capital. The statutory reserve funds are not distributable as cash dividends. Remittance of dividends by a foreign-owned company out of China is subject to examination by the banks designated by the SAFE. We will not be able to pay dividends until they generate accumulated profits and meet the requirements for statutory reserve funds.

In 2023, Fuzhou Aigostar, our primary operating company in China, paid dividends to its former shareholders in the amount of €1.153 million. In 2024, Fuzhou Aigostar paid dividends to its former shareholders in the amount of €1.479 million. Please refer to the financial statements of Aigo Holding Limited including "Note — Dividend" on page 48 for further details. Apart from this special dividend distribution, we intend to retain all available funds and future earnings, if any, for operation and business development and do not anticipate declaring or paying any dividends in the foreseeable future.

#### Quantitative and Qualitative Disclosures About Market Risk

#### Foreign currency risk
A majority of our revenue is denominated in Euros, while a portion of them are mainly denominated in RMB, U.S. dollars, Euros, British pound and Hong Kong dollars as we export and sell certain products to overseas. Our management considers that the business is not exposed to any significant foreign exchange risk and we have not used any derivative financial instruments to hedge exposure to such risk.

The RMB is not a freely convertible currency. The State Administration for Foreign Exchange, under the authority of the People's Bank of China, controls the conversion of RMB into foreign currencies. The value of the RMB is subject to changes in central government policies and international economic and political developments that affect supply and demand in the China Foreign Exchange Trading System market of cash.

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To the extent that we need to convert Euros into RMB for our operations, appreciation of RMB against the Euros would reduce the RMB amount we receive from the conversion. Conversely, if we decide to convert RMB into Euros or U.S. dollars for the purpose of making payments for dividends on our ordinary shares, servicing our outstanding debt, or for other business purposes, appreciation of the Euros or U.S. dollars against the RMB would reduce the Euros or U.S. dollar amounts available to us.

#### Inflation
Inflationary factors, such as increases in supply costs as well as personnel and overhead costs, could impact our operating results. Although we do not believe that inflation has had a material impact on our financial position or results of operations as of December 31, 2023 and 2024, a high rate of inflation in the future may have an adverse effect on our ability to maintain current levels of gross profit margin and operating expenses as a percentage of sales revenue if the revenue do not increase with such increased costs.

#### Interest rate risk
Our exposure to interest rate risk primarily relates to the interest expense generated by our bank loans. Historically, we have not been exposed to material risks due to changes in market interest rates, and not used any derivative financial instruments to manage the interest risk exposure for the years ended December 31, 2023 and 2024. An increase in interest rates, however, may raise the cost of any debt we incur in the future. In addition, our future interest income may be lower than expected due to changes in market interest rates.

#### Recently issued accounting pronouncements
A list of recent relevant accounting pronouncements that are relevant to us is included in Note 2 "Summary of Significant Accounting Policies" of our consolidated financial statements.

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#### INDUSTRY OVERVIEW
***The information presented in this section has been derived from an industry report and commissioned by us and prepared by China Insights Consultancy, or CIC, an independent research firm, to provide information regarding our industry and our market position in Global and Southern Europe markets. Neither we nor any other party involved in this offering has independently verified such information, and neither we nor any other party involved in this offering makes any representation as to the accuracy or completeness of such information. Investors are cautioned not to place any undue reliance on the information, including statistics and estimates, set forth in this section or similar information included elsewhere in this prospectus.***

#### Overview of the Global and Southern Europe Consumer Product Industry
The consumer product industry covers all purchases made by individuals and households to meet their everyday needs. For purposes of this industry report, the consumer product industry consists of (i) the lighting industry; (ii) the electrical product industry; (iii) the household electric appliance industry; (iv) the pet product industry; and (v) other industries including automotive, food and beverage, clothing.

The market size of the consumer product industry rose from EUR62.0 trillion in 2018 to EUR80.5 trillion in 2023, with a temporary decline to EUR63.3 trillion in 2020 primarily attributable to the COVID-19 pandemic. It is expected to further increase to EUR111.6 trillion in 2028, registering a predicted CAGR of 5.5% between 2023 and 2028.

Southern Europe refers to the region and countries located in the southern part of the European continent including Italy, Spain, Portugal, Romania, Greece, Bulgaria, Croatia, Slovenia, Serbia, Bosnia and Herzegovina, Albania, Malta, North Macedonia, Montenegro, Andorra, and San Marino. For 2023, the market size of the consumer product industry of Southern Europe comprised approximately 4.6% of the global total. It increased to EUR3.9 trillion in 2023 and is expected to further increase to EUR5.2 trillion in 2028, registering a CAGR of 5.8% between 2023 and 2028.

The consumer product industry in Southern Europe revolves around understanding consumer behavior, market trends, and preferences to develop and deliver products that align with target consumers. This involves comprehensive market research, product development, branding, marketing, distribution, and sales strategies tailored to meet the demands of specific consumer segments. Key characteristics of the consumer product industry in Southern Europe include rapid product innovation, intense competition, and changing market dynamics driven by changing consumer preferences, technological advancements, and global and regional economic factors.

The global lighting industry has reached a relatively mature stage in terms of its core technologies and widespread adoption of lighting solutions. The market size of the global lighting industry increased from EUR87.1 billion in 2018 to EUR99.9 billion in 2023, in terms of retail value, registering a CAGR of 2.8% between 2018 and 2023, and is expected to further increase to EUR115.8 billion in 2028 with a CAGR of 3.0% between 2023 and 2028. The global electrical product industry has experienced a relatively rapid growth driven mainly by

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increased urbanization. The market size of the global electrical product industry increased from EUR310.6 billion in 2018 to EUR439.6 billion in 2023, in terms of retail value, registering a CAGR of 7.2% between 2018 and 2023, and is expected to further increase to EUR549.7 billion in 2028 with a CAGR of 4.6% between 2023 and 2028.

The global household electric appliance industry is characterized by steady growth driven by technological advancements, changing consumer lifestyles, and increasing urbanization. The market size of the household electric appliance industry increased from EUR178.1 billion in 2018 to EUR231.2 billion in 2023, in terms of retail value, registering a CAGR of 5.4% between 2018 and 2023, and is expected to increase to EUR291.4 billion in 2028 with a CAGR of 4.7% between 2023 and 2028. The global pet product industry is experiencing relatively robust growth fueled by rising pet ownership rates and a growing emphasis on pet health and wellness. The market size of the pet product industry increased from EUR110.1 billion in 2018 to EUR179.0 billion in 2023, in terms of retail value, registering a CAGR of 10.2% between 2018 and 2023, and is expected to increase to EUR237.7 billion in 2028 with a CAGR of 5.8% between 2023 and 2028.

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#### Overview of the Lighting Industry in Southern Europe
The lighting industry in Southern Europe has undergone rapid evolution, spurred by technological advancements, regulatory shifts, and changing consumer preferences favoring energy-efficient, smart, and sustainable lighting solutions. LED technology has notably advanced, offering enhanced efficiency and cost-effectiveness compared to traditional incandescent bulbs. Furthermore, the COVID-19 pandemic has catalyzed heightened interest in home improvement projects, including lighting upgrades. Lastly, increased sustainability awareness has driven consumers towards eco-friendly lighting choices, reflecting a broader trend towards environmentally conscious purchasing habits.

The lighting industry encompasses the design, manufacturing, distribution, and installation of lighting products and systems used for various purposes, including illumination, decoration, and functionality. The end-users of lighting products can be primarily categorized into (i) residential use: specifically designed for use in homes, apartments, and other residential settings; and (ii) non-residential use: the application of lighting products in settings other than residential spaces including commercial, industrial, institutional, and outdoor spaces.

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#### Market Size of the Lighting Industry in Southern Europe
The market size of the Southern Europe lighting industry increased from EUR4.5 billion in 2018 to EUR5.0 billion in 2023, in terms of retail value, registering a CAGR of 1.4% over the period. The onset of the COVID-19 pandemic in 2020 caused disruptions to the supply chain, resulting in contraction of the market size to EUR4.6 billion in 2020. Despite the setback in 2020, the industry demonstrated resilience, rebounding in subsequent years due to increased demand for smart light and gradual restoration of the global supply chain. In 2023, the Southern Europe lighting industry continue to face post-pandemic challenges mainly including (i) weaker demand from residential lighting products caused by short-term economic pressure; (ii) reduced demand of the indoor professional lighting and agricultural lighting products attributable to elevated interest rates and energy prices; and (iii) destocking in OEM channels occurred due to the accumulation of inventories resulting from weakened demand. Looking forward, with the economy gradually rebounding and rising demand from smart lighting solutions, alongside the normalization of stock levels, the market size of the Southern Europe lighting industry is projected to increase to EUR5.3 billion in 2028, registering a CAGR of 1.7% between 2023 and 2028.

The lighting industry in Italy is mature and stable. The market size of the lighting industry in Italy increased from EUR2.1 billion in 2018 to EUR2.2 billion in 2023, in terms of retail value, registering a CAGR of 0.4%, and is expected to increase with a CAGR of 0.7% between 2023 and 2028. The market size of the lighting industry in Spain increased from EUR1.4 billion in 2018 to EUR1.5 billion in 2023, in terms of retail value, registering a CAGR of 1.0%, and is expected to reach EUR1.7 billion in 2028 with a CAGR of 1.8%. The market size of the lighting industry in Portugal increased from EUR0.2 billion in 2018 to EUR0.3 billion in 2023, in terms of retail value, registering a CAGR of 2.3%, and is expected to continue increasing with a CAGR of 2.0% between 2023 and 2028.

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Major sales channels of the lighting industry in Southern Europe include both offline and online channels. Offline channels, comprising community stores and high-end boutiques, shopping malls and supermarkets, distributors, direct sales, among others; serve as the predominant choice for customers in the region. Online channels, which encompass third-party e-commerce platforms, official websites, mobile application (APPs), among others, represent a smaller yet growing segment of sales.

#### Overview of the Electrical Product Industry in Southern Europe
Electrical products refer to various components, devices, and systems that are utilized within residential settings to facilitate electrical functions and enhance modern lifestyles. They encompass a wide range of products including (i) household electrical products: these items are commonly used in residential settings and include switches, removable sockets, plugs, adaptors, and low voltage electrical products; (ii) electrical accessories: these are supplementary components used in electrical installations to ensure safety, organization, and efficient operation, including conduits, trunkings, electrical tapes, cable pullers, spiral wrapping bands, and nylon cable ties; and (iii) other electrical products: This category encompasses a diverse array of electrical devices and equipment used for various purposes including cameras, ventilation fans, junction boxes, digital multimeters, terminal blocks, sensors, timing sockets, batteries, and doorbells.

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#### Market Size of the Electrical Product Industry in Southern Europe
The electrical product industry in Southern Europe is closely tied to residential construction projects including both new residential construction and home renovation. The market size of the electrical product industry, in terms of retail value, increased from EUR16.2 billion in 2018 to EUR16.8 billion in 2019 and decreased to EUR15.3 billion in 2020. This decline was attributable to various factors including supply chain disruptions, project delays, labor shortages, and safety concerns arising from the COVID-19 pandemic's impact on the construction industry. Afterwards, the industry gradually recovered, rebounding to EUR19.4 billion in 2021 and further increasing to EUR21.5 billion in 2023, registering a CAGR of 5.8% between 2018 and 2023. This resurgence was primarily fueled by increased demand for home renovations during and after the pandemic period. Looking ahead, the electrical product industry is expected to maintain its upward trajectory and reach a market size of EUR25.3 billion by 2028, registering a CAGR of 3.3% between 2023 and 2028.

In order to boost the economy after the COVID-19 pandemic, Law Decree No. 34 of May 19, 2020 introduced, together with other measures, a deduction from income taxes equal to 110% of certain building-related expenses incurred between July 1, 2020, and December 31, 2021 to be used in five yearly installments. However, in February 2023, the Italian government discontinued the tax credit scheme designed to enhance residential energy efficiency and further decided to partially extend the scheme to low-income households in December 2023. Due to the winding down of government funded support for works in the residential sector, the market size of the electrical product industry in Italy is expected to increase slowly from EUR10.9 billion in 2023 to EUR12.1 billion in 2028, registering a CAGR of 2.1%. The residential construction markets in Spain and Portugal are on a path of recovery and growth due to economy recovery, new home construction, among other factors. The market size of the electrical product industry in Spain is expected to increase from EUR6.8 billion in 2023 to EUR8.5 billion in 2028, in terms of retail value, registering a CAGR of 4.4% between 2023 and 2028. The market size of the electrical product industry in Portugal is expected to increase from EUR0.8 billion in 2023 to EUR1.0 billion in 2028, in terms of retail value, registering a CAGR of 4.6% between 2023 and 2028.

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The primary sales channels for electrical products in Southern Europe largely remain traditional, predominantly through offline channels. These encompass community stores and high-end boutiques, shopping malls and supermarkets, distributors, direct sales, and others, reflecting the region's preference for in-person transactions and established purchasing habits.

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#### Overview of the Household Electric Appliance Industry in Southern Europe
Household electric appliances are designed to facilitate daily life, enhance living quality, and meet various household needs in intricate detail. With diverse functionalities and usage scenarios, they can be categorized into kitchen appliances, personal care appliances and home appliances. Kitchen appliances mainly consist of food preparation devices like juicers and blenders, as well as small cooking appliances such as coffee machines and bread makers. Daily life appliances mainly include air treatment products, vacuum cleaners, irons, and heating equipment. Personal care equipment includes shavers, hairdressing devices.

#### Market Size of the Household Electric Appliance Industry in Southern Europe
Driven by strong consumer demand for IoT products in the household electric appliance industry, the market size of household electric appliances industry in Southern Europe, in terms of retail value, increased at a CAGR of 7.5% from EUR3.5 billion in 2018 to EUR5.0 billion in 2023, and is estimated to reach EUR7.1 billion in 2028 at a CAGR of 7.3% from 2023-2028.

The market size of the household electric appliance industry in Italy increased from EUR1.4 billion in 2018 to EUR1.9 billion in 2023, in terms of retail value, registering a CAGR of 6.3%, and is expected to increase with a CAGR of 6.2% between 2023 and 2028. The household electric appliance industry in Spain increased from EUR1.4 billion in 2018 to EUR2.0 billion in 2023, in terms of retail value, registering a CAGR of 7.4%, and is expected to reach EUR2.9 billion in 2028 with a CAGR of 7.2%. The market size of the household electric appliance industry in Portugal increased from EUR0.3 billion in 2018 to EUR0.4 billion in 2023, in terms of retail value, registering a CAGR of 8.9%, and is expected to continue increasing with a CAGR of 8.7% between 2023 and 2028.

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#### Overview of the Pet Product Industry in Southern Europe
The pet product industry encompasses a broad array of physical goods tailored for pet maintenance and enrichment including (i) pet food, which is pet staple food, snacks and nutritional supplements; and (ii) pet accessories, such as toys, training aids, grooming tools, pet furniture, and travel accessories.

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#### Market Size of the Pet Product Industry in Southern Europe
The pet product industry in Southern Europe has experienced relatively strong and resilient growth, increasing from EUR7.0 billion in 2018 to EUR9.6 billion in 2023, in terms of retail value, registering a CAGR of 6.4%. It is projected to further increase to EUR13.3 billion in 2028 with a CAGR of 6.6%. For 2023, Italy stands out as the leading market for pet products in Southern Europe, accounting for approximately 49% of the market. The market size of the pet product industry in Italy increased from EUR3.7 billion in 2018 to EUR4.7 billion in 2023, and is expected to increase to EUR6.0 billion in 2028, in terms of retail value, registering a CAGR of 5.0% between 2023 and 2028. The market size of the pet product industry in Spain and Portugal is projected to increase from EUR2.7 billion and EUR0.6 billion, respectively, in 2023 to EUR4.0 billion and EUR0.8 billion, respectively, in 2028, registering a CAGR of 8.5% and 5.6%, respectively, between 2023 and 2028.

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#### Internet of Things (IoT) Penetration
The IoT penetration trend has significantly impacted various industries, including the lighting industry, electrical product industry, household electric appliance industry, and pet product industry.

In the lighting industry, IoT penetration involves the integration of smart lighting solutions that enable remote control, automation, and energy management through connected devices such as smartphones or voice assistants. This trend allows users to adjust lighting settings, monitor energy usage, and even sync lighting with other smart devices for enhanced convenience and efficiency. IoT penetration rate, which refers to the proportion of the retail sales value of IoT products within the total retail sales value of the corresponding industry, of the lighting industry in Southern Europe increased from 2.1% in 2018 to 7.1% in 2023 and is expected to further increase to 13.7% in 2028.

Similarly, the electrical product industry is experiencing a shift towards IoT-enabled products like smart switches that offer advanced functionalities. These products can be integrated into broader smart home ecosystems, allowing users to control lighting, curtain, and other items seamlessly and intelligently, both at home and remotely. IoT penetration of the electrical product industry increased from 1.0% in 2018 to 2.6% in 2023 and is estimated to further increase to 4.2% in 2028.

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In the household electric appliance industry, the IoT penetration involves smart appliances that offer remote monitoring, energy optimization, and personalized user experiences. IoT penetration of the household electric appliance industry in Southern Europe has demonstrated impressive growth in recent year, increasing from 5.6% in 2018 to 11.3% in 2023, and is estimated to further increase to 20.0% by 2028.

In the pet product industry, IoT penetration involves smart pet products, which utilize technologies, such as sensors and mobile applications, to provide pet owners with innovative solutions for pet care and management. The IoT penetration rate of the pet product industry has steadily increased, from 2.8% in 2018 to 4.1% in 2023, and is expected to reach 5.7% by 2028. This trend highlights the increasing integration of technology in pet products, enhancing interactivity among the products, pets, and their owners, and monitoring of pets.

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#### Market Drivers

#### Generic Drivers for the Consumer Product Industry
***Technological advancements:*** Technological advancements have provided ample momentum for the development of intelligent products. Leveraging advanced technologies such as artificial intelligence and the Internet of Things, the performance of intelligent products has continuously improved, providing users with a more convenient and efficient usage experience, thus gaining the favor of a wide range of consumers. As consumers' aspirations for intelligent lifestyles continue to deepen, the market demand for intelligent products is rapidly growing, which is expected to further promote the prosperous development of the consumer product market.

***Growing emphasis on energy efficiency and environmental***-friendly ***products:*** Consumers and businesses are increasingly recognizing the substantial long-term benefits of investing in energy-efficient products. These solutions not only reduce electricity consumption and lower utility bills but also play a crucial role in reducing carbon emissions and environmental impact. Additionally, government regulations and initiatives aimed at promoting energy efficiency and mitigating greenhouse gas emissions are further bolstering the demand for green energy-saving products. Consequently, there is a growing willingness among consumers and businesses to pay a premium for energy-efficient products that align with their sustainability goals and contribute to a greener future.

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#### Drivers for the Lighting Industry
***EU's banning of inefficient lighting technologies is driving customer transition to sustainable LED technologies:*** The Restriction of Hazardous Substances Act (RoHS) of the European Union imposes restrictions on certain hazardous substances in electrical and electronic equipment, including mercury in lighting products. Furthermore, the *Single Lighting Regulation* (SLR) (Ecodesign Regulation), effective since September 2021, gradually phases out products that do not meet efficiency requirements. These regulations collectively result in a ban on the sale of inefficient lighting technologies, such as CFL-ni lamps, T5, and T8 linear fluorescent lamps. This is expected to drive increased adoption of higher-priced LED lighting products, consequently generating more demand for replacements in the future.

#### Drivers for the Electrical Product Industry
***Increasing user penetration of household appliances:*** The rising adoption and penetration of household appliances among consumers contribute to the demand for electrical products such as switches, removable sockets and plugs, among others. As more households integrate appliances into their daily lives for convenience and efficiency, there is a corresponding need for reliable and technologically advanced electrical products to power and control these devices effectively.

***Growing construction and renovation activities:*** Increasing construction and renovation activities in residential sectors stimulate demand for electrical products like wiring, switches, outlets, among others.

#### Drivers for the Household Electric Appliance Industry
***Continuously increasing consumer demand on household electric appliance:*** Consumers are increasingly emphasizing the pursuit of a quality lifestyle, and household electric appliances can provide a higher level of convenience and comfort for families, leading to a gradual increase in demand. Through personalized functional designs, household electric appliances provide consumers with a more convenient and efficient living experience. Therefore, as consumers' aspirations for a high-quality life continue to deepen, the demand for small household appliances will gradually increase, becoming an important driving force for future market development.

#### Drivers for the Pet Product Industry
***Increasing pet ownership:*** Pet ownership in Southern Europe, particularly of cats and dogs, has markedly increased from 36.4 million in 2018 to 41.9 million in 2023. This upsurge, fueled by the enhanced status of pets as family members, is set to continue. The shift is significant for the market, given the higher spending for cats or dogs.

***Increasing per***-pet ***spending:*** The average annual expenditure per pet in Southern Europe has also increased, reflecting higher-quality standards and greater consumer awareness of pet health and wellness.

***Enhanced consumer spending power and willingness to pay:*** Rising GDP and disposable income in Southern Europe are driving increased consumer spending on premium pet products. The trend is bolstered by Millennials and Gen Zers, who are becoming pet owners and tend to spend more on their pets.

#### Future Trends

#### Generic Future Trends for the Consumer Product Industry
***Internet of Things (IoT) Integration:*** The integration of Internet of Things (IoT) technology into consumer products, including smart lighting, electrical products, household electric appliances, and smart pet products, has emerged as a significant trend within the consumer product industry. By leveraging IoT connectivity, smart products seamlessly integrate with smart home devices, offering unprecedented levels of connectivity, intelligence, and control.

***The enhancement of consumer brand awareness:*** Brands have become an important factor in decision-making. Consumers are more willing to choose those brands with a good reputation and credibility as they often represent higher quality and service guarantees. With the continuous enhancement of consumer brand

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awareness, the consumer product industry will exhibit a healthier and more orderly development trend. Brands will become one of the core elements of competition for enterprises, while consumers will also pay more attention to the value and influence of brands.

#### Future Trends for the Lighting Industry
***Multi***-channel ***distribution:*** Multi-channel distribution, encompassing both online and offline channels, is gaining increasing importance in Southern Europe due to consumers' increasingly diverse preferences for shopping for lighting products. By leveraging multiple channels, companies in the lighting industry can enhance their reach, improve customer engagement, and adapt to the evolving retail landscape.

#### Future Trends for the Electrical Product Industry
***Diversified design and features:*** The development and introduction of electrical components that offer varied aesthetics, functionalities, and applications. With consumer preferences shifting towards personalized solutions, there is a rising demand for components that not only perform well but also complement different architectural styles and interior designs. This trend extends beyond appearance to include factors like user-friendly design, ease of installation, and compatibility with other systems. Embracing diverse design enables manufacturers to cater to a wide range of consumer needs, fostering innovation and market growth.

#### Future Trends for the Household Electric Appliance Industry
***Household electric appliances become more segmented:*** Driven by the constantly changing preferences and demands of consumers, the types of household electric appliances have become increasingly segmented to meet the personalized needs of different consumer groups. For example, for kitchen cooking, there are special household electric appliances for different food ingredients and cooking methods; for personal care, there are skincare and beauty household electric appliances for different skin types and needs. This trend in segmentation has made the household electric appliance market more diversified and provided consumers with more choices.

#### Future Trends for the Pet Product Industry
***Product diversification and innovation:*** The market has seen significant diversification in product offerings, including the expansion of specialized diets, organic products, and tech-driven solutions like GPS trackers and automated feeders. The trend is driven both by supply and demand. On the demand side are surging pet parent population and increasing willingness to pay. On the supply side, technological advancements and intense market competition push companies to innovate to meet evolving consumer needs and capture market share.

#### Competitive Landscape of the Consumer Product Industry in Southern Europe
The competitive landscape of the consumer product industry in Southern Europe is characterized by a mix of established multinational brands, emerging international brands, and regional brands. The competitive landscape varies among different categories. Multinational companies often dominate segments such as electronics, appliances, and personal care, leveraging their global presence, brand recognition, and extensive distribution networks to capture market share. Emerging international brands and regional brands also play a significant role, particularly in niche markets or specialized product categories. These players are more advantageous in catering to local preferences, offering customized solutions, providing personalized customer service, and establishing strong relationships with local retailers and distributors in targeted geographic areas.

Our Group is a well-established consumer products provider in Southern Europe, successfully penetrating diverse niche and emerging product categories and consequently achieving leading market position within them.

Based on retail volume on Amazon in each respective country for the 30 days preceding May 13, 2024, in Italy, the Company's power strips and aquariums ranked first, while its floodlights, doorbells, electric kettles, electric steamers, pet blankets, and pet food storage containers ranked within the top five. In Spain, the Company's light bulbs, LED bulbs, pet blankets, aquariums, pet food storage containers, and rigid pet carrier cases ranked first,

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while its outdoor lighting, electric kettles, electric steamers, training pads, and cat litter mats ranked within the top five. The table below provides detailed information about the Company's market position within specific product categories:

#### Ranking of the Company's products, Italy and Spain,<br>in terms of retail volume on Amazon for the 30 days preceding May 13, 2024

---

| | | | |
|:---|:---|:---|:---|
|  **Consumer product segment** | **Product category** | **Country** | **Ranking** |
|  The lighting industry | Lighting – Light bulbs | Spain | 1 |
|  The lighting industry | Lighting – LED light bulbs | Spain | 1 |
|  The lighting industry | Lighting – Outdoor lighting | Spain | 3 |
|  The lighting industry | Lighting – Floodlights | Italy | 3 |
|  The electrical product industry | Electrical product – Power strips | Italy | 1 |
|  The electrical product industry | Electrical product – Doorbells | Italy | 4 |
|  The household electric appliance industry | Household electric appliance – Electric kettles | Spain | 2 |
|  The household electric appliance industry |  | Italy | 4 |
|  The household electric appliance industry | Household electric appliance – Electric steamers | Spain | 2 |
|  The household electric appliance industry |  | Italy | 3 |
|  The pet product industry | Pet product – Pet blankets | Spain | 1 |
|  The pet product industry |  | Italy | 2 |
|  The pet product industry | Pet product – Aquariums | Spain | 1 |
|  The pet product industry |  | Italy | 1 |
|  The pet product industry | Pet product – Pet food storage containers | Spain | 1 |
|  The pet product industry |  | Italy | 4 |
|  The pet product industry | Pet product – Training pads | Spain | 2 |
|  The pet product industry | Pet product – Rigid pet carrier cases | Spain | 1 |
|  The pet product industry | Pet product – Cat litter mats | Spain | 2 |

---

*Source: China Insights Consultancy*

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#### BUSINESS

#### OVERVIEW
We are a consumer products provider well established in Southern Europe with global operations that extend into geographic regions including Europe, Asia, North America, Latin America, and Africa. In 2024, we generated revenue from approximately 40 countries and regions in four continents.

We primarily offer consumers lifestyle products through our various sales channels, with a particular focus on four main product categories: (i) lighting products; (ii) electrical products; (iii) household appliances; and (iv) pet products. Since 2019, we have also been developing and offering IoT-related consumer products.

We have three proprietary brands, namely, AIGOSTAR<sup>®</sup>, nobleza<sup>®</sup> and Taylor Swoden<sup>®</sup>, each of which has its distinct product lines, marketing strategies and intended consumers. As of December 31, 2024, we had a 115-member R&D team that is dedicated to research and development of new products tailored to customer needs as well as the development of our IT system. We generate recurring revenue from certain core products as well as revenue from new products we offer to the market.

We sell our products through both offline and online channels. Our offline customers are mainly business entities, including local community stores and/or high-end boutiques, shopping malls, supermarkets and distributors, who purchase products from us, either by directly placing orders with us or through our proprietary apps designed specifically for offline customers to place orders efficiently, and on-sell them to end consumers. Our online customers are generally users who purchase products directly from us through third-party e-commerce platforms and our proprietary AigoSmart App. In 2023, we generated 50.8% and 48.3% of our aggregate revenue from offline and online channels, respectively. In 2024, we generated 55.8% and 43.5% of our aggregate revenue from offline and online channels, respectively.

We have established local sales teams in several European countries, many members of whom are local residents with in-depth local knowledge and business connections. Through such local sales teams, we form strategic relationships with many of our local community store customers. In the course of the last five years, we systematically cooperated with over 4,000 stores to renovate their overall store décor pursuant to our design instruction to improve their operational efficiency and consumer appeal and, in turn, many of such local stores have set up sales areas that exclusively showcase our branded products.

We procure our products from third-party, original equipment manufacturers, or OEMs, who manufacture our products based on our product designs and specifications, or original design manufacturers, or ODMs, who provide both design and manufacturing services to us. In 2024, around 90% of our ODM and OEM suppliers were located in the PRC. As of the date of this prospectus, we operate twelve local warehouses in the PRC and Europe, from which we fulfill online and offline product orders.

Our revenue in 2023 and 2024 was €151.2 million and €177.8 million (US$184.7 million), respectively, and our gross profit was €75.4 million and €85.9 million (US$89.3 million) in the corresponding years, representing a gross profit margin of 49.9% and 48.3%, respectively. We recorded a net income of €5.7 million in 2023, and a net income of €3.7 million (US$3.9 million) for the year ended December 31, 2024, respectively.

#### OUR STRENGTHS

#### Well-established consumer products provider in Southern Europe with global reach and growth potential
We are a well-established consumer products provider in Southern Europe, successfully penetrating selected market segments and emerging product categories and achieving leading position within such segments and categories, according to the industry report.

Our business is deeply rooted in Europe, from which we generate the majority of our revenue. We commenced our consumer product business in Spain in 2011 and have been steadily building our brand recognition and expanding our sales networks. In 2024, we had over 10,000 offline customers through our sales network across European countries (including Spain, Italy, Netherlands and Poland), from which we generated over 50% of our total revenue in the same year through sales of over 10,000 stock keeping units, or SKUs. Approximately 60% of our revenue from European countries was generated from Spain and Italy in each of 2023 and 2024. We believe that over a decade of strategic development in Southern Europe has provided us with a significant first-mover advantage, thereby creating an entry barrier to potential competitors in existing markets, and that we have a proven and replicable growth strategy in emerging markets.

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In recent years, we expanded our operations worldwide. We generate revenue from an increasing number of developed and emerging consumer markets across the continents, including Europe, North America, Latin America, and Africa. The expanded global reach of our business allows us to diversify our revenue sources and mitigate any potential operational risks in the global markets that are affected by increasing uncertainty in the global economy.

#### Proven product development capability that offers quality products tailored to evolving consumer demands
Since our inception, we have been focusing on supplying quality products under our proprietary AIGOSTAR<sup>®</sup> and nobleza<sup>®</sup> brands. We strive to differentiate our products and enhance our brand recognition by offering products designed to address pressing and nuanced consumer demands.

*Efficient product design capability that enhances consumer loyalty*

Each year, we are able to generate recurring revenue from certain core products as well as additional revenue from new products we successfully offered to the market.

We regularly adjust our product portfolio by removing obsolete products, upgrading selected existing products and adding new products based on our market research of consumer demands as well as prevailing industrial and market standards. The design cycle of our new products from proof-of-concept to commercial production is usually less than six months. As a result, in the last two years we were able to maintain a product portfolio that consisted of approximately 20% new products offered to the market in the respective year.

We have been strategically investing in our R&D capacity and building a highly efficient in-house product design team. As of December 31, 2024, we owned more than 965 product-related patents, including more than 649 design and utility patents in the Europe, approximately 157 design and utility patents in the United Kingdom and about 159 design and utility patents in the PRC, 70% of which we developed independently. Our local sales team has in-depth knowledge of the evolving consumer demands and is in constant communication with our in-house product design team, which in turn is capable of quickly producing new product designs and meet applicable local industrial standards and market convention while specifically addressing such demands.

Our product design capability and efficiency enables us to be innovative and flexible in rolling out new products. Starting from 2022, we procured certain bespoke product orders prior to the manufacturing of such products. We were generally able to fulfill the orders with our regularly iterative products with year-round production such as light bulbs and electrical adapters within two to three months. For technically sophisticated new products, we were able to fulfill orders within eight months. For example, we designed a series of Christmas lighting products in 2022, for which we managed to secure pre-orders in Spain and Italy alone for an aggregate sales amount of over €5 million in our presale event from December 24, 2022 to March 26, 2023, substantially all of which were fulfilled in the fourth quarter of 2023. In 2023, we further expanded and diversified our Christmas lighting product offerings, including smart lighting products, and in our presale event from December 4, 2023 to March 20, 2024, we secured pre-orders for an aggregate sales amount of over €12 million. In addition, after extensive market research and analysis we believe solar-power lighting products is a niche/sub-market with significant growth potential. Our research on adaptation of solar power source to various lighting products help us develop diversified solar-power lighting products in a cost-effective manner. Pre-orders of our solar-power lighting products amounted to around €2.3 million in 2023, the majority of which were generated from newly-developed products.

*Positive outlook for our IoT strategy that generates synergies between existing and new products*

We have been making significant investment in the R&D of IoT products for over four years and we believe we are now well-positioned to start commercializing our investment. Our major product lines, namely, lighting products, electrical products, pet products and household appliances, are synergistic with each other and form a natural ecosystem under our integrated IoT product portfolio strategy. Lighting products are one of the first product lines that utilized IoT integration, and as of December 31, 2024, we had over 300 IoT-ready lighting products, which can be used in combination with our IoT-ready outdoor security cameras to increase effectiveness on home security. Consistent with our strategy to promote pet product line, we have recently designed a series of pet products that are integrable with our IoT interface, including smart pet feeders, watering machines, litterboxes and aquariums, which can also be used in combination with our IoT-ready indoor and outdoor security cameras to achieve fine-tuned feeding schedule.

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*Quality products under trusted brand names among industrial customers and individual consumers*

Brand recognition and sales channel of our existing products enable us to quickly and effectively commercialize our new product offerings.

We having been making consistent investment in brand building in recent years, including approximately €0.45 million, €0.35 million and €0.27 million for advertising expenses in 2022, 2023 and 2024, respectively. We believe consumer value our brand and product quality as they make repeated purchase of our product.

Our brand names are also being increasingly recognized by market participants. In 2024, over 10,000 local stores which sell our lighting products also opted to pick up our pet products for sales. As of December 31, 2024, 98% of our offline customers sold more than one category of our products. In 2023, international franchises such as Costco and European franchises such as Tigota and Unifersa started to sell our branded products as well, which we believe is an indication of the increase of our brand recognition and the acknowledgement of our product quality.

#### Deep-penetrating and multi-layered sales network across multiple continents with balanced revenue generating capacity through both local stores and online channels
*Well-balanced revenue generating capacity*

Through over a decade of operation and strategic growth in Europe, we have established a deep-penetrating and multi-layered sales network in local stores, which we believe serves as a significant entry barrier to competitors. In addition, we are quickly ratcheting up our online presence which complements our local sale network. Offline and online sales can each target its respective core customers of different age groups or spending habits, while create synergy in terms of brand exposure and product experience. As a result, we possess well-balanced revenue-generating capacity which enables us to maintain healthy cash flow and achieve growth in the relatively challenging market conditions in recent years. In 2023, we generated 50.8% and 48.3% of our aggregate revenue from offline customers and online sales; and in 2024, 55.8% and 43.5% from offline and online channels, respectively. Conversely, according to the industry report, multi-channel distribution, encompassing both online and offline channels, is gaining increasing importance in Southern Europe for lighting products; whereas in the household appliances industry, community store channel enjoys certain advantages due to people's habit of consuming in offline stores in Southern Europe. As such, our balanced revenue sources are consistent with the spending habit of the local consumers and allows us to synchronize our growth pace with the overall market development.

*Deep-penetrating and multi-layered sales network in local stores*

Our sales team has procured over 10,000 local customers in Europe which carry and sell our branded products. These local stores include community convenient stores as well as larger-scale franchise stores. Independent local stores allow us to achieve deep penetration in communities and reach local consumers, many of whom still retain the habit of purchasing consumptive products at community stores. Conversely, collaboration with franchise stores elevates the exposure of our brand and enables us to quickly expand our consumer reach. We have collaborated with local stores covering all of the 20 administrative regions in Italy, and all of the 50 provinces in Spain.

Through our local sales team, we strive to form long-term strategic collaboration with local stores to promote and sell our branded products, by offering them integrated store management and advertisement solutions, which once adopted, can benefit not only the sales of our products but the stores' sales in general. In the course of five years, we systematically cooperated with over 4,000 stores to renovate overall store décor pursuant to our design instruction to improve their operational efficiency and consumer appeal, in turn many of such local stores set up sales areas that are dedicated to showcase our branded products. These "store-within-store" often feature our standardized décor that displays our brands prominently, which we believe is easily recognizable and help enhance our brand exposure. In addition to demonstrate the wide variety of our product offerings, such store-within-store is particularly effective in showcasing our tailor-made or in-house designed new products, the unique features of which can be viewed and tested first-handed by consumers, which we believe further enhance chance of repeated purchases.

We established cooperation relationship with major franchises in Europe, including Costco and Unifersa, as they value our product quality. As of December 31, 2024, stores from 207 franchises carried our products for sale and three new franchise customers started to place orders with us in 2025.

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*Fast growing online sales channels*

We leverage our extensive local presence and in-depth local knowledge to quickly grow our online sales. We operate online stores in over 20 major global e-commerce platforms. We are capable of fulfilling online orders made on third-party e-commerce platform from the eleven and one local warehouses we operate in Europe (including United Kingdom) and China, respectively, which offers us important advantages in logistics. For customers located in downtown areas, we can make next-day delivery directly from our warehouse, which can be both time- and cost-efficient compared with having to make delivery through the third-party platform's own warehouses. Our local sales team designs targeted online advertisement placement in Europe and procures local KOLs for promotion activities.

As a result, we were able to quickly grow our online sales. The number of our online customers increased from approximately 2.9 million in 2023 to 3.4 million in 2024. In each of 2023 and 2024, we had over two million active online customers, who made at least over two million purchases of our products, with an ARPU of €27.2 and €26.1 in the same years.

#### Capability for expeditious response and strategic adjustment on a global scale
Our capability to operate on a global scale enables us to dynamically adjust to market demand and improve customer services. We have been making consistent investment in selected global markets to establish local operation teams, warehouses and logistics. Our local sales team can quickly respond to customer demand and design solutions based on the particular local jurisdiction rules and regulations as well as customer preferences.

Our customer service team is also critical to our success in terms of customer procurement and brand building. Our customer service team provides various services to our customers around the global market, including order process, refund and technical support. We train our customer service team to respond to varied customer needs. In addition, our customer service team closely collaborate with our local sales team to ensure prompt response to customers and endeavor to provide solution to their questions and concerns.

#### Proprietary IT system with high integration of supply chain management, warehousing, sales and logistics that empower our replicable business model
We were able to meet the myriad and complicated challenges posed by multi-continent operations partly because of the robust proprietary IT system we invested and developed over the years. Currently we source over 9,000 SKUs from suppliers in China, distribute such products through international shipping to twelve warehouses we operate globally, and deliver product orders to local stores or online customers. Operations on this level of complexity requires an IT system that can handle the particular intricacies of the relevant logistic issues and inventory management requirements. For example, our IT system is capable of real-time connectivity and information sharing throughout our different subsidiaries in various continents we operate. Our big-data platform enables our management to monitor and analyze the complicated sets of operational data that is particular to multi-continent operations and help them make quick and appropriate business decisions. In addition, our IT system monitors inventory levels across our warehouses, and is capable of correlating product orders on real-time basis and making forecast of inventory fluctuation, which increases our operational efficiency and reduces cost. We also established an aggregation e-commerce platform to interface and manage our online stores on all third-party platforms, as well as collecting users' behavior and purchase data.

Our IT system supports the value-added services we provide to both down-stream suppliers and certain up-stream local store customers. We offer our IT system to our distributors and local stores, which help them improve their price and inventory management and in turn their operational efficiency.

As a solid foundation and an important step towards our integrated IoT product portfolio strategy, we have developed a software platform, AigoSmart App, that serves the trinity functions of IoT command center, user community and IoT product online store. Users of our IoT products can purchase, control and share their feedbacks and experiences conveniently within this integrated app.

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#### Visionary management team with extensive industry know-how and long-term commitment
Our abilities to establish our market entry barrier in Southern Europe and steadily increase our global footprint are attributable in a large part to our visionary management team, which designed and successfully implemented our growth strategies ever since we commenced our operation in Europe in 2011.

Our founder, Mr. Fufei Lin, possesses extensive business experience and industry know-how, which proved invaluable to our sustained growth over the years. In over a decade, Mr. Lin and the senior management team spearheaded the fulfilment of our business mantra, which is growth of brand name through product quality and innovation. In 2012 and 2015, Mr. Lin and the senior management team successfully executed their decision to enter into the lighting product business and the pet product business sectors, respectively, by leveraging our existing experience in product design and sales and marketing in Europe. Mr. Lin and the senior management team also made the critical decision in 2019 to develop IoT related products as our next growth strategy and quickly assembled a R&D team, with a significant portion consisted of experienced software and hardware engineers.

In addition, we have sales team in various European countries that consist of both PRC background staff and local residents with in-depth local knowledge and business connection, which we believe is a core competitive strength of our company. The head of our e-commerce department, Mr. Yindi Pang, has been living in Europe for over 20 years and served in our Company for almost 10 years, which is instrumental in leading the development of our e-commerce business from scratch.

Furthermore, as of December 31, 2024, we had a R&D team of 115 employees, which accounted for about 17% of our total employees. The majority of our R&D team had bachelor's degrees in the PRC. In addition, a significant portion of our R&D team members have over 10 years of working experience, which proved invaluable to our R&D undertakings and commercialization.

#### OUR STRATEGIES

#### Enhanced focus and investment in IoT product offerings
An integrated portfolio of IoT-ready products is a key strategy of ours going forward. We believe we have already made a successful initial entry into the IoT market and our goal for the next phase of business development is to expand our market shares by quickly and efficiently expanding and diversifying our offerings of IoT-ready products to our existing and new customers. Our products eligible for the intelligent upgrade plan include smart lighting products (including home lighting and outdoor lighting), smart kitchen appliances and cleaning appliances, smart security devices such as cameras and doorbells, and smart pet products such as pet feeders. We plan to invest about 20 million RMB (excluding HR expenses) to the IoT upgrading of such products, including fees for equipment and molds, and fees on research and development. We aim to complete the intelligent upgrading of these products within the next two to three years.

Our R&D on IoT will have the dual focus of adding IoT capacity to selected existing products and developing new IoT products that complement our current product offerings. We plan to achieve such goals through proprietary R&D efforts as well as cooperation with industrial peers and research institutions.

In addition to product renovation, we plan to continue to develop and enhance our related hardware capacity and software user experience, including our APP that interfaces and controls our IoT products. We also seek to develop our own IoT platform, and have conducted preliminary technical research in cooperation with three professional research firms. We plan to complete the development and implementation of our proprietary IoT platform within two to three years.

#### Continue to optimize and expand our sales network
We plan to further leverage the synergy between our online and offline sales network to expand our customer reach in the various geographic markets we operate. We also plan to further tailor our marketing and branding activities for each major market we operate.

In our offline operations, we are committed to further deepen our local penetration in the community store markets by forming strategic relationship with such stores. At the same time, we plan to seek opportunities to increase sales to and cooperation with European franchises.

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Conversely, we plan to increase our collaborations with local KOLs to continue to enhance our brand exposure and online sales revenue. We plan to provide broader access to our websites, including offering other languages on our websites.

#### Commitment to product renovation and offerings based on local customer needs
We plan to further deepen our understanding of different lifestyle and consumer preferences in the various geographic markets we operate. Our R&D efforts will be based on our understandings of current and anticipated consumer needs to achieve organic and consumer-oriented growth of our product portfolio. By leveraging the local knowledge of our local sales teams and the technology know-how of our R&D team, we plan to continue to research and develop more market-specific product offerings. As such, we plan to further improve our internal control and management to promote collaboration among our local sales teams, customer service team and R&D team.

#### Further prudent expansion into global markets
As an immediate operational goal, we aim to deepen our footprint in the selected geographic markets we recently entered into, including but not limited to Africa and North America. We seek to replicate our successful experience in our operational expansion in Europe by building and relying on local sales teams to procure industrial customers and enhance brand recognition.

We believe we can leverage our success in European markets in our expansion in developed markets such as the North America. Conversely, we believe we could achieve first-mover advantage in certain local markets where IoT is yet to develop into a widely-accepted consumer habit. Our experience in forming strategic relationship with local community stores could help educate local consumers on IoT life-style and give them first-time exposure of IoT products we offer.

#### OUR BUSINESS
We primarily offer consumers lifestyle products through our various sales channels, with a particular focus on four main product categories: (i) lighting products; (ii) electrical products; (iii) household appliances; and (iv) pet products. We have three proprietary brands, namely, AIGOSTAR<sup>®</sup>, nobleza<sup>®</sup> and Taylor Swoden<sup>®</sup>.

IoT products are one of our strategic focuses. As of December 31, 2024, we had over 400 IoT-integrated products.

#### Our Products
The table below sets forth the revenue contribution by each of our key product lines as well as our IoT-integrated products:

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| | | | | |
|:---|:---|:---|:---|:---|
|  **Product Categories** | **For the <br>Year Ended <br>December 31, 2023** | **For the <br>Year Ended <br>December 31, 2023** | **For the <br>Year Ended <br>December 31, 2024** | **For the <br>Year Ended <br>December 31, 2024** |
|  | **EUR** | **%** | **EUR** | **%** |
|  | **(in thousands, except percentages)** | **(in thousands, except percentages)** | **(in thousands, except percentages)** | **(in thousands, except percentages)** |
|  **Lighting Products** | 44176 | 29.2 | 55319 | 31.1 |
|  **Electrical Products** | 21343 | 14.1 | 24628 | 13.9 |
|  **Household Appliances** | 43182 | 28.6 | 51162 | 28.8 |
|  **Pet Products** | 36477 | 24.1 | 40679 | 22.9 |
|  **IoT Products** | 4740 | 3.1 | 4702 | 2.6 |
|  **Rental Income and Others** | 1276 | 0.8 | 1286 | 0.7 |
|  **Total** | **151194** | **100.0** | **177776** | **100.0** |

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*Lighting Products*

We offer a wide variety of lighting products, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• basic lighting, such as lamp beads, LED strip lights, light tubes and bulbs;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• home lighting, such as strip light, ceiling fan with lights, LED furniture cabinet lights, kitchen lights, indoor wall lights, night lights, pendant lights, table lamps and ceiling lights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• commercial lighting, such as LED light bars, ring lights, batten/track/down/panel/high bay/tri-proof lights and LED party lights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• outdoor lighting, such as submersible lights, solar lights, solar light strips and LED flood lights; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• tools lighting, such as head lamps, camping lights and torches.

*Electrical products*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• household products, such as switches, removable sockets & plugs, adaptors, low voltage electrical products,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• electrical accessories, such as conduits and trunkings, electrical tapes, cable pullers, spiral wrapping bands and nylon cable ties; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other electrical products, such as cameras, ventilation fans, junction boxes, digital multimeters, terminal blocks, sensors, timing sockets, batteries and doorbells.

![](timage_001.jpg)

*Household Appliances*

Our household appliances include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• personal-care appliances, such as hair trimmer series and hair dryers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• home appliances, such as air humidifiers, aroma diffusers, portable air conditioners, electric fans and heaters; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• kitchen appliances, such as water dispensers, kitchen utensils & gadgets, coffee makers, waffle makers, electric kettles, toasters and air fryers.

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*Pet Products*

Our pet products include food, toys, cleaning supplies, houses, furniture, outdoor equipment, health supplies, training supplies and accessories. We offer pet products for a wide variety of pets, including dogs, cats, aquarium animals, small animals (such as rabbits, hamsters), birds, and horses.

![](timage_002.jpg)

Within the four categories of products, we have established a product portfolio of diversified types and levels to effectively serve the varying demands of consumers. One of the key factors to strengthen our competitiveness is our capability to effectively upgrade existing products and add new products based on our market research of consumer demands. In 2023 and 2024 we were able to maintain a product portfolio that consisted of approximately 20% new products offered to the market in the respective year. At the same time, through our research and development capabilities, we are able to manufacture our IoT products to scale.

#### IoT Development
Since 2019, we have been implementing transitions from the utilization of intelligent technologies in specific product categories (such as lighting, electrical products, and household appliances) to creating an eco-system where all smart products are interconnected. From 2019 to 2023, our IoT development has evolved through three product generations, starting with single Wi-Fi products, to Wi-Fi + Bluetooth, and finally Bluetooth MESH. We have been a pioneer in utilizing Bluetooth MESH technology for mass production, with hundreds of SKUs already incorporating this advanced technology. In 2023 and 2024, our total revenue generated from IoT products were approximately €4.74 million and €4.65 million, accounting for 3.1% and 2.6% of our total revenue of the same years, respectively.

Our IoT development is also driven by particular consumer needs in everyday scenarios. A typical example is our smart pet feeder with a built-in camera. To meet the remote feeding and monitoring needs of pet owners, we provide this intelligent pet feeder with functions such as remote scheduled feeding, adjustment of the monitoring angle of the camera, visible-sight during the night, food shortage reminder, privacy mode (timing switch-off camera) and other practical functions. Our wall sconce with integrated IoT technology also features a built-in camera, which can send automatic alerts to our IoT app for both lighting and security purposes. Our products eligible for the intelligent upgrade plan include smart lighting products (including home lighting and outdoor lighting), smart kitchen appliances and cleaning appliances, smart security devices such as cameras and doorbells, and smart pet products such as pet feeders. We plan to invest about 20 million RMB to the IoT upgrading of such products, including fees for equipment and molds, and fees on research and development. We aim to complete the intelligent upgrading of these products within the next two to three years.

We currently use a third-party open public cloud platform for our IoT integration. This platform is scalable and accessible to developers and businesses for the integration of their IoT devices and applications, and is considered one of the most widely-used public cloud services in China. We have entered into a Cooperation Framework Agreement with this third-party service provider. Our agreement provides that the third-party cloud platform provides IoT device connecting services for us, as well as necessary support and guidance for purpose of using such services. Please see "Risk Factors — Risks Related to Our Business and Industry — Our business in IoT-integrated products utilizes cloud services provided by third party, and is still in the development phase. If we are unable to maintain our relationship with cloud service provider or manage our expansion of IoT products successfully, our business, financial condition and results of operations may be materially and adversely affected." We are also actively seeking to develop our own IoT platform, and have conducted preliminary technical research in cooperation with three professional research firms. We aim to complete the development and implementation of our proprietary IoT platform within two to three years.

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#### Our Brands
AIGOSTAR

AIGOSTAR has dedicated its efforts to developing lighting products, electrical products and household appliances. In 2014, we introduced AIGOSTAR brand featuring lighting products (especially LED home lighting and commercial lighting) and electrical products, marking our entry into the traditional department store supplies industry. Since 2014, we successively registered the trademark in 14 countries. In 2015, we entered into the household appliance market with the AIGOSTAR brand. In 2019, we worked towards upgrading our AIGOSTAR products and transitioning them into intelligent solutions.

As of December 31, 2024, we provided our customers with more than 7,000 SKUs under the AIGOSTAR brand.

nobleza

Our second largest core proprietary brand is nobleza. Established in Europe in 2015, this brand specializes in pet products. As a pet brand for global O2O-integrated service, nobleza's sales network covers 18 countries across several continents, including Spain, Italy, Poland, the Netherlands, Portugal, Germany, France, Denmark, Sweden, the United States, and the United Kingdom. Revenue generated from pet products with the nobleza brand increased by 11.6% in 2024 compared to 2023. In 2023 and 2024, nobleza accounted for approximately 24% and 23% of our total revenue, respectively. In 2024, online channels accounted for 40% of this brand's revenue, while the majority of its offline sales were concentrated mainly in the Southern, Northern and Eastern European markets, with cooperation with more than 10,000 community stores customers and supermarkets. As of December 31, 2024, nobleza provided our customers with more than 3,000 SKUs.

Taylor Swoden

Tailor Swoden<sup>®</sup> exclusively caters to our online e-commerce platform sales, with products offering focusing on household appliances. These products are not available through any other channels.

#### OUR MANUFACTURERS
We procure our products from third-party original design manufacturers (ODMs), or original equipment manufacturers (OEMs). In 2023 and 2024, approximately 90% of our products were produced by Chinese manufacturers, while approximately 10% of our products were produced by manufacturers in India, Spain, and Italy. Our agreements with manufacturers and suppliers generally include description of products, quantum, price per unit, total amount, payment terms, specification of standard, packaging requirements, and port of destination. Typically, our agreements with suppliers provide for us to pay within a certain period after the products are loaded.

#### Our Relationship with OEM/ODM Suppliers
OEM/ODM Approaches

We source a wide range of products from different ODM and OEM suppliers.

Under the OEM approach, the products are wholly or partially researched, developed and designed by us, and then manufactured by our OEM suppliers using our brands. We generally adopt the OEM approach for our core strategic products, products with strong competitive edges, most of our IoT products and products that have customized functions, such as our air fryer, smart cat litter box and IoT-integrated household appliances. Our R&D team will develop the products with tailor-made designs to meet particular customers' special needs. Depending on our R&D process and from time to time with the suppliers' participation, the normal development period of a product is from seven to 11 months for OEM products and generally no more than six months for ODM products. On the other hand, we typically outsource normal or technically less challenging products, such as lightbulbs and electric wires, to our ODM manufacturers, who provide both design and manufacturing services.

The development mode of ODM or OEM is guided by our annual development plan and determined according to the particularities of specific products. For information about our research and development strategy, see "Business — Research and Development."

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#### Advantages of Our OEM/ ODM Approaches
We utilize asset-light strategies in our OEM/ODM production supply chain. Our businesses can operate without the burden of owning and maintaining large assets like factories and production equipment, which improves the flexibility of our operation and our focus on sales business. These approaches allow us to dedicate more funds and effort towards product research, development, design, sales channel expansion, and enhancing our competitive edge in these crucial areas of our operation.

More than 90% of our purchases are sourced from China and, based on our product scale, we make effort to obtain relatively favorable prices from Chinese suppliers than suppliers in the target markets, thereby enabling us to continue to benefit from our overall cost advantage.

#### PRICING
In general, we aim to set our products at competitive prices. Our strengths in pricing benefit from our diversified and cost-effective suppliers within China. Through partnerships with multiple Chinese OEM/ODM companies, we endeavor to leverage our high purchase volume to secure these products at competitive prices. In addition, our sales department will perform monthly price evaluations on our products that have already been sold internationally. Depending on market shifts and fluctuations in raw material prices, we may negotiate with our suppliers for price reduction.

#### Our Customers and Sales Channels
During the past several years, we expanded our overseas business and sold our products to various countries and regions around the world, including Spain, Italy, the Netherlands, Poland, Germany, the United Kingdom, France, the United States, Greece, Cyprus, Romania, Denmark, Sweden, Norway, Latvia, Slovakia, Ghana, Mexico, Guatemala Ville, Serbia, Ukraine, Croatia, Paraguay, Saudi Arabia, Mauritius, Cape Verde, and Belgium. The majority of our sales were generated from Southern Europe. For example, in 2023 over 31.5% and 28.9% of our revenue from Spain and Italy, and in 2024, about 35.1% and 25.4% of our revenue was generated from these two countries.

Our sales channels in Europe, North America, South America and Africa are illustrated below:

![](timage_003.jpg)

Through years of accumulation and in-depth layout of our comprehensive sales network, in 2024 we reached more than 10,000 active offline customers, including community stores, large chain supermarkets, distributors, professional procurements, as well as our online channels including online e-commerce platforms and our

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proprietary AigoSmart App, forming a multi-layered market network that provides comprehensive coverage of our intended customers. The integration and synergy of online and offline sales channels helps driving our sales and expanding our brand influence in these markets.

In 2023 we generated 50.8% and 48.3% of our aggregate revenue from offline customers and online sales, respectively. In 2024, 55.8% and 43.5% from offline and online channels, respectively. The table below sets forth the revenue contribution of each type of customers from different sales channels:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Customer Categories** | **For the <br>Year Ended<br>December 31, 2023** | **For the <br>Year Ended<br>December 31, 2023** | **For the <br>Year Ended <br>December 31, 2024** | **For the <br>Year Ended <br>December 31, 2024** |
|  | **EUR** | **%** | **EUR** | **%** |
|  | **(in thousands, except percentages)** | **(in thousands, except percentages)** | **(in thousands, except percentages)** | **(in thousands, except percentages)** |
|  **Offline Customers**<sup>(1)</sup> | 76859 | 50.8 | 99122 | 55.8 |
|  **Online Customers**<sup>(2)</sup> | 73059 | 48.3 | 77368 | 43.5 |
|  Rental Income and Others | 1276 | 0.9 | 1286 | 0.7 |
|  **Total Income** | **151194** | **100.0** | **177776** | **100.0** |

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____________

*Notes:*

(1) Including community stores, shopping malls, supermarkets, distributors, and construction project partners, and including orders placed by offline customers via proprietary apps designed specifically for offline order placement.

(2) Including customers placing orders via third-party E-commerce platforms and our proprietary AigoSmart APP.

#### Offline Channels
*Community Stores*

We generate the majority of our offline sales revenue from community store customers. In 2023 and 2024, we had 9,878 and 10,244 community store customers, respectively. Our community store customers are mainly located in Southern European countries, among which approximately 7,500 community store customers were located in Spain and Italy in 2023, and the number of community store customers was further increased to over 10,000 in 2024.

The revenue from community stores in Spain and Italy accounted for approximately 50% of the total revenue of the respective countries in 2024. Revenue generated from community stores in Spain and Italy, in turn, represented over 95% of our total revenue from community store customers in 2024.

Shopping at local community stores is a popular way for residents to buy everyday items and is closely tied to local life, culture, and spending habits. Our local community store customers can cater to such consumption needs of local residents within the community. Our local store customers can be well acquainted with the lifestyle, culture and behaviors of local end consumers, enabling them to easily identify consumer needs and recommend appropriate products. Community stores' access to local population and word-of-mouth recommendation allow us to achieve deep penetration at the community level. By receiving end consumers' feedback at community stores, we can gain better and prompt understanding of their needs and adjust our product portfolio by replacing obsolete products, upgrading selected existing products and adding new products.

*Shopping Malls & Supermarkets*

Our products are also available at various supermarkets, ranging from large comprehensive ones to specialized building-materials supermarkets. We also assist certain supermarkets in setting up displays and layouts of our branded products. In 2023, we had more than 800 shopping mall and supermarket customers worldwide, with a concentration in European countries, and the number of our shopping mall and supermarket customers increased to approximately 1,500 in 2024.

In Poland, the supermarkets with whom we cooperate are mainly integrated supermarkets (including well-known global supermarket chains such as Carrefour and Dino, as well as local supermarket chains). In Italy and Spain, the supermarkets with whom we cooperate are mainly specialized supermarkets and stores, including specialized supermarkets for construction materials, household appliance stores, and stores for specific categories (for example, pet products only). Collaboration with shopping malls and supermarkets (particularly some large franchise stores) elevates the exposure of our brand and enable us to quickly expand our local consumer reach.

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As disclosed in this prospectus, Arteconfort became our wholly-owned subsidiary following the completion of its acquisition transaction on January 1, 2025. Arteconfort is a company engaged in the sale of household appliances and lighting products, and has been operating in Europe for nine years. It has established strong distributional channels in large-scale supermarkets. Arteconfort is seeking to bolster its product research and development capabilities. We believe the acquisition of Arteconfort would potentially enhance our product distribution efficiency and customer reach in Europe, and be beneficial to both parties.

*Distributors*

In 2023 and 2024, we had over 400 distributor customers, which were mainly located in Central and Eastern Europe, South America, and Africa. From 2021 to 2023, we expanded our distributor business in countries and regions other than Europe, accelerating the globalization of our two core brands, AIGOSTAR and nobleza.

Our IT system supports the value-added services we provide to up-stream distributor customers. We offer our distributors access to our IT system, which helps them improve their inventory management and operational efficiency. For instance, we set up the warehousing system and cashier system of our distributor customers in Mexico. As part of our services, we plan to devise other systems to help with their internal management and sales processes. Our customer interaction and information management platforms can enable distributor customers to conveniently handle the orders placed by their own customers.

We continue cultivating and supporting distributor customers. Our distributor customers can receive personalized service, including assistance with product selection, preparation, logistics, and after-sales support. In the event of any after-sales issues, our product center and R&D center are readily available to offer assistance. Our team in the IT department can also provide technical support to customers who encounter problems. Our sales team can assist customers to determine the sales volume, formulate a reasonable corresponding purchasing plan and arrange production based on such plan. We also share our information of inventory of physical products with our customers periodically.

*Construction Project Partners*

Our construction project partners primarily consist of construction team and engineering company. The main products purchased by these customers are usually lighting products and electrical products. In 2023, we had approximately 50 construction project partner customers, which were mainly located in Poland and the Netherlands. In 2024, we had more than 200 construction project partner customers, which are mainly located in Poland, the Netherlands and Italy.

#### Online Channels
*Third-party E-commerce Platforms*

Third-party e-commerce platforms are our main customer source in online sales channels. We cooperate with and have entered into agreements with third-party e-commerce platforms including Amazon, Worten, Cdiscount, Allegro, among others. These online third-party platforms provide us with additional channels for the sale of our products and market intelligence to optimize our product offerings.

In Europe, Amazon.com is our most significant online sales channel, approximately 85% of the aggregate revenue from all of our online sales channels was generated from sales on Amazon.com. In 2024, our online stores at Amazon.com sold products to customers from approximately 15 countries including but not limited to Spain, Italy, France, Germany, Poland and the United States, marking an increase from 2023 when we had online customers from 12 countries.

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We have entered into Amazon Services Business Solutions Agreement ("Amazon Agreement"), the key terms of which include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• General Terms, including the enrollment process, service fee payment, term and termination clauses; specifically, the term and termination clause provides that the Amazon Agreement may be terminated at any time by us or Amazon, and that Amazon may terminate the Amazon Agreement if it determines that we have materially breached the agreement, or our account has been or may be used for deceptive or fraudulent or illegal activity, or our use of Amazon services could harm Amazon's interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Selling on Amazon Service Terms, which set forth the terms to sell products on Amazon, and provide for the process of product listing and order processing, returns and refunds, remittance of sale proceeds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fulfillment by Amazon Service Terms, which provide for the terms of the fulfillment services provided by Amazon;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Amazon Advertising Service Terms, which govern the use of Amazon's advertising services, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transaction Processing Service Terms, which govern the payment processing arrangement with Amazon.

Our primary focus for launching products on the e-commerce platforms is on high-specialty items, such as smart lighting, high unit price and individualized products, like small household appliances.

![](timage_004.jpg)

display of our products on Amazon with rating

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*Self-owned Online Platforms*

AigoSmart APP

We currently operate one sales app, namely, "AigoSmart App." AigoSmart App is our own online mall and sells products of our proprietary brands only. Products currently being sold on AigoSmart App include lighting products, electrical products, household appliances and pet products (including smart products), with more than 100 available products and SKUs.

In addition to product sales, we have also incorporated intelligent product terminal control and community features into AigoSmart App. In addition to shopping, the AigoSmart APP provides a space for customers to interact with other users and share their shopping experience, in order to foster a closer relationship between users and the platform.

![](timage_005.jpg)

Pages of our AigoSmart App

Proprietary Website

We currently operate three sales websites (*https://www.aigostarstore.com/, www.noblezashop.com, http://www.taylorswoden.com*, hereinafter referred to as "Store Websites"). Our Store Websites sell products of our self-owned brands only. Our Store Websites aims to reach our target end-consumers directly. Products currently being sold on the Store Websites include lighting products, electrical products, household appliances and pet products (including smart products).

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#### Sales and Marketing
We focus our marketing activities on building our brand reputation, increasing market awareness, and acquiring customers. Our marketing team consisted of staff from our product center, marketing department and sales department. Our marketing initiatives are primarily geared towards Southern Europe, but we also have a reach in northern and eastern European countries as well as certain south American and African countries. Our main marketing initiatives include:

#### Unique Branding Strategy Program
The core strategy of our branding initiatives is to form long-term cooperative relationships with our offline customers by helping them innovate their store management and operation model. In 2019, we launched Project Falcon, offering our customers an integrated sales solution that included store renovation and decoration, advertisement, and setting up sales areas that were dedicated to showcase our branded products. We systematically procure our customers to renovate or set up sales areas that are dedicated to showcase our branded products. These "store-within-a-store" often feature our standardized décor and enhance our brand exposure, and are also effective in showcasing our tailor-made or in-house designed new products, the unique features of which can be viewed and tested by consumers first-hand. We are able to form a team to specifically cater to the local stores' unique needs and offer prompt and efficient solutions. We also offer an online solution to our customers through which they can preview the overall 3D presentation of product displays in the stores, helping them design and organize their product displays.

As our long-term branding strategy, we launched "Project Falcon" to sell products in local community stores and other local channels which used to be distributed only through large-sale franchise stores. As of December 31, 2024, we have helped over 4,000 local stores in Europe for their renovation. We believe that Project Falcon's impact will further strengthen our offline sales in the future.

#### Branding and Endorsement
We employ comprehensive strategies for our branding and endorsement, primarily consisting of offline and online approaches.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Offline Branding and Endorsement*. Other than Project Falcon, we also employ traditional advertising measures such as billboards at mass transportation hubs, offering sponsorships for select events (such as European football club games), and inviting celebrities for endorsements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Online Branding and Endorsement*. Since our inception we have been emphasizing the value of online resources, especially social media, for brand promotion. We collaborated with KOLs for brand endorsements. Our self-operated platforms — such as our websites, AigoSmart App, WeChat official accounts and video accounts — also serve our online marketing campaigns. We also encourage supporters of our brands to form TELEGRAM and WhatsApp groups to learn about our upcoming products, and make recommendations for improvements. In addition, we maintain various official social media accounts to actively engage our supporters and users. As of December 31, 2024, our AIGOSTAR and nobleza brands had a total of approximately 3.76 million followers on our TikTok, Pinterest, Facebook, Instagram, LinkedIn, YouTube, and other popular social media accounts.

#### Marketing Events
We develop our marketing strategy tailored to our various product categories. For pet products, we participate in pet-themed profitable or charitable activities. For example, in 2023, we participated in Pet Marathon in Spain to increase the exposure and awareness of our pet brand Nobleza. For IoT-integrated household products, we host and invite existing and potential clients to product launching events. Our other marketing strategies include: participating in trade exhibitions, initiating marketing events such as raffle, gift sponsorship, and pre-sale events.

In addition, we take part in marketing events organized by third-party platforms. For example, we partner with third-party discount websites, such as deal.com, to promote our sales and discounts. We also employ Google's Search Engine Optimization and Search Engine Marketing.

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#### Order Fulfillment
We currently own or rent warehouses in China, Spain, Italy, Poland, France, the United Kingdom and Germany. The following table shows the size and growth of our warehouses in each country:

---

| | | |
|:---|:---|:---|
|  | **As of <br>December 31,** | **As of <br>December 31,** |
|  | **2023** | **2024** |
|  | **Area (m<sup>2</sup>)** | **Area (m<sup>2</sup>)** |
|  **China** | 3578 | 3578 |
|  **Spain** | 30189 | 30189 |
|  **Italy** | 18300 | 18300 |
|  **Netherlands** | 7000 | Nil |
|  **Poland** | 5965 | 5965 |
|  **Germany** | 3300 | 8756 |
|  **United States** | 1255 | 1255 |
|  **United Kingdom** | 1394 | 1394 |
|  **France** | 900 | 900 |
|  **Total** | **71881** | **70337** |

---

We own certain warehouses in Italy and the remaining warehouses we currently operate are leased facilities. We have ceased the leasing of the warehouses in the United States and the Netherlands since May 2025 and November 2024, respectively.

We have set up a dispatching mechanism between overseas warehouses to timely fulfill customer orders. Our supply chain center will monitor and analyze the sales volume and inventory level of each warehouse. This information enables us to make real-time inventory allocation across various warehouses to ensure each warehouse has the optimal amount of inventory.

We offer a wide range of delivery options to our customers. We work with global couriers for international deliveries as well as local couriers for deliveries in domestic countries where our orders are dispatched from local warehouses. For products ordered on Amazon, we also utilize FBA (fulfillment by Amazon), FBM (fulfillment by merchant) and SFP (seller fulfilled prime) delivery models provided by Amazon.

#### Quality Assurance
We are committed to maintaining satisfactory quality in our products. The quality assurance for our products typically ranges from one to three years, depending on the type of product. For example, most of our lighting, electrical products and household appliances come with a three-year quality assurance period.

We hold our suppliers accountable in case of product issues. We make batch claims to our suppliers if there is a 3% or higher defect rate in any product batch. In the case of sporadic customer complaints, we usually require our suppliers to provide replacements or deduct the corresponding amount from our payment to them.

#### Customer Service
We strive for the utmost satisfaction for our customers through our comprehensive quality assurance and return channels both online and offline. For our offline channels, except for seasonal products such as pet food, we generally provide a four-month return policy, granting local stores and distributors the privilege to return products and receive refund without having to provide any specific justification, as long as the wrappings remain intact. We believe a four-month period is reasonable for local stores and distributors to collect end consumer requests and make their own claims in an efficient way. For our online customers, we generally comply with third-party platforms' return policies.

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#### IT Solutions
Our proprietary IT system plays a crucial part in our efficient management of our global supplying, warehousing and distributing matrix. Since 2018, we have built a modularized and scalable technology infrastructure, allowing us to efficiently manage the complex intricacies of our operation, and adapt to various business scenarios such as distributing, retailing, franchising, and warehousing management.

The following describes the primary functionality of our various modules:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• BI big data platform, which extracts valuable operational data, displays data in visually comprehensible graphics, and thus enables us to efficiently analyze operational results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• warehouse management system, or WMS, which monitors inventory levels across our warehouses, correlates product orders on real-time basis, and makes forecast of inventory fluctuation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• supplier relationship management system, or SRM system, which helps with evaluation and management of our suppliers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ERP system, which serves as our unified management platform for our core operations, integrating with our WMS, SRM and other systems; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• OA system, which is capable of real-time connectivity and information sharing throughout our different offices and departments.

We have also established an aggregation e-commerce platform for interface with third-party platforms, providing features such as product listing, order management, and product profit tracking. As of the date of this prospectus, we have successfully integrated our platform with over 20 e-commerce platforms throughout Europe and the United States. Our IT solutions also include our proprietary websites and APPs. See "Business — Our Customers and Sales Channels — Online Channels — Self-owned Online Platforms."

Our IT systems enable us to provide value-added systematic solutions to our downstream suppliers and upstream local stores and distributors. For example, for distributors and local stores who were generally faced with the problem of mismatch between product turnover period and shelf life, the warehousing management function and the near-to-expiry monitoring function of our IT system helped to effectively manage inventory; for large-scale franchise stores, the "multi-addresses" management function of our IT system solved the complex payment problems caused by various subsidiary chain-stores.

As of December 31, 2024, we had 64 technology personnel covering software development, IT services and technology testing.

#### Data Privacy and Security
We believe data security is important to our business operation. We collect certain consumers' personal data from third-party platforms using APIs and our proprietary websites and APPs. Users must acknowledge the terms and conditions of the User Agreement and Privacy Policy before registering an account with our websites or APPS, pursuant to which they consent to our collection, use and disclosure of their data in compliance with applicable laws and regulations.

We use cloud servers with our data center located in Frankfurt, Germany to store our order data, including consumers' personal data. None of our customer data is transmitted between our group subsidiaries. To ensure data security and avoid data leakage, we limit access to our servers on a "need-to-know" basis by establishing stringent internal protocols under which access to sensitive information (such as personal information of our customers and employees) is granted only to a limited number of employees with strictly defined and layered access authority. We have also adopted a data encryption system intended to ensure secure storage and transmission of data, and to prevent any unauthorized access to use of our data.

#### Research and Development
We incurred €2.70 million and €2.70 million in research and development expenses in 2023 and 2024, accounting for approximately 1.79% and 1.52% of revenue of the same years, respectively.

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#### Market-driven Approach
We employ a market-driven approach to product development. Our annual product development process begins with market research in each key market, with our marketing staff visiting our major customers, collecting customer feedbacks, and observing and identifying new consuming habits, color preferences, market response to our exhibition initiatives. Based on our market research, we create a category-specific product development plan for each of our product lines, breaking down into development strategy, specific product design and requirements, projected quantities, and profit forecasts.

In accordance with our development plan, we conduct supplier evaluation and sample testing to verify potential suppliers' capability to produce the required products or modules to our standards. Our sales team and marketing team also contribute their valuable market insights to such evaluation and testing. Mass production will only commence once the suppliers and samples have passed our tests. Therefore, the creation and implementation of our annual R&D plan is the result of collaborative efforts of our R&D department, product center, and sales and marketing department.

We believe that our R&D process not only ensures that our products will be responsive to market demands, it also establishes a quality control standard as an integral part of the process. The quality control measures within our R&D procedure, including supplier assessment and prototype review, ensure that the products provided by suppliers meet our specifications and standards. We also inspect products upon their arrival at our warehouses and before they are delivered to our customers.

#### Our R&D Team
We have built a highly efficient in-house product design team dispersed across both product center department and research center department. As of December 31, 2024, we had a workforce of 115 employees at our R&D team, which is composed of our research center, product center, and IT center. Our strong R&D talent pool includes a large number of specialists covering various disciplines including lighting, electrics and software engineering.

#### Competition
The market for our products is intensely competitive. Our current potential competitors include both online retailers, as well as companies that primarily develop their sales through offline channels. Our competitors also vary by product category, as we operate across a diverse and growing range of product categories. Given the breadth of our product categories, we compete with several established, well-known brands and regionally-recognized brands such as EXTRASTAR on electrical products and lighting products, and Trixie on pet-related products. We may also in the future face competition from new entrants, consolidations of existing competitors or companies created through spin-offs of our larger competitors. For information in relation to the competitive challenges that we face, see "Risk Factors — Risks Related to Our Business and Industry — We participate in intensely competitive markets and we may not compete successfully against new and existing competitors, which may materially and adversely affect our results of operations."

We believe that our primary competitive advantages are our extensive global sales network, direct sourcing from cost competitive and flexible suppliers, outstanding R&D capability and adaptation to the swift-changing customer preferences and market needs. We may also consider to acquire certain competitors, especially competitors in northwestern Europe where we have yet to establish a strong presence, to further boost our performance.

#### Intellectual Property
We utilize a combination of trademarks, patents, trade secrets and confidentiality agreements with our employees to protect our proprietary intellectual property. We do not rely on third-party licenses of intellectual property for use in our business.

As of December 31, 2024, we had 192 trademarks registered in 14 countries and territories, including in China and the European Union, including "aigostar," "nobleza" and related trademarks. We had over 199 registered domain names across 43 countries and jurisdictions, including aigostar.com and noblezapet.com. In addition, we had more than 965 patents registered in various countries and jurisdictions, including China, the United Kingdom and the European Union.

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We have established a unique position of "IP Specialist" in our company who is in charge of registering and maintaining our intellectual properties globally, and our IT system has incorporated specific IP registration procedures. We also have adopted internal policies and guidelines to better protect our intellectual property rights.

In addition to the protection of our intellectual property, we are also focused on ensuring that our product offerings do not infringe the intellectual property of others. For example, the IP rights of our ODM products stay with our suppliers; and thus we conduct preliminary search in various countries' official websites to verify that these products do not infringe other parties' rights, and our contracts with suppliers provide that any infringement on third-party rights shall be defended by our suppliers and we are entitled to full indemnification in case we incur losses as a result of such third-party claims.

Despite our best efforts, however, we cannot be certain that third parties will not infringe or misappropriate our intellectual property rights and that products sold by us do not inadvertently infringe or misappropriate the intellectual property rights of others. For information in relation to the challenges we face protecting our intellectual property, see "Risk Factors — Risks Related to Our Business and Industry — We may not be able to prevent unauthorized use of our intellectual property, which could harm our business and competitive position." For information in relation to the challenges we face in relation to preventing our infringement of the intellectual property rights of others, see "Risk Factors — Risks Related to Our Business and Industry — Claims by third parties that we are infringing their intellectual property and other litigation may materially and adversely affect our business and prospects."

#### Employees
As of December 31, 2024, we had 660 employees globally. Our employees come from various countries in the world, serving our subsidiaries across nine countries, including Spain, the Netherlands, Poland, Germany, Italy, the United Kingdom, the United States, France, and the PRC (including mainland and Hong Kong). The following table sets forth the number of our employees by function as of December 31, 2024:

---

| | |
|:---|:---|
|  **Function** | **Number of <br>Employees** |
|  Research and Development | 115 |
|  Fulfillment | 72 |
|  Sales and Marketing | 167 |
|  General Administration | 52 |
|  Sales in countries other than the PRC | 254 |
|  **Total** | **660** |

---

We believe that we offer our employees competitive compensation packages and, as a result, we have generally been able to attract and retain qualified personnel and maintain a stable management team.

We generally enter into standard employment contracts with our employees, which contain standard non-compete provisions. Furthermore, we have entered into confidentiality agreements with our R&D staff and many of our key employees that aim to protect our intellectual property rights.

As required by PRC regulations, we participate in various employee social security plans that are organized by municipal and provincial governments, including pension, unemployment insurance, childbirth insurance, work-related injury insurance, medical insurance and housing fund. We are required under PRC law to make contributions to employee benefit plans at specified percentages of the salaries, bonuses and certain allowances of our employees, up to a maximum amount specified by the local government. The total amounts of contributions we made to the employee benefit plans in each of 2023 and 2024 were over €500,000. See "Risks Factors — Risks Related to Our Legal and Regulatory Environment — We may be subject to civil complaints and regulatory actions under certain laws and regulations relating to labor, social insurance and housing provident fund" on page 39.

We believe that we have a good working relationship with our employees and we have not experienced any significant labor disputes.

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#### Properties and Facilities
Currently, we own use rights with respect to one parcel of land in Fuzhou and the ownership with respect to the four-story industrial plants thereon of approximately 1,745.17 square meters for the term ending on June 28, 2057.

We own or lease warehouses in China, Spain, Italy, Poland, France, the United Kingdom, and Germany. For information about our warehouses, see "Business — Order Fulfillment."

#### Insurance
We took various commercial insurance policies to safeguard against risks and unexpected events. We took cargo transportation insurance, key-man insurance, major warehousing assets insurance, as well as product liability insurance for our Spanish subsidiary AIGOTECH ONSYNK SL. We provide social security insurance for our employees as required by PRC laws.

#### Legal and Administrative Proceedings
In 2023, two Italian local companies sued before the Court of Milan against our Italian and PRC subsidiaries, Italia Market S.r.l. and Fuzhou Aigostar, and our related party, Aigostar S.r.l., for alleged infringement of their intellectual property rights by three series of our Italian-style wall switches, namely, "AB Matix," "AB Living Lighting," and "AV Plana," even though we had registered trademarks for such products. The civil proceedings are pending court ruling as of the date of this prospectus.

In addition, the local Public Prosecutor's Office of Italy has filed charges against Mr. Shurong Chen, acting in his capacity as the legal representative of our Italian subsidiary, Italia Market S.r.l. for "introduction into the state and trade of products with false signs" and "receiving illegal goods," which are criminal proceeding under applicable local laws, in connection with the same product series.

According to the Italian legal counsel engaged in these proceedings, Moneta Bianchini Dieni Studio Legale Associato, if found guilty, Mr. Shurong Chen could be imprisoned from 1 to 4 years and fined of €3,500 to €35,000 for "introduction into the state and trade of products with false signs" and imprisoned from 2 to 8 years and fined of €516 to €10,329 for "receiving illegal goods." As further advised by the Italian legal counsel engaged in these proceedings, there should be no criminal liability for Italia Market S.r.l., Fuzhou Aigostar or Aigostar S.r.l. since the notice of conclusion of the preliminary investigations does not include the above mentioned companies among those accused. Based on the relevant facts of the proceeding, the Italian legal counsel engaged in these proceedings plans to challenge the charges based on both the absence of material elements for the offenses and the absence of willful misconduct.

The verdicts for these suits are still pending, and about 1.5 million light switch products are under temporary injunction by the court pending the outcome of the legal proceeding by relevant court. We have filed a defense brief pending the commencement of the trial for criminal proceeding.

Based on information available to us as of the date of this prospectus, we do not expect such legal proceedings to have material adverse effect on our commercial operation if resolved unfavorably to us. We may from time to time be subject to various legal or administrative claims and proceedings arising from the ordinary course of business. For the relevant risks, see "Risk Factors — Risks Related to Our Business and Industry — Claims by third parties that we are infringing their intellectual property and other litigation may materially and adversely affect our business and prospects" on page 18.

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#### REGULATION
This section sets forth a summary of the most significant laws, rules and regulations that affect our business activities in the PRC, Spain and Italy.

#### Regulatory Overview of Italy
*Regulations on Foreign Investment*

In Italy, the foreign direct investment rules are set forth in Law Decree No. 21 of March 2012, as amended and implemented. The rules grant the Italian government special power, also known as "Golden Power," to impose conditions on, or veto certain foreign investments in strategic sectors when such investments may jeopardize the national security or public interests. These sectors include defense and national security, broadband electronic telecommunication networks based on 5G technology, energy, transport, financial, credit and insurance, communications, and healthcare. Italy has also taken measures to improve the environment for foreign investors and increase capital from abroad. As foreign invested companies incorporated in Italy, the Italian subsidiaries shall comply with the provisions.

We are advised by our Italian legal counsel, Studio Legale Romeo, that as of the date of this prospectus, to the best of our Italian legal counsel's knowledge, our Italian subsidiaries are in compliance with these regulations in all material respects, and the business of the Italian subsidiaries does not fall into the above foreign investment restricted sectors.

*Regulations on Land and Real Properties*

According to the Civil Code, real estate in Italy can be transferred by contract concluded exclusively in writing, by public deed or private writing. Pursuant to Article 2699 of the Civil Code, the public deed must be entered into by a notary or other authorized public official. Article 2643 of the Civil Code provides that any act modifying the rights in rem on immovable property shall be made public through transcription in public registers. For any action conducted relating to the real estate and immovable property in Italy shall comply with the provisions.

We are advised by our Italian legal counsel that as of the date of this prospectus, to the best of our Italian legal counsel's knowledge, our Italian subsidiaries are in compliance with these regulations in all material respects.

*Regulations on Intellectual Properties*

Since the entry into force of the Treaty on the Functioning of the European Union, or the TFEU, in 2009, the EU has explicit competence in the field of intellectual property rights, understood as competences expressed clearly and accurately and unequivocally. In the EU, trademarks are protected by Regulation (EU) 2017/1001 on the European Union Trademark, which codified and replaced all previous CE regulations on EU trademarks. Council Regulation (CE) No. 6/2002, as amended, established a Community system for the protection of designs. Council Decision 2006/954/EC and Council Regulation (CE) No. 1891/2006 linked the Union design registration system to the WIPO International Industrial Design Registration System.

Typically, national judges must strive to interpret national law in compliance with their national Constitutions. In addition, they are under the obligation to interpret domestic laws in such manner so as not to breach EU and ECHR law obligations. This duty results from the principle of primacy of EU law over national law, and from the obligation of the High Contracting Parties to ensure that the Convention is implemented within the domestic legal order. According to the doctrine of consistent interpretation, a national judge has to choose among the different possible interpretations of a domestic norm one that does not lead to a conflict with EU norms or the ECHR.

In Italy, the main legislation governing IP includes the Industrial Property Code, Copyright Law, and related EU directives. According to the Industrial Property Code, trademarks and patents in Italy are registered with the Italian Patent and Trademark Office (the UIBM), which oversees the registration and maintenance of trademarks and patents. Trademarks are initially registered for a period of 10 years, which can be renewed for subsequent ten-year periods. Italy is a member of the European Union Intellectual Property Office (the EUIPO), allowing trademark owners to register their trademarks through the EU trademark system, providing protection in all EU member states. Patents in Italy are initially granted for 20 years from the filing date of the application. Patent holders must pay renewal fees to maintain their patents in force for successive years. In the absence of a renewal upon expiration, the registered trademarks and patents shall be revoked.

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If a third party infringes on the Italian subsidiaries' intellectual property rights, or the Italian subsidiaries are subject to claims that the Italian subsidiaries are infringing the intellectual property of others, it may lead to claims, charges, or judicial proceedings.

Except the legal proceedings with respect to our three Italian-style wall switch product series — AB Living Lighting, AB Matix and AV Plana, we are advised by our Italian legal counsel that as of the date of this prospectus, to the best of our Italian legal counsel's knowledge, our Italian subsidiaries are in compliance with these regulations in all material respects.

*Regulations on Employment*

There are various employment-related legal sources in Italy. The main legislative source is the Italian Constitution, which defines Italy as "a democratic Republic based on work." The Italian Constitution provides for the protection of work in all its forms and applications, remuneration proportionate to quantity and quality of work and working time, women having the same rights and for equal work, the same pay as workers, social assistance and maintenance for disabled persons, freedom of trade union organization, the right to strike, and freedom of private economic initiative or enterprise. In addition, workers' rights are also protected by Law No. 300/70, which is entitled "Rules on the protection of the freedom and dignity of workers, trade union freedom and trade union activity in the workplace and rules on placement." As employers in Italy, the Italian subsidiaries are required to comply with labor protection regulations. Violations of the Italian Constitution and Law No. 300/70 may result in monetary penalties that may reach tens of thousands of euros and also criminal penalties that, for example, in the area of occupational safety may reach imprisonment of up to ten years in the case of disasters and death of workers.

Law No. 604/66 regulates issues related to individual dismissal. According to Law No. 604/66, dismissal without just cause is prohibited. Employers bear the burden of proof that dismissal is for good and justified reason.

We are advised by our Italian legal counsel that as of the date of this prospectus, to the best of our Italian legal counsel's knowledge, the Italian subsidiaries are in compliance with these regulations in all material respects.

*Regulations on Taxation*

Corporate Income Tax

According to D.Lgs. 12 December 2003, n. 344, Italian companies are subject to corporate income tax, or the IRES. The IRES is calculated by applying a single tax rate (currently fixed at 24%) to income produced by companies. The payment is made through a down payment and balance mechanism.

Value-added Tax

According to DPR 633/72, Italian companies are subject to value-added tax, which is levied on the added value of goods sold or services provided. In Italy**,** the standard VAT rate is 22%. The VAT is paid on a monthly or quarterly basis.

*Regulations on Product Liability and Consumer Protection*

In Italy, Legislative Decree no. 206/2005 and subsequent amendments (the Consumer Code) regulate issues with respect to product liability and consumer protection. According to the Consumer Code, generally the manufacturer takes the responsibility for damage caused by defective products. The party that commercially distributes the product shall be also liable if it fails to inform the injured person of the identity and domicile of the manufacturer. For commercially selling the products in Italy, the Italian subsidiaries are required to adhere to the provisions.

In addition, warranty for defects of sold things is regulated by the Civil Code, which provides for the type of damage that is recoverable from a defective or unsafe product and the consumer status requirement of the person seeking compensation. There are also other legislations regulating the contractual liability and liability arising from general tort law for damage caused by defective products.

We are advised by our Italian legal counsel that as of the date of this prospectus, to the best of our Italian legal counsel's knowledge, the Italian subsidiaries are in compliance with these regulations in all material respects.

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*Regulations on Import and Export*

The Union Customs Code, or the CDU (in force since May 1, 2016), regulates all aspects of customs operations that take place in the European Union. In addition, in Italy, the Single Text of the Customs Law which pre-dates the CDU and regulates the sanctions also remains in force. Italy also requires certain precautions for international trade with products imported into and exported out of Italy, including the correct classification of products, the exact application of rules on preferential or non-preferential origin, the presence of certificates of origin, the completion of the DAU, and the regular CE certification of products placed on the European market.

For conducting the international trade business with products imported into and exported out of Italy, the Italian subsidiaries shall comply with the provisions, including completing the certain precaution procedures.

We are advised by our Italian legal counsel that as of the date of this prospectus, to the best of our Italian legal counsel's knowledge, the Italian subsidiaries are in compliance with these regulations in all material respects.

*Regulations on Shipping of Goods*

The Civil Code of Italy regulations the shipping of goods in Italy. According to the Civil Code, the relevant parties may agree on the terms and conditions of the shipping based on the freedom of contract.

We are advised by our Italian legal counsel that as of the date of this prospectus, to the best of our Italian legal counsel's knowledge, the Italian subsidiaries comply with the contractual agreements in all material respects.

#### Regulatory Overview of Spain
*Regulations on Foreign Investment*

According to the Spanish Act 19/2003 and most recently amended on July 4, 2023 by the Royal Decree 571/2023, foreign direct investments made by residents of countries outside of the EU or the European Free Trade Association (EFTA) are subject to administrative authorization before an investment can be made. Investments made by residents in EU or EFTA countries whose ultimate beneficial ownership corresponds to residents of non-EU and non-EFTA countries are also subject to prior authorization. Where the investment is made in certain strategic sectors, such as critical infrastructure, critical technology, essential supplies, media and sectors with sensitive personal information data, prior authorization also applies. According to the Spanish Act 19/2003, the Council of Ministers ultimately makes the decision on whether to grant the authorization.

As foreign invested companies incorporated in Spain, the Spanish subsidiaries shall comply with the provisions.

We are advised by our Spanish legal counsel, FAST AND RELIABLE ASESORES, S.L that as of the date of this prospectus, our Spanish subsidiaries have obtained all required authorizations and comply with these regulations.

*Regulations on Intellectual Properties*

In Spain, intellectual property rights are mainly regulated by the Intellectual Property Act enacted by Royal Legislative Decree 1/1996. Spain follows the "first-to-file" system, which means that the first person to apply for registration will obtain the relevant rights. According to Law 17/2001, trademark registration is valid for 10 years and can be renewed indefinitely for further ten-year periods. According to Law 24/2015, patents are granted for a period of 20 years from the date on which the application is filed, as long as an annual maintenance fee is duly paid. In the absence of a renewal upon expiration, the registered trademarks and patents shall be revoked. The Intellectual Property Registry is the administrative body which protects the intellectual property rights in Spain. Violation of these rules may have civil, commercial and other serious consequences.

*Regulations on Employment*

In Spain, employment contracts are generally regulated by Legislative Royal Decree 2/2015, of October 23, approving the Workers' Statute. According to the Workers' Statute, employment contracts in Spain shall include essential terms such as job duties, salary, working hours and duration. An employment contract may be terminated for a number of reasons such as mutual agreement, expiration of the contractual term, death or retirement of the employee, and so on.

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The employer is the person responsible for compliance with the obligations of affiliation, registration, deregistration and contribution of workers, in accordance with the General Law on Social Security (LGSS), regulated by Royal Legislative Decree 8/2015. Failure to comply with these obligations triggers the employer's liability. The economic sanctions can range from fines of EUR 70 in the case of minor sanctions, up to EUR225,018 in the case of serious sanctions.

Likewise, the worker has the right to effective protection against occupational risks, and the employer is responsible, in accordance with article 14.1 of the Law on the Prevention of Occupational Risks, for protection, which is specified in a general obligation of safety. Failure to comply with occupational health and safety obligations may give rise to liabilities of different nature (administrative, criminal and civil), in addition to liabilities linked to Social Security benefits.

Being employers in Spain, the Spanish subsidiaries are required to adhere to the provisions, any actions or omissions of the Spanish subsidiaries that are contrary to the legal and regulatory standards and normative clauses of collective agreements on labor relations, both individual and collective, placement, employment, vocational training, would be deemed as labor infringements. Infringements and sanctions in the social order are regulated by Royal Legislative Decree 5/2000, of 4 August, which approves the revised text of the Law on Infringements and Sanctions in the Social Order.

*Regulations on Taxation*

Corporate Income Tax

According to the Corporate Income Regulations, Spanish companies are subject to corporate income tax. The standard corporate income tax rate in Spain is 25%.

Value-added Tax

According to Spanish Law 37/1992, Spanish companies are subject to value-added tax, which is levied on the added value of goods sold or services provided. In Spain**,** the standard VAT rate is 21%.

*Regulations on Product Liability and Consumer Protection*

In Spain, Royal Legislative Decree 1/2007, approving the consolidated text of the General Law on the Protection of Consumers and Users and other complementary regulations, is the primary legislation regulating product liability. According to this Decree, generally the manufacturer or importer takes the responsibility for damage caused by defective products, provided that the product is intended for and is indeed used for private use or consumption. The party that commercially distributes the product shall also be liable if the manufacturer or importer cannot be identified.

Protection against risks that may affect health or safety is one of the basic rights of consumers. Therefore, goods or services placed on the market must be safe, that is, under normal or reasonably foreseeable conditions of use, they must not present any risk to the health or safety of people, or only minimal risks compatible with the use of the product and considered acceptable.

According to Royal Decree 1801/2003, both producers and distributors have the duty to place on the market and market only safe products. Understanding as a producer, the manufacturer if he is established in the European Union, or the one who stamps his name, brand or any other distinctive mark, the manufacturer's representative or other professionals in the marketing chain to the extent that their activities may affect the safety characteristics of the product.

Producers and distributors have a number of duties regarding the products they sell, including keeping themselves informed about the safety requirements of their products and taking appropriate action and informing the authorities, other economic operators and consumers when appropriate. Producers must withdraw unsafe products from the market or make the necessary corrections to avoid the risks, and even recover said products from consumers.

For selling the products in Spain, the Spanish subsidiaries shall comply with the provisions. Any failure to comply with the requirements, obligations or prohibitions established in ROYAL LEGISLATIVE DECREE 1/2007, of 16 November, approving the revised text of the General Law for the Defence of Consumers and Users or in provisions that develop it, will be considered a violation of consumer regulations and sanctioned in the terms provided for in the applicable regional legislation.

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*Regulations on Import and Export*

The Union Customs Code, or the CDU (in force since May 1, 2016), regulates all aspects of customs operations that take place in the European Union. The main authority which regulates customs procedures in Spain is the Tax Authority.

The possible consequences of sanctions that non-compliance with customs regulations may entail, especially in relation to the assignment of a customs destination after the deadline, as established in article 45 of the Union Customs Code, and in this matter, Law 58/2003, of December 17, General Tax Law, is applicable.

Although it is true that traditionally customs has not been sanctioning behaviors that are classified as an infraction in the aforementioned regulations, this is not an obstacle for it to do so and consequently sanction, in accordance with the law, what it previously left unpunished.

The Spanish subsidiaries shall comply with the provisions, including the requirement for submitting declarations and documents related to customs formalities on time and other conditions required by the competent authorities. The sanction for not submitting declarations and documents related to customs formalities on time, when they do not determine the birth of a customs debt, will consist of a proportional pecuniary fine of 1 per 1,000 of the value of the goods to which the declarations and documents refer, with a minimum of €100 and a maximum of €6,000.

Failure to comply with the conditions established in the authorizations that may be granted by a customs authority or with the conditions to which the goods are subject by application of the customs regulations constitutes a tax offence. The offence provided for in this section will be minor. The penalty will consist of a fixed monetary fine of €200 (€150 with a 25% reduction for compliance with the penalty and payment on time).

#### Regulatory Overview of China

#### Regulations on Foreign Investment in China
*Foreign Investment Law*

On March 15, 2019, the National People's Congress approved the Foreign Investment Law of the PRC (the "Foreign Investment Law"), and on December 26, 2019, the State Council promulgated the Implementing Rules of the Foreign Investment Law (the "Implementing Rules") to further clarify and elaborate the relevant provisions of the Foreign Investment Law. The Foreign Investment Law and the Implementing Rules both took effect on January 1, 2020 and replaced three previous major laws on foreign investments in China, namely, the Sino-foreign Equity Joint Venture Law, the Sino-foreign Cooperative Joint Venture Law, and the Wholly Foreign-owned Enterprise Law, together with their respective implementing rules. Pursuant to the Foreign Investment Law, "foreign investments" refer to investment activities conducted by foreign investors (including foreign natural persons, foreign enterprises, or other foreign organizations) directly or indirectly in the PRC, which include any of the following circumstances: (i) foreign investors setting up foreign-invested enterprises in the PRC solely or jointly with other investors; (ii) foreign investors obtaining shares, equity interests, property portions, or other similar rights and interests of enterprises within the PRC; (iii) foreign investors investing in new projects in the PRC solely or jointly with other investors; and (iv) investment in other methods as specified in laws, administrative regulations, or as stipulated by the State Council. The Implementing Rules provide that foreign-invested enterprises that invest in the PRC shall also be governed by the Foreign Investment Law and the Implementing Rules.

The Foreign Investment Law and the Implementing Rules provide that a system of pre-entry national treatment and negative list shall be applied for the administration of foreign investment. "Pre-entry national treatment" refers to the treatment provided to foreign investors and their investments at the market entry stage being no less favorable than that provided to PRC domestic investors and their investments, and "negative list" refers to the special administrative measures for the entry of foreign investment into specific fields or industries (as amended from time to time). Foreign investments in sectors not on the negative list will receive national treatment. Foreign investors shall not invest in the prohibited fields as specified in the negative list, and foreign investors who invest in the restricted fields shall comply with certain special requirements on equity ratio and senior management personnel, among others.

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The current industry entry clearance requirements governing investment activities in the PRC by foreign investors are set out in two categories, namely the Special Management Measures for the Entry of Foreign Investment (Negative List) (2021 version) (the "2021 Negative List"), as jointly promulgated on December 27, 2021 by the National Development and Reform Commission (the "NDRC"), and the Ministry of Commerce (the "MOFCOM"), effective on January 1, 2022, and the Encouraged Industry Catalogue for Foreign Investment (2022 version) (the "2022 Encouraged Catalogue"), as jointly promulgated by the NDRC and the MOFCOM on October 26, 2022, effective on January 1, 2023. Industries not listed in the 2021 Negative List are generally deemed "permitted" for foreign investment, unless specifically restricted by other PRC laws. It is the opinion of our PRC legal counsel, that our PRC subsidiaries' business is not on the 2021 Negative List and, therefore, we are not subject to any restriction or limitation on foreign ownership, as of the date of this prospectus.

According to the Implementing Rules, the registration of foreign-invested enterprises shall be handled by the SAMR or its authorized local counterparts. Where a foreign investor invests in an industry or field subject to licensing in accordance with laws, the competent government department responsible for granting such license shall review the license application of the foreign investor in accordance with the same conditions and procedures applicable to PRC domestic investors, unless it is stipulated otherwise by the laws and administrative regulations. The competent government department shall not impose discriminatory requirements on the foreign investor in terms of licensing conditions, application materials, reviewing steps, and deadlines, among others.

Pursuant to the Foreign Investment Law and the Implementing Rules, and the Information Reporting Measures for Foreign Investment jointly promulgated by the MOFCOM and the SAMR, which took effect on January 1, 2020, a foreign investment information reporting system is established and foreign investors or foreign-invested enterprises shall report investment information to competent commerce departments of the government through the enterprise registration system and the national enterprise credit information publicity system. The administration for market regulation shall forward the above investment information to the competent commerce departments in a timely manner. Also, foreign investors or foreign investment enterprises will have legal liabilities imposed for failing to report investment information in accordance with the requirements. We and our PRC subsidiaries shall report investment information through the enterprise registration system and the national enterprise credit information publicity system in accordance with the requirements.

*Company Law*

The establishment, operation, and management of corporate entities in the PRC are governed by the Company Law of the PRC (the "Company Law"), which was promulgated by the Standing Committee of the National People's Congress of the PRC (the "SCNPC") in December 1993 and last amended in October 2018. On December 29, 2023, the Standing Committee of the 14<sup>th</sup> National People's Congress adopted the newly revised Company Law, which will come into force on July 1, 2024. The Company Law generally governs two types of companies: limited liability companies and joint stock limited companies. Our PRC subsidiaries are limited liability companies legally incorporated in the PRC in accordance with the Company Law on company establishment. Unless otherwise stipulated in the related laws on foreign investment, our PRC subsidiaries are also required to comply with the provisions of the PRC Company Law.

#### Regulations on Intellectual Property Rights
*Patent*

Patents in the PRC are principally protected under PRC Patent Law, which was initially promulgated by the SCNPC in 1984, most recently amended in 2020, and became effective on June 1, 2021. Under the Patent Law and the Implementation Rules of the Patent Law, there are three types of patents in the PRC: invention patent, utility model patent, and design patent. The protection period is twenty (20) years for invention patents, and ten (10) years for utility model patents and fifteen (15) years for design patents, commencing from their respective application dates.

Any individual or entity that utilizes a patent or conducts any other activity in infringement of a patent without prior authorization of the patentee shall pay compensation to the patentee and is subject to a fine imposed by the patent administrative authority and, if it is considered as a crime, shall be held criminally liable in accordance with the applicable laws.

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*Copyright*

Copyrights in the PRC, including software copyrights, is principally protected under the PRC Copyright Law, which took effect on June 1, 1991, was last amended on November 11, 2020 and became effective on June 1, 2021. Under the PRC Copyright Law, the term of protection for software copyrights is 50 years. Copyright owners enjoy certain legal rights, including the right of publication, right of authorship, right of reproduction, and others. The Copyright Law extends copyright protection to Internet activities, products disseminated over the Internet and software products. In addition, PRC laws and regulations provide for a voluntary registration system administered by the Copyright Protection Center of China, or the CPCC.

The National Copyright Administration of the PRC administers software copyright registration, and the CPCC is designated as the software registration authority. The CPCC shall grant registration certificates to the Computer Software Copyrights applicants who meet the requirements of both the Software Copyright Registration Measures (Effective in 2002) and the Computer Software Protection Regulations (Revised in 2013).

*Trademark*

Registered trademarks are protected under the PRC Trademark Law, which was promulgated by the SCNPC in August 1982, and was last amended in April 2019, as well as the Implementation Regulation of the PRC Trademark Law which was adopted by the State Council on August 3, 2002 and amended on April 29, 2014. Trademarks are registered with the Trademark office of the State Intellectual Property Office (the "SIPO").

According to PRC Trademark Law, the period of validity for a registered trademark is ten (10) years, commencing on the date of registration, which is renewable. The registrant shall go through the formalities for trademark renewal within 12 months prior to the expiration if continued use of the trademark is intended. According to the provisions of the Trademark Law, when the registrant fails to do so, a grace period of six (6) months may be granted. The validity period for a renewed trademark is ten (10) years, commencing on the day immediately following the date of expiration of the last valid period of the trademark. In the absence of a renewal upon expiration, the registered trademark shall be revoked.

*Domain Names*

Domain names are protected under the Administrative Measures on Internet Domain Names promulgated by the Ministry of Industry and Information Technology ("MIIT") on August 24, 2017 and effective since November 1, 2017. Domain name registrations are handled through domain name service agencies established under the relevant regulations, and applicants become domain name holders upon successful registration. MIIT is the major regulatory body responsible for the administration of the PRC internet domain names. The Domain Name Measures regulate the registration of domain names, such as China's top-level domain name ".CN." Applicants for registration of domain names must provide the true, accurate, and complete information of their identities to domain name registration service institutions. The applicants will become the holder of such domain names upon the completion of the registration procedure.

We regard our patents, copyright, trademarks, domain names, trade secrets, proprietary technologies and similar intellectual property critical to our business and we currently rely on a mix of trademark law, patent law, and confidentiality agreements with our employees, suppliers and others to protect our proprietary intellectual property. If a third party infringes on our patent and other intellectual property rights, or we are subject to claims that we are infringing the patents and other intellectual property of others, it may lead to claims, charges, or judicial proceedings. Any such claims, charges or judicial procedures, with or without merit, could be time-consuming and expensive and may require us to incur substantial costs, including the diversion of the resources of management and technical personnel. An adverse outcome in any such legal disputes could be detrimental, potentially necessitating redesigns or licensing agreements, thereby adversely affecting business operations, financial conditions and results of operations.

#### Regulations on Cross-border Trading
The PRC Foreign Trade Law, which was promulgated in 1994, lastly amended and took effect on December 30, 2022, governs international trade in services and the import and export of goods and technologies. Under the PRC Foreign Trade Law, goods and technologies are categorized as (i) permitted, which may be freely

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imported and exported, (ii) restricted, which require advance approval or (iii) prohibited, which may not be imported or exported at all. Currently, all merchandise we export is categorized as permitted. According to the Decision of the Standing Committee of the National People's Congress on Revising the Foreign Trade Law of the People's Republic of China passed on December 30, 2022, Article 9 of the original law, which stipulated that foreign trade operators should handle the filing and registration with the foreign trade department of the State Council or its entrusted institutions, was deleted. Therefore, currently, companies or individuals engaging in the import and export of goods or technologies no longer need to go through the above-mentioned filing and registration procedures to be qualified as foreign-trade business operators.

Pursuant to the PRC Customs Law promulgated by the SCNPC, on January 22, 1987, which came into effect on July 1, 1987 and last amended on April 29, 2021, and the Administrative Provisions of the Record-filing of Customs Declaration Agent promulgated by the General Administration of Customs of the PRC on November 19, 2021, which came into effect on January 1, 2022, importers and exporters shall make true declarations of their goods and technologies to customs. Unless otherwise provided for, the declaration of import or export goods and the payment of duties may be made by the consignees or consignors themselves, or by entrusted customs brokers that have been registered with the customs and such declaration shall be made by filing with the customs. We work with third-party couriers to ship the merchandise purchased by our global customers and go through customs declaration, clearance and inspection procedures for the export of these merchandise.

#### Regulations on Product Liability
Pursuant to the Product Quality Law of the PRC promulgated on February 22, 1993 and latest amended on December 29, 2018, the market supervision and administration department under the State Council is in charge of the national supervision of product quality, a manufacturer is prohibited from producing or selling products that do not meet applicable standards and requirements for safeguarding human health and ensuring human and property safety. Products must be free from unreasonable dangers threatening human and property safety. Where a defective product causes physical injury to a person or property damage, the aggrieved party may make a claim for compensation from the producer or the seller of the product. We are a consumer products provider and procure our products from third-party suppliers. If the products we sell were non-compliant products, as a seller, we may be ordered to cease the production or sale of the products and could be subject to confiscation of the products and/or fines. Earnings from sales in contravention of such standards or requirements may also be confiscated and, in severe cases, our business license may be revoked.

#### Regulations on Cybersecurity, Data Security and Personal Information Protection
*Cybersecurity Law*

On June 1, 2017, the Cybersecurity Law of the People's Republic of China, or the Cybersecurity Law, was promulgated by the SCNPC. The Cybersecurity Law requires that a network operator, which includes, among others, internet services providers, take technical measures and other necessary measures to safeguard the safe and stable operation of the networks, effectively respond to network security incidents, prevent illegal and criminal activities, and maintain the integrity, confidentiality and availability of network data. The Cybersecurity Law stipulates that network operators shall: (i) keep all user information collected strictly confidential and set up a comprehensive user information protection system; (ii) abide by the principles of legality, rationality and necessity in the collection and use of user information and disclosure of the rules, purposes, methods and scopes of collection and use of user information; and (iii) protect users' personal information from being leaked, tampered with, destroyed or provided to third parties. Any violation of the provisions and requirements under the Cybersecurity Law and other related regulations and rules may result in administrative liabilities such as warnings, fines, confiscation of illegal gains, revocation of licenses, suspension of business, and shutting down of websites, or, civil liabilities, in severe cases, criminal liabilities.

*Data Security Law and Regulations on Network Data Security*

On June 10, 2021, the SCNPC promulgated the Data Security Law of the People's Republic of China, which became effective on September 1, 2021. It is formulated so as to regulate the handling of data, ensure data security, promote the development and exploitation of data, protect the legitimate rights and interests of citizens and organizations, and preserve state sovereignty, security, and development interests. The law stipulates that the carrying out of data handling activities shall obey laws and regulations, respect social mores and ethics, comply with

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commercial ethics and professional ethics, be honest and trustworthy, perform obligations to protect data security, and undertake social responsibility; it must not endanger national security, the public interest, or individuals' and organizations' lawful rights and interests.

On September 24, 2024, the State Council promulgated the Regulations on Network Data Security Management, which came into effect on January 1, 2025. The regulations aim to regulate network data processing activities, protect the legitimate rights and interests of individuals and organizations, and safeguard national security and public interests. They put forward general requirements and provisions for network data security, further specify rules concerning personal information protection, and fine-tune mechanisms for the management of important data which refers to the data in a specific field, group or region or with a certain precision and scale, which, once tampered with, destroyed, divulged, illegally obtained or illegally used, may directly endanger national security, economic operation, social stability, public health and security. Handlers of important data shall specify the person in charge of network data security and the management body for network data security. In addition, the regulations also stipulate the obligations for internet platform service providers, specifying data protection requirements for entities such as third-party service and product providers. Where network data handlers carry out network data processing activities that affect or may affect national security, they shall undergo a national security review in accordance with relevant national regulations. Where it is necessary to provide important data generated or collected by a network data handler during its operation within the territory of the People's Republic of China to overseas parties, such provision shall pass the security assessment for data cross-border transmission organized by the state cyberspace administration. If a network data handler identifies and declares important data according to relevant provisions of the State, which have not been notified by the relevant region or department or have not been announced to the public as important data, no security assessment is required for cross-border transmission of such data as important data.

*Cybersecurity Review Measures*

On December 28, 2021, the Cyberspace Administration of China, or the CAC, together with other relevant administrative departments, jointly promulgated the Cybersecurity Review Measures (2021) which became effective from February 15, 2022. According to the Cybersecurity Review Measures, an internet platform operator who possesses personal information of more than 1 million users shall apply for cybersecurity review before listing of the internet platform operator's securities in a foreign country, and the relevant governmental authorities may initiate cybersecurity review if such governmental authorities consider relevant network products or services and data processing affect or may affect national security.

*Personal Data Protection Law*

The Personal Data Protection Law of China was released by the SCNPC on August 20, 2021, which become effective on November 1, 2021. It stipulates the scope of personal information and the ways of processing personal information, establishes rules for processing personal information and for transfer offshore, and clarifies the individual's rights and the processor's obligations in the processing of personal information.

*Regulations on Cross-border Data Protection*

On July 7, 2022, the CAC promulgated the Security Assessment Measures for Data Provision Abroad, or the Security Assessment Measures, which took effect on September 1, 2022. Pursuant to the Security Assessment Measures, a data processor shall apply to competent authorities for security assessment prior to transferring any data abroad if the transfer involves (i) important data; (ii) personal information transferred overseas by a critical information infrastructure operator and a data processor that has processed personal information of more than one million individuals; (iii) personal information transferred overseas by a data processor who has already provided personal information of 100,000 persons or sensitive personal information of 100,000 persons overseas since January 1 of the previous year; or (iv) other circumstances as requested by the CAC. Furthermore, on March 22, 2024, the CAC promulgated the Guide to Applications for Security Assessment of Outbound Data Transfers (Second Edition), which provides that any of the following circumstances is deemed as the act of outbound data transfers: (i) a data handler transfers abroad the data collected and generated from its operation within the territory of China; (ii) the data collected and generated by the data handler is stored within China for inquiry, retrieval, download and export by overseas agencies, organizations or individuals; and (iii) other data handling activities such as handling of the personal information of domestic natural persons abroad under the circumstances specified in Paragraph 2 of Article 3 of the Personal Information Protection Law.

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On March 22, 2024, CAC published the Provisions on Promoting and Regulating Cross-border Data Flows, which took effective on the same date. The Provisions on Promoting and Regulating Cross-border Data Flows provide certain exemptions from obligations under the circumstances of cross-border data transfer, including, among others, the obligations for declaring security assessment for data to be provided abroad, concluding a standard contract for provision of personal information abroad or passing the authentication for personal information protection.

We are not subject to cybersecurity review by the CAC under the Cybersecurity Review Measures, nor will we be subject to the Regulations on Network Data Security Management, since we are not a critical information infrastructure operator or online platform operator with personal information of more than one million users. We currently do not have over one million users' personal information and do not anticipate that we will be collecting over one million users' personal information in the foreseeable future. Besides, we are not in possession of or otherwise holding any important data.

#### Regulations on Labor Protection
Pursuant to the PRC Labor Law, which was promulgated in 1994 and most recently amended in 2018, and the PRC Labor Contract Law, which was promulgated on June 29, 2007 and amended on December 28, 2012, employers must execute written labor contracts with full-time employees. All employers must comply with local minimum wage standards. Violations of the PRC Labor Contract Law and the PRC Labor Law may result in the imposition of fines and other administrative and criminal liability in the case of serious violations.

In addition, according to the PRC Social Insurance Law implemented on July 1, 2011 and most recently amended on December 29, 2018 and the Regulations on the Administration of Housing Funds, which was promulgated by the State Council in 1999 and most recently amended in 2019, employers are required to establish a social insurance system and other employee benefits including pension insurance, medical insurance, work-related injury insurance, unemployment insurance, maternity insurance and housing provident fund, which can be collectively referred to as "Employee Benefits." Employers shall open the social insurance and housing provident fund accounts and make adequate contributions of Employee Benefits for their employees. The PRC Social Insurance Law provides that an employer that has not made social insurance contributions at a rate and based on an amount prescribed by the law, or at all, may be ordered to rectify the non-compliance and pay the required contributions within a stipulated deadline and be subject to a late payment fine at a daily rate of 0.05% per day of the outstanding amount. If the employer continually fails to rectify the failure to make social insurance contributions within the stipulated deadline, it may be subject to a fine ranging from one to three times of the amount overdue. Pursuant to the Regulations on the Administration of Housing Funds, in the event that the payment and deposit of the housing fund is not made in full or at all in time by an employer, the housing provident fund management center may order it to make the payment and deposit within a prescribed period, and where the payment and deposit has not been made within the prescribed period, an application may be made to the PRC courts for compulsory enforcement.

In addition, under the PRC Social Insurance Law and the Regulations on the Administration of Housing Funds, Chinese employers shall register with local social insurance agencies and register with applicable housing fund management centers and establish a special housing fund account in an entrusted bank. Employers that do not open the social insurance account may be ordered by the social security administrative authorities to make correction within a stipulated period; where correction is not made within the stipulated period, employers may be subject to a fine ranging from one to three times the amount of the social security premiums payable, and the direct liable administrative staff of such employers may be subject to a fine ranging from RMB500 to RMB3,000. Employers that do not register the housing fund may be ordered by the housing fund management center to complete the housing fund payment registration within a prescribed time limit. Failing to do so may cause such employers to be subjected to a fine from RMB10,000 to RMB50,000.

#### Regulations on Foreign Exchange
*General administration of foreign exchange*

Under the PRC Foreign Currency Administration Rules promulgated on January 29, 1996, and last amended on August 5, 2008, and various regulations issued by the State Administration of Foreign Exchange ("SAFE") and other relevant PRC government authorities, Renminbi is convertible into other currencies for current account items.

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The conversion of Renminbi into other currencies and remittance of the converted foreign currency outside of the PRC for capital account items, such as direct equity investments, loans, and repatriation of investment, require the prior approval from the SAFE or its local office. Payments for transactions that take place within the PRC must be made in Renminbi. Proceeds from foreign exchange transactions under the current accounts may be either retained or sold to a financial institution engaged in settlement of foreign exchange and sale of foreign currency pursuant to relevant SAFE rules and regulations. For proceeds from foreign exchange transactions under the capital accounts, approval from the SAFE is generally required for the retention or sale of such proceeds to a financial institution engaged in settlement of foreign exchange and sale of foreign currency. Our suppliers are mostly located in China, payments to suppliers for transactions that take place within the PRC must be made in Renminbi. We sell in multiple countries, proceeds may be either retained or sold to a financial institution engaged in settlement of foreign exchange and sale of foreign currency pursuant to relevant SAFE rules and regulations.

*The SAFE Circular 59*

Pursuant to the Circular of the SAFE on Further Improving and Adjusting Foreign Exchange Administration Policies for Direct Investment (the "SAFE Circular 59"), promulgated by SAFE on November 19, 2012, which became effective on December 17, 2012 and was last amended on December 30, 2019, approval is not required for opening a foreign exchange account and depositing foreign currency into the accounts relating to the direct investments. The SAFE Circular 59 also simplified foreign exchange-related registration required for foreign investors to acquire the equity interests of Chinese companies and further improved the administration of foreign exchange settlement for foreign-invested enterprises.

*The SAFE Circular 19*

The Circular on Reforming the Management Approach regarding the Settlement of Foreign Capital of Foreign-invested Enterprise (the "SAFE Circular 19"), which was promulgated by the SAFE on March 30, 2015 and was last amended on March 23, 2023, provides that a foreign-invested enterprise may, according to its actual business needs, settle with a bank the portion of the foreign currency-denominated capital in its capital account for which the relevant foreign exchange administration has confirmed monetary capital contribution rights and interests (or for which the bank has registered the injection of the monetary capital contribution into the account). Pursuant to the SAFE Circular 19, for the time being, foreign-invested enterprises are allowed to settle 100% of their foreign currency-denominated capitals on a discretionary basis. A foreign-invested enterprise shall truthfully use its capital for its own operational purposes within the scope of business. Where an ordinary foreign-invested enterprise, such as our PRC subsidiaries, makes domestic equity investment with the amount of foreign exchanges settled, the invested enterprise shall first complete domestic re-investment registration and open a corresponding account for foreign exchange settlement pending payment with the foreign exchange administration or the bank at the place where it is registered.

*The SAFE Circular 13*

Pursuant to the Circular on Further Simplifying and Improving the Foreign Currency Management Policy on Direct Investment (the "SAFE Circular 13"), effective from June 1, 2015 and amended on December 30, 2019, which cancels the administrative approvals for foreign exchange registration of direct domestic investment and direct overseas investment and simplifies the procedure of foreign exchange-related registration, the investors shall register with banks for direct domestic investment and direct overseas investment.

*The SAFE Circular 16*

The Circular on Reforming and Regulating Policies on the Control over Foreign Exchange Settlement of Capital Accounts (the "SAFE Circular 16"), which was promulgated by the SAFE and became effective on June 9, 2016, provides that enterprises (including Chinese-funded enterprises and foreign-invested enterprises, excluding financial institutions) registered in the PRC may also convert their foreign debts from foreign currency into Renminbi on a self-discretionary basis. The SAFE Circular 16 also provides an integrated standard for the conversion of foreign currency income under capital account items (including but not limited to foreign currency capital, foreign debts, funds repatriated by overseas listing and others), based on actual business needs, which applies to enterprises registered in the PRC, such as our PRC subsidiaries.

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*The SAFE Circular 28*

The Notice of the SAFE on Further Promoting the Convenience of Cross-border Trade and Investment (the "SAFE Circular 28"), which was promulgated by the SAFE and became effective on October 23, 2019, provides that non-investment-purpose foreign-invested enterprises may use capital contributions to make equity investment in the PRC in accordance with laws on the premise that the investment is not in violation of the applicable Negative List and the projects invested are true and in compliance with relevant laws and regulations.

*The SAFE Circular 8*

The Notice of the SAFE on Optimizing Foreign Exchange Administration to Support the Development of Foreign-related Business (the "SAFE Circular 8"), which was issued by the SAFE and became effective on April 10, 2020, provides that under the condition that the use of the funds is genuine and compliant with current administrative provisions on use of income relating to capital account, enterprises are allowed to use income in the capital account, such as capital funds, foreign debt proceeds, and proceeds from overseas listings for domestic payment, without submission to the bank prior to each transaction of materials evidencing the veracity of such payment.

#### Regulations on Foreign Exchange Registration of Overseas Investment by PRC Residents
Under the Circular of the State Administration of Foreign Exchange on Issues Concerning the Foreign Exchange Administration over the Overseas Investment and Financing and Round-trip Investment by Domestic Residents via Special Purpose Vehicles (the "SAFE Circular 37"), issued by the SAFE and effective on July 4, 2014, PRC residents are required to register with the local SAFE branch prior to the establishment or control of an offshore special purpose vehicle, which is defined as offshore enterprises directly established or indirectly controlled by PRC residents for offshore equity financing of the enterprise assets or interests they hold in China. An amendment to registration or subsequent filing with the local SAFE branch by such PRC resident is also required if there is any change in basic information of the offshore company or any material change with respect to the capital of the offshore company. At the same time, the SAFE issued the Operation Guidance for the Issues Concerning Foreign Exchange Administration over Round-trip Investment regarding the procedures for SAFE registration under the SAFE Circular 37, which became effective on July 4, 2014, as an attachment to the SAFE Circular 37. The SAFE Circular 13 has amended the SAFE Circular 37 by requiring the PRC residents or entities to register with qualified banks instead of the SAFE or its local branch in connection with their establishment of an SPV.

Failure to comply with these registration requirements as set forth in the SAFE Circular 37 and the SAFE Circular 13, and misrepresentation on or failure to disclose controllers of foreign-invested enterprises that are established by round-trip investment may result in bans on the foreign exchange activities of our PRC subsidiaries, including the payment of dividends and other distributions to its offshore parent or affiliates, and may also subject relevant PRC residents to penalties under the Foreign Exchange Administration Regulations of the PRC. As of the date of this prospectus, all of our shareholders who are subject to the SAFE Circular 37 have completed the initial registrations with the qualified banks as required by the SAFE Circular 37.

#### Regulations on Mergers & Acquisitions
On August 8, 2006, six PRC governmental and regulatory agencies, including MOFCOM and the China Securities Regulatory Commission (the "CSRC") promulgated the Regulations on Mergers and Acquisitions of Domestic Companies by Foreign Investors, or the M&A Rules, governing the mergers and acquisitions of domestic enterprises by foreign investors that became effective on September 8, 2006 and were revised on June 22, 2009. The M&A Rules, among other things, require that if an overseas company established or controlled by PRC companies or individuals, or PRC Citizens, intends to acquire equity interests or assets of any other PRC domestic company affiliated with PRC Citizens, such acquisition must be submitted to the MOFCOM for approval. The M&A Rules also requires that an offshore special purpose vehicle formed for overseas listing purposes and controlled directly or indirectly by PRC Citizens shall obtain the approval of the CSRC prior to overseas listing and trading of such special purpose vehicle's securities on an overseas stock exchange.

The M&A Rules further requires that the MOFCOM be notified in advance of any change-of-control transaction in which a foreign investor acquires control of a PRC domestic enterprise or a foreign company with substantial PRC operations, if certain thresholds under the Provisions on Thresholds for Prior Notification of Concentrations of Undertakings, issued by the State Council on August 3, 2008 and amended on September 18, 2018

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and January 22, 2024, are triggered. Moreover, the Anti-Monopoly Law, which was promulgated by the Standing Committee of the National People's Congress on August 30, 2007 and amended on June 24, 2022, requires that transactions which are deemed concentrations and involve parties with specified turnover thresholds be cleared by the anti-monopoly law enforcement agency of the State Council before they can be completed.

According to our PRC legal counsel, Dacheng, the CSRC approval is not required under the M&A Rules in the context of this offering because (i) the CSRC currently has not issued any definitive rule or interpretation concerning whether offerings under the prospectus are subject to the M&A Rules; and (ii) we established our PRC subsidiary, Fuzhou Aigo Juxing Investment Co. Ltd.(WFOE), by means of direct investment rather than by merger with or acquisition of PRC domestic companies.

#### Regulations on Dividend Distribution
According to the PRC Company Law, the Foreign Investment Law and Implementation Regulations of Foreign Investment Law, the PRC subsidiary, as a foreign invested enterprise, is required to draw 10% of its after-tax profits each year, if any, to fund a common reserve, which may stop drawing its after-tax profits if the aggregate balance of the common reserve has already accounted for over 50% of its registered capital. These reserves are not distributable as cash dividends. Furthermore, under the Law of the People's Republic of China on Enterprise Income Tax, which became effective in January 2008, and was last amended on December 29, 2018, the maximum tax rate for the withholding tax imposed on dividend payments from PRC foreign invested companies to their overseas investors that are not regarded as "resident" for tax purposes is 20%. The rate was reduced to 10% under the Implementing Regulations for the Law of the People's Republic of China on Enterprise Income Tax issued by the State Council, if the non-resident enterprises have not set up institutions or establishments in the PRC or have set up institutions or establishments but the income obtained by the said enterprises has no actual connection with the set-up institutions or establishments. However, a lower tax rate may be applied if there is a tax treaty concluded between the government of the PRC and a foreign government, such as withholding tax rate of 5% on dividends payments if the PRC enterprise is at least 25% held by a Hong Kong enterprise for at least 12 consecutive months prior to distribution of the dividends and is determined by the relevant PRC tax authority to have satisfied other conditions and requirements pursuant to the Arrangement between the Mainland of China and Hong Kong Special Administrative Region for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income and other applicable PRC laws. However, based on the Circular on Certain Issues with Respect to the Enforcement of Dividend Provisions in Tax Treaties (the "SAT Circular 81"), issued on February 20, 2009 by the SAT, if the relevant PRC tax authorities determine, in their discretion, that a company benefits from such reduced income tax rate due to a structure or arrangement that is primarily tax-driven, such PRC tax authorities may adjust the preferential tax treatment. According to the Announcement of the State Administration of Taxation on Issues Relating to "Beneficial Owner" in Tax Treaties (the "Announcement"), which was issued on February 3, 2018 by the SAT and became effective on April 1, 2018, when determining the applicant's status of the "beneficial owner" regarding tax treatments in connection with dividends, interests, or royalties in the tax treaties, several factors, including without limitation, whether the applicant is obligated to pay more than 50% of his or her income in 12 months to residents in a third country or region, whether the business operated by the applicant constitutes the actual business activities, and whether the counterparty country or region to the tax treaties does not levy any tax or grant tax exemption on relevant incomes or levy tax at an extremely low rate, will be taken into account, and it will be analyzed according to the actual circumstances of the specific cases. This Announcement further provides that an applicant who intends to prove his or her status as the "beneficial owner" shall submit the relevant documents to the relevant tax bureau according to the Announcement of the State Administration of Taxation on Promulgation of the Administrative Measures on Entitlement of Non-residents to Treatment under Tax Treaties, which became effective on November 1, 2015 and repealed by Announcement of State Taxation Administration on Promulgation of the Administrative Measures on Non-resident Taxpayers Enjoying Treaty Benefits on January 1, 2020.

If we determine to pay dividends on any of our Ordinary Shares in the future, as a holding company, we will be dependent on receipt of funds from our PRC subsidiaries. Current PRC regulations permit WFOE to pay dividends to Aigo Holding only out of its accumulated profits, if any, determined in accordance with Chinese accounting standards and regulations. In addition, each of our PRC subsidiaries is required to set aside at least 10% of its after-tax profits each year, if any, to fund a statutory reserve until such reserve reaches 50% of its registered capital. Cash dividends, if any, on our Ordinary Shares would be paid in U.S. dollars. Aigo Holding may be considered a non-resident enterprise for tax purposes, so that any dividends WFOE pays to Aigo Holding may be regarded as China-sourced income and, as a result, may be subject to PRC withholding tax at a rate of up to 10%.

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#### Regulations on Taxation
*Enterprise Income Tax*

On March 16, 2007, the National People's Congress promulgated the Law of the PRC on Enterprise Income Tax, which was most recently amended by the SCNPC on December 29, 2018 (the "EIT Law"). Under the EIT Law, both resident enterprises and non-resident enterprises are subject to taxation in the PRC. Resident enterprises are defined as enterprises that are established in China in accordance with PRC laws, or that are established in accordance with the laws of foreign countries but are actually or in effect controlled from within the PRC. Non-resident enterprises are defined as enterprises that are organized under the laws of foreign countries and whose actual management is conducted outside the PRC, but have established institutions or premises in the PRC, or have no such established institutions or premises but have income generated from inside the PRC. Under the EIT Law and relevant implementing regulations, a uniform corporate income tax rate of 25% is applied. However, if non-resident enterprises have not formed permanent establishments or premises in the PRC, or if they have formed permanent establishments or premises in the PRC but there is no actual relationship between the relevant income derived in the PRC and the established institutions or premises set up by them, enterprise income tax is set at the rate of 10% with respect to their income sourced from inside the PRC. We are an exempted company incorporated in the Cayman Islands and we gain substantial income by way of dividends paid to us from our PRC subsidiaries. The EIT Law and its implementation rules provide that China-sourced income of foreign enterprises, such as dividends paid by a PRC subsidiary to its equity holders that are non-resident enterprises, will normally be subject to PRC withholding tax at a rate of 10%, unless any such foreign investor's jurisdiction of incorporation has a tax treaty with China that provides for a preferential tax rate or a tax exemption. Accordingly, we believe that Aigo Holding, as a non-resident enterprise, is subject to PRC withholding tax at a rate of 10%.

*Value-added Tax*

The Provisional Regulations of the PRC on Value-added Tax were promulgated by the State Council on December 13, 1993 and came into effect on January 1, 1994, which was last amended on November 19, 2017. The Detailed Rules for the Implementation of the Provisional Regulations of the PRC on Value-added Tax (Revised in 2011) was promulgated by the Ministry of Finance (the "MOF") on December 25, 1993 and last amended on October 28, 2011. The Provisional Regulations of the PRC on Value-added Tax and the Implementation of the Provisional Regulations of the PRC on Value-added Tax (Revised in 2011) are collectively referred to as the VAT Law. On November 19, 2017, the State Council promulgated the Decisions on Abolishing the Provisional Regulations of the PRC on Business Tax and Amending the Provisional Regulations of the PRC on Value-added Tax, or Order 691. According to the VAT Law and Order 691, all enterprises and individuals engaged in the sale of goods, the provision of processing, repair and replacement services, sales of services, intangible assets, real property, and the importation of goods within the territory of the PRC are the taxpayers of VAT. Pursuant to the Announcement on Policies for Deepening the VAT Reform promulgated by the MOF, SAT, General Administration of Customs on March 20, 2019 and took effect on April 1, 2019, the generally applicable VAT rates are simplified as 13%, 9%, 6%, and 0%, and the VAT rate applicable to the small-scale taxpayers is 3%. Announcement of the State Taxation Administration on Tax Collection and Administration Matters Relating to VAT Relief and Other Policies for Small-scale VAT Taxpayers was promulgated by the SAT on January 9, 2023 and become effective on January 1, 2023, if a small-scale taxpayer's total monthly sales amount does not exceed RMB100,000 (or if the taxpayer pays tax quarterly, the quarterly sales amount does not exceed RMB 300,000), the VAT will be exempted.

Our PRC subsidiaries are VAT general taxpayers which are allowed to offset qualified input VAT paid to suppliers against their output VAT liabilities. Therefore, they are subject to VAT, at a rate from 6% to 13% on our products and services, less any deductible VAT they have already paid or borne. They are also subject to surcharges on VAT payments in accordance with PRC laws.

*Tax on Indirect Transfer*

On February 3, 2015, the SAT issued the Circular on Issues of Enterprise Income Tax on Indirect Transfers of Assets by Non-PRC Resident Enterprises (the "SAT Circular 7"), which was most recently amended on December 29, 2017. Pursuant to the SAT Circular 7, an "indirect transfer" of assets, including equity interests in a PRC resident enterprise, by non-PRC resident enterprises, may be recharacterized and treated as a direct transfer of PRC taxable assets, if such arrangement does not have a reasonably commercial purpose and is established

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for the purpose of avoiding payment of PRC enterprise income tax. As a result, gains derived from such indirect transfer may be subject to PRC enterprise income tax. When determining whether there is a "reasonably commercial purpose" of the transaction arrangement, factors to be taken into consideration include, inter alia, whether the main value of the equity interest of the relevant offshore enterprise derives directly or indirectly from PRC taxable assets; whether the assets of the relevant offshore enterprise mainly consists of direct or indirect investment in China or if its income is mainly derived from China; and whether the offshore enterprise and its subsidiaries directly or indirectly holding PRC taxable assets have real commercial nature which is evidenced by their actual function and risk exposure, and others. According to the SAT Circular 7, where the payor fails to withhold any or sufficient tax, the transferor shall declare and pay such tax to the tax authority by itself within the statutory time limit. Late payment of applicable tax will subject the transferor to default interest. The SAT Circular 7 does not apply to transactions of sale of shares by investors through a public stock exchange where such shares are acquired on a public stock exchange. On October 17, 2017, the SAT issued the Circular on Issues Relating to Withholding at Source of Income Tax of Non-PRC Resident Enterprise (the "SAT Circular 37," amended on June 15, 2018) which further elaborates the relevant implementing rules regarding the calculation, reporting, and payment obligations of the withholding tax by the non-resident enterprises.

#### Regulations on CSRC Approval and Filing Required for Overseas Listings
*Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies*

On February 17, 2023, the CSRC announced the Notice on Filing Management Arrangements for Overseas Listings of Domestic Enterprises, and released a set of new regulations which consists of the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies (the "Trial Measures"), and five supporting guidelines which came into effect on March 31, 2023. The Trial Measures redefine the regulatory system by subjecting both direct and indirect overseas offering and listing activities to the CSRC filing-based administration. The Trial Measures apply to overseas securities offerings and/or listings conducted by (i) companies incorporated in the PRC, and (ii) companies (a) 50% or more of whose operating revenue, total profit, total assets or net assets as documented in its audited consolidated financial statements for the most recent accounting year is accounted for by PRC domestic companies; and (b) the main parts of whose business activities are conducted in the PRC, or its main places of business are located in the PRC, or the senior managers in charge of its business operations and management are mostly PRC citizens or domiciled in the PRC. Where a PRC domestic company seeks to indirectly offer and list securities on overseas markets, the issuer shall designate a major domestic operating entity as the responsible domestic entity, which shall file with the CSRC. The Trial Measures also lay out requirements for the reporting of material events. According to the Trial Measures, if an issuer fails to fulfill the filings, or offer and list securities on an overseas market in violation of these measures, the CSRC will order rectification, issue warnings, and impose a fine ranging from RMB1,000,000 to RMB10,000,000. Persons directly in charge and other individuals directly responsible will be warned and fined between RMB500,000 and RMB5,000,000. Controlling shareholders and actual controllers of the domestic company who organize or instruct these violations will be fined between RMB1,000,000 and RMB10,000,000.

Pursuant to the Trial Measures, as we seek to indirectly offer and list securities in an overseas market, we are required to designate a major domestic operating entity as the responsible domestic entity and shall file with the CSRC within three working days following the submission of an initial public offering or listing application and complete the filing before the completion of our overseas offering and listing. On July 2, 2024, we submitted our filing materials and applied for registration to the CSRC in accordance with the requirements of the Trial Measures. As of the date of this prospectus, we have completed the filing for this offering with the CSRC in compliance with the Trial Measures and the CSRC has concluded the filing procedure and published the filing results on the CSRC website on March 18, 2025. As a result, we have received all requisite permissions and/or approvals from the CSRC in connection with this offering.

*Provisions on Strengthening Confidentiality and Archives Administration of Overseas Securities Offering and Listing by Domestic Companies*

On February 24, 2023, the CSRC, the MOF, State Secrecy Administration and State Archives Bureau jointly revised the Provisions on Strengthening Confidentiality and Archives Administration in Overseas Issuance and Listing of Securities by Domestic Enterprises (the "Confidentiality and Archives Administration Provisions"), which came into effect on March 31, 2023. The Confidentiality and Archives Administration Provisions set out rules,

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requirements, and procedures relating to provision of documents, materials, and accounting archives for securities companies, securities service providers, overseas regulators, and other entities and individuals in connection with any overseas offering and listing. Domestic companies that carry out overseas offering and listing (either in direct or indirect means) and the securities companies and securities service providers (either incorporated domestically or overseas) that undertake relevant businesses shall not leak any state secret and work secret of government agencies or harm national security and public interest. A domestic company shall first obtain approval from competent authorities with examination and approval authority for approval according to law, and file the same with the secrecy administration at the same level for the record, if it plans to, either directly or through its overseas listed entity, publicly disclose or provide any documents and materials that contain state secrets or work secrets of government agencies. Working papers produced in mainland China by securities companies and securities service providers in the process of undertaking businesses related to overseas offering and listing by domestic companies shall be retained in the PRC. Where such documents need to be transferred or transmitted to jurisdictions outside of the PRC, relevant approval procedures stipulated by regulations shall be followed. We believe that this offering does not involve the leaking of any state secret or working secret of government agencies, or the harming of national security and public interests. However, we may be required to perform additional procedures in connection with the provision of accounting archives.

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#### MANAGEMENT

#### Directors and Executive Officers
The following table sets forth information regarding our executive officers and directors as of the date of this prospectus. Unless otherwise stated, the business address for our directors and executive officers is that of our principal executive offices at 4<sup>th</sup> fl., Unit 26, Jinshan Industrial Park, No. 618 Jinshan Avenue, Cangshan District, Fuzhou, Fujian, PRC. The business address of Mr. Yindi Pang is that of our principal offices in Spain at Avenida Ronda 1, 1<sup>st</sup> Floor, Office 3, 28981 Parla, Madrid, Spain.

---

| | | |
|:---|:---|:---|
|  **Directors and Executive Officers** | **Age** | **Position** |
|  Fufei Lin | 46 | Founder, Chairman of the Board of Directors and Chief Executive Officer |
|  Ying Lan | 46 | Director |
|  Yindi Pang | 39 | Director |
|  Xudong Shen | 56 | Independent Director |
|  Jiayang Zhong | 48 | Director and Chief Financial Officer |

---

Mr. Fufei Lin founded our company and currently serves as our Chairman of the Board of Directors and our Chief Executive Officer. Mr. Lin has over 20 years of experience in the consumer products industry and possesses a deep understanding and know-how of the areas of lighting products, pet products, electrical appliances and their IoT integration. Since 2011, Mr. Lin had founded our subsidiaries across the European Union, the United Kingdom, the United States, and our subsidiaries in mainland China and Hong Kong. Prior to establishing our subsidiaries, Mr. Lin served as the Chief Executive Officer at Fujian Sanqi Electronics Co., Ltd.

Ms. Ying Lan has served as our director since May 23, 2024. Ms. Lan served as our Chief Executive Assistant from March 2013 to present. From 2002 to 2013, Ms. Lan worked at China Telecom, Fuzhou branch, where she was mainly in charge of content planning for marketing.

Mr. Yindi Pang has served as our director since May 23, 2024. Mr. Pang served as the head of our e-commerce department from 2015 to present. From January to December 2014, Mr. Pang worked in Aigotech Onsynk SL, one of our principal Spanish operating company, primarily attending to printer-related consumer products. Prior to that, from March to October 2013, Mr. Pang worked as a translator and medical device purchasing agent at Consulting Para La Sanidad Privada, a medical device company. Mr. Pang has lived in Spain for more than 20 years. He is fluent in Chinese, Spanish, English, and Catalan. Mr. Pang received his master's degree in Mathematical Sciences from Complutense University of Madrid. He also studied International Trade and Marketing Management at Instituto de la Formacion Integral.

Mr. Xudong Shen has served as our independent director since May 23, 2024. Mr. Shen has over 20 years of experience in accounting. Mr. Shen worked in Xiamen Yinxing Accounting Firm as a project manager from May 2001 to September 2006. From September 2006 to May 2014, Mr. Shen worked in Tianjian Zhengxin Accounting Firm as a senior manager. From May 2014 to October 2020, Mr. Shen worked at Dahua Accounting Firm as a senior manager. Since October 2020, Mr. Shen has served as an external financial advisor at Starshine Holdings Group Limited (previously known as Deyun Holding Limited), a company listed on Hong Kong Exchanges. Mr. Shen is a certified public accountant and certified tax professional in China.

Mr. Jiayang Zhong has served as our Chief Financial Officer since July 2019. Mr. Zhong is a Certified Public Accountant in China and has over 20 years of experience in financial and accounting. Prior to joining us, from July 2009 to July 2019, Mr. Zhong served as the Chief Financial Officer in Fujian United Power Equipment Co., Ltd, a small generator manufacturer. From September 2007 to June 2009, Mr. Zhong served as senior director of finance department in Yonghui Supermarket, a company listed on Shanghai Stock Exchange, overseeing key financial aspects, including preparation of finance statements, compliance with applicable accounting standards for IPO purpose, as well as tax matters. Mr. Zhong received his bachelor's degree in economics from Anhui Finance & Trade College in June 2000.

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#### Board of Directors
Our board of directors will consist of seven directors, with two additional directors to be appointed within 90 days and one year, respectively, upon the SEC's declaration of effectiveness of our registration statement on Form F-1 of which this prospectus is a part. The Listing Rules of the Nasdaq generally require that a majority of an issuer's board of directors must consist of independent directors. However, the Listing Rules of the Nasdaq permit foreign private issuers like us to follow "home country practice" in certain corporate governance matters. We rely on this "home country practice" exception and do not have a majority of independent directors serving on our board of directors.

The directors may from time to time at their discretion exercise all the powers of our company to raise or borrow money and to mortgage or charge its undertaking, property and assets (present and future) and uncalled capital or any part thereof, to issue debentures, debenture stock, bonds and other securities, whether outright or as collateral security for any debt, liability or obligation of our company or of any third party. Subject to the rules of Nasdaq Stock Market and disqualification by the chairman of the relevant board meeting, a director may vote in respect of any contract or transaction or proposed contract or transaction notwithstanding that he may be interested therein and if he does so his vote shall be counted and he may be counted in the quorum at any meeting of the directors at which any such contract or transaction or proposed contract or transaction shall come before the meeting for consideration. A director who is in any way, whether directly or indirectly, interested in a contract or transaction or proposed contract or transaction with us is required to declare the nature of his interest at a meeting of our directors if his interest in such contract or transaction or proposed contract or transaction is material. A general notice given to the directors by any director to the effect that he is a member of any specified company or firm and is to be regarded as interested in any contract or transaction which may thereafter be made with that company or firm shall be deemed a sufficient declaration of interest in regard to any contract so made or transaction so consummated. None of our directors has a service contract with us that provides for benefits upon termination of service.

#### Committees of the Board of Directors
Our board of directors has established an audit committee, a compensation committee and a nominating and corporate governance committee.

***Audit Committee.*** Our audit committee will consist of Xudong Shen, and two other members to be appointed, and will be chaired by Xudong Shen. Xudong Shen satisfies the "independence" requirements of Rule 5605(c)(2) of the Listing Rules of the Nasdaq and meet the independence standards under Rule 10A-3 under the Securities Exchange Act of 1934, as amended. We have determined that Xudong Shen qualifies as an "audit committee financial expert." The audit committee will oversee our accounting and financial reporting processes and the audits of the financial statements of our company. The audit committee will be responsible for, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• selecting the independent registered public accounting firm and pre-approving all auditing and non-auditing services permitted to be performed by the independent registered public accounting firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing with the independent registered public accounting firm any audit problems or difficulties and management's response;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and approving all proposed related party transactions, as defined in Item 404 of Regulation S-K under the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• discussing the annual audited financial statements with management and the independent registered public accounting firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing major issues as to the adequacy of our internal controls and any special audit steps adopted in light of material control deficiencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• annually reviewing and reassessing the adequacy of our audit committee charter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• meeting separately and periodically with management and the independent registered public accounting firm; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reporting regularly to the board of directors.

Following the closing of this offering and our initial listing on Nasdaq, we intend to rely on the phase-in provisions of Nasdaq Rule 5615(b)(1) with respect to audit committee composition. Although our audit committee is required by Nasdaq Listing Rule 5605(c)(2)(A) and SEC Rule 10A-3 to have at least three independent members, a company listing in connection with its initial public offering may phase in compliance as follows: (i) at least one member must satisfy the audit committee requirements by the listing date; (ii) a majority of the committee must satisfy the requirements within 90 days of the effective date of our registration statement; and (iii) all members must satisfy the requirements within one year of the effective date of our registration statement. We currently have one independent member who meets these requirements and intend to appoint additional independent directors to our audit committee within the applicable timeframes. We will notify Nasdaq upon any temporary noncompliance and will comply with all other applicable requirements of Rule 5605(c), including maintaining an audit committee charter and ensuring that all audit committee members meet the independence and financial literacy standards, with at least one member possessing financial sophistication.

***Compensation Committee.*** Our compensation committee will consist of Fufei Lin, Ying Lan and Yindi Pang, and will be chaired by Fufei Lin. As a foreign private issuer, we have elected to not have our compensation committee consist of entirely independent directors. The compensation committee will assist the board of directors in reviewing and approving the compensation structure, including all forms of compensation, relating to our directors and executive officers. Our executive officers may not be present at any committee meeting during which their compensation is deliberated upon. The compensation committee will be responsible for, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing the total compensation package for our executive officers and making recommendations to the board of directors with respect to it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• approving and overseeing the total compensation package for our executives other than the three most senior executives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing the compensation of our directors and making recommendations to the board of directors with respect to it; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• periodically reviewing and approving any long-term incentive compensation or equity plans, programs or similar arrangements, annual bonuses, and employee pension and welfare benefit plans.

***Nominating and Corporate Governance Committee.*** Our nominating and corporate governance committee will consist of Fufei Lin, Ying Lan and Jiayang Zhong, and will be chaired by Fufei Lin. As a foreign private issuer, we have elected to not have our nominating and corporate governance committee consist of entirely independent directors. The nominating and corporate governance committee will assist the board of directors in selecting individuals qualified to become our directors and in determining the composition of the board of directors and its committees. The nominating and corporate governance committee will be responsible for, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• recommending nominees to the board of directors for election or re-election to the board of directors, or for appointment to fill any vacancy on the board of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing annually with the board of directors the current composition of the board of directors with regards to characteristics such as independence, age, skills, experience and availability of service to us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• selecting and recommending to the board of directors the names of directors to serve as members of the audit committee and the compensation committee, as well as of the nominating and corporate governance committee itself; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• monitoring compliance with our code of business conduct and ethics, including reviewing the adequacy and effectiveness of our procedures to ensure proper compliance.

#### Corporate Governance Practices
As a Cayman Islands exempted company listed on the Nasdaq Global Market, we are subject to Nasdaq corporate governance listing standards. However, Rule 5615(a)(3) of the Listing Rules of the Nasdaq Stock Market (the "Nasdaq Rules") permits foreign private issuers like us to follow certain home country corporate governance

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practices in lieu of certain provisions of the Rule 5600 Series of the Nasdaq Rules. A foreign private issuer that elects to follow a home country practice instead of such provisions, must disclose in its annual reports each requirement that it does not follow and describe the home country practice followed by it.

Our current corporate governance practices differ from Nasdaq corporate governance requirements for U.S. companies in certain respects, as summarized below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Executive Sessions.* IM5605-2 of Nasdaq Rules requires independent directors of a Nasdaq listed company must meet regularly in executive session (without members of management present), and such executive sessions should occur at least twice a year. In this regard we have elected to adopt the practices of our home country, the Cayman Islands, whose practices do not require independent directors to meet regularly in executive sessions separate from the full board of directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Nomination of Directors*. Rule 5605(e)(2) of Nasdaq Rules requires director nominations of a Nasdaq listed company to be made or recommended solely by independent directors and the director nominations process to be addressed by a formal written charter or board resolution. We follow Cayman Islands practice which does not require us to have a formal written charter or board resolution addressing the director nominations process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Composition of Board*. Rule 5605(b)(1) of the Nasdaq Rules requires a Nasdaq listed company to have a majority of the board be independent. In this regard we have elected to adopt the practices of our home country, the Cayman Islands, whose practices do not require a majority independent board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Composition of Committees*. Rule 5605(d)(2) of the Nasdaq Rules requires a Nasdaq listed company to have a compensation committee composed solely of independent directors to determine or recommend the compensation of the executive officers of the company. In this regard we have elected to adopt the practices of our home country, the Cayman Islands, whose practices do not require that any of the members of a company's compensation committee be independent directors.

#### Duties of Directors
Under the common law, our directors owe fiduciary duties to our company, including a duty of loyalty, a duty to act honestly, and a duty to act in what they consider in good faith to be in our best interests. Our directors must also exercise their powers only for a proper purpose. Our directors also owe to our Company a duty to act with skill and care that a reasonably prudent person would exercise in comparable circumstances. In fulfilling their duty of care to us, our directors must ensure compliance with our memorandum and articles of association, as amended and restated from time to time, and the rights vested thereunder in the holders of the shares. Our company has the right to seek damages if a duty owed by our directors is breached. A shareholder may in certain circumstances have the right to seek damages in our name if a duty owed by our directors is breached.

Our board of directors has all the powers necessary for managing, and for directing and supervising, our business affairs.

The functions and powers of our board of directors include, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• convening shareholders' annual and extraordinary general meetings and reporting its work to shareholders at such meetings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• issuing authorized but unissued shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• declaring dividends and distributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• appointing officers and determining the term of office of the officers and remuneration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• exercising the borrowing powers of our company and mortgaging the property of our company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• approving the transfer of shares in our company, including the registration of such shares in our register of members; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• exercise any other powers conferred by the shareholders' meetings or under our amended and restated memorandum and articles of association.

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#### Terms of Directors and Officers
Pursuant to our post-offering memorandum and articles of association and the Companies Act, we may from time to time in general meeting by the affirmative vote of a simple majority of the votes attaching to the ordinary shares cast at a meeting elect any person to be a director either to fill a casual vacancy or as an additional director. The Board may, from time to time and at any time to appoint any person as a director either to fill a casual vacancy or as an additional director but so that the number of directors so appointed shall not exceed the maximum number determined from time to time by shareholders in general meeting. An appointment of a director may be on terms that the director shall automatically retire from office (unless he has sooner vacated office) at the next or a subsequent annual general meeting or upon any specified event or after any specified period in a written agreement between our company and the director, if any; but no such term shall be implied in the absence of express provision. Any director whose term of office expires shall be eligible for re-election at a meeting of the shareholders or re-appointment by the Board. A director may be removed from office by the affirmative vote of a simple majority of the votes attaching to the ordinary shares cast at a meeting elect another person in his stead, notwithstanding anything in our post-offering articles of association or in any agreement between our company and such director (but without prejudice to any claim for damages under such agreement).

#### Employment Agreements
We have entered into labor contracts with our executive officers through Fuzhou Aigostar Optoelectronic Technology Co., Ltd. Under these agreements, each of our executive officers is employed for a continuous term, or a specified time period. We may terminate employment for cause, at any time, without advance notice or remuneration, for certain acts of the executive officer, such as conviction or plea of guilty to a felony or any crime involving moral turpitude, negligent or dishonest acts to our detriment, or misconduct or a failure to perform agreed duties. The executive officer may resign at any time with an advance written notice.

#### Compensation of Directors and Executive Officers
In 2024, we paid an aggregate of approximately RMB2.18 million in cash to our executive officers and directors. We have not set aside or accrued any amount to provide pension, retirement or other similar benefits to our executive officers and directors. Our PRC subsidiaries are required by the PRC law to make contributions equal to certain percentages of each employee's salary for his or her pension insurance, medical insurance, unemployment insurance and other statutory benefits and a housing provident fund.

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#### PRINCIPAL SHAREHOLDERS
The following table sets forth information with respect to the beneficial ownership of our ordinary shares as of the date of this prospectus by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each person known to us to own beneficially more than 5.0% of our ordinary shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each of our directors and executive officers.

Beneficial ownership is determined in accordance with the rules of the SEC and includes voting or investment power with respect to the securities. Except as indicated below, and subject to applicable community property laws, the persons named in the table have sole voting and investment power with respect to all ordinary shares shown as beneficially owned by them. Percentage of beneficial ownership for each of the persons listed below is determined by dividing (i) the number of ordinary shares beneficially owned by such person, including ordinary shares such person has the right to acquire within 60 days after the date of this prospectus, by (ii) the total number of ordinary shares outstanding plus the number of ordinary shares such person has the right to acquire within 60 days after the date of this prospectus. The total number of ordinary shares issued and outstanding as of the date of this prospectus is 64,932,729. The total number of ordinary shares issued and outstanding immediately after completion of this offering will be 66,932,729, assuming that the underwriters do not exercise their option to purchase additional ordinary shares. The underwriters may choose to exercise the over-allotment option in full, in part or not at all.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Ordinary shares beneficially <br>owned prior to this offering\*\*** | **Ordinary shares beneficially <br>owned prior to this offering\*\*** | **Ordinary shares beneficially <br>owned after this offering\*\*** | **Ordinary shares beneficially <br>owned after this offering\*\*** |
|  | **Number** | **Percent** | **Number** | **Percent** |
|  **Directors and Executive Officers\*** |  |  |  |  |
|  Fufei Lin<sup>(1)</sup> | 52484400 | 80.83% | 52484400 | 78.41% |
|  Ying Lan |  |  |  |  |
|  Yindi Pang |  |  |  |  |
|  Jiayang Zhong |  |  |  |  |
|  Xudong Shen |  |  |  |  |
|  Directors and executive officers as a group | 52484400 | 80.83% | 52484400 | 78.41% |
|  **Principal Shareholders** |  |  |  |  |
|  Aigo Fortune One Limited<sup>(2)</sup> | 47916400 | 73.79% | 47916400 | 71.59% |
|  Aigo Fortune Two Limited<sup>(3)</sup> | 6444800 | 9.93% | 6444800 | 9.63% |
|  Aigo Fortune Three Limited<sup>(4)</sup> | 4569600 | 7.04% | 4569600 | 6.83% |
|  Aigo Fortune Four Limited<sup>(5)</sup> | 4568000 | 7.03% | 4568000 | 6.82% |

---

____________

Notes:

\* Except as otherwise indicated below, the business address of our directors and executive officers is that of our principal executive offices at 4<sup>th</sup> fl., Unit 26, Jinshan Industrial Park, No. 618 Jinshan Avenue, Cangshan District, Fuzhou, Fujian, PRC. The business address of Mr. Fufei Lin and Mr. Yindi Pang is that of our principal offices in Spain at Avenida Ronda 1, 1<sup>st</sup> Floor, Office 3, 28981 Parla, Madrid, Spain.

\*\* Beneficial ownership information disclosed herein represents direct and indirect holdings of entities owned, controlled or otherwise affiliated with the applicable holder as determined in accordance with the rules and regulations of the SEC.

(1) Represents (i) 47,916,400 ordinary shares held by Aigo Fortune One Limited, a limited company incorporated in British Virgin Islands wholly owned by Mr. Fufei Lin; and (ii) 4,568,000 ordinary shares held by Aigo Fortune Four Limited, a company incorporated in British Virgin Islands with limited liability. The equity interest of Aigo Fortune Four Limited is wholly owned by Mr. Fufei Lin.

(2) Represents 47,916,400 ordinary shares held by Aigo Fortune One Limited, a business company incorporated in British Virgin Islands with limited liability wholly owned by Mr. Fufei Lin. The registered office of Aigo Fortune One Limited is Vistra Corporate Services Center, Wickhams Cay II, Road Town Tortola, VG1110, British Virgin Islands.

(3) Represents 6,444,800 ordinary shares held by Aigo Fortune Two Limited, a limited company incorporated in British Virgin Islands. All equity interests of Aigo Fortune Two Limited are held by 64 employees of our company, who are entitled to economic interests of the ordinary shares of our Company held by Aigo Fortune Two Limited in proportion to their respective equity interest in Aigo Fortune Two Limited. Mr. Shurong Chen, in his capacity as the sole director of Aigo

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Fortune Two Limited, has the ability to direct the management of Aigo Fortune Two Limited, including the power to direct the decisions of Aigo Fortune Two Limited regarding the voting and disposition of securities beneficially owned by Aigo Fortune Two Limited. Therefore, Mr. Shurong Chen may be deemed to have beneficial ownership of the ordinary shares of our Company held by Aigo Fortune Two Limited. Our director, Ying Lan, Yindi Pang and Jiayang Zhong each held less than 10% of equity interest in Aigo Fortune Two Limited. The registered office of Aigo Fortune Two Limited is Vistra Corporate Services Center, Wickhams Cay II, Road Town Tortola, VG1110, British Virgin Islands.

(4) Represents 4,569,600 ordinary shares held by Aigo Fortune Three Limited, a company incorporated in British Virgin Islands with limited liability. 52.52% equity interests of Aigo Fortune Three Limited are held by Mr. Xin Zhou, and 47.48% equity interests of Aigo Fortune Three Limited are held by Mr. Yongsheng Guo. Mr. Xin Zhou, in his capacity as the majority shareholder of Aigo Fortune Three Limited, may be deemed to have beneficial ownership of the ordinary shares of our Company held by Aigo Fortune Three Limited. The registered office of Aigo Fortune Three Limited is Vistra Corporate Services Center, Wickhams Cay II, Road Town Tortola, VG1110, British Virgin Islands.

(5) Represents 4,568,000 ordinary shares held by Aigo Fortune Four Limited, a company incorporated in British Virgin Islands with limited liability. The shares of Aigo Fortune Four Limited are 100% owned by Mr. Fufei Lin. The registered office of Aigo Fortune Four Limited is Vistra Corporate Services Center, Wickhams Cay II, Road Town Tortola, VG1110, British Virgin Islands.

As of the date of this prospectus, none of our ordinary shares is held by record holders in the United States. None of our shareholders has informed us that it is affiliated with a registered broker-dealer or is in the business of underwriting securities. We are not aware of any arrangement that may, at a subsequent date, result in a change of control of our company.

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#### RELATED PARTY TRANSACTIONS

#### Material Transaction with Certain Related Parties
For the fiscal years ended December 31, 2022, 2023 and 2024, we entered into certain related party transactions as set forth below.

*Transactions with Aigostar S.R.L.* For the fiscal years ended December 31, 2022, 2023, we sold products to Aigostar S.R.L., a company of which 100% equity interest is owned by Mr. Lin Jinen, who is the brother-in-law of Mr. Fufei Lin, our founder, chairman of our board of directors and chief executive officer, for an aggregate amount of EUR3,176,000 and EUR500,000, respectively. We also purchased goods from Aigostar S.R.L. for an aggregate amount of EUR2,876,000 and EUR509,000 for the years ended December 31, 2022 and 2023, respectively.

*Transactions with Tradelink B.V.* For the fiscal years ended December 31, 2022, 2023 and 2024, we sold products to Tradelink B.V., a company ultimately controlled by Mr. Fufei Lin, for an aggregate amount of EUR94,000, EUR214,000 and EUR143,000, respectively.

*Transactions with Samsparty, SL.* For the fiscal years ended December 31, 2022, 2023, we sold products to Samsparty, SL., a company of which 98.13% equity interest is owned by Ms. Qinmei Guo, who is the spouse of our founder, Mr. Fufei Lin, for an aggregate amount of EUR468,000 and EUR965,000, respectively. We also purchased goods from Samsparty, SL. for an aggregate amount of EUR3,492,000 and EUR3,189,000 for the years ended December 31, 2022 and 2023, respectively.

*Transactions with Top Supplies S.R.L.* For the fiscal years ended December 31, 2022, we sold products to Top Supplies S.R.L., a company of which 100% equity interest is owned by Ms. Ying Lan, our director, for an aggregate amount of EUR759,000. We also purchased goods from Top Supplies S.R.L. for an aggregate amount of EUR567,000, of the same year.

*Transactions with Super Ink B.V.* For the fiscal years ended December 31, 2022, we sold products to Super Ink B.V., a company of which 100% equity interest is owned by Mr. Shuiwen Guo, who is the brother-in-law of Mr. Fufei Lin, for an aggregate amount of EUR126,000.

*Transactions with Digital Italia SRL*. For the fiscal years ended December 31, 2022, 2023 and 2024, we sold goods to Digital Italia SRL, a subsidiary of Fuzhou Uslink Trading Co. Ltd., a company in which 44% equity interest is owned by our founder, Mr. Fufei Lin, for an aggregate amount of EUR1,000, EUR7,000 and EUR188,000 respectively.

*Transactions with Sunrise Holding Empresarial SL.* For the fiscal years ended December 31, 2022 and 2023, we sold goods to Sunrise Holding Empresarial SL for an aggregate amount of EUR6,000 and EUR1,000, respectively.

*Transactions with Top Trading B.V.* For the fiscal years ended December 31, 2022, we sold goods to Top Trading B.V., a company controlled by Ms. Qinmei Guo who is the spouse of our founder, for an aggregate amount of EUR4,000.

*Transactions with Unico Star SL.* For the fiscal years ended December 31, 2022 and 2023, we sold goods to Unico Star SL, a company in which 44% equity interest is owned by our founder, for an aggregate amount of EUR68,000 and EUR(12,000), respectively.

*Transactions with Fuzhou Uslink Trading Co. Ltd*. For the fiscal years ended December 31, 2022, 2023 and 2024, we sold goods to Fuzhou Uslink Trading Co. Ltd., a company in which 44% equity interest is owned by our founder, for an aggregate amount of EUR2,000, EUR2,000 and EUR1,000, respectively.

*Transactions with Zhuhai Tuoxin Optoelectronic Technology Co., Ltd.* For the fiscal year ended December 31, 2024, we purchased goods from Zhuhai Tuoxin Optoelectronic Technology Co., Ltd. for an aggregate amount of EUR991,000, for the year ended December 31, 2024.

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#### Amount Due From Related Parties
For the fiscal year ended December 31, 2022, 2023 and 2024, the balance of amount due from related parties is set forth below.

*Aigostar S.R.L.* We paid the supplier on behalf of Aigostar S.R.L. As of December 31, 2022, the amount due from Aigostar S.R.L. was EUR1,634,000. As of December 31, 2024, the amount due from Aigostar S.R.L. was EUR1,000.

*Eurotrading International SP. Z O.O.* We made loans (due on demand with no interest) to and paid the supplier on behalf of Eurotrading International SP. Z O.O., a company controlled by key management of us. As of December 31, 2022, the amount due from Eurotrading International SP. Z O.O was EUR6,000. As of December 31, 2024, Eurotrading International SP. Z O.O. has settled the amount due.

*Samsparty, SL.* We paid the supplier on behalf of Samsparty, SL, and made advances to Samsparty, SL. As of December 31, 2022 and 2023, the amount due from Samsparty, SL was EUR58,000 and EUR14,000, respectively. As of December 31, 2024, Samsparty, SL has settled the amount due.

*Top Supplies S.R.L.* We paid the supplier on behalf of Top Supplies S.R.L. As of December 31, 2022, the amount due from Top Supplies S.R.L. was EUR1,415,000. As of December 31, 2024, the amount due from Top Supplies S.R.L. was EUR3,000.

*Jiang Liu.* We made employee loan to Mr. Jiang Liu, who is a key management of us. As of December 31, 2022, 2023 and 2024, the amount due from Jiang Liu was EUR6,000, EUR26,000 and EUR52,000, respectively. The amount is due on demand with no interest. Jiang Liu undertakes to settle the outstanding amount of such loan shortly and in any event no later than the effectiveness date of this registration statement.

*Vanke SP. Z O.O*. We made loans to Vanke SP Z O.O., a company controlled by our founder Mr. Fufei Lin. As of December 31, 2023 and 2024, the amount due from Vanke SP. Z O.O. was EUR1,000 and EUR7,000, respectively. The amount is for work capital purpose and due on demand with no interest.

*Qinmei Guo.* We made loans to Ms. Qinmei Guo, who is the spouse of our founder. As of December 31, 2023, the amount due from Ms. Qinmei Guo was EUR16,000. As of December 31, 2024, Ms. Qinmei Guo has settled the amount due.

*Fufei Lin.* In 2024, we made certain loans to our founder, Mr. Fufei Lin. As of December 31, 2024, Mr. Fufei Lin has settled the amount due.

#### Amount Due To Related Parties
For the fiscal year ended December 31, 2022, 2023 and 2024, the balance of amount due to related parties is set forth below.

*Aigostar S.R.L.* Aigostar S.R.L., a company controlled by the brother-in-law of our founder Mr. Fufei Lin, paid the supplier on behalf of us. As of December 31, 2022, the amount due to Aigostar S.R.L. was EUR1,262,000. As of December 31, 2024, the amount due to Aigostar S.R.L. was EUR2,351,000.

*Aigotech Onsynk Limited.* Aigotech Onsynk Limited, a company controlled by our founder, Mr. Fufei Lin, made loan to us for working capital purpose. Such loan is due on demand with no interest. As of December 31, 2022 and 2023, the amount due to Aigotech Onsynk Limited was EUR827,000 and EUR822,000, respectively. As of December 31, 2024, we have settled such amount due to Aigotech Onsynk Limited.

*Samsparty, SL.* Samsparty, SL, a company of which 98.13% equity interest is owned by Ms. Qinmei Guo who is the spouse of our founder, paid the supplier on behalf of us. As of December 31, 2022 and 2023, the amount due to Samsparty, SL was EUR3,332,000 and EUR966,000, respectively. As of December 31, 2024, we have settled such amount due to Samsparty, SL.

*Top Supplies S.R.L.* Top Supplies S.R.L. a company of which 100% equity interest is owned by our director, Ms. Ying Lan, paid the supplier on behalf of us. As of December 31, 2022, the amount due to Top Supplies S.R.L. was EUR870,000. As of December 31, 2023, we have settled the amount due to Top Supplies S.R.L.

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*Loans by Vanke SP. Z O.O.* Vanke SP. Z O.O., a company controlled by our founder, Mr. Fufei Lin, made loan to us for working capital purpose. Such loan is due on demand with no interest. As of December 31, 2022, the amount due to Vanke SP. Z O.O. was EUR12,000. As of December 31, 2023, we have settled the amount due to Vanke SP. Z O.O.

*Advances by Fuzhou Uslink Trading Co. Ltd.* Fuzhou Uslink Trading Co. Ltd., a company in which 44% equity interest is owned by our founder, Mr. Fufei Lin, made advances to us. As of December 31, 2022 and 2023, the amount due to Fuzhou Uslink Trading Co. Ltd. was EUR5,000 and EUR2,000, respectively. As of December 31, 2024, we have settled the amount due to Fuzhou Uslink Trading Co. Ltd.

*Shuiwen Guo*. Mr. Shuiwen Guo, who is the brother of Ms. Qinmei Guo, paid deposit on behalf of us and also made advance to us for capital injection. As of December 31, 2022 and 2023, the amount due to Mr. Shuiwen Guo was EUR76,000 and EUR125,000, respectively. As of December 31, 2024, we settled the amount due to Mr. Shuiwen Guo.

*Yindi Pang*. Mr. Yindi Pang, who is our director, made payment on behalf of us. As of December 31, 2022, the amount due to Mr. Yindi Pang was EUR3,000. As of December 31, 2023, we settled the amount due to Mr. Yindi Pang and the amount due to Mr. Yindi Pang was nil and nil as of December 31, 2023 and December 31, 2024, respectively.

*Aigou No.2(Pingtan) Investment Partnership (Limited Partnership)*. Aigou No. 2(Pingtan) Investment Partnership (Limited Partnership) was a former shareholder of our PRC operating company, Fuzhou Aigostar. The amount due to Aigou No. 2(Pingtan) Investment Partnership (Limited Partnership) related to the advance from investor for capital injection, and loans made to us due on demand with no interest. As of December 31, 2022 and 2023, the amount due to Aigou No.2(Pingtan) Investment Partnership (Limited Partnership) was EUR2,624,000 and EUR2,435,000, respectively. As of December 31, 2024, we have settled the amount due to Aigou No.2(Pingtan) Investment Partnership (Limited Partnership). 2022 and 2023, the amount due to Aigou No. 2(Pingtan) Investment Partnership (Limited Partnership) was EUR2,624,000 and EUR2,453,000, respectively. As of December 31, 2024, we settled the amount due to Aigou No. 2 (Pingtan) Investment Partnership (Limited Partnership).

*Aigou No.1(Pingtan) Investment Partnership (Limited Partnership)*. Aigou No. 1(Pingtan) Investment Partnership (Limited Partnership) was a former shareholder of our PRC operating company, Fuzhou Aigostar. The amount due to Aigou No. 1(Pingtan) Investment Partnership (Limited Partnership) related to the advance from investor for capital injection, and loans made to us due on demand with no interest. As of December 31, 2022 and 2023, the amount due to Aigou No. 1(Pingtan) Investment Partnership (Limited Partnership) was EUR1,842,000 and EUR1,713,000, respectively. As of December 31, 2024, we settled the amount due to Aigou No. 1 (Pingtan) Investment Partnership (Limited Partnership).

*Xin Zhou. Mr.* Xin Zhou was a former shareholder of our PRC operating company, Fuzhou Aigostar, and currently an indirect shareholder of our Company. The amount due to Mr. Xin Zhou related to the advance from investor for capital injection. As of December 31, 2022 and 2023, the amount due to Mr. Xin Zhou was EUR1,602,000 and EUR1,501,000, respectively. As of December 31, 2024, we settled the amount due to Mr. Xin Zhou.

*Qinmei Guo. Ms.* Qinmei Guo is the spouse of our founder, Mr. Fufei Lin. The amount due to Ms. Qinmei Guo related to the advance from investor for capital injection. As of December 31, 2022, the amount due to Ms. Qinmei Guo was EUR20,000. As of December 31, 2023, we settled the amount due to Ms. Qinmei Guo and the amount due to Ms. Qinmei Guo was nil and nil as of December 31, 2023 and December 31, 2024, respectively.

*Fufei Lin*. In 2022 and 2023, our primary PRC operating company, Fuzhou Aigostar, paid cash dividends to its former shareholders in the amount of €500,000 and €1,153,000, respectively. In February and July 2024, Fuzhou Aigostar paid dividends to Mr. Fufei Lin in the amount of approximately RMB4.28 million and RMB7.36 million, respectively. As of December 31, 2022 and 2023, the amount due to our founder, Mr. Fufei Lin, was EUR3,032,000 and EUR1,951,000 respectively. As of December 31, 2024, the amount due to Mr. Fufei Lin was EUR218,000, which related to loan made from Mr. Fufei Lin with no interest.

*Fuzhou Aigo Juyou Investment Co. Ltd.* Fuzhou Aigo Juyou Investment Co. Ltd. was a former shareholder of our PRC subsidiary Fuzhou Aigostar. As of December 31, 2024, the amount due to Fuzhou Aigo Juyou Investment Co. Ltd. was EUR7,031,000, which related to dividend declared and payable to Fuzhou Aigo Juyou Investment Co. Ltd.

#### Employment Agreements
See "Management — Employment Agreements."

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#### DESCRIPTION OF SHARE CAPITAL
We are a Cayman Islands exempted company limited by shares and our affairs are governed by our memorandum and articles of association, as amended and restated from time to time and the Companies Act (As Revised) of the Cayman Islands, which is referred to as the Companies Act below.

On March 6, 2025, the shareholders of the Company passed a resolution to approve a four for-one-stock split. As such, the authorized share capital of the Company has increased from 50,000,000 to 200,000,000, and the par value per share decreased from US$0.001 per share to US$0.00025 per share. The stock split is to provide greater flexibility in pricing our IPO and increase liquidity.

As of the date hereof, our authorized share capital is US$50,000 divided into 200,000,000 ordinary shares with a par value of US$0.00025 each. As of the date of this prospectus, there are 64,932,729 ordinary shares issued and outstanding.

Immediately prior to the completion of this offering, we will conditionally adopt an amended and restated memorandum and articles of association, which we refer to below as our post-offering memorandum and articles of association, and which will become effective immediately upon completion of this offering and replace the current memorandum and articles of association in its entirety. Following the completion of this offering, ordinary shares will be issued and outstanding, assuming the underwriters do not exercise their option to purchase additional ordinary shares. The following are summaries of material provisions of our proposed post-offering memorandum and articles of association and the Companies Act insofar as they relate to the material terms of our ordinary shares that we expect will become effective upon the completion of this offering.

#### Our Post-offering Memorandum and Articles of Association
Our shareholders plan to adopt an amended and restated memorandum and articles of association, which we refer to below as our post-offering memorandum and articles of association and which will become effective and replace our current amended and restated memorandum and articles of association in its entirety immediately prior to the completion of this offering. The following are summaries of material provisions of the post-offering memorandum and articles of association and of the Companies Act, insofar as they relate to the material terms of our ordinary shares.

***Objects of Our Company.*** Under our post-offering memorandum and articles of association, the objects of our company are unrestricted, and we have the full power and authority to carry out any object not prohibited by the law of the Cayman Islands.

***General.*** All of our issued and outstanding ordinary shares are fully paid and non-assessable. Certificates representing the ordinary shares shall be issued under the seal or a facsimile thereof and shall specify the number and class and distinguishing numbers (if any) of the shares to which it relates, and the amount paid up thereon and may otherwise be in such form as the Directors may from time to time determine. Our shareholders who are nonresidents of the Cayman Islands may freely hold and vote their ordinary shares. We shall not issue shares to bearer.

***Dividends.*** The holders of our ordinary shares are entitled to such dividends as may be declared by our board of directors subject to the Companies Act and to our post-offering memorandum and articles of association.

***Voting Rights.*** Subject to any rights or restrictions for the time being attached to any class or classes of shares, on a show of hands every shareholder of record present in person or by proxy at a general meeting shall have one vote and on a poll every shareholder of record present in person or by proxy shall have one vote for every such share held by him. In the case of joint holders of record the vote of the senior who tenders a vote, whether in person or by proxy, shall be accepted to the exclusion of the votes of the other joint holders, and for this purpose seniority shall be determined by the order in which the names stand in the register of Members. Any corporation which is a shareholder of record of the Company may in accordance with its articles of association or in the absence of such provision by resolution of its directors or other governing body authorise such person as it thinks fit to act as its representative at any meeting of the Company or of any class of shareholders of the Company, and the person so authorised 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 shareholder of record of the Company. On a poll or on a show of hands votes may be given either personally or by proxy.

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***Transfer of Shares.*** Subject to the restrictions of our post-offering amended and restated memorandum and articles of association and the Companies Act, any of our shareholders may transfer all or any of his or her ordinary shares by an instrument of transfer in the usual or common form or in a form prescribed by the Nasdaq Global Market or such other form as approved by our directors from time to time.

Our directors may, in their absolute discretion, decline to register any transfer of any share. If the Directors refuse to register a transfer they shall within two months send to each of the transferor and the transferee notice of such refusal and, except where the subject share is not a fully paid share, the reason(s) for such refusal.

***Liquidation.*** If our company shall be wound up, and the surplus assets remaining after payment to all creditors shall be divided among the shareholders in proportion to the capital paid up on the shares held by them respectively, and if such surplus assets shall be insufficient to repay the whole of the paid up capital, such assets shall be distributed, subject to the rights of any shares which may be issued on special terms and conditions, so that, as nearly as may be, the losses shall be borne by the shareholders in proportion to the capital paid on the shares held by them.

***Calls on Ordinary Shares and Forfeiture of Ordinary Shares.*** Subject to the terms of the allotment, our board of directors may from time to time make calls upon shareholders for any amounts unpaid on their ordinary shares, and each shareholder shall (subject to receiving at least fourteen (14) clear days' notice specifying the time or times of payment) pay to us at the time or times so specified the amount called on such ordinary shares. The ordinary shares that have been called upon and remain unpaid on the specified time are subject to forfeiture.

***Redemption, Repurchase and Surrender of Shares.*** Subject to our post-offering amended and restated memorandum and articles of association, the Companies Act and, where applicable, the Nasdaq listing rules or any other law or so far as not prohibited by any law and subject to any rights conferred on the holders of any class of shares, any power of our Company to purchase or otherwise acquire all or any of its own shares be exercisable by our board of directors in such manner, upon such terms and subject to such conditions as it thinks fit. Subject to the Companies Act, our post-offering amended and restated memorandum and articles of association, and to any special rights conferred on the holders of any shares or attaching to any class of shares, shares may be issued on the terms that they may, at the option of our Company or the holders thereof, be liable to be redeemed on such terms and in such manner, including out of capital, as our board of directors may deem fit.

***Variations of Rights of Shares.*** Whenever the capital of our company is divided into different classes the rights attached to any such class may, subject to any rights or restrictions for the time being attached to any class, only be materially and adversely varied with the sanction of a special resolution (affirmative vote of two-thirds) passed at a separate general meeting of the holders of the shares of that class.

***Inspection of Books and Records.*** Holders of our ordinary shares will have no general right under Cayman Islands law to inspect or obtain copies of our register of members or our corporate records (except as set out our post-offering amended and restated memorandum and articles of association and the register of mortgages and charges). See "Where You Can Find Additional Information."

***Changes in Capital.*** Subject to the Companies Act, our shareholders may by ordinary resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increase our share capital by creation of new shares, such new capital to be of such amount and to be divided into shares of such class or classes and of such amounts in any currency as the shareholders may think fit and as the resolution may prescribe;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• consolidate and divide all or any of our share capital into shares of a larger amount than our existing shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• sub-divide our shares, or any of them into shares of an amount smaller than that fixed by our memorandum of association;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cancel any shares that, at the date of the passing of the resolution, have not been taken or agreed to be taken by any person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• convert all or any of its paid-up shares into stock, and reconvert that stock into paid-up shares of any denomination.

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Subject to the Companies Act, our post-offering amended and restated memorandum and articles of association, and to any rights for the time being conferred on the shareholders holding a particular class of shares, our shareholders may, by special resolution, reduce our share capital and any capital redemption reserve in any manner authorized by the Companies Act.

***Exempted Company.*** We are an exempted company with limited liability under the Companies Act. The Companies Act distinguishes between ordinary resident companies and exempted companies. Any company that is registered in the Cayman Islands but conducts business mainly outside of the Cayman Islands may apply to be registered as an exempted company. The requirements for an exempted company are essentially the same as for an ordinary company except that an exempted company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• does not have to file an annual return of its shareholders with the Registrar of Companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• does not have to make its register of members open to inspection by shareholders of that company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• does not have to hold an annual general meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• may obtain an undertaking against the imposition of any future taxation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• may register by way of continuation in another jurisdiction and be deregistered in the Cayman Islands;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• may register as a limited duration company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• may register as a segregated portfolio company.

"Limited liability" means that the liability of each shareholder is limited to the amount unpaid by the shareholder on the shares of the company.

***Register of Members.*** Under the Companies Act, we must keep a register of members and there should be entered therein:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the names and addresses of our members with the addition of, in the case of a company having a capital divided into shares, a statement of the shares held by each member, and the statement shall (i) distinguish each share by its number (so long as the share has a number); (ii) confirm the amount paid, or agreed to be considered as paid on the shares of each member; (iii) confirm the number and category of shares held by each member; and (iv) confirm whether each relevant category of shares held by a member carries voting rights under the articles of association of the company, and if so, whether such voting rights are conditional;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the date on which the name of any person was entered on the register as a member; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the date on which any person ceased to be a member.

Under Cayman Islands law, the register of members of our company is prima facie evidence of the matters set out therein (i.e. the register of members will raise a presumption of fact on the matters referred to above unless rebutted) and a member registered in the register of members is deemed as a matter of Cayman Islands law to have legal title to the shares as set against its name in the register of members. Upon the completion of this offering, the register of members will be immediately updated to record and give effect to the issue of shares by us to the depositary (or its nominee) as the depositary. Once our register of members has been updated, the shareholders recorded in the register of members will be deemed to have legal title to the shares set against their name.

If the name of any person is incorrectly entered in or omitted from our register of members, or if there is any default or unnecessary delay in entering on the register the fact of any person having ceased to be a member of our company, the person or member aggrieved (or any member of our company or our company itself) may apply to the Grand Court of the Cayman Islands for an order that the register be rectified, and the Court may either refuse such application or it may, if satisfied of the justice of the case, make an order for the rectification of the register.

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#### Differences in Corporate Law
The Companies Act is derived, to a large extent, from the older Companies Acts of England and Wales but does not follow recent United Kingdom statutory enactments and, accordingly, there are significant differences between the Companies Act and the current Companies Act of United Kingdom. In addition, the Companies Act differs from laws applicable to United States corporations and their shareholders. Set forth below is a summary of certain significant differences between the provisions of the Companies Act applicable to us and the laws applicable to companies incorporated in the State of Delaware.

This discussion does not purport to be a complete statement of the rights of holders of our ordinary shares under applicable law in the Cayman Islands or the rights of holders of the common stock of a typical corporation under applicable Delaware law.

***Mergers and Similar Arrangements.*** The Companies Act permits mergers and consolidations between Cayman Islands companies and between Cayman Islands companies and non-Cayman Islands companies. For these purposes, (a) "merger" means the merging of two or more constituent companies and the vesting of their undertaking, property and liabilities in one of such companies as the surviving company, and (b) a "consolidation" means the combination of two or more constituent companies into a consolidated company and the vesting of the undertaking, property and liabilities of such companies to the consolidated company. In order to effect such a merger or consolidation, the directors of each constituent company must approve a written plan of merger or consolidation, which must then be authorized by (i) a special resolution of the shareholders of each constituent company and (ii) such other authorization, if any, as may be specified in such constituent company's articles of association. The consent of each holder of a fixed or floating security interest over a constituent company is required unless this requirement is waived by a court in the Cayman Islands. The written plan of merger or consolidation must be filed with the Registrar of Companies of the Cayman Islands together with a declaration as to the solvency of the consolidated or surviving company, a list of the assets and liabilities of each constituent company and an undertaking that a copy of the certificate of merger or consolidation will be given to the members and creditors of each constituent company and that notification of the merger or consolidation will be published in the Cayman Islands Gazette. Court approval is not required for a merger or consolidation effected in compliance with these statutory procedures.

A merger between a Cayman Islands parent company and its Cayman Islands subsidiary or subsidiaries does not require authorization by a resolution of shareholders. For this purpose a subsidiary is a company of which at least ninety percent (90%) of the issued shares entitled to vote are owned by the parent company.

The consent of each holder of a fixed or floating security interest over a constituent company is required unless this requirement is waived by a court in the Cayman Islands.

Save in certain circumstances, a dissentient shareholder of a Cayman Islands constituent company is entitled to payment of the fair value of his shares upon dissenting to a merger or consolidation. The exercise of appraisal rights will preclude the exercise of any other rights save for the right to seek relief on the grounds that the merger or consolidation is void or unlawful.

Separate from the statutory provisions relating to mergers and consolidations, the Companies Act also contains statutory provisions that facilitate the reconstruction and amalgamation of companies by way of schemes of arrangement, provided that the arrangement is approved by a majority in number of each class of shareholders and creditors with whom the arrangement is to be made, and who must in addition represent three-fourths in value of each such class of shareholders or creditors, as the case may be, that are present and voting either in person or by proxy at a meeting, or meetings, convened for that purpose. The convening of the meetings and subsequently the arrangement must be sanctioned by the Grand Court of the Cayman Islands. While a dissenting shareholder has the right to express to the court the view that the transaction ought not to be approved, the court can be expected to approve the arrangement if it determines that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the statutory provisions as to the required majority vote have been met;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the shareholders have been fairly represented at the meeting in question and the statutory majority are acting bona fide without coercion of the minority to promote interests adverse to those of the class;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the arrangement is such that may be reasonably approved by an intelligent and honest man of that class acting in respect of his interest; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the arrangement is not one that would more properly be sanctioned under some other provision of the Companies Act.

The Companies Act also contains a statutory power of compulsory acquisition which may facilitate the "squeeze out" of dissentient minority shareholder upon a tender offer. When a tender offer is made and accepted by holders of ninety percent (90%) of the shares affected within four months, the offeror may, within a two-month period commencing on the expiration of such four-month period, require the holders of the remaining shares to transfer such shares to the offeror on the terms of the offer. An objection can be made to the Grand Court of the Cayman Islands.

If an arrangement and reconstruction is thus approved, the dissenting shareholder would have no rights comparable to appraisal rights, which would otherwise ordinarily be available to dissenting shareholders of Delaware corporations, providing rights to receive payment in cash for the judicially determined value of the shares.

***Shareholders' Suits.*** In principle, we will normally be the proper plaintiff to sue for a wrong done to us as a company, and as a general rule a derivative action may not be brought by a minority shareholder. However, based on English authorities, which would in all likelihood be of persuasive authority in the Cayman Islands, the Cayman Islands courts can be expected to follow and apply common law principles (namely the rule in Foss v. Harbottle and the exceptions thereto) so that a non-controlling shareholder may be permitted to commence a class action against or derivative actions in the name of the company to challenge actions where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a company acts or proposes to act illegally or ultra vires;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the act complained of, although not ultra vires, could only be effected duly if authorized by more than a simple majority vote that has not been obtained; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• those who control the company are perpetrating a "fraud on the minority."

***Indemnification of Directors and Executive Officers and Limitation of Liability.*** Cayman Islands law does not limit the extent to which a company's memorandum and articles of association may provide for indemnification of officers and directors, except to the extent any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against civil fraud or the consequences of committing a crime.

Our post-offering memorandum and articles of association provide that the directors and officers for the time being of the Company and any trustee for the time being acting in relation to any of the affairs of the Company and their heirs, executors, administrators and personal representatives respectively (each an "**Indemnified Person**") shall be indemnified out of the assets of the Company from and against all actions, proceedings, costs, charges, losses, damages and expenses which they or any of them shall or may incur or sustain by reason of any act done or omitted in or about the execution of their duty in their respective offices or trusts, except such (if any) as they shall incur or sustain by or through their own wilful neglect or default respectively and no such Director, officer or trustee shall be answerable for the acts, receipts, neglects or defaults of any other Director, officer or trustee or for joining in any receipt for the sake of conformity or for the solvency or honesty of any banker or other persons with whom any monies or effects belonging to the Company may be lodged or deposited for safe custody or for any insufficiency of any security upon which any monies of the Company may be invested or for any other loss or damage due to any such cause as aforesaid or which may happen in or about the execution of his office or trust unless the same shall happen through the wilful neglect or default of such Director, officer or trustee. This standard of conduct is generally the same as permitted under the Delaware General Corporation Law for a Delaware corporation. In addition, we intend to enter into indemnification agreements with our directors and senior executive officers that will provide such persons with additional indemnification beyond that provided in our post-offering memorandum and articles of association.

***Directors' Fiduciary Duties.*** Under Delaware corporate law, a director of a Delaware corporation has a fiduciary duty to the corporation and its shareholders. This duty has two components: the duty of care and the duty of loyalty. The duty of care requires that a director act in good faith, with the care that an ordinarily prudent person would exercise under similar circumstances. Under this duty, a director must inform himself of, and disclose to

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shareholders, all material information reasonably available regarding a significant transaction. The duty of loyalty requires that a director acts in a manner he or she reasonably believes to be in the best interests of the corporation. He or she must not use his or her corporate position for personal gain or advantage. This duty prohibits self-dealing by a director and mandates that the best interest of the corporation and its shareholders take precedence over any interest possessed by a director, officer or controlling shareholder and not shared by the shareholders generally. In general, actions of a director are presumed to have been made on an informed basis, in good faith and in the honest belief that the action taken was in the best interests of the corporation. However, this presumption may be rebutted by evidence of a breach of one of the fiduciary duties. Should such evidence be presented concerning a transaction by a director, the director must prove the procedural fairness of the transaction, and that the transaction was of fair value to the corporation.

As a matter of Cayman Islands law, a director of a Cayman Islands company is in the position of a fiduciary with respect to the company and therefore it is considered that he owes the following duties to the company — a duty to act bona fide in the best interests of the company, a duty not to make a profit based on his or her position as director (unless the company permits him to do so) and a duty not to put himself in a position where the interests of the company conflict with his or her personal interest or his or her duty to a third party. A director of a Cayman Islands company owes to the company a duty to act with skill and care. It was previously considered that a director needs not exhibit in the performance of his or her duties a greater degree of skill than may reasonably be expected from a person of his or her knowledge and experience. However, English and Commonwealth courts have moved towards an objective standard with regard to the required skill and care and these authorities are likely to be followed in the Cayman Islands.

***Shareholder Action by Written Consent.*** Under the Delaware General Corporation Law, a corporation may eliminate the right of shareholders to act by written consent by amendment to its certificate of incorporation. Cayman Islands law and our post-offering memorandum and articles of association provide that our shareholders may approve corporate matters by way of a unanimous written resolution signed by or on behalf of all shareholders for the time being entitled to receive notice of and to attend and vote on such matter at a general meeting without a meeting being held.

***Shareholder Proposals.*** Under the Delaware General Corporation Law, a shareholder has the right to put any proposal before the annual meeting of shareholders; provided that it complies with the notice provisions in the governing documents. A special meeting may be called by the board of directors or any other person authorized to do so in the governing documents, but shareholders may be precluded from calling special meetings.

The Companies Act does not provide shareholders any right to bring business before a meeting or requisition a general meeting. However, these rights may be provided in the company's memorandum and articles of association. Our amended and restated articles of association allow one or more of our shareholders holding not less than one tenth of the paid up capital of the Company having the right of voting at general meetings to requisition a general meeting of our shareholders, in which case our directors are obliged to convene such meeting. Other than this right to requisition a shareholders' meeting, our amended and restated articles of association do not provide our shareholders with any other right to put proposals before annual general meetings or extraordinary general meetings. As an exempted Cayman Islands company, we may but are not obliged by law to call shareholders' annual general meetings.

As a Cayman Islands exempted company, we are not obliged by law to call shareholders' annual general meetings. However, our post-offering memorandum and articles of association provides that we shall in each fiscal year to hold a general meeting as our annual general meeting, and shall specify the meeting as such in the notice calling it.

***Cumulative Voting.*** Under the Delaware General Corporation Law, cumulative voting for elections of directors is not permitted unless the corporation's certificate of incorporation specifically provides for it. Cumulative voting potentially facilitates the representation of minority shareholders on a board of directors since it permits the minority shareholder to cast all the votes to which the shareholder is entitled on a single director, which increases the shareholder's voting power with respect to electing such director. There are no prohibitions in relation to cumulative voting under Cayman Islands law, but our post-offering memorandum and articles of association do not provide for cumulative voting. As a result, our shareholders are not afforded any less protections or rights on this issue than shareholders of a Delaware corporation.

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***Removal of Directors.*** Under the Delaware General Corporation Law, a director of a corporation with a classified board of directors may be removed only for cause with the approval of a majority of the outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise. Under our post-offering memorandum and articles of association, a director may be removed from office by an ordinary resolution, notwithstanding anything in our articles of association or in any agreement between our company and such director (but without prejudice to any claim for damages under such agreement).

***Transactions with Interested Shareholders.*** The Delaware General Corporation Law contains a business combination statute applicable to Delaware corporations whereby, unless the corporation has specifically elected not to be governed by such statute by amendment to its certificate of incorporation, it is prohibited from engaging in certain business combinations with an "interested shareholder" for three years following the date that such person becomes an interested shareholder. An interested shareholder generally is a person or a group who or which owns or owned 15% or more of the target's outstanding voting stock within the past three years. This has the effect of limiting the ability of a potential acquirer to make a two-tiered bid for the target in which all shareholders would not be treated equally. The statute does not apply if, among other things, prior to the date on which such shareholder becomes an interested shareholder, the board of directors approves either the business combination or the transaction which resulted in the person becoming an interested shareholder. This encourages any potential acquirer of a Delaware corporation to negotiate the terms of any acquisition transaction with the target's board of directors.

Cayman Islands law has no comparable statute. As a result, we cannot avail ourselves of the types of protections afforded by the Delaware business combination statute. However, although Cayman Islands law does not regulate transactions between a company and its significant shareholders, the directors of our company are required to comply with fiduciary duties which they owe to our company under Cayman Islands laws, including the duty to ensure that, in their opinion such transactions must be entered into *bona fide* in the best interests of the company and for a proper corporate purpose and not with the effect of constituting a fraud on the minority shareholders.

***Dissolution; Winding up.*** Under the Delaware General Corporation Law, unless the board of directors approves the proposal to dissolve, dissolution must be approved by shareholders holding 100% of the total voting power of the corporation. Only if the dissolution is initiated by the board of directors may it be approved by a simple majority of the corporation's outstanding shares. Delaware law allows a Delaware corporation to include in its certificate of incorporation a supermajority voting requirement in connection with dissolutions initiated by the board of directors.

Under Cayman Islands law, a company may be wound up by either an order of the courts of the Cayman Islands or by a special resolution of its members or, if the company is unable to pay its debts as they fall due, by an ordinary resolution of its members. The court has authority to order winding up in a number of specified circumstances including where it is, in the opinion of the court, just and equitable to do so.

***Variation of Rights of Shares.*** Under the Delaware General Corporation Law, a corporation may vary the rights of a class of shares with the approval of a majority of the outstanding shares of such class, unless the certificate of incorporation provides otherwise. Under our post-offering memorandum and articles of association, whenever the capital of our company is divided into different class, the rights attached to any such class may, subject to any rights or restrictions for the time being attached to any class, only be materially and adversely varied, modified or abrogated with the sanction of a Special Resolution passed at a separate general meeting of the holders of the Shares of that class.

***Amendment of Governing Documents.*** Under the Delaware General Corporation Law, a corporation's governing documents may be amended with the approval of a majority of the outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise. Under the Companies Act and our post-offering memorandum and articles of association, our memorandum and articles of association may only be amended by a special resolution.

***Rights of Non***-Resident ***or Foreign Shareholders.*** There are no limitations imposed by our post-offering memorandum and articles of association on the rights of non-resident or foreign shareholders to hold or exercise voting rights on our shares. In addition, there are no provisions in our post-offering memorandum and articles of association that require our company to disclose ownership above any particular ownership threshold.

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#### History of Securities Issuances
The following is a summary of our securities issuances in the past three years. We believe that each of the following issuances was exempt from registration under the Securities Act pursuant to Section 4(a)(2) of the Securities Act regarding transactions not involving a public offering, or in reliance on Regulation S under the Securities Act regarding sales by an issuer in offshore transactions. No underwriters were involved in these issuances of ordinary shares.

On February 28, 2024, initially one ordinary share was issued to Vistra (Cayman) Limited, and then transferred to Aigo Fortune One Limited, and 49,999 ordinary shares were issued to Aigo Fortune One limited. At that time Aigo Fortune One Limited held 50,000 ordinary shares which comprised of 100% of the shareholding of the Company.

On May 8, 2024, the Company issued: (i) 11,929,100 ordinary shares to Aigo Fortune One Limited, thus making Aigo Fortune One Limited holding an aggregate of 11,979,100 shares of the Company, (ii) 1,611,200 ordinary shares to Aigo Fortune Two Limited, (iii) 1,142,400 ordinary shares to Aigo Fortune Three Limited, and (iv) 1,142,000 ordinary shares to Aigo Fortune Four Limited, respectively, at par value of US$0.001 per share.

On March 6, 2025, the shareholders of the Company have passed a resolution to approve a four for-one-stock split. As such, the authorized capital increased from 50,000,000 to 200,000,000, and the par value per share decreased from US$0.001 per share to US$0.00025 per share. Following the four-for-one stock split, our issued and outstanding ordinary shares increased from 15,874,700 shares to 63,498,800 shares.

On May 30, 2025, we issued an aggregate of 1,433,929 ordinary shares at US$2.8 per share to certain investors and received gross proceeds of US$4,015,000.

As of the date of this prospectus, 64,932,729 ordinary shares were issued and outstanding.

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#### SHARES ELIGIBLE FOR FUTURE SALE
Upon completion of this offering, we will have 66,932,729 ordinary shares outstanding, assuming the underwriters do not exercise their option to purchase additional ordinary shares. All of the ordinary shares sold in this offering will be freely transferable by persons other than by our "affiliates" without restriction or further registration under the Securities Act. Sales of substantial amounts of our ordinary shares in the public market could adversely affect prevailing market prices of our ordinary shares. Prior to this offering, there has been no public market for our ordinary shares and we cannot assure you that a regular trading market will develop even if our ordinary shares are approved for listing on the Nasdaq Global Market.

#### Lock-Up Agreements
We have agreed not to, for a period of six months from the date of this prospectus, subject to certain customary exceptions, (i) offer, issue, sell, contract to sell, encumber, grant any option for the sale of, or otherwise transfer or dispose of, directly or indirectly, except in this offering, any of our ordinary shares or any securities convertible into or exercisable or exchangeable for our ordinary shares, including but not limited to any options or warrants to purchase our ordinary shares, or any securities that are convertible into or exchangeable for, or that represent the right to receive, our ordinary shares or any such substantially similar securities (other than pursuant to employee stock option plans existing on, or upon the conversion or exchange of convertible or exchangeable securities outstanding as of, the date such lock-up agreement was executed), (ii) file or caused to be filed any registration statement with the SEC relating to the offering of any shares of the Company or any securities convertible into or exercisable or exchangeable for the shares of the Company, without the prior written consent of the underwriters.

Furthermore, each of our directors, executive officers, and 5% or more shareholders of our ordinary shares has also entered into a similar lock-up agreement in favor of the underwriters for a period of six months from the date of this prospectus, subject to certain exceptions, with respect to our ordinary shares and securities that are substantially similar to our ordinary shares.

Other than this offering, we are not aware of any plans by any significant shareholders to dispose of significant numbers of our ordinary shares. However, one or more existing shareholders may dispose of significant numbers of our ordinary shares in the future. We cannot predict what effect, if any, future sales of our ordinary shares, or the availability of ordinary shares for future sale, will have on the trading price of our ordinary shares from time to time. Sales of substantial amounts of our ordinary shares in the public market, or the perception that these sales could occur, could adversely affect the trading price of our ordinary shares.

#### RULE 144
All of our ordinary shares outstanding prior to this offering upon the completion of this offering are "restricted shares" as that term is defined in Rule 144 under the Securities Act and may be sold publicly in the United States only if they are subject to an effective registration statement under the Securities Act or pursuant to an exemption from the registration requirement such as those provided by Rule 144 and Rule 701 promulgated under the Securities Act. In general, under Rule 144 as currently in effect, beginning 90 days after the date of this prospectus a person (or persons whose shares are aggregated) who has beneficially owned our restricted shares for at least six months, is entitled to sell the restricted securities without registration under the Securities Act, subject to certain restrictions. Persons who are our affiliates may sell within any three months period a number of restricted shares that does not exceed the greater of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 1 % of our then total issued and outstanding ordinary shares, in the form of ordinary shares or otherwise, which will equal 669,327 ordinary shares immediately after this offering, assuming the underwriters do not exercise their option to purchase additional ordinary shares (or approximately 672,327 ordinary shares if the underwriters in full their option to purchase additional ordinary shares); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the average weekly trading volume of our ordinary shares on Nasdaq or otherwise, during the four calendar weeks preceding the date on which notice of the sale is filed with the Securities and Exchange Commission.

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Sales under Rule 144 must be made through unsolicited transactions. They are also subject to other manner of sale provisions, notice requirements and the availability of current public information about us. Persons who are not our affiliates and have beneficially owned our restricted shares for more than six months but not more than one year may sell the restricted shares without registration under the Securities Act, subject to the availability of current public information about us. Persons who are not our affiliates and have beneficially owned our restricted shares for more than one year may freely sell the restricted shares without registration under the Securities Act. However, these shares would remain subject to lock-up arrangements and would only become eligible for sale when the lock-up period expires.

#### RULE 701
In general, under Rule 701 of the Securities Act as currently in effect, each of our employees, consultants or advisors who purchases our ordinary shares from us in connection with a compensatory stock or option plan or other written agreement relating to compensation is eligible to resell such ordinary shares 90 days after we became a reporting company under the Exchange Act in reliance on Rule 144, but without compliance with some of the restrictions, including the holding period, contained in Rule 144. However, these shares would remain subject to lock-up arrangements and would only become eligible for sale when the lock-up period expires.

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#### TAXATION
*The following summary of the material Cayman Islands, PRC and U.S. federal income tax consequences of an investment in our ordinary shares is based upon laws and relevant interpretations thereof in effect as of the date of this registration statement, all of which are subject to change. This summary does not deal with all possible tax consequences relating to an investment in our ordinary shares, such as the tax consequences under U.S. state and local tax laws or under the tax laws of jurisdictions other than the Cayman Islands, PRC and the United States. You should consult your own tax advisors with respect to the consequences of acquisition, ownership and disposition of our ordinary shares.*

#### Cayman Islands Taxation
The Cayman Islands currently levies no taxes on individuals or corporations based on profits, income, gains or appreciation and there is no taxation in the nature of inheritance tax or estate duty. There are no other taxes likely to be material to us levied by the government of the Cayman Islands except for stamp duties which may be applicable on instruments executed in, or, after execution, brought within the jurisdiction or produced before a court of the Cayman Islands. No stamp duty is payable in the Cayman Islands on transfers of shares of Cayman Islands companies except those which hold interests in land in the Cayman Islands. The Cayman Islands is not party to any double tax treaties. There are no exchange control regulations or currency restrictions in the Cayman Islands.

Payments of dividends and capital in respect of our ordinary shares will not be subject to taxation in the Cayman Islands and no withholding will be required on the payment of a dividend or capital to any holder of our ordinary shares, nor will gains derived from the disposal of our ordinary shares be subject to Cayman Islands income or corporation tax.

#### People's Republic of China Taxation
Under the EIT Law, which became effective on January 1, 2008 and most recently amended on December 29, 2018, an enterprise established outside the PRC with "de facto management bodies" within the PRC is considered a "resident enterprise" for PRC enterprise income tax purposes and is generally subject to a uniform 25% enterprise income tax rate on its worldwide income. In 2009, the State Administration of Taxation, or the SAT, issued SAT Circular 82, which provides certain specific criteria for determining whether the "de facto management body" of a PRC controlled enterprise that is incorporated offshore is located in China. Further to SAT Circular 82, in 2011, the SAT issued SAT Bulletin 45 (lastly revised in 2018) to provide more guidance on the implementation of SAT Circular 82. On January 29, 2014, the SAT issued the Announcement of the State Administration of Taxation on Issues Concerning the Determination of Resident Enterprises on the Basis of Their Actual Management Bodies that provides more guidance on the implementation of Circular 82.

According to SAT Circular 82, an offshore incorporated enterprise controlled by a PRC enterprise or a PRC enterprise group will be considered a PRC resident enterprise by virtue of having its "de facto management body" in China and will be subject to PRC enterprise income tax on its worldwide income only if all of the following conditions are met: (a) the senior management and core management departments in charge of its daily operations function have their presence mainly in the PRC; (b) its financial and human resources decisions are subject to determination or approval by persons or bodies in the PRC; (c) its major assets, accounting books, company seals, and minutes and files of its board and shareholders' meetings are located or kept in the PRC; and (d) more than half of the enterprise's directors or senior management with voting rights habitually reside in the PRC. Although SAT Circular 82 and SAT Bulletin 45 only apply to offshore incorporated enterprises controlled by PRC enterprises or PRC enterprise groups and not those controlled by PRC individuals or foreigners, the determination criteria set forth therein may reflect the SAT's general position on how the term "de facto management body" could be applied in determining the tax resident status of offshore enterprises, regardless of whether they are controlled by PRC enterprises, individuals or foreigners.

We believe that we do not meet all of the criteria described above. We believe that neither we nor our subsidiaries outside of China are PRC tax resident enterprises, because neither we nor they are controlled by a PRC enterprise or PRC enterprise group, and because our records and their records (including the resolutions of the respective boards of directors and the resolutions of shareholders) are maintained outside the PRC. However, as the

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tax resident status of an enterprise is subject to determination by the PRC tax authorities and uncertainties remain with respect to the interpretation of the term "de facto management body" when applied to our offshore entities, we may be considered as a resident enterprise and therefore may be subject to PRC enterprise income tax at 25% on our worldwide income. In addition, if the PRC tax authorities determine that we are a PRC resident enterprise for PRC enterprise income tax purposes, dividends we pay to non-PRC holders may be subject to PRC withholding tax, and gains realized on the sale or other disposition of our ordinary shares may be subject to PRC tax, at a rate of 10% in the case of non-PRC enterprises or 20% in the case of non-PRC individuals (in each case, subject to the provisions of any applicable tax treaty), if such dividends or gains are deemed to be from PRC sources. Any such tax may reduce the returns on your investment in our ordinary shares.

If we are considered a "non-resident enterprise" by the PRC tax authorities, the dividends we receive from our PRC subsidiaries will be subject to a 10% withholding tax. The EIT Law also imposes a withholding income tax of 10% on dividends distributed by a foreign invested enterprise to its immediate holding company outside of China, if such immediate holding company is considered as a non-resident enterprise without any establishment or place within China or if the received dividends have no connection with the establishment or place of such immediate holding company within China, unless such immediate holding company's jurisdiction of incorporation has a tax treaty with China that provides for a different withholding arrangement. Under the Arrangement Between the PRC and the Hong Kong Special Administrative Region on the Avoidance of Double Taxation and Prevention of Fiscal Evasion with Respect to Taxes on Income and Capital, the dividend withholding tax rate may be reduced to 5%, if a Hong Kong resident enterprise that receives a dividend is considered a non-PRC tax resident enterprise and holds at least 25% of the equity interests in the PRC enterprise distributing the dividends, subject to approval of the PRC local tax authority. However, if the Hong Kong resident enterprise is not considered to be the beneficial owner of such dividends under applicable PRC tax regulations, such dividends may remain subject to withholding tax at a rate of 10%. Accordingly, we may be able to enjoy the 5% withholding tax rate for the dividends it receives from its PRC subsidiaries if it satisfies the relevant conditions under tax rules and regulations, and obtains the approvals as required.

#### Material U.S. Federal Income Tax Considerations
The following is a discussion of the material U.S. Federal income tax considerations relevant to the acquisition, ownership, and disposition of our ordinary shares by U.S. Holders (as defined below) that will hold our ordinary shares as "capital assets" (generally, property held for investment) under the U.S. Internal Revenue Code of 1986, as amended, or the "Code"). This discussion is based upon applicable provisions of the Code, U.S. Treasury regulations promulgated thereunder, pertinent judicial decisions, interpretive rulings of the U.S. Internal Revenue Service, or the IRS, and such other authorities as we have considered relevant, all of which are subject to change, possibly with retroactive effect. This discussion does not address all aspects of U.S. federal income taxation that may be important to particular investors in light of their individual investment circumstances, including investors subject to special tax and/or reporting rules (for example, certain financial institutions; insurance companies; broker-dealers; pension plans; regulated investment companies; real estate investment trusts; tax-exempt organizations (including private foundations); holders who are not U.S. Holders (as defined below); holders who own (directly, indirectly, or constructively) 10% or more of the voting power or value of our stock; investors that will hold their ordinary shares as part of a straddle, hedge, conversion, constructive sale, or other integrated transaction for U.S. federal income tax purposes; investors that are traders in securities that have elected the mark-to-market method of accounting; investors that have a functional currency other than the U.S. dollar), or holders that acquire ordinary shares through the exercise of options or other convertible instruments or in connection with the provision of services, all of whom may be subject to tax rules that differ significantly from those discussed below.

In addition, this discussion does not address tax considerations relevant to U.S. Holders under any non-U.S., state or local tax laws, the Medicare tax on net investment income, the one-percent excise tax on stock repurchases, estate or gift tax, or the alternative minimum tax. Each U.S. Holder is urged to consult its tax advisors regarding the U.S. federal, state, local, and non-U.S. income and other tax considerations of an investment in our ordinary shares.

The discussion below of U.S. federal income tax consequences applies to you if you are a "U.S. Holder." You are a U.S. Holder if you are a beneficial owner of our ordinary shares and you are: (i) an individual who is a citizen or resident of the United States for U.S. Federal income tax purposes; (ii) a corporation, or other entity treated as a corporation for U.S. federal income tax purposes, created in, or organized under the law of any state of

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the United States, or the District of Columbia; (iii) an estate the income of which is includible in gross income for U.S. federal income tax purposes regardless of its source; or (iv) a trust (A) the administration of which is subject to the primary supervision of a U.S. federal or state court and which has one or more U.S. persons who have the authority to control all substantial decisions of the trust or (B) that has otherwise validly elected to be treated as a U.S. person under the Code.

If you are a partner in a partnership (including any entity or arrangement treated or elects to be treated as a partnership for U.S. federal income tax purposes) that holds our ordinary shares, your tax treatment generally will depend on your status and the activities of the partnership (or any such entity or arrangement treated as or elects to be treated as a partnership for U.S. federal income tax purposes). Partners in a partnership (or any such entity or arrangement treated as or elects to be treated as a partnership for U.S. federal income tax purposes) holding our ordinary shares should consult their tax advisors regarding the tax consequences of an investment in the ordinary shares.

#### Dividends
Subject to the PFIC rules discussed below, any cash distributions (including the amount of any PRC or other tax withheld) paid on our ordinary shares out of our current or accumulated earnings and profits, as determined under U.S. federal income tax principles, will generally be includible in your gross income as dividend income on the day actually or constructively received by you. Because we do not intend to determine our earnings and profits under U.S. federal income tax principles, any distribution paid will generally be treated as a dividend for U.S. federal income tax purposes by us. Dividends received by corporations on our ordinary shares may be eligible for the dividends received deduction allowed to U.S. corporations under the Code.

A non-corporate U.S. Holder generally may be subject to tax at preferential tax rates applicable to "qualified dividend income," provided that certain conditions are satisfied, including that (1) our stock is readily tradable on an established securities market in the United States, or, in the event that we are deemed to be a PRC tax resident enterprise under the PRC tax law, we are eligible for the benefit of the comprehensive United States-PRC income tax treaty, or the "Treaty," (2) we are neither a PFIC nor treated as such with respect to a U.S. Holder (as discussed below) for the taxable year in which the dividend was paid and the preceding taxable year, and (3) certain holding period requirements are met. U.S. holders are urged to consult their own tax advisors regarding the availability of the preferential rate for any dividends paid with respect to our ordinary shares.

In the event that we are deemed to be a PRC tax resident enterprise under PRC tax law, you may be subject to PRC withholding taxes on dividends paid on our ordinary shares, as described under "Taxation — People's Republic of China Taxation." If we are deemed to be a PRC tax resident enterprise, you may, however, be eligible for the benefits of the Treaty. If we are eligible for such benefits, dividends we pay on our ordinary shares may be eligible for the reduced rates of taxation applicable to qualified dividend income, as discussed above.

For U.S. foreign tax credit purposes, dividends generally will be treated as income from foreign sources and generally will constitute "passive" category income. Depending on your particular circumstances, you may be eligible, subject to a number of complex limitations, to claim a foreign tax credit in respect of any foreign withholding taxes imposed on dividends received on our ordinary shares. If you do not elect to claim a foreign tax credit for foreign tax withheld, you may instead claim a deduction, for U.S. federal income tax purposes, for the foreign tax withheld, but only for a year in which you elect to do so for all creditable foreign income taxes. The rules governing the foreign tax credit are complex. You are urged to consult your tax advisor regarding the availability of the foreign tax credit under your particular circumstances.

#### Sale or Other Disposition of Ordinary Shares
Subject to the PFIC rules discussed below, you generally will recognize capital gain or loss upon the sale or other disposition of our ordinary shares in an amount equal to the difference, if any, between the amount realized upon the disposition and your adjusted tax basis in such ordinary shares. Any capital gain or loss will be long-term capital gain or loss if you have held the ordinary shares for more than one year, and will generally be U.S.-source gain or loss for U.S. foreign tax credit purposes. In the event that we are deemed to be a PRC tax resident enterprise under PRC tax law, gain from the disposition of the ordinary shares may be subject to tax in the PRC, as described

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under "Taxation — People's Republic of China Taxation." If such income were treated as U.S.-source income for foreign tax credit purposes, you might not be able to use the foreign tax credit arising from any tax imposed on the sale, exchange, or other taxable disposition of our ordinary shares unless such credit could be applied (subject to applicable limitations) against tax due on other income derived from foreign sources. However, if PRC tax were to be imposed on any gain from the disposition of our ordinary shares, if you are eligible for the benefits of the Treaty, you generally may be able to treat such gain as foreign-source income. The deductibility of a capital loss may be subject to limitations. You are urged to consult your tax advisor regarding the tax consequences if a foreign tax is imposed on a disposition of our ordinary shares, including the availability of the foreign tax credit under your particular circumstances.

#### PFIC Rules
A non-U.S. corporation, such as our company, will be classified as a PFIC for U.S. federal income tax purposes for any taxable year, if either (i) 75% or more of its gross income for such year consists of certain types of "passive" income or (ii) 50% or more of the value of its assets (determined on the basis of a quarterly average) during such year produce or are held for the production of passive income. Passive income generally includes dividends, interest, royalties, rents, annuities, net gains from the sale or exchange of property producing such income and net foreign currency gains. For this purpose, cash is categorized as a passive asset and the company's goodwill associated with active business activity is taken into account as an active asset. We will be treated as owning our proportionate share of the assets and income of any other corporation in which we own, directly or indirectly, more than 25% (by value) of the stock.

Based on the projected composition of our assets and income, we do not anticipate being classified as a PFIC for our taxable year ending December 31, 2025. While we do not anticipate being classified as a PFIC, because the value of our assets for purposes of the PFIC asset test will generally be determined by reference to the market price of our ordinary shares, fluctuations in the market price of our ordinary shares may cause us to become a PFIC for the current or any subsequent taxable year. The determination of whether we will become a PFIC will also depend, in part, on the composition of our income and assets, which will be affected by how, and how quickly, we use our liquid assets and the cash raised in this offering. Whether we are a PFIC is a factual determination and we must make a separate determination each taxable year as to whether we are a PFIC (after the close of each taxable year). Accordingly, we cannot assure you that we will not be classified as a PFIC for our taxable year ending December 31, 2025 or any future taxable year. If we are classified as a PFIC for any taxable year during which you hold our ordinary shares, we generally will continue to be treated as a PFIC, unless you make certain elections, for all succeeding years during which you hold our ordinary shares even if we cease to qualify as a PFIC under the rules set forth above.

If we are a PFIC for any taxable year during which you hold our ordinary shares, you will be subject to special tax rules with respect to any "excess distribution" that you receive and any gain you realize from a sale or other disposition (including a pledge) of our ordinary shares, unless you make a "mark-to-market" election as discussed below. Distributions you receive in a taxable year that are greater than 125% of the average annual distributions you received during the shorter of the three preceding taxable years or your holding period for the ordinary shares will be treated as an excess distribution. Under these special tax rules:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the excess distribution or gain will be allocated ratably over your holding period for the ordinary shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• amounts allocated to the current taxable year and any taxable years in your holding period prior to the first taxable year in which we are classified as a PFIC (a "pre-PFIC year") will be taxable as ordinary income; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• amounts allocated to each prior taxable year, other than the current taxable year or a pre-PFIC year, will be subject to tax at the highest tax rate in effect applicable to you for that year, and such amounts will be increased by an additional tax equal to interest on the resulting tax deemed deferred with respect to such years.

If we are classified as a PFIC for any taxable year during which you hold our ordinary shares and any of our non-U.S. subsidiaries is also a PFIC, you will be treated as owning a proportionate amount (by value) of the shares of each such non-U.S. subsidiary classified as a PFIC for purposes of the application of these rules.

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Alternatively, a U.S. Holder of "marketable stock" (as defined below) in a PFIC may make a mark-to-market election for such stock of a PFIC to elect out of the tax treatment discussed in the two preceding paragraphs. If you make a valid mark-to-market election for the ordinary shares, you will include in income each year an amount equal to the excess, if any, of the fair market value of the ordinary shares as of the close of your taxable year over your adjusted basis in such ordinary shares. You will be allowed a deduction for the excess, if any, of the adjusted basis of the ordinary shares over their fair market value as of the close of the taxable year. However, deductions will be allowable only to the extent of any net mark-to-market gains on the ordinary shares included in your income for prior taxable years. Amounts included in your income under a mark-to-market election, as well as gain on the actual sale or other disposition of the ordinary shares, will be treated as ordinary income. Ordinary loss treatment will also apply to the deductible portion of any mark-to-market loss on the ordinary shares, as well as to any loss realized on the actual sale or disposition of the ordinary shares, to the extent that the amount of such loss does not exceed the net mark-to-market gains previously included for such ordinary shares. Your basis in the ordinary shares will be adjusted to reflect any such income or loss amounts. If you make a mark-to-market election, tax rules that apply to distributions by corporations which are not PFICs would apply to distributions by us (except that the preferential rates for qualified dividend income would not apply).

The mark-to-market election is available only for "marketable stock" which is stock that is traded in other than de minimis quantities on at least 15 days during each calendar quarter ("regularly traded") on a qualified exchange or other market, as defined in applicable U.S. Treasury regulations. We expect that our ordinary shares will be listed on the Nasdaq Global Market, which is a qualified exchange for these purposes. If our ordinary shares are regularly traded, and the ordinary shares qualify as "marketable stock" for purposes of the mark-to-market rules, then the mark-to-market election might be available to you if we were to become a PFIC.

Because, as a technical matter, a mark-to-market election cannot be made for any lower-tier PFICs that we may own, you may continue to be subject to the PFIC rules with respect to your indirect interest in any investments held by us that are treated as an equity interest in a PFIC for U.S. federal income tax purposes.

We do not currently intend to provide information necessary for U.S. Holders to make qualified electing fund elections, which, if available, would result in tax treatment different from the general tax treatment for PFICs described above.

If you own our ordinary shares during any taxable year that we are a PFIC, you must file an annual report with the IRS, subject to certain exceptions based on the value of the ordinary shares held. You are urged to consult your tax advisor concerning the U.S. federal income tax consequences of purchasing, holding, and disposing of our ordinary shares if we are or become a PFIC, including the possibility of making a mark-to-market election.

#### Information Reporting and Backup Withholding
You may be required to submit to the IRS certain information with respect to your beneficial ownership of our ordinary shares, if such ordinary shares are not held on your behalf by certain financial institutions. Penalties also may be imposed if you are required to submit such information to the IRS and fail to do so.

Dividend payments with respect to the ordinary shares and proceeds from the sale, exchange or redemption of the ordinary shares may be subject to information reporting to the IRS and possible U.S. backup withholding. Backup withholding will not apply, however, to a U.S. Holder who furnishes a correct taxpayer identification number and makes any other required certification or who is otherwise exempt from backup withholding. U.S. Holders who are required to establish their exempt status generally must provide such certification on IRS Form W-9 or by otherwise establishing an exemption.

Backup withholding is not an additional tax. Amounts withheld as backup withholding may be credited against your U.S. Federal income tax liability, and you may obtain a refund of any excess amounts withheld under the backup withholding rules by filing the appropriate claim for refund with the IRS and furnishing any required information. You are urged to consult your tax advisors regarding the application of the U.S. information reporting and backup withholding rules.

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The U.S. federal income tax discussion set forth above is included for general information only and may not be applicable depending upon a holder's particular situation. Holders are urged to consult their tax advisors with respect to the tax consequences to them of the acquisition, ownership and disposition of our ordinary shares, including the tax consequences under state, local, estate, foreign and other tax laws and tax treaties and the possible effects of changes in U.S. or other tax laws.

**PROSPECTIVE INVESTORS IN THE ORDINARY SHARES SHOULD CONSULT WITH THEIR TAX ADVISORS REGARDING THE APPLICATION OF THE U.S. FEDERAL INCOME TAX LAWS TO THEIR PARTICULAR SITUATIONS AS WELL AS ANY TAX CONSEQUENCES RESULTING FROM OWNING OR DISPOSING THE ORDINARY SHARES, INCLUDING THE APPLICABILITY AND EFFECT OF THE TAX LAWS OF ANY STATE, LOCAL, NON**-US **JURISDICTION, OR ANY INCOME TAX TREATY, AND ESTATE, GIFT AND INHERITANCE LAWS.**

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#### UNDERWRITING
We expect to enter into an underwriting agreement with Eddid Securities USA Inc., the Representative, with respect to the ordinary shares in this offering. The Representative may retain other brokers or dealers to act as sub-agents on its behalf in connection with this offering and may pay any sub-agent a solicitation fee with respect to any securities placed by it (such additionally retained brokers or dealers together with the Representative, the "underwriters"). Under the terms and subject to the conditions contained in the underwriting agreement, we have agreed to issue and sell to the underwriters the number of ordinary shares on a "firm commitment" basis as indicated below.

---

| | |
|:---|:---|
|  **Underwriters** | **Number of <br>Ordinary <br>Shares** |
|  Eddid Securities USA Inc. |  |
| &nbsp;&nbsp;&nbsp; **Total** | 2000000 |

---

The underwriters are offering the ordinary shares subject to their acceptance of the ordinary shares from us and subject to prior sale. The underwriting agreement provides that the obligations of the underwriters to pay for and accept delivery of the ordinary shares offered by this prospectus are subject to the approval of certain legal matters by their counsel and to other conditions. The underwriters are obligated, severally and not jointly, to take and pay for all of the ordinary shares offered by this prospectus if any such ordinary shares are taken.

However, the underwriters are not required to take or pay for the ordinary shares covered by the underwriters' option to purchase additional ordinary shares described below.

#### Over-Allotment Option
We have granted the underwriters an over-allotment option. This option, which is exercisable for up to 30 days following the effective date of the registration statement of which this prospectus forms a part, permits the underwriters to purchase a maximum of 15% additional ordinary shares at the initial public offering price listed on the cover page of this prospectus, less underwriting discounts. The underwriters may exercise this option solely for the purpose of covering over-allotments, if any, made in connection with this offering. To the extent the option is exercised in whole or in part, each underwriter will become obligated, subject to certain conditions, to purchase about the additional ordinary shares underlying the portion of the option that is exercised. If any additional ordinary shares are purchased, the underwriter will offer these ordinary shares on the same terms as those on which the other ordinary shares are being offered.

#### Underwriting Discounts and Expenses
The underwriting discounts are equal to 7% of the gross proceeds received by us from the sale of the shares.

The following table shows the per Ordinary Share and total initial public offering price, underwriting discounts, and proceeds before expenses to us. These amounts are shown assuming both no exercise and full exercise of the underwriters' option to purchase up to an additional 300,000 ordinary shares.

---

| | | | |
|:---|:---|:---|:---|
|  | **Per Share <br>(US$)** | **Total Without <br>Exercise of <br>Over-allotment <br>Option <br>(US$)** | **Total With Full <br>Exercise of <br>Over-allotment <br>Option <br>(US$)** |
|  Initial public offering price<sup>(1)</sup> | $| $| $|
|  Underwriting discounts to be paid by us | $| $| $|
|  Proceeds, before expenses, to us | $| $| $|

---

____________

(1) Initial public offering price per share is assumed as US$________________ per share.

We have agreed to reimburse the Representative for all reasonable, necessary and accountable out-of-pocket expenses hereunder not to exceed an aggregate of $130,000, regardless of whether the Offering occurs, relating to the offering, including, but not limited to: (i) travel, due diligence expenses, roadshow and background check on the Company's principals; (ii) all filing fees and communication expenses associated with the review of this offering by FINRA; (iii) all fees, expenses and disbursements relating to the registration, qualification or exemption of securities offered under the securities laws of foreign jurisdiction designated by the underwriters; and (iv) the underwriters'

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use of Ipreo's book-building, prospectus tacking and compliance software for this offering. We have agreed to pay EDDID a due diligence expense fee of US$100,000 ("Due Diligence Expense") according to the below schedule: 1.US$50,000 within five business days upon signing of the Engagement Letter with the representative; and 2.US$50,000 within five business days upon first filing of the Company which disclosing EDDID as one of the lead underwriters, to the SEC.

We have also agreed to reimburse the Representative (i) up to US$90,000 for the legal service fee; and (ii) reasonable expenses of its legal counsel in connection with the amount stated in the separate agreement to be signed between the Representative(s) and its legal counsel, regardless of whether the Offering occurs.

We have agreed to reimburse the Representative 1% of the actual amount of the Offering as a non-accountable expense upon the closing of the Offering.

Notwithstanding the foregoing, the compensation received by the underwriters in connection with this offering shall not violate FINRA Rule 5110 after accounting for all fees and expenses paid to the Representative.

#### Right of First Refusal
We have agreed, provided that this offering is completed, that until 6 months after the closing date of this offering, the Representative shall have an irrevocable right of first refusal to act as the sole investment banker, sole book-runner, and/or sole placement agent at its sole discretion, for each and every future U.S. public equity and debt offering, including all public equity linked financings, during such 6-month period, of our Company, or any successor to or any current or future subsidiary of our Company, provided, however, that such right shall be subject to FINRA Rule 5110(g).

#### Indemnification
We have agreed to indemnify the underwriters against certain liabilities, including liabilities under the Securities Act and liabilities arising from breaches of representations and warranties contained in the underwriting agreement, or to contribute to payments that the underwriters may be required to make in respect of those liabilities.

#### Lock-Up Agreements
We have agreed not to, for a period of six months from the date of this prospectus, subject to certain customary exceptions, (i) offer, issue, sell, contract to sell, encumber, grant any option for the sale of, or otherwise transfer or dispose of, directly or indirectly, except in this offering, any of our ordinary shares or any securities convertible into or exercisable or exchangeable for our ordinary shares, including but not limited to any options or warrants to purchase our ordinary shares, or any securities that are convertible into or exchangeable for, or that represent the right to receive, our ordinary shares or any such substantially similar securities (other than pursuant to employee stock option plans existing on, or upon the conversion or exchange of convertible or exchangeable securities outstanding as of, the date such lock-up agreement was executed), (ii) file or caused to be filed any registration statement with the SEC relating to the offering of any shares of the Company or any securities convertible into or exercisable or exchangeable for the shares of the Company, without the prior written consent of the underwriters.

Furthermore, each of our directors, executive officers, and 5% or more shareholders) of our ordinary shares has also entered into a similar lock-up agreement in favor of the underwriters for a period of six months from the date of this prospectus, subject to certain exceptions, with respect to our ordinary shares and securities that are substantially similar to our ordinary shares.

#### Nasdaq Listing
We have applied to list our ordinary shares on the Nasdaq Global Market under the symbol "AIGO."

#### Pricing of the Offering
Prior to this offering, there has been no public market for our ordinary shares. The initial public offering price of the ordinary shares has been negotiated between us and the underwriters. Among the factors considered in determining the initial public offering price of the ordinary shares, in addition to the prevailing market conditions,

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are our historical performance, estimates of our business potential and earnings prospects, an assessment of our management, and the consideration of the above factors in relation to market valuation of companies in related businesses.

#### Electronic Offer, Sale, and Distribution of Ordinary Shares
A prospectus in electronic format may be made available on the websites maintained by the underwriters or selling group members, if any, participating in this offering and the underwriters may distribute prospectuses electronically. The underwriters may agree to allocate a number of ordinary shares to selling group members for sale to their online brokerage account holders. The ordinary shares to be sold pursuant to Internet distributions will be allocated on the same basis as other allocations. Other than the prospectus in electronic format, the information on these websites is not part of, nor incorporated by reference into, this prospectus or the registration statement of which this prospectus forms a part, has not been approved or endorsed by us or the underwriters, and should not be relied upon by investors.

#### Price Stabilization, Short Positions, and Penalty Bids
In connection with this offering, the underwriters may engage in transactions that stabilize, maintain, or otherwise affect the price of our ordinary shares. Specifically, the underwriters may sell more ordinary shares than they are obligated to purchase under the underwriting agreement, creating a short position. A short sale is covered if the short position is no greater than the number of ordinary shares available for purchase by the underwriters under option to purchase additional ordinary shares. The underwriters can close out a covered short sale by exercising the option to purchase additional ordinary shares or purchasing ordinary shares in the open market. In determining the source of ordinary shares to close out a covered short sale, the underwriters will consider, among other things, the open market price of ordinary shares compared to the price available under the option to purchase additional ordinary shares. The underwriters may also sell ordinary shares in excess of the option to purchase additional ordinary shares, creating a naked short position. The underwriters must close out any naked short position by purchasing ordinary shares in the open market. A naked short position is more likely to be created if the underwriters are concerned that there may be downward pressure on the price of the ordinary shares in the open market after pricing that could adversely affect investors who purchase in the offering.

The underwriters may also impose a penalty bid. This occurs when a particular underwriter or dealer repays selling concessions allowed to it for distributing our ordinary shares in this offering because such underwriter repurchases those ordinary shares in stabilizing or short covering transactions.

Finally, the underwriters may bid for, and purchase, our ordinary shares in market making transactions, including "passive" market making transactions as described below.

These activities may stabilize or maintain the market price of our ordinary shares at a price that is higher than the price that might otherwise exist in the absence of these activities. The underwriters are not required to engage in these activities, and may discontinue any of these activities at any time without notice. These transactions may be effected on the Nasdaq Global Market, in the over-the-counter market, or otherwise.

#### Passive Market Making
In connection with this offering, any of the underwriters who is a qualified market maker on Nasdaq may engage in passive market making transactions in our ordinary shares on the Nasdaq Global Market in accordance with Rule 103 of Regulation M under the Exchange Act, during a period before the commencement of offers or sales of the ordinary shares and extending through the completion of the distribution. Passive market makers must comply with applicable volume and price limitations and must be identified as a passive market maker. In general, a passive market maker must display its bid at a price not in excess of the highest independent bid of that security. However, if all independent bids are lowered below the passive market maker's bid, then that bid must then be lowered when specified purchase limits are exceeded.

#### Potential Conflicts of Interest
The underwriters and their affiliates may, from time to time, engage in transactions with and perform services for us in the ordinary course of their business for which they may receive customary fees and reimbursement of expenses. In the ordinary course of their various business activities, the underwriters and their affiliates may make or

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hold a broad array of investments and actively trade debt and equity securities (or related derivative securities) and financial instruments (including bank loans) for their own accounts and for the accounts of their customers and such investment and securities activities may involve securities and/or instruments of our Company. The underwriters and their affiliates may also make investment recommendations and/or publish or express independent research views in respect of such securities or instruments and may at any time hold, or recommend to clients that they acquire, long and/or short positions in such securities and instruments.

#### Stamp Taxes
If you purchase ordinary shares offered in this prospectus, you may be required to pay stamp taxes and other charges under the laws and practices of the country of purchase, in addition to the offering price listed on the cover page of this prospectus.

#### Selling Restrictions
No action has been taken in any jurisdiction (except in the United States) that would permit a public offering of the ordinary shares, or the possession, circulation or distribution of this prospectus or any other material relating to us or the ordinary shares, where action for that purpose is required. Accordingly, the ordinary shares may not be offered or sold, directly or indirectly, and neither this prospectus nor any other offering material or advertisements in connection with the ordinary shares may be distributed or published, in or from any country or jurisdiction except in compliance with any applicable rules and regulations of any such country or jurisdiction.

*Australia.* This prospectus is not a product disclosure statement, prospectus, or other type of disclosure document for the purposes of Corporations Act 2001 (Commonwealth of Australia) (the "Act") and does not purport to include the information required of a product disclosure statement, prospectus, or other disclosure document under Chapter 6D.2 of the Act. No product disclosure statement, prospectus, disclosure document, offering material, or advertisement in relation to the offer of the ordinary shares has been or will be lodged with the Australian Securities and Investments Commission or the Australian Securities Exchange.

Accordingly, (1) the offer of the ordinary shares under this prospectus may only be made to persons:

to whom it is lawful to offer the ordinary shares without disclosure to investors under Chapter 6D.2 of the Act under one or more exemptions set out in Section 708 of the Act, and (ii) who are "wholesale clients" as that term is defined in section 761G of the Act, (2) this prospectus may only be made available in Australia to persons as set forth in clause (1) above, and (3) by accepting this offer, the offeree represents that the offeree is such a person as set forth in clause (1) above, and the offeree agrees not to sell or offer for sale any of the ordinary shares sold to the offeree within 12 months after their issue except as otherwise permitted under the Act.

*Canada.* The ordinary shares may not be offered, sold, or distributed, directly or indirectly, in any province or territory of Canada other than the provinces of Ontario and Quebec or to or for the benefit of any resident of any province or territory of Canada other than the provinces of Ontario and Quebec, and only on a basis that is pursuant to an exemption from the requirement to file a prospectus in such province, and only through a dealer duly registered under the applicable securities laws of such province or in accordance with an exemption from the applicable registered dealer requirements.

*Cayman Islands.* This prospectus does not constitute a public offer of the ordinary shares, whether by way of sale or subscription, in the Cayman Islands. The underwriters have represented and agreed that they have not offered or sold, and will not offer or sell, directly or indirectly, any ordinary shares to any member of the public in the Cayman Islands.

*European Economic Area.* In relation to each Member State of the European Economic Area that has implemented the Prospectus Directive, or a Relevant Member State, from and including the date on which the Prospectus Directive is implemented in that Relevant Member State, or the Relevant Implementation Date, an offer of the ordinary shares to the public may not be made in that Relevant Member State prior to the publication of a

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prospectus in relation to the ordinary shares that has been approved by the competent authority in that Relevant Member State or, where appropriate, approved in another Relevant Member State and the competent authority in that Relevant Member State has been notified, all in accordance with the Prospectus Directive, except that it may, with effect from and including the Relevant Implementation Date, make an offer of the ordinary shares to the public in that Relevant Member State at any time,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to legal entities that are authorized or regulated to operate in the financial markets or, if not so authorized or regulated, whose corporate purpose is solely to invest in securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to any legal entity that has two or more of (1) an average of at least 250 employees during the last financial year, (2) a total balance sheet of more than €43,000,000, and (3) an annual net turnover of more than €50,000,000, as shown in its last annual or consolidated accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to fewer than 100 natural or legal persons (other than qualified investors as defined in the Prospectus Directive; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in any other circumstances that do not require the publication by the company of a prospectus pursuant to Article 3 of the Prospectus Directive;

provided that no such offer of ordinary shares shall result in a requirement for the publication by the company of a prospectus pursuant to Article 3 of the Prospectus Directive.

For purposes of the above provision, the expression "an offer of ordinary shares to the public" in relation to any ordinary shares in any Relevant Member State means the communication in any form and by any means of sufficient information on the terms of the offer and the ordinary shares to be offered so as to enable an investor to decide to purchase or subscribe the ordinary shares, as the same may be varied in that Member State by any measure implementing the Prospectus Directive in that Member State, and the expression "Prospectus Directive" means Directive 2003/71/EC and includes any relevant implementing measure in each Relevant Member State.

*Hong Kong.* The ordinary shares may not be offered or sold by means of this prospectus or any other document other than (i) in circumstances that do not constitute an offer or invitation to the public within the meaning of the Companies Ordinance (Cap.32, Laws of Hong Kong) or the Securities and Futures Ordinance (Cap.571, Laws of Hong Kong), or (ii) to "professional investors" within the meaning of the Securities and Futures Ordinance (Cap.571, Laws of Hong Kong) and any rules made thereunder, or (iii) in other circumstances that do not result in the document being a "prospectus" within the meaning of the Companies Ordinance (Cap.32, Laws of Hong Kong), and no advertisement, invitation, or document relating to the ordinary shares may be issued or may be in the possession of any person for the purpose of issue (in each case whether in Hong Kong or elsewhere), that is directed at, or the contents of which are likely to be accessed or read by, the public in Hong Kong (except if permitted to do so under the laws of Hong Kong) other than with respect to ordinary shares which are or are intended to be disposed of only to persons outside Hong Kong or only to "professional investors" within the meaning of the Securities and Futures Ordinance (Cap. 571, Laws of Hong Kong) and any rules made thereunder.

*People's Republic of China.* This prospectus may not be circulated or distributed in the PRC and the ordinary shares may not be offered or sold, and will not be offered or sold to any person for re-offering or resale directly or indirectly to any resident of the PRC except pursuant to applicable laws and regulations of the PRC. For the purpose of this paragraph, PRC does not include Taiwan and the special administrative regions of Hong Kong and Macau.

*United Kingdom.* An offer of the ordinary shares may not be made to the public in the United Kingdom within the meaning of Section 102B of the Financial Services and Markets Act 2000, as amended, or the FSMA, except to legal entities that are authorized or regulated to operate in the financial markets or, if not so authorized or regulated, whose corporate purpose is solely to invest in securities or otherwise in circumstances that do not require the publication by the company of a prospectus pursuant to the Prospectus Rules of the Financial Services Authority, or the FSA.

An invitation or inducement to engage in investment activity (within the meaning of Section 21 of FSMA) may only be communicated to persons who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 or in circumstances in which Section 21 of FSMA does not apply to the company.

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All applicable provisions of the FSMA with respect to anything done by the underwriters in relation to the ordinary shares must be complied with in, from or otherwise involving the United Kingdom.

*Israel.* This prospectus does not constitute a prospectus under the Israeli Securities Law, 5728-1968, and has not been filed with or approved by the Israel Securities Authority. In Israel, this prospectus may be distributed only to, and is directed only at, investors listed in the first addendum, or the Addendum, to the Israeli Securities Law, consisting primarily of joint investment in trust funds; provident funds; insurance companies; banks; portfolio managers, investment advisors, members of the Tel Aviv Stock Exchange Ltd., underwriters, each purchasing for their own account; venture capital funds; entities with equity in excess of NIS 50 million and "qualified individuals," each as defined in the Addendum (as it may be amended from time to time), collectively referred to as qualified investors. Qualified investors shall be required to submit written confirmation that they fall within the scope of the Addendum.

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#### EXPENSES RELATED TO THIS OFFERING
Set forth below is an itemization of the total expenses, excluding underwriting discounts and commissions, which are expected to be incurred in connection with the offer and sale of the ordinary shares by us. With the exception of the SEC registration fee, Nasdaq listing fee and the Financial Industry Regulatory Authority Inc. filing fee, all amounts are estimates.

---

| | | |
|:---|:---|:---|
|  SEC registration fee | US$ | 2113 |
|  Nasdaq Global Market listing fee | US$ | 295000 |
|  Financial Industry Regulatory Authority Inc. filing fee | US$ | 2000 |
|  Printing fees and expenses | US$ | 30000 |
|  Legal fees and expenses | US$ | 845014 |
|  Accounting fees and expenses | US$ | 758332 |
|  Underwriter due diligence expenses | US$ | 100000 |
|  Miscellaneous | US$ | 443437 |
|  **Total** | US$ | 2475896 |

---

We will bear these expenses and the underwriting discounts and commissions incurred in connection with the offer and sale of the ordinary shares by us.

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#### LEGAL MATTERS
We are being represented by Han Kun Law Offices LLP with respect to certain legal matters as to United States federal securities law. The underwriters are represented by MagStone Law, LLP with respect to certain legal matters as to United States federal securities Law. The validity of our ordinary shares and certain legal matters relating to the offering as to Cayman Islands law will be passed upon for us by Appleby. Certain legal matters as to PRC law will be passed upon for us by Beijing Dacheng Law Offices, LLP (Fuzhou). Han Kun Law Offices LLP may rely upon Appleby with respect to matters governed by Cayman Islands law and Beijing Dacheng Law Offices, LLP (Fuzhou) with respect to matters governed by PRC law.

#### EXPERTS
The consolidated financial statements of Aigo Holding Limited, as of December 31, 2023 and 2024, and for the fiscal years ended December 31, 2023 and 2024, included in this prospectus and the related financial statement schedule included elsewhere in the Registration Statement, have been audited by Wei, Wei & CO., LLP., an independent registered public accounting firm, as stated in their report appearing herein and elsewhere in the Registration Statement. Such financial statements and financial statement schedule have been so included in reliance upon the report of such firm given upon their authority as experts in accounting and auditing.

The registered business address of Wei, Wei & CO., LLP. is 133-10 39<sup>th</sup>Avenue, Flushing, NY 11354.

#### WHERE YOU CAN FIND ADDITIONAL INFORMATION
We have filed with the SEC a registration statement on Form F-1, including relevant exhibits and schedules under the Securities Act with respect to underlying ordinary shares represented by the Ordinary shares, to be sold in this offering. This prospectus, which constitutes a part of the registration statement, does not contain all of the information contained in the registration statement. You should read the registration statements on Form F-1 and their exhibits and schedules for further information withrespect to us and our Ordinary shares.

Immediately upon completion of this offering we will become subject to periodic reporting and other informational requirements of the Exchange Act as applicable to foreign private issuers. Accordingly, we will be required to file reports, including annual reports on Form 20-F, and other information with the SEC. All information filed with the SEC can be inspected and copied at the public reference facilities maintained by the SEC at 100 F Street, N.E., Washington, D.C. 20549. You can request copies of thesedocuments, upon payment of a duplicating fee, by writing to the SEC. Please call the SEC at 1-800-SEC-0330 for further information on the operation of the public reference rooms. You may also obtain additional information over the Internet at the SEC's website at*www.sec.gov*.

As a foreign private issuer, we are exempt under the Exchange Act from, among other things, the rules prescribing the furnishing and content of proxy statements to shareholders, and our executive officers, directors and principal shareholders are exempt from the reporting and short-swing profit recovery provisions contained in Section 16 of the Exchange Act. In addition, we will not be required under the Exchange Act to file periodic reports and financial statements with the SEC as frequently or as promptlyas U.S. companies whose securities are registered under the Exchange Act.

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#### AIGO HOLDING LIMITED<br>INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

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| | |
|:---|:---|
|  | **Page(s)** |
|  [Report of Independent Registered Public Accounting Firm (PCAOB ID: 2388)](#T300) | F-2 |
|  [Consolidated Balance Sheets as of December 31, 2023 and 2024](#T301) | F-3 |
|  [Consolidated Statements of Operations and Comprehensive Income for the years ended December 31, 2023 and 2024](#T302) | F-4 |
|  [Consolidated Statements of Changes in Shareholders' Equity for the years ended December 31, 2023 and 2024](#T303) | F-5 |
|  [Consolidated Statements of Cash Flows for the years ended December 31, 2023 and 2024](#T304) | F-6 |
|  [Notes to Consolidated Financial Statements](#T1000) | F-8 |

---

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| | |
|:---|:---|
|  ![](twei_header.jpg) | **REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**<br> To the Board of Directors and Shareholders of Aigo Holding Limited.<br> **Opinion on the Consolidated Financial Statements**<br> We have audited the accompanying consolidated balance sheets of Aigo Holding Limited. and subsidiaries (the "Company") as of December 31, 2024 and 2023 and the related consolidated statements of operations, comprehensive income, changes in shareholders' equity, and cash flows for each of the years in the two-year period ended December 31, 2024, and the related notes (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the years in the two-year period ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.<br> **Convenience Translation**<br> Our audit also comprehended the translation of Euro amounts into United States dollar amounts and, in our opinion, such translation has been made in conformity with the basis stated in Note 2 to the consolidated financial statements.<br> **Basis for Opinion**<br> These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.<br> We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.<br> Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.<br> /s/ Wei, Wei & Co., LLP<br> Flushing, New York<br> July 14, 2025<br> We have served as the Company's auditors since 2024. |

---

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#### AIGO HOLDING LIMITED<br>CONSOLIDATED BALANCE SHEETS<br>(Amounts in thousands of EUR and US$, except for number of shares and per share data)

---

| | | | |
|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** |
|  | **2023** | **2024** | **2024** |
|  | **EUR** | **EUR** | **USD** |
|  **<u>ASSETS</u>** |  |  |  |
|  **CURRENT ASSETS:** |  |  |  |
|  Cash | 7977 | 3926 | 4079 |
|  Restricted cash | 2 | 274 | 285 |
|  Accounts receivable, net (net of allowance for doubtful accounts of EUR169 and EUR160 (USD166) as of December 31, 2023 and 2024, respectively) | 21222 | 43480 | 45171 |
|  Accounts receivable – related parties, net | 833 | 8 | 8 |
|  Advance to suppliers | 764 | 742 | 771 |
|  Inventories, net | 48090 | 59181 | 61483 |
|  Prepayments and other current assets, net | 5509 | 9986 | 10374 |
|  Amount due from related parties | 57 | 84 | 87 |
| &nbsp;&nbsp;&nbsp; **Total current assets** | **84454** | **117681** | **122258** |
|  **NON-CURRENT ASSETS:** |  |  |  |
|  Property and equipment, net | 5454 | 5459 | 5671 |
|  Land | 859 | 859 | 892 |
|  Operating lease right-of-use assets | 6710 | 5745 | 5968 |
|  Deferred tax assets | 1245 | 1431 | 1487 |
|  Long-term receivable – related parties | 125 |  |  |
|  Other non-current assets | 84 | 244 | 253 |
|  Deferred offering cost | **—** | 936 | 972 |
| &nbsp;&nbsp;&nbsp; **Total non-current assets** | **14477** | **14674** | **15243** |
| &nbsp;&nbsp;&nbsp; **Total assets** | **98931** | **132355** | **137501** |
|  **<u>LIABILITIES AND SHAREHOLDERS' EQUITY</u>** |  |  |  |
|  **CURRENT LIABILITIES:** |  |  |  |
|  Short-term borrowings | 5095 | 9775 | 10155 |
|  Accounts payable | 31021 | 61199 | 63580 |
|  Accounts payable – related parties | 6962 | 1149 | 1194 |
|  Advance from customers | 836 | 459 | 477 |
|  Accrued expenses and other current liabilities | 10337 | 12364 | 12845 |
|  Amount due to related parties | 9533 | 9600 | 9973 |
|  Income tax payables | 336 | 490 | 509 |
|  Operating lease liabilities – current | 2797 | 2623 | 2725 |
| &nbsp;&nbsp;&nbsp; **Total current liabilities** | **66917** | **97659** | **101458** |
|  **NON-CURRENT LIABILITIES:** |  |  |  |
|  Long-term borrowings | 1547 | 1423 | 1478 |
|  Operating lease liabilities – non-current | 4168 | 3330 | 3460 |
|  Other long-term liabilities | 18 | 61 | 63 |
| &nbsp;&nbsp;&nbsp; **Total non-current liabilities** | **5733** | **4814** | **5001** |
|  **Total liabilities** | **72650** | **102473** | **106459** |
|  Commitments and contingencies (Note 14) |  |  |  |
|  **SHAREHOLDERS' EQUITY** |  |  |  |
|  Ordinary shares (US$0.00025 par value; 200,000,000 shares authorized, 63,498,800 and 63,498,800 issued and outstanding as of December 31, 2023 and 2024, respectively\*) | 14 | 14 | 15 |
|  Subscription receivable | (14) | (14) | (15) |
|  Additional paid-in-capital | 7877 | 13682 | 14213 |
|  Statutory reserve | 1197 | 1201 | 1248 |
|  Retained earnings | 19958 | 15787 | 16400 |
|  Accumulated other comprehensive loss | (2751) | (788) | (819) |
|  **Total shareholders' equity** | **26281** | **29882** | **31042** |
|  **Total liabilities and shareholders' equity** | **98931** | **132355** | **137501** |

---

____________

\* Retroactively adjusted to reflect issuance of ordinary shares in connection with the reorganization in 2024 and stock split in 2025 (Note 1)

The accompanying notes are an integral part of these consolidated financial statements.

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**AIGO HOLDING LIMITED<br>CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME <br>(Amounts in thousands of EUR and US$, except for number of shares and per share data)**

---

| | | | |
|:---|:---|:---|:---|
|  | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** |
|  | **2023** | **2024** | **2024** |
|  | **EUR** | **EUR** | **USD** |
|  **Operating revenues:** |  |  |  |
|  Net revenues | 149517 | 177431 | 184333 |
|  Net revenues – related parties | 1677 | 345 | 358 |
|  Total operating revenues | 151194 | 177776 | 184691 |
|  Cost of revenues (including cost of revenue from related parties of EUR1,617 and EUR1,272, for years ended December 31, 2023 and 2024, respectively) | (75752) | (91835) | (95407) |
|  **Gross profit** | 75442 | 85941 | 89284 |
|  **Operating expenses:** |  |  |  |
|  Sales and marketing | (65027) | (69924) | (72645) |
|  General and administrative | (5188) | (6318) | (6563) |
|  Research and development | (2699) | (2702) | (2807) |
|  **Total operating expenses** | (72914) | (78944) | (82015) |
|  **Operating income** | **2528** | **6997** | **7269** |
|  Interest income | 5 | 9 | 9 |
|  Interest expense | (234) | (420) | (436) |
|  Government grants | 245 | 192 | 200 |
|  Foreign exchange gain/(loss) | 3723 | (2831) | (2941) |
|  Other (expense) income, net | (165) | 4 | 4 |
|  **Income before income taxes** | **6102** | **3951** | **4105** |
|  Income tax expense | (394) | (263) | (274) |
|  **Net income** | **5708** | **3688** | **3831** |
|  **Comprehensive income** |  |  |  |
|  Net income | 5708 | 3688 | 3831 |
|  Foreign currency translation adjustment | (1955) | 1963 | 2039 |
|  **Total comprehensive income** | **3753** | **5651** | **5870** |
|  **Weighted average shares outstanding used in calculating basic and diluted earnings (losses) per share\*:** |  |  |  |
|  Ordinary shares – basic and diluted | 63498800 | 63498800 | 63498800 |
|  **Earnings per share\*** |  |  |  |
|  Ordinary shares – basic and diluted | 0.09 | 0.06 | 0.06 |

---

____________

\* Retroactively adjusted to reflect issuance of ordinary shares in connection with reorganization in 2024 and stock split in 2025 (Note 1)

The accompanying notes are an integral part of these consolidated financial statements.

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**AIGO HOLDING LIMITED <br>CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY<br>(Amounts in thousands of EUR and US$, except for number of shares and per share data)**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **<br>Ordinary shares\*** | **<br>Ordinary shares\*** | **Subscription <br>receivable** | **Additional<br>paid-in<br>capital** | **Statutory <br>reserve** | **Accumulated<br>other <br>comprehensive <br>(loss)/income** | **Retained<br>earnings** | **Total<br>shareholders'<br>Equity** |
|  | **Share\*** | **Amount** | **Subscription <br>receivable** | **Additional<br>paid-in<br>capital** | **Statutory <br>reserve** | **Accumulated<br>other <br>comprehensive <br>(loss)/income** | **Retained<br>earnings** | **Total<br>shareholders'<br>Equity** |
|  **Balance, December 31, 2022 (EUR)** | 63498800 | 14 | (14) | 4663 | 799 | (796) | 15021 | 19687 |
|  Net income |  |  | **—** |  |  |  | 5708 | 5708 |
|  Foreign currency translation adjustment |  |  | **—** |  |  | (1955) |  | (1955) |
|  Appropriation to statutory reserves |  |  | **—** |  | 398 |  | (398) |  |
|  Contributions from then shareholders |  |  | **—** | 3214 |  |  |  | 3214 |
|  Dividend declared to former shareholders |  |  | **—** |  |  |  | (373) | (373) |
|  **Balance, December 31, 2023 (EUR)** | 63498800 | 14 | (14) | 7877 | 1197 | (2751) | 19958 | 26281 |
|  Net income |  |  | **—** |  |  |  | 3688 | 3688 |
|  Foreign currency translation adjustment |  |  | **—** |  |  | 1963 |  | 1963 |
|  Appropriation to statutory reserves |  |  | **—** |  | 4 |  | (4) |  |
|  Contributions from former shareholders |  |  | **—** | 5805 |  |  |  | 5805 |
|  Dividend declared to former shareholders |  |  | **—** |  |  |  | (7855) | (7855) |
|  **Balance, December 31, 2024 (EUR)** | 63498800 | 14 | (14) | 13682 | 1201 | (788) | 15787 | 29882 |
|  **Balance, December 31, 2024 (USD)** | 63498800 | 15 | (15) | 14213 | 1248 | (819) | 16400 | 31042 |

---

____________

\* Retroactively adjusted to reflect issuance of ordinary shares in connection with the reorganization in 2024 and stock split in 2025 (Note 1).

The accompanying notes are an integral part of these consolidated financial statements.

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#### AIGO HOLDING LIMITED <br>CONSOLIDATED STATEMENTS OF CASH FLOWS <br> (Amounts in thousands of RMB and US$, except for number of shares and per share data)

---

| | | | |
|:---|:---|:---|:---|
|  | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** |
|  | **2023** | **2024** | **2024** |
|  | **EUR** | **EUR** | **USD** |
|  **CASH FLOWS FROM OPERATING ACTIVITIES** |  |  |  |
|  Net income | 5708 | 3688 | 3831 |
|  Adjustments to reconcile net income to net cash used in operating activities: |  |  |  |
|  Depreciation and amortization | 340 | 606 | 630 |
|  Provision for allowance of doubtful account | 76 | (9) | (9) |
|  (Reversal) Provision of impairment of inventories | (1148) | 222 | 231 |
|  Amortization of right-of-use assets | 2780 | 2860 | 2971 |
|  Deferred income tax | (48) | (186) | (193) |
|  Changes in operating assets and liabilities: |  |  |  |
|  Accounts receivable | (2823) | (22249) | (23114) |
|  Accounts receivable – related parties | 11596 | 825 | 857 |
|  Advance to suppliers | 792 | 22 | 23 |
|  Inventories | (2583) | (11313) | (11753) |
|  Prepayments and other current assets, net | (1438) | (4637) | (4817) |
|  Amount due from related parties | 2937 | 98 | 102 |
|  Accounts payable | 9677 | 30178 | 31352 |
|  Accounts payable – related parties | (10317) | (5813) | (6039) |
|  Advance from customers | (61) | (377) | (392) |
|  Accrued expenses and other payables | (4112) | (1867) | (1940) |
|  Amount due to related parties | (5193) | (1301) | (1352) |
|  Income tax payable | (161) | 154 | 160 |
|  Operating lease liabilities | (2822) | (2907) | (3020) |
|  **Net cash provided by (used in) operating activities** | **3200** | **(12006)** | **(12472)** |
|  **CASH FLOWS FROM INVESTING ACTIVITIES** |  |  |  |
|  Purchase of property, equipment, software and other non-current assets | (3647) | (550) | (571) |
|  Proceeds on disposal of property, equipment, software and other non-current assets | 6 | 1 | 1 |
|  Purchase of land use rights | (859) |  |  |
|  **Net cash used in investing activities** | **(4500)** | **(549)** | **(570)** |
|  **CASH FLOWS FROM FINANCING ACTIVITIES** |  |  |  |
|  Proceeds from short-term borrowings | 5222 | 7367 | 7654 |
|  Repayments of short-term borrowings | (4700) | (2867) | (2979) |
|  Proceeds from long-term borrowings | 1517 |  | 2442 |
|  Repayments of long-term borrowings | (89) | (124) | (129) |
|  Borrow from related party |  | 2351 | 2442 |
|  Repayment to related party |  | (2308) | (2398) |
|  Contribution from former shareholders | 3214 | 5805 | 6031 |
|  Dividend paid to former shareholders | (1153) | (1503) | (1561) |
|  **Net cash provided by financing activities** | 4011 | 8721 | 9060 |

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**AIGO HOLDING LIMITED<br>CONSOLIDATED STATEMENTS OF CASH FLOWS — (Continued)<br>(Amounts in thousands of RMB and US$, except for number of shares and per share data)**

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| | | | |
|:---|:---|:---|:---|
|  | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** |
|  | **2023** | **2024** | **2024** |
|  | **EUR** | **EUR** | **USD** |
|  **Effect of exchange rate changes on cash and restricted cash** | (139) | 55 | 57 |
|  Net increase in cash and restricted cash | 2572 | (3779) | (3924) |
|  Cash and restricted cash, at beginning of year | 5407 | 7979 | 8289 |
|  **Cash and restricted cash, at end of year** | **7979** | **4200** | **4364** |
|  **Supplemental disclosure of cash flow information** |  |  |  |
|  Cash paid for income taxes | 794 | 301 | 313 |
|  Interest paid | 234 | 420 | 436 |
|  **Non-cash investing and financing activities:** |  |  |  |
|  Initial recognition of right-of-use asset and lease liabilities upon commenced date of new lease | 1110 | 3516 | 3653 |
|  **Reconciliation of cash and restricted cash to the consolidated balance sheets:** |  |  |  |
|  Cash | **7977** | **3926** | **4079** |
|  Restricted cash | **2** | **274** | **285** |
|  **Total cash and restricted cash** | **7979** | **4200** | **4364** |

---

The accompanying notes are an integral part of these consolidated financial statements.

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

#### AIGO HOLDING LIMITED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<br>(In thousands, except share and per share data or otherwise noted)
**1. Organization and principal activities**

***(a) Principal activities***

Aigo Holding Limited (the "Company" or "Aigo") was incorporated under the law of the Cayman Islands as an exempted company with limited liability on February 28, 2024. The Company is a holding company and conducts its businesses primarily through its subsidiaries (collectively, the "Group"). The Group is principally engaged in selling consumers lifestyle products through various sales channels, with a particular focus on four main product categories: (i) lighting products; (ii) electrical products; (iii) household appliances; and (iv) pet products.

***(b) History of the Group***

In anticipation of an initial public offering ("IPO") of its equity securities, the Group undertook the following steps to effect a reorganization (the "Reorganization"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Formation of Aigo Holding Limited and Fuzhou Aigo Juxing Investment Co. Ltd, a wholly owned foreign enterprise ("WFOE") ;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transfer of remaining 100% equity interests of Fuzhou Aigostar Optoelectronic Technology Co., Ltd ("FZ AGZ") to WFOE, as a result, FZ AGZ is ultimately 100% controlled by Aigo.

Immediately before and after the Reorganization, Aigo together with its subsidiaries are effectively controlled by the same controlling shareholders; therefore, the Reorganization was accounted for as a recapitalization, and thus the current capital structure has been retroactively presented in prior periods as if such structure existed at that time.

The consolidation of the Company and its subsidiaries has been accounted for at historical cost and prepared on the basis as if the aforementioned transactions had become effective as of the beginning of the first period presented in the accompanying consolidated financial statements.

As of December 31, 2024, the Group's major subsidiaries are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Date of <br>incorporation/ <br>acquisition** | **Place of <br>incorporation** | **Percentage <br>of direct or <br>indirect <br>economic <br>interest** | **Principal <br>activities** |
|  **Major subsidiaries:** |  |  |  |  |
|  Aigostar Spain Limited | May 22, 2012 | Hong Kong | 100% | Investment holding |
|  Aigoleo Limited | April 24, 2012 | Hong Kong | 100% | Investment holding |
|  Sanmu Express Limited | May 22, 2012 | Hong Kong | 100% |  |
|  Fuzhou Aigo Juxing Investment Co. Ltd ("WFOE") | June 11, 2024 | People's Republic of China ("PRC") | 100% | Investment holding |
|  Aigostar Bv | April 18, 2014 | Netherlands | 100% | Sales of products |
|  Aigostar Sp.Z O.O | August 24, 2015 | Poland | 100% | Sales of products |
|  Imerial Nobleza Sl | October 20, 2020 | Spain | 100% | Sales of products |
|  Alpha Aigostar Sl | October 20, 2023 | Spain | 100% | Sales of products |
|  Aigotech Onsynk Sl | February 8, 2011 | Spain | 100% | Sales of products |
|  Fuzhou Aigostar Optoelectronic Technology Co., Ltd | July 7, 2016 | PRC | 100% | Sales of products |
|  General House S.R.L | April 15, 2021 | Italia | 100% | Sales of products |
|  Italia Market S.R.L | September 16, 2020 | Italia | 100% | Sales of products |
|  Aigoitalia S.R.L | October 28, 2020 | Italia | 100% | Sales of products |

---

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

**1. Organization and principal activities** (cont.)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Date of <br>incorporation/ <br>acquisition** | **Place of <br>incorporation** | **Percentage <br>of direct or <br>indirect <br>economic <br>interest** | **Principal <br>activities** |
|  Aigostar Gmbh | July 7, 2021 | Germany | 100% | Sales of products |
|  Aigostar International Limited | October 1, 2020 | United Kingdom | 100% | Sales of products |
|  Aigostar SARL | February 20, 2018 | France | 100% | Sales of products |
|  Aigostar INC | January 1, 2021 | America | 100% | Sales of products |
|  Taylortech INC | March 19, 2021 | America | 100% | Sales of products |

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On March 6, 2025, the Company effected a stock split at a ratio of 1-to-4 by issuing new shares to its shareholders in the same proportion. After retrospective adjustment for stock splits, there were 63,498,800 and 63,498,800 shares issued and outstanding as of December 31, 2024 and 2023, respectively. All references to numbers of ordinary shares, per-share data and additional paid-in capital in the accompanying consolidated financial statements were adjusted to reflect such issuance of shares on a retrospective basis.

**2. Summary of significant accounting policies**

<u>**<u>Basis of presentation</u>**</u>

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and the applicable rules and regulations of the Securities and Exchange Commission ("SEC"), regarding financial reporting, and include all normal and recurring adjustments that management of the Group considers necessary for a fair presentation of its financial position and operating results.

<u>**<u>Principles of consolidation</u>**</u>

The consolidated financial statements include the financial statements of the Company and its subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.

<u>**<u>Use of estimates</u>**</u>

The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the balance sheet date, and the reported amounts of revenues and expenses during the reported periods in the consolidated financial statements and accompanying notes.

Accounting policies subject to estimates include credit loss for receivables, impairment provision for inventories, useful lives of property and equipment, impairment of long-lived assets, the incremental borrowing rate used in calculating operating lease liabilities and valuation allowance for deferred tax assets. The Group bases its estimates on past experience and on various other assumptions that are believed to be reasonable and the results of these estimates form the basis for making judgments about the carrying values of assets and liabilities. Changes in facts and circumstances may result in revised estimates. Actual results could differ from those estimates.

<u>**<u>Foreign currency translation and transaction</u>**</u>

The accompanying consolidated financial statements are presented in the Euro ("EUR"), which is the reporting currency of the Group. The determination of the respective functional currency is based on the criteria set out by Accounting Standards Codification "ASC"830, Foreign Currency Matters. Transactions denominated in currencies other than in the functional currency are translated into the functional currency using the exchange rates

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**2. Summary of significant accounting policies** (cont.)

prevailing at the transaction dates. Monetary assets and liabilities denominated in foreign currencies are translated into functional currency using the applicable exchange rates at the balance sheet date. Non-monetary items that are measured in terms of historical cost in foreign currency are remeasured using the exchange rates at the dates of the initial transactions. Exchange gains or losses arising from foreign currency transactions are included in the consolidated statements of comprehensive income.

The financial statements of the Group's entities of which the functional currency is not EUR are translated from their respective functional currency into EUR. Assets and liabilities denominated in foreign currencies are translated into EUR at the exchange rates at the balance sheet date. Equity accounts other than earnings generated in current period are translated into EUR at the appropriate historical rates. Income and expense items are translated into EUR using the periodic average exchange rates. The resulting foreign currency translation adjustments are recorded in other comprehensive income or loss in the consolidated statements of comprehensive loss, and the accumulated foreign currency translation adjustments are presented as a component of accumulated other comprehensive loss in the consolidated statements of shareholders' equity.

<u>**<u>Convenience translation</u>**</u>

Translations of balances in the consolidated balance sheets, consolidated statements of operations and comprehensive income, cash flows, and changes in shareholders' equity from EUR into USD as of and for the year ended December 31, 2024 are solely for the convenience of the reader and were calculated at the rate of USD1.00 to EUR0.9626, representing the noon buying rate in The City of New York for cable transfers of EUR as certified for customs purposes by the Federal Reserve Bank of New York on December 31, 2024. No representation is made that the EUR amounts represent or could have been, or could be, converted, realized or settled into USD at that rate on December 31, 2024, or at any other rate.

<u>**<u>Cash and cash equivalents</u>**</u>

Cash and cash equivalents comprise cash in banks and on hand and short-term, highly liquid investments that are readily convertible into known amounts of cash which are subject to an insignificant risk of changes in value and are within three months of maturity at acquisition.

<u>**<u>Restricted cash</u>**</u>

Restricted cash mainly represents the bank deposit restricted in relation to incorrect password entry and legal proceedings . As of December 31, 2023 and 2024, the Group had restricted cash balance of EUR 2 and EUR 274, respectively.

<u>**<u>Accounts receivable and allowance for doubtful accounts</u>**</u>

Accounts receivable mainly consist of amounts due from the Group's customers, which are recorded net of allowance for doubtful accounts. The Group performs ongoing credit evaluations of its customers and assesses allowance for doubtful accounts based on the expected credit loss model on a portfolio basis. When specific customers are identified as no longer sharing the same risk profile as the current pool, they are removed from the pool and evaluated separately. Accounts receivables are written off when there is no reasonable expectation of recovery.

<u>**<u>Credit loss</u>**</u>

The Group adopted ASC 326, Credit Losses ("ASC 326") on January 1, 2022, using the modified retrospective transition method, which replaced previously issued guidance regarding the topic. The Group estimates allowance for credit losses in accordance with ASC 326. The allowance for credit losses represents the Group's estimate of probable credit losses mainly related to accounts receivable, contract assets and other receivables.

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**2. Summary of significant accounting policies** (cont.)

The Group has identified the relevant risk characteristics of its debtors and the related receivables and other receivables which include the type of the receivables the Group has, nature of the debts or a combination of these characteristics. Receivables with similar risk characteristics have been grouped into pools. For each pool, the Group considers the debtor's historical payment history, its current creditworthiness and current economic trends, supportable forecasts of future economic conditions, and any recoveries in assessing the lifetime expected credit losses. For each reporting period, the management reviews the credit loss rate to reflect its latest assessment.

<u>**<u>Inventories, net</u>**</u>

Inventories are primary consumers lifestyle products including (i) lighting products; (ii) electrical products; (iii) household appliances; and (iv) pet products. Inventories are stated at the lower of cost and net realizable value. Cost of inventory is determined using the first-in-first-out ("FIFO") cost method. Adjustments are recorded to write down the cost of inventory to the estimated net realizable value due to slow-moving and obsolete inventory, which is dependent upon factors such as historical and forecasted consumer demand, and promotional environment.

<u>**<u>Property and equipment, net</u>**</u>

Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the assets. Cost represents the purchase price of the asset and other costs incurred to bring the asset into its intended use. The estimated useful lives are as follows:

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| | | |
|:---|:---|:---|
|  **Items** | **Useful lives** | **Residual rate** |
|  Buildings | 20 years | 0% |
|  Warehouse equipment | 5 years | 0% |
|  Motor vehicles | 3 – 5 years | 0% |
|  Other equipment | 3 – 5 years | 0% |
|  Leasehold improvements | Over the shorter of the lease term or expected useful lives |  |

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The cost and related accumulated depreciation and amortization of assets sold or otherwise retired are removed from the accounts and any gain or loss is included in the consolidated statements of operations and comprehensive income. Expenditures for maintenance and repairs are charged to earnings as incurred, while additions, renewals, and betterments, which are expected to extend the useful life of assets, are capitalized. Property and equipment also include construction in progress, which is direct costs that are primarily related to the construction of property and equipment and incurred in connection with bringing the assets to their intended use. Construction in progress is transferred to specific property and equipment items and the depreciation of these assets commences when the assets are ready for their intended use. Freehold land is measured at cost and is not depreciated.

The following table summarizes the Group's long-lived assets from different geographic areas:

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| | | |
|:---|:---|:---|
|  | **As of <br>December 31, <br>2023** | **As of <br>December 31, <br>2024** |
|  | **EUR** | **EUR** |
|  Property and equipment, net: |  |  |
| &nbsp;&nbsp;&nbsp; China | 905 | 972 |
| &nbsp;&nbsp;&nbsp; Europe | 4,549 | 4,487 |
|  | 5,454 | 5,459 |
|  Land: |  |  |
| &nbsp;&nbsp;&nbsp; Europe | 859 | 859 |

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**2. Summary of significant accounting policies** (cont.)

<u>**<u>Impairment of</u> <u>long-lived</u> <u>assets other than goodwill</u>**</u>

The Group evaluates its long-lived assets, including right-of-use assets, fixed assets and intangible assets with finite lives, for impairment whenever events or changes in circumstances, such as a significant adverse change to market conditions that will impact the future use of the assets, indicate that the carrying amount of an asset may not be fully recoverable. When these events occur, the Group evaluates the recoverability of long-lived assets by comparing the carrying amounts of the assets to the future undiscounted cash flows expected to result from the use of the assets and their eventual disposition. If the sum of the expected undiscounted cash flows is less than the carrying amounts of the assets, the Group recognizes an impairment loss based on the excess of the carrying amounts of the assets over their fair value. Fair value is generally determined by discounting the cash flows expected to be generated by the assets, when the market prices are not readily available. The Group did not record any impairment loss during the years ended December 31, 2023 and 2024.

<u>**<u>Related party transactions</u>**</u>

A related party is generally defined as (i) any person and or their immediate family hold 10% or more of the Group's securities (ii) the Group's management, (iii) someone that directly or indirectly controls, is controlled by or is under common control with the Group, or (iv) anyone who can significantly influence the financial and operating decisions of the Group. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties. Related parties may be individuals or corporate entities. Transactions involving related parties cannot be presumed to be carried out on an arm's-length basis, as the requisite conditions of competitive, free market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated on terms equivalent to those that prevail in arm's-length transactions unless such representations can be substantiated.

<u>**<u>Fair value of financial instruments</u>**</u>

Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be either recorded or disclosed at fair value, the Group considers the principal or most advantageous market in which it would transact, and it also considers assumptions that market participants would use when pricing the asset or liability. Accounting guidance establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument's categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

Accounting guidance establishes three levels of inputs that may be used to measure fair value:

    <u> Level 1 — </u>   <u> Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. </u> <br>     <u> Level 2 — </u>   <u> Other inputs that are directly or indirectly observable in the marketplace. </u> <br>     <u> Level 3 — </u>   <u> Unobservable inputs which are supported by little or no market activity. </u>

Financial assets and liabilities of the Group primarily consist of cash and cash equivalents, restricted cash, accounts receivable, other receivables, accounts payable, note payable and accrued expenses and other liabilities. For the aforementioned financial instruments included in current assets and liabilities, their carrying amount approximates to their respective fair values because of the general short maturities.

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**2. Summary of significant accounting policies** (cont.)

<u>**<u>Revenue recognition</u>**</u>

The Group recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers (Topic 606) ("ASC 606") for all periods presented. Consistent with the criteria of Topic 606, the Group recognizes revenue to depict the transfer of promised goods to customers in an amount that reflects the consideration to which the entity expects to receive in exchange for those goods. Value-added tax that the Group collects concurrent with revenue-producing activities is excluded from revenue.

The Group recognizes revenue as it satisfies a performance obligation when its customer obtains control of promised goods, in an amount that reflects the consideration that the entity expects to receive in exchange for those goods. To determine revenue recognition for arrangements that an entity determines are within the scope of ASC 606, the entity performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price, including variable consideration, if any; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The Group only applies the five-step model to contracts when it is probable that the entity will collect the consideration to which it is entitled in exchange for the goods it transfers to the customer. Once a contract is determined to be within the scope of ASC 606 at contract inception, the Group reviews the contract to determine which performance obligations it must deliver and which of these performance obligations are distinct. Due to the nature of the products sold by the Group, there is only one performance obligation in the contract and there is no need for the allocation of transaction price. The Group recognizes revenue when that performance obligation is satisfied or as it is satisfied. The Group is a principal and records revenue on a gross basis when the Group is primarily responsible for fulfilling the obligation, has discretion in establishing pricing and controls the promised goods before transferring those goods to customers. The following is a description of the accounting policy for the principal revenue streams of the Group.

*<u>*<u>Sales of goods</u>*</u>*

The Group generates revenue mainly from selling consumers lifestyle products in Southern Europe in the models of business to business ("B2B") transactions and business to customer ("B2C") transactions through E-Commerce platforms like Amazon. The Group provides standard product warranties on all new products. The Group accrues a warranty reserve for the products, which includes best estimates of projected costs to repair or replace items under warranties. These estimates are primarily based on the estimates of the nature, frequency and average costs of future claims borne by the Group. These estimates are inherently uncertain given changes to the historical or projected warranty experience may cause material changes to the warranty reserve in the future. The Group reevaluate the adequacy of the warranty accrual on a regular basis. A material change to any these estimates would have material impacts to the consolidated result of operations. Historically, the warranty accrued is immaterial.

The warranty period of the products is 2 years, depending on the contracts signed with customers, the customers do not have options to purchase this service separately, and this promised warranty does not provide the customers with a service in addition to the assurance that the product complies with agreed-upon specifications. The warranty is not considered a performance obligation and is accounted for as an assurance warranty. Customers do not need to pay for it separately.

The Group's warranty is similar to other competitors' warranty, which only covers the significant quality default. Due to the nature of the products sold by the Group, which are mostly standardized and non-high-tech merchandise, no material warranty accrued historically. Due to the inherently uncertain given changes to the historical or projected warranty experience, the Group could, in the future, become subject to a significant and unexpected warranty claim, resulting in significant expenses, which would in turn materially and adversely affect the results of operations, financial condition and prospects.

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**2. Summary of significant accounting policies** (cont.)

*B2C transaction*

The Group conducts B2C transactions by selling goods directly to the end consumers through E-commerce platforms. In this business model, the Group sets up online stores on the E-commerce platforms which provide services to support the operations of the online stores including processing sales orders and collecting from end consumers. The E-commerce platforms charge the Group service fees based on the Group's sales through the online stores but do not take control of the goods. The Group enters sales contracts directly with the end consumers and is responsible for selling and fulfilling all obligations according to its sales contracts with end consumers, including delivering products and providing customer support. Accordingly, the Group determined the end consumers as its customers. The customer makes payment, which is the amount of contract sales price net of applicable sales discounts, to the E-commerce platform upon placing the order. The payment is held by the E-commerce platform on behalf of the customer and is remitted to the Group once the Group has delivered the goods to the customer and the customer has confirmed the receipt of and accepted the goods. The customer has the right to return the goods generally from seven to fourteen days of delivery. The estimated sales allowances for sales returns are made based on contract terms, historical records and experiences. Historically, the rate of return has not been material, and accordingly, the Group expected to be entitled the full consideration for the transferred products and did not accrue any sales return allowance. The sales predominantly contain a single performance obligation, and the revenue was recognized upon fulfillment of the performance obligation, after the distributors have control of the goods, typically at delivery, which is at a point of time.

*B2B transaction*

In the B2B business model, the Group sell goods to their customers, mainly business entities, including local community stores and/or high-end boutiques, shopping malls, supermarkets and distributors, who purchase products from us and on-sell them to end consumers. In this business model, the business entities are responsible for selling and fulfilling all obligations in its sales contracts with end consumers, including delivering the products and providing customer support. The Group has a sale contract with the business entities and has no sales contract with the end consumers. As a result, the Group determined the business entities as its customers in the B2B transactions. Payments are typically settled on a monthly basis in an amount of sales price less sales discount and rebates, and the customer has discretionary right of return. The Group reasonably estimates the possibility of return based on the historical experience, changes in judgments on these assumptions and estimates could materially impact the amount of net revenues recognized. Regarding to the rights of return, the Group evaluated the historical sales return, and the impact of sales return is immaterial, and accordingly, the Group expected to be entitled the full consideration for the transferred products and did not accrue any sales return allowance.

There is only one performance obligation in the contract and there is no need for the allocation of transaction price. The sales predominantly contain a single performance obligation and the revenue was recognized upon fulfillment of the performance obligation, after the distributors have control of the goods, typically at delivery, which is at a point of time.

The Group recognizes revenue upon customers' acceptance of the products sold in an amount equal to the sales prices less sales discounts, rebates. The estimated sales allowances for sales returns are made based on contract terms, historical records and experiences. Historically, the amount of sales allowance for sales of return has not been material.

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**2. Summary of significant accounting policies** (cont.)

The following table summarizes the Group's disaggregated revenue generated from different revenue streams:

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|:---|:---|:---|
|  | **For the <br>Year Ended <br>December 31, <br>2023** | **For the <br>Year Ended <br>December 31, <br>2024** |
|  | **EUR** | **EUR** |
|  Revenue from sales of goods |  |  |
|  B2C | 73059 | 77368 |
|  B2B | 76859 | 99122 |
|  Revenue from sublease | 289 | 50 |
|  Others | 987 | 1236 |
|  Total revenue | 151194 | 177776 |

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The following table summarizes the Group's disaggregated revenue generated from different geographic areas:

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|:---|:---|:---|
|  | **For the <br>Year Ended <br>December 31, <br>2023** | **For the <br>Year Ended <br>December 31, <br>2024** |
|  | **EUR** | **EUR** |
|  Revenue from: |  |  |
|  Italy | 43628 | 45114 |
|  Spain | 47600 | 62426 |
|  Poland | 5008 | 7762 |
|  Netherlands | 10348 | 8044 |
|  Germany | 14425 | 17810 |
|  France | 7969 | 8238 |
|  The United States | 9523 | 7508 |
|  The United Kingdom | 8483 | 9567 |
|  Others | 4210 | 11307 |
|  Total revenue | 151194 | 177776 |

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*<u>*<u>Advance from customer</u>*</u>*

Advance from customers are recognized when the B2B customer pays consideration for goods or services before the Group recognizes the related revenue. As of December 31, 2023 and 2024, the Group had advance from customer on the consolidated balance sheet of approximately EUR 836 and EUR 459.

<u>**<u>Cost of revenue</u>**</u>

Cost of revenue consists primarily of procurement cost of goods sold and inventory write-downs. Inbound shipping charges to receive raw materials from suppliers are included in the inventories and recognized as cost of revenues upon sale of products.

<u>**<u>Sales and marketing expenses</u>**</u>

Sales and marketing expenses include (i) salaries and benefits of sales and marketing staff; (ii) advertising fees; (iii) commission of third-party e-commerce platforms for our online business; (iv) transportation expenses for shipping our products to end customers; (v) warehouse expenses; and (vi) other expenses, such as transportation expenses and entertainment expenses for sales office. Advertising expenditures are expensed when incurred and are included in sales and marketing expenses. Total amount of advertising expense recognized in sales and marketing expenses were EUR351 and EUR267 for the years ended December 31, 2023 and 2024 respectively.

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**2. Summary of significant accounting policies** (cont.)

<u>**<u>Research and development expenses</u>**</u>

Research and development costs are expensed as incurred. Research and development expenses include (i) salaries and benefits of research and development staff; (ii) outsourced development expenses; (iii) purchase price of materials used for development and (iv) depreciation of research and development equipment.

<u>**<u>Government grants</u>**</u>

Government subsidies primarily consist of financial subsidies (in forms of cash) received from local governments, which are mainly general purpose subsidies. General purpose subsidies are government subsidies provided for general purpose use and are not contingent upon any further actions or performance of the Group and the amounts do not have to be refunded under any circumstances. General purpose subsidies are recognized as government subsidy income recorded as "Government grants", in the consolidated statements of operations upon cash receipt as further performance by the Group is not required.

<u>**<u>Operating leases</u>**</u>

The Group adopted ASC Topic 842, Lease ("ASC 842") on January 1, 2022, using the modified retrospective method, which resulted in the recognition of right-of-use ("ROU") assets and lease liabilities for operating leases on the Group's consolidated balance sheet as of January 1, 2022, with no impact to its consolidated statements of operations and comprehensive income for the year ended December 31, 2021.

Under ASC 842, the Group determines if an arrangement is a lease at inception. Leases are classified as operating or finance leases in accordance with the recognition criteria in ASC 842. The Group's leases do not contain any material residual value guarantees or material restrictive covenants. The Group has elected the package of practical expedients, which allows the Group not to reassess (i) whether any expired or existing contracts as of the adoption date are or contain a lease, (ii) lease classification for any expired or existing leases as of the adoption date, and (iii) initial direct costs for any expired or existing leases as of the adoption date. Lastly, the Group elected the short-term lease exemption for all contracts with a lease term of 12 months or less. At the commencement date of a lease, the Group determines the classification of the lease based on the relevant factors present and records a right-of-use ("ROU") asset and lease liability for any operating lease. ROU assets acquired through a lease represent the right to use an underlying asset for the lease term, and operating lease liabilities represent the obligation to make lease payments arising from the lease. The lease liability is recognized at commencement date based on the present value of lease payments over the lease term using the discount rate for the lease at the commencement date. If the rate implicit in the Group's leases is not readily available, the Group uses an incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. This incremental borrowing rate reflects the fixed rate at which the Group could borrow on a collateralized basis the amount of the lease payments in the same currency, for a similar term, in a similar economic environment. Operating lease liabilities related to lease payments due within one year and over are classified as current and non-current, respectively, in the consolidated balance sheets. The ROU asset is measured as the amount of the lease liabilities with adjustments, if applicable, for lease prepayments made prior to or at lease commencement and initial direct costs incurred and lease incentives. Operating lease expense for lease payments is recognized on a straight-line basis over the lease term. Lease terms are based on the non-cancellable term of the lease.

A modification to an existing lease arrangement is reviewed to determine whether it results in a separate contract. For modifications that do not result in a separate contract, management reviews the lease classification and re-measures the related right-of-use assets and lease liabilities at the effective date of the modification. The gain or loss on modification of lease contracts resulting from the difference between changes in the right-of-use assets and lease liabilities due to lease modification and termination and any additional payment required at lease termination are recognized as lease expenses at the effective date of the modification.

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**2. Summary of significant accounting policies** (cont.)

<u>**<u>Income taxes</u>**</u>

The Group accounts for current income taxes in accordance with the laws of the relevant tax authorities. The charge for taxation is based on the results for the fiscal year as adjusted for items, which are non-assessable or disallowed. It is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date.

Deferred taxes are accounted for using the asset and liability method in respect of temporary differences arising from differences between the carrying amount of assets and liabilities in the consolidated financial statements and the corresponding tax basis used in the computation of assessable tax profit. In principle, deferred tax liabilities are recognized for all taxable temporary differences. Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which deductible temporary differences can be utilized. Deferred tax is calculated using tax rates that are expected to apply to the period when the asset is realized or the liability is settled. Deferred tax is charged or credited in the income statement, except when it is related to items credited or charged directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Current income taxes are provisioned in accordance with the laws of the relevant taxing authorities.

An uncertain tax position is recognized as a benefit only if it is "more likely than not" that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the "more likely than not" test, no tax benefit is recorded. No penalties and interest incurred related to underpayment of income tax are classified as income tax expenses in the period incurred.

<u>**<u>Earnings per share</u>**</u>

The Group computes earnings (losses) per share ("EPS") in accordance with ASC 260, Earnings per Share. ASC 260 requires companies with complex capital structures to present basic and diluted EPS. Basic EPS is measured as net income divided by the weighted average ordinary shares outstanding for the period. Diluted EPS is similar to basic EPS but presents the dilutive effect on a per share basis of potential ordinary shares (e.g., convertible securities, options and warrants) as if they had been converted at the beginning of the periods presented, or issuance date, if later. Potential ordinary shares that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS. There were no potentially dilutive ordinary shares during the years ended December 31, 2023 and 2024. Related dividend figures as below:

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| | | |
|:---|:---|:---|
|  | **Dividend <br>declared** | **Dividend <br>paid out** |
|  Year ended December 31, 2023 | 373 | 1,154 |
|  Year ended December 31, 2024 | 7,855 | 1,503 |

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<u>**<u>Statutory reserves</u>**</u>

Pursuant to the laws applicable to the PRC, PRC entities must make appropriations from their after-tax profit to the non-distributable "statutory surplus reserve fund." Subject to certain cumulative limits, the "statutory surplus reserve fund" requires annual appropriations of 10% of after-tax profit until the aggregated appropriations reach 50% of the registered capital (as determined under accounting principles generally accepted in the PRC ("PRC GAAP") at each year-end). For foreign invested enterprises and joint ventures in the PRC, annual appropriations should be made to the "reserve fund." For foreign invested enterprises, the annual appropriation for the "reserve fund" cannot be less than 10% of after-tax profits until the aggregated appropriations reach 50% of the registered capital (as determined under PRC GAAP at each year-end). If the Group has accumulated loss from prior periods, the Group is able to use the current period net income after tax to offset against the accumulated loss.

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**2. Summary of significant accounting policies** (cont.)

<u>**<u>Concentration of credit risk</u>**</u>

Financial instruments that potentially expose the Group to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. The Group places its cash and cash equivalents with financial institutions with high credit ratings and quality. The Group conducts credit evaluations of customers, and generally does not require collateral or other security from its customers. The Group establishes an allowance for doubtful accounts primarily based upon the factors surrounding the credit risk of specific customers.

Financial instruments that potentially subject the Group to significant concentrations of credit risk consist primarily of cash and equivalents. While management believes that these financial institutions and platform fund holders are of high credit quality, it continually monitors their credit worthiness.

<u>**<u>Concentration of customers and suppliers</u>**</u>

As of December 31, 2023 and 2024, no customer accounted for 10% of the Group's total accounts receivable. There was no customer from whom the revenue individually represented greater than 10% of the revenues of the Group for the years ended December 31, 2023 and 2024. As of December 31, 2023 and 2024, no suppliers accounted for 10% of the Group's total accounts payable. There were no suppliers from whom the purchase individually represented greater than 10% of the total purchase of the Group for the years ended December 31, 2023 and 2024.

<u>**<u>Concentration of geographic area</u>**</u>

The revenue from Italy and Spain individually represent greater than 10% of total revenues of the Group for the years ended December 31, 2023 and 2024, also the revenue from Germany individually represent greater than 10% of total revenues of the Group for the years ended December 31, 2024.

<u>**<u>Segment reporting</u>**</u>

ASC 280, Segment Reporting ("ASC 280"), establishes standards for reporting financial information about operating segments. Based on the criteria in ASC 280, the Chief Executive Officer has been identified as the chief operating decision maker ("CODM"). The CODM reviews the financial performance of the Group based on consolidated U.S. GAAP results as a whole and does not distinguish between markets or operating segments when allocating resources or assessing performance. Consequently, the Group operates as a single economic unit engaged in facilitating the sale of consumer lifestyle products through various sales channels, and therefore has only one reportable segment. The measure of segment profit or loss reviewed by the CODM is consistent with the Company's consolidated net income as presented in the consolidated statements of operations and comprehensive income, while the measure of segment assets is the total assets as presented in the consolidated balance sheets. The CODM review consolidated net income against historical performance and budgets to evaluate business performance, and review consolidated net income to evaluate return on total assets. The CODM make resource allocation decisions, such as compensation assessment, capital expenditures and operational investments based on its evaluation.

<u>**<u>Commitments and contingencies</u>**</u>

The Group follows ASC subtopic 450-20 of the to report accounting for contingencies. Certain conditions may exist as of the date the consolidated financial statements are issued, which may result in a loss to the Group, but which will only be resolved when one or more future events occur or fail to occur. The Group assesses such contingent liabilities, and such assessment inherently involves an exercise of judgment. There are no known commitments or contingencies as of December 31, 2023 and 2024.

<u>**<u>Recently accounting pronouncements</u>**</u>

In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"), which modifies the rules on income tax disclosures to require entities to disclose (1) specific categories in the rate

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**2. Summary of significant accounting policies** (cont.)

reconciliation, (2) the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign) and (3) income tax expense or benefit from continuing operations (separated by federal, state and foreign). ASU 2023-09 also requires entities to disclose their income tax payments to international, federal, state and local jurisdictions, among other changes. The guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. ASU 2023-09 should be applied on a prospective basis, but retrospective application is permitted. The Group is currently evaluating the potential impact of adopting this new guidance on its consolidated financial statements and related disclosures.

Recently issued but not yet effective: In November 2024, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2024-03, Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses ("ASU 2024-03") which requires detailed disclosures in the notes to financial statements disaggregating specific expense categories and certain other disclosures to provide enhanced transparency into the nature and function of expenses. The FASB further clarified the effective date in January 2025 with the issuance of ASU 2025-01, Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date ("ASU 2025-01"). ASU 2024-03 is effective for annual periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The requirements should be applied on a prospective basis while retrospective application is permitted. The Group does not expect to early adopt this guidance and does not expect the adoption of this ASU to have a material impact on its future consolidated financial statements.Except as mentioned above, the Group does not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the Group's consolidated balance sheets, statements of income and comprehensive income and statements of cash flows.

**3. Accounts receivable, net**

Accounts receivable, net consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2023** | **2024** |
|  | **EUR** | **EUR** |
|  Accounts receivable | 21,391 | 43,640 |
|  Less: Allowance for doubtful accounts | 169 | 160 |
|  **Accounts receivable, net** | **21,222** | **43,480** |

---

Movements of allowance for doubtful accounts were as follows:

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2023** | **2024** |
|  | **EUR** | **EUR** |
|  Allowance for doubtful accounts, beginning balance | 118 | 169 |
|  Add: Provision for doubtful accounts | 76 | 9 |
|  Less: Uncollectible receivables written-off | 25 | 18 |
|  Allowance for doubtful accounts, ending balance | **169** | **160** |

---

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

**4. Prepayments and other current assets, net**

Prepayments and other current assets consist of the following:

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2023** | **2024** |
|  | **EUR** | **EUR** |
|  Prepayments |  |  |
|  Guarantee or Deposit | 2112 | 3145 |
|  Employee reserve fund | 7 | 13 |
|  VAT deductible | 2651 | 4618 |
|  Income tax recoverable | 478 | 412 |
|  Deferred expenses | 5 |  |
|  Investment advance payment |  | 975 |
|  Others | 256 | 823 |
|  Total prepayment and other current assets | **5509** | **9986** |

---

The Group recorded impairment reversal nil and nil for the years ended December 31, 2023 and 2024, respectively.

**5. Inventories, net**

Inventories, net consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2023** | **2024** |
|  | **EUR** | **EUR** |
|  Finished goods | 53,849 | 65,162 |
|  Less: provision for impairment of inventories | 5,759 | 5,981 |
|  Inventories, net | **48,090** | **59,181** |

---

During the years ended December 31, 2023, and 2024, the Group recorded reversal for impairment of inventories EUR1,148 and provision for impairment of inventories EUR 222 for the obsolete inventories in cost of revenue.

**6. Property, equipment and software, net**

Property and equipment, net consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2023** | **2024** |
|  | **EUR** | **EUR** |
|  Buildings | 4302 | 4332 |
|  Warehouse | 1400 | 1415 |
|  Motor vehicles | 375 | 453 |
|  Other equipment | 720 | 1019 |
|  Subtotal | 6797 | 7219 |
|  Accumulated depreciation and amortization | (1343) | (1760) |
|  Property, equipment and software, net | **5454** | **5459** |

---

Depreciation and amortization expenses for the years ended December 31, 2023 and 2024 amounted to EUR340 and EUR548, respectively. No impairment loss was recognized for the years ended December 31, 2023 and 2024.

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

**6. Property, equipment and software, net** (cont.)

As of December 31, 2024, EUR3,831 of net property and EUR859 of land value was mortgaged to obtain short-term borrowing at EUR3,956 and long-term borrowing at EUR1,387 as of December 31, 2024, respectively (Note 8). As of December 31, 2023, EUR3,960 of net property and EUR859 of land value was mortgaged to obtain short-term borrowing at EUR2,547 and long-term borrowing at EUR1,496 as of December 31, 2023, respectively (Note 8).

The specific list of collateral is as follows:

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2023** | **2024** |
|  | **EUR** | **EUR** |
|  No.618 Jinshan Avenue, No.26 Building, Juyuanzhou Park, Jinshan Industrial Zone, Jianxin Town, Cangshan District, Fuzhou City House and corresponding land use right | 538 | 512 |
|  The factory building located on VIA DELLE INDUSTRIE 9/1 – 20883 MEZZAGO (MB) | 3422 | 3319 |
|  The land located on VIA DELLE INDUSTRIE 9/1 – 20883 <br>MEZZAGO (MB) | 859 | 859 |
|  Property and land, net | 4819 | 4690 |

---

**7. Leases**

The Group leases warehouses, office spaces and factories for various periods in South Europe and Mainland China under operating leases. The Group's lease agreements do not contain any material guarantees or restrictive covenants. The leases do not have renewal options and a penalty is imposed if the tenants early terminate the leases. Renewal of contracts is on a negotiation basis before termination. The Group has elected to account for the non-lease components with the lease component as a single component and the combined component is recognized under ASC 842.

Supplemental balance sheet information related to the leases is as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31** | **December 31** |
|  | **2023** | **2024** |
|  Weighted average remaining lease term (years) | 2.54 | 3.13 |
|  Weighted average incremental borrowing rate | 4.90% | 4.90% |

---

The following components of lease cost are included in the Group's consolidated statements of operations and comprehensive income (loss):

---

| | | |
|:---|:---|:---|
|  | **December 31** | **December 31** |
|  | **2023** | **2024** |
|  Operating lease expenses | 3226 | 3045 |
|  Short-term lease expense | 326 | 609 |
|  Total | 3552 | 3654 |

---

Supplemental cash flow information:

---

| | | |
|:---|:---|:---|
|  | **2023** | **2024** |
|  Cash paid for operating leases included in operating cash flows | 3,314 | 3,086 |
|  Operating lease right-of-use assets obtained in exchange for operating lease liabilities | 1,110 | 3,516 |

---

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

**7. Leases** (cont.)

As of December 31, 2024, future minimum lease payments under non-cancelable operating lease agreements are as follows:

---

| | |
|:---|:---|
| 2025 | 2837 |
| 2026 | 1637 |
| 2027 | 722 |
| 2028 | 654 |
|  Thereafter | 548 |
|  Total lease payments | 6398 |
|  Less: imputed interest | (445) |
|  Total operating lease liabilities | 5953 |
|  Less: operating lease liabilities, current | 2623 |
|  Operating lease liabilities, non-current | 3330 |

---

**8. Borrowings**

Borrowings consist of the following:

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2023** | **2024** |
|  | **EUR** | **EUR** |
|  Short-term borrowings | 5095 | 9775 |
|  Long-term borrowings | 1547 | 1423 |
|  Total | 6642 | 11198 |

---

The weighted average interest rate in the year ended December 31, 2023 and 2024 for the Group's short-term bank borrowings were 3.97% and 3.84%, respectively. The weighted average interest rates in the years ended December 31, 2023 and 2024 for the Group's long-term bank borrowings were 5.59% and 6.28%, respectively. The interest expenses for the years ended December 31, 2023 and 2024 were EUR234 and EUR420 (USD436), respectively.

The details of the guarantees and collateral for all long and short term borrowings in the year ended December 31, 2024 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Type of borrowings** | **As of <br>December 31, <br>2024** | **Lender name** | **Maturity <br>Date** | **Guaranty and Collateral Style** |
|  Short-term borrowings | 3297 | Industrial Bank Co., Ltd Fuzhou Jin 'an Branch | 03/2025 | Mortgaged by Bai Sheng Commodity Co., Ltd. against its property in Fujian Province, with additional guarantee provided by Fufei Lin and Fuzhou Wuliang Information Technology Co., Ltd. |
|  Short-term borrowings | 2637 | Industrial Bank Co., Ltd Fuzhou Jin 'an Branch | 09/2025 | Guaranteed by Mr. Fufei Lin and Fuzhou Aigostar Optoelectronic Technology Co., Ltd. and mortgaged against of the property of Fuzhou Aigostar Optoelectronic Technology Co., Ltd. |

---

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

**8. Borrowings** (cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Type of borrowings** | **As of <br>December 31, <br>2024** | **Lender name** | **Maturity <br>Date** | **Guaranty and Collateral Style** |
|  Short-term borrowings | 527 | China Merchants Bank Fuzhou Gulou Branch | 01/2025 | Guaranteed by Mr. Fufei Lin and Fuzhou Aigostar Optoelectronic Technology Co., Ltd, mortgaged by his personal property and secured by a pledge over the export tax rebate account of Fuzhou Wuliang Information Technology Co., Ltd. |
|  Short-term borrowings | 1319 | Industrial Bank Co., Ltd Fuzhou Jin 'an Branch | 06/2025 | Guaranteed by Mr. Fufei Lin and Fuzhou Wuliang Information Technology Co., Ltd; and against the property of Fuzhou Aigostar Optoelectronic Technology Co., Ltd and the property of Bai Sheng Commodity Co., Ltd. |
|  Short-term borrowings | 527 | China Merchants Bank Fuzhou Gulou Branch | 04/2025 | Guaranteed by Mr. Fufei Lin and Fuzhou Wuliang Information Technology Co., Ltd. and secured by a pledge over the export tax rebate account of Fuzhou Wuliang Information Technology Co., Ltd. |
|  Short-term borrowings | 1318 | Xiamen International Bank Bingjiang branch | 07/2025 | Guaranteed by Mr. Fufei Lin, Qinmei Guo and Fuzhou Wuliang Information Technology Co., Ltd. |
|  Short-term borrowings | 150 | Bankinter S.A. | 03/2025 |  |
|  Long-term borrowings | 1386 | BCC Carate Brianza, Filiale di Vimercate | 10/2034 | Morgaged against the property of Italy Market S.R.L. |
|  Long-term borrowings | 17 | Bankinter S.A. | 09/2028 |  |
|  Long-term borrowings | 20 | Sabadell Consumer Finance, S.A.U | 06/2027 |  |
|  Total | 11198 |  |  |  |

---

The details of the guarantees and collateral for all long and short term borrowings in the year ended December 31, 2023 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Type of borrowings** | **As of <br>December 31, <br>2023** | **Lender name** | **Maturity <br>Date** | **Guaranty and Collateral Style** |
|  Short-term borrowings | 2547 | Industrial Bank Co., Ltd Fuzhou Jin 'an Branch | 09/2025 | Guaranteed by Mr. Fufei Lin and Fuzhou Aigostar Optoelectronic Technology Co., Ltd. and the property of Fuzhou Aigostar Optoelectronic Technology Co., Ltd. |
|  Short-term borrowings | 509 | China Merchants Bank Fuzhou Gulou Branch | 01/2025 | Guaranteed by Mr. Fufei Lin and Fuzhou Aigostar Optoelectronic Technology Co., Ltd, mortgaged by his personal property and secured by a pledge over the export tax rebate account of Fuzhou Wuliang Information Technology Co., Ltd. |

---

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

**8. Borrowings** (cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Type of borrowings** | **As of <br>December 31, <br>2023** | **Lender name** | **Maturity <br>Date** | **Guaranty and Collateral Style** |
|  Short-term borrowings | 509 | China Merchants Bank Fuzhou Gulou Branch | 04/2024 | Guaranteed by Mr. Fufei Lin and Fuzhou Wuliang Information Technology Co., Ltd. and secured by a pledge over the export tax rebate account of Fuzhou Wuliang Information Technology Co., Ltd. |
|  Short-term borrowings | 1274 | Industrial Bank Co., Ltd Fuzhou Jin 'an Branch | 05/2024 | Guaranteed by: Mr. Fufei Lin, Chief Executive Officer of the Company, personally; Fuzhou Wuliang Information Technology Co., Ltd. |
|  Short-term borrowings | 255 | Bank of Communications of China Fuzhou Gulou Branch | 03/2024 | Guaranteed by: Mr. Fufei Lin |
|  Long-term borrowings | 1496 | BCC Carate Brianza, Filiale di Vimercate | 10/2034 | Morgaged against the property of Italy Market S.R.L. |
|  Long-term borrowings | 1 | Banco de Sabadell,S.A | 04/2024 |  |
|  Long-term borrowings | 2 | Banco de Sabadell,S.A | 06/2024 |  |
|  Long-term borrowings | 20 | Bankinter S.A. | 09/2028 |  |
|  Long-term borrowings | 2 | Banco Cetelem SAU | 03/2024 |  |
|  Long-term borrowings | 27 | Sabadell Consumer Finance, S.A.U | 06/2027 |  |
|  Total | 6642 |  |  |  |

---

**9. Other payables and accrued liabilities**

Other payables and accrued liabilities consist of the following:

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2023** | **2024** |
|  | **EUR** | **EUR** |
|  Accrued expense | 2054 | 1881 |
|  VAT and other taxes payable | 4260 | 6779 |
|  Salary and welfare payable | 1684 | 1522 |
|  Payable to employee | 2262 | 2163 |
|  Others | 77 | 19 |
|  Total other payables and accrued liabilities | 10337 | 12364 |

---

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

**10. Income tax**

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

#### Hong Kong
Aigo HK is incorporated in Hong Kong and is subject to the Hong Kong profits tax rate. Under the two-tiered profits tax rates regime, the first 2,000,000 Hong Kong Dollar ("HKD") of profits of the qualifying group entity will be taxed at 8.25%, and profits above HKD2,000,000 will be taxed at 16.5%. Additionally, upon payments of dividends by the Company to its shareholders, no HK withholding tax will be imposed. No provision for Hong Kong profits tax has been made in the combined and consolidated financial statements as it has no assessable profit for the years ended December 31, 2023 and 2024.

#### Spain
The Company's subsidiaries incorporated in Spain are subject to income tax at a standard rate of 25% in 2023 and 2024.

#### Italy
The Company's subsidiaries incorporated in Italy are subject to income tax at a standard rate of 24% in 2023 and 2024.

#### Poland
The Company's subsidiaries incorporated in Poland are subject to income tax at a standard rate of 19% in 2023 and 2024.

#### Netherland
The Company's subsidiaries incorporated in the Netherland are subject to income tax at a standard rate of 19% in 2023 and 2024.

#### Germany
The Company's subsidiaries incorporated in Germany are subject to income tax at a standard rate of 30% in 2023 and 2024.

#### France
The Company's subsidiaries incorporated in France are subject to income tax at a standard rate of 15% in 2023 and 2024.

#### The United States
The Company's subsidiaries incorporated in the United States are subject to income tax at a standard rate of 21% in 2023 and 2024.

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

#### AIGO HOLDING LIMITED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<br>(In thousands, except share and per share data or otherwise noted)
**10. Income tax** (cont.)

#### PRC
Under the PRC Enterprise Income Tax Law (the "EIT Law"), the standard enterprise income tax rate for domestic enterprises and foreign invested enterprises is 25%. Effective from January 1, 2008, the EIT Law in China unifies the enterprise income tax rate for the entities incorporated in China at 25% if they are not eligible for any preferential tax treatment.

The EIT Law also provides that an enterprise established under the laws of a foreign country or region but whose "de facto management body" is located in the PRC be treated as a resident enterprise for PRC tax purposes and consequently be subject to the PRC income tax at the rate of 25% for its global income. The Implementing Rules of the EIT Law merely define the location of the "de facto management body "as" the place where the exercising, in substance, of the overall management and control of the production and business operation, personnel, accounting, property, of a non-PRC company is located." Based on a review of surrounding facts and circumstances, the Group does not believe that it is likely that its operations outside of the PRC should be considered as a resident enterprise for the PRC tax purposes for the years ended December 31, 2023 and 2024.

According to the relevant laws and regulations in the PRC, enterprises engaging in research and development activities are entitled to claim 150% of their research and development expenses so incurred as tax deductible expenses when determining their assessable profits for that year ("Super Deduction"). The State Taxation Administration of the PRC announced in September 2018 that enterprises engaging in research and development activities would be entitled to claim 175% of their research and development expenses as Super Deduction from January 1, 2018 to December 31, 2020, which was subsequently announced in December 2021 to be further extended to December 31, 2023. In September 2022, the State Taxation Administration of the PRC further announced that for the enterprises entitled to the current pre-tax deduction ratio of 175% for research and development expenses, such ratio is raised to 200% during the period from October 1, 2022 to December 31, 2022. Government grants have no impact on the income tax. China implements an export tax rebate policy, which means that the value-added tax (VAT) already paid in domestic transactions is refunded when goods are exported. The tax rebate rates for various products are different. At present, the company's tax rebate rates are mainly 13% and 9%.

Significant components of the provision for income taxes are as follows:

---

| | | |
|:---|:---|:---|
|  | **For the years ended <br>December 31,** | **For the years ended <br>December 31,** |
|  | **2023** | **2024** |
|  | **EUR** | **EUR** |
|  Current income tax expenses | 441 | 449 |
|  Deferred tax benefit | (47) | (186) |
|  Total | 394 | 263 |

---

The significant components of the Group's deferred tax assets and liabilities are as follows:

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2023** | **2024** |
|  | **EUR** | **EUR** |
|  **Deferred tax assets:** |  |  |
|  Net operating loss carry-forwards | 16 | 9 |
|  Allowance for doubtful on inventory | 1323 | 1425 |
|  Allowance for doubtful on accounts receivables | 41 | 38 |
|  Less: valuation allowance | (135) | (41) |
|  Deferred tax assets, net of valuation allowance | 1245 | 1431 |

---

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

#### AIGO HOLDING LIMITED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<br>(In thousands, except share and per share data or otherwise noted)
**10. Income tax** (cont.)

Deferred tax assets and liabilities have been offset where the Group has a legally enforceable right to do so, and intends to settle on a net basis. Changes in the valuation allowance for deferred tax assets reduced by EUR 356 and EUR94 for the years ended December 31, 2023 and 2024, respectively.

The following table summarizes the changes in valuation allowance for deferred tax assets.

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2023** | **2024** |
|  | **EUR** | **EUR** |
|  Beginning balance | 491 | 135 |
|  Additions | (356) | (94) |
|  Ending balance | 135 | 41 |

---

The Group evaluated the recoverable amounts of deferred tax assets, and provided a valuation allowance to the extent that future taxable profits will be available against which the net operating loss and temporary difference can be utilized. The Group considers both positive and negative factors when assessing the future realization of the deferred tax assets and applied weight to the relative impact of the evidence to the extent it could be objectively verified.

*Reconciliation of the differences between statutory income tax rate and the effective tax rate*

The reconciliation of tax computed by applying the statutory income tax rate of 25% for the years ended December 31, 2023 and 2024 applicable to PRC operations to income tax expenses is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** |
|  | **2023** | **2023** | **2024** | **2024** |
|  Statutory income tax | 1525 | 25% | 988 | 25% |
|  Non-deductible expenses | (93) | (2)% | (55) | (1)% |
|  Additional tax deduction for qualified research and development expenses | (615) | (10)% | (622) | (16)% |
|  Non-taxable income | (140) | (2)% | 16 |  |
|  Tax effect of tax benefit not recognized | 494 | 8% | 276 | 7% |
|  Effect on tax rates in different tax jurisdiction | (482) | (8)% | (210) | (5)% |
|  Change in valuation allowance | (316) | (5)% | (147) | (4)% |
|  Others | 21 | **—** | 17 |  |
|  Effective tax | **394** | **6**% | **263** | **7**% |

---

According to the PRC Tax Administration and Collection Law, the tax authority may require the taxpayer or the withholding agent to make delinquent tax payments within three years if the underpayment of taxes is resulted from the tax authority's act or error. No late payment surcharge will be assessed under such circumstances. The statute of limitations will be three years if the underpayment of taxes is due to the computational errors made by the taxpayer or the withholding agent. A late payment surcharge will be assessed in such a case. The statute of limitations will be extended to five years under special circumstances which are not clearly defined (but an underpayment of tax liability exceeding RMB100 is specifically listed as a "special circumstance"). The statute of limitation for transfer pricing-related issues is ten years. There is no statute of limitation in the case of tax evasion. Therefore, the Group is subject to examination by the PRC tax authorities based on the above.

The Group has concluded that there are no significant uncertain tax positions requiring recognition in financial statements for the years ended December 31, 2023 and 2024. The Group did not incur any significant interest and penalties related to potential underpaid income tax expenses and also does not anticipate any significant increases or decreases in unrecognized tax benefits in the next 12 months. The Group has no material unrecognized tax benefits which would favorably affect the effective income tax rate in future years.

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

**11. Deferred offering cost**

In accordance with SAB Topic 5.A, expenses of Offering that are directly attributable to a proposed or actual offering of securities may properly be deferred and charged against the gross proceeds of the offering. As of December 31, 2024, the Group had deferred offering cost of EUR 936. The costs qualified for deferral include specific legal and accounting costs and etc.

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2023** | **2024** |
|  | **EUR** | **EUR** |
|  Legal cost |  | 403 |
|  Accounting costs |  | 438 |
|  Others |  | 95 |
|  Total deferred offering cost | 0 | 936 |

---

**12. Equity**

#### Ordinary shares
Aigo Holding Limited was established under the laws of the Cayman Islands on February 28, 2024. The authorized number of ordinary shares upon incorporation of the Company was 50,000,000 shares with a par value of US$0.001 (EUR0.0009) per share, and 15,874,700 ordinary shares were issued on February 28, 2024. Dividends amounting to USD 8161 (7,855 EUR) were declared for the year ended December 31, 2024 and USD1537 (1479 EUR) were paid as of the date of this report.

On March 6, 2025, the Company effected a stock split at a ratio of 1-to-4 by issuing new shares to its shareholders in the same proportion. After retrospective adjustment for stock splits, there were 63,498,800 and 63,498,800 shares issued and outstanding as of December 31, 2024 and 2023, respectively. For further information, see the whole paragraph about the restructure in Note 1.

#### Restricted net assets
The Group's operations are partially conducted through its PRC subsidiaries, and the Group's ability to pay dividends is primarily dependent on receiving distributions of funds from its subsidiaries. Relevant PRC statutory laws and regulations permit payments of dividends by its subsidiaries only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations, and after it has met the PRC requirements for appropriation to statutory reserves. Paid-in capital and additional paid-in capital of its subsidiaries included in the Group's consolidated net assets are also non-distributable for dividend purposes.

In accordance with the Company Law of the PRC and the PRC regulations on enterprises with foreign investment, whether a domestic enterprise or a WFOE established in the PRC are both required to provide certain statutory reserves, namely general reserve fund, the enterprise expansion fund and staff welfare and bonus fund which are appropriated from net profit as reported in the enterprise's PRC statutory accounts. Both a domestic enterprise and a WFOE are required to allocate at least 10% of its annual after-tax profit to the general reserve until such reserve has reached 50% of its registered capital based on the enterprise's PRC statutory accounts. Appropriations to the enterprise expansion fund and staff welfare and bonus fund are at the discretion of the board of directors. The aforementioned reserves can only be used for specific purposes and are not distributable as cash dividends. All of the Group's PRC consolidated subsidiaries are subject to the above mandated restrictions on distributable profits. As of December 31, 2023 and 2024, the Group set aside statutory reserves amounted to EUR1,197 and EUR 1,202, respectively. The Group has not allocated any of its after-tax profits to the staff welfare and bonus funds for any period presented.

As a result of these PRC laws and regulations, the Group's PRC subsidiaries are restricted in their ability to transfer a portion of their net assets to the Group. Amounts restricted include paid-in capital and statutory reserves of the Group's PRC subsidiaries as determined pursuant to PRC generally accepted accounting principles. As of December 31, 2023 and 2024, net assets restricted in the aggregate included in the Group's consolidated net assets were EUR 2587 and EUR 7,313 respectively.

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#### AIGO HOLDING LIMITED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<br>(In thousands, except share and per share data or otherwise noted)
**13. Related party transactions**

The table below sets forth the major related parties and their relationships with the Group as of December 31, 2023 and 2024:

---

| | | |
|:---|:---|:---|
|  **No.** | **Names of related parties** | **Relationship** |
| 1 | Aigostar S.R.L. | Controlled by key management of the Group |
| 2 | Aigotech Onsynk Limited | Controlled by Fufei Lin |
| 3 | Digital Italia SRL | Subsidiary of Fuzhou Uslink Trading Co., Ltd |
| 4 | Eurotrading International SP. Z O.O. | Controlled by key management of the Group |
| 5 | Top Supplies S.R.L. | Controlled by key management of the Group |
| 6 | Samsparty, SL | Controlled by Qinmei Guo |
| 7 | Sunrise Holding Empresarial SL | Controlled by Qinmei Guo |
| 8 | TOP TRADING B.V. | Controlled by Qinmei Guo |
| 9 | Tradelink B.V. | Controlled by Fufei Lin |
| 10 | Fuzhou Uslink Trading Co., Ltd. | 44% owned by Fufei Lin |
| 11 | Unico Star SRL | 44% owned by Fufei Lin |
| 12 | Fufei Lin | Founder, Chairman of the Board of Directors and Chief Executive Officer |
| 13 | Qinmei Guo | Spouse of the founder |
| 14 | Aigou No.2 (Pingtan) Investment Partnership (Limited Partnership) | Indirect shareholder of the Group |
| 15 | Aigou No.1 (Pingtan) Investment Partnership (Limited Partnership) | Indirect shareholder of the Group |
| 17 | Shuiwen Guo | Family member of the founder |
| 18 | Jiang Liu | Key management of the Group |
| 19 | Yindi Pang | Director of the Group |
| 20 | Xin Zhou | Indirect shareholder of the Group |
| 21 | VANKE SP.Z O.O. | Controlled by key management of the Group |
| 22 | Zhuhai Tuoxin Optoelectronic Technology Co., Ltd. | Controlled by key management of the Group |
| 23 | Fuzhou Aigo Juyou Investment Co., Ltd (i) | Controlled by key management of the Group |
| 24 | Bai Sheng Commodity Co., Ltd. Fujian | Controlled by key management of the Group |

---

The following are related party balances which are non-interest bearing as of December 31, 2023 and 2024:

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2023** | **2024** |
|  | **EUR** | **EUR** |
|  Account receivables: |  |  |
| &nbsp;&nbsp;&nbsp; Digital Italia SRL |  | 8 |
| &nbsp;&nbsp;&nbsp; Samsparty, SL | 801 |  |
| &nbsp;&nbsp;&nbsp; Sunrise Holding Empresarial SL | 1 |  |
| &nbsp;&nbsp;&nbsp; Tradelink B.V. | 31 |  |
|  | **833** | **8** |

---

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

**13. Related party transactions** (cont.)

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2023** | **2024** |
|  | **EUR** | **EUR** |
|  Amount due from related parties: |  |  |
| &nbsp;&nbsp;&nbsp; Aigostar S.R.L.<sup>(a)</sup> |  | 1 |
| &nbsp;&nbsp;&nbsp; Sunrise Holding Empresarial SL<sup>(b)</sup> |  | 21 |
| &nbsp;&nbsp;&nbsp; Samsparty, SL<sup>(c)</sup> | 14 |  |
| &nbsp;&nbsp;&nbsp; Top Supplies S.R.L.<sup>(d)</sup> |  | 3 |
| &nbsp;&nbsp;&nbsp; Jiang Liu<sup>(e)</sup> | 26 | 52 |
| &nbsp;&nbsp;&nbsp; VANKE SP.Z O.O.<sup>(f)</sup> | 1 | 7 |
| &nbsp;&nbsp;&nbsp; Qinmei Guo<sup>(g)</sup> | 16 |  |
|  | **57** | **84** |

---

____________

(a) Aigostar S.R.L is controlled by key management of the Group. For the convenience of settlement, the Group paid the supplier on behalf of Aigostar S.R.L.

(b) Sunrise Holding Empresarial SL is is controlled by Qinmei Guo. For the convenience of settlement, the Group paid the supplier on behalf of Eurotrading International SP. Z O.O.

(c) Samsparty,SL is controlled by Qinmei Guo, the spouse of the founder. For the convenience of settlement, the Group paid the supplier on behalf of Samsparty,SL.

(d) Top Supplies S.R.L. is controlled by key management of the Group. For the convenience of settlement, the Group paid the supplier on behalf of Top Supplies S.R.L.

(e) Jiang Liu is the key management of the Group. The amounts related to the loan for employee and it is due on demand with no interest.

(f) VANKE SP.Z O.O. is controlled by the founder of the Group, Fufei Lin. The amount related to the loan to related party for working capital purpose and it is due on demand with no interest.

(g) Qinmei Guo is the spouse of the founder.

The amounts related to the loan for employee and it is due on demand with no interest.

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2023** | **2024** |
|  | **EUR** | **EUR** |
|  Account payables: |  |  |
| &nbsp;&nbsp;&nbsp; Aigostar S.R.L. | 1885 | 110 |
| &nbsp;&nbsp;&nbsp; Samsparty, SL | 5061 |  |
| &nbsp;&nbsp;&nbsp; Sunrise Holding Empresarial SL | 16 | 11 |
| &nbsp;&nbsp;&nbsp; Zhuhai Tuoxin Optoelectronic Technology Co., Ltd. |  | 1028 |
|  | **6962** | **1149** |
|  Amount due to related parties: |  |  |
| &nbsp;&nbsp;&nbsp; Aigostar S.R.L.<sup>(h)</sup> |  | 2351 |
| &nbsp;&nbsp;&nbsp; Fuzhou Aigo Juyou Investment Co., Ltd<sup>(i)</sup> |  | 7031 |
| &nbsp;&nbsp;&nbsp; Fufei Lin<sup>(j)</sup> | 1951 | 218 |
| &nbsp;&nbsp;&nbsp; Aigotech Onsynk Limited<sup>(k)</sup> | 822 |  |
| &nbsp;&nbsp;&nbsp; Samsparty, SL<sup>(l)</sup> | 966 |  |
| &nbsp;&nbsp;&nbsp; Aigou No. 2 (Pingtan) Investment Partnership (Limited Partnership)<sup>(m)</sup> | 2453 |  |
| &nbsp;&nbsp;&nbsp; Aigou No. 1 (Pingtan) Investment Partnership (Limited Partnership)<sup>(m)</sup> | 1713 |  |
| &nbsp;&nbsp;&nbsp; Fuzhou Uslink Trading Co., Ltd.<sup>(n)</sup> | 2 |  |
| &nbsp;&nbsp;&nbsp; Shuiwen Guo<sup>(o)</sup> | 125 |  |
| &nbsp;&nbsp;&nbsp; Xin Zhou<sup>(m)</sup> | 1501 |  |
|  | 9533 | 9600 |

---

____________

(h) Aigostar S.R.L is controlled by key management of the Group. For the convenience of settlement, Aigostar S.R.L paid the supplier on behalf of the Group.

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

**13. Related party transactions** (cont.)

(i) Fuzhou Aigo Juyou Investment Co., Ltd is controlled by the founder of the Group, Fufei Lin. EUR7,031 thousand were dividend payable and none was paid as of the date of this report.

(j) Fufei Lin is the founder of the Group. The amount related to dividend payable to Fufei Lin for 2023, while for 2024, it related to a loan by him without interest.

(k) Aigotech Onsynk Limited is controlled by the founder of the Group, Fufei Lin. The amounts related to the loan for working capital purpose and it is due on demand with no interest.

(l) Samsparty,SL is controlled by Qinmei Guo, the spouse of the founder. For the convenience of settlement, Samsparty,SL paid the supplier on behalf of the Group.

(m) Aigou No.1 (Pingtan) Investment Partnership (Limited Partnership) , Aigou No.2 (Pingtan) Investment Partnership (Limited Partnership) and Xin Zhou are indirect shareholders of the Group. The amounts related to the advance from investors for capital injection.

(n) Fuzhou Uslink Trading Co., Ltd. is 44% owned by Fufei Lin, the Founder of the Group. The amount related to the advance from Fuzhou Uslink Trading Co., Ltd.

(o) Shuiwen Guo is the brother of Qinmei Guo. The amounts related to the deposit paid on behalf of the Group.

The following are related party transactions for the years ended December 31, 2024 and 2023:

---

| | | |
|:---|:---|:---|
|  | **For the years ended <br>December 31,** | **For the years ended <br>December 31,** |
|  | **2023** | **2024** |
|  | **EUR** | **EUR** |
|  Revenue: |  |  |
|  Aigostar S.R.L. | 500 |  |
|  Digital Italia SRL | 7 | 188 |
|  Samsparty, SL | 965 |  |
|  Sunrise Holding Empresarial SL | 1 |  |
|  Tradelink B.V. | 214 | 143 |
|  Unico Star SRL | (12) |  |
|  Fuzhou Uslink Trading Co., Ltd. | 2 | 1 |
|  Aigotech Onsynk Limited |  | 13 |
|  | 1677 | 345 |

---

---

| | | |
|:---|:---|:---|
|  | **For the years ended <br>December 31,** | **For the years ended <br>December 31,** |
|  | **2023** | **2024** |
|  | **EUR** | **EUR** |
|  Purchase: |  |  |
|  Aigostar S.R.L. | 509 |  |
|  Samsparty, SL | 3,189 |  |
|  Sunrise Holding Empresarial SL |  |  |
|  Zhuhai Tuoxin Optoelectronic Technology Co., Ltd. |  | 1,272 |
|  | 3,698 | 1,272 |

---

The related party guarantee matters are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Fufei Lin provides a personal guarantee and mortgages his personal real estate as security for the company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Bai Sheng Commodity Co., Ltd. Fujian guaranteed a bank loan owed by the Company, with a guarantee period from June 6, 2024 to June 6, 2025. The guarantee is a joint and several liability, and no consideration was charged by the related party. Bai Sheng Commodity Co., Ltd. Fujian pledged its real estate properties to secure a loan. The mortgage agreement restricts the disposal of these properties without the bank's consent.

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

**14. Commitments and contingencies**

<u><u>Capital commitments</u></u>

The Group had no capital commitment as of December 31, 2023 and 2024.

<u><u>Contingencies</u></u>

There were no significant pending or threatened claims and litigation as of December 31, 2023 and 2024 and through the issuance date of these consolidated financial statements. The litigation mainly included labor disputes and product quality-related litigation, and the amounts involved are immaterial.

**15. Subsequent events**

On December 27, 2024, AIGOLEO LIMITED and Shenglin Chen Pen, Francisco Javier Zorrilla Lozano signed an agreement in Madrid, Spain, to acquire 100% of the shares of ARTECONFORT HOTELES S.L. On January 1, 2025, the Group completed the registration and transfer procedures for the shares of ARTECONFORT HOTELES S.L., making the company a wholly-owned subsidiary of the Group from that date onward.

The total purchase price of the transaction is a fixed price (EUR 5,500,000) and a variable price (Earn-out) based on ARTECONFORT HOTELES S.L.'s performance over the next three financial years (2024, 2025 and 2026).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Fixed price (bank transfer to the seller's designated bank account)

First installment: EUR500 paid on 30 September 2024.

Second installment: EUR4,750 to be paid on 28 February 2025, with interest at an annual rate of 10% in case of late payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Third installment: EUR250 to be paid on 28 February 2027 (with a three-month delay), with interest at an annual rate of 10% for late payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Performance-based variable price (Earn-out)

Starting from March 1, 2025, the buyer shall pay the seller the portion of the company's net profit for the fiscal year 2024 that exceeds 1.5 million euros (1,500,000 euros), after deducting corporate tax (IS). If the net profit for 2024 exceeds 3 million euros (3,000,000 euros), the excess amount will be split equally between the buyer and the seller.

On December 31, 2025, the accounting settlement will be conducted. The buyer will pay the seller EUR1,250 euros within 10 days, provided that the company's net profit on that day exceeds EUR2,000, before the application of corporate tax (IS). Similarly, if the company's net profit in the fiscal year 2025 does not exceed EUR2,000, the buyer must pay the seller the difference between the agreed amount of EUR1,250 and the net profit, before the application of corporate tax (IS), which is 1,250,000 euros minus the amount exceeding EUR2,000.

Starting from March 1, 2026, the buyer shall pay the seller a portion of the company's net profit for the fiscal year 2025 exceeding two million euros (2,000,000 euros), before corporate tax (IS), with a maximum limit of two million six hundred thousand euros (2,600,000 euros). If the net profit for the fiscal year 2025 exceeds two million six hundred thousand euros (2,600,000 euros), the excess amount will be split equally between the buyer and the seller.

Starting from February 28, 2027, if the company's net profit in the fiscal year 2026 exceeds two million euros (2,000,000 euros), the buyer shall pay the seller 1.25 million euros (1,250,000 euros) before the applicable corporate tax (IS). Similarly, if the company's net profit in the fiscal year 2026 does not exceed two million euros (2,000,000 euros), the buyer shall pay the seller the amount resulting from subtracting the difference between the agreed 1.25 million euros (1,250,000 euros) and the two million euros (2,000,000 euros) stipulated in this clause before the applicable corporate tax (IS).

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

**15. Subsequent events** (cont.)

Furthermore, starting from February 28, 2027, the buyer shall pay the seller a portion of the company's net profit for the fiscal year 2026 exceeding two million euros (2,000,000 euros), before corporate tax (IS), with a maximum limit of two million six hundred thousand euros (2,600,000 euros). If the net profit for the fiscal year 2026 exceeds two million six hundred thousand euros (2,600,000 euros), the excess amount will be split equally between the buyer and the seller.

The payment of the Earn-out price may be delayed for three months from the above date, and as part of the price, the seller will receive 10% interest on the overdue amount per annum.

The Company has analyzed and determined that, in accordance with ASC 855-10, its operations through the date of issuance of these consolidated financial statements, there are no additional material subsequent events to disclose in these consolidated financial statements other than noted above.

#### Post-Reporting Period Stock Transactions
Following the close of the reporting period, the Company implemented a **one**-to-four **stock split** on March 6, 2025. After the split, the shareholding structure is as follows:

Aigo Fortune One Limited: **47,916,400 shares**

Aigo Fortune Two Limited: **6,444,800 shares**

Aigo Fortune Three Limited: **4,569,600 shares**

Aigo Fortune Four Limited: **4,568,000 shares**

The total issued and outstanding shares following the split amounted to **63,498,800**.

Subsequently, on May 30, 2025, the Company issued an additional 1,433,929 new shares to 18 new shareholders at par value of USD0.00025 per share, for a total consideration of US$2.8 per share, we received gross proceeds of US$4,015,000, bringing the total outstanding shares to **64,932,729 shares**.

SCHEDULE I — PARENT COMPANY'S CONDENSED FINANCIAL STATEMENTS

Pursuant to the requirements of Rule 12-04(a), 5-04(c) and 4-08(e)(3) of Regulation S-X, the condensed financial information of the parent company shall be filed when the restricted net assets of consolidated subsidiaries exceed 25 percent of consolidated net assets as of the end of the most recently completed fiscal year. The Group performed a test on the restricted net assets of consolidated subsidiaries in accordance with such requirement and concluded that it was not applicable to the Group as the restricted net assets of the Company's PRC Subsidiary did not exceed 25% of the consolidated net assets of the Group. Therefore, the condensed financial statements for the parent company are not included herein.

For purposes of the above test, restricted net assets of consolidated subsidiaries shall mean that amount of the company's proportionate share of net assets of consolidated subsidiaries (after intercompany eliminations) which as of the end of the most recent fiscal year may not be transferred to the parent company by subsidiaries in the form of loans, advances or cash dividends without the consent of a third party.

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

#### PART II

#### INFORMATION NOT REQUIRED IN PROSPECTUS

#### ITEM 6. Indemnification of Directors and Officers.
Cayman Islands law does not limit the extent to which a company's memorandum and articles of association may provide for indemnification of officers and directors, except to the extent any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against civil fraud or the consequences of committing a crime. Our post-offering memorandum and articles of association provide that we shall indemnify our directors and officers, and any trustee for the time being acting in relation to any of the affairs of the Company and their heirs, executors, administrators and personal representatives respectively, against all actions, proceedings, costs, charges, losses, damages and expenses which they or any of them shall or may incur or sustain by reason of any act done or omitted in or about the execution of their duty in their respective offices or trusts, except such (if any) as they shall incur or sustain by or through their own wilful neglect or default respectively and no such Director, officer or trustee shall be answerable for the acts, receipts, neglects or defaults of any other Director, officer or trustee or for joining in any receipt for the sake of conformity or for the solvency or honesty of any banker or other persons with whom any monies or effects belonging to the Company may be lodged or deposited for safe custody or for any insufficiency of any security upon which any monies of the Company may be invested or for any other loss or damage due to any such cause as aforesaid or which may happen in or about the execution of his office or trust unless the same shall happen through the wilful neglect or default of such Director, officer or trustee.

Under the form of indemnification agreements filed as Exhibit 10.3 to this registration statement, we will agree to indemnify our directors and executive officers against certain liabilities and expenses incurred by such persons in connection with claims made by reason of their being such a director or executive officer.

The form of underwriting agreement to be filed as Exhibit 1.1 to this registration statement will also provide for indemnification of us and our officers and directors.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling us under the foregoing provisions, we have been informed that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

#### ITEM 7. Recent Sales of Unregistered Securities.
During the past three years, we have issued the following ordinary shares. None of these issuances involved any underwriters' underwriting discounts or commissions, or any public offering. We believe that each of the following issuances was exempt from registration under the Securities Act in reliance on Regulation S under the Securities Act or pursuant to Section 4(2) of the Securities Act regarding transactions not involving a public offering.

On February 28, 2024, initially one ordinary share was issued to Vistra (Cayman) Limited, and then transferred to Aigo Fortune One Limited, and 49,999 ordinary shares were issued to Aigo Fortune One limited. At that time Aigo Fortune One Limited held 50,000 ordinary shares which comprised of 100% of the shareholding of the Company.

On May 8, 2024, the Company issued: (i) 11,929,100 ordinary shares to Aigo Fortune One Limited, thus making Aigo Fortune One Limited holding an aggregate of 11,979,100 shares of the Company, (ii) 1,611,200 ordinary shares to Aigo Fortune Two Limited, (iii) 1,142,400 ordinary shares to Aigo Fortune Three Limited, and (iv) 1,142,000 ordinary shares to Aigo Fortune Four Limited, respectively, at par value of US$0.001 per share.

On March 6, 2025, the shareholders of the Company have passed a resolution to approve a four for-one-stock split. As such, the authorized capital increased from 50,000,000 to 200,000,000, and the par value per share decreased from US$0.001 per share to US$0.00025 per share. Following the four-for-one stock split, our issued and outstanding ordinary shares increased from 15,874,700 shares to 63,498,800 shares.

On May 30, 2025, we issued an aggregate of 1,433,929 ordinary shares at US$2.8 per share to certain investors and received gross proceeds of US$4,015,000.

As of the date of this prospectus, 64,932,729 ordinary shares were issued and outstanding.

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

#### ITEM 8. Exhibits and Financial Statement Schedules
***a) Exhibits***

See Exhibit Index beginning on page II-4 of this registration statement.

***b) Financial Statement Schedules***

Schedules have been omitted because the information required to be set forth therein is not applicable or is shown in the Consolidated Financial Statements or the Notes thereto.

#### ITEM 9. Undertakings.
The undersigned registrant hereby undertakes to provide to the underwriter at the closing specified in the underwriting agreements, certificates in such denominations and registered in such names as required by the underwriter to permit prompt delivery to each purchaser.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the registrant pursuant to the provisions described in Item 6, or otherwise, the registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

The undersigned registrant hereby undertakes that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) For purposes of determining any liability under the Securities Act, the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant pursuant to Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) For the purpose of determining liability under the Securities Act to any purchaser, each prospectus filed pursuant to Rule 424(b) as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness; provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) For the purpose of determining any liability of the registrant under the Securities Act to any purchaser in the initial distribution of the securities, the undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:

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

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

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

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

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

#### AIGO HOLDING LIMITED

#### EXHIBIT INDEX

---

| | |
|:---|:---|
|  **Exhibit No.** | **Description of Exhibit** |
|  1.1\*\* | Form of Underwriting Agreement |
|  3.1\* | [Amended Memorandum and Articles of Association of the Registrant, as currently in effect](ea020804319ex3-1_aigo.htm) |
|  3.2\* | [Second Amended and Restated Memorandum and Articles of Association of the Registrant, effective immediately upon completion of this offering](ea020804319ex3-2_aigo.htm) |
|  4.1\* | [Registrant's Specimen Certificate for ordinary shares](ea020804319ex4-1_aigo.htm) |
|  5.1\* | [Opinion of Appleby regarding the validity of the ordinary shares being registered and certain other legal matters](ea020804319ex5-1_aigo.htm) |
|  8.1\* | [Opinion of Appleby regarding certain Cayman Islands tax matters (included in Exhibit 5.1)](ea020804319ex5-1_aigo.htm) |
|  10.1\* | [Form of Employment Agreement between the Registrant and each of its executive officers](ea020804319ex10-1_aigo.htm) |
|  10.2\* | [Form of Independent Director Agreement](ea020804319ex10-2_aigo.htm) |
|  10.3\* | [Form of Indemnification Agreement between the Registrant and each of its directors and executive officers](ea020804319ex10-3_aigo.htm) |
|  10.4\* | [Amazon Services Business Solutions Agreement](ea020804319ex10-4_aigo.htm) |
|  10.5\* | [English translation of Share Sale Commitment Agreement Conditional on Favorable Due Diligence dated August 28, 2024](ea020804319ex10-5_aigo.htm) |
|  10.6\* | [Share Purchase Agreement dated December 27, 2024](ea020804319ex10-6_aigo.htm) |
|  21.1\* | [List of Significant Subsidiaries of the Registrant](ea020804319ex21-1_aigo.htm) |
|  23.1\* | [Consent of Wei, Wei & CO., LLP](ea020804319ex23-1_aigo.htm) |
|  23.2\* | [<u>Consent of Appleby (included</u> <u>in Exhibit 5.1)</u>](ea020804319ex5-1_aigo.htm) |
|  23.3\* | [Consent of Beijing Dacheng Law Offices, LLP (Fuzhou) (included in Exhibit 99.2)](ea020804319ex99-2_aigo.htm) |
|  23.4\* | [Consent of FAST AND RELIABLE ASESORES, S.L, Spanish counsel of the Company](ea020804319ex23-4_aigo.htm) |
|  23.5\* | [Consent of Studio Legale Romeo, Italian counsel of the Company](ea020804319ex23-5_aigo.htm) |
|  24.1\* | [Powers of Attorney (included on signature page in Part II of the registration statement)](#T501) |
|  99.1\* | [Code of Business Conduct and Ethics of the Registrant](ea020804319ex99-1_aigo.htm) |
|  99.2\* | [Opinion of Beijing Dacheng Law Offices, LLP regarding certain PRC law matters](ea020804319ex99-2_aigo.htm) |
|  99.3\* | [Consent of Studio Legale Associato Moneta Bianchini Dieni](ea020804319ex99-3_aigo.htm) |
|  99.4\* | [Consent of China Insights Consultancy](ea020804319ex99-4_aigo.htm) |
|  107\* | [Filing Fee Table](ea020804319ex-fee_aigo.htm) |

---

____________

\* Filed Herewith.

\*\* To be filed by amendment.

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

#### SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form F-1 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Madrid, Spain, on August 21, 2025.

---

| | |
|:---|:---|
|  **Aigo Holding Limited** | **Aigo Holding Limited** |
|  By: | /s/ Fufei Lin |
|  Name: | Fufei Lin |
|  Title: | Chief Executive Officer |

---

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

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

---

| | | |
|:---|:---|:---|
|  **Signature** | **Title** | **Date** |
|  /s/ Fufei Lin | Chief Executive Officer | August 21, 2025 |
|  Name: Fufei Lin | (principal executive officer) |  |
|  /s/ Jiayang Zhong | Chief Financial Officer | August 21, 2025 |
|  Name: Jiayang Zhong | (principal financial and accounting officer) |  |
|  /s/ Ying Lan | Director | August 21, 2025 |
|  Name: Ying Lan |  |  |
|  /s/ Yindi Pang | Director | August 21, 2025 |
|  Name: Yindi Pang |  |  |
|  /s/ Xudong Shen | Independent Director | August 21, 2025 |
|  Name: Xudong Shen |  |  |

---

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

#### SIGNATURE OF AUTHORIZED REPRESENTATIVE IN THE UNITED STATES
Pursuant to the Securities Act of 1933, the undersigned, the duly authorized representative in the United States of Aigo Holding Limited, has signed this Registration Statement or amendment thereto in New York on August 21, 2025.

---

| | |
|:---|:---|
|  **Puglisi & Associates**<br> Authorized U.S. Representative | **Puglisi & Associates**<br> Authorized U.S. Representative |
|  By: | */s/ Donald J. Puglisi*  |
|  Name: | Donald J. Puglisi |
|  Title: | Managing Director |

---

## Exhibit 3.1

**Exhibit 3.1**

**AMENDED AND RESTATED**

**MEMORANDUM**

**AND**

**ARTICLES OF ASSOCIATION**

**OF**

**AIGO HOLDING LIMITED**

**(Adopted by shareholders' resolution passed on 6 Mar 2025)**

**Incorporated on the 28th day of February, 2024**

**INCORPORATED IN THE CAYMAN ISLANDS**

THE COMPANIES ACT (AS AMENDED)

Company Limited by Shares

AMENDED AND RESTATED

MEMORANDUM OF ASSOCIATION

OF

AIGO HOLDING LIMITED

(Adopted by shareholders' resolution passed on 6 Mar 2025)

1. The name of the Company is AIGO HOLDING LIMITED.

2. The Registered Office of the Company shall be at the offices of Vistra (Cayman) Limited,
P. O. Box 31119 Grand Pavilion, Hibiscus Way, 802 West Bay Road, Grand Cayman, KY1 - 1205 Cayman Islands or at such other place as the
Directors may from time to time decide.

3. The objects for which the Company is established are unrestricted and shall include, but
without limitation, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (i) To carry on the business
of an investment company and to act as promoters and entrepreneurs and to carry on business as financiers, capitalists, concessionaires,
merchants, brokers, traders, dealers, agents, importers and exporters and to undertake and carry on and execute all kinds of investment,
financial, commercial, mercantile, trading and other operations.

(ii) To carry on whether as principals,
agents or otherwise howsoever the business of realtors, developers, consultants, estate agents or managers, builders, contractors, engineers,
manufacturers, dealers in or vendors of all types of property including services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To exercise and enforce all rights and powers conferred by or incidental to the ownership
of any shares, stock, obligations or other securities including without prejudice to the generality of the foregoing all such powers
of veto or control as may be conferred by virtue of the holding by the Company of some special proportion of the issued or nominal amount
thereof, to provide managerial and other executive, supervisory and consultant services for or in relation to any company in which the
Company is interested upon such terms as may be thought fit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To purchase or otherwise acquire, to sell, exchange, surrender, lease, mortgage, charge,
convert, turn to account, dispose of and deal with real and personal property and rights of all kinds and, in particular, mortgages,
debentures, produce, concessions, options, contracts, patents, annuities, licences, stocks, shares, bonds, policies, book debts, business
concerns, undertakings, claims, privileges and choses in action of all kinds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To subscribe for, conditionally or unconditionally, to underwrite, issue on commission or
otherwise, take, hold, deal in and convert stocks, shares and securities of all kinds and to enter into partnership or into any arrangement
for sharing profits, reciprocal concessions or cooperation with any person or company and to promote and aid in promoting, to constitute,
form or organise any company, syndicate or partnership of any kind, for the purpose of acquiring and undertaking any property and liabilities
of the Company or of advancing, directly or indirectly, the objects of the Company or for any other purpose which the Company may think
expedient.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To stand surety for or to guarantee, support or secure the performance of all or any of
the obligations of any person, firm or company whether or not related or affiliated to the Company in any manner and whether by personal
covenant or by mortgage, charge or lien upon the whole or any part of the undertaking, property and assets of the Company, both present
and future, including its uncalled capital or by any such method and whether or not the Company shall receive valuable consideration
thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) To engage in or carry on any other lawful trade, business or enterprise which may at any time appear to
 the Directors of the Company capable of being conveniently carried on in conjunction with any of the aforementioned businesses or
 activities or which may appear to the Directors or the Company likely to be profitable to the Company.

In the interpretation of this Memorandum of Association in general and of this Clause 3 in particular no object, business or power specified or mentioned shall be limited or restricted by reference to or inference from any other object, business or power, or the name of the Company, or by the juxtaposition of two or more objects, businesses or powers and that, in the event of any ambiguity in this clause or elsewhere in this Memorandum of Association, the same shall be resolved by such interpretation and construction as will widen and enlarge and not restrict the objects, businesses and powers of and exercisable by the Company.

4. Notwithstanding the generality of the objects stated in this Memorandum of Association,
as of the date of establishment, the nature of business of the Company is Holding company - other.

5. Except as prohibited or limited by the Companies Act (As Amended), the Company shall have
full power and authority to carry out any object and shall have and be capable of from time to time and at all times exercising any and
all of the powers at any time or from time to time exercisable by a natural person or body corporate in doing in any part of the world
whether as principal, agent, contractor or otherwise whatever may be considered by it necessary for the attainment of its objects and
whatever else may be considered by it as incidental or conducive thereto or consequential thereon, including, but without in any way
restricting the generality of the foregoing, the power to make any alterations or amendments to this Memorandum of Association and the
Articles of Association of the Company considered necessary or convenient in the manner set out in the Articles of Association of the
Company, and the power to do any of the following acts or things, viz: to pay all expenses of and incidental to the promotion, formation
and incorporation of the Company; to register the Company to do business in any other jurisdiction; to sell, lease or dispose of any
property of the Company; to draw, make, accept, endorse, discount, execute and issue promissory notes, debentures, bills of exchange,
bills of lading, warrants and other negotiable or transferable instruments; to lend money or other assets and to act as guarantors; to
borrow or raise money on the security of the undertaking or on all or any of the assets of the Company including uncalled capital or
without security; to invest monies of the Company in such manner as the Directors determine; to promote other companies; to sell the
undertaking of the Company for cash or any other consideration; to distribute assets in specie to Members of the Company; to make charitable
or benevolent donations; to pay pensions or gratuities or provide other benefits in cash or kind to Directors, officers, employees, past
or present and their families; to purchase Directors and officers liability insurance and to carry on any trade or business and generally
to do all acts and things which, in the opinion of the Company or the Directors, may be conveniently or profitably or usefully acquired
and dealt with, carried on, executed or done by the Company in connection with the business aforesaid PROVIDED THAT the Company shall
only carry on the businesses for which a licence is required under the laws of the Cayman Islands when so licensed under the terms of
such laws.

6. The liability of each Member is limited to the amount from time to time unpaid on such Member's
shares.

7. The share capital of the Company is US$50,000.00 divided into 200,000,000 shares of a nominal or par
 value of US$0.00025 each with power for the Company insofar as is permitted by law, to redeem or purchase any of its shares and to
 increase or reduce the said capital subject to the provisions of the Companies Act (As Amended) and the Articles of Association and
 to issue any part of its capital, whether original, redeemed or increased with or without any preference, priority or special
 privilege or subject to any postponement of rights or to any conditions or restrictions and so that unless the conditions of issue
 shall otherwise expressly declare every issue of shares whether declared to be preference or otherwise shall be subject to the
 powers hereinbefore contained PROVIDED ALWAYS that, notwithstanding any provision to the contrary contained in this Memorandum of
 Association, the Company shall have no power to issue bearer shares, warrants, coupons or certificates.

8. If the Company is registered as exempted, its operations will be carried on subject to
the provisions of Section 174 of the Companies Act (As Amended) and, subject to the provisions of the Companies Act (As Amended) and
the Articles of Association, it shall have the 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.

THE COMPANIES ACT (AS AMENDED)

Company Limited by Shares

AMENDED AND RESTATED

ARTICLES OF ASSOCIATION

OF

AIGO HOLDING LIMITED

(Adopted by shareholders' resolution passed on 6 Mar 2025)

1. In these Articles Table A in the Schedule to the Statute does not apply and, unless there
be something in the subject or context inconsistent therewith,

---

| | |
|:---|:---|
| "Articles" | means the Articles as originally framed or as from time to time altered by Special Resolution. |
| "Auditors" | means the persons for the time being performing the duties of auditors of the Company. |
| "Company" | means the above named Company. |
| "debenture" | means debenture stock, mortgages, bonds and any other such securities of the Company whether constituting a charge on the assets of the Company or not. |
| "Directors" | means the directors for the time being of the Company. |
| "dividend" | includes bonus. |
| "fully paid" | shall bear the meaning as ascribed to it in the Statute. |
| "Member" | shall bear the meaning as ascribed to it in the Statute. |
| "month" | means calendar month. |
| "paid-up" | means paid-up and/or credited as paid-up. |

---

---

| | |
|:---|:---|
| "registered office" | means the registered office for the time being of the Company. |
| "Seal" | means the common seal of the Company and includes every duplicate seal. |
| "Secretary" | includes an Assistant Secretary and any person appointed to perform the duties of Secretary of the Company. |
| "share" | includes a fraction of a share. |
| "Special Resolution" | has the same meaning as in the Statute and includes a resolution approved in writing as described therein. |
| "Statute" | means the Companies Act of the Cayman Islands as amended and every statutory modification or re-enactment thereof for the time being in force. |
| "written" and "in writing" | include all modes of representing or reproducing words in visible form. |

---

Words importing the singular number only include the plural number and vice versa.

Words importing the masculine gender only include the feminine gender.

Words importing persons only include corporations.

2. The business of the Company may be commenced as soon after incorporation as the Directors
shall see fit, notwithstanding that part only of the shares may have been allotted.

3. 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.

**CERTIFICATES FOR SHARES**

4. Certificates representing shares of the Company shall be in such form as shall be determined
by the Directors. Such certificates may be under Seal. All certificates for shares shall be consecutively numbered or otherwise identified
and shall specify the shares to which they relate. The name and address of the person to whom the shares represented thereby are issued,
with the number of shares and date of issue, shall be entered in the register of Members of the Company. All certificates surrendered
to the Company for transfer shall be cancelled and no new certificate shall be issued until the former certificate for a like number
of shares shall have been surrendered and cancelled. The Directors may authorise certificates to be issued with the seal and authorised
signature(s) affixed by some method or system of mechanical process.

5. Notwithstanding Article 4 of these Articles, if a share certificate be defaced, lost or
destroyed, it may be renewed on payment of a fee of one dollar (US$l.00) or such less sum and on such terms (if any) as to evidence and
indemnity and the payment of the expenses incurred by the Company in investigating evidence, as the Directors may prescribe.

**ISSUE OF SHARES**

6. Subject to the provisions, if any, in that behalf in the Memorandum of Association and
to any direction that may be given by the Company in general meeting and without prejudice to any special rights previously conferred
on the holders of existing shares, the Directors may allot, issue, grant options over or otherwise dispose of shares of the Company (including
fractions of a share) 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, at such times and on such other terms as they think proper PROVIDED ALWAYS that,
notwithstanding any provision to the contrary contained in these Articles of Association, the Company shall be precluded from issuing
bearer shares, warrants, coupons or certificates.

7. The Company shall maintain a register of its Members and every person whose name is entered
as a Member in the register of Members shall be entitled without payment to receive within two months after allotment or lodgement of
transfer (or within such other period as the conditions of issue shall provide) one certificate for all his shares or several certificates
each for one or more of his shares upon payment of fifty cents (US$0.50) for every certificate after the first or such less sum as the
Directors shall from time to time determine provided that in respect of a share or shares held jointly by several persons the Company
shall not be bound to issue more than one certificate and delivery of a certificate for a share to one of the several joint holders shall
be sufficient delivery to all such holders.

**TRANSFER OF SHARES**

8. The instrument of transfer of any share shall be in writing and shall be executed by or
on behalf of the transferor and the transferor shall be deemed to remain the holder of a share until the name of the transferee is entered
in the register in respect thereof.

9. The Directors may in their absolute discretion decline to register any transfer of shares
without assigning any reason therefor. If the Directors refuse to register a transfer they shall notify the transferee within two months
of such refusal.

10. The registration of transfers may be suspended at such time and for such periods as the
Directors may from time to time determine, provided always that such registration shall not be suspended for more than 45 days in any
year.

**REDEEMABLE SHARES**

11. (a) Subject to the provisions
of the Statute and the Memorandum of Association, shares may be issued on the terms that they are, or at the option of the Company or
the holder are, to be redeemed on such terms and in such manner as the Company, before the issue of the shares, may by Special Resolution
determine and the rights attaching to any issued shares may, subject to the provisions of these Articles, by special resolution, be varied
so as to provide that such shares are to be or are liable to be so redeemed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the provisions of the Statute and the Memorandum of Association, the Company
may purchase its own shares (including fractions of a share), including any redeemable shares, provided that the manner of purchase has
first been authorised by the Company in general meeting and may make payment therefor in any manner authorised by the Statute, including
out of capital and provided that the Company may not redeem or purchase any of its shares if, as a result of the redemption or purchase,
there would no longer be any issued shares of the Company other than shares held as treasury shares.

12. Subject to the provisions of these Articles, the manner and any of the terms of any such
redemption or purchase of shares may be determined by either the Company by ordinary resolution or by the Directors. The Company may
make a payment in respect of the redemption or purchase of its own shares otherwise than out of its profits, share premium account, or
the proceeds of a fresh issue of shares.

**TREASURY SHARES**

13. The Company may, subject to the provisions of the Act, acquire, hold and dispose of its
own shares as treasury shares.

**VARIATION OF RIGHTS OF SHARES**

14. If at any time the share capital of the Company is divided into different classes of shares,
the rights attached to any class (unless otherwise provided by the terms of issue of the shares of that class) may, whether or not the
Company is being wound up, be varied with the consent in writing of the holders of three-fourths of the issued shares of that class,
or with the sanction of a Special Resolution passed at a general meeting of the holders of the shares of that class.

The provisions of these Articles relating to general meetings shall apply to every such general meeting of the holders of one class of shares except that the necessary quorum shall be one person holding or representing by proxy at least 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.

15. The rights conferred upon the holders of the shares of any class issued with preferred or other rights
 shall not, unless otherwise expressly provided by the terms of issue of the shares of that class, be deemed to be varied by the
 creation or issue of further shares ranking pari passu therewith.

**COMMISSION ON SALE OF SHARES**

16. The Company may in so far as the Statute from time to time permits pay a commission to any person in
 consideration of his subscribing or agreeing to subscribe whether absolutely or conditionally for any shares of the Company. Such
 commissions may be satisfied by the payment of cash or the lodgement 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 as may be lawful.

**NON-RECOGNITION OF TRUSTS**

17. No person shall be recognised 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 recognise (even when having notice thereof) any equitable, contingent, future, or
 partial interest in any share, or any interest in any fractional part of a share, or (except only as is otherwise provided by these
 Articles or the Statute) any other rights in respect of any share except an absolute right to the entirety thereof in the registered
 holder.

**LIEN ON SHARES**

18. The Company shall have a first and paramount lien and charge on all shares (whether fully
paid-up or not) registered in the name of a Member (whether solely or jointly with others) for all debts, liabilities or engagements
to or with the Company (whether presently payable or not) by such Member or his estate, either alone or jointly with any other person,
whether a Member or not, but the Directors may at any time declare any share to be wholly or in part exempt from the provisions of this
Article. The registration of a transfer of any such share shall operate as a waiver of the Company's lien (if any) thereon. The
Company's lien (if any) on a share shall extend to all dividends or other monies payable in respect thereof.

19. The Company may sell, in such manner as the Directors think fit, any shares on which the
Company has a lien, but no sale shall be made unless a sum in respect of which the lien exists is presently payable, nor until the expiration
of fourteen days after a notice in writing stating and demanding payment of such part of the amount in respect of which the lien exists
as is presently payable, has been given to the registered holder or holders for the time being of the share, or the person, of which
the Company has notice, entitled thereto by reason of his death or bankruptcy.

20. To give effect to any such sale the Directors may authorise some person to transfer the
shares sold to the purchaser thereof. The purchaser shall be registered as the holder of the shares comprised in any such transfer, and
he shall not be bound to see to the application of the purchase money, nor shall his title to the shares be affected by any irregularity
or invalidity in the proceedings in reference to the sale.

21. The proceeds of such sale shall be received by the Company and applied in payment of such
part of the amount in respect of which the lien exists as is presently payable and the residue, if any, shall (subject to a like lien
for sums 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.

**CALL ON SHARES**

22. (a) The Directors may from
time to time make calls upon the Members in respect of any monies unpaid on their shares (whether on account of the nominal value of the
shares or by way of premium or otherwise) and not by the conditions of allotment thereof made payable at fixed terms, provided that no
call shall be payable at less than one month from the date fixed for the payment of the last preceding call, and each Member shall (subject
to receiving at least fourteen days notice specifying the time or times of payment) pay to the Company at the time or times so specified
the amount called on the shares. A call may be revoked or postponed as the Directors may determine. A call may be made payable by instalments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A call shall be deemed to have been made at the time when the resolution of the Directors
authorising such call was passed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The joint holders of a share shall be jointly and severally liable to pay all calls in respect
 thereof.

23. If a sum called in respect of a share is not paid before or on a day appointed for payment
thereof, the persons from whom the sum is due shall pay interest on the sum from the day appointed for payment thereof to the time of
actual payment at such rate not exceeding ten per cent per annum as the Directors may determine, but the Directors shall be at liberty
to waive payment of such interest either wholly or in part.

24. Any sum which by the terms of issue of a share becomes payable on allotment or at any fixed
date, whether on account of the nominal value of the share or by way of premium or otherwise, shall for the purposes of these Articles
be deemed to be a call duly made, notified and payable on the date on which by the terms of issue the same becomes payable, and in the
case of non-payment all the relevant provisions of these Articles as to payment of interest forfeiture or otherwise shall apply as if
such sum had become payable by virtue of a call duly made and notified.

25. The Directors may, on the issue of shares, differentiate between the holders as to the
amount of calls or interest to be paid and the times of payment.

26. (a) The Directors may, if
they think fit, receive from any Member willing to advance the same, all or any part of the monies uncalled and unpaid upon any shares
held by him, and upon all or any of the monies so advanced may (until the same would but for such advances, become payable) pay interest
at such rate not exceeding (unless the Company in general meeting shall otherwise direct) seven per cent per annum, as may be agreed upon
between the Directors and the Member paying such sum in advance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No such sum paid in advance of calls shall entitle the Member paying such sum to any portion
of a dividend declared in respect of any period prior to the date upon which such sum would, but for such payment, become presently payable.

**FORFEITURE OF SHARES**

27. (a) If a Member fails to pay any call or instalment of a call or to make any payment required by the terms
 of issue on the day appointed for payment thereof, the Directors may, at any time thereafter during such time as any part of the
 call, instalment or payment remains unpaid, give notice requiring payment of so much of the call, instalment or payment as is
 unpaid, together with any interest which may have accrued and all expenses that have been incurred by the Company by reason of such
 non-payment. Such notice shall name a day (not earlier than the expiration of fourteen days from the date of giving of the notice)
 on or before which the payment required by the notice is to be made, and shall state that, in the event of non-payment at or before
 the time appointed the shares in respect of which such notice was given will be liable to be forfeited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the requirements of any such notice as aforesaid are not complied with, any share in
respect of which the notice has been given may at any time thereafter, before the payment required by the notice has been made, be forfeited
by a resolution of the Directors to that effect. Such forfeiture shall include all dividends declared in respect of the forfeited share
and not actually paid before the forfeiture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A forfeited share may be sold or otherwise disposed of on such terms and in such manner
as the Directors think fit and at any time before a sale or disposition the forfeiture may be cancelled on such terms as the Directors
think fit.

28. A person whose shares have been forfeited shall cease to be a Member in respect of the
forfeited shares, but shall, notwithstanding, remain liable to pay to the Company all monies which, at the date of forfeiture were payable
by him to the Company in respect of the shares together with interest thereon, but his liability shall cease if and when the Company
shall have received payment in full of all monies whenever payable in respect of the shares.

29. A certificate in writing under the hand of one Director or the Secretary of the Company
that a share in the Company has been duly forfeited on a date stated in the declaration shall be conclusive evidence of the fact therein
stated as against all persons claiming to be entitled to the share. The Company may receive the consideration given for the share on
any sale or disposition thereof and may execute a transfer of the share in favour of the person to whom the share is sold or disposed
of and he shall thereupon be registered as the holder of the share and shall not be bound to see to the application of the purchase money,
if any, nor shall his title to the share be affected by any irregularity or invalidity in the proceedings in reference to the forfeiture,
sale or disposal of the share.

30. The provisions of these Articles as to forfeiture shall apply in the case of non-payment
of any sum which, by the terms of issue of a share, becomes payable at a fixed time, whether on account of the nominal value of the share
or by way of premium as if the same had been payable by virtue of a call duly made and notified.

**REGISTRATION OF EMPOWERING INSTRUMENTS**

31. The Company shall be entitled to charge a fee not exceeding one dollar (US$l.00) on the
registration of every probate, letters of administration, certificate of death or marriage, power of attorney, notice in lieu of distringas,
or other instrument.

**TRANSMISSION OF SHARES**

32. In case of the death of a Member, the survivor or survivors where the deceased was a joint
holder, and the legal personal representatives of the deceased where he was a sole holder, shall be the only persons recognised by the
Company as having any title to his interest in the shares, but nothing herein contained shall release the estate of any such deceased
holder from any liability in respect of any shares which had been held by him solely or jointly with other persons.

33. (a) Any person becoming entitled to a share in consequence of the death or bankruptcy or liquidation or
 dissolution of a Member (or in any other way than by transfer) may, upon such evidence being produced as may from time to time be
 required by the Directors and subject as hereinafter provided, elect either to be registered himself as holder of the share or to
 make such transfer of the share to such other person nominated by him as the deceased or bankrupt person could have made and to have
 such person registered as the transferee thereof, but the Directors shall, in either case, have the same right to decline or suspend
 registration as they would have had in the case of a transfer of the share by that Member before his death or bankruptcy as the case
 may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the person so becoming entitled shall elect to be registered himself as holder he shall
deliver or send to the Company a notice in writing signed by him stating that he so elects.

34. A person becoming entitled to a share by reason of the death or bankruptcy or liquidation or
 dissolution of the holder (or in any other case than by transfer) shall be entitled to the same dividends and other advantages to
 which he would be entitled if he were the registered holder of the share, except that he shall not, before being registered as a
 Member in respect of the share, be entitled in respect of it to exercise any right conferred by membership in relation to meetings
 of the Company PROVIDED HOWEVER that the Directors may at any time give notice requiring any such person to elect either to be
 registered himself or to transfer the share and if the notice is not complied with within ninety days the Directors may thereafter
 withhold payment of all dividends, bonuses or other monies payable in respect of the share until the requirements of the notice have
 been complied with.

**AMENDMENT OF MEMORANDUM OF ASSOCIATION, CHANGE OF LOCATION OF<br> REGISTERED OFFICE & ALTERATION OF CAPITAL**

35. (a) Subject to and in so
far as permitted by the provisions of the Statute, the Company may from time to time by ordinary resolution alter or amend its Memorandum
of Association otherwise than with respect to its name and objects and may, without restricting the generality of the foregoing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) increase the share capital by such sum to be divided into shares of such amount or without
nominal or par value as the resolution shall prescribe and with such rights, priorities and privileges annexed thereto, as the Company
in general meeting may determine.

&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 amount than its existing
 shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) by subdivision of its existing shares or any of them divide the whole or any part of its
share capital into shares of smaller amount than is fixed by the Memorandum of Association or into shares without nominal or par value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All new shares created hereunder shall be subject to the same provisions with reference
to the payment of calls, liens, transfer, transmission, forfeiture and otherwise as the shares in the original share capital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to the provisions of the Statute, the Company may by Special Resolution change
its name or alter its objects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Without prejudice to Article 11 hereof and subject to the provisions of the Statute, the
Company may by Special Resolution reduce its share capital and any capital redemption reserve fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Subject to the provisions of the Statute, the Company may by resolution of the Directors
change the location of its registered office.

**CLOSING REGISTER OF MEMBERS OR FIXING RECORD DATE**

36. 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 in order to make a determination of Members for
 any other proper purpose, the Directors of the Company may provide that the register of Members shall be closed for transfers for a
 stated period but not to exceed in any case 40 days. If the register of Members shall be so closed for the purpose of determining
 Members entitled to notice of or to vote at a meeting of Members such register shall be so closed for at least ten days immediately
 preceding such meeting and the record date for such determination shall be the date of the closure of the register of Members.

37. In lieu of or apart from closing the register of Members, the
Directors may fix in advance a date as the record date for any such determination of Members entitled to notice of or to vote at a meeting
of the Members and for the purpose of determining the Members entitled to receive payment of any dividend the Directors may, at or within
90 days prior to the date of declaration of such dividend fix a subsequent date as the record date for such determination.

38. 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, the date on which notice of the meeting is mailed or the date on which the resolution of the Directors declaring such
dividend is adopted, 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 section, such determination shall apply to any adjournment
thereof.

**GENERAL MEETING**

39. (a) Subject to paragraph (c) hereof, the Company shall within one year of its incorporation and in each year of its existence thereafter
hold a general meeting as its annual general meeting and shall specify the meeting as such in the notices calling it. The annual general
meeting shall be held at such time and place as the Directors shall appoint and if no other time and place is prescribed by them, it
shall be held at the registered office on the second Wednesday in December of each year at ten o'clock in the morning.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At these meetings the report of the Directors (if any) shall
be presented.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Company is exempted as defined in the Statute it may
but shall not be obliged to hold an annual general meeting.

40. (a) The Directors may whenever they think fit, and they shall on the requisition of Members of the Company holding at the date of the deposit
of the requisition not less than one-tenth of such of the paid-up capital of the Company as at the date of the deposit carries the right
of voting at general meetings of the Company, proceed to convene a general meeting of the Company.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Directors do not within 21 days from the date of the
deposit of the requisition duly proceed to convene a general meeting, the requisitionists, or any of them representing more than one-half
of the total voting rights of all of them, may themselves convene a general meeting, but any meeting so convened shall not be held after
the expiration of three months after the expiration of the said 21 days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) 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.

**NOTICE OF GENERAL MEETINGS**

41. At least five days notice shall be given of an annual general
meeting or any other general meeting. Every notice shall be exclusive of the day on which it is given or deemed to be given and of the
day for which it is given and shall specify the place, the day and the hour of the meeting and the general nature of the business and
shall be given in manner hereinafter mentioned or in such other manner if any as may be prescribed by the Company PROVIDED that a general
meeting of the Company shall, whether or not the notice specified in this regulation has been given and whether or not the provisions
of Article 40 have been complied with, be deemed to have been duly convened if it is so agreed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of a general meeting called as an annual general
meeting by all the Members entitled to attend and vote thereat or their proxies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of any other general meeting by a majority in
number of the Members having a right to attend and vote at the meeting, being a majority together holding not less than 75 per cent in
nominal value or in the case of shares without nominal or par value 75 per cent of the shares in issue, or their proxies.

42. 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 of that meeting.

**PROCEEDINGS AT GENERAL MEETINGS**

43. No business shall be transacted at any general meeting unless
a quorum of Members is present at the time when the meeting proceeds to business; two Members present in person or by proxy shall be
a quorum provided always that if the Company has one Member of record the quorum shall be that one Member present in person or by proxy.

44. A resolution (including a Special Resolution) in writing (in
one or more counterparts) signed by all Members for the time being entitled to receive notice of and to attend and vote at general meetings
(or being corporations by their duly authorised representatives) shall be as valid and effective as if the same had been passed at a
general meeting of the Company duly convened and held.

45. If within half an hour from the time appointed for the meeting
a quorum is not present, the meeting, if convened upon the requisition of Members, shall be dissolved and in any other case it shall
stand adjourned to the same day in the next week at the same time and place or to such other time or such other place as the Directors
may determine and ifat the adjourned meeting a quorum is not present within half an hour from the time appointed for the meeting the
Members present shall be a quorum.

46. The Chairman, if any, of the Board of Directors shall preside
as Chairman at every general meeting of the Company, or if there is no such Chairman, or if he shall not be present within fifteen minutes
after the time appointed for the holding of the meeting, or is unwilling to act, the Directors present shall elect one of their number
to be Chairman of the meeting.

47. Ifat any general meeting 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 shall choose
one of their number to be Chairman of the meeting.

48. The Chairman may, with the consent of any general meeting duly
constituted hereunder, 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 the business left unfinished at the meeting from which the adjournment
took place. When a general meeting is adjourned for 30 days or more, notice of the adjourned meeting shall be given as in the case of
an original meeting; save as aforesaid it shall not be necessary to give any notice of an adjournment or of the business to be transacted
at an adjourned general meeting.

49. At any general meeting a resolution put to the vote of the meeting
shall be decided on a show of hands unless a poll is, before or on the declaration of the result of the show of hands, demanded by the
Chairman or any other Member present in person or by proxy.

50. Unless a poll be so demanded a declaration by the Chairman that
a resolution has on a show of hands been carried, or carried unanimously, or by a particular majority, or lost, and an entry to that
effect in the Company's Minute Book containing the Minutes of the proceedings of the meeting shall be conclusive evidence of that
fact without proof of the number or proportion of the votes recorded in favour of or against such resolution.

51. The demand for a poll may be withdrawn.

52. Except as provided in Article 54, if a poll is duly demanded
it shall be taken in such manner as the Chairman directs and the result of the poll shall be deemed to be the resolution of the general
meeting at which the poll was demanded.

53. In the case of an equality of votes, whether on a show of hands
or on a poll, the Chairman of the general meeting at which the show of hands takes place or at which the poll is demanded, shall be entitled
to a second or casting vote.

54. A poll demanded on the election of a Chairman or on a question
of adjournment shall be taken forthwith. A poll demanded on any other question shall be taken at such time as the Chairman of the general
meeting directs and any business other than that upon which a poll has been demanded or is contingent thereon may be proceeded with pending
the taking of the poll.

**VOTES OF MEMBERS**

55. Subject to any rights or restrictions for the time being attached
to any class or classes of shares, on a show of hands every Member of record present in person or by proxy at a general meeting shall
have one vote and on a poll every Member of record present in person or by proxy shall have one vote for each share registered in his
name in the register of Members.

56. In the case of joint holders of record the vote of the senior
who tenders a vote, whether in person or by proxy, shall be accepted to the exclusion of the votes of the other joint holders, and for
this purpose seniority shall be determined by the order in which the names stand in the register of Members.

57. A Member of unsound mind, or in respect of whom an order has
been made by any court, having jurisdiction in lunacy, may vote, whether on a show of hands or on a poll, by his committee, receiver,
curator bonis, or other person in the nature of a committee, receiver or curator bonis appointed by that court, and any such committee,
receiver, curator bonis or other persons may vote by proxy.

58. No Member shall be entitled to vote at any general meeting unless
he is registered as a shareholder of the Company on the record date for such meeting nor unless all calls or other sums presently payable
by him in respect of shares in the Company have been paid.

59. No objection shall be raised to the qualification of any voter
except at the general meeting or adjourned general meeting at which the vote objected to is given or tendered and every vote not disallowed
at such general meeting shall be valid for all purposes. Any such objection made in due time shall be referred to the Chairman of the
general meeting whose decision shall be final and conclusive.

60. On a poll or on a show of hands votes may be given either personally
or by proxy.

**PROXIES**

61. The instrument appointing a proxy shall be in writing and shall
be executed under the hand of the appointor or of his attorney duly authorised in writing, or, if the appointor is a corporation under
the hand of an officer or attorney duly authorised in that behalf. A proxy need not be a Member of the Company.

62. The instrument appointing a proxy shall be deposited at the
registered office of the Company or at such other place as is specified for that purpose in the notice convening the meeting no later
than the time for holding the meeting, or adjourned meeting provided that the Chairman of the Meeting may at his discretion direct that
an instrument of proxy shall be deemed to have been duly deposited upon receipt of telex, cable or telecopy confirmation from the appointor
that the instrument of proxy duly signed is in the course of transmission to the Company.

63. The instrument appointing a proxy may be in any usual or common
form and may be expressed to be for a particular meeting or any adjournment thereof or generally until revoked. An instrument appointing
a proxy shall be deemed to include the power to demand or join or concur in demanding a poll.

64. A vote given in accordance with the terms of an instrument of
proxy shall be valid notwithstanding the previous death or insanity of the principal or revocation of the proxy or of the authority under
which the proxy was executed, or the transfer of the share in respect of which the proxy is given provided that no intimation in writing
of such death, insanity, revocation or transfer as aforesaid shall have been received by the Company at the registered office before
the commencement of the general meeting, or adjourned meeting at which it is sought to use the proxy.

65. Any corporation which is a Member of record of the Company may in accordance with its Articles or in
 the absence of such provision by resolution of its Directors or other governing body authorise such person as it thinks fit to act
 as its representative at any meeting of the Company or of any class of Members of the Company, and the person so authorised 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 of record of the Company.

66. Shares of its own capital belonging to the Company or held by
it in a fiduciary capacity shall not be voted, directly or indirectly, at any meeting and shall not be counted in determining the total
number of outstanding shares at any given time.

**DIRECTORS**

67. There shall be a Board of Directors consisting of not less than
one or more than twelve persons (exclusive of alternate Directors) PROVIDED HOWEVER that the Company may from time to time by ordinary
resolution increase or reduce the limits in the number of Directors. The first Directors of the Company shall be determined in writing
by, or appointed by a resolution of, the subscribers of the Memorandum of Association or a majority of them.

68. The remuneration to be paid to the Directors shall be such remuneration
as the Directors shall determine. Such remuneration shall be deemed to accrue from day to day. The Directors shall also be entitled to
be paid their travelling, hotel and other expenses properly incurred by them in going to, attending and returning from meetings of the
Directors, or any committee of the Directors, or general meetings of the Company, or otherwise in connection with the business of the
Company, or to receive a fixed allowance in respect thereof as may be determined by the Directors from time to time, or a combination
partly of one such method and partly the other.

69. The Directors may by resolution award special remuneration to
any Director of the Company undertaking any special work or services for, or undertaking any special mission on behalf of, the Company
other than his ordinary routine work as a Director. Any fees paid to a Director who is also counsel or solicitor to the Company, or otherwise
serves it in a professional capacity shall be in addition to his remuneration as a Director.

70. A Director or alternate Director may hold any other office or
place of profit under the Company (other than the office of Auditor) in conjunction with his office of Director for such period and on
such terms as to remuneration and otherwise as the Directors may determine.

71. A Director or alternate Director may act by himself or his firm
in a professional capacity for the Company and he or his firm shall be entitled to remuneration for professional services as if he were
not a Director or alternate Director.

72. A shareholding qualification for Directors may be fixed by the
Company in general meeting, but unless and until so fixed no qualification shall be required.

73. A Director or alternate Director of the Company may be or become
a director or other officer of or otherwise interested in any company promoted by the Company or in which the Company may be interested
as shareholder or otherwise and no such Director or alternate Director shall be accountable to the Company for any remuneration or other
benefits received by him as a director or officer of, or from his interest in, such other company.

74. No person shall be disqualified from the office of Director
or alternate Director or prevented by such office from contracting with the Company, either as vendor, purchaser or otherwise, nor shall
any such contract or any contract or transaction entered into by or on behalf of the Company in which any Director or alternate Director
shall be in any way interested be or be liable to be avoided, nor shall any Director or alternate Director so contracting or being so
interested be liable to account to the Company for any profit realised by any such contract or transaction by reason of such Director
holding office or of the fiduciary relation thereby established. A Director (or his alternate Director in his absence) shall be at liberty
to vote in respect of any contract or transaction in which he is so interested as aforesaid PROVIDED HOWEVER that the nature of the interest
of any Director or alternate Director in any such contract or transaction shall be disclosed by him or the alternate Director appointed
by him at or prior to its consideration and any vote thereon.

75. A general notice that a Director or alternate Director is a
shareholder of any specified firm or company and is to be regarded as interested in any transaction with such firm or company shall be
sufficient disclosure under Article 74 and after such general notice it shall not be necessary to give special notice relating to any
particular transaction.

**ALTERNATE DIRECTORS**

76. Subject to the exception contained in Article 84, a Director who expects to be unable to attend
 Directors' Meetings because of absence, illness or otherwise may appoint any person to be an alternate Director to act in his
 stead and such appointee whilst he holds office as an alternate Director shall, in the event of absence therefrom of his appointor,
 be entitled to attend meetings of the Directors and to vote thereat and to do, in the place and stead of his appointor, any other
 act or thing which his appointor is permitted or required to do by virtue of his being a Director as if the alternate Director were
 the appointor, other than appointment of an alternate to himself, and he shall *ipso facto* vacate office if and when his
 appointor ceases to be a Director or removes the appointee from office. Any appointment or removal under this Article shall be
 effected by notice in writing under the hand of the Director making the same.

**POWERS AND DUTIES OF DIRECTORS**

77. The business of the Company shall be managed by the Directors
(or a sole Director if only one is appointed) who may pay all expenses incurred in promoting, registering and setting up the Company,
and may exercise all such powers of the Company as are not, from time to time by the Statute, or by these Articles, or such regulations,
being not inconsistent with the aforesaid, as may be prescribed by the Company in general meeting required to be exercised by the Company
in general meeting PROVIDED HOWEVER that no regulations made by the Company in general meeting shall invalidate any prior act of the
Directors which would have been valid if that regulation had not been made.

78. The Directors may from time to time and at any time by powers
of attorney appoint any company, firm, person or body of persons, whether nominated directly or indirectly by the Directors, to be the
attorney or attorneys of the Company for such purpose and with such powers, authorities and discretions (not exceeding those vested in
or exercisable by the Directors under these Articles) and for such period and subject to such conditions as they may think fit, and any
such powers of attorney may contain such provisions for the protection and convenience of persons dealing with any such attorneys as
the Directors may think fit and may also authorise any such attorney to delegate all or any of the powers, authorities and discretions
vested in him.

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

80. The Directors shall cause minutes to be made in books provided
for the purpose:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) of the names of the Directors (including those represented
thereat by an alternate or by proxy) present at each meeting of the Directors and of any committee of the Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) of all resolutions and proceedings at all meetings of the
Company and of the Directors and of committees of Directors.

81. The Directors on behalf of the Company may pay a gratuity or
pension or allowance on retirement to any Director who has held any other salaried office or place of profit with the Company or to his
widow or dependants and may make contributions to any fund and pay premiums for the purchase or provision of any such gratuity, pension
or allowance.

82. The Directors may exercise all the powers of the Company to
borrow money and to mortgage or charge its undertaking, property and uncalled capital or any part thereof and to issue debentures, debenture
stock and other securities whether outright or as security for any debt, liability or obligation of the Company or of any third party.

**MANAGEMENT**

83. (a) The Directors may from time to time provide for the management of the affairs of the Company in such manner as they shall think fit and
the provisions contained in the three next following paragraphs shall be without prejudice to the general powers conferred by this paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Directors from time to time and at any time may establish
any committees, local boards or agencies for managing any of the affairs of the Company and may appoint any persons to be members of
such committees or local boards or any managers or agents and may fix their remuneration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Directors from time to time and at any time may delegate
to any such committee, local board, manager or agent any of the powers, authorities and discretions for the time being vested in the
Directors and may authorise the members for the time being of any such local board, or any of them to fill up any vacancies therein and
to act notwithstanding vacancies and any such appointment or delegation may be made on such terms and subject to such conditions as the
Directors may think fit and the Directors may at any time remove any person so appointed and may annul or vary any such delegation, but
no person dealing in good faith and without notice of any such annulment or variation shall be affected thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any such delegates as aforesaid may be authorised by the Directors
to subdelegate all or any of the powers, authorities, and discretions for the time being vested in them.

**MANAGING DIRECTORS**

84. The Directors may, from time to time, appoint one or more of
their body (but not an alternate Director) to the office of Managing Director 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) as they may think fit but his appointment
shall be subject to determination *ipso facto* if he ceases from any cause to be a Director and no alternate Director appointed
by him can act in his stead as a Director or Managing Director.

85. The Directors may entrust to and confer upon a Managing Director
any of the powers exercisable by them upon such terms and conditions and with such restrictions as they may think fit and either collaterally
with or to the exclusion of their own powers and may from time to time revoke, withdraw, alter or vary all or any of such powers.

**PROCEEDINGS OF DIRECTORS**

86. Except as otherwise provided by these Articles, the Directors
shall meet together for the despatch of business, convening, adjourning and otherwise regulating their meetings as they think fit. Questions
arising at any meeting shall be decided by a majority of votes of the Directors and alternate Directors present at a meeting at which
there is a quorum, the vote of an alternate Director not being counted if his appointor be present at such meeting. In case ofan equality
of votes, the Chairman shall have a second or casting vote.

87. A Director or alternate Director may, and the Secretary on the
requisition of a Director or alternate Director shall, at any time summon a meeting of the Directors by at least two 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 and PROVIDED FURTHER if notice is
given in person, by cable, telex or telecopy the same shall be deemed to have been given on the day it is delivered to the Directors
or transmitting organisation as the case may be. The provisions of Article 42 shall apply *mutatis mutandis* with respect to notices
of meetings of Directors.

88. The quorum necessary for the transaction of the business of
the Directors may be fixed by the Directors and unless so fixed shall be two, a Director and his appointed alternate Director being considered
only one person for this purpose, PROVIDED ALWAYS that if there shall at any time be only a sole Director the quorum shall be one. For
the purposes of this Article an alternate Director or proxy appointed by a Director shall be counted in a quorum at a meeting at which
the Director appointing him is not present.

89. The continuing Directors 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 these Articles as the necessary
quorum of Directors the continuing Directors or Director may act for the purpose of increasing the number of Directors to that number,
or of summoning a general meeting of the Company, but for no other purpose.

90. 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
five minutes after the time appointed for holding the same, the Directors present may choose one of their number to be Chairman of the
meeting.

91. The Directors may delegate any of their powers to committees
consisting of such member or members of the Board of Directors (including Alternate Directors in the absence of their appointors) as
they think fit; any committee so formed shall in the exercise of the powers so delegated conform to any regulations that may be imposed
on it by the Directors.

92. A committee may meet and adjourn as it thinks proper. Questions
arising at any meeting shall be determined by a majority of votes of the members present, and in the case of an equality of votes the
Chairman shall have a second or casting vote.

93. All acts done by any meeting of the Directors or of a committee of Directors (including any person
 acting as an alternate Director) shall, notwithstanding that it be afterwards discovered that there was some defect in the
 appointment of any Director or alternate Director, or that they or any of them were disqualified, be as valid as if every such
 person had been duly appointed and qualified to be a Director or alternate Director as the case may be.

94. Members of the Board of Directors or of any committee thereof may participate in a meeting of the Board
 or of such committee by means of conference telephone or similar communications equipment by means of which all persons
 participating in the meeting can hear each other and participation in a meeting pursuant to this provision shall constitute presence
 in person at such meeting. A resolution in writing (in one or more counterparts), signed by all the Directors for the time being or
 all the members of a committee of Directors (an alternate Director being entitled to sign such resolution on behalf of his
 appointor) shall be as valid and effectual as if it had been passed at a meeting of the Directors or committee as the case may be
 duly convened and held.

95. (a) A 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;(b) The provisions of Articles 61-64 shall *mutatis mutandis* apply to the appointment of proxies by Directors.

**VACATION OF OFFICE OF DIRECTOR**

96. The office of a Director shall be vacated:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if he gives notice in writing to the Company that he resigns
the office of Director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if he absents himself (without being represented by proxy or an alternate Director appointed by him)
 from three consecutive meetings of the Board of Directors without special leave of absence from the Directors, and they pass a
 resolution that he has by reason of such absence vacated office;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if he dies, becomes bankrupt or makes any arrangement or composition
with his creditors generally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if he is found a lunatic or becomes of unsound mind.

**APPOINTMENT AND REMOVAL OF DIRECTORS**

97. The Company may by ordinary resolution appoint any person to
be a Director and may in like manner remove any Director and may in like manner appoint another person in his stead.

98. The Directors shall have power at any time and from time to
time to appoint any person to be a Director, either to fill a casual vacancy or as an addition to the existing Directors but so that
the total amount of Directors (exclusive of alternate Directors) shall not at any time exceed the number fixed in accordance with these
Articles.

**PRESUMPTION OF ASSENT**

99. A Director of the Company who is present at a meeting of the
Board of 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 such person immediately
after the adjournment of the meeting. Such right to dissent shall not apply to a Director who voted in favour of such action.

**SEAL**

100. (a) The Company may, if the Directors so determine, have a Seal which shall, subject to paragraph (c) hereof, only be used by the authority
of the Directors or ofa committee of the Directors authorised by the Directors in that behalf and every instrument to which the Seal
has been affixed shall be signed by one person who shall be either a Director or the Secretary or Secretary-Treasurer or some person
appointed by the Directors for the purpose.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A Director, Secretary or other officer or representative or
attorney may without further authority of the Directors affix the Seal of the Company over his signature alone to any document of the
Company required to be authenticated by him under Seal or to be filed with the Registrar of Companies in the Cayman Islands or elsewhere
wheresoever.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A document to be executed as a Deed shall be executed by a
Director or other person authorised by the Directors for that purpose.

**OFFICERS**

101. The Company may have a President, a Secretary or Secretary-Treasurer
appointed by the Directors who may also from time to time appoint such other officers as they consider necessary, all for such terms,
at such remuneration and to perform such duties, and subject to such provisions as to disqualification and removal as the Directors from
time to time prescribe.

**DIVIDENDS, DISTRIBUTIONSAND RESERVE**

102. Subject to the Statute, the Directors may from time to time
declare dividends (including interim dividends) and distributions on shares of the Company outstanding and authorise payment of the same
out of the funds of the Company lawfully available therefore.

103. The Directors may, before declaring any dividends or distributions,
set aside such sums as they think proper as a reserve or reserves which shall at the discretion of the Directors, be applicable for any
purpose of the Company and pending such application may, at the like discretion, be employed in the business of the Company.

104. No dividend or distribution shall be payable except out of
the profits of the Company, realised or unrealised, or out of the share premium account or as otherwise permitted by the Statute.

105. Subject to the rights of persons, if any, entitled to shares
with special rights as to dividends or distributions, if dividends or distributions are to be declared on a class of shares they shall
be declared and paid according to the amounts paid or credited as paid on the shares of such class outstanding on the record date for
such dividend or distribution as determined in accordance with these Articles but no amount paid or credited as paid on a share in advance
of calls shall be treated for the purpose of this Article as paid on the share.

106. The Directors may deduct from any dividend or distribution
payable to any Member all sums of money (if any) presently payable by him to the Company on account of calls or otherwise.

107. The Directors may declare that any dividend or distribution
be paid wholly or partly by the distribution of specific assets and in particular of paid up shares, debentures, or debenture stock of
any other company or in any one or more of such ways and where any difficulty arises in regard to such distribution, the Directors may
settle the same as they think expedient and in particular may issue fractional certificates and fix the value for distribution of such
specific assets or any part thereof and may determine that cash payments shall be made to any Members upon the footing of the value so
fixed in order to adjust the rights of all Members and may vest any such specific assets in trustees as may seem expedient to the Directors.

108. Any dividend, distribution, interest or other monies payable
in cash in respect of shares may be paid by cheque or warrant sent through the post directed to the registered address of the holder
or, in the case of joint holders, to the holder who is first named on the register of Members or to such person and to such address as
such holder or joint holders may in writing direct. Every such cheque or warrant shall be made payable to the order of the person to
whom it is sent. Any one of two or more joint holders may give effectual receipts for any dividends, bonuses, or other monies payable
in respect of the share held by them as joint holders.

109. No dividend or distribution shall bear interest against the
Company.

**CAPITALISATION**

110. The Company may upon the recommendation of the Directors by
ordinary resolution authorise the Directors to capitalise any sum standing to the credit of any of the Company's reserve accounts
(including share premium account and capital redemption reserve fund) or any sum standing to the credit of profit and loss account or
otherwise available for distribution and to appropriate such sum to Members in the proportions in which such sum would have been divisible
amongst them had the same been a distribution of profits by way of dividend and to apply such sum on their behalf in paying up in full
unissued shares for allotment and distribution credited as fully paid up to and amongst them in the proportion aforesaid. In such event
the Directors shall do all acts and things required to give effect to such capitalisation, with full power to the Directors to make such
provisions as they think fit for the case of shares becoming distributable in fractions (including provisions whereby the benefit of
fractional entitlements accrue to the Company rather than to the Members concerned). The Directors may authorise any person to enter
on behalf of all of the Members interested into an agreement with the Company providing for such capitalisation and matters incidental
thereto and any agreement made under such authority shall be effective and binding on all concerned.

**BOOKS OF ACCOUNT**

111. The Directors shall cause proper books of account to be kept
with respect to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all sums of money received and expended by the Company and
the matters in respect of which the receipt or expenditure takes place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all sales and purchases of goods by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the assets and liabilities of the Company.

Proper books shall not be deemed to be kept if there are not kept such books of account as are necessary to give a true and fair view of the state of the Company's affairs and to explain its transactions.

112. The Directors shall 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 Statute or authorised by the Directors or by the Company in general
meeting.

113. The Directors may from time to time cause to be prepared and
to be laid before the Company in general meeting profit and loss accounts, balance sheets, group accounts (if any) and such other reports
and accounts as may be required by law.

**AUDIT**

114. The Company may at any annual general meeting appoint an Auditor
or Auditors of the Company who shall hold office until the next annual general meeting
and may fix his or their remuneration.

115. The Directors may before the first annual general meeting
appoint an Auditor or Auditors ofthe Company who shall hold office until the first annual general meeting unless previously removed by
an ordinary resolution of the Members in general meeting in which case the Members at that meeting may appoint Auditors. The Directors
may fill any casual vacancy in the office of Auditor but while any such vacancy continues the surviving or continuing Auditor or Auditors,
if any, may act. The remuneration of any Auditor appointed by the Directors under this Article may be fixed by the Directors.

116. Every Auditor of the Company shall have a right of access
at all times to the books and accounts and vouchers 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.

117. Auditors shall at the next annual general meeting following
their appointment and at any other time during their term of office, upon request of the Directors or any general meeting of the Members,
make a report on the accounts of the Company in general meeting during their tenure of office.

**NOTICES**

118. Notices shall be in writing and may be given by the Company
to any Member either personally or by sending it by post, cable, telex or telecopy to him or to his address as shown in the register
of Members, such notice, if mailed, to be forwarded airmail if the address be outside the Cayman Islands.

119. (a) Where a notice is sent by post, service of the notice shall be deemed to be effected by properly addressing, pre-paying and posting a
letter containing the notice, and to have been effected at the expiration of 60 hours after the letter containing the same is posted
as aforesaid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Where a notice is sent by cable, telex, telecopy or electronic
message, service of the notice shall be deemed to be effected by properly addressing, and sending such notice through a transmitting
organisation and to have been effected on the day the same is sent as aforesaid.

120. A notice may be given by the Company to the joint holders
of record of a share by giving the notice to the joint holder first named on the register of Members in respect of the share.

121. A notice may be given by the Company to the person or persons
which the Company has been advised are entitled to a share or shares in consequence of the death or bankruptcy of a Member by sending
it through the post as aforesaid in a pre-paid letter addressed to them by name, or by the title of representatives of the deceased,
or trustee of the bankrupt, or by any like description at the address supplied for that purpose by the persons claiming to be so entitled,
or at the option of the Company by giving the notice in any manner in which the same might have been given if the death or bankruptcy
had not occurred.

122. Notice of every general meeting shall be given in any manner
hereinbefore authorised to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) every person shown as a Member in the register of Members
as of the record date for such meeting except that in the case of joint holders the notice shall be sufficient if given to the joint
holder first named in the register of Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) every person upon whom the ownership of a share devolves by
reason of his being a legal personal representative or a trustee in bankruptcy of a Member of record where the Member of record but for
his death or bankruptcy would be entitled to receive notice of the meeting; and

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

**WINDING UP**

123. If the Company shall be wound up the liquidator may, with
the sanction of a Special Resolution of the Company and any other sanction required by the Statute, divide amongst the Members in specie
or kind the whole or any part of the assets of the Company (whether they shall consist of property of the same kind or not) and may for
such purpose set such value as he deems fair upon any property to be divided as aforesaid and may determine how such division shall be
carried out as between the Members or different classes of Members. The liquidator may with the like sanction, vest the whole or any
part of such assets in trustees upon such trusts for the benefit of the contributories as the liquidator, with the like sanction, shall
think fit, but so that no Member shall be compelled to accept any shares or other securities whereon there is any liability.

124. 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 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**

125. The Directors and officers for the time being of the Company and any trustee for the time being acting
 in relation to any of the affairs of the Company and their heirs, executors, administrators and personal representatives
 respectively shall be indemnified out of the assets of the Company from and against all actions, proceedings, costs, charges,
 losses, damages and expenses which they or any of them shall or may incur or sustain by reason of any act done or omitted in or
 about the execution of their duty in their respective offices or trusts, except such (if any) as they shall incur or sustain by or
 through their own wilful neglect or default respectively and no such Director, officer or trustee shall be answerable for the acts,
 receipts, neglects or defaults of any other Director, officer or trustee or for joining in any receipt for the sake of conformity or
 for the solvency or honesty of any banker or other persons with whom any monies or effects belonging to the Company may be lodged or
 deposited for safe custody or for any insufficiency of any security upon which any monies of the Company may be invested or for any
 other loss or damage due to any such cause as aforesaid or which may happen in or about the execution of his office or trust unless
 the same shall happen through the wilful neglect or default of such Director, Officer or trustee.

**FINANCIAL YEAR**

126. Unless the Directors otherwise prescribe, the financial year
of the Company shall end on 31st December in each year and, following the year of incorporation, shall begin on 1st January in each year.

**AMENDMENTS OF ARTICLES**

127. Subject to the Statute, 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 BYWAY OF CONTINUATION**

128. If the Company is exempted as defined in the Statute, it shall,
subject to the provisions of the Statute and with the approval of a Special Resolution, have the power to register by way of continuation
as a body corporate under the laws of any jurisdiction outside the Cayman Islands and to be deregistered in the Cayman Islands.

## Exhibit 3.2

**Exhibit 3.2**

![](ex3-2_001.jpg)

**AMENDED AND RESTATED**

**MEMORANDUM**

**AND**

**ARTICLES**

**OF**

**ASSOCIATION**

**Aigo Holding Limited**

(as adopted by a Special Resolution passed on [\*] and effective on [\*])

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| Shares, Warrants and Modification of Rights | 8 |
| Register of Shareholders and Share Certificates | 12 |
| Lien | 14 |
| Calls on Shares | 14 |
| Transfer of Shares | 16 |
| Transmission of Shares | 18 |
| Forfeiture of Shares | 18 |
| General Meetings | 20 |
| Proceedings at General Meetings | 21 |
| Votes of Shareholders | 23 |
| Appointment of Proxy and Corporate Representative | 25 |
| Registered Office | 27 |
| Board of Directors | 27 |
| Appointment of Directors | 31 |
| Borrowing Powers | 31 |
| General Powers of the Directors | 32 |
| Chairman and other Officers | 33 |
| Proceedings of the Directors | 33 |
| Minutes and Corporate Records | 36 |
| Secretary | 36 |
| General Management and Use of the Seal | 36 |
| Authentication of Documents | 39 |
| Capitalisation of Reserves | 39 |
| Dividends and Reserves | 40 |
| Record Date | 47 |
| Annual Returns | 47 |
| Accounts | 48 |
| Auditors | 49 |
| Notices | 50 |
| Information | 52 |
| Winding Up | 52 |
| Indemnity | 53 |
| Untraceable Shareholders | 54 |
| Destruction of Documents | 55 |

---

i

**THE COMPANIES ACT (AS REVISED)**

**EXEMPTED COMPANY LIMITED BY SHARES**

**AMENDED AND RESTATED**

**MEMORANDUM OF ASSOCIATION**

**OF**

**Aigo Holding Limited(Company)**

**(adopted by a Special Resolution passed on [\*] and effective on [\*])**

1. The name of the Company is Aigo Holding Limited.

2. The registered office will be situated at the offices of Vistra (Cayman) Limited, P. O. Box 31119 Grand
Pavilion, Hibiscus Way, 802 West Bay Road, Grand Cayman, KY1 - 1205 Cayman Islands or at such other place in the Cayman Islands as the
Directors may from time to time decide.

3. The objects for which the Company is established are unrestricted and except as prohibited or limited
by the laws of the Cayman Islands, the Company shall have full power and authority to carry out any object and shall have and be capable
of from time to time and at all times exercising any and all of the powers at any time or from time to time exercisable by a natural person
or body corporate in any part of the world whether as principal, agent, contractor or otherwise.

4. Without prejudice to the generality of the foregoing, the objects of the Company shall include, but without
limitation, the following:

4.1 To carry on the business of an investment company and for that purpose to acquire and hold, either in
the name of the Company or in that of any nominee, land and real estate, gold and silver bullion, shares (including shares in the Company),
stocks, debentures, debenture stock, bonds, notes, obligations and securities issued or guaranteed by any company wherever incorporated
or carrying on business and debentures, debenture stock, bonds, notes, obligations and securities issued or guaranteed by any government,
sovereign, ruler, commissioners, public body or authority, supreme, dependent, municipal, local or otherwise in any part of the world.

4.2 To lend money with or without security either at interest or without and to invest money of the Company
in such manner as the Directors think fit.

4.3 To acquire by purchase, lease, exchange, or otherwise lands, houses, buildings and other property or any
interest in the same in any part of the world.

4.4 To carry on the business of a commodity, commodity futures and forward contracts trader and for that purpose
to enter into spot, future or forward contracts for the purchase and sale of any commodity including, but without prejudice to the generality
of the foregoing, any raw materials, processed materials, agricultural products, produce or livestock, gold and silver bullion, specie
and precious or semi-precious stones, goods, articles, services, currencies, rights and interests which may now or in the future be bought
and sold in commerce and whether such trading is effected on an organised commodity exchange or otherwise and either to take delivery
of, or to sell or exchange any such commodities pursuant to any contract capable of being entered into on any such commodities exchange.

4.5 To carry on whether as principals, agents or otherwise the business of providing and supplying goods,
equipment, materials and services of whatsoever nature, and of financiers, company promoters, realtors, financial agents, land owners and dealers
in or managers of companies, estates, lands, buildings, goods, materials, services, stocks, leases, annuities and securities of whatsoever
type or kind.

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4.6 To purchase or otherwise acquire and hold any rights, privileges, concessions, patents, patent rights,
licences, secret processes and any real or personal property of any kind whatsoever.

4.7 To build, equip, furnish, outfit, repair, purchase, own, charter and lease steam, motor, sail or other
vessels, ships, boats, tugs, barges, lighters or other property to be used in the business of shipping, transportation, chartering and
other communication and transport operations for the use of the Company or for others, and to sell, charter, lease, mortgage, pledge or
transfer the same or any interest therein to others.

4.8 To carry on the business of importers, exporters and merchants of goods, produce, stores and articles
of all kinds both wholesale and retail, packers, customs brokers, ship agents, warehousemen, bonded or otherwise and carriers and to transact
every kind of agency, factor and brokerage business or transaction which may seem to the Company directly or indirectly conducive to its
interests.

4.9 To carry on the business of consultants in connection with all manner of services and advisers on all
matters relating to companies, firms, partnerships, charities, political and non-political persons and organisations, governments, principalities,
sovereign and republican states and countries and to carry on all or any of the businesses of financial, industrial, development, architectural,
engineering, manufacturing, contracting, management, advertising, professional business and personal consultants and to advise upon the
means and methods for extending, developing, marketing and improving all types of projects, developments, businesses or industries and
all systems or processes relating to such businesses and the financing, planning, distribution, marketing and sale thereof.

4.10 To act as a management company in all branches of that activity and without limiting the generality of
the foregoing, to act as managers of investments and hotels, estates, real property, buildings and businesses of every kind and generally
to carry on business as managers, consultants or agents for or representatives of owners of property of every kind, manufacturers, funds,
syndicates, persons, firms and companies for any purpose whatsoever.

4.11 To carry on any other trade or business which may seem to the Company capable of being carried on conveniently
in connection with any business of the Company.

4.12 To borrow or raise money by the issue of ordinary debenture stock or on mortgage or in such other manner
as the Company shall think fit.

4.13 To draw, make, accept, endorse, discount, execute and issue all instruments both negotiable and non-negotiable
and transferable including promissory notes, bills of exchange, bills of lading, warrants, debentures and bonds.

4.14 To establish branches or agencies in the Cayman Islands and elsewhere and to regulate and to discontinue
the same.

4.15 To distribute any of the property of the Company among the members of the Company in specie.

4.16 To acquire and take over the whole or any part of the business, property and liabilities of any person
or persons, firm or company or to take or otherwise acquire and hold shares, stock, debentures or other securities of or interest in any
other company carrying on any business or possessed of any property or rights.

4.17 To grant pensions, allowances, gratuities and bonuses to employees or ex-employees of the Company or the
dependents of such persons and to support, establish or subscribe to any charitable or other institutions, clubs, societies or funds or
to any national or patriotic fund.

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4.18 To lend and advance moneys or give credit to such persons and on such terms as may be thought fit and
to guarantee or stand surety for the obligations of any third party whether such third party is related to the Company or otherwise and
whether or not such guarantee or surety is to provide any benefits to the Company and for that purpose to mortgage or charge the Company's
undertaking, property and uncalled capital or any part thereof, on such terms and conditions as may be thought expedient in support of
any such obligations binding on the Company whether contingent or otherwise.

4.19 To enter into partnership or into any arrangements for sharing profits, union of interests, co-operation,
joint venture, reciprocal concession, amalgamation or otherwise with any person or persons or company engaged or interested or about to
become engaged or interested in the carrying on or conduct of any business or enterprise from which this Company would or might derive
any benefit whether direct or indirect and to lend money, guarantee the contracts of or otherwise assist any such person or company and
to take subscribe for or otherwise acquire shares and securities of any such company and to sell, hold, re issue with or without guarantee
or otherwise deal with the same.

4.20 To enter into any arrangements with any authorities, municipal or local or otherwise and to obtain from
any such authority any rights, privileges or concessions which the Company may think it desirable to obtain and to carry out, exercise
and comply with any such arrangements, rights, privileges or concessions.

4.21 To do all such things as are incidental to or which the Company may think conducive to the attainment
of the above objects or any of them.

5. If the Company is registered as an exempted company as defined in the Cayman Islands Companies Act (as
revised), it shall have the power, subject to the provisions of the Cayman Islands Companies Act (as revised) and with the approval of
a special resolution, to continue as a body incorporated under the laws of any jurisdiction outside of the Cayman Islands and to be de-registered
in the Cayman Islands.

6. The liability of the members of the Company is limited.

7. The authorised share capital of the Company is US$50,000 consisting of 200,000,000 ordinary shares of par value US$0.00025 each with the power for the Company to increase or reduce the said capital and to issue any part of its capital,
original or increased, with or without any preference, priority or special privilege or subject to any postponement of rights or to any
conditions or restrictions; and so that, unless the condition of issue shall otherwise expressly declare, every issue of shares, whether
declared to be preference or otherwise, shall be subject to the power hereinbefore contained.

3 of 55

**THE COMPANIES ACT (AS REVISED)**

**EXEMPTED COMPANY LIMITED BY SHARES**

**AMENDED AND RESTATED**

**ARTICLES OF ASSOCIATION**

**OF**

**Aigo Holding Limited**

(Company)

**(adopted by a Special Resolution passed on [\*] and effective on [\*])**

---

| | | |
|:---|:---|:---|
| 1.0(a) | Table "A" of the Companies Act (as revised) shall not apply to the Company. |  |
| (b) | Any marginal notes, titles or lead in references to Articles and the index of the Memorandum and Articles of Association shall not form part of the Memorandum or Articles of Association and shall not affect their interpretation. In interpreting these Articles of Association, unless there be something in the subject or context inconsistent therewith: | Marginal Notes |
|  | **address**: shall have the ordinary meaning given to it and shall include any facsimile number, electronic number or address or website used for the purposes of any communication pursuant to these Articles; | Definitions |
|  | **appointor**: means in relation to an alternate Director, the Director who appointed the alternate to act as his alternate; |  |
|  | **Articles**: means these Articles of Association in their present form and all supplementary, amended or substituted articles for the time being in force; |  |
|  | **Auditors**: means the independent auditor of the Company which shall be an internationally recognized firm of independent accountants; |  |
|  | **Audit Committee**: the audit committee of the Company formed by the Board pursuant to Article 136 hereof, or any successor audit committee; |  |
|  | **Board**: means the board of Directors of the Company as constituted from time to time or as the context may require the majority of Directors present and voting at a meeting of the Directors at which a quorum is present; |  |
|  | **Call**: shall include any instalment of a call; |  |
|  | **clear days**: means in relation to the period of a notice, that period excluding the day when the notice is given or deemed to be given and the day for which it is given or on which it is to take effect; |  |
|  | **Clearing House**: means a clearing house recognised by the laws of the jurisdiction in which the Shares are listed or quoted with the permission of the Company on a stock exchange in such jurisdiction;<br>|  |

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| |
|:---|
| **Companies Act**: means the Companies Act (as revised) of the Cayman Islands as amended from time to time and every other act, order regulation or other instrument having statutory effect (as amended from time to time) for the time being in force in the Cayman Islands applying to or affecting the Company, the Memorandum of Association and/or the Articles; |
| **Company**: means the above named company; |
| **Competent Regulatory Authority:** means a competent regulatory authority in the territory where the shares of the Company (or depositary receipts therefor) are listed or quoted on a stock exchange or interdealer quotation system in such territory; |
| **Debenture** and **Debenture Holder**: means and includes respectively debenture stock and debenture stockholder; |
| **Designated Stock Exchange**: means the Nasdaq Stock Market in the United States of America and/or any other stock exchange or interdealer quotation system on which the Shares are listed or quoted; |
| **Designated Stock Exchange Rules**: means the relevant code, rules and regulations, as amended, from time to time, applicable as a result of the original and continued listing of any Shares on the Designated Stock Exchange; |
| **Director**: means the directors for the time being of the Company and the expression Director shall be construed accordingly; |
| **Dividend**: means dividends, distributions in specie or in kind, capital distributions and capitalisation issues; |
| **dollars** and **$**: means the lawful currency for the time being of the United States of America; |
| **Exchange Act:** means the Securities Exchange Act of 1934, as amended; |
| **Head Office**: means such office of the Company as the Board may from time to time determine to be the principal office of the Company; |
| **Month**: means a calendar month; |
| **Ordinary Resolution**: means a resolution as described in Article 1(e) of these Articles; |
| **Paid**: means, as it relates to a Share, paid or credited as paid; |
| **Register**: means the principal register and any branch register of Shareholders of the Company to be maintained at such place within or outside the Cayman Islands as the Board shall determine from time to time; |
| **Registered Office**: means the registered office of the Company for the time being as required by the Companies Act; |
| **SEC**: means the Securities and Exchange Commission of the United States of America or any other federal agency for the time being administering the Securities Act; |

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---

| |
|:---|
| **Seal**: means the common seal of the Company and any one or more facsimile seals from time to time of the Company for use in the Cayman Islands or in any place outside the Cayman Islands; |
| **Secretary**: means the person for the time being performing the duties of that office of the Company and includes any assistant, deputy, acting or temporary 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; |
| **Securities Seal**: shall mean a seal for use for sealing certificates for shares or other securities issued by the Company which is a facsimile of the Seal of the Company with the addition on its face of the words Securities Seal; |
| **Share**: means a share in the share capital of the Company and includes stock except where a distinction between stock and Shares is expressed or implied; |
| **Shareholder**: means the person who is duly registered in the Register as holder for the time being of any Share and includes persons who are jointly so registered; |
| **Special Resolution**: means a resolution as described in Article 1(d) of these Articles; |
| **Statutes**: means the Companies Act and every other law of the Legislature of the Cayman Islands for the time being in force applying to or affecting the Company, the memorandum of association of the Company as from time to time amended, and/or these Articles; |
| **Transfer Office**: means the place where the principal register of Shareholders is located for the time being. |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | (c) | In these Articles, unless there be something in the subject or context inconsistent herewith: | In these Articles, unless there be something in the subject or context inconsistent herewith: | General |
|  |  | (i) | words denoting the singular number shall include the plural number and vice versa; |  |
|  |  | (ii) | words importing any gender shall include every gender and words importing persons shall include partnerships, firms, companies and corporations; |  |
|  |  | (iii) | subject to the foregoing provisions of this Article, any words or expressions defined in the Companies Act (except any statutory modification thereof not in force when these Articles become binding on the Company) shall bear the same meaning in these Articles, save that "company" shall where the context permits include any company incorporated in the Cayman Islands or elsewhere; |  |
|  |  | (iv) | references to any law, ordinance, statute or statutory provision shall be construed as relating to any statutory modification or re-enactment thereof for the time being in force; and |  |
|  |  | (v) | save as aforesaid words and expressions defined in the Statutes shall bear the same meanings in these Articles if not inconsistent with the subject in the context. |  |
|  | (d) | A resolution shall be a Special Resolution when it has been passed by a majority of not less than two-thirds of the votes cast by such Shareholders as, being entitled to do, vote in person or by proxy or, in the cases of Shareholders which are corporations, by their respective duly authorised representatives at a general meeting held in accordance with these Articles and of which notice specifying the intention to propose the resolution as a special resolution has been duly given. | A resolution shall be a Special Resolution when it has been passed by a majority of not less than two-thirds of the votes cast by such Shareholders as, being entitled to do, vote in person or by proxy or, in the cases of Shareholders which are corporations, by their respective duly authorised representatives at a general meeting held in accordance with these Articles and of which notice specifying the intention to propose the resolution as a special resolution has been duly given. | Special Resolution |
|  | (e) | A resolution shall be an Ordinary Resolution when it has been passed by a simple majority of the votes cast by such Shareholders as, being entitled so to do, vote in person or, by proxy or, in the cases of Shareholders which are corporations, by their respective duly authorised representatives at a general meeting held in accordance with these Articles and of which not less than ten (10) clear days' notice has been duly given. | A resolution shall be an Ordinary Resolution when it has been passed by a simple majority of the votes cast by such Shareholders as, being entitled so to do, vote in person or, by proxy or, in the cases of Shareholders which are corporations, by their respective duly authorised representatives at a general meeting held in accordance with these Articles and of which not less than ten (10) clear days' notice has been duly given. | Ordinary Resolution |
|  | (f) | A resolution in writing signed (in such manner as to indicate, expressly or impliedly, unconditional approval) by or on behalf of all Shareholders for the time being entitled to receive notice of and to attend and vote at general meetings of the Company shall, for the purpose of these Articles, be treated as an Ordinary Resolution duly passed at a general meeting of the Company duly convened and held and, where relevant as a Special Resolution so passed. Any such resolution shall be deemed to have been passed at a meeting held on the date on which it was signed by the last Shareholder to sign, and where the resolution states a date as being the date of his signature thereof by any Shareholder the statement shall be prima facie evidence that it was signed by him on that date. Such a resolution may consist of several documents in the like form, and signed by one or more relevant Shareholders. | A resolution in writing signed (in such manner as to indicate, expressly or impliedly, unconditional approval) by or on behalf of all Shareholders for the time being entitled to receive notice of and to attend and vote at general meetings of the Company shall, for the purpose of these Articles, be treated as an Ordinary Resolution duly passed at a general meeting of the Company duly convened and held and, where relevant as a Special Resolution so passed. Any such resolution shall be deemed to have been passed at a meeting held on the date on which it was signed by the last Shareholder to sign, and where the resolution states a date as being the date of his signature thereof by any Shareholder the statement shall be prima facie evidence that it was signed by him on that date. Such a resolution may consist of several documents in the like form, and signed by one or more relevant Shareholders. | Resolutions in writing |
|  | (g) | A Special Resolution shall be effective for any purpose for which an Ordinary Resolution is expressed to be required under any provision of these Articles. | A Special Resolution shall be effective for any purpose for which an Ordinary Resolution is expressed to be required under any provision of these Articles. | Special Resolution effective as Ordinary Resolution |
| 2.0 | To the extent that the same is permissible under Cayman Islands law and subject to Article 13, a Special Resolution shall be required to alter the Memorandum of Association of the Company, to approve any amendment of the Articles or to change the name of the Company. | To the extent that the same is permissible under Cayman Islands law and subject to Article 13, a Special Resolution shall be required to alter the Memorandum of Association of the Company, to approve any amendment of the Articles or to change the name of the Company. | To the extent that the same is permissible under Cayman Islands law and subject to Article 13, a Special Resolution shall be required to alter the Memorandum of Association of the Company, to approve any amendment of the Articles or to change the name of the Company. | When Special Resolution is required |

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**Shares, Warrants and Modification of Rights**

---

| | | |
|:---|:---|:---|
| 3.0 | Subject to the Statutes and without prejudice to any special rights or restrictions for the time being attaching to any Shares or any class of Shares including preference Shares, any Share may be issued upon such terms and conditions and with such preferred, deferred or other qualified or special rights, or such restrictions, whether in regard to Dividend, voting, return of capital or otherwise, as the Company may from time to time by Ordinary Resolution determine (or, in the absence of any such determination or so far as the same may not make specific provision, as the Board may determine) and any Share may be issued on the terms that it is liable to be redeemed upon the happening of a specified event or upon a given date and either at the option of the Company, or at the option of the holder. Subject to the Companies Act, any preferred shares may be issued or converted into shares that, at a determinable date or at the option of the Company or the holder thereof, are to be redeemed or are liable to be redeemed on such terms and in such manner as the Board may in their absolute discretion determine. No Shares shall be issued to bearer. | Issue of Shares |
| 4.0 | The Board may issue options, warrants or convertible securities or securities of similar nature conferring the right upon the holders thereof to subscribe for, purchase or receive any class of Shares or other securities of the Company, which options, warrants or convertible securities or securities of similar nature conferring the right upon the holders thereof may be issued on such terms as the Board may from time to time determine. | Options, warrants or convertible securities |
| 5.0 (a) | Subject to the Companies Act and without prejudice to Article 11, if at any time the share capital of the Company is divided into different classes of Shares, all or any of the special rights attached to any class (unless otherwise provided for by the terms of issue of the Shares of that class) may, subject to the provisions of the Companies Act, be varied, modified or abrogated with the sanction of a Special Resolution passed at a separate general meeting of the holders of the Shares of that class. To every such separate general meeting the provisions of these Articles relating to general meetings shall *mutatis mutandis* apply, but so that the necessary quorum (whether at a separate general meeting or at its adjourned meeting) shall be not less than a person or persons together holding (or, in the case of a Shareholder being a corporation, by its duly authorised representative) or representing by proxy not less than one-third (1/3) in nominal value of the issued Shares of that class, that the quorum for any meeting adjourned for want of quorum shall be two (2) Shareholders present in person (or in the case of the Shareholder being a corporation, by its duly authorised representative) or by proxy (whatever the number of Shares held by them) , that every holder of shares of the class shall be entitled on a poll to one (1) vote for every such share held by him and that any holder of Shares of the class present in person (or in the case of the Shareholder being a corporation, by its duly authorised representative) or by proxy may demand a poll. | How rights of shares may be modified |
| (b) | The provisions of this Article shall apply to the variation or abrogation of the rights attached to the Shares of any class as if each group of Shares of the class differently treated formed a separate class the rights whereof are to be varied or abrogated. |  |
| (c) | The special rights conferred upon the holders of any Shares or class of Shares shall not, unless otherwise expressly provided in the rights attaching to the terms of issue of such Shares be deemed to be altered by the creation or issue of further Shares ranking *pari passu* therewith. |  |

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| 6.0 | The authorised share capital of the Company on the date of the adoption of these Articles is US$50,000 consisting of 200,000,000 ordinary shares of par value US$0.00025 each. | Authorised Share Capital |
| 7.0 | The Company in general meeting may from time to time, whether or not all the Shares for the time being authorised shall have been issued and whether or not all the Shares for the time being issued shall have been fully paid up, by Ordinary Resolution increase its share capital by the creation of new Shares, such new capital to be of such amount and to be divided into Shares of such class or classes and of such amounts in any currency as the Shareholders may think fit and as the resolution may prescribe. | Power to increase capital |
| 8.0 | Any new Shares shall be issued upon such terms and conditions and with such rights, privileges or restrictions attached thereto as the general meeting resolving upon the creation thereof shall direct, and if no direction be given, subject to the provisions of the Companies Act and of these Articles, as the Board shall determine; and in particular such Shares may be issued with a preferential or qualified right to participate in Dividends and in the distribution of assets of the Company and with a special right or without any right of voting. | On what conditions new shares may be issued |
| 9.0 | The Board may, before the issue of any new Shares, determine that the same, or any of them, shall be offered in the first instance, and either at par or at a premium, to all the existing holders of any class of Shares in proportion as nearly as may be to the number of Shares of such class held by them respectively, or make any other provisions as to the allotment and issue such Shares, but in default of any such determination or so far as the same shall not extend, such Shares may be dealt with as if they formed part of the capital of the Company existing prior to the issue of the same. | When to be offered to existing shareholders |
| 10.0 | Except so far as otherwise provided by the conditions of issue or by these Articles, any capital raised by the creation of new Shares shall be treated as if it formed part of the original capital of the Company and such Shares shall be subject to the provisions contained in these Articles with reference to the payment of calls and instalments, transfer and transmission, forfeiture, lien, cancellation, surrender, voting and otherwise. | New shares to form part of original capital |

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| 11.0(a) | Subject to the Statutes and where applicable, the Designated Stock Exchange Rules and without prejudice to any special rights of restrictions for the time being attached to any shares or any class of shares, all unissued Shares and other securities of the Company (whether forming part of the original or any increased capital) shall be at the disposal of the Board and it may offer, allot (with or without conferring a right of renunciation), grant options over or otherwise dispose of them to such persons, at such times, for such consideration and generally on such terms (subject to Article 9) as it in its absolute discretion thinks fit, but so that no Shares shall be issued at a discount. The Board shall, as regards any offer or allotment of Shares, comply with the provisions of the Companies Act, if and so far as such provisions may be applicable thereto. 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 the issuance of one or more classes or series of preferred shares and to fix the designations, powers, preferences and relative, participating, optional and other rights, if any, and the qualifications, limitations and restrictions thereof, if any, including, without limitation, the number of shares constituting each such class or series, dividend rights, conversion rights, redemption privileges, voting powers, full or limited or no voting powers, and liquidation preferences, and to increase or decrease the size of any such class or series (but not below the number of shares of any class or series of preferred shares then outstanding) to the extent permitted by Companies Act. Without limiting the generality of the foregoing, the resolution or resolutions providing for the establishment of any class or series of preferred shares may, to the extent permitted by law, provide that such class or series shall be superior to, rank equally with or be junior to the preferred shares of any other class or series.<br>| Unissued Shares at the disposal of the Directors |
| (b) | Neither the Company nor the Board shall be obliged, when making or granting any allotment of, offer of, option over or disposal of Shares or other securities of the Company, to make, or make available, and may resolve not to make, or make available, any such allotment, offer, option or Shares or other securities to Shareholders or others with registered addresses, or in any particular territory or territories being a territory or territories where, in the absence of a registration statement or other special formalities, this would or might, in the opinion of the Board, be unlawful or impracticable, or the existence or extent of the requirement for such registration statement or special formalities might be expensive (whether in absolute terms or in relation to the rights of the Shareholder(s) who may be affected) or time consuming to determine. The Board shall be entitled to make such arrangements to deal with fractional entitlements arising on an offer of any unissued Shares or other securities as it thinks fit, including the aggregation and the sale thereof for the benefit of the Company. Shareholders who may be affected as a result of any of the matters referred to in this paragraph (b) shall not be, and shall be deemed not to be, a separate class of Shareholders for any purposes whatsoever. Except as otherwise expressly provided in the resolution or resolutions providing for the establishment of any class or series of preferred shares, no vote of the holders of preferred shares of or ordinary shares shall be a prerequisite to the issuance of any shares of any class or series of the preferred shares authorized by and complying with the conditions of the Statutes. |  |
| 12.0 | The Company may in connection with the issue of any shares exercise all powers of paying commission and brokerage conferred or permitted by the Companies Act. Subject to the Companies Act, the commission may be satisfied by the payment of cash or by the allotment of fully or partly paid shares or partly in one and partly in the other. | Company may pay commission |

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| 13.0 | The Company may from time to time by Ordinary Resolution: | Increase in capital, |
| (a) | increase its share capital as provided by Article 7; | consolidation and division of capital and |
| (b) | consolidate or divide all or any of its share capital into Shares of larger amount than its existing Shares; and on any consolidation of fully paid Shares into Shares of larger amount, the Board may settle any difficulty which may arise as it thinks expedient and in particular (but without prejudice to the generality of the foregoing) may as between the holders of Shares to be consolidated determine which particular Shares are to be consolidated into a consolidated Share, and if it shall happen that any person shall become entitled to fractions of a consolidated Share or Shares, such fractions may be sold by some person appointed by the Board for that purpose and the person so appointed may transfer the Shares so sold to the purchaser thereof and the validity of such transfer shall not be questioned, and so that the net proceeds of such sale (after deduction of the expenses of such sale) may either be distributed among the persons who would otherwise be entitled to a fraction or fractions of a consolidated Share or Shares rateably in accordance with their rights and interest or may be paid to the Company for the Company's benefit; | subdivision, cancellation of shares and redenomination etc. |
| (c) | without prejudice to the powers of the Board under Article 11, divide its unissued Shares into several classes and attach thereto respectively any preferential, deferred, qualified or special rights, privileges, conditions or such restrictions which in the absence of any such determination by the Company in general meeting, as the Board may determine provided always that, for the avoidance of doubt, where a class of shares has been authorized by the Company no resolution of the Company in general meeting is required for the issuance of shares of that class and the Board may issue shares of that class and determine such rights, privileges, conditions or restrictions attaching thereto as aforesaid; |  |
| (d) | sub-divide its Shares or any of them into Shares of smaller amount than is fixed by the Company's Memorandum of Association, so, however, that in the subdivision the proportion between the amount paid and the amount, if any, unpaid on each reduced Share shall be the same as it was in case of the share from which the reduced Share is derived; |  |
| (e) | cancel any Shares which at the date of the passing of the resolution have not been taken or agreed to be taken by any person, and diminish the amount of its share capital by the amount of the Shares so cancelled; |  |
| (f) | convert all or any of its paid-up shares into stock, and reconvert that stock into paid-up shares of any denomination. |  |
| 14.0 | The Company may by Special Resolution reduce its share capital or any capital redemption reserve in any manner authorised, and subject to any conditions prescribed, by law.  | Reduction of capital |

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| 15(a) | Subject to the Statutes, and, where applicable, the Designated Stock Exchange Rules and/or any Competent Regulatory Authority, or any other law or so far as not prohibited by any law and subject to any rights conferred on the holders of any class of Shares, any power of the Company to purchase or otherwise acquire all or any of its own Shares (which expression as used in this Article includes redeemable Shares) be exercisable by the Board in such manner, upon such terms and subject to such conditions as it thinks fit. | Company to purchase its own shares |
| (b) | Subject to the Statutes, and to any special rights conferred on the holders of any Shares or attaching to any class of Shares, Shares may be issued on the terms that they may, at the option of the Company or the holders thereof, be liable to be redeemed on such terms and in such manner, including out of capital, as the Board may deem fit. |  |
| 16 | Except as otherwise expressly provided by these Articles or as required by law or as ordered by a court of competent jurisdiction, no person shall be recognised by the Company as holding any Share upon any trust and, except as aforesaid, the Company shall not be bound by or be compelled in any way to recognise (even when having notice thereof) any equitable, contingent, future or partial interest in any Share or any interest in any fractional part of a Share or any other right or claim to or in respect of any Shares except an absolute right to the entirety thereof of the registered holder. |  |
| **Register of Shareholders and Share Certificates** | **Register of Shareholders and Share Certificates** | **Register of Shareholders and Share Certificates** |
| 17 (a) | The Board shall keep or cause to be kept the Register and there shall be entered therein the particulars required under the Companies Act. | Share Register |
| (b) | Subject to the provisions of the Companies Act, if the Board considers it necessary or appropriate, the Company may establish and maintain a principal or branch register of Shareholders at such location as the Board thinks fit and in the absence of any such determination, the Register shall be kept at the Registered Office. | Local or branch register |
| 18 (a) | Every share certificate shall be issued under the Seal or a facsimile thereof and shall specify the number and class and distinguishing numbers (if any) of the shares to which it relates, and the amount paid up thereon and may otherwise be in such form as the Directors may from time to time determine. No certificate shall be issued representing shares of more than one class. The Board may by resolution determine, either generally or in any particular case or cases, that any signatures on any such certificates (or certificates in respect of other securities) need not be autographic but may be affixed to such certificates by some mechanical means or may be printed thereon. | Share certificates |
| (b) | Every person whose name is entered, upon an allotment of shares, as a Member in the Register shall be entitled, without payment, to receive one (1) certificate for all such shares of any one (1) class or several certificates each for one (1) or more of such shares of such class upon payment for every certificate after the first of such reasonable out-of-pocket expenses as the Board from time to time determines. |  |

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| (c) | Share certificates shall be issued within the relevant time limit as prescribed by the Companies Act or as the Designated Stock Exchange may from time to time determine, whichever is the shorter, after allotment or, except in the case of a transfer which the Company is for the time being entitled to refuse to register and does not register, after lodgment of a transfer with the Company. |  |
| (d) | Upon every transfer of shares the certificate held by the transferor shall be given up to be cancelled, and shall forthwith be cancelled accordingly, and a new certificate shall be issued to the transferee in respect of the shares transferred to him at such fee as is provided in paragraph (e) of this Article. If any of the shares included in the certificate so given up shall be retained by the transferor a new certificate for the balance shall be issued to him at the aforesaid fee payable by the transferor to the Company in respect thereof. |  |
| (e) | The fee referred to in paragraph (d) above shall be an amount not exceeding the relevant maximum amount as the Designated Stock Exchange may from time to time determine provided that the Board may at any time determine a lower amount for such fee. |  |
| (f) | Every Share certificate of the Company shall bear legends required under the applicable laws, including the Securities Act. |  |
| 19.0 (a) | In the case of a share held jointly by several persons, the Company shall not be bound to issue more than one (1) certificate therefor and delivery of a certificate to one of several joint holders shall be sufficient delivery to all such holders. | Joint holders |
| (b) | If any Shares shall stand in the names of two (2) or more persons, the person first named in the Register shall be deemed to be sole holder thereof as regards service of notice and, subject to the provisions of these Articles, all or any other matter connected with the Company, except the transfer of the Share. |  |
| 20.0 | If a share certificate is defaced, lost or destroyed, it may be replaced on payment of such fee (if any) and on such terms (if any) as to evidence and indemnity, and on the payment of expenses of the Company in investigating such evidence and preparing such indemnity as the Board shall think fit and, in case of defacement, on delivery of the old certificate to the Company for cancellation. | Replacement of share certificates |

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| 21 | The Company shall have a first and paramount lien on every Share (not being a fully paid Share) for all moneys, whether presently payable or not, called or payable at a fixed time in respect of that Share; and the Company shall also have a first and paramount lien and charge on all Shares (other than fully paid-up Shares) standing registered in the name of a Shareholder, whether singly or jointly with any other person or persons, for all the debts and liabilities of such Shareholder or his estate to the Company and whether the same shall have been incurred before or after notice to the Company of any equitable or other interest of any person other than such Shareholder, and whether the period for the payment or discharge of the same shall have actually arrived or not, and notwithstanding that the same are joint debts or liabilities of such Shareholder or his estate and any other person, whether a Shareholder of the Company or not. The Company's lien (if any) on a Share shall extend to all Dividends and bonuses declared in respect thereof. The Board may at any time either generally or in any particular case waive any lien that has arisen, or declare any Share to be exempt wholly or partially from the provisions of this Article. | Company's lien |
| 22 | The Company may sell, in such manner as the Board thinks fit, any Shares on which the Company has a lien, but no sale shall be made unless some sum in respect of which the lien exists is presently payable or the liability or engagement in respect of which such lien exists is liable to be presently fulfilled or discharged, nor until the expiration of fourteen (14) days after a notice in writing, stating and demanding payment of the sum presently payable or specifying the liability or engagement and demanding fulfilment or discharge thereof and giving notice of intention to sell in default, shall have been given, in the manner in which notices may be sent to Shareholders of the Company as provided in these Articles, to the registered holder for the time being of the Shares, or the person entitled by reason of such holder's death, bankruptcy or winding-up to the Shares. | Sale of shares subject to lien |
| 23 | The net proceeds of such sale after the payment of the costs of such sale shall be applied in or towards payment or satisfaction of the debt or liability or engagement in respect whereof the lien exists, so far as the same is presently payable, and any residue shall (subject to a like lien for debts or liabilities not presently payable as existed upon the Shares prior to the sale) be paid to the person entitled to the Shares at the time of the sale. For the purpose of giving effect to any such sale, the Board may authorise some person to transfer the Shares sold to the purchaser thereof and may enter the purchaser's name in the Register as holder of the Shares, and the purchaser shall not be bound to see the application of the purchase money, nor shall his title to the Shares be affected by any irregularity or invalidity in the proceedings relating to the sale. | Application of proceeds of sale |
| **Calls on Shares** | **Calls on Shares** | **Calls on Shares** |
| 24 | Subject to these Articles and to the terms of allotment, the Board may from time to time make such calls as it thinks fit upon the Shareholders in respect of any moneys unpaid on the Shares held by them respectively (whether on account of the nominal value of the Shares or by way of premiums) and not by the conditions of allotment thereof made payable at a fixed time. A call may be made payable either in one sum or by instalments. | Calls/ instalments |
| 25 | At least fourteen (14) clear days' notice of any call shall be given to the relevant Shareholders specifying the time and place of payment and to whom such call shall be paid. | Notice of call |
| 26 | A copy of the notice referred to in Article 25 shall be sent to relevant Shareholders in the manner in which notices may be sent to Shareholders by the Company as herein provided. | Copy of notice to be sent to shareholders |
| 27 | Every Shareholder upon whom a call is made shall pay the amount of every call so made on him to the person and at the time or times and place or places as the Board shall appoint. | Time and place for payment of call |

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| 28.0 | A call shall be deemed to have been made at the time when the resolution of the Board authorising such call was passed. | When call deemed to have been made |
| 29.0 | The joint holders of a Share shall be severally as well as jointly liable for the payment of all calls and instalments due in respect of such Share or other moneys due in respect thereof. | Liability of joint holders |
| 30.0 | A call may be extended, postponed or revoked in whole or in part as the Board determines but no Shareholder shall be entitled to any such extension except as a matter of grace and favour. | Board may extend time fixed for call |
| 31.0 | If the sum payable in respect of any call or instalment is not paid before or on the day appointed for payment thereof, the person or persons from whom the sum is due shall pay interest on the same at such rate not exceeding 20% per annum as the Board shall fix from the day appointed for the payment thereof to the time of the actual payment, but the Board may waive payment of such interest wholly or in part. | Interest on unpaid calls |
| 32.0 | No Shareholder shall be entitled to receive any Dividend or bonus or to be present or vote (save as proxy or authorised representative for another Shareholder) at any general meeting, either personally, or (save as proxy or authorised representative for another Shareholder) by proxy, or be reckoned in a quorum, or to exercise any other privilege as a Shareholder until all calls or instalments due from him to the Company, whether alone or jointly or jointly and severally with any other person, together with interest and expenses (if any) shall have been paid. | Suspension of privileges while call unpaid |
| 33.0 | On the trial or hearing of any action or other proceedings for the recovery of any money due for any call, it shall be sufficient to prove that the name of the Shareholder sued is entered in the Register as the holder, or one of the holders, of the Shares in respect of which such debt accrues; that the resolution of the Board making the call has been duly recorded in the minute book of the Board; and that notice of such call was given to the Shareholder sued, in pursuance of these Articles, and it shall not be necessary to prove the appointment of the Directors who made such call, nor any other matters whatsoever, but the proof of the matters aforesaid shall be conclusive evidence of the debt. | Evidence in action for call |
| 34.0 (a) | Any sum which by the terms of allotment of a Share is made payable upon allotment or at any fixed date, whether on account of the nominal value of the Share and/or by way of premium, shall for all purposes of these Articles be deemed to be a call duly made and notified and payable on the date fixed for payment, and in case of non-payment all the relevant provisions of these Articles as to payment of interest and expenses, forfeiture and the like, shall apply as if such sums had become payable by virtue of a call duly made and notified. | Sums payable on allotment deemed a call |
| (b) | Subject to the terms of allotment, the Board may on the issue of Shares differentiate between the allottees or holders as to the amount of calls to be paid and the time of payment. | Shares may be issued subject to different conditions as to calls, etc. |

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| 35 | The Board may, if it thinks fit, receive from any Shareholder willing to advance the same, and either in money or money's worth, all or any part of the money uncalled and unpaid or instalments payable upon any Shares held by him, and in respect of all or any of the moneys so advanced may pay interest at such rate (if any) not exceeding 20% per annum, as the Board may decide but a payment in advance of a call shall not entitle the Shareholder to receive any Dividend subsequently declared or to exercise any other rights or privileges as a Shareholder in respect of the Share or the due portion of the Shares upon which payment has been advanced by such Shareholder before it is called up. The Board may at any time repay the amount so advanced upon giving to such Shareholder not less than one (1) Month's notice in writing of its intention on that behalf, unless before the expiration of such notice the amount so advanced shall have been called up on the Shares in respect of which it was advanced. |  |
| **Transfer of Shares** | **Transfer of Shares** | **Transfer of Shares** |
| 36 | Subject to the Statutes, all transfers of Shares shall be effected by transfer in writing in the usual or common form or in such other form as the Board may accept provided always that it shall be in such a form prescribed by the Designated Stock Exchange and may be under hand only or, if the transferor or transferee is a Clearing House (or its nominee(s)) or a central depository house (or its nominee(s)), under hand or by machine imprinted signature or by such other means of execution as the Board may approve from time to time. | Form of transfer |
| 37 | The instrument of transfer of any Share shall be executed by or on behalf of the transferor and by or on behalf of the transferee provided that the Board may dispense with the execution of the instrument of transfer by the transferor or the transferee or accept mechanically executed transfers in any case in which it in its absolute discretion thinks fit to do so. The transferor shall be deemed to remain the holder of the Share until the name of the transferee is entered in the Register in respect thereof. Nothing in these Articles shall preclude the Board from recognising a renunciation of the allotment or provisional allotment of any Share by the allottee in favour of some other person. | Execution of transfer |
| 38 (a) | The Board may, in its absolute discretion at any time and from time to time, remove any Share on the principal Register to any branch Register or any Share on any branch Register to the principal Register or any other branch Register. | Shares registered on principal register, branch register, etc. |
| (b) | Unless the Board otherwise agrees (which agreement may be on such terms and subject to such conditions as the Board in its absolute discretion may from time to time stipulate, and which agreement it shall, without giving any reason therefore, be entitled in its absolute discretion to give or withhold) no Shares on the principal Register shall be removed to any branch Register nor shall Shares on any branch Register be removed to the principal Register or any other branch Register and all removals and other documents of title relating to or affecting the title to any share or other securities of the Company shall be lodged for registration, and be registered, in the case of any Shares on a branch Register, at the Registered Office, and, in the case of any Shares on the principal Register, at the Transfer Office. |  |

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| (c) | Notwithstanding anything contained in these Articles, the Company shall as soon as practicable and on a regular basis record in the principal Register all removals of Shares effected on any branch Register and shall at all times maintain the principal Register and all branch Registers in all respects in accordance with the Companies Act. |  |
| 39.0 | Fully paid Shares shall be free from any restriction with respect to the right of the holder thereof to transfer such Shares (except when permitted by the Designated Stock Exchange) and shall also be free from all liens. The Board however, may, in its absolute discretion, refuse to register a transfer of any Share which is not fully paid to a person of whom it does not approve or any Share issued under any share option scheme upon which a restriction on transfer imposed thereby still subsists, and it may also refuse to register a transfer of any Share (whether fully paid up or not) to more than four (4) joint holders or a transfer of any Shares (not being a fully paid up Share) on which the Company has a lien. | Directors may refuse to register a transfer |
| 40.0 | The Board may also decline to recognise any instrument of transfer unless: |  |
| (a) | a fee of such maximum as the Designated Stock Exchange may from time to time determine to be payable (or such lesser sum as the Board may from time to time require) has been paid to the Company; | Requirement as to transfer |
| (b) | the instrument of transfer is lodged at the Registered Office or, as the case may be, the Transfer Office accompanied by the certificate of the Shares to which it relates, and such other evidence as the Board may reasonably require to show the right of the transferor to make the transfer (and, if the instrument of transfer is executed by some other person on his behalf, the authority of that person so to do); |  |
| (c) | the instrument of transfer is in respect of only one class of Share; |  |
| (d) | the Shares concerned are free of any lien in favour of the Company; and |  |
| (e) | if applicable, the instrument of transfer is properly stamped. |  |
| 41.0 | If the Board shall refuse to register a transfer of any Share, it shall, within two (2) months after the date on which the transfer was lodged with the Company, send to each of the transferor and the transferee notice of such refusal and, except where the subject Share is not a fully paid Share, the reason(s) for such refusal. | Notice of refusal |
| 42.0 | Upon every transfer of Shares, the certificate in respect thereof held by the transferor shall be given up to be cancelled, and shall forthwith be cancelled accordingly, and a new certificate shall be issued to the transferee in respect of the Shares transferred to him as provided in Article 18, and if any of the Shares included in the certificate so given up shall be retained by the transferor a new certificate in respect thereof shall be issued to him as provided in Article 18. The Company shall retain the instrument of transfer. | Certificate to be given up on transfer |
| 43.0 | The registration of transfers of shares or of any class of shares may, after compliance with any notice requirement of the Designated Stock Exchange, be suspended at such times and for such periods (not exceeding in the whole thirty (30) days in any year) as the Board may determine. | When transfer books or register is closed |

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| **Transmission of Shares** | **Transmission of Shares** | **Transmission of Shares** |
| 44 | In the case of the death of a Shareholder, the survivor or survivors where the deceased was a joint holder, and the legal personal representatives of the deceased where he was a sole or only surviving holder, shall be the only persons recognised by the Company as having any title to his interest in the Shares; but nothing herein contained shall release the estate of a deceased holder (whether sole or joint) from any liability in respect of any Share solely or jointly held by him. | Deaths of registered holder or of joint holder of shares |
| 45 | Any person becoming entitled to a Share in consequence of the death or bankruptcy or winding-up of a Shareholder may, upon such evidence as to his title being produced as may from time to time be required by the Board, and subject as hereinafter provided, elect either to be registered himself as holder of the Share or to have some person nominated by him registered as the transferee thereof. | Registration of personal representatives and trustees in bankruptcy |
| 46 | If the person becoming entitled to a Share pursuant to Article 45 shall elect to be registered himself as the holder of such Share, he shall deliver or send to the Company a notice in writing signed by him, at (unless the Board otherwise agrees) the Registered Office, stating that he so elects. If he shall elect to have his nominee registered, he shall testify his election by executing a transfer of such Share to his nominee. All the limitations, restrictions and provisions of these Articles relating to the right to transfer and the registration of transfers of Shares shall be applicable to any such notice or transfer as aforesaid as if the death, bankruptcy or winding-up of the Shareholder had not occurred and the notice or transfer were a transfer executed by such Shareholder. | Notice of election to be registered of nominee |
| 47 | A person becoming entitled to a Share by reason of the death, bankruptcy or winding-up of the holder shall be entitled to the same Dividends and other advantages to which he would be entitled if he were the registered holder of the Share. However, the Board may, if it thinks fit, withhold the payment of any Dividend payable or other advantages in respect of such Share until such person shall become the registered holder of the Share or shall have effectually transferred such Share, but, subject to the requirements of Article 76 being met, such a person may vote at general meetings of the Company. | Retention of dividends, etc. until transmission of shares of a deceased or bankrupt shareholder |
| **Forfeiture of Shares** | **Forfeiture of Shares** | **Forfeiture of Shares** |
| 48 | If a Shareholder fails to pay any call or instalment of a call on the day appointed for payment thereof, the Board may, at any time thereafter during such time as any part of the call or instalment remains unpaid, without prejudice to the provisions of Article 31, serve notice on him requiring payment of so much of the call or instalment as is unpaid, together with any interest which may have accrued and which may still accrue up to the date of actual payment. | If call or instalment not paid notice may be given |
| 49 | The notice shall name a further day (not earlier than the expiration of fourteen (14) days from the date of the notice) on or before which the payment required by the notice is to be made, and it shall also name the place where payment is to be made. The notice shall also state that, in the event of non-payment at or before the time appointed, the Shares in respect of which the call was made will be liable to be forfeited. | Content of notice of call |

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| 50.0 | If the requirements of any such notice as aforesaid are not complied with, any Share in respect of which the notice has been given may at any time thereafter, before the payment required by the notice has been made, be forfeited by a resolution of the Board to that effect. Such forfeiture shall include all Dividends and bonuses declared in respect of the forfeited Share and not actually paid before the forfeiture. The Board may accept the surrender of any Share liable to be forfeited hereunder and in such cases references in these Articles to forfeiture shall include surrender. | If notice not complied with shares may be forfeited |
| 51.0 | Any Share so forfeited shall be deemed to be the property of the Company, and may be re-allotted, sold or otherwise disposed of on such terms and in such manner as the Board thinks fit and at any time before a sale or disposition, the forfeiture may be cancelled on such terms as the Board thinks fit. | Forfeited shares to become property of Company |
| 52.0 | A person whose Shares have been forfeited shall cease to be a Shareholder in respect of the forfeited Shares, but shall, nevertheless, remain liable to pay to the Company all moneys which, at the date of forfeiture, were payable by him to the Company in respect of the forfeited Shares, together with (if the Board shall in its discretion so require) interest thereon from the date of forfeiture until the date of actual payment (including the payment of such interest) at such rate not exceeding 20% per annum as the Board may prescribe, and the Board may enforce the payment thereof if it thinks fit, and without any deduction or allowance for the value of the Shares at the date of forfeiture, but his liability shall cease if and when the Company shall have received payment in full of all such moneys in respect of the Shares. For the purposes of this Article any sum which by the terms of issue of a Share, is payable thereon at a fixed time which is subsequent to the date of forfeiture, whether on account of the nominal value of the Share or by way of premium, shall notwithstanding that such time has not yet arrived be deemed to be payable on the date of forfeiture, and the same shall become due and payable immediately upon the forfeiture, but interest thereon shall only be payable in respect of any period between the said fixed time and the date of actual payment. | Arrears to be paid not withstanding forfeiture |
| 53.0 | A certificate in writing that the declarant is a Director or the Secretary, and that a Share has been duly forfeited or surrendered on a date stated in the certificate, shall be conclusive evidence of the facts therein stated as against all persons claiming to be entitled to the Share. The Company may receive the consideration, if any, given for the Share on any re-allotment, sale or disposition thereof and may execute a transfer of the Share in favour of the person to whom the Share is re-allotted, sold or disposed of and such person shall thereupon be registered as the holder of the Share, and shall not be bound to see to the application of the subscription or purchase money, (if any), nor shall his title to the Share be affected by any irregularity or invalidity in the proceedings in reference to the forfeiture, re-allotment, sale or disposal of such Share. | Evidence of forfeiture and transfer of forfeited share |
| 54.0 | When any Share shall have been forfeited, notice of the forfeiture shall be given to the Shareholder in whose name it stood immediately prior to the forfeiture, and an entry of the forfeiture, with the date thereof, shall forthwith be made in the Register, but no forfeiture shall be in any manner invalidated by any omission or neglect to give such notice or make any such entry. | Notice after forfeiture |

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| 55 | Notwithstanding any such forfeiture as aforesaid the Board may at any time, before any Shares so forfeited shall have been re-allotted, sold or otherwise disposed of, cancel the forfeiture on such terms as it thinks fit or permit the Shares so forfeited to be bought back or redeemed upon the terms of payment of all calls and interest due upon and expenses incurred in respect of the Shares, and upon such further terms (if any) as it thinks fit. | Power to redeem forfeited shares |
| 56 | The forfeiture of a Share shall not prejudice the right of the Company to any call already made or any instalment payment thereon. | Forfeiture not to prejudice Company's right to call or instalment |
| 57 (a) | The provisions of these Articles as to forfeiture shall apply in the case of non-payment of any sum which, by terms of issue of a Share, becomes payable at a fixed time, whether on account of the nominal value of the Share or by way of premium, as if the same had been payable by virtue of a call duly made and notified. | Forfeiture for non-payment of any sum due on shares |
| (b) | In the event of a forfeiture of Shares the Shareholder shall be bound to deliver and shall forthwith deliver to the Company the certificate or certificates held by him for the Shares so forfeited and in any event the certificates representing Shares so forfeited shall be void and of no further effect. |  |
| **General Meetings** | **General Meetings** | **General Meetings** |
| 58 | Other than the fiscal year of the Company's adoption of these Articles, the Company shall in each fiscal year hold a general meeting as its annual general meeting in addition to any other meeting in that year at such time and place as may be determined by the Board and shall specify the meeting as such in the notice calling it. A meeting of the Shareholders or any class thereof may be held by means of such telephone, electronic or other communication facilities as permit all persons participating in the meeting to communicate with each other simultaneously and instantaneously, and participation in such a meeting shall constitute presence at such meetings. | When annual general meeting to be held |
| 59 | All general meetings other than annual general meetings shall be called extraordinary general meetings. | Extraordinary general meeting |
| 60 | The Board may, whenever it thinks fit, convene an extraordinary general meeting. Extraordinary general meetings shall also be convened on the requisition of one (1) or more Shareholders holding, at the date of deposit of the requisition, not less than one tenth of the paid up capital of the Company having the right of voting at general meetings. Such requisition shall be made in writing to the Board or the Secretary for the purpose of requiring an extraordinary general meeting to be called by the Board for the transaction of any business specified in such requisition. Such meeting shall be held within two (2) Months after the deposit of such requisition. If within twenty-one (21) days of such deposit, the Board fails to proceed to convene such meeting, the requisitionist(s) himself (themselves) may do so in the same manner, and all reasonable expenses incurred by the requisitionist(s) as a result of the failure of the Board shall be reimbursed to the requisitionist(s) by the Company. | Convening of extraordinary general meeting |

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| 61 | Every general meeting of the Company shall be called by at least ten (10) clear days' notice in writing. The notice shall be exclusive of the day on which it is served or deemed to be served and of the day for which it is given, and shall specify the place, the day, the hour and the agenda of the meeting and particulars of the resolutions to be considered at that meeting and the general nature of that business, and shall be given, in manner hereinafter mentioned or in such other manner, if any, as may be prescribed by the Company in general meeting, to such persons as are, under these Articles, entitled to receive such notices from the Company, provided that a meeting of the Company shall notwithstanding that it is called by shorter notice than that specified in this Article be deemed to have been duly called if it is so agreed: | Notice of meetings |
| (a) | in the case of a meeting called as the annual general meeting, by all the Shareholders entitled to attend and vote thereat; and |  |
| (b) | in the case of any other meeting, by a majority in number of the Shareholders having a right to attend and vote at the meeting, being a majority together holding not less than ninety-five per cent. (95%) of the total voting rights at the meeting of all Shareholders. |  |
| 62 (a) | The accidental omission to give any notice to, or the non-receipt of any notice by, any person entitled to receive notice shall not invalidate any resolution passed or any proceedings at any such meeting. | Omission to give notice |
| (b) | In the case where forms of proxy or notice of appointment of corporate representative are to be sent out with any notice, the accidental omission to send such forms of proxy or notice of appointment of corporate representative to, or the non-receipt of such forms by, any person entitled to receive notice of the relevant meeting shall not invalidate any resolution passed or any proceeding at any such meeting. |  |
| **Proceedings at General Meetings** | **Proceedings at General Meetings** | **Proceedings at General Meetings** |
| 63 | All business shall be deemed special that is transacted at an extraordinary general meeting and also all business shall be deemed special that is transacted at an annual general meeting with the exception of the election of Directors. | Special business, business of annual general meeting |
| 64 | For all purposes the quorum for a general meeting shall be two (2) Shareholders entitled to vote and present in person (or, in the case of a Shareholder being a corporation, by its duly authorised representative) or by proxy representing not less than one-third (1/3) in nominal value of the total issued voting shares in the Company throughout the meeting. No business other than the appointment of a chairman of a meeting shall be transacted at any general meeting unless the requisite quorum shall be present at the time when the meeting proceeds to business and continues to be present until the conclusion of the meeting. | Quorum |
| 65 | If within fifteen (15) minutes from the time appointed for the meeting a quorum is not present, the meeting, if convened upon the requisition of Shareholders, shall be dissolved, but in any other case it shall stand adjourned to the same day in the next week and at such time and place as shall be decided by the Board, and if at such adjourned meeting a quorum is not present within fifteen (15) minutes from the time appointed for holding the meeting, the Shareholder or the Shareholders present in person (or, in the case of a Shareholder being a corporation by its duly authorised representative) or by proxy and entitled to vote shall be a quorum and may transact the business for which the meeting was called. | When quorum is not present meeting to be dissolved and when to be adjourned |

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| 66.0 | The chairman (if any) of the Company or if he is absent or declines to take the chair at such meeting, the vice chairman (if any) of the Company shall take the chair at every general meeting, or, if there be no such chairman or vice chairman, or, if at any general meeting neither of such chairman or vice chairman is present within fifteen (15) minutes after the time appointed for holding such meeting, or both such persons decline to take the chair at such meeting, the Directors present shall choose one of their number as chairman of the meeting, and if no Director be present or if all the Directors present decline to take the chair or if the chairman chosen shall retire from the chair, then the Shareholders present shall choose one of their number to be chairman of the meeting. | chairman of general meeting |
| 67.0 | The chairman of the meeting may, with the consent of any general meeting at which a quorum is present, and shall, if so directed by the meeting, adjourn any meeting from time to time and from place to place as the meeting shall determine. Whenever a meeting is adjourned for fourteen (14) days or more, at least seven (7) clear days' notice, specifying the place, the day and the hour of the adjourned meeting shall be given in the same manner as in the case of an original meeting but it shall not be necessary to specify in such notice the nature of the business to be transacted at the adjourned meeting. Save as aforesaid, no notice of an adjournment or of the business to be transacted at any adjourned meeting needs to be given nor shall any Shareholder be entitled to any such notice. No business shall be transacted at an adjourned meeting other than the business which might have been transacted at the meeting from which the adjournment took place. | Power to adjourn general meeting, business of adjourned meeting |
| 68.0 | At any general meeting a resolution put to the vote of the meeting shall be decided by poll save that the chairman of the meeting may, pursuant to the Designated Stock Exchange Rules, allow a resolution to be voted on by a show of hands. Where a show of hands is allowed, before or on the declaration of the result of the show of hands, a poll may be demanded by: | Poll, show of hands and demand for poll |
| (a) | the chairman of such meeting or |  |
| (b) | any one Shareholder present in person (or, in the case of a Shareholder being a corporation, by its duly authorised representative) or by proxy for the time being entitled to vote at the meeting. |  |
| 69.0 | Where a resolution is voted on by a show of hands, a declaration by the chairman of the meeting that a resolution has on a show of hands been carried or carried unanimously, or by a particular majority, or not carried by a particular majority, or lost, and an entry to that effect made in the minute book of the Company shall be conclusive evidence of the facts without proof of the number or proportion of the votes recorded in favour of or against such resolution. | What is to be evidence of the passing of a resolution |

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| 70 | A poll demanded on the election of a chairman, or on a question of adjournment, shall be taken forthwith. A poll demanded on any other question shall be taken in such manner (including the use of ballot or voting papers or tickets) and either forthwith or at such time (being not later than thirty (30) days after the date of the demand) and place as the chairman directs. It shall not be necessary (unless the chairman otherwise directs) for notice to be given of a poll not taken immediately. The result of the poll shall be deemed to be the resolution of the meeting at which the poll was required or demanded. There shall be no requirement for the chairman to disclose the voting figures on a poll. In the event that a poll is demanded after the chairman of the meeting allows a show of hands pursuant to Article 68, the demand for a poll may be withdrawn, with the consent of the chairman of the meeting, at any time before the close of the meeting at which the poll was demanded or the taking of the poll, whichever is the earlier. | Poll |
| 71 | Any poll on the election of a chairman of a meeting or on any question of adjournment shall be taken at the meeting and without adjournment. |  |
| 72 | All questions submitted to a meeting shall be decided by a simple majority of votes except where a greater majority is required by these Articles or by the Companies Act. In the case of an equality of votes, whether on a show of hands or on a poll, the chairman of the meeting shall be entitled to a second or casting vote. In case of any dispute as to the admission or rejection of any vote, the chairman of the meeting shall determine the same, and such determination shall be final and conclusive. | chairman to have casting vote |
| 73 | The demand for a poll shall not prevent the continuance of a meeting for the transaction of any business other than the question on which a poll has been demanded, and, with the consent of the chairman, it may be withdrawn at any time before the close of the meeting or the taking of the poll, whichever is the earlier. | Business may proceed notwithstanding demand for poll |
| 74 | If an amendment shall be proposed to any resolution under consideration but shall in good faith be ruled out of order by the chairman of the meeting, the proceedings shall not be invalidated by any error in such ruling. In the case of a resolution duly proposed as a Special Resolution no amendment thereto (other than a mere clerical amendment to correct a patent error) may in any event be considered or voted upon.<br>| Amendment of resolutions |
| **Votes of Shareholders** | **Votes of Shareholders** | **Votes of Shareholders** |
| 75 | Subject to any special rights, privileges or restrictions as to voting for the time being attached to any class or classes of Shares, at any general meeting on a poll every Shareholder present in person (or, in the case of a Shareholder being a corporation, by its duly authorised representative) or by proxy, shall have one (1) vote for every Share of which he is the holder which is fully paid or credited as fully paid (but so that no amount paid or credited as paid on a Share in advance of calls or instalments shall be treated for the purposes of this Article as paid on the Share), and on a show of hands every Shareholder who is present in person (or, in the case of a Shareholder being a corporation, by its duly authorised representative) or by proxy shall (save as provided otherwise in this Article) have one (1) vote. On a poll a Shareholder entitled to more than one (1) vote need not use all his votes or cast all his votes in the same way. Notwithstanding anything contained in these Articles, where more than one (1) proxy is appointed by a Shareholder which is a Clearing House (or its nominee(s)) or a central depository house (or its nominee(s)), each such proxy shall have one (1) vote on a show of hands and on a poll, each such proxy is under no obligation to cast all his votes in the same way. | Votes of shareholders |

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| 76.0 | Any person entitled under Article 47 to be registered as the holder of any Shares may vote at any general meeting in respect thereof in the same manner as if he were the registered holder of such Shares, provided that at least forty-eight (48) hours before the time of the holding of the meeting or adjourned meeting (as the case may be) at which he proposes to vote, he shall satisfy the Board of his right to be registered as the holder of such Shares or the Board shall have previously admitted his right to vote at such meeting in respect thereof. | Votes in respect of deceased and bankrupt shareholders |
| 77.0 | Where there are joint registered holders of any Share, any one of such persons may vote at any meeting, either personally or by proxy, in respect of such Share as if he were solely entitled thereto; but if more than one of such joint holders be present at any meeting personally (or, in the case of a Shareholder being a corporation, by its duly authorised representative) or by proxy, that one of the said persons so present whose name stands first on the Register in respect of such Share shall alone be entitled to vote in respect thereof. Several executors or administrators of a deceased Shareholder, and several trustees in bankruptcy or liquidators of a Shareholder in whose name any Share stands shall for the purposes of this Article be deemed joint holders thereof. | Joint holders |
| 78.0 | A Shareholder of unsound mind or in respect of whom an order has been made by any court having jurisdiction in lunacy may vote, whether on a poll or on a show of hands, by his committee or receiver, or other person in the nature of a committee or receiver appointed by that court, and any such committee, receiver or other person may vote on a poll by proxy. Evidence to the satisfaction of the Board of the authority of the person claiming to exercise the right to vote shall be delivered to such place or one of such places (if any) as is specified in accordance with these Articles for the deposit of instruments of proxy or, if no place is specified, at the Registered Office, not later than the latest time at which an instrument of proxy must, if it is to be valid for the meeting, be delivered. | Votes of shareholders of unsound mind |
| 79.0 | Save as expressly provided in these Articles or otherwise determined by the Board, no person other than a Shareholder duly registered and who shall have paid everything for the time being due from him payable to the Company in respect of his Shares shall be entitled to be present or to vote (save as proxy or authorised representative for another Shareholder) whether personally, by proxy or by attorney or to be reckoned in the quorum, at any general meeting. | Qualification for voting |
| 80.0 | No objection shall be raised to the qualification of any person exercising or purporting to exercise a vote or the admissibility of any vote except at the meeting or adjourned meeting at which the vote objected to is given or tendered, and every vote not disallowed at such meeting shall be valid for all purposes. Any such objection made in due time shall be referred to the chairman of the meeting, whose decision shall be final and conclusive. | Objections to votes |

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**Appointment of Proxy and Corporate Representative** 

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| 81.0 | Any Shareholder entitled to attend and vote at a meeting of the Company shall be entitled to appoint another person as his proxy to attend and vote instead of him. A Shareholder who is the holder of two (2) or more Shares may appoint more than one proxy to represent him and vote on his behalf at a general meeting of the Company or at a class meeting. A proxy need not be a Shareholder of the Company. On a poll or a show of hands votes may be given either personally (or, in the case of a Shareholder being a corporation, by its duly authorised representative) or by proxy. A proxy shall be entitled to exercise the same powers on behalf of a Shareholder who is an individual and for whom he acts as proxy as such Shareholder could exercise. In addition, a proxy shall be entitled to exercise the same powers on behalf of a Shareholder which is a corporation and for which he acts as proxy as such Shareholder could exercise if it were an individual Shareholder. | Proxies |
| 82.0 | No appointment of a proxy shall be valid unless it names the person appointed and his appointor. The Board may, unless it is satisfied that the person purporting to act as proxy is the person named in the relevant instrument for his appointment and the validity and authenticity of the signature of his appointor, decline such person's admission to the relevant meeting, reject his vote or, in the event that a poll is demanded after the chairman of the meeting allows a show of hands pursuant to Article 68, his demand for a poll and no Shareholder who may be affected by any exercise by the Board of its power in this connection shall have any claim against the Directors or any of them nor may any such exercise by the Board of its powers invalidate the proceedings of the meeting in respect of which they were exercised or any resolution passed or defeated at such meeting. |  |
| 83.0 | The instrument appointing a proxy shall be in writing under the hand of the appointor or of his attorney duly authorised in writing, or if the appointor is a corporation, either under seal or under the hand of an officer or attorney duly authorised. | Instrument appointing proxy to be in writing |
| 84.0 | The instrument appointing a proxy and, if requested by the Board, the power of attorney or other authority (if any) under which it is signed or a notarially certified copy of that power or authority shall be deposited at such place or one of such places (if any) as is specified in the notice of meeting or in the instrument of proxy issued by the Company (or, if no place is specified, at the Registered Office) not less than forty-right (48) hours before the time for holding the meeting or adjourned meeting (as the case may be) at which the person named in such instrument proposes to vote, and in default the instrument of proxy shall not be treated as valid. No instrument appointing a proxy shall be valid after the expiration of twelve (12) Months from the date of its execution, except at an adjourned meeting where the meeting was originally held within twelve (12) Months from such date. Delivery of an instrument appointing a proxy shall not preclude a Shareholder from attending and voting in person (or in the case of a Shareholder being a corporation, its duly authorised representative) at the meeting concerned and, in such event, the instrument appointing a proxy shall be deemed to be revoked. | Appointment of proxy must be deposited |
| 85.0 | Every instrument of proxy, whether for a specified meeting or otherwise, shall be in any common form or in such form as the Board may from time to time approve, provided that it shall not preclude the use of the two-way form. Any form issued to a Shareholder for use by him for appointing a proxy to attend and vote at an extraordinary general meeting or at an annual general meeting at which any business is to be transacted shall be such as to enable the Shareholder, according to his intentions, to instruct the proxy to vote in favour of or against (or, in default of instructions, to exercise his discretion in respect of) each resolution dealing with any such business. | Form of proxy |

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| 86.0 | The instrument appointing a proxy to vote at a general meeting shall: (i) be deemed to confer authority upon the proxy to demand or join in demanding a poll and to vote on any resolution (or amendment thereto) put to the meeting for which it is given as the proxy thinks fit; and (ii) unless the contrary is stated therein, be valid as well for any adjournment of the meeting as for the meeting to which it relates. | Authority under instrument appointing proxy |
| 87.0 | A vote given in accordance with the terms of an instrument of proxy or by the duly authorised representative of a corporation shall be valid notwithstanding the previous death or insanity of the principal or revocation of the proxy or power of attorney or other authority under which the proxy was executed or the transfer of the Share in respect of which the proxy is given, provided that no intimation in writing of such death, insanity, revocation or transfer as aforesaid shall have been received by the Company at its Registered Office, or at such other place as is referred to in Article 84, at least two (2) hours before the commencement of the meeting, or the taking of the poll, or adjourned meeting at which the instrument of proxy is used. | When vote by proxy valid though authority revoked |
| 88.0 (a) | Any corporation which is a Shareholder may, by resolution of its directors or other governing body or by power of attorney, authorise such person as it thinks fit to act as its representative at any meeting of the Company or of any class of Shareholders of the Company, and the person so authorised shall be entitled to exercise the same rights and powers on behalf of the corporation which he represents as that corporation could exercise if it were an individual Shareholder of the Company. References in these Articles to a Shareholder present in person at a meeting shall, unless the context otherwise requires, include a corporation which is a Shareholder represented at the meeting by such duly authorised representative. | Appointment of multiple corporate representatives |
| (b) | Where a Shareholder is a Clearing House (or its nominee(s)) or a central depository house (or its nominee(s)), it may authorise such person or persons as it thinks fit to act as its representative or representatives at any meeting of the Company or at any meeting of any class of Shareholders provided that if more than one person is so authorised, the authorisation shall specify the number and class of Shares in respect of which each such representative is so authorised. A person so authorised pursuant to the provisions of this Article shall be deemed to have been duly authorised without further evidence of the facts and be entitled to exercise the same rights and powers on behalf of the Clearing House (or its nominee(s)) or a central depository house (or its nominee(s)) which he represents as that Clearing House (or its nominee(s)) or a central depository house (or its nominee(s)) could exercise as if such person were an individual Shareholder, including the right to vote. |  |

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| 89 | No appointment of a corporate representative shall be valid unless it names the person authorised to act as the appointor's representative and the appointor is also named. The Board may, unless it is satisfied that a person purporting to act as a corporate representative is the person named in the relevant instrument for his appointment, decline such person's admission to the relevant meeting and/or reject his vote or demand for a poll and no Shareholder who may be affected by any exercise by the Board of its power in this connection shall have any claim against the Board or any of them nor may any such exercise by the Board of its powers invalidate the proceedings of the meeting in respect of which they were exercised or any resolution passed or defeated at such meeting. |  |
| **Registered Office** | **Registered Office** | **Registered Office** |
| 90 | The Registered Office of the Company shall be at such place in the Cayman Islands as the Board shall from time to time decide. | Registered Office |
| **Board of Directors** | **Board of Directors** | **Board of Directors** |
| 91 | Unless otherwise determined by the Company in general meeting, the number of Directors shall not be less than two (2). There shall be no maximum number of Directors unless otherwise determined from time to time by the Company in general meeting. The Directors shall be elected or appointed in accordance with Articles 103, 104 and 105 and shall hold office until their successors are elected or appointed. The Company shall keep at its Registered Office a register of its directors and officers in accordance with the Companies Act. | Number of Directors |
| 92 | A Director may at any time, by notice in writing signed by him delivered to the Registered Office or at the Head Office or at a meeting of the Board, appoint any person (including another Director) to act as alternate Director in his place during his absence and may in like manner at any time determine such appointment. If such person is not another Director such appointment unless previously approved by the Board shall have effect only upon and subject to being so approved. Any person so appointed shall have all the rights and powers of the Director or Directors for whom such person is appointed in the alternative provided that such person shall not be counted more than once in determining whether or not a quorum is present. An alternate Director may be removed at any time by the body which appointed him and, subject thereto, the office appointment of an alternate Director shall continue until the happening of any event which, were he a Director, would cause him to vacate such office or if his appointor ceases to be a Director. Any appointment or removal of an alternate Director shall be effected by notice signed by the appointor and delivered to the Office or head office or tendered at a meeting of the Board. An alternate Director may act as alternate to more than one Director. An alternate Director shall *ipso facto* cease to be an alternate Director if his appointor ceases for any reason to be a Director, however, such alternate Director or any other person may be re-appointed by the Directors to serve as an alternate Director PROVIDED always that, if at any meeting any Director retires but is re-elected at the same meeting, any appointment of such alternate Director pursuant to these Articles which was in force immediately before his retirement shall remain in force as though he had not retired. | Alternate Directors |

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| 93.0(a) | An alternate Director shall (subject to his giving to the Company an address, telephone and facsimile number within the territory of the Head Office for the time being for the giving of notices on him and except when absent from the territory in which the Head Office is for the time being situate) be entitled (in addition to his appointor) to receive and (in lieu of his appointor) to waive notices of meetings of the Board and of any committee of the Board of which his appointor is a member and shall be entitled to attend and vote as a Director at any such meeting at which the Director appointing him is not personally present and generally at such meeting to perform all the functions of his appointor as a Director and for the purposes of the proceedings at such meeting the provisions of these Articles shall apply as if he (instead of his appointor) were a Director. If he shall be himself a Director or shall attend any such meeting as an alternate for more than one Director his voting rights shall be cumulative. If his appointor is for the time being absent from the territory in which the Head Office is for the time being situate or otherwise not available or unable to act, his signature to any resolution in writing of the Directors or any such committee shall be as effective as the signature of his appointor. His attestation of the affixing of the Seal shall be as effective as the signature and attestation of his appointor. An alternate Director shall not, save as aforesaid, have power to act as a Director nor shall he be deemed to be a Director for the purposes of these Articles. | Rights of Alternate Directors |
| (b) | An alternate Director shall be entitled to contract and be interested in and benefit from contracts or arrangements or transactions and to be repaid expenses and to be indemnified to the same extent *mutatis mutandis* as if he were a Director, but he shall not be entitled to receive from the Company in respect of his appointment as alternate Director any remuneration except only such part (if any) of the ordinary remuneration otherwise payable to his appointor as such appointor may by notice in writing to the Company from time to time direct. |  |
| (c) | A certificate by a Director (including for the purpose of this paragraph (c) an alternate Director) or the Secretary that a Director (who may be the one signing the certificate) was at the time of a resolution of the Directors or any committee thereof absent from the territory of the Head Office or otherwise not available or unable to act or has not supplied an address, telephone and facsimile number within the territory of the Head Office for the purposes of giving of notice to him shall in favour of all persons without express notice to the contrary, be conclusive of the matter so certified. |  |
| 94.0 | A Director or an alternate Director shall not be required to hold any qualification Shares but shall nevertheless be entitled to attend and speak at all general meetings of the Company and all meetings of any class of Shareholders of the Company. | Share qualification of Directors or alternate Directors |
| 95.0 | Subject to the Designated Stock Exchange Rules, the Directors shall receive such remuneration as the Board may from time to time determine. | Directors' remuneration |
| 96.0 | The Directors shall also be entitled to be repaid all travelling, hotel and other expenses reasonably incurred by them respectively in or about the performance of their duties as Directors, including their expenses of travelling to and from Board meetings, committee meetings or general meetings or otherwise incurred whilst engaged on the business of the Company or in the discharge of their duties as Directors. | Directors' expenses |

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| 97.0 | The Board may grant special remuneration to any Director who shall perform or has performed any special or extra services at the request of the Company. Such special remuneration may be made payable to such Director in addition to or in substitution for his ordinary remuneration as a Director, and may be made payable by way of salary, commission or participation in profits or otherwise as may be arranged. | Special remuneration |
| 98.0 | Notwithstanding Articles 95, 96 and 97, the remuneration of a Director appointed to any other office in the management of the Company may from time to time be fixed by the Board and may be by way of salary, commission, or participation in profits or otherwise or by all or any of those modes and with such other benefits (including pension and/or gratuity and/or other benefits on retirement) and allowances as the Board may from time to time decide. Such remuneration shall be in addition to his ordinary remuneration as a Director. | Remuneration of directors to any other office, etc. |
| 99.0 | Payments to any Director or past director of the Company of any sum by way of compensation for loss of office or as consideration for or in connection with his retirement from office (not being a payment to which the director of the Company or past director is contractually or statutorily entitled) must be approved by the Company in general meeting. | Payments for compensation for loss of office |
| 100.0 | A Director shall vacate his office: | When office of |
|  |  | Director to be vacated |
| (a) | if he becomes bankrupt or has a receiving order made against him or suspends payment or compounds with his creditors generally; or |  |
| (b) | if he dies or becomes of unsound mind as determined pursuant to an order made by any competent court or official on the grounds that he is or may be suffering from mental disorder or is otherwise incapable of managing his affairs and the Board resolves that his office be vacated; or |  |
| (c) | if he absents himself from the meetings of the Board during a continuous period of six (6) months, without special leave of absence from the Board, and his alternate Director (if any) shall not during such period have attended in his stead, and the Board resolves that his office be vacated; or |  |
| (d) | if he becomes prohibited by any applicable law or Designated Stock Exchange Rules from acting as a Director, or he ceases to be a Director by virtue of any provision of any applicable law or Designated Stock Exchange Rules or is removed from office pursuant to these Articles; or |  |
| (e) | if by notice in writing delivered to the Company at its Registered Office or at the Head Office or tendered at a meeting of the Board he resigns his office; or |  |
| (f) | if he shall be removed from office by an Ordinary Resolution of the Company under Article 107; or |  |
| (g) | if he shall be removed from the office by notice in writing served on him signed by not less than ¾ in number (or if that is not a round number, the nearest lower round number) of the Directors (including himself) then in office. |  |

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| 101 | No Director shall be required to vacate office or be ineligible for re-election or re-appointment as a Director, and no person shall be ineligible for appointment as a Director by reason only of his having attained any particular age. |  |
| 102.0 (a) | Subject to the Companies Act and to these Articles, no Director or intended Director shall be disqualified by his office from contracting with the Company either as vendor, purchaser or otherwise nor shall any such contract or any contract or arrangement entered into by or on behalf of the Company with any person, company or partnership of or in which any Director shall be a member or otherwise interested be capable on that account of being avoided, nor shall any Director so contracting or being any member or so interested be liable to account to the Company for any profit so realized by any such contract or arrangement by reason only of such Director holding that office or the fiduciary relationship thereby established, provided that such Director shall, if his interest in such contract or arrangement is material, declare the nature of his interest at the earliest meeting of the Board at which it is practicable for him to do so, either specifically or by way of a general notice stating that, by reason of the facts specified in the notice, he is to be regarded as interested in any contracts of a specified description which may subsequently be made by the Company. Any such transaction that would reasonably be likely to affect a Director's status as an "Independent Director", or that would constitute a "related party transaction" as defined by Item 7.N of Form 20F promulgated by the SEC, shall require the approval of the Audit Committee. | Directors' interests |
| (b) | Any Director may continue to be or become a director or other officer or member of any other company in which the Company may be interested and (unless otherwise agreed between the Company and the Director) no such Director shall be liable to account to the Company or the Shareholders for any remuneration or other benefits received by him as a director or other officer or member of any such other company. The Directors may exercise the voting powers conferred by the shares in any other company held or owned by the Company, or exercisable by them as directors of such other company in such manner in all respects as they think fit (including the exercise thereof in favour of any resolution appointing themselves or any of them as directors or other officers of such company) and any Director may vote in favour of the exercise of such voting rights in the manner aforesaid notwithstanding that he may be, or is about to be, appointed a director or other officer of such a company, and that as such he is or may become interested in the exercise of such voting rights in the manner aforesaid. |  |

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|  | (c) | A Director may hold any other office or place of profit with the Company (except that of Auditors) in conjunction with his office of Director for such period and upon such terms as the Board may determine, and may be paid such extra remuneration therefor (whether by way of salary, commission, participation in profit or otherwise) as the Board may determine, and such extra remuneration shall be in addition to any remuneration provided for by or pursuant to any other Articles. |  |
|  | (d) | A Director may act by himself or his firm in a professional capacity for the Company (otherwise than as Auditor) and he or his firm may be remunerated for professional services as if he were not a Director. |  |
|  | Notwithstanding the foregoing, no "Independent Director" as defined in Designated Stock Exchange Rules 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. | Notwithstanding the foregoing, no "Independent Director" as defined in Designated Stock Exchange Rules 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. |  |
| **Appointment of Directors** | **Appointment of Directors** | **Appointment of Directors** | **Appointment of Directors** |
| 103 | The Company in general meeting may from time to time fix and may from time to time by Ordinary Resolution increase or reduce the maximum and minimum number of Directors but so that the number of Directors shall not be less than two (2). | The Company in general meeting may from time to time fix and may from time to time by Ordinary Resolution increase or reduce the maximum and minimum number of Directors but so that the number of Directors shall not be less than two (2). | Power of general meeting to increase or reduce number of Directors |
| 104 | Subject to the Articles and the Companies Act, the Company may from time to time in general meeting by Ordinary Resolution elect any person to be a Director either to fill a casual vacancy or as an additional Director. | Subject to the Articles and the Companies Act, the Company may from time to time in general meeting by Ordinary Resolution elect any person to be a Director either to fill a casual vacancy or as an additional Director. | Appointment of Directors |
| 105 | The Board shall have power from time to time and at any time to appoint any person as a Director either to fill a casual vacancy or as an additional Director but so that the number of Directors so appointed shall not exceed the maximum number determined from time to time by the Shareholders in general meeting. | The Board shall have power from time to time and at any time to appoint any person as a Director either to fill a casual vacancy or as an additional Director but so that the number of Directors so appointed shall not exceed the maximum number determined from time to time by the Shareholders in general meeting. |  |
| 106 | Unless otherwise provided by the rules of the Designated Stock Exchange, no person, other than a retiring Director, shall, unless recommended by the Board for election, be eligible for election to the office of Director at any general meeting. | Unless otherwise provided by the rules of the Designated Stock Exchange, no person, other than a retiring Director, shall, unless recommended by the Board for election, be eligible for election to the office of Director at any general meeting. |  |
| 107 | Subject to any provision to the contrary in these Articles, the Shareholders may by Ordinary Resolution remove any Director before the expiration of his term of office notwithstanding anything in these Articles or in any agreement between the Company and such Director (but without prejudice to any claim which such Director may have for damages for any breach of any contract between him and the Company) and may by Ordinary Resolution elect another person in his stead. | Subject to any provision to the contrary in these Articles, the Shareholders may by Ordinary Resolution remove any Director before the expiration of his term of office notwithstanding anything in these Articles or in any agreement between the Company and such Director (but without prejudice to any claim which such Director may have for damages for any breach of any contract between him and the Company) and may by Ordinary Resolution elect another person in his stead. | Power to remove Director by Ordinary Resolution |
| **BORROWING POWERS** | **BORROWING POWERS** | **BORROWING POWERS** | **BORROWING POWERS** |
| 108 | The Board may from time to time at its discretion exercise all the powers of the Company to raise or borrow or to secure the payment of any sum or sums of money for the purposes of the Company and to mortgage or charge its undertaking, property and uncalled capital or any part thereof. | The Board may from time to time at its discretion exercise all the powers of the Company to raise or borrow or to secure the payment of any sum or sums of money for the purposes of the Company and to mortgage or charge its undertaking, property and uncalled capital or any part thereof. | Power to borrow |

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| 109 | The Board may raise or secure the payment or repayment of such sum or sums in such manner and upon such terms and conditions in all respects as it thinks fit and in particular but subject to the provisions of the Companies Act, by the issue of debentures, debenture stock, bonds or other securities of the Company, whether outright or as collateral security for any debt, liability or obligation of the Company or of any third party. | Conditions on which money may be borrowed |
| 110 | Debentures, debenture stock, bonds and other securities (other than Shares which are not fully paid) may be made assignable free from any equities between the Company and the person to whom the same may be issued. | Assignment of debentures etc. |
| 111 | Any debentures, debenture stock, bonds or other securities (other than Shares) may be issued at a discount, premium or otherwise and with any special privileges as to redemption, surrender, drawings, allotment or subscription of or conversion into Shares, attending and voting at general meetings of the Company, appointment of Directors and otherwise. | Special privileges of debentures etc. |
| 112 | The Directors shall cause a proper register to be kept, in accordance with the provisions of the Companies Act, of all mortgages and charges specifically affecting the property of the Company and shall duly comply with such provisions of the Companies Act with regard to the registration of mortgages and charges as may be specified or required. | Register of charges to be kept |
| 113 | If the Company issues a series of debentures or debenture stock not transferable by delivery, the Board shall cause a proper register to be kept of the holders of such debentures. | Register of debentures or debenture stock |
| 114 | Where any uncalled capital of the Company is charged, all persons taking any subsequent charge thereon shall take the same subject to such prior charge, and shall not be entitled, by notice to the Shareholders or otherwise, to obtain priority over such prior charge. | Mortgage of uncalled capital |
| **GENERAL POWERS OF THE DIRECTORS** | **GENERAL POWERS OF THE DIRECTORS** | **GENERAL POWERS OF THE DIRECTORS** |
| 115 | The business of the Company shall be managed and conducted by the Board who, in addition to the powers and authorities by these Articles expressly conferred upon it, may exercise all powers of the Company (whether relating to the management of the business of the Company or otherwise) and do all such acts and things as may be exercised or done or approved by the Company and are not hereby or by the Statutes expressly directed or required to be exercised or done by the Company in general meeting, but subject nevertheless to the provisions of the Companies Act and of these Articles and to any regulations from time to time made by the Company in general meeting not being inconsistent with such provisions or these Articles, provided that no regulation so made shall invalidate any prior act of the Board which would have been valid if such regulation had not been made. The general powers given by this Article shall not be limited or restricted by any special authority or power given to the Board by any other Article. | General powers of Company vested in Directors |
| 116 | Without prejudice to the general powers conferred by these Articles, it is hereby expressly declared that the Board shall have the following powers: |  |
| (a) | to give to any person the right or option of requiring at a future date that an allotment shall be made to him of any Share at par or at such premium and on such other terms as may be agreed; and |  |

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|  | (b) | to give to any Directors, officers or employees of the Company an interest in any particular business or transaction or participation in the profits thereof or in the general profits of the Company either in addition to or in substitution for a salary or other remuneration. |  |
| 117 | The Board may, from time to time, and except as required by applicable law or the Designated Stock Exchange Rules, adopt, institute, amend, modify or revoke the corporate governance policies or initiatives, 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. | The Board may, from time to time, and except as required by applicable law or the Designated Stock Exchange Rules, adopt, institute, amend, modify or revoke the corporate governance policies or initiatives, 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. |  |
| **CHAIRMAN AND OTHER OFFICERS** | **CHAIRMAN AND OTHER OFFICERS** | **CHAIRMAN AND OTHER OFFICERS** | **CHAIRMAN AND OTHER OFFICERS** |
| 118 | The Board may from time to time elect or otherwise appoint one of them to the office of chairman of the Company and another to be the vice chairman of the Company (or two or more vice chairmen) and determine the period for which each of them is to hold office. The chairman of the Company or, in his absence, the vice chairman of the Company shall preside as chairman at meetings of the Board, but if no such chairman or vice chairman be elected or appointed, or if at any meeting the chairman or vice chairman is not present within five (5) minutes after the time appointed for holding the same and willing to act, the Directors present shall choose one of their number to be chairman of such meeting. The provisions of Article 98 shall *mutatis mutandis* apply to any Directors elected or otherwise appointed to any office in accordance with the provisions of this Article. | The Board may from time to time elect or otherwise appoint one of them to the office of chairman of the Company and another to be the vice chairman of the Company (or two or more vice chairmen) and determine the period for which each of them is to hold office. The chairman of the Company or, in his absence, the vice chairman of the Company shall preside as chairman at meetings of the Board, but if no such chairman or vice chairman be elected or appointed, or if at any meeting the chairman or vice chairman is not present within five (5) minutes after the time appointed for holding the same and willing to act, the Directors present shall choose one of their number to be chairman of such meeting. The provisions of Article 98 shall *mutatis mutandis* apply to any Directors elected or otherwise appointed to any office in accordance with the provisions of this Article. | chairman, vice chairman and officers |
| **Proceedings of the Directors** | **Proceedings of the Directors** | **Proceedings of the Directors** | **Proceedings of the Directors** |
| 119 | The Board may meet together for the despatch of business, adjourn and otherwise regulate its meetings and proceedings as it thinks fit and may determine the quorum necessary for the transaction of business. Unless otherwise determined two (2) Directors shall be a quorum. For the purpose of this Article an alternate Director shall be counted in a quorum separately in respect of himself (if a Director) and in respect of each Director for whom he is an alternate and his voting rights shall be cumulative and he need not use all his votes or cast all his votes in the same way. A meeting of the Board or any committee of the Board may be held by means of such telephone, electronic or other communication facilities as permit all persons participating in the meeting to communicate with each other simultaneously and instantaneously, and participation in such a meeting shall constitute presence in person at such meeting. | The Board may meet together for the despatch of business, adjourn and otherwise regulate its meetings and proceedings as it thinks fit and may determine the quorum necessary for the transaction of business. Unless otherwise determined two (2) Directors shall be a quorum. For the purpose of this Article an alternate Director shall be counted in a quorum separately in respect of himself (if a Director) and in respect of each Director for whom he is an alternate and his voting rights shall be cumulative and he need not use all his votes or cast all his votes in the same way. A meeting of the Board or any committee of the Board may be held by means of such telephone, electronic or other communication facilities as permit all persons participating in the meeting to communicate with each other simultaneously and instantaneously, and participation in such a meeting shall constitute presence in person at such meeting. | Meeting of Directors, quorum, etc. |

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| 120.0 | A Director may, and on the request of a Director the Secretary shall, at any time summon a meeting of the Board which may be held in any part of the world, but no such meeting shall be summoned to be held outside the territory in which the Head Office is for the time being situate without the prior approval of the Board. Notice thereof shall be given to each Director and alternate Director in person orally or in writing or by telephone or by telex or telegram or facsimile transmission at the telephone or facsimile number or address from time to time notified to the Company by such Director or in such other manner as the Board may from time to time determine. A Director absent or intending to be absent from the territory in which the Head Office is for the time being situate may request the Board or the Secretary that notices of Board meetings shall during his absence be sent in writing to him at his last known address, facsimile or telex number or any other address, facsimile or telex number given by him to the Company for this purpose, but such notices need not be given any earlier than notices given to the other Directors not so absent and in the absence of any such request it shall not be necessary to give notice of a Board meeting to any Director who is for the time being absent from such territory. | Convening of Meetings of Directors |
| 121.0 | Subject to Article 102, questions arising at any meeting of the Board shall be decided by a majority of votes, and in case of an equality of votes the chairman of the meeting 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. | How questions to be decided |
| 122.0 | A meeting of the Board for the time being at which a quorum is present shall be competent to exercise all or any of the authorities, powers and discretions by or under these Articles for the time being vested in or exercisable by the Board generally. | Powers of meeting |
| 123.0 (a) | Subject to applicable law and the Designated Stock Exchange Rules, the Board may delegate any of their powers to any committee (including, without limitation, an Audit Committee, Compensation Committee or Remuneration Committee and Nomination Committee), consisting of one or more Directors. They may also delegate to any managing Director or any Director holding any other 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 (2) 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. | Power to appoint committee and to delegate |
| (b) | The Board may delegate any of its powers to any other committees consisting of such Director or Directors and other person(s) as it thinks fit, and they may from time to time revoke such delegation or revoke the appointment of and discharge any such committees either wholly or in part, and either as to persons or purposes, but every committee so formed shall in the exercise of the powers so delegated conform to any regulations that may from time to time be imposed upon it by the Board. |  |
| 124.0 | All acts done by any such committee in conformity with such regulations and in fulfilment of the purposes for which it is appointed, but not otherwise, shall have the like force and effect as if done by the Board, and the Board (or if the Board delegates such power, the committee) shall have power to remunerate the members of any special committee, and charge such remuneration to the current expenses of the Company. | Act of committee to be of same effect as acts of Directors |

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| 125.0 | The meetings and proceedings of any such committee consisting of two (2) or more members shall be governed by the provisions herein contained for regulating the meetings and proceedings of the Board so far as the same are applicable thereto and are not replaced by any regulations imposed by the Board pursuant to Article 123, indicating, without limitation, any committee charter adopted by the Board for purposes or in respect of any such committee. | Proceedings of committee |
| 126.0 | All acts bona fide done by any meeting of the Board or by any such committee or by any person acting as a Director shall, notwithstanding that it shall be afterwards discovered that there was some defect in the appointment of such Director or persons acting as aforesaid or that they or any of them were disqualified, be as valid as if every such person had been duly appointed and was qualified to be a Director or member of such committee. | When acts of Directors or committee to be valid |
| 127.0 | The continuing Directors 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 these Articles as the necessary quorum of the Board meeting, the continuing Director or Directors may act for the purpose of increasing the number of Directors to that number of the necessary quorum or of summoning a general meeting of the Company but for no other purpose. | Directors' powers when vacancies exist |
| 128.0 (a) | A resolution in writing signed by all the Directors (or their respective alternate Directors) shall be as valid and effectual as if it had been passed at a meeting of the Board duly convened and held. Any such resolutions in writing may consist of several documents in like form each signed by one or more of the Directors or alternate Directors. | Directors' written resolutions |
| (b) | Where a Director is, on the date on which a resolution in writing is last signed by a Director, absent from the territory in which the Head Office is for the time being situated, or cannot be contacted at his last known address or contact telephone or facsimile number, or is temporarily unable to act through ill-health or disability and, in each case, his alternate (if any) is affected by any of these events, the signature of such Director (or his alternate) to the resolution shall not be required, and the resolution in writing, so long as such a resolution shall have been signed by at least two (2) Directors or their respective alternates who are entitled to vote thereon or such number of Directors as shall form a quorum, shall be deemed to have been passed at a meeting of the Board duly convened and held, provided that a copy of such resolution has been given or the contents thereof communicated to all the Directors (or their respective alternates) for the time being entitled to receive notices of meetings of the Board at their respective last known address, telephone or facsimile number or, if none, at the Head Office and provided further that no Director is aware of or has received from any Director any objection to the resolution. |  |
| (c) | A certificate signed by a Director (who may be one of the signatories to the relevant resolution in writing) or the Secretary as to any of the matters referred to in paragraph (a) or (b) of this Article shall in the absence of express notice to the contrary of the person relying thereon, be conclusive of the matters stated on such certificate. |  |

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| **MINUTES AND CORPORATE RECORDS** | **MINUTES AND CORPORATE RECORDS** | **MINUTES AND CORPORATE RECORDS** |
| 129 (a) | The Board shall cause minutes to be made of: | Minutes of proceedings |
|  |  | of meetings and Directors |
| (i) | all appointments of officers made by it; |  |
| (ii) | the names of the Directors present at each meeting of the Board and of committees appointed pursuant to Article 123; and |  |
| (iii) | all resolutions and proceedings at all meetings of the Company and of the Board and of such committees. |  |
| (b) | Any such minutes shall be conclusive evidence of any such proceedings if they purport to be signed by the chairman of the meeting at which the proceedings were held or by the chairman of the next succeeding meeting. |  |
| **Secretary** | **Secretary** | **Secretary** |
| 130 | The Secretary shall be appointed by the Board for such term, at such remuneration and upon such conditions as it may think fit, and any Secretary so appointed may, without prejudice to his right under any contract with the Company, be removed by the Board. Anything by the Companies Act or these Articles required or authorised to be done by or to the Secretary, if the office is vacant or there is for any other reason no Secretary capable of acting, may be done by or to any assistant or deputy Secretary, or if there is no assistant or deputy Secretary capable of acting, by or to any officer of the Company authorised generally or specifically on behalf of the Board. | Appointment of Secretary |
| 131 | The Secretary shall attend all meetings of the Shareholders and shall keep correct minutes of such meetings and enter the same in the proper books provided for the purpose. He shall perform such other duties as are prescribed by the Companies Act and these Articles, together with such other duties as may from time to time be prescribed by the Board. | Duties of the Secretary |
| 132 | A provision of the Companies Act or of these Articles requiring or authorising a thing to be done by or to a Director and the Secretary shall not be satisfied by its being done by or to the same person acting both as Director and as, or in place of the Secretary. | Same person not to act in two capacities at once |
| **General Management and Use of the Seal** | **General Management and Use of the Seal** | **General Management and Use of the Seal** |
| 133 (a) | Subject to the Companies Act, the Company shall have one or more Seals as the Board may determine, and may have a Seal for use outside the Cayman Islands. The Board shall provide for the safe custody of each Seal, and no Seal shall be used without the authority of the Board or a committee authorised by the Board in that behalf. | Custody of Seal |

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| (b) | Every instrument to which a Seal shall be affixed shall be signed autographically by one Director and the Secretary, or by two (2) Directors, or by any person or persons (including a Director and/or the Secretary) appointed by the Board for the purpose, provided that as regards any certificates for Shares or Debentures or other securities of the Company, the Board may by resolution determine that such signatures or either of them shall be dispensed with or affixed by some method or system of mechanical signature other than autographic or may be printed thereon as specified in such resolution or that such certificates need not be signed by any person. | Use of Seal |
| (c) | The Company may have a Securities Seal for use for sealing certificates for shares or other securities issued by the Company and no signature of any Director, officer or other person and no mechanical reproduction thereof shall be required on any such certificates or other document and any such certificates or other document to which such Securities Seal is affixed shall be valid and deemed to have been sealed and executed with the authority of the Board notwithstanding the absence of any such signature or mechanical reproduction as aforesaid. The Board may by resolution determine that the affixation of Securities Seal on certificates for shares or other securities issued by the Company be dispensed with or be affixed by printing the image of the Securities Seal on such certificates. | Securities Seal |
| 134.0 | All cheques, promissory notes, drafts, bills of exchange and other negotiable instruments, and all receipts for moneys paid to the Company shall be signed, drawn, accepted, endorsed or otherwise executed, as the case may be, in such manner as the Board shall from time to time by resolution determine. The Company's banking accounts shall be kept with such banker or bankers as the Board shall from time to time determine. | Cheques and banking arrangements |
| 135.0 (a) | The Board may from time to time and at any time, by power of attorney under the Seal, appoint any company, firm or person or any fluctuating body of persons, whether nominated directly or indirectly by the Board, to be the attorney or attorneys of the Company for such purposes and with such powers, authorities and discretions (not exceeding those vested in or exercisable by the Board under these Articles) and for such period and subject to such conditions as it may think fit, and any such power of attorney may contain such provisions for the protection and convenience of persons dealing with any such attorney as the Board may think fit, and may also authorise any such attorney to sub-delegate all or any of the powers, authorities and discretions vested in him. | Power to appoint attorney |
| (b) | The Company may, by writing under its Seal, empower any person, either generally or in respect of any specified matter, as its attorney to execute deeds and instruments on its behalf and to enter into contracts and sign the same on its behalf and every deed signed by such attorney on behalf of the Company and under his seal shall bind the Company and have the same effect as if it were under the Seal duly affixed by the Company. | Execution of deeds by attorney |

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| 136.0 | The Board may establish an Audit Committee, a Compensation Committee or Remuneration Committee and a Nomination 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 123(a). Each of the Audit Committee, the Compensation Committee or the Remuneration Committee and the Nomination 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 Compensation Committee or the Remuneration Committee and the Nomination Committee shall be made up of such number of Independent Directors as required from time to time by any rules of the Designated Stock Exchange or otherwise required by applicable law. | Compensation Committee, Remuneration Committee, Nomination Committee |
| 137.0 | The Board may establish any committees, regional or local boards or agencies for managing any of the affairs of the Company in any place, and may appoint any persons to be members of such committees, regional or local boards or agencies and may fix their remuneration (either by way of salary or by commission or by conferring the right to participation in the profits of the Company or by a combination of two (2) or more of these modes) and pay the working expenses of any staff employed by them upon the business of the Company. The Board may delegate to any committee, regional or local board or agent any of the powers, authorities and discretions vested in the Board (other than its powers to make calls and forfeit Shares), with power to sub-delegate, and may authorise the members of any regional or local board or any of them to fill any vacancies therein and to act notwithstanding vacancies, and any such appointment or delegation may be upon such terms and subject to such conditions as the Board may think fit, and the Board may remove any person so appointed and may annul or vary any such delegation, but no person dealing in good faith and without notice of any such annulment or variation shall be affected thereby. | Regional or local boards |
| 138.0 | The Board may establish and maintain or procure the establishment and maintenance of any contributory or non-contributory pension or superannuation funds or personal pension plans for the benefit of, or give or procure the giving of donations, gratuities, pensions, allowances or emoluments to, any persons who are or were at any time in the employment or service of the Company, or of any company which is a subsidiary of the Company, or is allied or associated with the Company or with any such subsidiary company, or who are or were at any time directors or officers of the Company or of any such other company as aforesaid, and holding or who have held any salaried employment or office in the Company or such other company, and the spouses, widows, widowers, families and dependants of any such persons. The Board may also establish and subsidise or subscribe to any institutions, associations, clubs or funds calculated to be for the benefit of or to advance the interests and well-being of the Company or of any such other company as aforesaid or of any such persons as aforesaid, and may make payments for or towards the insurance of any such persons as aforesaid, and subscribe or guarantee money for charitable or benevolent objects or for any exhibition or for any public, general or useful object. The Board may do any of the matters aforesaid, either alone or in conjunction with any such other company as aforesaid. Any Director holding any such employment or office shall be entitled to participate in and retain for his own benefit any such donation, gratuity, pension, allowance or employment. | Power to establish pension funds |

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| **AUTHENTICATION OF DOCUMENTS** | **AUTHENTICATION OF DOCUMENTS** | **AUTHENTICATION OF DOCUMENTS** |
| 139 (a) | Any Director or the Secretary or other authorised officer of the Company shall have power to authenticate any documents affecting the constitution of the Company and any resolutions passed by the Company or the Board or any committee, and any books, records, documents and accounts relating to the business of the Company, and to certify copies thereof or extracts therefrom as true copies of extracts; and where any books, records, documents or accounts are elsewhere than at the Registered Office or the Head Office, the local manager or such other officer of the Company having the custody thereof shall be deemed to be the authorised officer of the Company as aforesaid. | Power to authenticate |
| (b) | A document purporting to be a document so authenticated or a copy of a resolution, or an extract from the minutes of a meeting, of the Company or of the Board or any local board or committee, or of any books, records, documents or accounts or extracts therefrom as aforesaid, and which is certified as aforesaid, shall be conclusive evidence in favour of all persons dealing with the Company upon the faith thereof that the document authenticated (or, if this be authenticated as aforesaid, the matter so authenticated) is authentic or, as the case may be, that such resolution has been duly passed or, as the case may be, that any minute so extracted is a true and accurate record of proceedings at a duly constituted meeting or, as the case may be, that the copies of such books, records, documents or accounts were true copies of their originals or as the case may be, the extracts of such books, records, documents or accounts are true and accurate records of the books, records, documents or accounts from which they were extracted. |  |
| **CAPITALISATION OF RESERVES** | **CAPITALISATION OF RESERVES** | **CAPITALISATION OF RESERVES** |
| 140 (a) | The Board may resolve to capitalise any sum standing to the credit of any of the Company's reserve accounts which are available for distribution (including its share premium account and capital redemption reserve fund, subject to the Companies Act) and to appropriate such sums to the holders of Shares on the Register at the close of business on the date of the relevant resolution (or such other date as may be specified therein or determined as provided therein) in the proportions in which such sum would have been divisible amongst them had the same been a distribution of profits by way of Dividend and to apply such sum on their behalf in paying up in full unissued Shares for allotment and distribution credited as fully paid-up to and amongst them in the proportion aforesaid. | Power to capitalise |

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| (b) | Subject to the Companies Act, whenever such a resolution as aforesaid shall have been passed, the Board shall make all appropriations and applications of the reserves or profits and undivided profits resolved to be capitalised thereby, and attend to all allotments and issues of fully paid Shares, debentures, or other securities and generally shall do all acts and things required to give effect thereto. For the purpose of giving effect to any resolution under this Article, the Board may settle any difficulty which may arise in regard to a capitalisation issue as it thinks fit, and in particular may disregard fractional entitlements or round the same up or down and may determine that cash payments shall be made to any Shareholders in lieu of fractional entitlements or that fractions of such value as the Board may determine may be disregarded in order to adjust the rights of all parties or that fractional entitlements shall be aggregated and sold and the benefit shall accrue to the Company rather than to the Shareholders concerned, and no Shareholders who are affected thereby shall be deemed to be, and they shall be deemed not to be, a separate class of Shareholders by reason only of the exercise of this power. The Board may authorise any person to enter on behalf of all Shareholders interested in a capitalisation issue any agreement with the Company or other(s) providing for such capitalisation and matters in connection therewith and any agreement made under such authority shall be effective and binding upon all concerned. Without limiting the generality of the foregoing, any such agreement may provide for the acceptance by such persons of the Shares, debentures or other securities to be allotted and distributed to them respectively in satisfaction of their claims in respect of the sum so capitalised. | Effect of resolution to capitalise |
| (c) | The provisions of paragraph (e) of Article 147 shall apply to the power of the Company to capitalise under this Article as it applies to the grant of election thereunder *mutatis mutandis* and no Shareholder who may be affected thereby shall be, and they shall be deemed not to be, a separate class of Shareholders by reason only of the exercise of this power. |  |
| **DIVIDENDS AND RESERVES** | **DIVIDENDS AND RESERVES** | **DIVIDENDS AND RESERVES** |
| 141 | Subject to the Companies Act and these Articles, the Company in general meeting may declare Dividends in any currency but no Dividends shall exceed the amount recommended by the Board. | Power to declare dividends |
| 142 (a) | The Board may subject to Article 143 from time to time pay to the Shareholders such interim Dividends as appear to the Board to be justified by the financial conditions and the profits of the Company and, in particular but without prejudice to the generality of the foregoing, if at any time the share capital of the Company is divided into different classes, the Board may pay such interim Dividends in respect of those Shares in the capital of the Company which confer to the holders thereof deferred or non-preferential rights as well as in respect of those Shares which confer on the holders thereof preferential rights with regard to Dividend and provided that the Board acts bona fide it shall not incur any responsibility to the holders of Shares conferring any preference for any damage that they may suffer by reason of the payment of an interim Dividend on any Shares having deferred or non-preferential rights. | Board's power to pay interim dividends |
| (b) | The Board may also pay half-yearly or at other suitable intervals to be settled by it any Dividend which may be payable at a fixed rate if the Board is of the opinion that the financial conditions and the profits of the Company justify the payment. |  |

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| (c) | The Board may in addition from time to time declare and pay special Dividends of such amounts and on such dates and out of such distributable funds of the Company as it thinks fit, and the provisions of paragraph (a) of this Article as regards the power and exemption from liability of the Board as relate to the declaration and payment of interim Dividends shall apply, *mutatis mutandis*, to the declaration and payment of any such special Dividends. |  |
| 143.0 (a) | No Dividend shall be declared or paid or shall be made otherwise than in accordance with the Companies Act. | Dividends not to be paid out of capital |
| (b) | Subject to the provisions of the Companies Act but without prejudice to paragraph (a) of this Article, where any asset, business or property is bought by the Company as from a past date (whether such date be before or after the incorporation of the Company) the profits and losses thereof as from such date may at the discretion of the Board in whole or in part be carried to revenue account and treated for all purposes as profits or losses of the Company, and be available for Dividend accordingly. Subject as aforesaid, if any Shares or securities are purchased cum Dividend or interest, such Dividend or interest may at the discretion of the Board be treated as revenue, and it shall not be obligatory to capitalise the same or any part thereof or to apply the same towards reduction of or writing down the book cost of the asset, business or property acquired. |  |
| (c) | Subject to paragraph (d) of this Article all Dividends and other distributions in respect of Shares shall be stated and discharged, in the case of Shares denominated in any currency, in such currency, provided that the Board may determine in the case of any distribution that Shareholders may elect to receive the same in any other currency selected by the Board, converted at such rate of exchange as the Board may determine. |  |
| (d) | If, in the opinion of the Board, any Dividend or other distribution in respect of Shares or any other payment to be made by the Company to any Shareholder is of such a small amount as to make payment to that Shareholder in the relevant currency impracticable or unduly expensive either for the Company or the Shareholder then such Dividend or other distribution or other payment may, at the absolute discretion of the Board, be, if this be practicable, converted at such rate of exchange as the Board may determine and paid or made in the currency of the country of the relevant Shareholder (as indicated by the address of such Shareholder on the Register). |  |
| 144.0 | Notice of the declaration of an interim Dividend shall be given in such manner as the Board shall determine. | Notice of interim dividend |
| 145.0 | No Dividend or other moneys payable on or in respect of a Share shall bear interest as against the Company. | No interest on dividend |

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| 146 | Whenever the Board or the Company in general meeting has resolved that a Dividend be paid or declared, the Board may further resolve that such Dividend be satisfied wholly or in part by the distribution of specific assets of any kind and in particular of paid up shares, debentures or warrants to subscribe securities of any other company, or in any one or more of such ways, with or without offering any rights to Shareholders to elect to receive such Dividend in cash, and where any difficulty arises in regard to the distribution the Board may settle the same as it thinks expedient, and in particular may disregard fractional entitlements or round the same up or down, and may fix the value for distribution of such specific assets, or any part thereof, and may determine that cash payments shall be made to any Shareholders upon the footing of the value so fixed in order to adjust the rights of all parties and may determine that fractional entitlements shall be aggregated and sold and the benefit shall accrue to the Company rather than to the Shareholders concerned, and may vest any such specific assets in trustees as may seem expedient to the Board and may authorise any person to sign any requisite instruments of transfer and other documents on behalf of all Shareholders interested in the Dividend and such instrument and document shall be effective. The Board may further authorise any person to enter into on behalf of all Shareholders having an interest in any agreement with the Company or other(s) providing for such Dividend and matters in connection therewith and any such agreement made under such authority shall be effective. The Board may resolve that no such assets shall be made available or made to Shareholders with registered addresses in any particular territory or territories being a territory or territories where, in the absence of a registration statement or other special formalities, this would or might, in the opinion of the Board, be unlawful or impracticable or the legality or practicality of which may be time consuming or expensive to ascertain whether in absolute terms or in relation to the value of the holding of Shares of the Shareholder concerned and in any such event the only entitlement of the Shareholders aforesaid shall be to receive cash payments as aforesaid. Shareholders affected as a result of exercise by the Board of its discretion under this Article shall not be, and shall be deemed not to be, a separate class of Shareholders for any purposes whatsoever. | Dividend in specie |

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| 147.0 | (a) | Whenever the Board or the Company in general meeting has resolved that a Dividend be paid or declared on any class of the share capital of the Company, the Board may further resolve, either: | Scrip dividend |
|  | (i) | that such Dividend be satisfied wholly or in part in the form of an allotment of Shares credited as fully paid on the basis that the Shares so allotted shall be of the same class or classes as the class or classes already held by the allottee, provided that the Shareholders entitled thereto will be entitled to elect to receive such Dividend (or part thereof) in cash in lieu of such allotment. In such case, the following provisions shall apply: |  |
|  | (A) | the basis of any such allotment shall be determined by the Board; |  |
|  | (B) | the Board, after determining the basis of allotment, shall give not less than ten (10) clear days' notice in writing to the Shareholders of the right of election accorded to them and shall send with such notice forms of election and specify the procedure to be followed and the place at which and the latest date and time by which duly completed forms of election must be lodged in order to be effective; |  |

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| (C) | the right of election may be exercised in respect of the whole or part of that portion of the Dividend in respect of which the right of election has been accorded; and |
| (D) | Dividend (or that part of the Dividend to be satisfied by the allotment of Shares as aforesaid) shall not be payable in cash in respect whereof the cash election has not been duly exercised (the "**non-elected Shares**") and in lieu and in satisfaction thereof Shares shall be allotted credited as fully paid to the holders of the non-elected Shares on the basis of allotment determined as aforesaid and for such purpose the Board shall capitalise and apply out of any part of the undivided profits of the Company or any part of any of the Company's reserve accounts (including any special account, or share premium account (if there be any such reserve)) as the Board may determine, a sum equal to the aggregate nominal amount of the Shares to be allotted on such basis and apply the same in paying up in full the appropriate number of Shares for allotment and distribution to and amongst the holders of the non-elected Shares on such basis; |
| or |  |
| (ii) | that Shareholders entitled to such Dividend will be entitled to elect to receive an allotment of Shares credited as fully paid in lieu of the whole or such part of the Dividend as the Board may think fit on the basis that the Shares so allotted shall be of the same class or classes as the class or classes of Shares already held by the allottee. In such case, the following provisions shall apply: |
| (A) | the basis of any such allotment shall be determined by the Board; |
| (B) | the Board, after determining the basis of allotment, shall give not less than ten (10) clear days' notice in writing to the Shareholders of the right of election accorded to them and shall send with such notice forms of election and specify the procedure to be followed and the place at which and the latest date and time by which duly completed forms of election must be lodged in order to be effective; |
| (C) | the right of election may be exercised in respect of the whole or part of that portion of the Dividend in respect of which the right of election has been accorded; and |
| (D) | the Dividend (or that part of the Dividend in respect of which a right of election has been accorded) shall not be payable on Shares in respect whereof the Share election has been duly exercised (the "**elected Shares**") and in lieu thereof Shares shall be allotted credited as fully paid to the holders of the elected Shares on the basis of allotment determined as aforesaid and for such purpose the Board shall capitalise and apply out of any part of the undivided profits of the Company or any part of any of the Company's reserve accounts (including any special account, contributed surplus account, share premium account and capital redemption reserve fund (if there be any such reserve)) as the Board may determine, a sum equal to the aggregate nominal amount of the Shares to be allotted on such basis and apply the same in paying up in full the appropriate number of Shares for allotment and distribution to and amongst the holders of the elected Shares on such basis. |

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| (b) | The Shares allotted pursuant to the provisions of paragraph (a) of this Article shall rank *pari passu* in all respects with the Shares then in issue and held by the allottee in respect of which they were allotted, save only as regards participation: | The Shares allotted pursuant to the provisions of paragraph (a) of this Article shall rank *pari passu* in all respects with the Shares then in issue and held by the allottee in respect of which they were allotted, save only as regards participation: |
|  | (i) | in the relevant Dividend (or the right to receive or to elect to receive an allotment of Shares in lieu thereof as aforesaid); or |
|  | (ii) | in any other distributions, bonuses or rights paid, made, declared or announced prior to or contemporaneously with the payment or declaration of the relevant Dividend unless, contemporaneously with the announcement by the Board of its proposal to apply the provisions of sub-paragraph (i) or (ii) of paragraph (a) of this Article in relation to the relevant Dividend or contemporaneously with its announcement of the distribution, bonus or rights in question, the Board shall have specified that the Shares to be allotted pursuant to the provisions of paragraph (a) of this Article shall rank for participation in such distribution, bonus or rights. |
| (c) | The Board may do all acts and things considered necessary or expedient to give effect to any capitalisation pursuant to the provisions of paragraph (a) of this Article with full power to the Board to make such provisions as it thinks fit in the case of Shares becoming distributable in fractions (including provisions whereby, in whole or in part, fractional entitlements are aggregated and sold and the net proceeds distributed to those entitled, or are disregarded or rounded up or down or whereby the benefit of fractional entitlements accrues to the Company rather than to the Shareholders concerned), and no Shareholders who will be affected thereby shall be, and they shall be deemed not to be, a separate class of Shareholders by reason only of the exercise of this power. The Board may authorise any person to enter into on behalf of all Shareholders interested, an agreement with the Company providing for such capitalisation and matters incidental thereto and any agreement made pursuant to such authority shall be effective and binding on all concerned. | The Board may do all acts and things considered necessary or expedient to give effect to any capitalisation pursuant to the provisions of paragraph (a) of this Article with full power to the Board to make such provisions as it thinks fit in the case of Shares becoming distributable in fractions (including provisions whereby, in whole or in part, fractional entitlements are aggregated and sold and the net proceeds distributed to those entitled, or are disregarded or rounded up or down or whereby the benefit of fractional entitlements accrues to the Company rather than to the Shareholders concerned), and no Shareholders who will be affected thereby shall be, and they shall be deemed not to be, a separate class of Shareholders by reason only of the exercise of this power. The Board may authorise any person to enter into on behalf of all Shareholders interested, an agreement with the Company providing for such capitalisation and matters incidental thereto and any agreement made pursuant to such authority shall be effective and binding on all concerned. |

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| (d) | The Company may upon the recommendation of the Board by Ordinary Resolution resolve in respect of any one particular Dividend that notwithstanding the provisions of paragraph (a) of this Article a Dividend may be satisfied wholly in the form of an allotment of Shares credited as fully paid without offering any right to Shareholders to elect to receive such Dividend in cash in lieu of such allotment. |  |
| (e) | The Board may on any occasion determine that rights of election and the allotment of Shares under paragraph (a) of this Article shall not be made available or made to any Shareholders with registered addresses in any territory where in the absence of a registration statement or other special formalities the circulation of an offer of such rights of election or the allotment of Shares would or might be unlawful or impracticable or the legality or practicability of which may be time consuming or expensive to ascertain whether in absolute terms or in relation to the value of the holding of Shares of the Shareholder concerned, and in such event the provisions aforesaid shall be read and construed subject to such determination and no Shareholder who may be affected by any such determination shall be, and they shall be deemed not to be, a separate class of Shareholders for any purposes whatsoever. |  |
| (f) | Subject to the Designated Stock Exchange Rules, any resolution declaring a Dividend or other distribution on Shares of any class, whether a resolution of the Company in general meeting or a resolution of the Board, may specify that the same shall be payable or made to the persons registered as the holder of such Shares at the close of business on a particular date or at a particular time on a particular date, and thereupon the Dividend or other distribution shall be payable or made to them in accordance with their respective holdings so registered, but without prejudice to the rights inter se in respect of such Dividend or other distribution between the transferors and transferees of any such Shares. The provisions of this Article shall *mutatis mutandis* apply to determining the Shareholders entitled to receive notice and vote at any general meeting of the Company, bonuses, capitalisation issues, distributions of realised and unrealised capital profits or other distributable reserves or accounts of the Company and offers or grants made by the Company to the Shareholders. |  |
| 148.0 | The Board may, before recommending any Dividend, set aside out of the profits of the Company such sums as it thinks fit as a reserve or reserves which shall, at the absolute discretion of the Board, be applicable for meeting claims on or liabilities of the Company or contingencies or for equalising Dividends or for any other purpose to which the profits of the Company may be properly applied, and pending such application may, at the like absolute discretion, either be employed in the business of the Company or be invested in such investments (other than Shares) as the Board may from time to time think fit, and so that it shall not be necessary to keep any investments constituting the reserve or reserves separate or distinct from any other investments of the Company. The Board may also without placing the same to reserve, carry forward any profits which it may think prudent not to distribute by way of Dividend. | Reserves |

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| 149.0 | Unless and to the extent that the rights attached to any Shares or the terms of issue thereof otherwise provide, all Dividends shall (as regards any Shares not fully paid throughout the period in respect of which the Dividend is paid) be apportioned and paid pro rata according to the amounts paid or credited as paid on the Shares during any portion or portions of the period in respect of which the Dividend is paid. For the purposes of this Article no amount paid on a Share in advance of calls pursuant to Article 35 shall be treated as paid on the Share. | Dividends to be paid in proportion to paid up capital |
| 150.0 (a) | The Board may retain any Dividends or other moneys payable on or in respect of a Share upon which the Company has a lien, and may apply the same in or towards satisfaction of the debts, liabilities or engagements in respect of which the lien exists. | Retention of dividends, etc. |
| (b) | The Board may deduct from any Dividend or other money payable to any Shareholder all sums of money (if any) presently payable by him to the Company on account of calls, instalments or otherwise. | Deduction of debts |
| 151.0 | Any general meeting sanctioning a Dividend may make a call on the Shareholders of such amount as the meeting fixes, but so that the call on each Shareholder shall not exceed the Dividend payable to him, and so that the call shall be made payable at the same time as the Dividend, and the Dividend may, if so arranged between the Company and the Shareholder, be set off against the call. | Dividend and call together |
| 152.0 | A transfer of Shares shall not, as against the Company but without prejudice to the rights of the transferor and transferee inter se, pass the right to any Dividend or bonus declared thereon before the registration of the transfer. | Effect of transfer |
| 153.0 | If two (2) or more persons are registered as joint holders of any Share, any one of such persons may give effectual receipts for any Dividends and other moneys payable and bonuses, rights and other distributions in respect of such Shares. | Receipt for dividends by joint holders of share |
| 154.0 | Unless otherwise directed by the Board, any Dividend or other moneys payable or bonuses, rights or other distributions in respect of any Share may be paid or satisfied by cheque or warrant or certificate or other documents or evidence of title sent through the post to the registered address of the Shareholder entitled, or, in the case of joint holders, to the registered address of that one whose name stands first in the Register in respect of the joint holding or to such person and to such address as the holder or joint holders may in writing direct. Every cheque, warrant, certificate or other document or evidence of title so sent shall be made payable to the order of the person to whom it is sent or, in the case of certificates or other documents or evidence of title as aforesaid, in favour of the Shareholder(s) entitled thereto, and the payment on any such cheque or warrant by the banker upon whom it is drawn shall operate as a good discharge to the Company in respect of the Dividend and/or other moneys represented thereby, notwithstanding that it may subsequently appear that the same has been stolen or that any endorsement thereon has been forged. Every such cheque, warrant, certificate or other document or evidence of title as aforesaid shall be sent at the risk of the person entitled to the Dividend, money, bonus, rights and other distributions represented thereby. | Payment by post |

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| 155 | All Dividends, bonuses or other distributions or the proceeds of the realisation of any of the foregoing unclaimed for one (1) year after having been declared by the Company until claimed and, notwithstanding any entry in any books of the Company may be invested or otherwise made use of by the Board for the benefit of the Company or otherwise howsoever, and the Company shall not be constituted a trustee in respect thereof. All Dividends, bonuses or other distributions or the proceeds of the realisation of any of the foregoing unclaimed for six (6) years after having been declared may be forfeited by the Board and, upon such forfeiture, shall revert to the Company and, in the case where any of the same are securities of the Company, may be re-allotted or re-issued for such consideration as the Board thinks fit and the proceeds thereof shall accrue to the benefit of the Company absolutely. | Unclaimed Dividend |
| **RECORD DATE** | **RECORD DATE** | **RECORD DATE** |
| 156 (a) | For the purpose of determining Shareholders entitled to notice of, or to vote at any meeting of Shareholders or any adjournment thereof, or Shareholders entitled to receive payment of any dividend or other distribution, or in order to make a determination of Shareholders for any other purpose, the Directors may provide that the Register shall be closed for transfers for a stated period which shall not in any case exceed sixty (60) clear days. If the Register shall be so closed for the purpose of determining those Shareholders that are entitled to receive notice of, attend or vote at a meeting of Shareholders, 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. | Record Date |
| (b) | In lieu of, or apart from, closing the Register, the Directors may fix in advance or arrears a date as the record date for any such determination of Shareholders entitled to notice of, or to vote at any meeting of the Shareholders or any adjournment thereof, or for the purpose of determining the Shareholders entitled to receive payment of any dividend or other distribution, or in order to make a determination of Shareholders for any other purpose. |  |
| (c) | If the Register is not so closed and no record date is fixed for the determination of Shareholders entitled to notice of, or to vote at, a meeting of Shareholders or Shareholders 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 Shareholders. When a determination of Shareholders entitled to vote at any meeting of Shareholders has been made as provided in this Article, such determination shall apply to any adjournment thereof. |  |
| **Annual Returns** | **Annual Returns** | **Annual Returns** |
| 157 | The Board shall make or cause to be made such annual or other returns or filings as may be required to be made in accordance with the Companies Act. | Annual Returns |

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| **ACCOUNTS** | **ACCOUNTS** | **ACCOUNTS** |
| 158 | The Board shall cause proper books of account to be kept of the sums of money received and expended by the Company, and the matters in respect of which such receipts and expenditure take place; and of the assets and liabilities of the Company and of all other matters required by the Companies Act necessary to give a true and fair view of the state of the Company's affairs and to show and explain its transactions. The financial year end of the Company shall be 31 March in each calendar year or as otherwise determined by the Board. | Accounts to be kept |
| 159 | The books of account shall be kept at the Head Office or at such other place or places as the Board thinks fit and shall always be open to the inspection of the Directors. | Where accounts to be kept |
| 160 | No Shareholder (not being a Director) or other person shall have any right of inspecting any account or book or document of the Company except as conferred by the Companies Act or ordered by a court of competent jurisdiction or authorised by the Board or the Company in general meeting. | Inspection by shareholders |
| 161 (a) | The Board shall from time to time cause to be prepared and laid before the Company at its annual general meeting profit and loss accounts and balance sheets of the Company and such other reports and documents as may be required by law and the Designated Stock Exchange Rules. The accounts of the Company shall be prepared and audited based on the generally accepted accounting principles, the International Accounting Standards, or such other standards as may be permitted by the Designated Stock Exchange. | Annual profit and loss account and balance sheet |
| (b) | Subject to paragraph (c) below, every balance sheet of the Company shall be signed on behalf of the Board by two (2) of the Directors and a copy of every balance sheet (including every document required by law to be comprised therein or annexed thereto) and profit and loss account which is to be laid before the Company at its annual general meeting held in accordance with these Article, together with a copy of the Directors' report and a copy of the Auditors' report thereon, shall, not less than ten (10) clear days before the date of the meeting be delivered or sent by post to every Shareholder and every Debenture Holder of the Company and every other person entitled to receive notices of general meetings of the Company under the provisions of these Articles, provided that this Article shall not require a copy of those documents to be sent to any person of whose address the Company is not aware or to more than one of the joint holders of any Shares or Debentures, but any Shareholder or Debenture Holder to whom a copy of those documents has not been sent shall be entitled to receive a copy free of charge on application at the Head Office or the Registered Office. If all or any of the Shares or Debentures or other securities of the Company shall for the time being be (with the consent of the Company) listed or dealt in on any stock exchange or market, there shall be forwarded to such stock exchange or market such number of copies of such documents as may for the time being be required under its regulations or practice. | Annual report of Directors and balance sheet to be sent to shareholders |

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| (c) | Subject to the Designated Stock Exchange Rules, the Company may send summarised financial statements to Shareholders who has, in accordance with the Designated Stock Exchange Rules, consented and elected to receive summarised financial statements instead of the full financial statements. The summarised financial statements must be accompanied by any other documents as may be required under the Designated Stock Exchange Rules and must be sent to the Shareholders not less than ten (10) clear days before the general meeting to those Shareholders that have consented and elected to receive the summarised financial statements. |  |
| **Auditors** | **Auditors** | **Auditors** |
| 162 (a) | Subject to applicable law and rules of the Designated Stock Exchange, the Board shall appoint an Auditor to audit the accounts of the Company and such Auditor shall hold office until the Board appoints another Auditor. Such Auditor may be a Shareholder but no Director or officer or employee of the Company shall, during his continuance in office, be eligible to act as an Auditor. The remuneration of the Auditor shall be fixed by the Board. If the office of Auditor becomes vacant by the resignation or death of the Auditor, or by his becoming incapable of acting by reason of illness or other disability at a time when his services are required, the Directors shall fill the vacancy and determine the remuneration of such Auditor.<br>| Appointment of Auditors |
| (b) | The Shareholders may by Ordinary Resolution appoint one or more firms of Auditors to hold office until the conclusion of the next annual general meeting on such terms and with such duties as may be agreed with the Board, but if an appointment is not made, the Auditors in office shall continue in office until a successor is appointed. A Director, officer or employee of any such Director, officer or employee shall not be appointed Auditors of the Company. The Board may fill any casual vacancy in the office of Auditors, but while any such vacancy continues the surviving or continuing Auditors (if any) may act. The remuneration of the Auditors shall be fixed by the Shareholders in general meeting by Ordinary Resolution or in such manner as the Shareholders may determine. |  |
| (c) | The Board may remove the Auditor at any time before the expiration of his term of office and may by resolution appoint another Auditor in his stead. |  |
| 163 | The Auditors of the Company shall have a right of access at all times to the books and accounts and vouchers of the Company and shall be entitled to require from the Directors and officers of the Company such information as may be necessary for the performance of his or their duties. Subject to the Companies Act, the Auditors shall audit every balance sheet and profit and loss account of the Company in each year and prepare an Auditors' report thereon to be annexed thereto. Such report shall be laid before the Company in the annual general meeting. | Auditors to have right of access to books and accounts |
| 164 | No person other than the retiring Auditors shall be appointed as Auditors at an annual general meeting unless notice of an intention to nominate that person to the office of Auditors has been given to the Company not less than fourteen (14) clear days before the annual general meeting, and the Company shall send a copy of any such notice to the retiring Auditors and shall give notice thereof to the Shareholders not less than seven (7) days before the annual general meeting provided that the above requirement for sending a copy of such notice to the retiring Auditors may be waived by notice in writing by the retiring Auditors to the Secretary. | Appointment of Auditors other than retiring Auditors |

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| 165 | All acts done by any person acting as Auditors shall, as regards all persons dealing in good faith with the Company, be valid, notwithstanding that there was some defect in their appointment or that they were at the time of their appointment not qualified for appointment or subsequently became disqualified. | Defect of appointment |
| **Notices** | **Notices** | **Notices** |
| 166 (a) | Except where otherwise expressly stated, any notice or document to be given to or by any person pursuant to these Articles shall be in writing or, to the extent permitted by the Companies Act and the Designated Stock Exchange Rules from time to time and subject to this Article, contained in an electronic communication. A notice calling a meeting of the Board need not be in writing. | Service of notices |
| (b) | Except where otherwise expressly stated, any notice or document to be given to or by any person pursuant to these Articles may be served on or delivered to any Shareholder either personally or by sending it through the post in a prepaid envelope or wrapper addressed to such Shareholder at his registered address as appearing in the register or by leaving it at that address addressed to the Shareholder or by any other means authorised in writing by the Shareholder concerned or (other than share certificate) by publishing it by way of advertisement in the appropriate newspapers in accordance with the requirements of the Designated Stock Exchange. In case of joint holders of a share, all notices shall be given to that one of the joint holders whose name stands first in the register and notice so given shall be sufficient notice to all the joint holders. Without limiting the generality of the foregoing but subject to the Companies Act and the Designated Stock Exchange Rules, a notice or document may be served or delivered by the Company to any Shareholder by electronic means to such address as may from time to time be authorised by the Shareholder concerned or by publishing it on a website and notifying the Shareholder concerned that it has been so published. |  |
| (c) | Any such notice or document may be served or delivered by the Company by reference to the register as it stands at any time not more than fifteen (15) days before the date of service or delivery. No change in the register after that time shall invalidate that service or delivery. Where any notice or document is served or delivered to any person in respect of a share in accordance with these Articles, no person deriving any title or interest in that share shall be entitled to any further service or delivery of that notice or document. |  |
| (d) | Any notice or document required to be sent to or served upon the Company, or upon any officer of the Company, may be sent or served by leaving the same or sending it through the post in a prepaid envelope or wrapper addressed to the Company or to such officer at the Head Office or Registered Office. |  |

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| (e) | The Board may from time to time specify the form and manner in which a notice may be given to the Company by electronic means, including one or more addresses for the receipt of an electronic communication, and may prescribe such procedures as they think fit for verifying the authenticity or integrity of any such electronic communication. Any notice may be given to the Company by electronic means only if it is given in accordance with the requirements specified by the Board. |
| 167.0 (a) | Any Shareholder who fails (and, where a Share is held by joint holders, where the first joint holder named on the register fails) to supply his registered address or a correct registered address to the Company for service of notices and documents on him shall not (and where a Share is held by joint holders, none of the other joint holders whether or not they have supplied a registered address shall) be entitled to service of any notice or documents by the Company and any notice or document which is otherwise required to be served on him may, if the Board in its absolute discretion so elects (and subject to them re-electing otherwise from time to time), be served, in the case of notices, by displaying a copy of such notice conspicuously at the Registered Office and the Head Office or, if the Board sees fit, by advertisement in the appropriate newspapers in accordance with the requirements of the Designated Stock Exchange, and, in the case of documents, by posting up a notice conspicuously at the Registered Office and the Head Office addressed to such Shareholder which notice shall state the address at which he served in the manner so described which shall be sufficient service as regards Shareholders with no registered or incorrect addresses, provided that nothing in this paragraph (b) shall be construed as requiring the Company to serve any notice or document on any Shareholder with no or an incorrect registered address for the service of notice or document on him or on any Shareholder other than the first named on the register of members of the Company. |
| (b) | If on three (3) consecutive occasions notices or other documents have been sent through the post to any Shareholder (or, in the case of joint holders of a share, the first holder named on the register) at his registered address but have been returned undelivered, such Shareholder (and, in the case of joint holders of a Share, all other joint holders of the share) shall not thereafter be entitled to receive or be served (save as the Board may elect otherwise pursuant to paragraph (a) of this Article) and shall be deemed to have waived the service of notices and other documents from the Company until he shall have communicated with the Company and supplied in writing a new registered address for the service of notices on him. |

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| 168 | Any notice or other document, if sent by mail, postage prepaid, shall be deemed to have been served or delivered on the day following that on which the letter, envelope, or wrapper containing the same is put into the post. In proving such service it shall be sufficient to prove that the letter, envelope or wrapper containing the notice or document was properly addressed and put into the post as prepaid mail. Any notice or document not sent by post but left by the Company at a registered address shall be deemed to have been served or delivered on the day it was so left. Any notice or document, if sent by electronic means (including through any relevant system), shall be deemed to have been given on the day following that on which the electronic communication was sent by or on behalf of the Company. Any notice or document served or delivered by the Company by any other means authorised in writing by the Shareholder concerned shall be deemed to have been served when the Company has carried out the action it has been authorised to take for that purpose. Any notice or other document published by way of advertisement or on a website shall be deemed to have been served or delivered on the day it was so published. | When notice deemed to be served |
| 169 | A notice or document may be given by the Company to the person entitled to a Share in consequence of the death, mental disorder, bankruptcy or liquidation of a Shareholder by sending it through the post in a prepaid envelope or wrapper addressed to him by name, or by the title of representative of the deceased, the trustee of the bankrupt or the liquidator of the Shareholder, or by any like description, at the address, if any, supplied for the purpose by the person claiming to be so entitled, or (until such an address has been so supplied) by giving the notice or document in any manner in which the same might have been given if the death, metal disorder, bankruptcy or winding up had not occurred. | Service of notice to persons entitled on death, mental disorder or bankruptcy |
| 170 | Any person who by operation of law, transfer or other means whatsoever shall become entitled to any Share shall be bound by every notice in respect of such share which prior to his name and address being entered on the register shall have been duly served to the person from whom he derives his title to such share. | Transferee to be bound by prior notices |
| 171 | Any notice or document delivered or sent by post to, or left at the registered address of any Shareholder in pursuance of these Articles, shall notwithstanding that such Shareholder be then deceased, bankrupt or wound up and whether or not the Company has notice of his death, bankruptcy or winding up, be deemed to have duly served in respect of any registered Shares whether held solely or jointly with other persons by such Shareholder until some other person be registered in his stead as the holder or joint holder thereof, and such service shall for all purposes of these Articles be deemed a sufficient service of such notice or document on his personal representatives and all persons (if any) jointly interested with him in any such Shares. | Notice valid though shareholder deceased, bankrupt |
| 172 | The signature to any notice or document to be given by the Company may be written or printed. | How notice to be signed |
| **Information** | **Information** | **Information** |
| 173 | No Shareholder (not being a Director) 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, mystery of trade or secret process which may relate to the conduct of the business of the Company which in the opinion of the Board will be inexpedient in the interests of the Shareholders of the Company to communicate to the public. | Shareholders not entitled to information |
| **Winding Up** | **Winding Up** | **Winding Up** |
| 174 | Subject to the Companies Act, a resolution that the Company be wound up by the Court or be wound up voluntarily shall be passed by way of a Special Resolution. The Board shall have power in the name and on behalf of the Company to present a petition to the Court for the Company to be wound up. | Modes of winding up |

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| 175.0 | If the Company shall be wound up, the surplus assets remaining after payment to all creditors shall be divided among the Shareholders in proportion to the capital paid up on the Shares held by them respectively, and if such surplus assets shall be insufficient to repay the whole of the paid up capital, they shall be distributed, subject to the rights of any Shares which may be issued on special terms and conditions, so that, as nearly as may be, the losses shall be borne by the Shareholders in proportion to the capital paid on the Shares held by them respectively. This Article is without prejudice to the rights of the holders of Shares issued upon special terms and conditions. | Distribution of assets in winding up |
| 176.0 | If the Company shall be wound up (in whatever manner) the liquidator may, with the sanction of a Special Resolution and any other sanction required by the Companies Act, divide among the Shareholders in specie or kind the whole or any part of the assets of the Company whether the assets shall consist of property of one kind or shall consist of properties of different kinds and the liquidator may, for such purpose, set such value as he deems fair upon any one or more class or classes of property to be divided as aforesaid and may determine how such division shall be carried out as between the Shareholders or different classes of Shareholders and the Shareholders within each class. The liquidator may, with the like sanction, vest any part of the assets in trustees upon such trusts for the benefit of Shareholders as the liquidator, with the like sanction, shall think fit, but so that no Shareholder shall be compelled to accept any Shares or other assets upon which there is a liability. | Assets may be distributed in specie |

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**Indemnity**

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| 177 | The Directors, alternate Directors, Secretary and other officers for the time being of the Company and the trustees (if any) for the time being acting in relation to any of the affairs of the Company, and their respective executors or administrators, shall be indemnified and secured harmless out of the assets of the Company from and against all actions, costs, charges, losses, damages and expenses which they or any of them, their or any of their executors or administrators, shall or may incur or sustain by reason of any act done, concurred in or omitted in or about the execution of their duty or supposed duty in their respective offices or trusts, except such (if any) as they shall incur or sustain through their own dishonesty, wilful default or fraud, and none of them shall be answerable for the acts, receipts, neglects or defaults of any other of them, or for joining in any receipt for the sake of conformity, or for any bankers or other persons with whom any moneys or effects of the Company shall be lodged or deposited for safe custody, or for the insufficiency or deficiency of any security upon which any moneys of the Company shall be placed out or invested, or for any other loss, misfortune or damage which may arise in the execution of their respective offices or trusts, or in relation thereto, except as the same shall happen by or through their own dishonesty, wilful default or fraud. The Company may take out and pay the premium and other moneys for the maintenance of insurance, bonds and other instruments for the benefit either of the Company or the Directors (and/or other officers) or any of them to indemnify the Company and/or Directors (and/or other officers) named therein for this purpose against any loss, damage, liability and claim which they may suffer or sustain in connection with any breach by the Directors (and/or other officers) or any of them of their duties to the Company. | Indemnity |

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| **Untraceable Shareholders** | **Untraceable Shareholders** | **Untraceable Shareholders** |
| 178 | The Company may exercise the power to cease sending cheques for Dividend entitlements or Dividend warrants by post if such cheques or warrants remain uncashed on two (2) consecutive occasions or after the first occasion on which such a cheque or warrant is returned undelivered. | Company ceases sending dividend warrants etc. |
| 179 (a) | The Company shall have the power to sell, in such manner as the Board thinks fit, any Shares of a Shareholder who is untraceable, but no such sale shall be made unless: | Company may sell shares of untraceable shareholders |
| (i) | during the period of twelve (12) years prior to the date of the advertisements referred to in sub-paragraph (ii) below (or, if published more than once, the first thereof) at least three (3) Dividends or other distributions in respect of the Shares in question have become payable or been made and no Dividend or other distribution in respect of the Shares during that period has been claimed; |  |
| (ii) | the Company has caused an advertisement to be inserted in newspapers of its intention to sell such Shares and a period of three (3) months has elapsed since the date of such advertisement (or, if published more than once, the first thereof); and |  |
| (iii) | the Company has not at any time during the said periods of twelve (12) years and three (3) months received any indication of the existence of the holder of such Shares or of a person entitled to such Shares by death, bankruptcy or operation of law. |  |
| (b) | To give effect to any such sale the Board may authorise any person to transfer the said Shares and the instrument of transfer signed or otherwise executed by or on behalf of such person shall be as effective as if it had been executed by the registered holder or the person entitled by transmission to such Shares, and the purchaser shall not be bound to see to the application of the purchase money nor shall his title to the Shares be affected by any irregularity or invalidity in the proceedings relating to the sale. The net proceeds of the sale will belong to the Company and upon receipt by the Company of such proceeds it shall become indebted to the former Shareholder for an amount equal to such net proceeds. Notwithstanding any entries made by the Company in any of its books or otherwise howsoever, no trusts shall be created in respect of such debt and no interest shall be payable in respect of it and the Company shall not be required to account for any money earned from the net proceeds which may be employed in the business of the Company or as it thinks fit. Any sale under this Article shall be valid and effective notwithstanding that the Shareholder holding the Shares sold is dead, bankrupt, wound up or otherwise under any legal disability or incapacity. |  |

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| **Destruction of Documents** | **Destruction of Documents** | **Destruction of Documents** |
| 180 | The Company may destroy: | Destruction of documents |
| (a) | any share certificate which has been cancelled at any time after the expiry of one year from the date of such cancellation; |  |
| (b) | any dividend mandate or any variation or cancellation thereof or any notification of change of name or address at any time after the expiry of two (2) years from the date on which such mandate, variation, cancellation or notification was recorded by the Company; |  |
| (c) | any instrument of transfer of Shares which has been registered at any time after the expiry of six (6) years from the date of registration; |  |
| (d) | any other document, on the basis of which any entry in the Register is made, at any time after the expiry of six (6) years from the date on which an entry in the Register was first made in respect of it; |  |
|  | and it shall conclusively be presumed in favour of the Company that every Share certificate so destroyed was a valid certificate duly and properly cancelled and that every instrument of transfer so destroyed was a valid and effective instrument duly and properly registered and that every other document destroyed hereunder was a valid and effective document in accordance with the recorded particulars thereof in the books or records of the Company provided always that: |  |
| (i) | the foregoing provisions of this Article shall apply only to the destruction of a document in good faith and without express notice to the Company that the preservation of such document was relevant to a claim; |  |
| (ii) | nothing contained in this Article shall be construed as imposing upon the Company any liability in respect of the destruction of any such document earlier than as aforesaid or in any case where the conditions of proviso (i) above are not fulfilled; and |  |
| (iii) | references in this Article to the destruction of any document include reference to its disposal in any manner. |  |

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## Exhibit 4.1

**Exhibit 4.1**

![](ex4-1_001.jpg)

## Exhibit 5.1

**Exhibit 5.1**

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|:---|:---|
| **Aigo Holding Limited**<br> P.O. Box 31119<br> Grand Pavilion<br> Hibiscus Way<br> 802 West Bay Road<br> Grand Cayman KY1-1205<br> Cayman Islands<br>**Attn:** The Board of Directors | **Email** kchan@applebyglobal.com<br>**Direct Dial** +852 2905 5722<br> **Tel** +852 2523 8123<br>**Appleby Ref** 466211.0001 <br>21 August 2025 |
| Dear Sirs |  |

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|:---|:---|
| Suites 3505-06<br> 35/F, Two Taikoo Place<br> 979 King's Road<br> Quarry Bay<br> Hong Kong<br>Tel +852 2523 8123<br>applebyglobal.com<br>**Managing**<br> **PartnerManaging Partner**<br> **David Bulley**<br>**Partners**<br>**Fiona Chan**<br> **Vincent Chan**<br> **Chris Cheng**<br> **Richard Grasby**<br> **Eason Huang**<br> **Judy Lee**<br> **John McCarroll SC**<br> **Lily Miao**<br> **Lorinda Peasland**<br> **Eliot Simpson** | **Aigo Holding Limited (Company)**<br>We act as counsel as to Cayman Islands law to the Company, and this legal opinion as to Cayman Islands law is addressed to you in connection with the Company's filing of a registration statement on Form F-1, including all amendments or supplements thereto (the **Registration Statement**, which term does not include any other document or agreement whether or not specifically referred to therein or attached as an exhibit or schedule thereto) with the U.S. Securities and Exchange Commission (the **Commission**) relating to:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the initial public offering (the **Offering**) of 2,000,000 ordinary shares (the **Offer Shares**) of a par value of US$0.00025 each of the Company (the **Shares**); and<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an option granted to the underwriters of the Offering to purchase up to an additional aggregate of 300,000 Shares (the **Over-allotment Shares**), which is exercisable for up to 30 days from the effective date of the Registration Statement (the **Over-allotment Option**).<br>The Offer Shares issued under the Registration Statement and the Over-allotment Shares are referred to herein collectively as the **Offering Shares**.<br>We are furnishing this opinion as Exhibits 5.1, 8.1 and 23.2 to the Registration Statement. |

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<br> Bermuda ■ British Virgin Islands ■ Cayman Islands ■ Guernsey ■ Hong Kong ■ Isle of Man ■ Jersey ■ Mauritius ■ Seychelles ■ Shanghai

**OUR REVIEW**

For the purposes of giving this opinion we have examined and relied upon the Documents and the documents listed in Schedule 1 (**Documents**). We have not examined any other documents, even if they are referred to in the Documents.

We have not made any other enquiries concerning the Company and in particular we have not investigated or verified any matter of fact or opinion (whether set out in any of the Documents or elsewhere) other than as expressly stated in this opinion.

Unless otherwise defined herein, capitalized terms have the meanings assigned to them in Schedule 1.

**LIMITATIONS**

Our opinion is limited to, and should be construed in accordance with, the laws of the Cayman Islands at the date of this opinion. We express no opinion on the laws of any other jurisdiction.

This opinion is limited to the matters stated in it and does not extend, and is not to be extended by implication, to any other matters.

**ASSUMPTIONS AND RESERVATIONS**

We give the following opinions on the basis of the assumptions set out in Schedule 2 (**Assumptions**), which we have not verified, and subject to the reservations set out in Schedule 3 (**Reservations**).

**OPINIONS**

1. **Incorporation and Status**: The Company is an exempted company incorporated with limited liability
and existing under the laws of the Cayman Islands and is a separate legal entity. The Company is in good standing with the Registrar of
Companies of the Cayman Islands.

2 <br> Bermuda ■ British Virgin Islands ■ Cayman Islands ■ Guernsey ■ Hong Kong ■ Isle of Man ■ Jersey ■ Mauritius ■ Seychelles ■ Shanghai

2. **Authorized Share Capital**: Base solely on our review of the Constitutional Documents and the Certificate
of Incumbency, as of 29 July 2025, the authorized share capital of the Company is US$50,000 divided into 200,000,000 shares of par value
of US$0.00025 each.

3. **Authorization**: The Company has taken all necessary corporate action to authorize the issuance of
the Offering Shares under the Registration Statement.

4. **Issue of Shares**: The Offer Shares to be allotted and issued by the Company have been duly authorized,
and when fully paid, allotted and issued by the Company in the manner set out in the Registration Statement and in accordance with the
Resolutions, will be validly issued, fully paid and non-assessable. The reference in this opinion to Shares being non-assessable shall
mean solely that no further sums of money are required to be paid by the holders of such Shares in connection with the issuance thereof.

5. **Disclosure in offering documents**: The statements under the headings "Risk Factors",
"Enforcement of Civil Liabilities", and "Taxation" in the prospectus forming part of the Registration Statement,
insofar as such statements constitute statements of Cayman Islands law and only to the extent governed by the laws of the Cayman Islands,
are accurate in all material respects. The statements under the heading "Taxation — Cayman Islands Taxation" in the
Registration Statement constitute our opinion.

6. **Withholding Taxes**: The Company is not required under
 Cayman Islands law to make any deduction or withholding for or on account of any tax from any payment to be made in respect of the
 under the Offering and the Over-allotment Option.

**CONSENT**

We hereby consent to the filing of this opinion as an exhibit to the Registration Statement and to the reference to our firm under the heading "Enforcement of Civil Liabilities" and "Legal Matters" in the prospectus included in the Registration Statement. In providing our consent, we do not thereby admit that we are in the category of persons whose consent is required under Section 7 of the Securities the Securities Act of 1933 of the United States of America (as amended) or the Rules and Regulations of the Commission thereunder.

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|:---|
| Yours faithfully |
| /s/ Appleby |
| **Appleby** |

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3 <br> Bermuda ■ British Virgin Islands ■ Cayman Islands ■ Guernsey ■ Hong Kong ■ Isle of Man ■ Jersey ■ Mauritius ■ Seychelles ■ Shanghai

**Schedule 1**

**Documents Examined**

1. A scanned copy of the certificate of incorporation of the Company dated 28 February 2024 (**Certificate of Incorporation**).

2. Scanned copies of (i) the memorandum of association and articles of association of the Company adopted
on 28 February 2024, (ii) the amended and restated memorandum of association and articles of association of the Company adopted on
30 April 2024, and (iii) the amended and restated memorandum of association and
articles of association of the Company adopted on 6 March 2025 (the **Constitutional Documents**).

3. A scanned copy of the certificate of good standing dated 28 July 2025 issued by the Registrar of Companies
in respect of the Company (**Certificate of Good Standing**).

4. A scanned copy of the certificate of incumbency dated 29 July 2025 issued by the Company's registered
office provider in respect of the Company (**Certificate of Incumbency**).

5. A
scanned copy of (i) the written resolutions by all the directors of the Company dated 15 August 2025 and (ii) the written resolutions
of all the shareholders of the Company dated 15 August 2025 (together the **Resolutions**).

6. A scanned copy of the register of members of the Company as of 15 August 2025 (**Register of Members**).

7. A scanned copy of the register of directors and officers of the Company as of 15 August 2025 (**Register of Directors and Officers**), (together with item 6 above, the **Registers**).

8. A copy of the latest draft Registration Statement.

4 <br> Bermuda ■ British Virgin Islands ■ Cayman Islands ■ Guernsey ■ Hong Kong ■ Isle of Man ■ Jersey ■ Mauritius ■ Seychelles ■ Shanghai

**Schedule 2** 

**Assumptions**

We have assumed:

1. (i) that the originals of all documents examined in connection with this opinion are authentic, accurate
and complete; and (ii) the authenticity, accuracy, completeness and conformity to original documents of all documents submitted to us
as copies;

2. that there has been no change to the information contained in the Certificate of Incorporation, the Certificate
of Incumbency or the Registers and that the Constitutional Documents remain in full force and effect and are unamended;

3. that the signatures, initials and seals on all documents and certificates submitted to us as originals
or copies of executed originals are authentic;

4. that where incomplete documents, drafts or signature pages only have been supplied to us for the purposes
of issuing this opinion, the original documents have been duly completed and correspond in all material respects with the last version
of the relevant documents examined by us prior to giving our opinion;

5. that none of the Company's directors or its registered office has received any notice of any litigation
or threatened litigation to which the Company is or may be party;

6. that the Company has not (i) received notice of any stop notice under Order 50 of the Grand Court Rules
in respect of any of its shares or (ii) received notice of any restrictions notice under the Beneficial Ownership Transparency Act (as
amended) of the Cayman Islands in respect of any of its shares, which restrictions notice has not been withdrawn by the registered office
or ceased by court order;

7. that (i) any meetings at which the Resolutions were passed were duly convened and had a duly constituted
quorum present and voting throughout and any Resolutions passed in writing were adopted in accordance with the law and the Constitutional
Documents, (ii) all interests of the directors of the Company on the subject matter of the Resolutions, if any, were declared and disclosed
in accordance with the law and Constitutional Documents, (iii) the Resolutions have not been revoked, amended or superseded, in whole
or in part, and remain in full force and effect at the date of this opinion, and (iv) the directors of the Company have concluded that
the transactions approved by the Resolutions are *bona fide* in the best interests of the Company and for a proper purpose
of the Company;

8. that (i) the Certificate of Incumbency and the Register of Directors and Officers accurately reflects
the names of all directors and officers of the Company, and (ii) the Certificate of Incumbency and the Register of Members accurately
reflects the names of all members of the Company, as at the dates the Resolutions were passed or adopted and as at the date of this opinion;
and

9. that there are no records of the Company, agreements, documents or arrangements other than the Constitutional
Documents, the Resolutions and the documents expressly referred to herein as having been examined by us which materially affect, amend
or vary the transactions contemplated in the Documents or restrict the powers and authority of the directors of the Company in any way
which would affect opinions expressed herein.

5 <br> Bermuda ■ British Virgin Islands ■ Cayman Islands ■ Guernsey ■ Hong Kong ■ Isle of Man ■ Jersey ■ Mauritius ■ Seychelles ■ Shanghai

**Schedule 3**

**Reservations**

Our opinion is subject to the following:

1. **Currency of Court Judgments**: The Cayman Islands Grand Court Rules 1995 expressly contemplate that
judgments may be granted by the Grand Court of the Cayman Islands in currencies other than Cayman Islands dollars or United States dollars.
Such Rules provide for various specific rates of interest payable upon judgment debts according to the currency of the judgment.

2. **Conversion of Debts**: In the event the Company is placed into liquidation, the Cayman Islands court
is likely to require that all debts are converted (at the official exchange rate at the date of conversion) into and paid in a common
currency which is likely to be Cayman Islands dollars or United States dollars.

3. **Summary Court Register**: We have not examined the register of the summary court of the Cayman Islands
on the basis that claims in such court are limited to a maximum of approximately USD24,000.

4. **Preferences**: Every conveyance or transfer of property, or charge thereon, and every payment obligation
and judicial proceeding, made, incurred, taken or suffered by a company at a time when that company was unable to pay its debts within
the meaning of section 93 of the Companies Act, and made or granted in favour of a creditor with a view to giving that creditor a preference
over the other creditors of the Company, would be voidable upon the application of the Company's liquidator pursuant to section
145(1) of the Companies Act, if made, incurred, taken or suffered within the six months preceding the commencement of a liquidation of
the Company. Such actions will be deemed to have been made with a view to giving such creditor a preference if it is a "related
party" of the Company. A creditor shall be treated as a related party if it has the ability to control a company
or exercise significant influence over a company in making financial and operating decisions.

5. **Undervalues**: Any disposition of property made at an undervalue by or on behalf of a company and
with an intent to defraud its creditors (which means an intention to wilfully defeat an obligation owed to a creditor), shall be voidable
(i) under section 146 of the Companies Act at the instance of the company's official liquidator, and (ii) under the Fraudulent Dispositions
Act, at the instance of a creditor thereby prejudiced.

6. **Defrauding Creditors**: If any business of a company has been carried on with intent to defraud creditors
of the company or creditors of any other person or for any fraudulent purpose, the Cayman Islands court may declare that any persons who
were knowingly parties to the carrying on of the business of the company in such manner are liable to make such contributions, if any,
to the company's assets as the court thinks proper.

7. **Good Standing**: Our opinion as to good standing is based solely upon receipt of the Certificate
of Good Standing issued by the Registrar of Companies. The Company shall be deemed to be in good standing under section 200A of the Companies
Act on the date of issue of the certificate if all fees and penalties under the Companies Act have been paid and the Registrar of Companies
has no knowledge that the Company is in default under the Companies Act.

8. **Corporate Documents**: The Registry of Companies in the Cayman Islands is not public in the sense
that copies of the Constitutional Documents and information on shareholders is not publicly available and information on directors is
limited. We have therefore obtained scanned copies of the corporate documents specified in Schedule 1 and relied exclusively on such scanned
copies for the verification of such corporate information.

9. **Issue of Shares:** Based on the decision in the English case of *Houldsworth v City of Glasgow Bank* (1880) 5 App Cas 317 HL, in the event of a misrepresentation by a Company on which a shareholder relied in agreeing to subscribe
for shares in such Company, the shareholder may be entitled to rescind the share subscription agreement
and thereafter claim damages against such Company for any additional loss suffered as a result of the misrepresentation. Such a claim
for damages will not arise unless and until the shareholder has successfully rescinded the share subscription agreement. A shareholder
may be barred from rescinding on the grounds of delay or affirmation and if such Company is wound up (whether voluntarily or compulsorily),
such shareholder will lose the right to rescind the share subscription agreement.

6 <br> Bermuda ■ British Virgin Islands ■ Cayman Islands ■ Guernsey ■ Hong Kong ■ Isle of Man ■ Jersey ■ Mauritius ■ Seychelles ■ Shanghai

## Exhibit 10.1

**Exhibit 10.1**

**Labor Contract**

No.:________________________

July 07, 2021

Page 1/13

According to the Labor Law of the People's Republic of China, the Labor Contract Law of the People's Republic of China, other relevant laws and related rules of the province, and combined with the actual situation of the industry, Party A and Party B voluntarily agree as follows upon equal negotiation, and jointly abide by the terms set out hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I. Party A: (hereinafter referred to as "Party A")**

Name of the Employer: <u>Fuzhou Aigostar Optoelectronic Technology Co., Ltd</u> 

Address: <u>F/4, Building 26, Juyuanzhou Park, Jinshan Industrial Park, Cangshan District, Fuzhou</u>

Legal Representative: <u>Lin Bifang</u> 

Contact Information:<u>[ ]</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II. Party B: (hereinafter referred to as "Party B")**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: <u>Lin Fufei</u> | Sex: <u>Male</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ID Card No.: <u>[ ]</u> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Address on the Identity Card: [ ] |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current Residential Address: [ ] |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contact Information: [ ] | Email: [ ] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WeChat Account: [ ] |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III. Term of Labor Contract**

Party A and Party B agree to determine the term of this Contract as follows (check the appropriate box with "√" according to the type of the contract signed)

- Fixed term, calculated from ____________ (date) to ____________ (date). Where, the probationary period shall extend from ____________ (date) to ____________ (date). If Party B fails to satisfy the employment conditions of Party A during the probationary period, Party A shall be entitled to terminate this Contract during the probationary period without paying any economic compensation. Should Party B propose terminating the labor contract during the probationary period, Party B shall notify Party A three days in advance and go through the relevant handover procedures as required by Party A.

🗹Enter into an open-term labor contract, which shall take effect from <u>July 7, 2021</u> and remain valid until the appearance of a statutory condition for termination.

Page 2/13

☐ Remain valid till the fulfillment of certain tasks. Specifically, the Contract shall enter into force from ____________ (date) expire upon the fulfillment of the tasks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Party B will be employed when satisfying the following conditions during the probationary period:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Pass the evaluation during the probationary period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Satisfy the employment conditions specified in the Notice of Employment Conditions, Job Descriptions and other texts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Other conditions agreed by both parties or specified under Party A's rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. During the probationary period, no matter whether Party B satisfies the above requirements, as long as one of the following circumstances occurs, Party A has the right to deem Party B as not meeting the employment conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Conceal medical records or suffering from mental illness or other diseases (including new diseases and onset of existing diseases);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Conceal that the labor relationship that still exists with any other employer or fail to terminate such labor relationship;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Fail to complete the work, achieve the work objectives or pass the performance appraisal during the probationary period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Commit any acts in violation of Party A's rules;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Be unable to attend work normally for more than 3 days because of any reasons other than work-related injuries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) During the probationary period, ask for leave for more than 3 consecutive days or more than 7 days cumulatively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Be absent for 2 days during the probationary period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Conflict with a third party (including corporate leaders and colleagues), imposing adverse effects on the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) Refuse to complete the work assigned by the supervisor (clearly expressing refusal to handle or giving no reply).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Based on Party B's performance during the probationary period, Party A has the right to end the probationary period ahead of its expiry and formally employ Party B. Party B shall file a written application for early regularization in accordance with Party A's rules and subject to Party A's written approval.

Page 3/13

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IV. Jobs and Workplace**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. According to Party A's requirements and work needs, upon negotiation, Party B will serve as <u>Chief Executive Officer</u>. See the "Job Description" for details. Party B agrees to carry out all jobs in that post on time with both quality and quantity guaranteed, and shall fulfill other tasks assigned by the Company or the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Party A may adjust Party B's position according to its work needs and Party B's competence for work and performance. When Party B is under a circumstance of awaiting job assignment as specified in Party A's rules, Party A may also arrange for Party B to wait for job assignment or undergo training, and Party B is willing to follow Party A's management and arrangement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Party B shall fulfill all the tasks undertaken in his position. Party A may adjust Party B's position, jobs and workplace for the purpose of its production, operation and work, and based on Party B's physical condition, competence for work and performance, etc. Party A has the right to determine the salary for Party B according to Party B's new position, and change the salary with the position.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The jobs that Party A arranges Party B to perform and the job requirements shall comply with the labor standards under national laws and regulations, as well as the rules formulated and made public by Party A in accordance with law. Party B shall perform the labor obligations according to the jobs arranged by Party A and the requirements of Party A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. If Party B is incompetent for work after a position adjustment, Party A has the right to terminate the labor contract with Party B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Party B's workplace is <u>/</u> . Party A has the right to adjust Party B's workplace or arrange Party B's business travel to a designated place according to the business needs. Party B shall follow Party A's workplace arrangement, rush to the project site on time, and carry out the work on schedule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**V. Working Hours, Rest, and Holidays**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Party A shall implement the working hours system specified by the state, may specify and adjust the specific working hours of Party B according to the needs of different jobs and relevant regulations. Party B shall obey Party A's rules on working hours.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Based on the natures of jobs, Party A and Party B agree to determine the working hour system implemented for Party B as follows.

Implement a standard working hours system: work for five days per week, eight hours per day.

Specific working hours: 09:00-12:30 (a.m.); 14:00-18:30 (p.m.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Party B shall be entitled to holidays and benefits according to Party A 's internal rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In view of the particularity of its industry, Party A may adjust Party B's working hours, shifts and rest days according to its work needs, and Party B is willing to follow Party A's arrangement.

Page 4/13

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Party A may arrange for Party B to work overtime or extend Party B's working hours according to law if necessary for work. If Party B is required by Party A to work overtime due to work needs or Party B thinks that it is necessary to work over time because of work needs, Party B shall explain the reason for and duration of overtime work. Party B may work over time only if his application for overtime work has been approved by Party A. Overtime hours are based on the actual time worked. If Party B fails to perform the prescribed examination and approval procedures and stays in Party A's office without the approval of Party A or the relevant person in charge, Party B will not be deemed to work over time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Party A shall grant Party B public holidays, annual leave, marriage leave, funeral leave, maternity leave and other holidays according to rules, and pay the wage according to the wage standard agreed hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. For the aforementioned holiday entitlement, application procedure and the applicable practices for sick and personal leave, Party A's Employee Handbook and rules shall prevail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. If Party B is late for work, leaves early or is absent from work during his employment, Party A will discipline Party B for his violation in accordance with the relevant rules, in addition to withholding the wages dependent upon the specific time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VI. Labor Remuneration**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. As agreed between both parties upon negotiation, Party A undertakes that the <u>10</u><sup>th</sup> day of each month shall be the payday, and the payment may be postponed if the payday happens to be a weekend or holiday. Party B is obliged to keep the information about wages confidential. If Party B disputes the wage, bonus or benefits of a certain month, he shall file an objection with Party A in writing within 3 days from the payday. Otherwise, it will be deemed that the salary, bonus and benefits of that month are not disputed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. As agreed between Party A and Party B upon negotiation, Party B's wage and remuneration shall be determined in accordance with the internal wage distribution method specified in the rules formulated by Party A in accordance with law, and Party B shall be paid by his position and performance. Party B's wage and remuneration shall be determined as specified below in Paragraph <u>A</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Party B's wage and remuneration shall be determined according to the internal wage distribution method specified under the rules formulated by Party A according to law and to Party B's position. Party B's monthly base pay shall be (RMB) [____] [ (IN WORDS) ____ CHINESE YUAN] (before tax). During the probationary period, Party B's base pay shall be RMB ___/___ [ (IN WORDS) ___/___ CHINESE YUAN] (before tax).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Party A adopts an internal wage distribution method for combination of the base pay and performance pay. The base pay of Party B is determined as RMB_________ [ (IN WORDS) __________ CHINESE YUAN ONLY] (before tax), and during the probationary period, Party B's base pay shall be RMB ______ [ (IN WORDS) ______ CHINESE YUAN] (before tax). The performance pay shall be determined upon evaluation as per the internal distribution method based on Party B's performance, labor outcomes and actual contributions.

Page 5/13

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Party A implements the piecework wage system, and the labor quota for Party B is determined as should be completed by more than 90% of the workers in the same post of Party A within the legal working hours. Party B shall complete Party A's quota in good quality within the legal working hours, and Party A will pay wages to Party B in full and on time according to the agreed quota, piece rage and Party B's performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. If Party A arranges for Party B to extend the working hours, it shall pay Party B overtime pay in accordance with the standards under Article 44 of the Labor Law. Both parties agree that the overtime pay shall be calculated based on RMB [____]/month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Company will confirm Party B's wage according to the evaluation results, and the bonus will depend on Party B's attendance, work performance and the Company's economic benefits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The wages paid by Party A to Party B are pre-tax, and Party B's individual income tax shall be withheld by Party A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. If Party B's position changes during the term of the Contract, his salary adjustment shall be determined according to the corporate remuneration management plan. Party A will assess Party B twice a year according to job responsibilities, determine and adjust Party B's wage according to Party A's profit, labor market supply and demand, comprehensive price index and Party B's work performance. For specific measures, see Party A's relevant remuneration rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VII. Social Insurance and Benefits**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Party A and Party B shall maintain social insurances in accordance with relevant national and local regulations, and pay pension insurance, unemployment insurance, medical insurance, work-related injury insurance and maternity insurance on time. The personal contribution to be paid by Party B according to law shall be withheld by Party A from Party B's wage and remuneration for payment. If Party B fails to provide all the necessary information for maintaining the social insurance within the time limit specified by Party A, Party A will not be responsible for any delay in applying for the social insurances. Party B accepts and raises no objection to the base of the social insurances paid by Party A for Party B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Party B's public holidays, wedding and funeral leave, pregnancy and maternity benefits for female workers, and economic compensation available upon rescission and termination of the labor contract shall comply with the relevant laws, regulations, policies, as well as the rules formulated by Party A according to law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The benefits that Party B shall enjoy for occupational diseases or work-related injuries and deaths arising from work or illness comply with the relevant laws, regulations and policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The benefits available to Party B during the hospitalization for illness and the period of medical treatment for work-related injuries shall be subject to the relevant provisions of national policies.

Page 6/13

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VIII. Labor Protection, Working Conditions and Prevention of Occupational Hazards**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Party A shall provide Party B with labor protection facilities and working conditions in accordance with the relevant regulations of the state and local governments to ensure Party B's safety and health at work. Both parties must strictly comply with national regulations on working hours, work safety, labor protection and occupational health, etc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Party A shall provide Party B with personal protective equipment and other necessary measures for preventing occupational hazards in compliance with the regulations. Party B shall strictly abide by all safety operating procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IX. Labor Disciplines and Rules**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Party A shall formulate labor discipline and rules according to the relevant national laws and regulations. Party B is willing to strictly abide by the national laws/regulations, social ethics, and all rules of Party A, including but not limited to job responsibilities, remuneration management mechanism, welfare management system, attendance management regulations, business travel management regulations, office management regulations, confidentiality agreements, other regulations and requirements set forth in the labor management system.

When signing this Contract, Party B shall be deemed to be familiar with Party A's labor disciplines and rules and be willing to abide by them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Party B undertakes to strictly abide by Party A's confidentiality system and never disclose Party A's operating conditions or businesses to a third party, or copy or lend business files, business vouchers or other materials to a third party. Otherwise, Party B shall be obliged to indemnify Party A for any economic losses caused thereby to Party A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. During the term of the Contract, Party A may specify new rules or revise the original rules according to relevant national regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. If the clauses hereof conflict with the new national regulations or Party A's new rules , Party B agrees to obey the new ones.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Party A may reward or punish Party B for abiding by or violating the labor disciplines or rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. During the term of the Contract, Party B must safeguard Party A's interests and reputation, take good care of Party A's property, safeguard Party A's interests, do jobs actively, and strive to perform different jobs and sales tasks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. When signing this Contract, Party A and Party B confirm that Party B shall wholeheartedly render labor services to Party A. If Party B violates this principle and engages in a second occupation outside without Party A's permission, however the method of work or whether Party B obtains relevant remuneration, both parties believe that this behavior will have a serious impact on the completion of Party A's tasks and constitute a material violation of Party A's rules. In this case, Party A has the right to terminate the labor contract with Party B according to the relevant provisions of the Labor Contract Law without paying any economic compensation. Meanwhile, Party A will reserve the right to investigate Party B's legal responsibility according to the losses caused by Party B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. When applying to Party A for a job, if Party B provides false certificates or commits fraud, coercion or taking advantage of others' difficulties to defraud Party A of employment, including but not limited to those circumstances listed below: The resignation, identity, academic and physical examination certificates are false or falsified; Party B has suffered from mental illness, infectious diseases or any other disease that seriously affects work before applying for the job, but fails to declare it when applying for the job; before applying for the job, Party B has received serious punishments from other employers, including demerits, probation, dismissal and removal, or has committed misdeeds such as drug abuse and failed to declare it when applying for the job. Once verified true, such circumstances shall constitute material violations of Party A's rules, and Party B agrees that Party A shall immediately terminate this Contract without paying any economic compensation according to the relevant provisions of the Labor Contract Law, and Party B shall also indemnify Party A for all the economic losses caused thereby.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**X. Modification of the Labor Contract**

Party A and Party B may modify the labor contract upon negotiation. Any modification of the labor contract shall be recorded in writing, and the date of modification shall be indicated. Such modification shall take effect once signed or stamped by both parties. For modification of the labor contract, an Amendment to the Labor Contract may be concluded, or the parties may negotiate about entering into a separate agreement in respect of the modification. Attached to the labor contract as an annex, such separate agreement shall be equally binding as the labor contract. Those parts of the labor contract not modified shall be further performed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**XI. Rescission of the Labor Contract**

**XI. Rescission of the Labor Contract**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. This Contract may be rescinded as negotiated by both parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Under any one of the following circumstances of Party B, Party A may unilaterally terminate the labor contract without paying any economic compensation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Party B is proved incompetent for employment during the probationary period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Party B seriously violates Party A's labor disciplines and rules;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Party B is involved in gross neglect of duty, engages in malpractices for personal gain, or takes advantage of his position for personal gain, which affects and causes losses image and interests of Party A. For details, see the labor disciplines and rules;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Party B establishes labor relationship with other employers concurrently;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The labor contract becomes invalid due to the circumstances stipulated under laws, labor contract or Party A's rules;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Party B is subject to administrative or criminal punishment for stealing of Party A's belongings or involvement in drug abuse or gambling;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Party B establishes labor relations with Party A by fraudulent means;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Party B concurrently holds a second job or engages in business activities for personal gain;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) Party B engages in self-operation, business operations, or investments in enterprises or business activities competing with Party A or related to Party A;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) Party B has a business relationship with an individual or organization with competitive or business relationships with Party A;

Page 8/13

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) Party B seeks to gain personal benefits by utilizing Party A's clients or business channels, expressing intentions to engage in transactions for personal gain, engaging in transactions for personal gain, or achieving such results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) Party B hires someone to work for him;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) Party B is investigated for criminal responsibilities according to law for committing a murder, fighting or hurting others by violence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Under any of the following circumstances, Party A may rescind this Contract by notifying Party B in writing thirty (30) days in advance:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Party B is sick or injured for a non-work-related reason and can neither resume his original position after the expiry of the prescribed time period for medical treatment, nor can he assume any other position arranged by Party A;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Party B is incompetent for his position or is still so after training or position adjustment or refuses to accept the position adjustment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The objective circumstances on which the labor contract was based have undergone significant changes, resulting in the inability to perform the labor contract. Even after consultation between Party A and Party B, they have not been able to reach an agreement on modifying the labor contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The labor contract may be terminated under any of the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The labor contract expires;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Party B begins to enjoy the basic endowment insurance benefits during the term of the Contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Party B is dead or declared dead or missing by the people's court;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Party A is declared bankrupt according to law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Party A's business license is revoked or Party A is ordered to close down or revoked or Party A decides to dissolve ahead of schedule;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Other circumstances stipulated by laws and administrative regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Party B shall notify Party A in writing of the rescission of the labor contract 30 days in advance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. During the term of the Contract, Party B's resignation shall be subject to Party A's rules.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. If Party A is on the verge of bankruptcy and undergoes statutory rectification or encounters great difficulties in production and operation, and it is really necessary to lay off employees, it may lay off employees according to legal procedures, and the labor contracts of the laid-off employees will be terminated automatically from the date of layoff.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. If Party B fails to rescind the labor contract or violates the confidentiality or non-compete obligation in accordance with the provisions of the Labor Contract Law, it shall compensate Party A for its losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**XII. Termination Formalities**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. This contract may be terminated as agreed between Party A and Party B, provided that the other party must be notified thirty days in advance. Party A has the right to ask Party B to arrange no more than 30 days (no more than 7 days for the probationary period) for job handover from the date on which Party A and Party B notify the other party of rescinding or terminating the Contract. Party B must arrange for the job handover as required by Party A. If Party B fails to handle the job handover within the specified time of termination or the handover is unclear, Party B shall indemnify Party A for any loss caused thereby, and Party A has the right to deduct such compensation from Party B's wage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Before the last working day when the labor contract is terminated or rescinded, Party B shall go through the working formalities according to the rules of Party A. All the unsettled matters at work, documents, materials and office supplies shall be counted and handed over to the designated personnel of Party A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. After Party B completes the above formalities, Party A shall issue a certificate on rescission or termination of the labor contract to Party B, and go through the formalities for the transfer of files and social insurance relationships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Under any of the following circumstances, if Party A fails to handle the relevant formalities for Party B in time, all legal responsibilities arising therefrom shall be borne by Party B:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Party B fails to complete the resignation formalities according to the rules of Party A;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Party B fails to receive and sign the resignation notice and resignation certificate on time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Party B fails to cooperate, resulting in Party A being unable to deliver the relevant resignation documents to Party B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**XIII. Renewal of the Labor Contract**

After its expiry, the labor contract may be renewed if Party B passes Party A's evaluation and the renewal is approved by the HR Department of Party A. To renew the labor contract, Party A shall go through the relevant formalities with Party B before the expiry of the labor contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**XIV. Liability for Breach of the Labor Contract**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. If the Contract cannot be performed due to Party B's fault, Party B shall bear the liability for breach; If it is the fault of both parties, according to the actual situation, both parties shall bear their respective liabilities for breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. If Party B fails to perform the Contract due to force majeure, Party B shall promptly issue a proof of non-performance or necessity for late or partial performance to Party A. After obtaining the relevant proof, Party A will decide whether to allow Party B's late or partial performance or non-performance of the Contract, and may exempt the responsibilities in part or in whole dependent upon the case.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. If Party A violates the conditions agreed hereunder or concludes an invalid labor contract because of Party A, thus causing damage to Party B, Party A shall compensate Party B for the losses according to the relevant national and municipal regulations.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. If Party B violates laws or regulations, obligations agreed hereunder, labor disciplines or other rules formulated by Party A, Party B shall indemnify Party A for all losses arising therefrom, including but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) training expenses paid by Party A for it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) direct or indirect, tangible or intangible economic losses caused to Party A's production and operation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) arbitration, litigations, legal, investigation, notarization and travel expenses, etc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) other compensations agreed hereunder or specified under rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. If Party B is liable for compensation to Party A as agreed above, Party A may deduct such compensation from Party B's wage or economic compensation. If the wage or economic compensation is insufficient to make up for the losses, Party B shall further indemnify for the losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**XV. Training and Job Transfer**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Party A has the right to request Party B to enter into a Training Agreement with Party B as an annex to this Contract if Party A agrees to fund Party B's training dispatch Party B for study. When Party B proposes terminating the labor contract, if the service period of Party B specified herein has not expired, Party B shall bear the liability for compensation as agreed hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. If the service period of Party B specified in the Training Agreement is longer than the term of this Contract, the former shall prevail, and the term of this Contract shall be changed accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. If Party B tenders a resignation or the labor contract is terminated by Party A due to Party B's fault, all personnel whose training is funded by Party A shall reimburse Party A for the training expenses according to the Training Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**XVI. Trade Secrets**

During the term of the Contract, if Party B's work involves Party A's trade secrets (including but not limited to supplier resources, product information (including but not limited to pictures and videos), marketing plans, price information, operations strategies, financial and technical information) and confidential matters related to intellectual property rights, Party A may negotiate with Party B in advance and agree on the matters of keeping trade secrets confidential or non-compete restrictions according to law, and enter into confidentiality and non-compete agreements. Party B shall not use Party A's trade secrets or any information owned by Party A in any way (In particular, Party B shall not take advantage of Party A's trade secrets to conduct businesses which compete with or are connected with Party A), or disclose such trade secrets or information to anyone. Otherwise, Party A has the right to terminate the labor contract immediately without paying economic compensation, and Party B shall also compensate Party A for all losses arising therefrom. If the circumstances are serious and involve criminal offences, Party A shall transfer Party B to a judicial organ for punishment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**XVII. Dispute Resolution**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. This labor contract is concluded in accordance with the law, that is, it is legally binding. Both parties shall fully perform this Contract, and strictly abide by the provisions on the modification, rescission, termination and renewal of the labor contract and payment of economic compensation in accordance with the law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. During the term of this labor contract, any labor dispute occurring between Party A and Party B shall be settled through negotiation. If negotiation fails, either party may apply to a labor arbitration agency of the place where Party A is registered for arbitration. A lawsuit may be filed with the people's court of the place where Party A has been registered if concerned.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**XVIII. Representation and Acknowledgement**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Both parties acknowledge that any work-related outcomes (including, but not limited to, technical materials, developments, conceptual summaries, creative ideas, documents, published books, work logs, training materials, operation manuals, audiovisual materials), regardless of their form (text, graphics, audiovisual, etc.), shall be the intellectual property of Party A in its entirety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Party B authorizes Party A to use his portraits (including photos, images, audio-visual materials and other works) for Party A's business and publicity activities free of charge, agrees that Party A has all rights and interests in the works with Party B's portraits (including but not limited to ownership and intellectual property rights), and promises not to make any claims on the authorized items. Party B authorizes Party A to use his portraits, including but not limited to shooting, producing, editing, modifying, publishing, and sub-licensing to third parties for use.

Party B understands and agrees that Party A may use his portraits anytime in all business and promotional activities. Party A is not required to notify Party B in advance of any photo shooting and use of Party B's portraits. Party B agrees to cooperate with Party A's work and business needs. Such authorization, without being limited by time and territory, is permanent and irrevocable. Party A is permanently authorized to use the works produced by Party B during the employment by Party A free of charge, and such authorization will not become invalid due to the rescission/termination of this Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. All the relevant notices sent by Party A to Party B regarding the performance of this Contract, publication of rules and documents, and arrange of work, etc. based on the contact information set out hereunder (including e-mail and WeChat ID) or accounts opened by Party A for Party B (including DingTalk account, enterprise email and HR management system) shall be deemed to be effectively delivered and served to Party B. Any operations carried out through the aforementioned contact information or accounts will be deemed as Party B's own operations. To change his contact information, Party B shall notify Party A in writing 5 days in advance. Otherwise, if Party A serves a notice according to the contact information before the change, the notice will be deemed to have been delivered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**XIX. Other Matters as Agreed by the Parties:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. If Party B works in a confidential position of Party A, both parties must enter into a confidentiality agreement as an annex hereto, and the confidentiality agreement shall be equally binding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Party B agrees that when he cannot be reached, his emergency contact[ ] (mobile:[]) will be authorized to be Party B's agent, who shall have the authority to accept reconciliation and mediation, sign and collect relevant documents, and receive payments and property on behalf of Party B without additionally performing the authorization formalities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The matters unsettled hereunder shall be subject to the national regulations and Party A's rules. If they are not specified, both parties shall negotiate separately and enter into a supplementary agreement as an annex hereto. This Contract shall not be altered without negotiation and confirmation by both parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. This labor contract is made in duplicate, with Party A and Party B holding one copy respectively. Both labor contracts have the equal force. The scanned, faxed and electronic copies of the Contract shall have the same effect as the original contract.

(Remainder of this page has been intentionally left blank for signature)

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| | | |
|:---|:---|:---|
| Party A: (Seal)<br>![](ex10-1j_001.jpg) | Party B (Signature): | ![](ex10-1l_001.jpg) |
| Legal/Authorized Representative (Signature/Seal):<br>![](ex10-1k_001.jpg)<br>|  |  |
| Date: July 07, 2021 | Date: July 07, 2021 |  |

---

I have read the above terms of the Contract, the Company's labor disciplines and rules in detail and agree to all terms. Party B is willing to abide by the foregoing clauses as a prerequisite for the employment. Party B has acknowledged receipt of one original of this Contract by signature.

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| | |
|:---|:---|
| Party B (Signature): | ![](ex10-1m_001.jpg) |

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**Labor Contract**

No.:________________________

August 02, 2021

Page 1/11

According to the Labor Law of the People's Republic of China, the Labor Contract Law of the People's Republic of China, other relevant laws and related rules of the province, and combined with the actual situation of the industry, Party A and Party B voluntarily agree as follows upon equal negotiation, and jointly abide by the terms set out hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I. Party A: (hereinafter referred to as "Party A")**

Name of the Employer: <u>Fuzhou Aigostar Optoelectronic Technology Co., Ltd</u> 

Address: <u>F/4, Building 26, Juyuanzhou Park, Jinshan Industrial Park, Cangshan District, Fuzhou</u>

Legal Representative: <u>Lin Bifang</u> 

Contact Information: <u>[ ]</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II. Party B: (hereinafter referred to as "Party B")**

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| | |
|:---|:---|
| Name: <u>Lan Ying</u> | Sex: <u>Female</u> |
| ID No.: <u>[ ]</u> |  |
| Address on the Identity Card: <u>[ ]</u> |  |
| Current Residential Address: <u>[ ]</u> |  |
| Contact Information: <u>[ ]</u> | Email: <u>[ ]</u> |
| WeChat ID: <u>[ ]</u> |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III. Term of Labor Contract**

Party A and Party B agree to determine the term of this Contract as follows (check the appropriate box with "√" according to the type of the contract signed)

- Fixed term, calculated from ____________ (date) to ____________ (date). Where, the probationary period shall extend from ____________ (date) to ____________ (date). If Party B fails to satisfy the employment conditions of Party A during the probationary period, Party A shall be entitled to terminate this Contract during the probationary period without paying any economic compensation. Should Party B propose terminating the labor contract during the probationary period, Party B shall notify Party A three days in advance and go through the relevant handover procedures as required by Party A.

🗹 Enter into an open-term labor contract, which shall take effect from <u>August 2, 2021</u> and remain valid until the appearance of a statutory condition for termination.

☐ Remain valid till the fulfillment of certain tasks. Specifically, the Contract shall enter into force from ____________ (date) expire upon the fulfillment of the tasks.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Party B will be employed when satisfying the following conditions during the probationary period:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Pass the evaluation during the probationary period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Satisfy the employment conditions specified in the Notice of Employment Conditions, Job Descriptions and other texts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Other conditions agreed by both parties or specified under Party A's rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. During the probationary period, no matter whether Party B satisfies the above requirements, as long as one of the following circumstances occurs, Party A has the right to deem Party B as not meeting the employment conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Conceal medical records;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Conceal that the labor relationship that still exists with any other employer or fail to terminate such labor relationship;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Fail to complete the work, achieve the work objectives or pass the performance appraisal during the probationary period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Commit any acts in violation of Party A's rules;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Be unable to attend work normally because of any reasons other than work-related injuries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) During the probationary period, ask for leave for more than 3 consecutive days or more than 7 days cumulatively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Be absent for 2 days during the probationary period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Conflict with a third party (including corporate leaders and colleagues), imposing adverse effects on the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) Refuse to complete the work assigned by the supervisor, etc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Based on Party B's performance during the probationary period, Party A has the right to end the probationary period ahead of its expiry and formally employ Party B. Party B shall file a written application for early regularization in accordance with Party A's rules and subject to Party A's written approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IV. Jobs and Workplace**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. According to Party A's requirements and work needs, upon negotiation, Party B will serve as Chief Executive Assistant. See the "Job Description" for details.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Party A may adjust Party B's position according to its work needs and Party B's competence for work and performance. When Party B is under a circumstance of awaiting job assignment as specified in Party A's rules, Party A may also arrange for Party B to wait for job assignment or undergo training, and Party B is willing to follow Party A's management and arrangement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Party B shall fulfill all the tasks undertaken in his position. Party A may adjust Party B's position, jobs and workplace for the purpose of its production, operation and work, and based on Party B's physical condition, competence for work and performance, etc. Party A has the right to determine the salary for Party B according to Party B's new position, and change the salary with the position.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The jobs that Party A arranges Party B to perform and the job requirements shall comply with the labor standards under national laws and regulations, as well as the rules formulated and made public by Party A in accordance with law. Party B shall perform the labor obligations according to the jobs arranged by Party A and the requirements of Party A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. If Party B is incompetent for work after a position adjustment, Party A has the right to terminate the labor contract with Party B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Party B's workplace is <u>Fuzhou</u>. Party A has the right to adjust Party B's workplace or arrange Party B's business travel to a designated place according to the business needs. Party B shall follow Party A's workplace arrangement, rush to the project site on time, and carry out the work on schedule.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**V. Working Hours, Rest, and Holidays**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Party A shall implement the working hours system specified by the state, may specify and adjust the specific working hours of Party B according to the needs of different jobs and relevant regulations. Party B shall obey Party A's rules on working hours.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Based on the natures of jobs, Party A and Party B agree to determine the working hour system implemented for Party B as follows.

Implement a standard working hours system: work for five days per week, eight hours per day.

Specific working hours: 09:00-12:30 (a.m.) ; 14:00-18:30 (p.m.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Party B shall be entitled to holidays and benefits according to Party A 's internal rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. If the standard working hour system is implemented, Party B's daily working hours shall not exceed 8 hours, and weekly working hours shall not exceed 40 hours. In view of the particularity of its industry, Party A may adjust Party B's working hours, shifts and rest days according to its work needs, and Party B is willing to follow Party A's arrangement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Party A may arrange for Party B to work overtime or extend Party B's working hours according to law if necessary for work.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. If Party B is required by Party A to work overtime due to work needs or Party B thinks that it is necessary to work over time because of work needs, Party B shall explain the reason for and duration of overtime work. Party B may work over time only if his application for overtime work has been approved by Party A. Overtime hours are based on the actual time worked. If Party B fails to perform the prescribed examination and approval procedures and stays in Party A's office without the approval of Party A or the relevant person in charge, Party B will not be deemed to work over time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Party A shall grant Party B public holidays, annual leave, marriage leave, funeral leave, maternity leave and other holidays according to rules, and pay the wage according to the wage standard agreed hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. For the aforementioned holiday entitlement, application procedure and the applicable practices for sick and personal leave, Party A's Employee Handbook and rules shall prevail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. If Party B is late for work, leaves early or is absent from work during his employment, Party A will discipline Party B for his violation in accordance with the relevant rules, in addition to withholding the wages dependent upon the specific time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VI. Labor Remuneration**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. As agreed between both parties upon negotiation, Party A undertakes that the <u>10</u><sup>th</sup> day of each month shall be the payday, and the payment may be postponed if the payday happens to be a weekend or holiday. Party B is obliged to keep the information about wages confidential. If Party B disputes the wage, bonus or benefits of a certain month, he shall file an objection with Party A in writing within 3 days from the payday. Otherwise, it will be deemed that the salary, bonus and benefits of that month are not disputed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. As agreed between Party A and Party B upon negotiation, Party B's wage and remuneration shall be determined in accordance with the internal wage distribution method specified in the rules formulated by Party A in accordance with law, and Party B shall be paid by his position and performance. Party B's wage and remuneration shall be determined as specified below in Paragraph <u>A</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Party B's wage and remuneration shall be determined according to the internal wage distribution method specified under the rules formulated by Party A according to law and to Party B's position. Party B's monthly base pay shall be (RMB) [_ _/_ _ ] [ (IN WORDS) _ _ _ _ CHINESE YUAN] (before tax). During the probationary period, Party B's base pay shall be RMB _[__/__]_ [ (IN WORDS) ___/___ CHINESE YUAN] (before tax).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Party A adopts an internal wage distribution method for combination of the base pay and performance pay. The base pay of Party B is determined as RMB_________ [ (IN WORDS) __________ CHINESE YUAN ONLY] (before tax), and during the probationary period, Party B's base pay shall be RMB ______ [ (IN WORDS) ______ CHINESE YUAN] (before tax). The performance pay shall be determined upon evaluation as per the internal distribution method based on Party B's performance, labor outcomes and actual contributions.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Party A implements the piecework wage system, and the labor quota for Party B is determined as should be completed by more than 90% of the workers in the same post of Party A within the legal working hours. Party B shall complete Party A's quota in good quality within the legal working hours, and Party A will pay wages to Party B in full and on time according to the agreed quota, piece rage and Party B's performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. If Party A arranges for Party B to extend the working hours, it shall pay Party B overtime pay in accordance with the standards under Article 44 of the Labor Law. Both parties agree that the overtime pay shall be calculated based on RMB [ ]/month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Company will confirm Party B's wage according to the evaluation results, and the bonus will depend on Party B's attendance, work performance and the Company's economic benefits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The wages paid by Party A to Party B are pre-tax, and Party B's individual income tax shall be withheld by Party A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. If Party B's position changes during the term of the Contract, his salary adjustment shall be determined according to the corporate remuneration management plan. Party A will assess Party B twice a year according to job responsibilities, determine and adjust Party B's wage according to Party A's profit, labor market supply and demand, comprehensive price index and Party B's work performance. For specific measures, see Party A's relevant remuneration rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VII. Social Insurance and Benefits**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Party A and Party B shall maintain social insurances in accordance with relevant national and local regulations, and pay pension insurance, unemployment insurance, medical insurance, work-related injury insurance and maternity insurance on time. The personal contribution to be paid by Party B according to law shall be withheld by Party A from Party B's wage and remuneration for payment. If Party B fails to provide all the necessary information for maintaining the social insurance within the time limit specified by Party A, Party A will not be responsible for any delay in applying for the social insurances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Party B's public holidays, wedding and funeral leave, pregnancy and maternity benefits for female workers, and economic compensation available upon rescission and termination of the labor contract shall comply with the relevant laws, regulations, policies, as well as the rules formulated by Party A according to law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The benefits that Party B shall enjoy for occupational diseases or work-related injuries and deaths arising from work or illness comply with the relevant laws, regulations and policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The benefits available to Party B during the hospitalization for illness and the period of medical treatment for work-related injuries shall be subject to the relevant provisions of national policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VIII. Labor Protection, Working Conditions and Prevention of Occupational Hazards**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Party A shall provide Party B with labor protection facilities and working conditions in accordance with the relevant regulations of the state and local governments to ensure Party B's safety and health at work. Both parties must strictly comply with national regulations on working hours, work safety, labor protection and occupational health, etc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Party A shall provide Party B with personal protective equipment and other necessary measures for preventing occupational hazards in compliance with the regulations. Party B shall strictly abide by all safety operating procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IX. Labor Disciplines and Rules**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Party A shall formulate labor discipline and rules according to the relevant national laws and regulations. Party B is willing to strictly abide by the national laws/regulations, social ethics, and all rules of Party A, including but not limited to job responsibilities, remuneration management mechanism, welfare management system, attendance management regulations, business travel management regulations, office management regulations, confidentiality agreements, other regulations and requirements set forth in the labor management system.

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When signing this Contract, Party B shall be deemed to be familiar with Party A's labor disciplines and rules and be willing to abide by them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Party B undertakes to strictly abide by Party A's confidentiality system and never disclose Party A's operating conditions or businesses to a third party, or copy or lend business files, business vouchers or other materials to a third party. Otherwise, Party B shall be obliged to indemnify Party A for any economic losses caused thereby to Party A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. During the term of the Contract, Party A may specify new rules or revise the original rules according to relevant national regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. If the clauses hereof conflict with the new national regulations or Party A's new rules , Party B agrees to obey the new ones.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Party A may reward or punish Party B for abiding by or violating the labor disciplines or rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. During the term of the Contract, Party B must safeguard Party A's interests and reputation, take good care of Party A's property, safeguard Party A's interests, do jobs actively, and strive to perform different jobs and sales tasks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. When signing this Contract, Party A and Party B confirm that Party B shall wholeheartedly render labor services to Party A. If Party B violates this principle and engages in a second occupation outside without Party A's permission, however the method of work or whether Party B obtains relevant remuneration, both parties believe that this behavior will have a serious impact on the completion of Party A's tasks. In this case, Party A has the right to terminate the labor contract with Party B according to the relevant provisions of the Labor Contract Law without paying any economic compensation. Meanwhile, Party A will reserve the right to investigate Party B's legal responsibility according to the losses caused by Party B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. When applying to Party A for a job, if Party B provides false certificates or commits fraud, coercion or taking advantage of others' difficulties to defraud Party A of employment, including but not limited to those circumstances listed below: The resignation, identity, academic and physical examination certificates are false or falsified; Party B has suffered from mental illness, infectious disease or any other disease that seriously affects work before applying for the job, but fails to declare it when applying for the job; before applying for the job, Party B has received serious punishments from other employers, including demerits, probation, dismissal and removal, or has committed misdeeds such as drug abuse and failed to declare it when applying for the job. Once verified true, Party B agrees that Party A shall immediately terminate this Contract without paying any economic compensation according to the relevant provisions of the Labor Contract Law, and Party B shall also indemnify Party A for all the economic losses caused thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**X. Modification of the Labor Contract**

Party A and Party B may modify the labor contract upon negotiation. Any modification of the labor contract shall be recorded in writing, and the date of modification shall be indicated. Such modification shall take effect once signed or stamped by both parties. For modification of the labor contract, an Amendment to the Labor Contract may be concluded, or the parties may negotiate about entering into a separate agreement in respect of the modification. Attached to the labor contract as an annex, such separate agreement shall be equally binding as the labor contract. Those parts of the labor contract not modified shall be further performed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**XI. Rescission of the Labor Contract**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. This Contract may be rescinded as negotiated by both parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Under any one of the following circumstances of Party B, Party A may unilaterally terminate the labor contract without paying any economic compensation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Party B is proved incompetent for employment during the probationary period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Party B seriously violates Party A's labor disciplines and rules;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Party B is involved in gross neglect of duty, engages in malpractices for personal gain, or takes advantage of his position for personal gain, which affects and causes losses image and interests of Party A. For details, see the labor disciplines and rules;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Party B establishes labor relationship with other employers concurrently;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) The labor contract is rendered invalid due to the prescribed circumstances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Party B is subject to administrative or criminal punishment for stealing of Party A's belongings or involvement in drug abuse or gambling;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Party B establishes labor relations with Party A by fraudulent means;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Party B concurrently holds a second job or engages in business activities for personal gain;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) Party B hires someone to work for him;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) Party B is investigated for criminal responsibilities according to law for committing a murder, fighting or hurting others by violence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Under any of the following circumstances, Party A may rescind this Contract by notifying Party B in writing thirty (30) days in advance:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Party B is sick or injured for a non-work-related reason and can neither resume his original position after the expiry of the prescribed time period for medical treatment, nor can he assume any other position arranged by Party A;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Party B is incompetent for his position or is still so after training or position adjustment or refuses to accept the position adjustment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The objective circumstances on which the labor contract was based have undergone significant changes, resulting in the inability to perform the labor contract. Even after consultation between Party A and Party B, they have not been able to reach an agreement on modifying the labor contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The labor contract may be terminated under any of the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The labor contract expires;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) During the term of the Contract, Party B reaches the statutory retirement age and goes through the retirement formalities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Party B is dead or declared dead or missing by the people's court;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Party A is declared bankrupt according to law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Party A's business license is revoked or Party A is ordered to close down or revoked or Party A decides to dissolve ahead of schedule;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Other circumstances stipulated by laws and administrative regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Party B shall notify Party A in writing of the rescission of the labor contract 30 days in advance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. During the term of the Contract, Party B's resignation shall be subject to Party A's rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. If Party A is on the verge of bankruptcy and undergoes statutory rectification or encounters great difficulties in production and operation, and it is really necessary to lay off employees, it may lay off employees according to legal procedures, and the labor contracts of the laid-off employees will be terminated automatically from the date of layoff.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. If Party B fails to rescind the labor contract or violates the confidentiality or non-compete obligation in accordance with the provisions of the Labor Contract Law, it shall compensate Party A for its losses.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**XII. Termination Formalities**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. This contract may be terminated as agreed between Party A and Party B, provided that the other party must be notified thirty days in advance. Party A has the right to ask Party B to arrange no more than 30 days (no more than 7 days for the probationary period) for job handover from the date on which Party A and Party B notify the other party of rescinding or terminating the Contract. Party B must arrange for the job handover as required by Party A. If Party B fails to handle the job handover within the specified time of termination or the handover is unclear, Party B shall indemnify Party A for any loss caused thereby, and Party A has the right to deduct such compensation from Party B's wage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Before the last working day when the labor contract is terminated or rescinded, Party B shall go through the working formalities according to the rules of Party A. All the unsettled matters at work, documents, materials and office supplies shall be counted and handed over to the designated personnel of Party A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. After Party B completes the above formalities, Party A shall issue a certificate on rescission or termination of the labor contract to Party B, and go through the formalities for the transfer of files and social insurance relationships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Under any of the following circumstances, if Party A fails to handle the relevant formalities for Party B in time, all legal responsibilities arising therefrom shall be borne by Party B:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Party B fails to complete the resignation formalities according to the rules of Party A;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Party B fails to receive and sign the resignation notice and resignation certificate on time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Party B fails to cooperate, resulting in Party A being unable to deliver the relevant resignation documents to Party B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**XIII. Renewal of the Labor Contract**

After its expiry, the labor contract may be renewed if Party B passes Party A's evaluation and the renewal is approved by the HR Department of Party A. To renew the labor contract, Party A shall go through the relevant formalities with Party B before the expiry of the labor contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**XIV. Liability for Breach of the Labor Contract**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. If the Contract cannot be performed due to Party B's fault, Party B shall bear the liability for breach; If it is the fault of both parties, according to the actual situation, both parties shall bear their respective liabilities for breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. If Party B fails to perform the Contract due to force majeure, Party B shall promptly issue a proof of non-performance or necessity for late or partial performance to Party A. After obtaining the relevant proof, Party A will decide whether to allow Party B's late or partial performance or non-performance of the Contract, and may exempt the responsibilities in part or in whole dependent upon the case.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. If Party A violates the conditions agreed hereunder or concludes an invalid labor contract because of Party A, thus causing damage to Party B, Party A shall compensate Party B for the losses according to the relevant national and municipal regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**XV. Training and Job Transfer**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Party A has the right to request Party B to enter into a Training Agreement with Party B as an annex to this Contract if Party A agrees to fund Party B's training dispatch Party B for study. When Party B proposes terminating the labor contract, if the service period of Party B specified herein has not expired, Party B shall bear the liability for compensation as agreed hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. If the service period of Party B specified in the Training Agreement is longer than the term of this Contract, the former shall prevail, and the term of this Contract shall be changed accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. If Party B tenders a resignation or the labor contract is terminated by Party A due to Party B's fault, all personnel whose training is funded by Party A shall reimburse Party A for the training expenses according to the Training Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**XVI. Trade Secrets**

During the term of the Contract, if Party B's work involves Party A's trade secrets and confidential matters related to intellectual property rights, Party A may negotiate with Party B in advance to agree on matters of keeping trade secrets confidential or non-compete, and enter into confidentiality and non-compete agreements. Party B shall not disclose Party A's trade secrets or any information in possession of Party A to any person. Otherwise, Party B shall indemnify Party A for all economic losses (including but not limited to direct losses and indirect losses; liquidated damage, indemnity and compensation paid to third parties; all entertainment, transportation and accommodation expenses incurred for the performance of this Contract; legal, litigation, arbitration, execution, notary and investigation fees, etc. paid for protection of rights).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**XVII. Dispute Resolution**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. This labor contract is concluded in accordance with the law, that is, it is legally binding. Both parties shall fully perform this Contract, and strictly abide by the provisions on the modification, rescission, termination and renewal of the labor contract and payment of economic compensation in accordance with the law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. During the term of this labor contract, any labor dispute occurring between Party A and Party B shall be settled through negotiation. If negotiation fails, either party may apply to a labor arbitration agency of the place where Party A is registered for arbitration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**XVIII. Representation and Acknowledgement**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Both parties acknowledge that any work-related outcomes (including, but not limited to, technical materials, developments, conceptual summaries, creative ideas, documents, published books, work logs, training materials, operation manuals, audiovisual materials), regardless of their form (text, graphics, audiovisual, etc.), shall be the intellectual property of Party A in its entirety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Party B authorizes Party A to use his portraits (including photos, images, audio-visual materials and other works) for Party A's business and publicity activities free of charge, agrees that Party A has all rights and interests in the works with Party B's portraits (including but not limited to ownership and intellectual property rights), and promises not to make any claims on the authorized items. Party B authorizes Party A to use his portraits, including but not limited to shooting, producing, editing, modifying, publishing, and sub-licensing to third parties for use. Party B understands and agrees that Party A may use his portraits anytime in all business and promotional activities. Party A is not required to notify Party B in advance of any photo shooting and use of Party B's portraits. Party B agrees to cooperate with Party A's work and business needs. Such authorization, without being limited by time and territory, is permanent and irrevocable. Party A is permanently authorized to use the works produced by Party B during the employment by Party A free of charge, and such authorization will not become invalid due to the rescission/termination of this Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. All the relevant notices sent by Party A to Party B regarding the performance of this Contract, publication of rules and documents, and arrange of work, etc. based on the contact information set out hereunder (including e-mail and WeChat ID) or accounts opened by Party A for Party B (including DingTalk account, enterprise email and HR management system) shall be deemed to be effectively delivered and served to Party B. Any operations carried out through the aforementioned contact information or accounts will be deemed as Party B's own operations. To change his contact information, Party B shall notify Party A in writing 5 days in advance. Otherwise, if Party A serves a notice according to the contact information before the change, the notice will be deemed to have been delivered.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**XIX. Other Matters as Agreed by the Parties:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. If Party B works in a confidential position of Party A, both parties must enter into a confidentiality agreement as an annex hereto, and the confidentiality agreement shall be equally binding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Party B agrees that when he cannot be reached, his emergency contact [ ] (mobile: [ ]) will be authorized to be Party B's agent, who shall have the authority to accept reconciliation and mediation, sign and collect relevant documents, and receive payments and property on behalf of Party B without additionally performing the authorization formalities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The matters unsettled hereunder shall be subject to the national regulations and Party A's rules. If they are not specified, both parties shall negotiate separately and enter into a supplementary agreement as an annex hereto. This Contract shall not be altered without negotiation and confirmation by both parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. This labor contract is made in duplicate, with Party A and Party B holding one copy respectively. Both labor contracts have the equal force. The scanned, faxed and electronic copies of the Contract shall have the same effect as the original contract.

(Remainder of this page has been intentionally left blank for signature)

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|:---|:---|:---|
| Party A: (Seal)<br>![](ex10-1f_001.jpg)<br>| Party B (Signature): | ![](ex10-1e_001.jpg) |

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| | |
|:---|:---|
| Legal/Authorized Representative(Signature/Seal):<br>![](ex10-1g_001.jpg)<br>| Date: August 02, 2021 |
| Date: August 02, 2021 |  |

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I have read the above terms of the Contract, the Company's labor disciplines and rules in detail and agree to all terms. Party B is willing to abide by the foregoing clauses as a prerequisite for the employment. Party B has acknowledged receipt of one copy of this Contract by signature.

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| | |
|:---|:---|
| Party B (Signature): | ![](ex10-1h_001.jpg) |

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Page 11/11

**Labor Contract**

No.:________________________

January 1, 2021

Page 1/13

According to the Labor Law of the People's Republic of China, the Labor Contract Law of the People's Republic of China, other relevant laws and related rules of the province, and combined with the actual situation of the industry, Party A and Party B voluntarily agree as follows upon equal negotiation, and jointly abide by the terms set out hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I. Party A: (hereinafter referred to as "Party A")**

Name of the Employer: <u>Fuzhou Aigostar Optoelectronic Technology Co., Ltd</u>

Address: <u>F/4, Building 26, Juyuanzhou Park, Jinshan Industrial Park, Cangshan District, Fuzhou</u>

Legal Representative: <u>Lin Bifang</u> 

Contact Information: <u>[ ]</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II. Party B: (hereinafter referred to as "Party B")**

Name: <u>Pang Yindi</u> Sex: <u>Male</u> 

ID Card No.: <u>[ ]</u> 

Address on the Identity Card: <u>[ ]</u>

Current Residential Address: <u>[ ]</u>

Contact Information: <u>[ ]</u> Email:<u> </u> <u>[ ]</u>

WeChat Account: <u>[ ]</u>

Party B's Emergency Contact: <u>[ ]</u>

Tel.: <u>[ ]</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III. Term of Labor Contract**

Party A and Party B agree to determine the term of this Contract as follows (check the appropriate box with "√" according to the type of the contract signed)

🗹 Fixed term of this Contract: from <u>January 1, 2021</u> to <u>December 31, 2025.</u> Where, the probationary period shall extend from ______/______ (date) to _______/_____ (date). If Party B fails to satisfy the employment conditions of Party A during the probationary period, Party A shall be entitled to terminate this Contract during the probationary period without paying any economic compensation. Should Party B propose terminating the labor contract during the probationary period, it shall notify Party A three days in advance and go through the relevant handover procedures as required by Party A.

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☐ Enter into an open-term labor contract, which shall take effect from ____________ (date) and remain valid until the appearance of a statutory condition for termination.

☐ Remain valid till the fulfillment of certain tasks. Specifically, the Contract shall enter into force from ____________ (date) expire upon the fulfillment of the tasks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Party B will be employed when satisfying the following conditions during the probationary period:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Pass the evaluation during the probationary period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Satisfy the employment conditions specified in the Notice of Employment Conditions, Job Descriptions and other texts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Other conditions agreed by both parties or specified under Party A's rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. During the probationary period, no matter whether Party B satisfies the above requirements, as long as one of the following circumstances occurs, Party A has the right to deem Party B as not meeting the employment conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Conceal medical records or suffering from mental illness or other diseases (including new diseases and onset of existing diseases);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Conceal that the labor relationship that still exists with any other employer or fail to terminate such labor relationship;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Fail to complete the work, achieve the work objectives or pass the performance appraisal during the probationary period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Commit any acts in violation of Party A's rules;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Be unable to attend work normally for more than 3 days because of any reasons other than work-related injuries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) During the probationary period, ask for leave for more than 3 consecutive days or more than 7 days cumulatively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Be absent for 2 days during the probationary period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Conflict with a third party (including corporate leaders and colleagues), imposing adverse effects on the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) Refuse to complete the work assigned by the supervisor (clearly expressing refusal to handle or giving no reply).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Based on Party B's performance during the probationary period, Party A has the right to end the probationary period ahead of its expiry and formally employ Party B. Party B shall file a written application for early regularization in accordance with Party A's rules and subject to Party A's written approval.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IV. Jobs and Workplace**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. According to Party A's requirements and work needs, upon negotiation, Party B will serve as Head <u>of E-Commerce Department</u>. (See the Job Description for details). Party B agrees to carry out all jobs in that post on time with both quality and quantity guaranteed, and shall fulfill other tasks assigned by the Company or the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Party A may adjust Party B's position according to its work needs and Party B's competence for work and performance. When Party B is under a circumstance of awaiting job assignment as specified in Party A's rules, Party A may also arrange for Party B to wait for job assignment or undergo training, and Party B is willing to follow Party A's management and arrangement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Party B shall fulfill all the tasks undertaken in his position. Party A may adjust Party B's position, jobs and workplace for the purpose of its production, operation and work, and based on Party B's physical condition, competence for work and performance, etc. Party A has the right to determine the salary for Party B according to Party B's new position, and change the salary with the position.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The jobs that Party A arranges Party B to perform and the job requirements shall comply with the labor standards under national laws and regulations, as well as the rules formulated and made public by Party A in accordance with law. Party B shall perform the labor obligations according to the jobs arranged by Party A and the requirements of Party A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. If Party B is incompetent for work after a position adjustment, Party A has the right to terminate the labor contract with Party B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Party B's workplace is <u>Spain</u>. Party A has the right to adjust Party B's workplace or arrange Party B's business travel to a designated place according to the business needs. Party B shall follow Party A's workplace arrangement, rush to the project site on time, and carry out the work on schedule.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**V. Working Hours, Rest, and Holidays**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Party A shall implement the working hours system specified by the state, may specify and adjust the specific working hours of Party B according to the needs of different jobs and relevant regulations. Party B shall obey Party A's rules on working hours.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. According to the actual nature of work, Party A and Party B agree that Party A will flexibly adjust the specific daily working hours according to the work needs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Party B shall be entitled to holidays and benefits according to Party A 's internal rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In view of the particularity of its industry, Party A may adjust Party B's working hours, shifts and rest days according to its work needs, and Party B is willing to follow Party A's arrangement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Party A may arrange for Party B to work overtime or extend Party B's working hours according to law if necessary for work. If Party B is required by Party A to work overtime due to work needs or Party B thinks that it is necessary to work over time because of work needs, Party B shall explain the reason for and duration of overtime work. Party B may work over time only if his application for overtime work has been approved by Party A. Overtime hours are based on the actual time worked. If Party B fails to perform the prescribed examination and approval procedures and stays in Party A's office without the approval of Party A or the relevant person in charge, Party B will not be deemed to work over time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The public holidays, annual leave, marriage leave, funeral leave, maternity leave and other holidays enjoyed by Party B shall not be less than the holidays stipulated under the Labor Contract Law, other relevant laws and regulations of China, and wages shall be paid according to the wage standard agreed hereunder. If Party B works abroad during the term of the labor contract, Party B may enjoy the holidays according to the relevant regulations abroad, and will no longer be entitled to the holidays in China. Those holidays already enjoyed abroad shall be regarded as those already enjoyed in China. Party B shall not claim any rights against Party A on the grounds that it has not enjoyed holidays in China.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. For the aforementioned holiday entitlement, application procedure and the applicable practices for sick and personal leave, Party A's Employee Handbook and rules shall prevail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. If Party B is late for work, leaves early or is absent from work during his employment, Party A will discipline Party B for his violation in accordance with the relevant rules, in addition to withholding the wages dependent upon the specific time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VI. Labor Remuneration**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. As agreed between both parties upon negotiation, Party A undertakes that the <u>10</u><sup>th</sup> day of each month shall be the payday, and the payment may be postponed if the payday happens to be a weekend or holiday. Party B is obliged to keep the information about wages confidential. If Party B disputes the wage, bonus or benefits of a certain month, he shall file an objection with Party A in writing within 3 days from the payday. Otherwise, it will be deemed that the salary, bonus and benefits of that month are not disputed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. As agreed between Party A and Party B upon negotiation, Party B's wage and remuneration shall be determined in accordance with the internal wage distribution method specified in the rules formulated by Party A in accordance with law, and Party B shall be paid by his position and performance. Party B's wage and remuneration shall be determined as specified below in Paragraph <u>B</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Party B's wage and remuneration shall be determined according to the internal wage distribution method specified under the rules formulated by Party A according to law and to Party B's position. Party B's monthly base pay shall be (RMB) [ ]_ _/_ _ [ (IN WORDS) _ _ _ _ CHINESE YUAN] (before tax) (if the local minimum wage is increased, it shall prevail).

Page 5/13

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Party A adopts an internal wage distribution method for combination of the base pay and performance pay. The base pay of Party B is determined as RMB_[ ]_ [ (IN WORDS) __________ CHINESE YUAN ONLY] (before tax) (if the local minimum wage is increased, it shall prevail). The performance pay shall be determined by the internal distribution methods of Party A and its affiliates according to Party B's work performance, labor outcomes and actual contribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Party A implements the piecework wage system, and the labor quota for Party B is determined as should be completed by more than 90% of the workers in the same post of Party A within the legal working hours. Party B shall complete Party A's quota in good quality within the legal working hours, and Party A will pay wages to Party B in full and on time according to the agreed quota, piece rage and Party B's performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Company will confirm Party B's wage according to the evaluation results, and the bonus will depend on Party B's attendance, work performance and the Company's economic benefits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The wages paid by Party A to Party B are pre-tax, and Party B's individual income tax shall be withheld by Party A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. If Party B's position changes during the term of the Contract, his salary adjustment shall be determined according to the corporate remuneration management plan. Party A will assess Party B twice a year according to job responsibilities, determine and adjust Party B's wage according to Party A's profit, labor market supply and demand, comprehensive price index and Party B's work performance. For specific measures, see Party A's relevant remuneration rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VII. Social Insurance and Benefits**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Party A and Party B shall maintain social insurances in accordance with relevant national and local regulations, and pay pension insurance, unemployment insurance, medical insurance, work-related injury insurance and maternity insurance on time. The personal contribution to be paid by Party B according to law shall be withheld by Party A from Party B's wage and remuneration for payment. If Party B fails to provide all the necessary information for maintaining the social insurance within the time limit specified by Party A, Party A will not be responsible for any delay in applying for the social insurances. Party B accepts and raises no objection to the base of the social insurances paid by Party A for Party B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Party B's public holidays, wedding and funeral leave, pregnancy and maternity benefits for female workers, and economic compensation available upon rescission and termination of the labor contract shall comply with the relevant laws, regulations, policies, as well as the rules formulated by Party A according to law. If Party B works abroad during the term of the labor contract, Party B may enjoy the holidays according to the relevant regulations abroad,. Those holidays already enjoyed abroad shall be regarded as those already enjoyed in China. Party B shall not claim any rights against Party A on the grounds that it has not enjoyed holidays in China.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The benefits that Party B shall enjoy for occupational diseases or work-related injuries and deaths arising from work or illness comply with the relevant laws, regulations and policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The benefits available to Party B during the hospitalization for illness and the period of medical treatment for work-related injuries shall be subject to the relevant provisions of national policies.

Page 6/13

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VIII. Labor Protection, Working Conditions and Prevention of Occupational Hazards**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Party A shall provide Party B with labor protection facilities and working conditions in accordance with the relevant regulations of the state and local governments to ensure Party B's safety and health at work. Both parties must strictly comply with national regulations on working hours, work safety, labor protection and occupational health, etc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Party A shall provide Party B with personal protective equipment and other necessary measures for preventing occupational hazards in compliance with the regulations. Party B shall strictly abide by all safety operating procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IX. Labor Disciplines and Rules**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Party A shall formulate labor discipline and rules according to the relevant national laws and regulations. Party B is willing to strictly abide by the national laws/regulations, social ethics, and all rules of Party A, including but not limited to job responsibilities, remuneration management mechanism, welfare management system, attendance management regulations, business travel management regulations, office management regulations, confidentiality agreements, other regulations and requirements set forth in the labor management system. When signing this Contract, Party B shall be deemed to be familiar with Party A's labor disciplines and rules and be willing to abide by them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Party B undertakes to strictly abide by Party A's confidentiality system and never disclose Party A's operating conditions or businesses to a third party, or copy or lend business files, business vouchers or other materials to a third party. Otherwise, Party B shall be obliged to indemnify Party A for any economic losses caused thereby to Party A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. During the term of the Contract, Party A may specify new rules or revise the original rules according to relevant national regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. If the clauses hereof conflict with the new national regulations or Party A's new rules , Party B agrees to obey the new ones.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Party A may reward or punish Party B for abiding by or violating the labor disciplines or rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. During the term of the Contract, Party B must safeguard Party A's interests and reputation, take good care of Party A's property, safeguard Party A's interests, do jobs actively, and strive to perform different jobs and tasks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. When signing this Contract, Party A and Party B confirm that Party B shall wholeheartedly render labor services to Party A. If Party B violates this principle and engages in a second occupation outside without Party A's permission, however the method of work or whether Party B obtains relevant remuneration, both parties believe that this behavior will have a serious impact on the completion of Party A's tasks and constitute a material violation of Party A's rules. In this case, Party A has the right to terminate the labor contract with Party B according to the relevant provisions of the Labor Contract Law without paying any economic compensation. Meanwhile, Party A will reserve the right to investigate Party B's legal responsibility according to the losses caused by Party B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. When applying to Party A for a job, if Party B provides false certificates or commits fraud, coercion or taking advantage of others' difficulties to defraud Party A of employment, including but not limited to those circumstances listed below: The resignation, identity, academic and physical examination certificates are false or falsified; Party B has suffered from mental illness, infectious diseases or any other disease that seriously affects work before applying for the job, but fails to declare it when applying for the job; before applying for the job, Party B has received serious punishments from other employers, including demerits, probation, dismissal and removal, or has committed misdeeds such as drug abuse and failed to declare it when applying for the job. Once verified true, such circumstances shall constitute material violations of Party A's rules, and Party B agrees that Party A shall immediately terminate this Contract without paying any economic compensation according to the relevant provisions of the Labor Contract Law, and Party B shall also indemnify Party A for all the economic losses caused thereby.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**X. Modification of the Labor Contract**

Party A and Party B may modify the labor contract upon negotiation. Any modification of the labor contract shall be recorded in writing, and the date of modification shall be indicated. Such modification shall take effect once signed or stamped by both parties. For modification of the labor contract, an Amendment to the Labor Contract may be concluded, or the parties may negotiate about entering into a separate agreement in respect of the modification. Attached to the labor contract as an annex, such separate agreement shall be equally binding as the labor contract. Those parts of the labor contract not modified shall be further performed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**XI. Rescission of the Labor Contract**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. This Contract may be rescinded as negotiated by both parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Under any one of the following circumstances of Party B, Party A may unilaterally terminate the labor contract without paying any economic compensation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Party B is proved incompetent for employment during the probationary period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Party B seriously violates Party A's labor disciplines and rules;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Party B is involved in gross neglect of duty, engages in malpractices for personal gain, or takes advantage of his position for personal gain, which affects and causes losses image and interests of Party A. For details, see the labor disciplines and rules;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Party B establishes labor relationship with other employers concurrently;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The labor contract becomes invalid due to the circumstances stipulated under laws, labor contract or Party A's rules;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Party B is subject to administrative or criminal punishment for stealing of Party A's belongings or involvement in drug abuse or gambling;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Party B establishes labor relations with Party A by fraudulent means;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Party B concurrently holds a second job or engages in business activities for personal gain;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) Party B engages in self-operation, business operations, or investments in enterprises or business activities competing with Party A or related to Party A;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) Party B has a business relationship with an individual or organization with competitive or business relationships with Party A;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) Party B seeks to gain personal benefits by utilizing Party A's clients or business channels, expressing intentions to engage in transactions for personal gain, engaging in transactions for personal gain, or achieving such results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) Party B hires someone to work for him;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) Party B is investigated for criminal responsibilities according to law for committing a murder, fighting or hurting others by violence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Under any of the following circumstances, Party A may rescind this Contract by notifying Party B in writing thirty (30) days in advance:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Party B is sick or injured for a non-work-related reason and can neither resume his original position after the expiry of the prescribed time period for medical treatment, nor can he assume any other position arranged by Party A;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Party B is incompetent for his position or is still so after training or position adjustment or refuses to accept the position adjustment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The objective circumstances on which the labor contract was based have undergone significant changes, resulting in the inability to perform the labor contract. Even after consultation between Party A and Party B, they have not been able to reach an agreement on modifying the labor contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The labor contract may be terminated under any of the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The labor contract expires;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) During the term of the Contract, Party B reaches the statutory retirement age;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Party B is dead or declared dead or missing by the people's court;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Party A is declared bankrupt according to law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Party A's business license is revoked or Party A is ordered to close down or revoked or Party A decides to dissolve ahead of schedule;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Other circumstances stipulated by laws and administrative regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Party B shall notify Party A in writing of the rescission of the labor contract 30 days in advance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. During the term of the Contract, Party B's resignation shall be subject to Party A's rules.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. If Party A is on the verge of bankruptcy and undergoes statutory rectification or encounters great difficulties in production and operation, and it is really necessary to lay off employees, it may lay off employees according to legal procedures, and the labor contracts of the laid-off employees will be terminated automatically from the date of layoff.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. If Party B fails to rescind the labor contract or violates the confidentiality or non-compete obligation in accordance with the provisions of the Labor Contract Law, it shall compensate Party A for its losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**XII. Termination Formalities**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. During the term of the Contract concluded with Party B, Party B's tendering of resignation (including tendering of resignation to Party A's foreign affiliates and partners) shall be deemed as Party B's request to Party A for rescinding the labor relation. This Contract may be terminated as agreed between Party A and Party B, provided that the other party must be notified thirty days in advance. Party A has the right to ask Party B to arrange for job handover according to actual work requirements from the date on which Party A and Party B notify the other party of rescinding or terminating the Contract. Party B must arrange for the job handover as required by Party A. If Party B fails to handle the job handover within the specified time of termination or the handover is unclear, Party B shall indemnify Party A for any loss caused thereby, and Party A has the right to deduct such compensation from Party B's wage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Before the last working day when the labor contract is terminated or rescinded, Party B shall go through the working formalities according to the rules of Party A. All the unsettled matters at work, documents, materials and office supplies shall be counted and handed over to the designated personnel of Party A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. After Party B completes the above formalities, Party A shall issue a certificate on rescission or termination of the labor contract to Party B, and go through the formalities for the transfer of files and social insurance relationships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Under any of the following circumstances, if Party A fails to handle the relevant formalities for Party B in time, all legal responsibilities arising therefrom shall be borne by Party B:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Party B fails to complete the resignation formalities according to the rules of Party A;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Party B fails to receive and sign the resignation notice and resignation certificate on time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Party B fails to cooperate, resulting in Party A being unable to deliver the relevant resignation documents to Party B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Party B fails to keep and maintain attendance records as required by Party A, and fails to attend for more than three days, which is deemed Party B's voluntary resignation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**XIII. Renewal of the Labor Contract**

After its expiry, the labor contract may be renewed if Party B passes Party A's evaluation and the renewal is approved by the HR Department of Party A. To renew the labor contract, Party A shall go through the relevant formalities with Party B before the expiry of the labor contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**XIV. Liability for Breach of the Labor Contract**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. If the Contract cannot be performed due to Party B's fault, Party B shall bear the liability for breach; If it is the fault of both parties, according to the actual situation, both parties shall bear their respective liabilities for breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. If Party B fails to perform the Contract due to force majeure, Party B shall promptly issue a proof of non-performance or necessity for late or partial performance to Party A. After obtaining the relevant proof, Party A will decide whether to allow Party B's late or partial performance or non-performance of the Contract, and may exempt the responsibilities in part or in whole dependent upon the case.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. If Party A violates the conditions agreed hereunder or concludes an invalid labor contract because of Party A, thus causing damage to Party B, Party A shall compensate Party B for the losses according to the relevant national and municipal regulations.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. If Party B violates laws or regulations, obligations agreed hereunder, labor disciplines or other rules formulated by Party A, Party B shall indemnify Party A for all losses arising therefrom, including but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) training expenses paid by Party A for it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) direct or indirect, tangible or intangible economic losses caused to Party A's production and operation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) arbitration, litigations, legal, investigation, notarization and travel expenses, etc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) other compensations agreed hereunder or specified under rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. If Party B is liable for compensation to Party A as agreed above, Party A may deduct such compensation from Party B's wage or economic compensation. If the wage or economic compensation is insufficient to make up for the losses, Party B shall further indemnify for the losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**XV. Training and Job Transfer**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Party A has the right to request Party B to enter into a Training Agreement with Party B as an annex to this Contract if Party A agrees to fund Party B's training dispatch Party B for study. When Party B proposes terminating the labor contract, if the service period of Party B specified herein has not expired, Party B shall bear the liability for compensation as agreed hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. If the service period of Party B specified in the Training Agreement is longer than the term of this Contract, the former shall prevail, and the term of this Contract shall be changed accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. If Party B tenders a resignation or the labor contract is terminated by Party A due to Party B's fault, all personnel whose training is funded by Party A shall reimburse Party A for the training expenses according to the Training Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**XVI. Trade Secrets**

During the term of the Contract, if Party B's work involves Party A's trade secrets (including but not limited to supplier resources, product information (including but not limited to pictures and videos), marketing plans, price information, operations strategies, financial and technical information) and confidential matters related to intellectual property rights, Party A may negotiate with Party B in advance and agree on the matters of keeping trade secrets confidential or non-compete restrictions according to law, and enter into confidentiality and non-compete agreements. Party B shall not use Party A's trade secrets or any information owned by Party A in any way (In particular, Party B shall not take advantage of Party A's trade secrets to conduct businesses which compete with or are connected with Party A), or disclose such trade secrets or information to anyone. Otherwise, Party A has the right to terminate the labor contract immediately without paying economic compensation, and Party B shall also compensate Party A for all losses arising therefrom. If the circumstances are serious and involve criminal offences, Party A shall transfer Party B to a judicial organ for punishment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**XVII. Dispute Resolution**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. This labor contract is concluded in accordance with the law, that is, it is legally binding. Both parties shall fully perform this Contract, and strictly abide by the provisions on the modification, rescission, termination and renewal of the labor contract and payment of economic compensation in accordance with the law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. During the term of this labor contract, any labor dispute occurring between Party A and Party B shall be settled through negotiation. If negotiation fails, either party may apply to a labor arbitration agency of the place where Party A is registered for arbitration. A lawsuit may be filed with the people's court of the place where Party A has been registered if concerned.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**XVIII. Representation and Acknowledgement**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Both parties acknowledge that any work-related outcomes (including, but not limited to, technical materials, developments, conceptual summaries, creative ideas, documents, published books, work logs, training materials, operation manuals, audiovisual materials), regardless of their form (text, graphics, audiovisual, etc.), shall be the intellectual property of Party A in its entirety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Party B authorizes Party A to use his portraits (including photos, images, audio-visual materials and other works) for Party A's business and publicity activities free of charge, agrees that Party A has all rights and interests in the works with Party B's portraits (including but not limited to ownership and intellectual property rights), and promises not to make any claims on the authorized items. Party B authorizes Party A to use his portraits, including but not limited to shooting, producing, editing, modifying, publishing, and sub-licensing to third parties for use. Party B understands and agrees that Party A may use his portraits anytime in all business and promotional activities. Party A is not required to notify Party B in advance of any photo shooting and use of Party B's portraits. Party B agrees to cooperate with Party A's work and business needs. Such authorization, without being limited by time and territory, is permanent and irrevocable. Party A is permanently authorized to use the works produced by Party B during the employment by Party A free of charge, and such authorization will not become invalid due to the rescission/termination of this Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. All the relevant notices sent by Party A to Party B regarding the performance of this Contract, publication of rules and documents, and arrange of work, etc. based on the contact information set out hereunder (including e-mail and WeChat ID) or accounts opened by Party A for Party B (including DingTalk account, enterprise email and HR management system) shall be deemed to be effectively delivered and served to Party B. Any operations carried out through the aforementioned contact information or accounts will be deemed as Party B's own operations. To change his contact information, Party B shall notify Party A in writing 5 days in advance. Otherwise, if Party A serves a notice according to the contact information before the change, the notice will be deemed to have been delivered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**XIX. Other Matters as Agreed by the Parties:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. If Party B works in a confidential position of Party A, both parties must enter into a confidentiality agreement as an annex hereto, and the confidentiality agreement shall be equally binding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Party B agrees that when he cannot be reached, his emergency contact [ ] (mobile: <u>[ ]</u>) will be authorized to be Party B's agent, who shall have the authority to accept reconciliation and mediation, sign and collect relevant documents, and receive payments and property on behalf of Party B without additionally performing the authorization formalities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The matters unsettled hereunder shall be subject to the national regulations and Party A's rules. If they are not specified, both parties shall negotiate separately and enter into a supplementary agreement as an annex hereto. This Contract shall not be altered without negotiation and confirmation by both parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. This labor contract is made in duplicate, with Party A and Party B holding one copy respectively. Both copies shall have equal force, and the Contract shall enter into force from the date on which it is signed by both parties. The scanned, faxed and electronic copies of the Contract shall have the same effect as the original contract.

(Remainder of this page has been intentionally left blank for signature)

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| | | |
|:---|:---|:---|
| Party A: (Seal)<br>![](ex10-1n_001.jpg) | Party B (Signature): | ![](ex10-1o_001.jpg) |
| Legal/Authorized Representative (Signature/Seal): |  |  |
| Date: January 01, 2021 | Date: January 01, 2021 |  |

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I have read the above terms of the Contract, the Company's labor disciplines and rules in detail and agree to all terms. Party B is willing to abide by the foregoing clauses as a prerequisite for the employment. Party B has acknowledged receipt of one original of this Contract by signature.

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| | |
|:---|:---|
| Party B (Signature): | ![](ex10-1p_001.jpg) |

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**Labor Contract**

No. <u>WL-HR-034-02</u>

July 16, 2022

Page 1/11

According to the Labor Law of the People's Republic of China, the Labor Contract Law of the People's Republic of China, other relevant laws and related rules of the province, and combined with the actual situation of the industry, Party A and Party B voluntarily agree as follows upon equal negotiation, and jointly abide by the terms set out hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I. Party A: (hereinafter referred to as "Party A")**

Name of the Employer: <u>Fuzhou Infinite Information Technology Co., Ltd.</u>

Address: <u>F/4, Building 26, Juyuanzhou Park, Jinshan Industrial Park, Cangshan District, Fuzhou</u>

Legal Representative: <u>Lin Bifang</u> 

Contact information: <u>[ ]</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II. Party B: (hereinafter referred to as "Party B")**

Name: <u>Zhong Jiayang</u> Sex: <u>Male</u> 

ID Card No.: <u>[ ]</u> 

Address on the ID Card: <u>[ ]</u> 

Current Residential Address: <u>[ ]</u> 

Mobile: <u>[ ]</u> Email: <u>[ ]</u>

WeChat ID: <u>[ ]</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III. Term of Labor Contract**

Party A and Party B agree to determine the term of this Contract as follows (check the appropriate box with "√" according to the type of the contract signed)

🗹 The fixed term of this Contract shall extend from <u>July 16, 2022</u> to <u>December 31, 2025</u>. Where, the probationary period shall extend from ______/______ (date) to _______/_____ (date). If Party B fails to satisfy the employment conditions of Party A during the probationary period, Party A shall be entitled to terminate this Contract during the probationary period without paying any economic compensation. Should Party B propose terminating the labor contract during the probationary period, it shall notify Party A three days in advance and go through the relevant handover procedures as required by Party A.

☐ Enter into an open-term labor contract, which shall take effect from ____________ (date) and remain valid until the appearance of a statutory condition for termination.

☐ Remain valid till the fulfillment of certain tasks. Specifically, the Contract shall enter into force from ____________ (date) expire upon the fulfillment of the tasks.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Party B will be employed when satisfying the following conditions during the probationary period:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Pass the evaluation during the probationary period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Satisfy the employment conditions specified in the Notice of Employment Conditions, Job Descriptions and other texts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Other conditions agreed by both parties or specified under Party A's rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. During the probationary period, no matter whether Party B satisfies the above requirements, as long as one of the following circumstances occurs, Party A has the right to deem Party B as not meeting the employment conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Conceal medical records;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Conceal that the labor relationship that still exists with any other employer or fail to terminate such labor relationship;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Fail to complete the work, achieve the work objectives or pass the performance appraisal during the probationary period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Commit any acts in violation of Party A's rules;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Be unable to attend work normally because of any reasons other than work-related injuries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) During the probationary period, ask for leave for more than 3 consecutive days or more than 7 days cumulatively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Be absent for 2 days during the probationary period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Conflict with a third party (including corporate leaders and colleagues), imposing adverse effects on the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) Refuse to complete the work assigned by the supervisor, etc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Based on Party B's performance during the probationary period, Party A has the right to end the probationary period ahead of its expiry and formally employ Party B. Party B shall file a written application for early regularization in accordance with Party A's rules and subject to Party A's written approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IV. Jobs and Workplace**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. According to Party A's requirements and work needs, upon negotiation, Party B will serve as <u>Chief Financial Officer</u>. See the "Job Description" for details.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Party A may adjust Party B's position according to its work needs and Party B's competence for work and performance. When Party B is under a circumstance of awaiting job assignment as specified in Party A's rules, Party A may also arrange for Party B to wait for job assignment or undergo training, and Party B is willing to follow Party A's management and arrangement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Party B shall fulfill all the tasks undertaken in his position. Party A may adjust Party B's position, jobs and workplace for the purpose of its production, operation and work, and based on Party B's physical condition, competence for work and performance, etc. Party A has the right to determine the salary for Party B according to Party B's new position, and change the salary with the position.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The jobs that Party A arranges Party B to perform and the job requirements shall comply with the labor standards under national laws and regulations, as well as the rules formulated and made public by Party A in accordance with law. Party B shall perform the labor obligations according to the jobs arranged by Party A and the requirements of Party A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. If Party B is incompetent for work after a position adjustment, Party A has the right to terminate the labor contract with Party B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Party B's workplace is <u>Fuzhou</u>. Party A has the right to adjust Party B's workplace or arrange Party B's business travel to a designated place according to the business needs. Party B shall follow Party A's workplace arrangement, rush to the project site on time, and carry out the work on schedule.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**V. Working Hours, Rest, and Holidays**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Party A shall implement the working hours system specified by the state, may specify and adjust the specific working hours of Party B according to the needs of different jobs and relevant regulations. Party B shall obey Party A's rules on working hours.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Based on the natures of jobs, Party A and Party B agree to determine the working hour system implemented for Party B as follows.

Implement a standard working hours system: work for five days per week, eight hours per day.

Specific working hours: 09:00-12:30 (a.m.); 14:00-18:30 (p.m.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Party B shall be entitled to holidays and benefits according to Party A's internal rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. If the standard working hour system is implemented, Party B's daily working hours shall not exceed 8 hours, and weekly working hours shall not exceed 40 hours. In view of the particularity of its industry, Party A may adjust Party B's working hours, shifts and rest days according to its work needs, and Party B is willing to follow Party A's arrangement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Party A may arrange for Party B to work overtime or extend Party B's working hours according to law if necessary for work.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. If Party B is required by Party A to work overtime due to work needs or Party B thinks that it is necessary to work over time because of work needs, Party B shall explain the reason for and duration of overtime work. Party B may work over time only if his application for overtime work has been approved by Party A. Overtime hours are based on the actual time worked. If Party B fails to perform the prescribed examination and approval procedures and stays in Party A's office without the approval of Party A or the relevant person in charge, Party B will not be deemed to work over time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Party A shall grant Party B public holidays, annual leave, marriage leave, funeral leave, maternity leave and other holidays according to rules, and pay the wage according to the wage standard agreed hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. For the aforementioned holiday entitlement, application procedure and the applicable practices for sick and personal leave, Party A's Employee Handbook and rules shall prevail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. If Party B is late for work, leaves early or is absent from work during his employment, Party A will discipline Party B for his violation in accordance with the relevant rules, in addition to withholding the wages dependent upon the specific time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VI. Labor Remuneration**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. As agreed between both parties upon negotiation, Party A undertakes that the <u>10</u><sup>th</sup> day of each month shall be the payday, and the payment may be postponed if the payday happens to be a weekend or holiday. Party B is obliged to keep the information about wages confidential. If Party B disputes the wage, bonus or benefits of a certain month, he shall file an objection with Party A in writing within 3 days from the payday. Otherwise, it will be deemed that the salary, bonus and benefits of that month are not disputed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. As agreed between Party A and Party B upon negotiation, Party B's wage and remuneration shall be determined in accordance with the internal wage distribution method specified in the rules formulated by Party A in accordance with law, and Party B shall be paid by his position and performance. Party B's wage and remuneration shall be determined as specified below in Paragraph <u>A</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Party B's wage and remuneration shall be determined according to the internal wage distribution method specified under the rules formulated by Party A according to law and to Party B's position. Party B's monthly base pay shall be (RMB) _[ _/_] _ [ (IN WORDS) _ _ _ _ CHINESE YUAN] (before tax). During the probationary period, Party B's base pay shall be RMB [___/__]_ [ (IN WORDS) ___/___ CHINESE YUAN] (before tax).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Party A adopts an internal wage distribution method for combination of the base pay and performance pay. The base pay of Party B is determined as RMB_________ [ (IN WORDS) __________ CHINESE YUAN ONLY] (before tax), and during the probationary period, Party B's base pay shall be RMB ______ [ (IN WORDS) ______ CHINESE YUAN] (before tax). The performance pay shall be determined upon evaluation as per the internal distribution method based on Party B's performance, labor outcomes and actual contributions.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Party A implements the piecework wage system, and the labor quota for Party B is determined as should be completed by more than 90% of the workers in the same post of Party A within the legal working hours. Party B shall complete Party A's quota in good quality within the legal working hours, and Party A will pay wages to Party B in full and on time according to the agreed quota, piece rage and Party B's performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. If Party A arranges for Party B to extend the working hours, it shall pay Party B overtime pay in accordance with the standards under Article 44 of the Labor Law. Both parties agree that the overtime pay shall be calculated based on RMB [ ]/month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Company will confirm Party B's wage according to the evaluation results, and the bonus will depend on Party B's attendance, work performance and the Company's economic benefits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The wages paid by Party A to Party B are pre-tax, and Party B's individual income tax shall be withheld by Party A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. If Party B's position changes during the term of the Contract, his salary adjustment shall be determined according to the corporate remuneration management plan. Party A will assess Party B twice a year according to job responsibilities, determine and adjust Party B's wage according to Party A's profit, labor market supply and demand, comprehensive price index and Party B's work performance. For specific measures, see Party A's relevant remuneration rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VII. Social Insurance and Benefits**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Party A and Party B shall maintain social insurances in accordance with relevant national and local regulations, and pay pension insurance, unemployment insurance, medical insurance, work-related injury insurance and maternity insurance on time. The personal contribution to be paid by Party B according to law shall be withheld by Party A from Party B's wage and remuneration for payment. If Party B fails to provide all the necessary information for maintaining the social insurance within the time limit specified by Party A, Party A will not be responsible for any delay in applying for the social insurances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Party B's public holidays, wedding and funeral leave, pregnancy and maternity benefits for female workers, and economic compensation available upon rescission and termination of the labor contract shall comply with the relevant laws, regulations, policies, as well as the rules formulated by Party A according to law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The benefits that Party B shall enjoy for occupational diseases or work-related injuries and deaths arising from work or illness comply with the relevant laws, regulations and policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The benefits available to Party B during the hospitalization for illness and the period of medical treatment for work-related injuries shall be subject to the relevant provisions of national policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VIII. Labor Protection, Working Conditions and Prevention of Occupational Hazards**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Party A shall provide Party B with labor protection facilities and working conditions in accordance with the relevant regulations of the state and local governments to ensure Party B's safety and health at work. Both parties must strictly comply with national regulations on working hours, work safety, labor protection and occupational health, etc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Party A shall provide Party B with personal protective equipment and other necessary measures for preventing occupational hazards in compliance with the regulations. Party B shall strictly abide by all safety operating procedures.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IX. Labor Disciplines and Rules**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Party A shall formulate labor discipline and rules according to the relevant national laws and regulations. Party B is willing to strictly abide by the national laws/regulations, social ethics, and all rules of Party A, including but not limited to job responsibilities, remuneration management mechanism, welfare management system, attendance management regulations, business travel management regulations, office management regulations, confidentiality agreements, other regulations and requirements set forth in the labor management system.

When signing this Contract, Party B shall be deemed to be familiar with Party A's labor disciplines and rules and be willing to abide by them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Party B undertakes to strictly abide by Party A's confidentiality system and never disclose Party A's operating conditions or businesses to a third party, or copy or lend business files, business vouchers or other materials to a third party. Otherwise, Party B shall be obliged to indemnify Party A for any economic losses caused thereby to Party A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. During the term of the Contract, Party A may specify new rules or revise the original rules according to relevant national regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. If the clauses hereof conflict with the new national regulations or Party A's new rules , Party B agrees to obey the new ones.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Party A may reward or punish Party B for abiding by or violating the labor disciplines or rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. During the term of the Contract, Party B must safeguard Party A's interests and reputation, take good care of Party A's property, safeguard Party A's interests, do jobs actively, and strive to perform different jobs and sales tasks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. When signing this Contract, Party A and Party B confirm that Party B shall wholeheartedly render labor services to Party A. If Party B violates this principle and engages in a second occupation outside without Party A's permission, however the method of work or whether Party B obtains relevant remuneration, both parties believe that this behavior will have a serious impact on the completion of Party A's tasks. In this case, Party A has the right to terminate the labor contract with Party B according to the relevant provisions of the Labor Contract Law without paying any economic compensation. Meanwhile, Party A will reserve the right to investigate Party B's legal responsibility according to the losses caused by Party B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. When applying to Party A for a job, if Party B provides false certificates or commits fraud, coercion or taking advantage of others' difficulties to defraud Party A of employment, including but not limited to those circumstances listed below: The resignation, identity, academic and physical examination certificates are false or falsified; Party B has suffered from mental illness, infectious diseases or any other disease that seriously affects work before applying for the job, but fails to declare it when applying for the job; before applying for the job, Party B has received serious punishments from other employers, including demerits, probation, dismissal and removal, or has committed misdeeds such as drug abuse and failed to declare it when applying for the job. Once verified true, Party B agrees that Party A shall immediately terminate this Contract without paying any economic compensation according to the relevant provisions of the Labor Contract Law, and Party B shall also indemnify Party A for all the economic losses caused thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**X. Modification of the Labor Contract**

Party A and Party B may modify the labor contract upon negotiation. Any modification of the labor contract shall be recorded in writing, and the date of modification shall be indicated. Such modification shall take effect once signed or stamped by both parties. For modification of the labor contract, an Amendment to the Labor Contract may be concluded, or the parties may negotiate about entering into a separate agreement in respect of the modification. Attached to the labor contract as an annex, such separate agreement shall be equally binding as the labor contract. Those parts of the labor contract not modified shall be further performed.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**XI. Rescission of the Labor Contract**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. This Contract may be rescinded as negotiated by both parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Under any one of the following circumstances of Party B, Party A may unilaterally terminate the labor contract without paying any economic compensation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Party B is proved incompetent for employment during the probationary period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Party B seriously violates Party A's labor disciplines and rules;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Party B is involved in gross neglect of duty, engages in malpractices for personal gain, or takes advantage of his position for personal gain, which affects and causes losses image and interests of Party A. For details, see the labor disciplines and rules;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Party B establishes labor relationship with other employers concurrently;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) The labor contract is rendered invalid due to the prescribed circumstances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Party B is subject to administrative or criminal punishment for stealing of Party A's belongings or involvement in drug abuse or gambling;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Party B establishes labor relations with Party A by fraudulent means;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Party B concurrently holds a second job or engages in business activities for personal gain;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) Party B hires someone to work for him;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) Party B is investigated for criminal responsibilities according to law for committing a murder, fighting or hurting others by violence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Under any of the following circumstances, Party A may rescind this Contract by notifying Party B in writing thirty (30) days in advance:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Party B is sick or injured for a non-work-related reason and can neither resume his original position after the expiry of the prescribed time period for medical treatment, nor can he assume any other position arranged by Party A;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Party B is incompetent for his position or is still so after training or position adjustment or refuses to accept the position adjustment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The objective circumstances on which the labor contract was based have undergone significant changes, resulting in the inability to perform the labor contract. Even after consultation between Party A and Party B, they have not been able to reach an agreement on modifying the labor contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The labor contract may be terminated under any of the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The labor contract expires;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) During the term of the Contract, Party B reaches the statutory retirement age and goes through the retirement formalities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Party B is dead or declared dead or missing by the people's court;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Party A is declared bankrupt according to law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Party A's business license is revoked or Party A is ordered to close down or revoked or Party A decides to dissolve ahead of schedule;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Other circumstances stipulated by laws and administrative regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Party B shall notify Party A in writing of the rescission of the labor contract 30 days in advance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. During the term of the Contract, Party B's resignation shall be subject to Party A's rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. If Party A is on the verge of bankruptcy and undergoes statutory rectification or encounters great difficulties in production and operation, and it is really necessary to lay off employees, it may lay off employees according to legal procedures, and the labor contracts of the laid-off employees will be terminated automatically from the date of layoff.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. If Party B fails to rescind the labor contract or violates the confidentiality or non-compete obligation in accordance with the provisions of the Labor Contract Law, it shall compensate Party A for its losses.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**XII. Termination Formalities**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. This contract may be terminated as agreed between Party A and Party B, provided that the other party must be notified thirty days in advance. Party A has the right to ask Party B to arrange no more than 30 days (no more than 7 days for the probationary period) for job handover from the date on which Party A and Party B notify the other party of rescinding or terminating the Contract. Party B must arrange for the job handover as required by Party A. If Party B fails to handle the job handover within the specified time of termination or the handover is unclear, Party B shall indemnify Party A for any loss caused thereby, and Party A has the right to deduct such compensation from Party B's wage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Before the last working day when the labor contract is terminated or rescinded, Party B shall go through the working formalities according to the rules of Party A. All the unsettled matters at work, documents, materials and office supplies shall be counted and handed over to the designated personnel of Party A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. After Party B completes the above formalities, Party A shall issue a certificate on rescission or termination of the labor contract to Party B, and go through the formalities for the transfer of files and social insurance relationships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Under any of the following circumstances, if Party A fails to handle the relevant formalities for Party B in time, all legal responsibilities arising therefrom shall be borne by Party B:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Party B fails to complete the resignation formalities according to the rules of Party A;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Party B fails to receive and sign the resignation notice and resignation certificate on time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Party B fails to cooperate, resulting in Party A being unable to deliver the relevant resignation documents to Party B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**XIII. Renewal of the Labor Contract**

After its expiry, the labor contract may be renewed if Party B passes Party A's evaluation and the renewal is approved by the HR Department of Party A. To renew the labor contract, Party A shall go through the relevant formalities with Party B before the expiry of the labor contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**XIV. Liability for Breach of the Labor Contract**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. If the Contract cannot be performed due to Party B's fault, Party B shall bear the liability for breach; If it is the fault of both parties, according to the actual situation, both parties shall bear their respective liabilities for breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. If Party B fails to perform the Contract due to force majeure, Party B shall promptly issue a proof of non-performance or necessity for late or partial performance to Party A. After obtaining the relevant proof, Party A will decide whether to allow Party B's late or partial performance or non-performance of the Contract, and may exempt the responsibilities in part or in whole dependent upon the case.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. If Party A violates the conditions agreed hereunder or concludes an invalid labor contract because of Party A, thus causing damage to Party B, Party A shall compensate Party B for the losses according to the relevant national and municipal regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**XV. Training and Job Transfer**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Party A has the right to request Party B to enter into a Training Agreement with Party B as an annex to this Contract if Party A agrees to fund Party B's training dispatch Party B for study. When Party B proposes terminating the labor contract, if the service period of Party B specified herein has not expired, Party B shall bear the liability for compensation as agreed hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. If the service period of Party B specified in the Training Agreement is longer than the term of this Contract, the former shall prevail, and the term of this Contract shall be changed accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. If Party B tenders a resignation or the labor contract is terminated by Party A due to Party B's fault, all personnel whose training is funded by Party A shall reimburse Party A for the training expenses according to the Training Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**XVI. Trade Secrets**

During the term of the Contract, if Party B's work involves Party A's trade secrets and confidential matters related to intellectual property rights, Party A may negotiate with Party B in advance to agree on matters of keeping trade secrets confidential or non-compete, and enter into confidentiality and non-compete agreements. Party B shall not disclose Party A's trade secrets or any information in possession of Party A to any person. Otherwise, Party B shall indemnify Party A for all economic losses (including but not limited to direct losses and indirect losses; liquidated damage, indemnity and compensation paid to third parties; all entertainment, transportation and accommodation expenses incurred for the performance of this Contract; legal, litigation, arbitration, execution, notary and investigation fees, etc. paid for protection of rights).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**XVII. Dispute Resolution**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. This labor contract is concluded in accordance with the law, that is, it is legally binding. Both parties shall fully perform this Contract, and strictly abide by the provisions on the modification, rescission, termination and renewal of the labor contract and payment of economic compensation in accordance with the law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. During the term of this labor contract, any labor dispute occurring between Party A and Party B shall be settled through negotiation. If negotiation fails, either party may apply to a labor arbitration agency of the place where Party A is registered for arbitration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**XVIII. Representation and Acknowledgement**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Both parties acknowledge that any work-related outcomes (including, but not limited to, technical materials, developments, conceptual summaries, creative ideas, documents, published books, work logs, training materials, operation manuals, audiovisual materials), regardless of their form (text, graphics, audiovisual, etc.), shall be the intellectual property of Party A in its entirety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Party B authorizes Party A to use his portraits (including photos, images, audio-visual materials and other works) for Party A's business and publicity activities free of charge, agrees that Party A has all rights and interests in the works with Party B's portraits (including but not limited to ownership and intellectual property rights), and promises not to make any claims on the authorized items. Party B authorizes Party A to use his portraits, including but not limited to shooting, producing, editing, modifying, publishing, and sub-licensing to third parties for use. Party B understands and agrees that Party A may use his portraits anytime in all business and promotional activities. Party A is not required to notify Party B in advance of any photo shooting and use of Party B's portraits. Party B agrees to cooperate with Party A's work and business needs. Such authorization, without being limited by time and territory, is permanent and irrevocable. Party A is permanently authorized to use the works produced by Party B during the employment by Party A free of charge, and such authorization will not become invalid due to the rescission/termination of this Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. All the relevant notices sent by Party A to Party B regarding the performance of this Contract, publication of rules and documents, and arrange of work, etc. based on the contact information set out hereunder (including e-mail and WeChat ID) or accounts opened by Party A for Party B (including DingTalk account, enterprise email and HR management system) shall be deemed to be effectively delivered and served to Party B. Any operations carried out through the aforementioned contact information or accounts will be deemed as Party B's own operations. To change his contact information, Party B shall notify Party A in writing 5 days in advance. Otherwise, if Party A serves a notice according to the contact information before the change, the notice will be deemed to have been delivered.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**XIX. Other Matters as Agreed by the Parties:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. If Party B works in a confidential position of Party A, both parties must enter into a confidentiality agreement as an annex hereto, and the confidentiality agreement shall be equally binding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Party B agrees that when he cannot be reached, his emergency contact [ ] (mobile: [ ]) will be authorized to be Party B's agent, who shall have the authority to accept reconciliation and mediation, sign and collect relevant documents, and receive payments and property on behalf of Party B without additionally performing the authorization formalities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The matters unsettled hereunder shall be subject to the national regulations and Party A's rules. If they are not specified, both parties shall negotiate separately and enter into a supplementary agreement as an annex hereto. This Contract shall not be altered without negotiation and confirmation by both parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. This labor contract is made in duplicate, with Party A and Party B holding one copy respectively. Both labor contracts have the equal force. The scanned, faxed and electronic copies of the Contract shall have the same effect as the original contract.

(Remainder of this page has been intentionally left blank for signature)

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---

| | | |
|:---|:---|:---|
| Party A: (Seal)<br>![](ex10-1a_001.jpg) | Party B (Signature): | ![](ex10-1c_001.jpg) |
|  |  | ![](ex10-1c_001.jpg) |
| Legal/Authorized Representative (Signature/Seal):<br>![](ex10-1b_001.jpg) |  | ![](ex10-1c_001.jpg) |
|  |  | ![](ex10-1c_001.jpg) |
| Date: July 16, 2022 | Date: July 16, 2022 | ![](ex10-1c_001.jpg) |

---

I have read the above terms of the Contract, the Company's labor disciplines and rules in detail and agree to all terms. Party B is willing to abide by the foregoing clauses as a prerequisite for the employment. Party B has acknowledged receipt of one copy of this Contract by signature.

---

| | |
|:---|:---|
|  | ![](ex10-1d_001.jpg) |
|  | ![](ex10-1d_001.jpg) |
| Party B (Signature): | ![](ex10-1d_001.jpg) |
|  | ![](ex10-1d_001.jpg) |
|  | ![](ex10-1d_001.jpg) |

---

Page 11/11

## Exhibit 10.2

**Exhibit 10.2**

**<u>INDEPENDENT DIRECTOR AGREEMENT</u>**

**THIS INDEPENDENT DIRECTOR AGREEMENT** (this "<u>Agreement</u>"), dated as of ______________________ (the "<u>Effective Date</u>"), is by and between **Aigo Holding Limited**, an exempted company incorporated under the laws of the Cayman Islands (the "<u>Company</u>"), and **____________**, an individual (the "<u>Director</u>").

**<u>RECITALS</u>**

**WHEREAS**, the Company desires to appoint the Director to serve on the Company's board of directors (the "<u>Board</u>") and the Director desires to accept such appointment to serve on the Board; and

**WHEREAS**, the Director may be appointed to serve as a member or chair of one or more committees of the Board.

**<u>AGREEMENT</u>**

**NOW, THEREFORE**, in consideration of the foregoing and the Director's services to the Company as a member of the Board, as a member of such committees of the Board to which the Director may be appointed from time to time and as chair of one or more committees to which the Director may be appointed in such capacity from time to time, and intending to be legally bound hereby, the Company and the Director hereby agree as follows:

1. **<u>Term</u>.** The Company hereby appoints the Director, and the Director hereby accepts such appointment by the Company, for the purposes and upon the terms and conditions contained in this Agreement. The term of such appointment shall commence on ______________________ (the "<u>Commencement Date</u>") and shall continue until the Director's successor is duly elected or appointed and qualified or until the Director's earlier death, disqualification, resignation or removal from office, pursuant to the terms of this Agreement, the Company's then current Memorandum and Articles of Association, as may be amended from time to time, or any applicable laws, rules, or regulations (the "<u>Expiration Date</u>"). In the event that the Director's successor has not been duly elected or appointed as of the Expiration Date, the Director agrees to continue to serve hereunder until such successor has been duly elected or appointed and qualified.

2. **<u>Compensation</u>**. In exchange for the Director's service as (a) a member of the Board, (b) a member of each committee of the Board to which the Director may be appointed, and (c) chair of each committee of the Board to which the Director may be appointed, the Company agrees to compensate the Director, and the Director agrees to accept the compensation as determined by the Board from time to time (the "<u>Compensation</u>"), subject to the terms herein. In the event that the Director serves less than twelve consecutive months as a member of the Board, the Company shall only be obligated to pay the pro rata portion of the Compensation to the Director for services performed during such year.

3. **<u>Independence</u>.** The Director acknowledges that appointment to the Board is contingent upon the Board's determination that the Director is "independent" with respect to the Company, as such term is defined by Rule 5605 of the Nasdaq Stock Market's Listing Rules, and any other applicable rules, and that the Director may be removed from the Board in the event that the Director does not maintain such independence. The Director acknowledges and agrees that the acceptance, directly or indirectly, of any consulting, advisory, or other compensatory fee, other than for Board service, from the Company or any subsidiary thereof will impair the Director's independence, and the Director agrees not to accept any such fees.

4. **<u>Duties</u>.** The Director shall exercise all powers in good faith and in the best interests of the Company, including but not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Conflicts of Interest/Applicable Law</u>. In the event
that the Director has a direct or indirect financial or personal interest in a contract or transaction to which the Company is a party,
or the Director is contemplating entering into a transaction that involves use of corporate assets or competition against the Company,
the Director shall promptly disclose such potential conflict to the applicable Board committee or the Board and proceed as directed by
such committee or the Board, as applicable. The Director acknowledges the duty of loyalty and the duty of care owed to the Company pursuant
to applicable law and agrees to act in all cases in accordance with applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Corporate Opportunities</u>. Whenever the Director becomes
aware of a business opportunity related to the Company's business, which one could reasonably expect the Director to make available
to the Company, the Director shall promptly disclose such opportunity to the applicable Board committee or the Board and proceed as directed
by such committee or the Board, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Confidentiality</u>. The Director agrees and acknowledges
that, by reason of the nature of the Director's duties on the Board, the Director will have or may have access to and become informed
of proprietary, confidential and secret information which is a competitive asset of the Company (" <u>Confidential Information</u> "),
including, without limitation, any lists of customers or suppliers, distributors, financial statistics, research data or any other statistics
and plans or operation plans or other trade secrets of the Company and any of the foregoing which belong to any person or company but
to which the Director has had access by reason of the Director's relationship with the Company. The term "Confidential Information"
shall not include information which: (i) is or becomes generally available to the public other than as a result of a disclosure by the
Director or the Director's representatives; or (ii) is required to be disclosed by the Director due to governmental regulatory
or judicial process. The Director agrees faithfully to keep in strict confidence, and not, either directly or indirectly, to make known,
divulge, reveal, furnish, make available or use (except for use in the regular course of employment duties) any such Confidential Information.
The Director acknowledges that all manuals, instruction books, price lists, information and records and other information and aids relating
to the Company's business, and any and all other documents containing Confidential Information furnished to the Director by the
Company or otherwise acquired or developed by the Director, shall at all times be the property of the Company. Upon termination of the
Director's services hereunder, the Director shall return to the Company any such property or documents which are in the Director's
possession, custody or control, but this obligation of confidentiality shall survive such termination until and unless any such Confidential
Information shall have become, through no fault of the Director, generally known to the public. The obligations of the Director under
this subsection are in addition to, and not in limitation or preemption of, all other obligations of confidentiality which the Director
may have to the Company under general legal or equitable principles.

&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Code of Business Conduct and Ethics</u>. The Director
agrees to abide by and follow all such procedures set forth in the Company's code of business conduct and ethics, as may be in
existence now or at any time during the term of this Agreement, and any other policy, code or document governing the conduct of directors
of the Company as may be in existence now or at any time during the term of this Agreement.

5. **<u>Expenses</u>**. Upon submission of adequate documentation by the Director to the Company, the Director shall be reimbursed for all reasonable expenses incurred in connection with the Director's positions as a member of the Board and for services as a member of each committee of the Board to which the Director may be appointed.

6. **<u>Indemnity</u>**. The Company and the Director agree that indemnification with respect to the Director's service on the Board shall be governed by that certain Indemnification Agreement attached as <u>Exhibit A</u> hereto ("<u>Indemnification Agreement</u>").

7. **<u>Withholding</u>**. The Director agrees to cooperate with the Company to take all steps necessary or appropriate for the withholding of taxes by the Company required under law or regulation in connection herewith, and the Company may act unilaterally in order to comply with such laws.

8. **<u>Binding Effect</u>**. This Agreement shall be binding upon and inure to the benefit of the Company and its successors and assigns.

9. **<u>Recitals</u>**. The recitals to this Agreement are true and correct and are incorporated herein, in their entirety, by this reference.

10. **<u>Validity</u>**. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, which shall remain in full force and effect.

11. **<u>Headings and Captions</u>**. The titles and captions of paragraphs and subparagraphs contained in this Agreement are provided for convenience of reference only, and shall not be considered terms or conditions of this Agreement.

12. **<u>Neutral Construction</u>**. Neither party hereto may rely on any drafts of this Agreement in any interpretation of the Agreement. Both parties to this Agreement have reviewed this Agreement and have participated in its drafting and, accordingly, neither party shall attempt to invoke the normal rule of construction to the effect that ambiguities are to be resolved against the drafting party in any interpretation of this Agreement.

13. **<u>Counterparts</u>**. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original and all of which together will constitute one and the same instrument.

14. **<u>Miscellaneous</u>**. This Agreement and the Indemnification Agreement constitute the entire understanding between the parties with respect to the Director's service on the Board and there are no prior or contemporaneous written or oral agreements, understandings, or representations, express or implied, directly or indirectly related to this Agreement that are not set forth or referenced herein. This Agreement supersedes all negotiations, preliminary agreements, and all prior and contemporaneous discussions and understandings of the parties hereto and/or their affiliates with respect to the Director's service on the Board. The Director acknowledges that he has not relied on any prior or contemporaneous discussions or understanding in entering into this Agreement. The terms and provisions of this Agreement may be altered, amended or discharged only by the signed written agreement of the parties hereto.

15. **<u>Governing Law</u>**. This Agreement shall be governed by and construed and enforced under the laws of the People's Republic of China.

[*Remainder of Page Intentionally Left Blank*]

**IN WITNESS WHEREOF**, the parties hereto have executed this Independent Director Agreement as of the Effective Date.

---

| |
|:---|
| **AIGO HOLDING LIMITED** |
| By: |
| Name: |
| Title: |
| **DIRECTOR** |
| Name: |

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[*Signature Page to Independent Director Agreement*]

**<u>EXHIBIT A</u>**

**INDEMNIFICATION AGREEMENT**

**(Attached)**

## Exhibit 10.3

**Exhibit 10.3**

**<u>INDEMNIFICATION AGREEMENT</u>**

This Indemnification Agreement (this "<u>Agreement</u>"), dated as of ______, is by and between **Aigo Holding Limited**, an exempted company incorporated under the laws of the Cayman Islands (the "<u>Company</u>") and **[ ]** (the "<u>Indemnitee</u>").

**<u>RECITALS</u>**

**WHEREAS**, Indemnitee is a director or officer of the Company and in such capacity renders valuable services to the Company;

**WHEREAS**, both the Company and Indemnitee recognize the increased risk of litigation and other claims being asserted against directors and officers of public companies;

**WHEREAS**, the board of directors of the Company (the "<u>Board</u>") has determined that enhancing the ability of the Company to retain and attract as directors and officers the most capable persons is in the best interests of the Company and that the Company therefore should seek to assure such persons that indemnification is available; and

**WHEREAS**, in recognition of the need to provide Indemnitee with substantial protection against personal liability, in order to procure Indemnitee's continued service as a director or officer of the Company and to enhance Indemnitee's ability to serve the Company in an effective manner, and in order to provide such protection pursuant to express contract rights (intended to be enforceable irrespective of, among other things, any amendment to the Company's certificate of incorporation or bylaws (collectively, the "<u>Constituent Documents</u>"), any change in the composition of the Board or any change in control or business combination transaction relating to the Company), the Company wishes to provide in this Agreement for the indemnification of, and the advancement of Expenses (as defined in Section 1 below) to, Indemnitee as set forth in this Agreement.

**<u>AGREEMENT</u>**

**NOW, THEREFORE**, in consideration of the foregoing and the Indemnitee's agreement to continue to provide services to the Company, the parties agree as follows:

1. <u>Definitions</u>. For purposes of this Agreement, the following terms shall have the following meanings:

(a) "<u>Beneficial Owner</u>" has the meaning given to the term "beneficial owner" in Rule 13d-3 under the Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>").

(b) "<u>Change in Control</u>" means the occurrence after the date of this Agreement of any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;(i) any Person is or becomes the Beneficial Owner, directly or
indirectly, of securities of the Company representing 51% or more of the Company's then outstanding Voting Securities;

&nbsp;&nbsp;&nbsp;&nbsp;(ii) the consummation of a reorganization, merger or consolidation,
unless immediately following such reorganization, merger or consolidation, all of the Beneficial Owners of the Voting Securities of the
Company immediately prior to such transaction beneficially own, directly or indirectly, more than 51% of the combined voting power of
the outstanding Voting Securities of the entity resulting from such transaction;

&nbsp;&nbsp;&nbsp;&nbsp;(iii) during any period of two consecutive years, not including
any period prior to the execution of this Agreement, individuals who at the beginning of such period constituted the Board (including
for this purpose any new directors whose election by the Board or nomination for election by the Company's stockholders was approved
by a vote of at least two-thirds (2/3) of the directors then still in office who either were directors at the beginning of the period
or whose election or nomination for election was previously so approved) cease for any reason to constitute at least a majority of the
Board; or

&nbsp;&nbsp;&nbsp;&nbsp;(iv) the stockholders of the Company approve a plan of complete
liquidation or dissolution of the Company or an agreement for the sale or disposition by the Company of all or substantially all of the
Company's assets.

(c) "<u>Claim</u>" means:

&nbsp;&nbsp;&nbsp;&nbsp;(i) any threatened, pending or completed action, suit, proceeding
or alternative dispute resolution mechanism, whether civil, criminal, administrative, arbitrative, investigative or other, and whether
made pursuant to federal, state or other law; or

&nbsp;&nbsp;&nbsp;&nbsp;(ii) any inquiry, hearing or investigation that the Indemnitee
determines might lead to the institution of any such action, suit, proceeding or alternative dispute resolution mechanism.

(d) "<u>Disinterested Director</u>" means a director of the Company who is not and was not a party to the Claim in respect of which indemnification is sought by Indemnitee

(e) "<u>Expenses</u>" means any and all expenses, including attorneys' and experts' fees, court costs, transcript costs, travel expenses, duplicating, printing and binding costs, telephone charges, and all other costs and expenses incurred in connection with investigating, defending, being a witness in or participating in (including on appeal), or preparing to defend, be a witness or participate in, any Claim. Expenses also shall include (i) Expenses incurred in connection with any appeal resulting from any Claim, including without limitation the premium, security for, and other costs relating to any cost bond, supersedeas bond, or other appeal bond or its equivalent, and (ii) for purposes of Section 5 only, Expenses incurred by Indemnitee in connection with the interpretation, enforcement or defense of Indemnitee's rights under this Agreement, by litigation or otherwise. Expenses, however, shall not include amounts paid in settlement by Indemnitee or the amount of judgments or fines against Indemnitee.

(f) "<u>Expense Advance</u>" means any payment of Expenses advanced to Indemnitee by the Company pursuant to Section 3 or Section 4 hereof.

(g) "<u>Indemnifiable Event</u>" means any event or occurrence, whether occurring before, on or after the date of this Agreement, related to the fact that Indemnitee is or was a director, officer, employee or agent of the Company or any subsidiary of the Company.

(h) "<u>Independent Counsel</u>" means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither presently performs, nor in the past five years has performed, services for either: (i) the Company or Indemnitee (other than in connection with matters concerning Indemnitee under this Agreement or of other indemnitees under similar agreements) or (ii) any other party to the Claim giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term "Independent Counsel" shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee's rights under this Agreement.

(i) "<u>Losses</u>" means any and all Expenses, damages, losses, liabilities, judgments, fines, penalties (whether civil, criminal or other), ERISA excise taxes, amounts paid or payable in settlement, including any interest, assessments, any federal, state, local or foreign taxes imposed as a result of the actual or deemed receipt of any payments under this Agreement and all other charges paid or payable in connection with investigating, defending, being a witness in or participating in (including on appeal), or preparing to defend, be a witness or participate in, any Claim.

(j) "<u>Person</u>" means any individual, corporation, firm, partnership, joint venture, limited liability company, estate, trust, business association, organization, governmental entity or other entity and includes the meaning set forth in Sections 13(d) and 14(d) of the Exchange Act.

(k) "<u>Standard of Conduct Determination</u>" shall have the meaning ascribed to it in Section 8(b) below.

(l) "<u>Voting Securities</u>" means any securities of the Company that vote generally in the election of directors.

2. <u>Indemnification</u>. Subject to Section 8 and Section 9 of this Agreement, the Company shall indemnify Indemnitee, to the fullest extent permitted by the laws of the Cayman Islands in effect on the date hereof, or as such laws may from time to time hereafter be amended to increase the scope of such permitted indemnification, against any and all Losses if Indemnitee was or is or becomes a party to or participant in, or is threatened to be made a party to or participant in, any Claim by reason of or arising in part out of an Indemnifiable Event, including, without limitation, Claims brought by or in the right of the Company, Claims brought by third parties, and Claims in which the Indemnitee is solely a witness.

3. <u>Advancement of Expenses</u>. Indemnitee shall have the right to advancement by the Company, prior to the final disposition of any Claim by final adjudication to which there are no further rights of appeal, of any and all Expenses actually and reasonably paid or incurred by Indemnitee in connection with any Claim arising out of an Indemnifiable Event. Indemnitee's right to such advancement is not subject to the satisfaction of any standard of conduct. Without limiting the generality or effect of the foregoing, within 30 days after any request by Indemnitee, the Company shall, in accordance with such request, (a) pay such Expenses on behalf of Indemnitee, (b) advance to Indemnitee funds in an amount sufficient to pay such Expenses, or (c) reimburse Indemnitee for such Expenses. In connection with any request for Expense Advances, Indemnitee shall not be required to provide any documentation or information to the extent that the provision thereof would undermine or otherwise jeopardize attorney-client privilege. The Company's obligation to pay Expense Advances is contingent upon Indemnitee's execution and delivery to the Company of an undertaking to repay any amounts paid, advanced, or reimbursed by the Company for such Expenses to the extent that it is ultimately determined, following the final disposition of such Claim, that Indemnitee is not entitled to indemnification hereunder. Indemnitee's obligation to reimburse the Company for Expense Advances shall be unsecured and no interest shall be charged thereon.

4. <u>Indemnification for Expenses in Enforcing Rights</u>. To the fullest extent allowable under applicable law, the Company shall also indemnify against, and, if requested by Indemnitee, shall advance to Indemnitee subject to and in accordance with Section 3, any Expenses actually and reasonably paid or incurred by Indemnitee in connection with any action or proceeding by Indemnitee for (a) indemnification or reimbursement or advance payment of Expenses by the Company under any provision of this Agreement, or under any other agreement or provision of the Constituent Documents now or hereafter in effect relating to Claims relating to Indemnifiable Events, and/or (b) recovery under any directors' and officers' liability insurance policies maintained by the Company. However, in the event that Indemnitee is ultimately determined not to be entitled to such indemnification or insurance recovery, as the case may be, then all amounts advanced under this Section 4 shall be repaid. Indemnitee shall be required to reimburse the Company in the event that a final judicial determination is made that such action brought by Indemnitee was frivolous or not made in good faith.

5. <u>Partial Indemnity</u>. If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for a portion of any Losses in respect of a Claim related to an Indemnifiable Event but not for the total amount thereof, the Company shall nevertheless indemnify Indemnitee for the portion thereof to which Indemnitee is entitled.

6. <u>Notification and Defense of Claims</u>.

(a) <u>Notification of Claims</u>. Indemnitee shall notify the Company in writing as soon as practicable of any Claim which could relate to an Indemnifiable Event or for which Indemnitee could seek Expense Advances, including a brief description (based upon information then available to Indemnitee) of the nature of, and the facts underlying, such Claim. The failure by Indemnitee to timely notify the Company hereunder shall not relieve the Company from any liability hereunder unless the Company's ability to participate in the defense of such claim was materially and adversely affected by such failure/except that the Company shall not be liable to indemnify Indemnitee under this Agreement with respect to any judicial award in a Claim related to an Indemnifiable Event if the Company was not given a reasonable and timely opportunity to participate at its expense in the defense of such action. If at the time of the receipt of such notice, the Company has directors' and officers' liability insurance in effect under which coverage for Claims related to Indemnifiable Events is potentially available, the Company shall give prompt written notice to the applicable insurers in accordance with the procedures set forth in the applicable policies. The Company shall provide to Indemnitee a copy of such notice delivered to the applicable insurers, and copies of all subsequent correspondence between the Company and such insurers regarding the Claim, in each case substantially concurrently with the delivery or receipt thereof by the Company.

(b) <u>Defense of Claims</u>. The Company shall be entitled to participate in the defense of any Claim relating to an Indemnifiable Event at its own expense and, except as otherwise provided below, to the extent the Company so wishes, it may assume the defense thereof with counsel reasonably satisfactory to Indemnitee. After notice from the Company to Indemnitee of its election to assume the defense of any such Claim, the Company shall not be liable to Indemnitee under this Agreement or otherwise for any Expenses subsequently directly incurred by Indemnitee in connection with Indemnitee's defense of such Claim other than reasonable costs of investigation or as otherwise provided below. Indemnitee shall have the right to employ its own legal counsel in such Claim, but all Expenses related to such counsel incurred after notice from the Company of its assumption of the defense shall be at Indemnitee's own expense; provided, however, that if (i) Indemnitee's employment of its own legal counsel has been authorized by the Company, (ii) Indemnitee has reasonably determined that there may be a conflict of interest between Indemnitee and the Company in the defense of such Claim, (iii) after a Change in Control, Indemnitee's employment of its own counsel has been approved by the Independent Counsel or (iv) the Company shall not in fact have employed counsel to assume the defense of such Claim, then Indemnitee shall be entitled to retain its own separate counsel (but not more than one law firm plus, if applicable, local counsel in respect of any such Claim) and all Expenses related to such separate counsel shall be borne by the Company.

7. <u>Procedure upon Application for Indemnification</u>. In order to obtain indemnification pursuant to this Agreement, Indemnitee shall submit to the Company a written request therefor, including in such request such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification following the final disposition of the Claim. Indemnification shall be made insofar as the Company determines Indemnitee is entitled to indemnification in accordance with Section 8 below.

8. <u>Determination of Right to Indemnification</u>.

(a) <u>Mandatory Indemnification; Indemnification as a Witness.</u>

&nbsp;&nbsp;&nbsp;&nbsp;(i) To the extent that Indemnitee shall have been successful
on the merits or otherwise in defense of any Claim relating to an Indemnifiable Event or any portion thereof or in defense of any issue
or matter therein, including without limitation dismissal without prejudice, Indemnitee shall be indemnified against all Losses relating
to such Claim in accordance with Section 2 to the fullest extent allowable by law, and no Standard of Conduct Determination (as defined
in Section 8(b)) shall be required.

&nbsp;&nbsp;&nbsp;&nbsp;(ii) To the extent that Indemnitee's involvement in a Claim
relating to an Indemnifiable Event is to prepare to serve and serve as a witness, and not as a party, the Indemnitee shall be indemnified
against all Losses incurred in connection therewith to the fullest extent allowable by law and no Standard of Conduct Determination (as
defined in Section 8(b)) shall be required.

(b) <u>Standard of Conduct</u>. To the extent that the provisions of Section 8(a) are inapplicable to a Claim related to an Indemnifiable Event that shall have been finally disposed of, any determination of whether Indemnitee has satisfied any applicable standard of conduct that is a legally required condition to indemnification of Indemnitee hereunder against Losses relating to such Claim and any determination that Expense Advances must be repaid to the Company (a "<u>Standard of Conduct Determination</u>") shall be made as follows:

&nbsp;&nbsp;&nbsp;&nbsp;(i) if no Change in Control has occurred, (A) by a majority vote
of the Disinterested Directors, even if less than a quorum of the Board, (B) by a committee of Disinterested Directors designated by
a majority vote of the Disinterested Directors, even though less than a quorum or (C) if there are no such Disinterested Directors, by
Independent Counsel in a written opinion addressed to the Board, a copy of which shall be delivered to Indemnitee; and

&nbsp;&nbsp;&nbsp;&nbsp;(ii) if a Change in Control shall have occurred, (A) if the Indemnitee
so requests in writing, by a majority vote of the Disinterested Directors, even if less than a quorum of the Board or (B) otherwise,
by Independent Counsel in a written opinion addressed to the Board, a copy of which shall be delivered to Indemnitee.

(c) <u>Making the Standard of Conduct Determination</u>. The Company shall use its reasonable best efforts to cause any Standard of Conduct Determination required under Section 8(b) to be made as promptly as practicable. If the person or persons designated to make the Standard of Conduct Determination under Section 8(b) shall not have made a determination within 30 days after the later of (A) receipt by the Company of a written request from Indemnitee for indemnification pursuant to Section 7 (the date of such receipt being the "<u>Notification Date</u>") and (B) the selection of an Independent Counsel, if such determination is to be made by Independent Counsel, then Indemnitee shall be deemed to have satisfied the applicable standard of conduct; provided that such 30-day period may be extended for a reasonable time, not to exceed an additional 30 days, if the person or persons making such determination in good faith requires such additional time to obtain or evaluate information relating thereto. Notwithstanding anything in this Agreement to the contrary, no determination as to entitlement of Indemnitee to indemnification under this Agreement shall be required to be made prior to the final disposition of any Claim.

(d) <u>Payment of Indemnification</u>. If, in regard to any Losses:

&nbsp;&nbsp;&nbsp;&nbsp;(i) Indemnitee shall be entitled to indemnification pursuant
to Section 8(a);

&nbsp;&nbsp;&nbsp;&nbsp;(ii) no Standard Conduct Determination is legally required as
a condition to indemnification of Indemnitee hereunder; or

&nbsp;&nbsp;&nbsp;&nbsp;(iii) Indemnitee has been determined or deemed pursuant to Section
8(b) or Section 8(c) to have satisfied the Standard of Conduct Determination, then the Company shall pay to Indemnitee, within 30 days
after the later of (A) the Notification Date or (B) the earliest date on which the applicable criterion specified in clause (i), (ii)
or (iii) is satisfied, an amount equal to such Losses.

(e) <u>Selection of Independent Counsel for Standard of Conduct Determination</u>. If a Standard of Conduct Determination is to be made by Independent Counsel pursuant to Section 8.1(b), the Independent Counsel shall be selected by the Board of Directors, and the Company shall give written notice to Indemnitee advising of the identity of the Independent Counsel so selected. If Indemnitee, within five days after receiving written notice of selection from the Company, deliver to the other a written objection to such selection; provided, however, that such objection may be asserted only on the ground that the Independent Counsel so selected does not satisfy the criteria set forth in the definition of "Independent Counsel" in Section 1, and the objection shall set forth with particularity the factual basis of such assertion. Absent a proper and timely objection, the person or firm so selected shall act as Independent Counsel. If such written objection is properly and timely made and substantiated, (i) the Independent Counsel so selected may not serve as Independent Counsel unless and until such objection is withdrawn or a court has determined that such objection is without merit; and (ii) the Board may, at its option, select an alternative Independent Counsel and give written notice to the other party advising such other party of the identity of the alternative Independent Counsel so selected, in which case the provisions of the two immediately preceding sentences, the introductory clause of this sentence and numbered clause (i) of this sentence shall apply to such subsequent selection and notice. If applicable, the provisions of clause (ii) of the immediately preceding sentence shall apply to successive alternative selections. If no Independent Counsel that is permitted under the foregoing provisions of this Section 8(e) to make the Standard of Conduct Determination shall have been selected within 20 days after the Company gives its initial notice pursuant to the first sentence of this Section 8(e) either the Company or Indemnitee may petition a court of competent jurisdiction to resolve any objection which shall have been made by the Company or Indemnitee to the other's selection of Independent Counsel and/or to appoint as Independent Counsel a person to be selected by the Court or such other person as the Court shall designate, and the person or firm with respect to whom all objections are so resolved or the person or firm so appointed will act as Independent Counsel. In all events, the Company shall pay all of the reasonable fees and expenses of the Independent Counsel incurred in connection with the Independent Counsel's determination pursuant to Section 8(b).

(f) <u>Presumptions and Defenses.</u>

&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Indemnitee's Entitlement to Indemnification</u>.
In making any Standard of Conduct Determination, the person or persons making such determination shall presume that Indemnitee has satisfied
the applicable standard of conduct and is entitled to indemnification, and the Company shall have the burden of proof to overcome that
presumption and establish that Indemnitee is not so entitled. Any Standard of Conduct Determination that is adverse to Indemnitee may
be challenged by the Indemnitee in a court of competent jurisdiction. No determination by the Company (including by its directors or
any Independent Counsel) that Indemnitee has not satisfied any applicable standard of conduct may be used as a defense to any legal proceedings
brought by Indemnitee to secure indemnification or reimbursement or advance payment of Expenses by the Company hereunder or create a presumption that Indemnitee has not
met any applicable standard of conduct.

&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Reliance as a Safe Harbor</u>. For purposes of this Agreement,
and without creating any presumption as to a lack of good faith if the following circumstances do not exist, Indemnitee shall be deemed
to have acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the Company
if Indemnitee's actions or omissions to act are taken in good faith reliance upon the records of the Company, including its financial
statements, or upon information, opinions, reports or statements furnished to Indemnitee by the officers or employees of the Company
or any of its subsidiaries in the course of their duties, or by committees of the Board or by any other Person (including legal counsel,
accountants and financial advisors) as to matters Indemnitee reasonably believes are within such other Person's professional or
expert competence and who has been selected with reasonable care by or on behalf of the Company. In addition, the knowledge and/or actions,
or failures to act, of any director, officer, agent or employee of the Company shall not be imputed to Indemnitee for purposes of determining
the right to indemnity hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>No Other Presumptions</u>. For purposes of this Agreement,
the termination of any Claim by judgment, order, settlement (whether with or without court approval) or conviction, or upon a plea of
nolo contendere or its equivalent, will not create a presumption that Indemnitee did not meet any applicable standard of conduct or have
any particular belief, or that indemnification hereunder is otherwise not permitted.

&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Defense to Indemnification and Burden of Proof</u>. It
shall be a defense to any action brought by Indemnitee against the Company to enforce this Agreement (other than an action brought to
enforce a claim for Losses incurred in defending against a Claim related to an Indemnifiable Event in advance of its final disposition)
that it is not permissible under applicable law for the Company to indemnify Indemnitee for the amount claimed. In connection with any
such action or any related Standard of Conduct Determination, the burden of proving such a defense or that the Indemnitee did not satisfy
the applicable standard of conduct shall be on the Company.

9. <u>Exclusions from Indemnification</u>. Notwithstanding anything in this Agreement to the contrary, the Company shall not be obligated to:

(a) indemnify or advance funds to Indemnitee for Expenses or Losses with respect to proceedings initiated by Indemnitee, including any proceedings against the Company or its directors, officers, employees or other indemnitees and not by way of defense, except:

&nbsp;&nbsp;&nbsp;&nbsp;(i) proceedings referenced in Section 4 above (unless a court
of competent jurisdiction determines that each of the material assertions made by Indemnitee in such proceeding was not made in good
faith or was frivolous); or

&nbsp;&nbsp;&nbsp;&nbsp;(ii) where the Company has joined in or the Board has consented
to the initiation of such proceedings.

(b) indemnify Indemnitee if a final decision by a court of competent jurisdiction determines that such indemnification is prohibited by applicable law;

(c) indemnify Indemnitee for the disgorgement of profits arising from the purchase or sale by Indemnitee of securities of the Company in violation of Section 16(b) of the Exchange Act, or any similar successor statute;

(d) indemnify or advance funds to Indemnitee for Indemnitee's reimbursement to the Company of any bonus or other incentive-based or equity-based compensation previously received by Indemnitee or payment of any profits realized by Indemnitee from the sale of securities of the Company, as required in each case under the Exchange Act (including any such reimbursements under Section 304 of the Sarbanes-Oxley Act of 2002 in connection with an accounting restatement of the Company or the payment to the Company of profits arising from the purchase or sale by Indemnitee of securities in violation of Section 306 of the Sarbanes-Oxley Act); or

(e) Indemnify Indemnitee for any Losses incurred as a result of Indemnitee's gross negligence or willful misconduct.

10. <u>Settlement of Claims</u>. The Company shall not be liable to Indemnitee under this Agreement for any amounts paid in settlement of any threatened or pending Claim related to an Indemnifiable Event effected without the Company's prior written consent, which shall not be unreasonably withheld. The Company shall not settle any Claim related to an Indemnifiable Event in any manner that would impose any Losses on the Indemnitee without the Indemnitee's prior written consent.

11. <u>Duration</u>. All agreements and obligations of the Company contained herein shall continue during the period that Indemnitee is a director or officer of the Company (or is serving at the request of the Company as a director, officer, employee, member, trustee or agent of another Enterprise) and shall continue thereafter (i) so long as Indemnitee may be subject to any possible Claim relating to an Indemnifiable Event (including any rights of appeal thereto) and (ii) throughout the pendency of any proceeding (including any rights of appeal thereto) commenced by Indemnitee to enforce or interpret his or her rights under this Agreement, even if, in either case, he or she may have ceased to serve in such capacity at the time of any such Claim or proceeding.

12. <u>Non-Exclusivity</u>. The rights of Indemnitee hereunder will be in addition to any other rights Indemnitee may have under the Constituent Documents, any other contract or otherwise (collectively, "<u>Other Indemnity Provisions</u>"); provided, however, that (a) to the extent that Indemnitee otherwise would have any greater right to indemnification under any Other Indemnity Provision, Indemnitee will be deemed to have such greater right hereunder and (b) to the extent that any change is made to any Other Indemnity Provision which permits any greater right to indemnification than that provided under this Agreement as of the date hereof, Indemnitee will be deemed to have such greater right hereunder.

13. <u>Liability Insurance</u>. The Company shall from time to time make the good faith determination whether or not it is practicable for the Company to obtain and maintain a policy or policies of insurance providing the officers and directors of the Company with coverage for losses incurred in connection with their services to the Company or to ensure the Company's performance of its indemnification obligations under this Agreement. To the extent the Company maintains an insurance policy or policies providing directors' and officers' liability insurance, Indemnitee shall be covered by such policy or policies, in accordance with its or their terms. Upon reasonable request, the Company will provide to Indemnitee copies of all directors' and officers' liability insurance applications, binders, policies, declarations and endorsements, if applicable.

14. <u>No Duplication of Payments</u>. The Company shall not be liable under this Agreement to make any payment to Indemnitee in respect of any Losses to the extent Indemnitee has otherwise received payment under any insurance policy, the Constituent Documents, Other Indemnity Provisions or otherwise of the amounts otherwise indemnifiable by the Company hereunder.

15. <u>Subrogation</u>. In the event of payment to Indemnitee under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee. Indemnitee shall execute all papers required and shall do everything that may be necessary to secure such rights, including the execution of such documents necessary to enable the Company effectively to bring suit to enforce such rights.

16. <u>Amendments</u>. No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be binding unless in the form of a writing signed by the party against whom enforcement of the waiver is sought, and no such waiver shall operate as a waiver of any other provisions hereof (whether or not similar), nor shall such waiver constitute a continuing waiver. Except as specifically provided herein, no failure to exercise or any delay in exercising any right or remedy hereunder shall constitute a waiver thereof.

17. <u>Binding Effect</u>. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and their respective successors (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business and/or assets of the Company), assigns, spouses, heirs and personal and legal representatives. The Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all, substantially all or a substantial part of the business and/or assets of the Company, by written agreement in form and substances satisfactory to Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place.

18. <u>Severability</u>. The provisions of this Agreement shall be severable in the event that any of the provisions hereof (including any portion thereof) are held by a court of competent jurisdiction to be invalid, illegal, void or otherwise unenforceable, and the remaining provisions shall remain enforceable to the fullest extent permitted by law.

19. <u>Notices</u>. All notices, requests, demands and other communications hereunder shall be in writing and shall be deemed to have been duly given if delivered by hand, against receipt, or mailed, by postage prepaid, certified or registered mail:

(a) if to Indemnitee, to:

[ ]

(b) if to the Company, to:

The Board of Directors

**Aigo Holding Limited**

4th floor, Building No. 26, Ju Yuan Zhou Garden,

Jinshan Industrial Zone, 618 Jinshan Avenue, Jianxin Town,

Fuzhou City, Fujian Province, China 350028

Notice of change of address shall be effective only when given in accordance with this Section. All notices complying with this Section shall be deemed to have been received on the date of hand delivery or on the third business day after mailing.

20. <u>Governing Law</u>. This Agreement shall be governed by and construed and enforced under the laws of the People's Republic of China.

21. <u>Headings</u>. The headings of the sections and paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction or interpretation thereof.

22. <u>Counterparts</u>. This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original, but all of which together shall constitute one and the same Agreement.

[SIGNATURE PAGE FOLLOWS]

**IN WITNESS WHEREOF**, the parties hereto have executed this Indemnification Agreement as of the Effective Date.

---

| |
|:---|
| **AIGO HOLDING LIMITED** |
| By: |
| Name: |
| Title: |
| **INDEMNITEE** |
| Name: |

---

## Exhibit 10.4

**Exhibit 10.4**

Seller Central Help > Policies, agreements, and guidelines > Amazon Services Business Solutions Agreement

**Amazon Services Business Solutions Agreement**

The version of this Agreement in English is the definitive legal version. A translation into Chinese is available for your ease of reference.

**General Terms**

Welcome to **Amazon Services Business Solutions**, a suite of optional services for sellers including: Selling on Amazon, Fulfillment by Amazon, Amazon Advertising, Transaction Processing Services, and the Selling Partner API.

THIS AMAZON SERVICES BUSINESS SOLUTIONS AGREEMENT (THE **"AGREEMENT"**) CONTAINS THE TERMS AND CONDITIONS THAT GOVERN YOUR ACCESS TO AND USE OF THE SERVICES AND IS AN AGREEMENT BETWEEN YOU OR THE BUSINESS YOU REPRESENT AND AMAZON. BY REGISTERING FOR OR USING THE SERVICES, YOU (ON BEHALF OF YOURSELF OR THE BUSINESS YOU REPRESENT) AGREE TO BE BOUND BY THE TERMS OF THIS AGREEMENT, INCLUDING THE SERVICE TERMS AND PROGRAM POLICIES THAT APPLY FOR EACH COUNTRY FOR WHICH YOU REGISTER OR ELECT TO USE A SERVICE (IN EACH CASE, THE **"ELECTED COUNTRY"**).

As used in this Agreement, **"we," "us,"** and **"Amazon"** means the applicable Amazon Contracting Party and any of its applicable Affiliates, and **"you"** means the applicant (if registering for or using a Service as an individual), or the business employing the applicant (if registering for or using a Service as a business) and any of its Affiliates. Capitalized terms have the meanings given to them in this Agreement. If there is any conflict between these General Terms and the applicable Service Terms and Program Policies, the General Terms will govern and the applicable Service Terms will prevail over the Program Policies.

1. **Enrollment.**

To begin the enrollment process, you must complete the registration process for one or more of the Services. Use of the Services is limited to parties that can lawfully enter into and form contracts under applicable Law (for example, the Elected Country may not allow minors to use the Services). As part of the application, or at any time during the term of this Agreement, you must provide us with your (or your business') legal name, address, phone number and e-mail address, as well as any other information we may request. Any information provided must correspond to your business name or to the name of an individual legally authorized to act on behalf of your business. Any personal data you provide to us will be handled in accordance with Amazon's Privacy Notice.

2. **Service Fee Payments; Receipt of Sales Proceeds.**

Fee details are described in the applicable Service Terms and Program Policies. You are responsible for all of your expenses in connection with this Agreement. To use a Service, you must provide us with valid credit card information from a credit card or credit cards acceptable by Amazon (**"Your Credit Card"**) as well as valid bank account information for a bank account or bank accounts acceptable by Amazon (conditions for acceptance may be modified or discontinued by us at any time without notice) (**"Your Bank Account"**). You will use only a name you are authorized to use in connection with a Service and will update all of the information you provide to us in connection with the Services as necessary to ensure that it at all times remains accurate, complete, and valid. You authorize us (and will provide us documentation evidencing your authorization upon our request) to verify your information (including any updated information), to obtain credit reports about you from time to time, to obtain credit authorizations from the issuer of Your Credit Card, and to charge Your Credit Card or debit Your Bank Account for any sums payable by you to us (in reimbursement or otherwise). All payments to you will be remitted to Your Bank Account through a banking network or by other means specified by us.

**If we determine that your actions or performance may result in returns, chargebacks, claims, disputes, violations of our terms or policies, violations of law or other risks to Amazon or third parties, then we may in our sole discretion withhold any payments to you for as long as we determine any related risks to Amazon or third parties persist. For any amounts that we determine you owe us, we may (a) charge Your Credit Card or any other payment instrument you provide to us; (b) offset any amounts that are payable by you to us (in reimbursement or otherwise) against any payments we may make to you or amounts we may owe you; (c) invoice you for amounts due to us, in which case you will pay the invoiced amounts upon receipt; (d) reverse any credits to Your Bank Account; or (e) collect payment or reimbursement from you by any other lawful means. If we determine that your account—or any other account you have operated—has been used to engage in deceptive, fraudulent, or illegal activity (including the sale of counterfeit or stolen goods), or to repeatedly violate our Program Policies, then we may in our sole discretion permanently withhold any payments to you. Except as provided otherwise, all amounts contemplated in this Agreement will be expressed and displayed in the Local Currency, and all payments contemplated by this Agreement will be made in the Local Currency.**

In addition, we may require that you pay other amounts to secure the performance of your obligations under this Agreement or to mitigate the risk of returns, chargebacks, claims, disputes, violations of our terms or policies, or other risks to Amazon or third parties. These amounts may be refundable or nonrefundable in the manner we determine, and failure to comply with terms of this Agreement, including any applicable Program Policies, may result in their forfeiture.

As a security measure, we may, but are not required to, impose transaction limits on some or all customers and sellers relating to the value of any transaction or disbursement, the cumulative value of all transactions or disbursements during a period of time, or the number of transactions per day or other period of time. We will not be liable to you: (i) if we do not proceed with a transaction or disbursement that would exceed any limit established by us for a security reason, or (ii) if we permit a customer to withdraw from a transaction because an Amazon Site or Service is unavailable following the commencement of a transaction.

3. **Term and Termination.**

The term of this Agreement will start on the date of your completed registration for use of a Service and continue until terminated by us or you as provided below. You may at any time terminate your account or this Agreement immediately on notice to us via Seller Central, email, the Contact Us form, or similar means. We may terminate your account or this Agreement for convenience with 30 days' advance notice. We may suspend or terminate your account or this Agreement immediately if we determine that (a) you have materially breached the Agreement and failed to cure within 7 days of a cure notice unless your breach exposes us to liability toward a third party, in which case we are entitled to reduce, or waive, the aforementioned cure period at our reasonable discretion; (b) your account has been, or our controls identify that it may be used for deceptive or fraudulent, or illegal activity; (c) your use of the Services has harmed, or our controls identify that it might harm, other sellers, customers, or Amazon's legitimate interests; (d) your Account Health Rating falls below our published threshold(s) for deactivation; or (e) if we are required to do so by law. We will promptly notify you of any such termination or suspension via email or similar means including Seller Central, indicating the reason and any options to appeal, except where we have reason to believe that providing this information will hinder the investigation or prevention of deceptive, fraudulent, or illegal activity, or will enable you to circumvent our safeguards. On termination of this Agreement, all related rights and obligations under this Agreement immediately terminate, except that (d) you will remain responsible for performing all of your obligations in connection with transactions entered into before termination and for any liabilities that accrued before or as a result of termination, and (e) Sections <u>2</u>, <u>3</u>, <u>4</u>, <u>5</u>, <u>6</u>, <u>7</u>, <u>8</u>, <u>9</u>, <u>11</u>, <u>14</u>, <u>15</u>, and <u>18</u> of these General Terms survive.

4. **License.**

You grant us a royalty-free, non-exclusive, worldwide right and license for the duration of your original and derivative intellectual property rights to use any and all of Your Materials for the Services or other Amazon product or service, and to sublicense the foregoing rights to our Affiliates and operators of Amazon Associated Properties; provided, however, that we will not alter any of Your Trademarks from the form provided by you (except to re-size trademarks to the extent necessary for presentation, so long as the relative proportions of such trademarks remain the same) and will comply with your removal requests as to specific uses of Your Materials (provided you are unable to do so using standard functionality made available to you via the applicable Amazon Site or Service); provided further, however, that nothing in this Agreement will prevent or impair our right to use Your Materials without your consent to the extent that such use is allowable without a license from you or your Affiliates under applicable Law (e.g., fair use under United States copyright law, referential use under trademark law, or valid license from a third party).

5. **Representations.**

Each party represents and warrants that: (a) if it is a business, it is duly organized, validly existing and in good standing under the Laws of the country in which the business is registered and that you are registering for the Service(s) within such country; (b) it has all requisite right, power, and authority to enter into this Agreement, perform its obligations, and grant the rights, licenses, and authorizations in this Agreement; (c) any information provided or made available by one party to the other party or its Affiliates is at all times accurate, complete, and not misappropriated; (d) it is not subject to sanctions or otherwise designated on any list of prohibited or restricted parties or owned or controlled by such a party, including but not limited to the lists maintained by the United Nations Security Council, the US Government (e.g., the US Department of Treasury's Specially Designated Nationals list and Foreign Sanctions Evaders list and the US Department of Commerce's Entity List), the European Union or its member states, or other applicable government authority; and (e) it will comply with all applicable Laws in performance of its obligations and exercise of its rights under this Agreement.

6. **Indemnification.**

**6.1 Your indemnification obligations**. You will defend, indemnify, and hold harmless Amazon, and our officers, directors, employees, and agents, against any third-party claim, loss, damage, settlement, cost, expense, or other liability (including, without limitation, attorneys' fees) (each, a "Claim") arising from or related to (a) your non- compliance with applicable Laws; (b) Your Products, including the offer, sale, fulfillment (except to the extent attributable to the FBA service), refund, cancellation, return, or adjustments thereof, Your Materials, any actual or alleged infringement of any Intellectual Property Rights by any of the foregoing, and any personal injury, death (to the extent the injury or death is not caused by Amazon), or property damage related thereto; (c) Your Taxes and duties or the collection, payment, or failure to collect or pay Your Taxes or duties, or the failure to meet tax registration obligations or duties; or (d) actual or alleged breach of any representations you have made.

**6.2 Amazon's indemnification obligations**. Amazon will defend, indemnify, and hold harmless you and your officers, directors, employees, and agents against any third-party Claim arising from or related to: (a) Amazon's non- compliance with applicable Laws; or (b) allegations that the operation of an Amazon Site infringes or misappropriates that third party's intellectual property rights.

**6.3 Process**. If any indemnified Claim might adversely affect us, we may, to the extent permitted by applicable Law, voluntarily intervene in the proceedings at our expense. No party may consent to the entry of any judgment or enter into any settlement of an indemnified Claim without the prior written consent of the other party, which may not be unreasonably withheld; except that a party may settle any claim that is exclusively directed at and exclusively affects that party.

7. **Disclaimer & General Release.**

**a.** THE AMAZON SITES AND THE SERVICES, INCLUDING ALL CONTENT, SOFTWARE, FUNCTIONS, MATERIALS, AND INFORMATION MADE AVAILABLE ON OR PROVIDED IN CONNECTION WITH THE SERVICES, ARE PROVIDED "AS-IS." AS A USER OF THE SERVICES, YOU USE THE AMAZON SITES, THE SERVICES, AND SELLER CENTRAL AT YOUR OWN RISK. EXCEPT THOSE SET FORTH IN SECTION 5 ABOVE, TO THE FULLEST EXTENT PERMISSIBLE BY LAW, WE AND OUR AFFILIATES DISCLAIM: (i) ANY REPRESENTATIONS OR WARRANTIES REGARDING THIS AGREEMENT, THE SERVICES OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT, INCLUDING ANY IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, OR NON-INFRINGEMENT; (ii) IMPLIED WARRANTIES ARISING OUT OF COURSE OF DEALING, COURSE OF PERFORMANCE, OR USAGE OF TRADE; AND (iii) ANY OBLIGATION, LIABILITY, RIGHT, CLAIM, OR REMEDY IN TORT, WHETHER OR NOT ARISING FROM OUR NEGLIGENCE. WE DO NOT WARRANT THAT THE FUNCTIONS CONTAINED IN THE AMAZON SITES AND THE SERVICES WILL MEET YOUR REQUIREMENTS OR BE AVAILABLE, TIMELY, SECURE, UNINTERRUPTED, OR ERROR FREE, AND WE WILL NOT BE LIABLE FOR ANY SERVICE INTERRUPTIONS, INCLUDING BUT NOT LIMITED TO SYSTEM FAILURES OR OTHER INTERRUPTIONS THAT MAY AFFECT THE RECEIPT, PROCESSING, ACCEPTANCE, COMPLETION, OR SETTLEMENT OF ANY TRANSACTIONS.

**b.** BECAUSE AMAZON IS NOT INVOLVED IN TRANSACTIONS BETWEEN CUSTOMERS AND SELLERS OR OTHER PARTICIPANT DEALINGS, IF A DISPUTE ARISES BETWEEN ONE OR MORE PARTICIPANTS, EACH PARTICIPANT RELEASES AMAZON (AND ITS AGENTS AND EMPLOYEES) FROM CLAIMS, DEMANDS, AND DAMAGES (ACTUAL AND CONSEQUENTIAL) OF EVERY KIND AND NATURE, KNOWN AND UNKNOWN, SUSPECTED AND UNSUSPECTED, DISCLOSED AND UNDISCLOSED, ARISING OUT OF OR IN ANY WAY CONNECTED WITH SUCH DISPUTES.

8. **Limitation of Liability.**

WE WILL NOT BE LIABLE (WHETHER IN CONTRACT, WARRANTY, TORT (INCLUDING NEGLIGENCE, PRODUCT LIABILITY, OR OTHER THEORY), OR OTHERWISE) TO YOU OR ANY OTHER PERSON FOR COST OF COVER, RECOVERY, OR RECOUPMENT OF ANY INVESTMENT MADE BY YOU OR YOUR AFFILIATES IN CONNECTION WITH THIS AGREEMENT, OR FOR ANY LOSS OF PROFIT, REVENUE, BUSINESS, OR DATA OR PUNITIVE OR CONSEQUENTIAL DAMAGES ARISING OUT OF OR RELATING TO THIS AGREEMENT, EVEN IF AMAZON HAS BEEN ADVISED OF THE POSSIBILITY OF THOSE COSTS OR DAMAGES. FURTHER, OUR AGGREGATE LIABILITY ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED WILL NOT EXCEED AT ANY TIME THE TOTAL AMOUNTS DURING THE PRIOR SIX MONTH PERIOD PAID BY YOU TO AMAZON IN CONNECTION WITH THE PARTICULAR SERVICE GIVING RISE TO THE CLAIM.

9. **Insurance.**

If the gross proceeds from Your Transactions exceed the applicable Insurance Threshold during any month if the Elected Country is the United States, or each month over any period of three (3) consecutive months if the Elected Country is Canada or Mexico, or otherwise if requested by us, then within thirty (30) days thereafter, you will maintain at your expense throughout the remainder of the Term for each applicable Elected Country commercial general, umbrella or excess liability insurance with the Insurance Limits per occurrence and in aggregate covering liabilities caused by or occurring in conjunction with the operation of your business, including products, products/completed operations and bodily injury, with policy(ies) naming Amazon and its assignees as additional insureds. At our request, you will provide to us certificates of insurance, the full insurance policy, or other documents we may request for the coverage to the following address: c/o Amazon, P.O. Box 81226, Seattle, WA 98108-1226, Attention: Risk Management.

10. **Tax Matters.**

As between the parties, you will be responsible for the collection, reporting, and payment of any and all of Your Taxes, except to the extent that (i) Amazon automatically calculates, collects, or remits taxes on your behalf according to applicable law; or (ii) Amazon expressly agrees to receive taxes or other transaction-based charges on your behalf in connection with tax calculation services made available by Amazon and used by you. You agree to and will comply with the Tax Policies. All fees and payments payable by you to Amazon under this Agreement or the applicable Service Terms are exclusive of any applicable taxes, deductions or withholding (including but not limited to cross-border withholding taxes), and you will be responsible for paying Amazon any of Your Taxes imposed on such fees and any deduction or withholding required on any payment.

11. **Confidentiality and Personal Data.**

During the course of your use of the Services, you may receive Confidential Information. You agree that for the term of the Agreement and 5 years after termination: (a) all Confidential Information will remain Amazon's exclusive property; (b) you will use Confidential Information only as is reasonably necessary for your participation in the Services; (c) you will not otherwise disclose Confidential Information to any other Person except as required to comply with the Law; (d) you will take all reasonable measures to protect the Confidential Information against any use or disclosure that is not expressly permitted in this Agreement; and (e) you will retain Confidential Information only for so long as its use is necessary for participation in the Services or to fulfill your statutory obligations (e.g. tax) and in all cases will delete such information upon termination or as soon as no longer required for the fulfillment of statutory obligations. The foregoing sentence does not restrict your right to share Confidential Information with a governmental entity that has jurisdiction over you, provided that you limit the disclosure to the minimum necessary and explicitly indicate the confidential nature of the shared information to the governmental entity. You may not issue any press release or make any public statement related to the Services, or use our name, trademarks, or logo, in any way (including in promotional material) without our advance written permission, or misrepresent or embellish the relationship between us in any way. You may only use the "Available at Amazon" badge as defined in and according to the Trademark Usage Guidelines available in Seller Central; you may not use our name, trademarks, or logos in any way (including in promotional material) not covered by the Trademark Usage Guidelines without our advance written permission. Generally, you may not use customer personal data in any way inconsistent with applicable Law. You must keep customer personal data confidential at all times (the above 5 years' term limit does not apply to customer personal data).

12. **Force Majeure.**

We will not be liable for any delay or failure to perform any of our obligations under this Agreement by reasons, events or other matters beyond our reasonable control.

13. **Relationship of Parties.**

Subject to the Transaction Processing Service Terms (if the Elected Country for a Service is the United States), you and we are independent contractors, and nothing in this Agreement will create any partnership, joint venture, agency, franchise, sales representative, or employment relationship between us. You will have no authority to make or accept any offers or representations on our behalf. This Agreement will not create an exclusive relationship between you and us. Nothing expressed or mentioned in or implied from this Agreement is intended or will be construed to give to any person other than the parties to this Agreement any legal or equitable right, remedy, or claim under or in respect to this Agreement. This Agreement and all of the representations, warranties, covenants, conditions, and provisions in this Agreement are intended to be and are for the sole and exclusive benefit of Amazon, you, and customers. As between you and us, you will be solely responsible for all obligations associated with the use of any third party service or feature that you permit us to use on your behalf, including compliance with any applicable terms of use. You will not make any statement, whether on your site or otherwise, that would contradict anything in this section.

14. **Suggestions and Other Information.**

If you or any of your Affiliates elect to provide or make available suggestions, comments, ideas, improvements, or other feedback or materials to us in connection with or related to any Amazon Site or Service (including any related Technology), we will be free to use, disclose, reproduce, modify, license, transfer and otherwise distribute, and exploit any of the foregoing information or materials in any manner. In order to cooperate with governmental requests, to protect our systems and customers, or to ensure the integrity and operation of our business and systems, we may access and disclose any information we consider necessary or appropriate, including but not limited to user contact details, IP addresses and traffic information, usage history, and posted content. If we make suggestions on using the Services, you are responsible for any actions you take based on our suggestions.

15. **Modification.**

15.1. We will provide at least 15 days' advance notice in accordance with Section 18 for changes to the Agreement.

15.2 However, we may change or modify the Agreement at any time with immediate effect (a) for legal, regulatory, fraud and abuse prevention, or security reasons; (b) to change existing features or add additional features to the Services (where this does not materially adversely affect your use of the Services); or (c) to restrict products or activities that we deem unsafe, inappropriate, or offensive. We will notify you about any change or modification in accordance with Section 18.

15.3 Your continued use of the Services after the effective date of any change to this Agreement in accordance with this Section 15 will constitute your acceptance of that change. If any change is unacceptable to you, you agree not to use the Services and to end the Agreement as described in Section 3.

16. **Password Security.**

Any password we provide to you may be used only during the Term to access Seller Central (or other tools we provide, as applicable) to use the Services, electronically accept Your Transactions, and review your completed transactions. You are solely responsible for maintaining the security of your password. You may not disclose your password to any third party (other than third parties authorized by you to use your account in accordance with this Agreement) and are solely responsible for any use of or action taken under your password. If your password is compromised, you must immediately change your password.

17. **Export.**

You will not directly or indirectly export, re-export, transmit, or cause to be exported, re-exported or transmitted, any commodities, software or technology to any country, individual, corporation, organization, or entity to which such export, re-export, or transmission is restricted or prohibited, including any country, individual, corporation, organization, or entity under sanctions or embargoes administered by the United Nations, US Departments of State, Treasury or Commerce, the European Union, or any other applicable government authority.

18. **Miscellaneous.**

The Governing Laws will govern this Agreement, without reference to rules governing choice of laws or the Convention on Contracts for the International Sale of Goods. If the Elected Country is the United States, Canada, or Mexico, **Amazon and you both consent that any dispute with Amazon or its Affiliates or claim relating in any way to this Agreement or your use of the Services will be resolved by binding arbitration as described in this paragraph, rather than in court**, except that (i) either party may elect to proceed in a small claims court that is a Governing Court if your claims qualify; (ii) you or we may bring suit in the Governing Courts, submitting to the jurisdiction of the Governing Courts and waiving our respective rights to any other jurisdiction, to enjoin infringement or other misuse of intellectual property rights; and (iii) we may bring any claims related to your sale of counterfeit products on the Amazon Site in the Governing Courts and seek any remedy available under law related to those claims. **There is no judge or jury in arbitration, and court review of an arbitration award is limited. However, an arbitrator can award the same damages and relief as a court (including injunctive and declaratory relief or statutory damages), and must follow the terms of this Agreement as a court would.** Before you may begin an arbitration proceeding, you must send a letter notifying us of your intent to pursue arbitration and describing your claim to our registered agent, CSC 300 Deschutes Way SW, Suite 208 MC-CSC1, Tumwater, WA 98501. The arbitration will be conducted by the American Arbitration Association (AAA) under its commercial rules. The expedited procedures of the AAA's rules will apply only in cases seeking exclusively monetary relief under $50,000, and in such cases the hearing will be scheduled to take place within 90 days of the arbitrator's appointment. For all cases, the AAA commercial fee schedule governs the payment of all filing, administration and arbitrator fees. The underlying award in the arbitration may be appealed pursuant to the AAA's Optional Appellate Arbitration Rules. **Amazon and you each agree that any dispute resolution proceedings will be conducted only on an individual basis and not in a class, consolidated or representative action.** If for any reason a claim proceeds in court rather than in arbitration **Amazon and you each waive any right to a jury trial**.

You may not assign this Agreement, by operation of law or otherwise, without our prior written consent. Any attempt to assign or otherwise transfer in violation of this section is void; provided, however, that upon notice to Amazon, you may assign or transfer this Agreement, in whole or in part, to any of your Affiliates as long as you remain liable for your obligations that arose prior to the effective date of the assignment or transfer under this Agreement. You agree that we may assign or transfer our rights and obligations under this Agreement: (a) in connection with a merger,consolidation, acquisition or sale of all or substantially all of our assets or similar transaction; or (b) to any Affiliate or as part of a corporate reorganization; and effective upon such assignment, the assignee is deemed substituted for Amazon as the party to this Agreement. Subject to that restriction, this Agreement will be binding on, inure to, and be enforceable against the parties and their respective successors and assigns. We may perform any of our obligations or exercise any of our rights under this Agreement through one or more of our Affiliates. Amazon retains the right to immediately halt any of Your Transactions, prevent or restrict access to the Services or take any other action to restrict access to or availability of any inaccurate listing, any inappropriately categorized items, any unlawful items, or any items otherwise prohibited by applicable Program Policies. Because Amazon is not your agent (except for the limited purpose set out in the Transaction Processing Service Terms (if the Elected Country for a Service is the United States)), or the customer's agent for any purpose, Amazon will not act as either party's agent in connection with resolving any disputes between participants related to or arising out of any transaction.

Amazon will provide notice to you under this Agreement by posting changes to Seller Central or to the applicable Amazon Services site to which the changes relate (such as the Developer Site accessible through your account), by sending you an email notification, or by similar means. You must send all notices and other communications relating to Amazon to our Selling Partner Support team via Seller Central, email, the Contact Us form, or similar means. We may also communicate with you electronically and in other media, and you consent to such communications. You may change your e-mail addresses and certain other information in Seller Central, as applicable. You will ensure that all of your information is up to date and accurate at all times.

If any provision of this Agreement is deemed unlawful, void, or for any reason unenforceable, then that provision will be deemed severable from these terms and conditions and will not affect the validity and enforceability of any remaining provisions. If the Elected Country is Canada, then it is the express wish of the parties that this Agreement and the applicable Service Terms and Program Policies have been drafted in English. (The following is a French translation of the preceding sentence: Si le pays de service est le Canada, les parties conviennent que la présente autorisation et tous les termes et conditions applicables s'y rattachant soient rédigés en anglais.) We may make available translations to this Agreement and the applicable Service Terms and Program Policies, but the English version will control. This Agreement represents the entire agreement between the parties with respect to the Services and related subject matter and supersedes any previous or contemporaneous oral or written agreements and understandings.

**Definitions**

As used in this Agreement, the following terms have the following meanings:

**"Affiliate"** means, with respect to any entity, any other entity that directly or indirectly controls, is controlled by, or is under common control with that entity.

**"Amazon Associated Properties"** means any website or other online point of presence, mobile application, service or feature, other than an Amazon Site, through which any Amazon Site, or products or services available on any of them, are syndicated, offered, merchandised, advertised, or described.

**"Amazon Contracting Party"** means the party outlined below.

● If the Elected Country is Canada:

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| | |
|:---|:---|
| **Service** | **Amazon Contracting Party** |
| Selling on Amazon | Amazon.com.ca, Inc. |
| Selling on Amazon (if your account is enabled to list Optional Coverage Plans) | Amazon.com.ca, Inc. |
| Fulfillment by Amazon | Amazon.com.ca, Inc. |
| Amazon Advertising | Amazon Advertising Canada, Inc. |

---

● If the Elected Country is Mexico:

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| | |
|:---|:---|
| **Service** | **Amazon Contracting Party** |
| Selling on Amazon | Servicios Comerciales Amazon México S. de R.L. de C.V. |
| Fulfillment by Amazon | Servicios Comerciales Amazon México S. de R.L. de C.V. |
| Amazon Advertising | Servicios Comerciales Amazon México S. de R.L. de C.V. |

---

● If the Elected Country is the United States:

---

| | |
|:---|:---|
| **Service** | **Amazon Contracting Party** |
| Selling on Amazon | Amazon.com Services LLC |
| Selling on Amazon (if your account is enabled to list Optional Coverage Plans) | Amazon.com Services LLC |
| Fulfillment by Amazon | Amazon.com Services LLC |
| Amazon Advertising | Amazon.com Services LLC |
| Transaction Processing Services | Amazon Payments, Inc., Amazon Capital Services, Inc., or Amazon.com Services LLC, according to the Transaction Processing Services Terms |

---

If you register for or use the Selling Partner API, the Amazon Contracting Party is the Contracting Party that provides the applicable Service you use in connection with the Selling Partner API.

**"Amazon Site"** means, as applicable, the CA Amazon Site, the MX Amazon Site, or the US Amazon Site.

**"CA Amazon Site"** means the website, the primary home page of which is identified by the url www.amazon.ca, and any successor or replacement of such website.

**"Confidential Information"** means information relating to us, to the Services, or Amazon customers that is not known to the general public including, but not limited to, any information identifying or unique to specific customers; reports, insights, and other information about the Services; data derived from the Services except for data (other than customer personal data) arising from the sale of your products comprising of products sold, prices, sales, volumes and time of the transaction; and technical or operational specifications relating to the Services. For the purposes of this Agreement, customer personal data constitutes Confidential Information at all times.

**"Content"** means copyrightable works under applicable Law and content protected by database rights under applicable Law.

**"Excluded Products"** means the items described on the applicable <u>Restricted Products pages</u> in Seller Central, any other applicable Program Policy, or any other information made available to you by Amazon.

**"Governing Courts"** means the applicable one of the following:

● the state or Federal court in King County, Washington (if the Elected Country is Canada, Mexico, or the United States),

**"Governing Laws"** means the applicable one of the following:

● the laws of the State of Washington, United States together with the Federal Arbitration Act and other applicable federal law (if the Elected Country is Canada, Mexico, or the United States),

**"Insurance Limits"** means the applicable one of the following:

● One Million Canadian Dollars ($1,000,000) (if the Elected Country is Canada),

● Ten Million Mexican Pesos ($10,000,000) (if the Elected Country is Mexico),

● One Million U.S. Dollars ($1,000,000) (if the Elected Country is the United States).

**"Insurance Threshold"** means the applicable one of the following:

● Ten Thousand Canadian Dollars ($10,000) (if the Elected Country is Canada),

● One Hundred Thousand Mexican Pesos ($100,000) (if the Elected Country is Mexico),

● Ten Thousand U.S. Dollars ($10,000) (if the Elected Country is the United States).

**"Intellectual Property Right"** means any patent, copyright, Trademark, domain name, moral right, trade secret right, or any other intellectual property right arising under any Laws and all ancillary and related rights, including all rights of registration and renewal and causes of action for violation, misappropriation or infringement of any of the foregoing.

**"Law"** means any law, ordinance, rule, regulation, order, license, permit, judgment, decision, or other requirement, now or in the future in effect, of any governmental authority (e.g., on a federal, state, or provincial level, as applicable) of competent jurisdiction.

**"Local Currency"** means the applicable one of the following:

● U.S. Dollars (if the Elected Country is the United States),

● Canadian Dollars (if the Elected Country is Canada),

● Mexican Pesos (if the Elected Country is Mexico),

**"MX Amazon Site"** means the website, the primary home page of which is identified by the url www.amazon.com.mx, and any successor or replacement of such website.

**"Optional Coverage Plans"** means warranties, extended service plans and related offerings, in each case as determined by us, that you offer.

**"Order Information"** means, with respect to any of Your Products ordered through an Amazon Site, the order information and shipping information that we provide or make available to you.

**"Person"** means any individual, corporation, partnership, limited liability company, governmental authority, association, joint venture, division, or other cognizable entity, whether or not having distinct legal existence.

**"Program Policies"** means all policies and program terms provided on the Program Policies page.

**"Sales Proceeds"** means the gross proceeds from any of Your Transactions, including (a) all shipping and handling, gift wrap and other charges; (b) taxes and customs duties to the extent specified in the applicable Tax Policies; and (c) in the case of invoiced orders, any amounts that customers fail to pay to us or our Affiliates on or before the applicable invoice due date.

**"Seller Central"** means the online portal and tools made available by Amazon to you, for your use in managing your orders, inventory, and presence on a particular Amazon Site or any other online point of presence.

**"Service"** means each of the following services: Selling on Amazon, Fulfillment by Amazon, Amazon Advertising (including Amazon Sponsored Products), the Selling Partner APIs, and, if the Elected Country for a Service is the United States, the Transaction Processing Services, together in each case with any related services and materials we make available.

**"Service Terms"** means the service terms applicable to each Service, which are made part of this Agreement upon the date you elect to register for or use the applicable Service, and any subsequent modifications we make to those terms.

**"Technology"** means any: (a) ideas, procedures, processes, systems, methods of operation, concepts, principles, and discoveries protected or protectable under the Laws of any jurisdiction; (b) interfaces, protocols, glossaries, libraries, structured XML formats, specifications, grammars, data formats, or other similar materials; and (c) software, hardware, code, technology, or other functional item.

**"Trademark"** means any trademark, service mark, trade dress (including any proprietary "look and feel"), trade name, other proprietary logo or insignia, or any other source or business identifier, protected or protectable under any Laws.

**"US Amazon Site"** means that website, the primary home page of which is identified by the URL www.amazon.com, and any successor or replacement of such website.

**"Your Materials"** means all Technology, Your Trademarks, Content, Your Product information, data, materials, and other items or information provided or made available by you or your Affiliates to Amazon or its Affiliates.

**"Your Personnel"** means any third party warranting, administering or otherwise involved in the offer, sale, performance, or fulfillment of Your Products, including any of your employees, representatives, agents, contractors, or subcontractors.

**"Your Product"** means any product or service (including Optional Coverage Plans) that you: (a) have offered through the Selling on Amazon Service; (b) have made available for advertising through the Amazon Advertising Service; or (c) have fulfilled or otherwise processed through the Fulfillment by Amazon Service.

**"Your Sales Channels"** means all sales channels and other means through which you or any of your Affiliates offers products or services, other than physical stores.

**"Your Taxes"** means any and all sales, goods and services, use, excise, premium, import, export, value added, consumption, and other taxes, regulatory fees, levies (specifically including environmental levies), or charges and duties assessed, incurred, or required to be collected or paid for any reason (a) in connection with any advertisement, offer or sale of products or services by you on or through or in connection with the Services; (b) in connection with any products or services provided for which Your Products are, directly or indirectly, involved as a form of payment or exchange; or (c) otherwise in connection with any action, inaction, or omission of you or your Affiliates, or any Persons providing products or services, or your or their respective employees, agents, contractors, or representatives, for which Your Products are, directly or indirectly, involved as a form of payment or exchange. Also, if the Elected Country is the United States, Mexico, or Canada as it is used in the Fulfillment by Amazon Service Terms, this defined term also means any of the types of taxes, duties, levies, or fees mentioned above that are imposed on or collectible by Amazon or any of its Affiliates in connection with or as a result of fulfillment services including the storage of inventory or packaging of Your Products and other materials owned by you and stored by Amazon, shipping, gift wrapping, or other actions by Amazon in relation to Your Products pursuant to the Fulfillment by Amazon Service Terms.

**"Your Trademarks"** means Trademarks of yours that you provide to us: (a) in non-text form for branding purposes; and (b) separate from (and not embedded or otherwise incorporated in) any product specific information or materials.

**"Your Transaction"** means any sale of Your Product(s) through an Amazon Site.

**Selling on Amazon Service Terms**

The Selling on Amazon Service (**"Selling on Amazon"**) is a Service that allows you to offer certain products and services directly on the Amazon Sites.

These Selling on Amazon Service Terms are part of the Agreement, but, unless specifically provided otherwise, concern and apply only to your participation in Selling on Amazon. BY REGISTERING FOR OR USING THE SELLING ON AMAZON SERVICE, YOU (ON BEHALF OF YOURSELF OR THE BUSINESS YOU REPRESENT) AGREE TO BE BOUND BY THE AGREEMENT, INCLUDING THESE SELLING ON AMAZON SERVICE TERMS. **NOTWITHSTANDING THE PREVIOUS SENTENCE, IF YOU HAVE ENTERED INTO A SEPARATE AGREEMENT THAT PERMITS YOU TO OFFER YOUR PRODUCTS THROUGH A PARTICULAR AMAZON SITE (E.G., A MERCHANTS@ AMAZON.COM PROGRAM AGREEMENT, MERCHANTS @AMAZON.CO.JP PROGRAM AGREEMENT OR ANY PREDECESSOR OF THOSE AGREEMENTS), THEN TO THE EXTENT THAT YOU CONTINUE TO LIST AND SELL YOUR PRODUCTS ON THAT AMAZON SITE PURSUANT TO SUCH SEPARATE AGREEMENT, TRANSACTIONS OF YOUR PRODUCTS ON THAT AMAZON SITE AND ANY TAX SERVICES WE MAKE AVAILABLE UNDER THAT AGREEMENT ARE GOVERNED BY THE TERMS OF THAT AGREEMENT AND NOT BY THESE SELLING ON AMAZON SERVICE TERMS.**

 **S-1 Your Product Listings and Orders.**

**S-1.1 Products and Product Information.** You will provide accurate and complete Required Product Information for each product or service that you offer through any Amazon Site and promptly update that information as necessary to ensure it at all times remains accurate and complete. You will also ensure that Your Materials, Your Products (including packaging) and your offer and subsequent sale of any of the same on any Amazon Site comply with all applicable Laws (including all minimum age, marking and labeling requirements) and do not contain any sexually explicit (except to the extent expressly permitted under our applicable Program Policies), defamatory or obscene materials. You may not provide any information for, or otherwise seek to offer any Excluded Products on any Amazon Sites; or provide any URL Marks for use, or request that any URL Marks be used, on any Amazon Site. If you offer a product for sale on an Amazon Site that requires a warning under California Health & Safety Code Section 25249.6 (a "Proposition 65 Warning") you (a) will provide us with such warning in the manner specified in our Program Policies, (b) agree that our display of a Proposition 65 Warning on a product detail page is confirmation of our receipt of that warning, and (c) will only revise or remove a Proposition 65 Warning for a product when the prior warning is no longer legally required.

**S-1.2 Product Listing; Merchandising; Order Processing.** We will enable you to list Your Products on a particular Amazon Site, and conduct merchandising and promote Your Products in accordance with the Agreement (including via the Amazon Associated Properties or any other functions, features, advertising, or programs on or in connection with the applicable Amazon Site). We may use mechanisms that rate, or allow shoppers to rate, Your Products and your performance as a seller and Amazon may make these ratings and feedback publicly available. We will provide Order Information to you for each order of Your Products through the applicable Amazon Site. We will also receive all Sales Proceeds on your behalf for each of these transactions and will have exclusive rights to do so, and will remit them to you in accordance with these Selling on Amazon Service Terms. We may permit certain customers to place invoiced orders for Your Products, in which case remittance of Sales Proceeds may be delayed according to each customer's invoicing terms. You will accept and fulfill invoiced orders in the same manner as you accept and fulfill non-invoiced orders, except as otherwise provided in this Agreement.

**S-1.3 Shipping and Handling Charges.** For Your Products ordered by customers on or through an Amazon Site that are not fulfilled using Fulfillment by Amazon, you will determine the shipping and handling charges subject to our Program Policies and standard functionality (including any category-based shipping and handling charges we determine, such as for products offered by sellers on the Individual selling plan and BMVD Products generally). When we determine the shipping and handling charges, you will accept them as payment in full for your shipping and handling. Please refer to the Fulfillment by Amazon Service Terms for Your Products that are fulfilled using Fulfillment by Amazon.

**S-1.4 Credit Card Fraud and Unpaid Invoices.** We will bear the risk of (a) credit card fraud (i.e., a fraudulent purchase arising from the theft and unauthorized use of a third party's credit card information) occurring in connection with Your Transactions, and (b) late payments or defaults by customers in connection with invoiced orders for Your Products, except, in each case, in connection with Seller-Fulfilled Products that are not fulfilled strictly in accordance with the Order Information and Shipment Information. You will bear all other risk of fraud or loss.

 **S-2 Sale and Fulfillment; Refunds and Returns.**

**S-2.1 Sale and Fulfillment.** Other than as described in the Fulfillment by Amazon Service Terms for each Amazon Site for which you decide to register or use the Selling on Amazon Service, you will: (a) source, offer, sell, and fulfill your Seller-Fulfilled Products, and source, offer, and sell your Amazon-Fulfilled Products, in each case in accordance with the terms of the applicable Order Information, this Agreement, and all terms provided by you or us and displayed on the applicable Amazon Site at the time of the order and be solely responsible for and bear all risk for those activities;

(b) package each of Your Products in a commercially reasonable manner complying with all applicable packaging and labeling requirements, including any warnings or instructions necessary to safely use Your Products, and ship each of Your Products on or before its Expected Ship Date; (c) retrieve Order Information at least once each business day; (d) only cancel Your Transactions as permitted pursuant to your terms and conditions appearing on the applicable Amazon Site at the time of the applicable order or as may be required under this Agreement; (e) fulfill Your Products throughout the Elected Country (except to the extent prohibited by Law or this Agreement); (f) provide to Amazon information regarding fulfillment and order status and tracking (to the extent available), in each case as requested by us using the processes designated by us, and we may make any of this information publicly available; (g) comply with all Street Date instructions; (h) ensure that you are the seller of each of Your Products; (i) include an order-specific packing slip, and, if applicable, any tax invoices, within each shipment of Your Products; (j) identify yourself as the seller of each of Your Products on all packing slips or other information included or provided in connection with Your Products and as the Person to which a customer may return the applicable product; and (k) not send customers emails confirming orders or fulfillment of Your Products. If any of Your Products are fulfilled using Fulfillment by Amazon, the Fulfillment by Amazon Service Terms for the applicable Amazon Site will apply to the storage, fulfillment, and delivery of such Amazon-Fulfilled Products.

**S-2.2 Cancellations, Returns, and Refunds.** The Amazon Refund Policies for the applicable Amazon Site will apply to Your Products. Subject to <u>Section F-6</u>, for any of Your Products fulfilled using Fulfillment by Amazon, you will promptly accept, calculate, and process cancellations, returns, refunds, and adjustments in accordance with this Agreement and the Amazon Refund Policies for the applicable Amazon Site, using functionality we enable for your account. Without limiting your obligations, we may in our sole discretion accept, calculate, and process cancellations, returns, refunds, and adjustments for the benefit of customers. You will route any payments to customers in connection with Your Transactions through Amazon. We will make any payments to customers in the manner we determine, and you will reimburse us for all amounts we pay.

 **S-3 Problems with Your Products.**

**S-3.1 Delivery Errors and Nonconformities; Recalls.** You are responsible for any non-performance, non-delivery, misdelivery, theft, or other mistake or act in connection with the fulfillment of Your Products, except to the extent caused by: (a) credit card fraud for which we are responsible under <u>Section S-1.4</u>; or (b) our failure to make available to you Order Information as it was received by us or resulting from address verification. Notwithstanding the previous sentence, for those of Your Products that are fulfilled using Fulfillment by Amazon, if any, the Fulfillment by Amazon Service Terms for the applicable Amazon Site will apply to non-delivery, misdelivery, theft, or other mistake or act in connection with the fulfillment of those of Your Products. You are also responsible for any non-conformity or defect in, any public or private recall of, or safety alert of any of Your Products or other products provided in connection with Your Products. You will notify us promptly as soon as you have knowledge of any public or private recalls, or safety alerts of Your Products or other products provided in connection with Your Products.

**S-3.2 A-to-z Guarantee and Chargebacks if the Elected Country is Canada or Mexico.** If we inform you that we have received or initiated a claim under the "A-to-z Guarantee" offered on a particular Amazon Site or other dispute relating to the offer, sale or fulfillment of Your Products (other than a chargeback), concerning one of Your Transactions, you will have 30 days to appeal our decision of the claim. If we find that a claim, chargeback, or dispute is your responsibility, you (a) will not take recourse against the customer, and (b) are responsible for reimbursing us in accordance with the Service Fee Payments section of this Agreement for the amount paid by the customer (including taxes and shipping and handling charges, but excluding any Referral Fees that we retained as defined in Section S-4), and all other fees and expenses associated with the original transaction (such as credit card, bank, payment processing, re-presentment, or penalty fees) and any related chargebacks or refunds, to the extent payable by us.

**S-3.3 A-to-z Guarantee, A-to-z Claims Process, and Chargebacks if the Elected Country is the United States.** Claims that we receive or initiate under the "A-to-z Guarantee" or the "A-to-z Claims Process for Property Damage and Personal Injury" will be governed by the Program Policy for such claims.

If we find that any claim, chargeback, or dispute is your responsibility, (i) you will not take recourse against the customer, and (ii) if Amazon resolves the claim directly with the customer and does not waive its right of indemnification, you will reimburse us in accordance with Section 2 of this Agreement to the extent of your responsibility (not to exceed the amount paid by Amazon to resolve the claim), including taxes and shipping and handling charges (but excluding any Referral Fees that we retained as defined in Section S-4), and all other fees and expenses associated with the original transaction (such as credit card, bank, payment processing, re-presentment, or penalty fees) and any related chargebacks or refunds.

 **S-4 Compensation.**

You will pay us: (a) the applicable Referral Fees; (b) any applicable Variable Closing Fee; (c) the non-refundable Selling on Amazon Subscription Fee in advance each month; and (d) any other applicable fees described in this Agreement (including any applicable Program Policies). **"Selling on Amazon Subscription Fee"** means the fee specified as such on the Selling on Amazon Fee Schedule for the applicable Amazon Site at the time such fee is payable. With respect to each of Your Transactions: (i) **"Sales Proceeds"** has the meaning set out in this Agreement; (ii) **"Variable Closing Fee"** means the applicable fee, if any, as specified on the Variable Closing Fee Schedule for the applicable Amazon Site; and (iii) **"Referral Fee"** means the applicable fee based on the Sales Proceeds from Your Transaction through the applicable Amazon Site specified on the Selling on Amazon Fee Schedule for that Amazon Site at the time of Your Transaction, based on the categorization by Amazon of the type of product that is the subject of Your Transaction; provided, however, that Sales Proceeds will not include any shipping charges set by us in the case of Your Transactions that consist solely of products fulfilled using Fulfillment by Amazon.

**S-5 Remittance of Sales Proceeds & Refunds.**

Except as otherwise stated in this Agreement, we will remit to you your available balance on a bi-weekly (14 day) (or at our option, more frequent) basis, which may vary for each Elected Country. For each remittance, your available balance is equal to any Sales Proceeds not previously remitted to you as of the applicable Remittance Calculation Date (which you will accept as payment in full for Your Transactions), less: (a) the Referral Fees; (b) the applicable Variable Closing Fee; (c) any Selling on Amazon Subscription Fees; (d) any other applicable fees described in this Agreement (including any applicable Program Policies); (e) any amounts we require you to maintain in your account balance pursuant to this Agreement (including payments withheld pursuant to <u>Section 2 of the General Terms</u>, <u>Section S-1.4</u>, <u>Section S-3.2</u>, <u>Section S-3.3</u>, and applicable Program Policies); and (f) any taxes that Amazon automatically calculates, collects and remits to a tax authority according to applicable law, as specified in the Tax Policies.

We may establish a reserve on your account based on our assessment of risks to Amazon or third parties posed by your actions or performance, and we may modify the amount of the reserve from time to time at our sole discretion.

When you either initially provide or later change Your Bank Account information, the Remittance Calculation Date may be deferred by up to 14 days. For sellers that registered after October 30, 2011 and are on the Individual selling plan, the remittance amount will not include Sales Proceeds from the 14-day period before the date of remittance. If you refund money to a customer in connection with one of Your Transactions, and the refund is routed through us (or our Affiliate), on the next available Remittance Calculation Date we will refund to you the amount of the Referral Fee paid by you to us attributable to the amount of the customer refund (including refunded taxes and customs duties only to the extent specified in the applicable Tax Policies), less the Refund Administration Fee for each of Your Products refunded that is not a BMVD Product, which amount we may retain as an administrative fee; provided, however, that in the case of a complete refund of Sales Proceeds for a Media Product, we will refund to you the full amount of any Variable Closing Fee paid by you to us (and in the case of a partial refund of Sales Proceeds for a Media Product, we will not refund to you any portion of any Variable Closing Fee paid by you to us). We will remit any amounts to be refunded by us pursuant to this subsection from time to time together with the next remittance to be made by us to you. **"Refund Administration Fee"** means the applicable fee described on the Refund Administration Fee Schedule for the applicable Amazon Site.

Net Sales Proceeds from non-invoiced orders will be credited to your available balance when they are received by us or our Affiliates. Sales Proceeds from invoiced orders will be credited to your available balance: (a) if you have elected in advance to pay a fee to accelerate remittance of Sales Proceeds from invoiced orders, on the day all of Your Products included in an invoiced orders are shipped; or (b) otherwise, no later than the seventh day following the date that an invoiced order becomes due.

 **S-6 Amazon's Websites and Services.**

Amazon has the right to determine, the design, content, functionality, availability and appropriateness of its websites, selection, and any product or listing in the Amazon Stores, and all aspects of each Service, including your use of the same. Amazon may assign any of these rights or delegate any of its responsibilities.

 **S-7 Continuing Guarantees**

Guarantees. We require the following continuing guarantees from you.

S-7.1 Pesticides. If any of Your Products is a "pesticide" being offered or sold in the United States or other product regulated under the US Federal Insecticide, Fungicide, and Rodenticide Act ("FIFRA") or its implementing regulations, then you provide to us the following continuing guaranty that: (a) you are a resident of the United States; and (b) with respect to each such product, the pesticides and other FIFRA regulated products comprising each sale, shipment, or other delivery made previously or hereafter are: (i) lawfully registered with the US Environmental Protection Agency at the time of sale, shipment, or delivery, or fully qualified for a specific exemption from the FIFRA registration requirements at the time of sale, shipment, or delivery, (ii) compliant with all requirements of FIFRA and its implementing regulations at the time of sale, shipment, or delivery, and (iii) provided by you in the original, unbroken packaging.

S-7.2 Foods, Drugs, Medical Devices, and Cosmetics. If any of Your Products is a "food", "drug", "medical device", or "cosmetic" being offered or sold in the United States or other product regulated under the U.S. Federal Food, Drug, and Cosmetic Act ("FFDCA") or its implementing regulations, then you provide us with the following continuing guaranty that with respect to all such products comprising each sale, shipment, or other delivery made previously or hereafter are: (i) not adulterated or misbranded within the meaning of the FFDCA, (ii) compliant with all requirements of FFDCA and its implementing regulations at the time of sale, shipment, or delivery, and (iii) provided by you in the original, unbroken packaging.

**Selling on Amazon Definitions**

**"Amazon-Fulfilled Products"** means any of Your Products that are fulfilled using the Fulfillment by Amazon Service.

**"Amazon Refund Policies"** means the return and refund policies published on the applicable Amazon Site and applicable to products and services offered via that Amazon Site.

**"BMVD Product"** means any book, magazine or other publication, sound recording, video recording, and/or other media product in any format, including any subscription, in each case excluding any software product, computer game, and/or video game.

**"Excluded Offer"** means any discount, rebate, promotional offer, or other term of offer and/or sale that you: (a) have attempted to make available through a particular Amazon Site but that we do not honor or support (but only until such time as we honor or support the same on such Amazon Site); or (b) make available solely to third parties that either (i) purchase products solely for resale and who are not end users of such products (i.e., wholesale purchasers), or (ii) if the Elected Country is Canada, Mexico, or the United States, have affirmatively elected and opted-in to participate in your or one of your Affiliates' membership-based customer loyalty or customer incentive programs.

**"Expected Ship Date"** means, with respect to any of Your Products, either: (a) the end of the shipping availability period (which begins as of the date on which the relevant order is placed by the customer), or the shipping availability date, as applicable, specified by you in the relevant inventory/product data feed for Your Product; or (b) if you do not specify shipping availability information in such inventory/product data feed or that Your Product is in a product category that Amazon designates as requiring shipment within two (2) business days, two (2) business days after the date on which the relevant order is placed by the customer.

**"Media Product"** means any book, magazine or other publication, sound recording, video recording, software product, computer game, videogame, or other media product in any format, including any related subscription, offered through an Amazon Site.

**"Purchase Price"** means the total amount payable or paid for Your Product (including taxes and shipping and handling charges only to the extent specified in the applicable Tax Policies).

**"Remittance Calculation Date"** is the date that is two (2) business days prior to the date of remittance (the **"Remittance Calculation Date"**).

**"Required Product Information"** means, with respect to each of Your Products in connection with a particular Amazon Site, the following (except to the extent expressly not required under the applicable Program Policies): (a) description, including as applicable, location-specific availability and options, scheduling guidelines and service cancellation policies; (b) SKU and UPC/EAN/JAN numbers, and other identifying information as Amazon may reasonably request; (c) information regarding in-stock status and availability, shipping limitations or requirements, and Shipment Information (in each case, in accordance with any categorizations prescribed by Amazon from time to time); (d) categorization within each Amazon product category and browse structure as prescribed by Amazon from time to time; (e) digitized image that accurately depicts only Your Product, complies with all Amazon image guidelines, and does not include any additional logos, text or other markings; (f) Purchase Price; (g) shipping and handling charge (in accordance with our standard functionality); (h) any text, disclaimers, warnings, notices, labels, warranties, or other content required by applicable Law to be displayed, or that are necessary for the safe use of Your Product, in connection with the offer, merchandising, advertising, or sale of Your Product; (i) any vendor requirements, restocking fees or other terms and conditions applicable to such product that a customer should be aware of prior to purchasing the product; (j) brand; (k) model; (l) product dimensions; (m) weight; (n) a delimited list of technical specifications; (o) SKU and UPC/EAN/JAN numbers (and other identifying information as we may reasonably request) for accessories related to Your Product that is available in our catalog; (p) the state or country Your Product ships from; and (q) any other information reasonably requested by us (e.g., the condition of used or refurbished products; and invoices and other documentation demonstrating the safety and authenticity of Your Products).

**"Seller-Fulfilled Products"** means any of Your Products that are not fulfilled using the Fulfillment by Amazon Service.

**"Shipment Information"** means, with respect to any of Your Products, the estimated or promised shipment and delivery date.

**"Street Date"** means the date(s), if any, specified by the manufacturer, distributor, and/or licensor of a product as the date before which specified information regarding such product (e.g., title of a book) should not be disclosed publicly, or such product should not be delivered or otherwise made available to customers.

**"URL Marks"** means any Trademark, or any other logo, name, phrase, identifier, or character string, that contains or incorporates any top level domain (e.g., .com, .edu, .ca, .fr, .jp) or any variation of a top level domain (e.g., dot com, dotcom, net, or com).

**"Your Transaction"** is defined in the General Terms of this Agreement; however, as used in these Selling on Amazon Service Terms, it means any and all such transactions through Selling on Amazon only.

**Fulfillment by Amazon Service Terms**

Fulfillment by Amazon (**"FBA"**) provides fulfillment and associated services for Your Products.

These FBA Service Terms are part of the Agreement, and, unless specifically provided otherwise, concern and apply only to your participation in FBA. BY REGISTERING FOR OR USING FBA, YOU (ON BEHALF OF YOURSELF OR THE BUSINESS YOU REPRESENT) AGREE TO BE BOUND BY THE AGREEMENT, INCLUDING THESE FBA SERVICE TERMS. You expressly agree that Amazon may engage its Affiliate(s) or a third party in order to complete one or more of the fulfillment and associated services outlined below.

**<u>Fulfillment Services</u>**

**F-1 Your Products**

Once you are accepted into FBA, you must apply to register each product you offer that you wish to include in the FBA program. We may refuse registration in FBA of any product, including on the basis that it is an FBA Excluded Product or that it violates applicable Program Policies. You may at any time withdraw registration of any of Your Products from FBA.

**F-2 Product and Shipping Information**

You will, in accordance with applicable Program Policies, provide accurate and complete information about Your Products registered in FBA, and will provide Fulfillment Requests for any Units fulfilled using FBA that are not sold through an Amazon Site (**"Multi-Channel Fulfillment Units"**). You will promptly update any information about Your Products in accordance with our requirements and as necessary so that the information is at all times accurate and complete.

**F-3 Shipping to Amazon**

**F-3.1** Except as otherwise provided in <u>Section F-3.4</u> and <u>Section F-5</u>, FBA is limited to Units that are shipped to and from fulfillment centers located within the applicable Elected Country, to be delivered to customers in the same Elected Country only. You will ship Units to us in accordance with applicable Program Policies. You will be responsible for all costs incurred to ship the Units to the shipping destination (including costs of freight and transit insurance) and Amazon will not pay any shipping costs. You are responsible for payment of all customs, duties, taxes, and other charges. In the case of any improperly packaged or labeled Unit, we may return the Unit to you at your expense (pursuant to <u>Section F-7</u>) or re-package or re-label the Unit and charge you an administrative fee.

**F-3.2** You will not deliver to us any Unsuitable Unit; we may reject any shipment of Your Products.

**F-3.3** We may, at our option, allow you to ship Units at your expense (as described in <u>Section F-9.2</u>) to fulfillment centers using discounted shipping rates that we may make available to you for certain carriers. In such event, you will use the processes and supply the information that we require for you to obtain such discounted rates. You also must comply with standard operating procedures, weight and size restrictions, and other shipping requirements of the applicable carriers. If we provide you with the estimated shipping costs prior to shipment, you acknowledge and agree that actual shipping costs may vary from such estimates. In addition, if the weight of the Unit, as determined by the applicable carrier, differs from that submitted by you to us for purposes of determining the estimated shipping costs, then: (a) you may be charged more than the estimated shipping costs if the carrier determines that such Unit weighs more than as submitted by you; or (b) you may be charged the full amount of the estimated shipping costs even if the carrier determines the weight to be less than that submitted by you. You will not use carrier account information (e.g., carrier account number, amount of shipping rates, etc.) for any purpose, nor disclose such information to any third party, and you will protect such information as Amazon's confidential information in accordance with Section 11 of the General Terms of this Agreement. As between you, us, and the applicable carrier, you will be the shipper of record, and we will make payment to the carrier with respect to the shipment of all Units using such discounted rates. Title and risk of loss for any Unit shipped using discounted rates provided by us under this Section will remain with you, and our provision of such shipping rates will not create any liability or responsibility for us with respect to any delay, damage, or loss incurred during shipment. You authorize the applicable carrier to provide us with all shipment tracking information.

**F-3.4** If you ship Units from outside the applicable Elected Country to fulfillment centers, you will list yourself as the importer/consignee and nominate a customs broker. If Amazon is listed on any import documentation, Amazon reserves the right to refuse to accept the Units covered by the import documents and any costs assessed against or incurred by Amazon will be collected from Your Bank Account, deducted from amounts payable to you, or by other method at our election.

**F-4 Storage**

We will provide storage services as described in these FBA Service Terms once we confirm receipt of delivery. We will keep electronic records that track inventory of Units by identifying the number of Units stored in any fulfillment center. We will not be required to physically mark or segregate Units from other inventory units (e.g., products with the same Amazon standard identification number) owned by us, our Affiliates or third parties in the applicable fulfillment center(s). If we elect to commingle Units with such other inventory units, both parties agree that our records will be sufficient to identify which products are Units. We may move Units among facilities. If there is a loss of or damage to any Units while they are being stored, we will, compensate you in accordance with the FBA Guidelines, and you will, at our request, provide us a valid tax invoice for the compensation paid to you. If we compensate you for a Unit, we will be entitled to dispose of the Unit pursuant to <u>Section F-7</u>. At all other times, you will be solely responsible for any loss of, or damage to, any Units. Our confirmed receipt of delivery does not: (a) indicate or imply that any Unit has been delivered free of loss or damage, or that any loss or damage to any Unit later discovered occurred after confirmed receipt of delivery; (b) indicate or imply that we actually received the number of Units of Your Product(s) specified by you for such shipment; or (c) waive, limit, or reduce any of our rights under this Agreement. We reserve the right to change scheduling restrictions and volume limitations on the delivery and storage of your inventory in fulfillment centers in accordance with Section 15 of the General Terms, and you will comply with any of these restrictions or limitations.

**F-5 Fulfillment**

As part of our fulfillment services, we will ship Units from our inventory of Your Products to the shipping addresses in the Elected Country included in valid customer orders, or submitted by you as part of a Fulfillment Request. We may ship Units together with products purchased from other merchants, including any of our Affiliates. We also may ship Units separately that are included in a single Fulfillment Request. If you participate in our export fulfillment services, we will also ship Your Products that we determine to be eligible (each, a **"Foreign-Eligible Product"**) to Foreign Addresses within countries we determine to be eligible for foreign shipments, subject to the additional terms on foreign shipments in the applicable FBA Guidelines.

**F-6 Customer Returns**

**F-6.1** You will be responsible for and will accept and process returns of, and provide refunds and adjustments for, any Multi-Channel Fulfillment Units in accordance with the Agreement (including the applicable Program Policies).

**F-6.2** We will receive and process returns of any Amazon Fulfillment Units that were shipped to addresses within the Elected Country in accordance with the terms of your Seller Agreement, these FBA Service Terms, and the Program Policies. Any Sellable Units that are also Amazon Fulfillment Units and that are properly returned will be placed back into the inventory of Your Products in the FBA Program. We may fulfill customer orders for Your Products with any returned Amazon Fulfillment Units. Except as provided in <u>Section F-7</u>, you will retake title of all Units that are returned by customers.

**F-6.3** Subject to <u>Section F-7</u>, we will, at your direction, either return or dispose of any Unit that is returned to us by a customer and that we determine is an Unsuitable Unit.

**F-6.4** If Amazon receives a customer return of a Multi-Channel Fulfillment Unit, you will direct us to return or dispose of the Unit at your own cost failing which we may dispose of the Unit as provided in <u>Section F-7</u>.

**F-7 Returns to You and Disposal**

**F-7.1** You may, at any time, request that Units be returned to you or that we dispose of Units.

**F-7.2** We may with notice return Units to you, including upon termination of these FBA Service Terms. Returned Units will be sent to your designated shipping address. However, if (a) the designated shipping address we have for you is outdated or incorrect, (b) you have not provided or, upon our request, confirmed a designated shipping address in the Elected Country, or (c) we cannot make arrangements for you to pay for the return shipment, then the Unit(s) will be deemed abandoned and we may elect to dispose of them as appropriate based on the inventory (e.g., by selling, recycling, donating, or destroying it) and retain any proceeds we may receive from the disposal.

We may dispose of any Unsuitable Unit (and you will be deemed to have consented to our action): (d) immediately if we determine that (i) the Unit creates a safety, health, or liability risk to Amazon, our personnel, or any third party; (ii) you have engaged in fraudulent or illegal activity; or (iii) we have cause to terminate your use of Services with immediate effect pursuant to Section 3 and are exposed to liability towards a third party; (e) if you fail to direct us to return or dispose of any Unsuitable Unit within thirty (30) days after we notify you that the Unit has been recalled; or (f) if you fail to direct us to return or dispose of any Unsuitable Unit within thirty (30) days (or as otherwise specified in the applicable Program Policies) after we notify you that its removal is required, for instance because your use of FBA is suspended or terminated or your seller account is suspended, terminated or closed. In addition, you will reimburse us for expenses we incur in connection with any Unsuitable Units.

We may dispose of any Unit we are entitled to dispose of (including any Unsuitable Units) in the manner we deem appropriate (e.g., by selling, recycling, donating, or destroying it) and retain any proceeds we may receive from the disposal.

**F-7.3** You may, at any time, request that we dispose of Units. In this case, we may dispose of these Units as appropriate based on the inventory (e.g., by selling, recycling, donating, or destroying it) and retain any proceeds we may receive from the disposal. Title to each disposed Unit will transfer to us (or a third party we select such as a charity) at no cost, free and clear of any liens, claims, security interests or other encumbrances to the extent required to dispose of the Unit, and we may retain any proceeds, we may receive from the disposal.

**F-7.4** You will promptly notify us of any recalls or potential recalls, or safety alerts of any of Your Products and cooperate and assist us in connection with any recalls or safety alerts, including by initiating the procedures for returning items to you under our standard processes. You will be responsible for all costs and expenses you, we or any of our or your Affiliates incur in connection with any recall or potential recall or safety alerts of any of Your Products (including the costs to return, store, repair, liquidate, or deliver to you or any vendor any of these products).

**F-8 Customer Service**

**F-8.1** For Multi-Channel Fulfillment Units we will have no customer service obligations other than to pass any inquiries to your attention at the contact you provide, and to make available a reasonable amount of information regarding the status of the fulfillment of Your Products if you request it and if and to the extent we possess the requested information. You will ensure that all of your policies and messaging to your customers regarding shipping of Your Products and other fulfillment-related matters, reflect our policies and requirements, including with regard to shipping methods, returns, and customer service; and, you will conspicuously display on your website(s), in emails or in other media or communications any specific disclosures, messaging, notices, and policies we require.

**F-8.2** We will be responsible for all customer service issues relating to packaging, handling and shipment, and customer returns, refunds, and adjustments related to Amazon Fulfillment Units. We will determine whether a customer will receive a refund, adjustment or replacement for any Amazon Fulfillment Unit and we will require you to reimburse us where we determine you have responsibility in accordance with the Agreement (including these FBA Service Terms and the Program Policies). We will promptly notify you when you are responsible for a customer refund. You may appeal if you disagree with our finding within thirty (30) days after our notification, in addition to your right to request that Units be returned to you under Section F-7.1. Except as provided in this <u>Section F-8</u> regarding any Amazon Fulfillment Units, customer service will be handled in accordance with your Seller Agreement.

**F-8.3** In situations relating to Amazon Fulfillment Units where the wrong item was delivered or the item was damaged or lost or is missing, unless we determine that the basis for such request is caused by you or any of your employees, agents, or contractors, we will, at our option: (a) for any Amazon Fulfillment Unit, (i) ship a replacement Unit to the customer and reimburse you in accordance with the FBA Guidelines for the replacement Unit, or (ii) process a refund to the customer and reimburse you in accordance with the FBA Guidelines for the Unit; or (b) for any Multi-Channel Fulfillment Unit, reimburse you in accordance with the FBA Guidelines for the Unit (and you will, at our request, provide us a valid tax invoice for the compensation paid to you). Any customer refund will be processed in accordance with the Selling on Amazon and the Transaction Processing Service Terms (if the Elected Country for a Service is the United States). Notwithstanding the Selling on Amazon Service Terms, we will be entitled to retain the applicable fees payable to us under the Selling on Amazon Service Terms and these FBA Service Terms, respectively. Except as expressly provided in this Section F-8.3, you will be responsible for all costs associated with any replacement or return.

**F-8.4** If we provide a replacement Unit or refund as described in <u>Section F-8.3</u> to a customer and that customer returns the original Unit to us, we will be entitled to dispose of the Unit pursuant to <u>Section F-7</u>, or, if it is a Sellable Unit, we may, at our option, place such Unit back into your inventory in accordance with <u>Section F-6</u>. If we do put a Unit back into your inventory, you will reimburse us for the applicable Replacement Value (as described in the FBA Guidelines) of the returned Unit. Any replacement Unit shipped by us under these FBA Service Terms will be deemed to be, and will be treated in the same manner as, an order and sale of such Unit from you to the customer via the applicable Amazon Site or Service in accordance with, and subject to, the terms and conditions of this Agreement and your Seller Agreement.

**F-9 Compensation for Fulfillment Services**

**F-9.1 Handling and Storage Fees.** You will pay us the applicable fees described in the applicable Fulfillment by Amazon Fee Schedule. You will be charged the Storage Fees beginning on the day (up to midnight) that the Unit arrives at a fulfillment center and is available for fulfillment by Amazon (or in the case of any Unsuitable Unit, the arrival day (up to midnight)), until the earlier of: (a) the day (up to midnight) we receive a valid customer order for such product or a request from you to return or dispose of the Unit; or (b) the day (up to midnight) we actually ship the Unit to your designated return location or dispose of the Unit.

**F-9.2 Shipping and Gift Wrap.** For any Amazon Fulfillment Units we will determine the amounts charged to the customer for shipping and gift wrap services for the Units that we fulfill through the FBA Program. As between you and us, these charges will be your charges to the customer, and we will report them to you. We will charge you (and you will pay us) a fee equal to the amount of such charges to the customer. In the case of shipments of Units sold through the Amazon Site that qualify for the "Free Shipping" promotion, the amounts charged to the customer for shipping the Selling on Amazon Units that Amazon fulfills will first be charged to the customer and will next be deducted from the total charges to the customer as your promotion and Amazon will not charge you the fee described above. If you ship Units to us using the shipping rates that we may make available pursuant to <u>Section F-3.3</u>, you will reimburse us for the actual amounts charged to us by the applicable carrier for such shipments.

**F-9.3 Proceeds.** We may as appropriate keep part of or all proceeds of any Units that we are entitled to dispose of pursuant to F-7 above, or to which title transfers, including returned, damaged, or abandoned Units. You will have no security interest, lien, or other claim to the proceeds that we receive in connection with the sale, fulfillment, and/or shipment of these Units.

**F-10 Indemnity**

In addition to your obligations under <u>Section 6</u> of the General Terms of this Agreement, you also agree to indemnify, defend, and hold harmless us, our Affiliates, and our and their respective officers, directors, employees, representatives, and agents against any Claim that arises from or relates to: (a) the Units (whether or not title has transferred to us, and including any Unit that we identify as yours pursuant to <u>Section F-4</u>), including any personal injury, death, or property damage; (b) any of Your Taxes or the collection, payment, or failure to collect or pay Your Taxes; and, if applicable (c) any sales, use, value added, personal property, gross receipts, excise, franchise, business, or other taxes or fees, or any customs, duties, or similar assessments (including penalties, fines, or interest on any of the foregoing) imposed by any government or other taxing authority in connection with the shipment of Foreign-Eligible Products to Foreign Addresses (collectively, **"Foreign Shipment Taxes"**).

**F-11 Release**

You, on behalf of yourself and any successors, subsidiaries, Affiliates, officers, directors, shareholders, employees, assigns, and any other person or entity claiming by, through, under, or in concert with them (collectively, the **"Releasing Parties"**), irrevocably acknowledge full and complete satisfaction of and unconditionally and irrevocably release and forever fully discharge Amazon and each of our Affiliates, and any and all of our and their predecessors, successors, and Affiliates, past and present, as well as each of our and their partners, officers, directors, shareholders, agents, employees, representatives, attorneys, and assigns, past and present, and each of them and all Persons acting by, through, under, or in concert with any of them (collectively, the **"Released Parties"**), from any and all claims, obligations, demands, causes of action, suits, damages, losses, debts, or rights of any kind or nature, whether known or unknown, suspected or unsuspected, absolute or contingent, accrued or unaccrued, determined or speculative (collectively, **"Losses"**) which the Releasing Parties now own or hold or at any time have owned or held or in the future may hold or own against the Released Parties, or any of them, arising out of, resulting from, or in any way related to the shipment, export, or delivery of Your Products to Foreign Addresses, including any tax registration or collection obligations. You, on behalf of yourself and all other Releasing Parties, recognize that you, and each of them, may have some Losses, whether in tort, product liability, contract, warranty, or otherwise, against the Released Parties of which you, or any of them, are totally unaware and unsuspecting, or which may arise or accrue after the date you register for or use FBA, which the Releasing Parties are giving up by agreeing to these FBA Service Terms. It is your intention in agreeing to these FBA Service Terms that these FBA Service Terms will deprive the Releasing Parties of each and all such Losses and prevent the Releasing Party from asserting any such Losses against the Released Parties, or any of them. In addition to the foregoing, you acknowledge, on behalf of yourself and all other Releasing Parties that you are familiar with Section 1542 of the Civil Code of the State of California, as follows:

**"A general release does not extend to claims that the creditor or releasing party does not know or suspect to exist in his or her favor at the time of executing the release and that, if known by him or her, would have materially affected his or her settlement with the debtor or released party."**

You, on behalf of yourself and all other Releasing Parties, expressly waive and relinquish any rights that you had or may have under Section 1542 of the Civil Code of the State of California or any similar provision of the law of any other jurisdiction, to the full extent that you may lawfully waive all such rights pertaining to the subject matter of these FBA Service Terms.

**F-12 Disclaimer**

IN ADDITION TO THE DISCLAIMER IN SECTION 7 OF THE GENERAL TERMS OF THIS AGREEMENT, WE DISCLAIM ANY DUTIES OF A BAILEE OR WAREHOUSEMAN, AND YOU WAIVE ALL RIGHTS AND REMEDIES OF A BAILOR (WHETHER ARISING UNDER COMMON LAW OR STATUTE OR OTHERWISE), RELATED TO OR ARISING OUT OF ANY POSSESSION, STORAGE, OR SHIPMENT OF YOUR PRODUCTS BY US OR OUR AFFILIATES OR ANY OF OUR OR THEIR CONTRACTORS OR AGENTS.

**F-13 Effect of Termination**

Your termination rights are set forth in Section 3 of this Agreement. Following any termination of the Agreement or these FBA Service Terms in connection with a particular Elected Country, we will, as directed by you, return to you or dispose of the Units held in that Elected Country as provided in <u>Section F-7</u>. If you fail to direct us to return or dispose of the Units within thirty (30) days (or as otherwise specified in the applicable Program Policies) after termination, then we may elect to return and/or dispose of the Units in whole or in part, as provided in <u>Section F-7</u>, and you agree to such actions. Upon any termination of these FBA Service Terms in connection with a particular Elected Country, all rights and obligations of the parties under these FBA Service Terms in connection with such Elected Country will be extinguished, except that the rights and obligations of the parties under <u>Sections F-1</u>, <u>F-2</u>, <u>F-3</u>, <u>F-4</u>, <u>F-5</u>, <u>F-6</u>, <u>F-7</u>, <u>F-8</u>, <u>F-9</u>, <u>F-11</u>, <u>F-12</u>, <u>and F-13</u> with respect to Units received or stored by Amazon as of the date of termination will survive the termination.

**F-14 Tax Matters**

You understand and acknowledge that storing Units at fulfillment centers may create tax nexus for you in any country, state, province, or other localities in which your Units are stored, and you will be solely responsible for any taxes owed as a result of such storage. If any Foreign Shipment Taxes or Your Taxes are assessed against us as a result of performing services for you in connection with the FBA Program or otherwise pursuant to these FBA Service Terms, you will be responsible for such Foreign Shipment Taxes and Your Taxes and you will indemnify and hold Amazon harmless from such Foreign Shipment Taxes and Your Taxes as provided in <u>Section F-10</u> of these FBA Service Terms.

**F-15 Additional Representation**

In addition to your representations and warranties in <u>Section 5</u> of the General Terms of this Agreement, you represent and warrant to us that: (a) you have valid legal title to all Units and all necessary rights to distribute the Units and to perform under these FBA Service Terms; (b) you will deliver all Units to us in new condition (or in such condition otherwise described by you in the applicable Your Product listing) and in a merchantable condition; (c) all Units and their packaging will comply with all applicable marking, labeling, and other requirements required by Law; (d) no Unit is or will be produced or manufactured, in whole or in part, by child labor or by convict or forced labor; (e) you and all of your subcontractors, agents, and suppliers involved in producing or delivering Units will strictly adhere to all applicable Laws of the Elected Country, its territories, and all other countries where Units are produced or delivered, regarding the operation of their facilities and their business and labor practices, including working conditions, wages, hours, and minimum ages of workers; and (f) that all Foreign-Eligible Products (i) can be lawfully exported from Canada, Mexico, or the United States, as applicable, without any license or other authorization; and (ii) can be lawfully imported into, and comply with all applicable Laws of, any eligible country.

**FBA Definitions**

**"Amazon Fulfillment Units"** means Units fulfilled using FBA that are sold through an Amazon Site. For avoidance of doubt, if you have successfully registered for or used both the FBA and Selling on Amazon Services, then the term "Amazon Fulfillment Units" and the defined term "Amazon Fulfilled Products" in the Selling on Amazon Service Terms both refer to the same items.

**"FBA Excluded Product"** means any Unit that is an Excluded Product or is otherwise prohibited by the applicable Program Policies.

**"Foreign Address"** means (a) if the Elected Country is the United States, any mailing address that is not (i) within the fifty states of the United States or Puerto Rico, or (ii) an APO/FPO address; and (b) if the Elected Country is not the United States, any mailing address that is not within the Elected Country.

**"Fulfillment Request"** means a request that you submit to us (in accordance with the standard methods for submission prescribed by us) to fulfill one or more Multi-Channel Fulfillment Units.

**"Multi-Channel Fulfillment Units"** has the meaning in <u>Section F-2</u>.

**"Sellable Unit"** means a Unit that is not an Unsuitable Unit.

**"Seller Agreement"** means the Selling on Amazon Service Terms, the Merchants@ Program Agreement, the Marketplace Participation Agreement, any successor to any of these agreements, or any other similar agreement (as determined by Amazon) between you and us that permits you to offer products and services via a particular Amazon Site.

**"Shipping Information"** means with respect to any purchased Unit(s), the following information: the name of the recipient, the shipping address, the quantity of Units to be shipped, and any other shipping-related information we may reasonably request.

**"Unit"** means a unit of Your Product that you deliver to Amazon in connection with the FBA Program.

**"Unsuitable Unit"** means a Unit: (a) that is defective, damaged, unfit for a particular purpose, or lacking required label(s); (b) the labels for which were not properly registered with Amazon before shipment or do not match the product that was registered; (c) that is an FBA Excluded Product or does not comply with the Agreement (including applicable Service Terms and Program Policies); (d) that Amazon determines is unsellable or unfulfillable; or (e) that Amazon determines is otherwise unsuitable.

**Amazon Advertising Service Terms**

The Amazon Advertising Service Terms govern your use of Amazon Advertising, a Service that allows you to advertise your products. The Amazon Advertising Service Terms apply to your use of the Ad Services.

Your use of the Ad Services (as defined in the Amazon Advertising Agreement) is governed by the Amazon Advertising Agreement. You accept the Amazon Advertising Agreement, which may be updated from time to time by Amazon in accordance with its terms. The Amazon Advertising Agreement is available at https://advertising.amazon.com/terms. In the event of any conflict between the General Terms or Program Policies and the Amazon Advertising Agreement with respect to the Ad Services, the Amazon Advertising Agreement will prevail to the extent of the conflict. If the Amazon Advertising Agreement is deemed unlawful, void, or for any reason unenforceable, then the General Terms will govern your access to and use of the Ad Services.

**Transaction Processing Service Terms**

BY REGISTERING FOR OR USING ANY SERVICE OTHER THAN AMAZON ADVERTISING FOR WHICH THE ELECTED COUNTRY IS THE UNITED STATES, YOU (ON BEHALF OF YOURSELF OR THE BUSINESS YOU REPRESENT) AGREE TO BE BOUND BY THESE TRANSACTION PROCESSING SERVICE TERMS FOR THAT SERVICE. **NOTWITHSTANDING THE FOREGOING, IF A SEPARATE AGREEMENT GOVERNS THE OFFER, SALE OR FULFILLMENT OF YOUR PRODUCTS ON THE US AMAZON SITE, THE TERMS OF THAT AGREEMENT WILL CONTINUE TO GOVERN THE PROCESSING OF YOUR TRANSACTIONS TO THE EXTENT DESCRIBED IN THAT AGREEMENT.**

**P-1 Payments Processing Agency Appointment**

For non-invoiced orders, you authorize Amazon Payments, Inc. to act as your agent for purposes of processing payments, refunds and adjustments for Your Transactions, receiving and holding Sales Proceeds on your behalf, remitting Sales Proceeds to Your Bank Account, charging your Credit Card, and paying Amazon and its Affiliates amounts you owe in accordance with this Agreement or other agreements you may have with Amazon Affiliates. For invoiced orders, you authorize: (a) Amazon Capital Services, Inc. to act as your agent for purposes of processing payments, refunds and adjustments for Your Transactions, and receiving and holding Sales Proceeds on your behalf; and (b) Amazon.com Services LLC to act as your agent for purposes of remitting Sales Proceeds to Your Bank Account, charging your Credit Card, and paying Amazon and its Affiliates amounts you owe in accordance with this Agreement or other agreements you may have with Amazon Affiliates. Amazon Payments, Inc., Amazon Capital Services, Inc., and Amazon.com Services LLC are each an **"Amazon Payments Agent"**. The applicable Amazon Payments Agents provide the services described in these Transaction Processing Service Terms and the related services described in Sections S-1.4, S-2.2, S-5, and F-8.3 of the Agreement (collectively, the **"Transaction Processing Services"**).

When a buyer instructs us to pay you, you agree that the buyer authorizes and orders us to commit the buyer's payment (less any applicable fees or other amounts we may collect under this Agreement) to you. You agree that buyers satisfy their obligations to you for Your Transactions when we receive the Sales Proceeds. We will remit funds to you in accordance with this Agreement.

**P-2 Remittance**

Subject to Section 2 of the General Terms of this Agreement, the applicable Amazon Payments Agents will remit funds to you in accordance with Section S-5 of the Agreement and these Transaction Processing Service Terms. Each applicable Amazon Payments Agent's obligation to remit funds collected or received by it or otherwise credited to your available balance in connection with Your Transactions is limited to funds in your available balance that have become available in accordance with this Agreement less amounts owed to Amazon and any taxes that Amazon automatically calculates, collects and remits to a tax authority according to applicable law, as specified in the Tax Policies, subject to chargeback or reversal or withheld for anticipated claims in accordance with this Agreement. Without limiting Amazon's rights to collect any amounts you owe, the applicable Amazon Payments Agent's receipt of Sales Proceeds or crediting of Sales Proceeds to your available balance discharges your obligation to pay applicable fees and other amounts under this Agreement to the extent the Sales Proceeds received or credited equal or exceed the fees and other amounts you owe and the Sales Proceeds are applied to the payment of those fees and amounts.

**P-3 Your Funds**

Your Sales Proceeds will be held in an account with the applicable Amazon Payments Agent (a **"Seller Account"**) and will represent an unsecured claim against that Amazon Payments Agent. Your Sales Proceeds are not insured by the Federal Deposit Insurance Corporation, nor do you have any right or entitlement to collect Sales Proceeds directly from any customer. Prior to disbursing funds to you, an Amazon Payments Agent may combine Sales Proceeds held with the funds of other users of the Services, invest them, or use them for other purposes permitted by applicable Laws. You will not receive interest or any other earnings on any Sale Proceeds. To the extent required by applicable Laws, an Amazon Payments Agent will not use any funds held on your behalf for its corporate purposes, will not voluntarily make such funds available to its creditors in the event of bankruptcy or for any other purpose, and will not knowingly permit its creditors to attach such funds.

**P-4 Verification**

We may at any time require you to provide any financial, business or personal information we request to verify your identity. You authorize us to obtain from time to time consumer credit reports to establish or update your Seller Account or in the event of a dispute relating to this Agreement or the activity under your Seller Account. You agree to update all Seller Account information promptly upon any change. The Amazon Payments Privacy Notice applies to transactions processed by Amazon Payments, Inc.

**P-5 Dormant Accounts**

If there is no activity (as determined by us) in connection with your Seller Account for the period of time set forth in applicable unclaimed property laws and we hold Sales Proceeds on your behalf, we will notify you by means designated by us and provide you the option of keeping your Seller Account open and maintaining the Sales Proceeds in your Seller Account. If you do not respond to our notice(s) within the time period we specify, we will send the Sales Proceeds in your Seller Account to your state of residency, as determined by us based on the information in your Seller Account. If we are unable to determine your state of residency or your Seller Account is associated with a foreign country, your funds may be sent to the State of Delaware.

**Selling Partner API Terms**

**API-1 Description of the Selling Partner APIs**

The "Selling Partner APIs" enable your systems to interface with certain features or functionality we make available to you. These Selling Partner API Terms concern and apply only to your use of the Selling Partner APIs unless specifically provided otherwise. Under the Selling Partner API Terms, you may authorize parties who (a) develop Applications to support you using the Selling Partner APIs or the API Materials, (b) have registered with us as Developers, and (c) who have agreed to the Marketplace Developer Agreement ("Developers") to access Confidential Information and Your Materials via the Selling Partner APIs provided, in each case, that where Confidential Information is disclosed to Developers, you shall remain liable for the acts or omissions of such Developers as if such acts or omissions were your own. If you wish to use the Selling Partner APIs directly or develop software or a website that interfaces with the Selling Partner APIs or the API Materials (an "Application"), you must register as a Developer.

We may make available Selling Partner APIs (including the Marketplace Web Services APIs) and software, data, text, audio, video, images, or other content we make available in connection with the Selling Partner APIs, including related documentation, software libraries, and other supporting materials, regardless of format (collectively the "API Materials") that permit your systems to interface with certain features or functionality available to you. You may authorize Developers to access Confidential Information and Your Materials via the Selling Partner APIs solely for the purpose of supporting your business on Amazon and provided, in each case, that where Confidential Information is disclosed to Developers, you shall remain liable for the acts or omissions of such Developers as if such act or omissions were your own. All terms and conditions applicable to the Selling Partner APIs and the API Materials in this Agreement are solely between you and us. API Materials that are public or open source software ("Public Software") may be provided to you under a separate license, in which case, notwithstanding any other provision of this Agreement, that license will govern your use of those API Materials. For the avoidance of doubt, except to the extent expressly prohibited by the license governing any API Materials that are Public Software, all of the non-license provisions of this Agreement will apply.

**API-2 License and Related Requirements**

**API-2.1 Generally.**

We grant you a limited, revocable, non-exclusive, non-sublicenseable, nontransferable license during the term of the Agreement to allow Developers to access and use Confidential Information and Your Materials through the Selling Partner APIs and the API Materials solely in support of your use of the Services covered by this Agreement. As between you and us, we or our licensors own all right, title, and interest in and to the Confidential Information, the Selling Partner APIs, the API Materials, any technical and operational specifications, security protocols and other documentation or policies provided or made available by us with respect to the Selling Partner APIs or the API Materials (the "Selling Partner API Specifications"), and our internal data center facilities, servers, networking equipment, and host software systems that are within our or their reasonable control and are used to provide the Selling Partner APIs or the API Materials (the "Amazon Network").

**API-2.2 License Restrictions.**

You may authorize Developers to access Confidential Information and Your Materials through the Selling Partner APIs and the API Materials only through APIs documented and communicated by us in accordance with any applicable Selling Partner API Specifications. You may not authorize any other party to do any of the following with the Confidential Information, the Selling Partner APIs and the API Materials: (a) reverse engineer, decompile, or disassemble them; (b) modify or create derivative works based upon them in whole or in part; (c) distribute copies of them; (d) remove any proprietary notices or labels on them; (e) use any Public Software in any manner that requires, pursuant to the license applicable to such Public Software, that the Confidential Information, the Selling Partner APIs and the API Materials be disclosed, licensed, distributed, or otherwise made available to anyone; (f) resell, lease, rent, transfer, sublicense, or otherwise transfer rights to them; (g) access or use them in a way intended to avoid incurring any applicable fees or exceeding usage limits or quotas; (h) access or use them for any purpose unrelated to your use of Services; or (i) access or use them for fraudulent or illegal activities or activities that violate our policies or are otherwise harmful to us or any third parties. The limitations regarding Data Use in Section 11 above apply to any information you disclose or receive by the direct or indirect use of the Selling Partner APIs.

**API-2.3 No License for Direct Access.**

For the avoidance of doubt, these Selling Partner API Terms do not provide you a license to directly access or use the Selling Partner APIs, or install, copy, use, or distribute API Materials. Direct use of the Selling Partner APIs may only be licensed to Developers.

**API-2.4 Account Identifiers and Credentials.**

You must use the account IDs and any unique public key/private key pair issued by us to provide access to your data via the Selling Partner APIs ("Account Identifiers and Credentials") in accordance with these Selling Partner API Terms to authorize Developers to access the Selling Partner APIs on your behalf. You may only authorize access to Confidential Information and Your Materials via the Selling Partner APIs in the way that we prescribe. Your Account Identifiers and Credentials are for your personal use only and you must maintain their secrecy and security. You are solely responsible for all activities that occur using your Account Identifiers and Credentials, regardless of whether the activities are undertaken by you or a third party (including your employees, contractors, or agents). You will provide us with notice immediately if you believe an unauthorized third party may be using your Account Identifiers and Credentials or if your Account Identifiers and Credentials are lost or stolen. We are not responsible for unauthorized use of your Account Identifiers and Credentials.

**API-2.5 Security of Your Materials and Confidential Information.**

You are solely responsible for authorizing others to access the Selling Partner APIs on your behalf and taking your own steps to maintain appropriate security, protection, and backup of the Confidential Information and Your Materials processed pursuant to your access to the Selling Partner APIs and the API Materials, including any Confidential Information you have disclosed to Developers in accordance with this Agreement. We are not responsible for any unauthorized access to, alteration of, or deletion, destruction, damage, loss, or failure to store any of the Confidential Information or Your Materials in connection with the Selling Partner APIs (including as a result of your or any third party's errors, acts, or omissions). If you believe (acting reasonably) that a personal data breach has occurred in relation to any customer personal data in your possession or otherwise under your control (including in the possession of a Developer), you shall immediately notify Amazon of such personal data breach (in sufficient detail) for information purposes, and promptly take any actions (or require a Developer take such actions, if relevant) as applicable to you under data privacy Laws.

**API-3 Termination**

**API-3.1 Termination of Your Access to the Selling Partner APIs and the API Materials.**

Without limiting the parties' rights and obligations under this Agreement, the Amazon Marketplace Developer Agreement, or the Amazon Marketplace API License Agreement, we may limit, suspend, or terminate your access to the Selling Partner APIs and the API Materials for convenience with 30 days' notice. We may terminate immediately if (a) we determine that you have materially breached this Agreement and failed to cure within 7 days of a cure notice; (b) you or your account have been engaged in deceptive, fraudulent, or illegal activity; or (c) your use of the Selling Partner APIs and the API Materials may harm our customers.

Upon any suspension or termination of your access to the Selling Partner APIs and the API Materials, you will immediately cease authorizing others to use the Selling Partner APIs and the API Materials. Upon any termination of your access to the Selling Partner APIs and the API Materials, you will also immediately destroy all API Materials. Upon any suspension or termination of your access to the Selling Partner APIs and the API Materials, we may cause your Account Identifiers and Credentials to cease to be recognized by the Amazon Network for the purposes of the Selling Partner APIs and the API Materials.

**API-4 Modifications to the Selling Partner APIs and the API Materials**

We may change or discontinue the Selling Partner APIs or the API Materials (including by changing or removing features or functionality of the Selling Partner APIs or the API Materials) from time to time. For any material changes that will negatively affect your business, we will provide notice under Section 18.

**API-5 Disclaimers**

THE SELLING PARTNER APIS AND THE API MATERIALS ARE PROVIDED "AS IS". WE AND OUR AFFILIATE COMPANIES AND LICENSORS MAKE NO REPRESENTATIONS OR WARRANTIES OF ANY KIND, WHETHER EXPRESS, IMPLIED, STATUTORY OR OTHERWISE REGARDING THE SELLING PARTNER APIS OR THE API MATERIALS, INCLUDING ANY WARRANTY THAT THE SELLING PARTNER APIS OR THE API MATERIALS WILL BE UNINTERRUPTED, ERROR FREE, OR FREE OF HARMFUL COMPONENTS, OR THAT ANY MATERIALS OR DATA YOU ACCESS, USE, STORE, RETRIEVE, OR TRANSMIT IN CONNECTION WITH THE SELLING PARTNER APIS, INCLUDING YOUR MATERIALS, WILL BE SECURE OR NOT OTHERWISE LOST OR DAMAGED. EXCEPT TO THE EXTENT PROHIBITED BY LAW, WE AND OUR AFFILIATE COMPANIES AND LICENSORS DISCLAIM ALL WARRANTIES, INCLUDING ANY IMPLIED WARRANTIES OF MERCHANTABILITY, SATISFACTORY QUALITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT, OR QUIET ENJOYMENT, AND ANY WARRANTIES ARISING OUT OF ANY COURSE OF DEALING OR USAGE OF TRADE. FURTHER, NEITHER WE NOR ANY OF OUR AFFILIATE COMPANIES OR LICENSORS WILL BE RESPONSIBLE FOR ANY COMPENSATION, REIMBURSEMENT, OR DAMAGES ARISING IN CONNECTION WITH: (A) THE INABILITY TO USE THE SELLING PARTNER APIS OR THE API MATERIALS FOR ANY REASON; (B) THE COST OF PROCUREMENT OF SUBSTITUTE GOODS OR SERVICES; OR (C) ANY INVESTMENTS, EXPENDITURES, OR COMMITMENTS BY YOU IN CONNECTION WITH THIS AGREEMENT OR YOUR USE OF OR ACCESS TO THE SELLING PARTNER APIS OR THE API MATERIALS.

## Exhibit 10.5

**Exhibit 10.5**

**SHARE SALE COMMITMENT AGREEMENT CONDITIONAL** 

**ON FAVOURABLE DUE DILIGENCE**

Madrid, August 28, 2024

**<u>PRESENT</u>**

Mr. Lin Fufei, of legal age, with N.I.E. X6770466W, domiciled in c. Playa de Formentor, 26PB Boadilla del Monte, Madrid.

Mr. Shengli Chen Pen, of legal age, with D.N.L. 50774475C, married under separate property regime, domiciled in calle jazmin 28, Pozuelo (Madrid).

Mr. Francisco Javier Zorrilla Lozano, of legal age, with D.N.I. 26471040H, married under separate property regime, domiciled in Calle Fermín Palma Ia 6A, Jaen.

**<u>INTERVENING</u>**

The first party ：in representation and on behalf, as the sole administrator of AIGOLEO LIMITED, with CIF 1735254, a company of HONG KONG nationality, with registered office at Room 1, 16/F, Empress Plaza 17-19 Chatham Road South Tsim Sha Tsui, KL, Hong Kong, hereinafter referred to as (THE FUTURE BUYER).

The second party and the third party: in their own name and right, hereinafter referred to as (THE FUTURE SELLER).

Mutually recognizing their sufficient capacity to carry out this act.

**<u>RECITALS</u>**

I. Mr. SHENGLI CHEN PEN is the owner in full dominion of 2114 (70%) of the shareholdings, from number 1 to number 2114, with a nominal value of 330 euros each, totaling Six Hundred Ninety-Seven Thousand Six Hundred Twenty euros (697,620.00 euros), of the commercial entity "ARTECONFORT HOTELES S.L.", CIF B 87621975, with registered office at Valdemoro, calle Homero 30 Block 1, door l, established for an indefinite period, by public deed granted before Notary D Juan Gil de Antuiano Fernandez Montes, on August 1, 2016, and registered with the number 1510 of its protocol, registered in the Madrid Mercantile Registry.

Mr. JAVIER ZORRILLA LOZANO is the owner in full dominion of 906 (30%) of the shareholdings, from number 2115 to number 3020, with a nominal value of 330 euros each, totaling Two Hundred Ninety-Eight Thousand Nine Hundred Eighty euros (298,980.00 euros), of the commercial entity "ARTECONFORT HOTELES S.L.", CIF B 87621975, with registered office at Valdemoro, calle Homero 30 Block 1, door I, established for an indefinite period, by public deed granted before Notary D Juan Gil de Antuiano Fernandez Montes, on August 1, 2016, and registered with the number 1510 of its protocol, registered in the Madrid Mercantile Registry.

II. They both are owners and represent the total social capital.

III. Messrs. Shengli and Zorrilla intend to sell the aforementioned shareholdings, the entirety of the company, and AIGOLEO LIMITED intends to acquire them, based on the following TERMS AND CONDITIONS.

**<u>TERMS AND CONDITIONS</u>**

FIRST. That both parties set the price of the total shareholdings to be established in the future sale and purchase of the company at EIGHT MILLION EUROS (8,000,000.00 euros), of which **5,500,000 are fixed and two payments of 1,250,000 are set for December 1, 2025, and February 28, 2027, subject to the fulfillment of the estimated benefits for 2025 and 2026**, as established in stipulation fifth B.2 (form of payment), along with the variable price described below in stipulation SIXTH.

SECOND. During the period between the initial entry agreed upon, simultaneous to the signing of this document, and the formalization of the public deed of sale and purchase of the shareholdings, set for the next month of December 2024, the buyers will have access to all accounting and operational documentation of the company, for the purpose of carrying out the corresponding due diligence by the buyer.

THIRD. The future sellers commit to not carry out any operation that implies a burden or charge on the shareholdings object of this document and that the company does not carry out any operation that implies a decrease or deterioration in net assets, except for those of the activity carried out and that in no case imply an amount superior to 10%, from this moment until the transmission of the shareholdings. In the same sense, the owners of the shareholdings declare that there are no burdens and charges on them, being able to dispose of them with total freedom and discretion.

FOURTH. The operation projected to be carried out is configured as the sale of the company, encompassing the sale of 100% of the company's social capital. Therefore, the sellers will act jointly and be obliged to sell the totality of the shareholdings. Similarly, the buyer will be obliged to purchase 100% of the shareholdings and will not be able to exercise the purchase with respect to a percentage lower than 100%.

Termination clause ：This contract is subject to the favorable due diligence that the buyer's party will carry out. In such a way that if the due diligence is not favorable at the discretion of the buyer's advisors in charge of carrying it out, this contract will be automatically resolved with the return, within 7 days, to the buyer's party of the amounts delivered indicated in point Fifth A (500,000/five hundred thousand euros, 500,000 euros). None of the parties will assume any responsibility in this case.

It will be considered as objective criteria for the due diligence not to be favorable and, consequently, for this contract to be resolved in full right with the return of the deposit of 500,000 euros, as detailed below:

(i) Deviation of 10% in any of the items of assets and liabilities in the balance sheets of the company closed in 2023 and provisional to June 2024 that are attached to this document, provided that the sum of all variations does not exceed 1.5% of the total liabilities or assets.

(ii) In particular, regarding the inventories of the company accounted for in the provisional balance as of December 31, 2023, in the amount of 3,299,857 euros, detailed in **Annex 1**, that there is an unadjusted discrepancy verified by the buyer in the due diligence phase, which reduces the inventories by 5% of the accounted value (attached to this document is the relationship of items that conform to the complete stock of inventories).

(iii) INTERCOMPANY TRANSACTIONS WITHIN THE GROUP: In the case of existing intercompany operations, it will lead to the termination of the contract due to unfavorable due diligence findings, if they are not declared to the Tax Agency in the corresponding tax model, if the transactions are not valued at market value, or if the volume of intercompany purchases or sales exceeds 10% of the total sales or purchases recorded in the P&L for the periods ended December 31, 2023, and June 30, 2024,detailed in **Annex 2**.

(iv) Accounts Receivable: In the company's accounts receivable as of the close of December 2023 and June 30, 2024, if customers have not paid invoices for more than 45 days past due, and the overdue amount exceeds 5% of the company's total accounts receivable, it will constitute a reason for adverse due diligence.

(v) OWNERSHIP OF SIGNIFICANT ASSETS ON THE BALANCE SHEET: The absence of ownership or title to material assets defined as assets with a book value exceeding €200,000 listed in the balance sheet will result in the termination of the contract.

(vi) PATENTS AND TRADEMARKS. In particular, it will lead to the termination if the ownership of the EU or Spanish trademarks that are exposed below is not maintained:

● Trademark Arteconfort and registered logo in Europe and China.

● Registration of utility models of various retractable fan models, at the Spanish Patent and Trademark Office.

● Registration of Design of numerous solar lighting equipment for Garden and fans.

(vii) INFRINGEMENTS, SANCTIONS, JUDICIAL AND ADMINISTRATIVE PROCEEDINGS OF ALL KINDS. It will be a cause for an unfavorable declaration if there are administrative inspection procedures of labor or tax that are being processed on the date (unless the buyer considers that they are not transcendental). It will also be a cause for an unfavorable declaration of due diligence, the existence of a judicial process in civil or commercial proceedings whose amount is superior to 200,000 euros, or a criminal process followed against the company regardless of the state in which it is currently found, and the penalty or compensation that may be of interest in their case.

(vii) That the company's partners unduly detract from the expected benefit of the 2024 financial year. The Seller's shareholders are hereby notified that if payment for the sale occurs after 31 December 2024 (but before 28 February 2025), no withdrawal or collection of profits can be made in respect of the 2024 financial year.

The Seller will not penalise the Purchaser if due diligence is not passed and the purchase does not proceed for this reason.

FIFTH. The payment schedule set for the initial deposit and, if applicable, the remaining price payments will be as follows:

A) FIVE HUNDRED THOUSAND EUROS (500,000.00 euros) by bank transfer or checks, one for 350,000.00 euros that will be delivered to Mr. Shengli and another for 150,000.00 euros to Mr. Zorrilla, as a deposit delivered by AIGOLEO LIMITED, which will form part of the price if the due diligence is favorable. At this point, the Due Diligence will begin, until the end of November 2024, with the possibility of the buyer's personnel entering to analyze and study all the operations of the company, participating in all meetings, although without executive power.

B) After the maximum period of Due Diligence, set for November 30, 2024, and with a favorable result according to the criteria mentioned earlier, the buyer will be obliged to purchase the company under the terms agreed in this document, or lose the deposit of FIVE HUNDRED THOUSAND EUROS (500,000 euros), in the event that the due diligence is favorable and the company is not finally purchased. In the same way, by November 30, 2024, in the event of favorable due diligence, if the sellers are not willing to sell without justified cause, they must return the FIVE HUNDRED THOUSAND EUROS (500,000 euros) deposit, plus another FIVE HUNDRED THOUSAND EUROS (500,000 euros) penalty.

The rest of the price will be made through the following payments:

FIVE MILLION on the same date of the grant of the deed, which will take place before December 14, 2024, through bank transfers or checks that will be delivered to the sellers in the proportions corresponding to each seller. If, by the date of the sale and purchase deed, the buyer is not able to make the payment of the 5 million euros, as an alternative, the parties will grant the sale and purchase deed establishing a suspensive condition consisting of making the payment of the 5 million euros before February 28, 2025, where the buyer cannot exercise political rights, cannot appoint an administrative body, nor can they exercise any power in the company. Once the payment of 5 million euros is made within the established period, the suspensive condition will be considered fulfilled, the sale and purchase will have full legal effect, and all the previously restricted political rights will be held. If the additional period of February 28 passes without the payment of the 5 million euros being made, the sale and purchase will be void.

In the event that the payment of the 5 million euros, scheduled for the day of the deed signing before December 14, is not made, in addition to the application of the suspensive condition and the postponement of the paragraph above, a 10% ANNUAL interest will be applied during the deferral of the 2 months, ending this period on February 28, 2025.

In the event that the buyer does not sign the sale and purchase within that period, they will lose 500,000 euros in concept of conventional penalty. And if the seller is the one who fails to fulfill their obligation to sell, they must return the aforementioned amount doubled.

B.1) ONE MILLION TWO HUNDRED FIFTY THOUSAND EUROS (1,250,000.00 euros), due on **December 1, 2025**, will be paid to the sellers in proportion to their respective shares through bank checks or transfers. This payment will be adjusted based on the shortfall from the expected profit of 2 million euros for 2025. Both this payment and the subsequent payment in February 2027 will be secured by a pledge of 50% of the company's shares, which must be completed within three months, with an annual interest rate of 10%.

B.2) ONE MILLION TWO HUNDRED FIFTY THOUSAND EUROS (1,250,000.00 euros), due on February 28, 2027, is contingent upon the company achieving expected profits (before tax) of 2 million euros for both 2025 and 2026; otherwise, this payment will be reduced proportionally. This amount will be paid to the sellers in proportion through bank checks or transfers. The sellers guarantee the continuous development and performance of the company over the next two years, tying the final payments of 1.25 million euros and 1.25 million euros to the achievement of 2 million euros in profits for each of the years 2025 and 2026, respectively. The deferred payments must not exceed two months, with an annual interest rate of 10%. If the payment is postponed to December 1, 2025, the sellers will release the initially pledged 25% of the shares, leaving only 25% of the company's shares pledged.

SIXTH. **MINIMUM EXPECTED PROFIT AND GUARANTEE OF THE SELLERS.**

● **PROFIT IN 2024** 

The Parties agree to a variable adjustment of the established price, by 1 March 2025, the Buyer will pay the Seller the portion of the pre-tax profit obtained by ARTECONFORT HOTEL S.L. in the 2024 financial year that exceeds one million and a half million euros (EUR 1,500,000.00). If the profit obtained exceeds three million euros (EUR 3,000,000.00), the portion in excess of this amount will be distributed at 50 per cent.

● **EXPECTED PROFIT OF 2,000,000 EUROS IN 2025 AND OF 2,000,000 EUROS IN 2026** 

&nbsp;&nbsp;&nbsp;&nbsp;A) The second and third payments, indicated for December 1,
2025, and for February 28, 2027, respectively, of 1.25 million euros each, guarantee the expected benefits the sellers state will be
achieved in the company to be transferred, 2 million euros in 2025 and 2 million euros in 2026, so that the buyer, subject to this amount
and as a maximum, will make a compensation if these benefits do not occur as expected and projected by the parties.

&nbsp;&nbsp;&nbsp;&nbsp;B) Likewise, by March 1, 2026, the buyer will pay the sellers
the profit obtained that exceeds TWO MILLION EUROS (2,000,000.00 euros) up to 2.6 million euros by the company ARTECONFORT HOTELS S.L.
in the 2025 financial year, before Corporate Tax, profits in excess of will be shared by the buyer and seller at 50%. It cannot be delayed
for more than 3 months, and during which a 10% ANNUAL interest will be applied. In this case, the sellers, if the indicated profit is
not reached, the guarantee established in the previous paragraph will be applied (point A).

&nbsp;&nbsp;&nbsp;&nbsp;C) Finally, by February 28, 2027, the buyer will pay the sellers
the profit obtained that exceeds TWO MILLION EUROS (2,000,000.00 euros) up to 2.6 million euros by the company ARTECONFORT HOTELS S.L.
in the 2025 financial year, before Corporate Tax, profits in excess of will be shared by the buyer and seller at 50%. It cannot be delayed
for more than 3 months, and during which a 10% ANNUAL interest will be applied. In this case, the sellers, if the indicated profit is
not reached, the guarantee established as (point A) will be applied, deducting the amount of the last payment.

**GUARANTEE OF RESULTS**

For both hypotheses to materialize, the Buyer will have the right to maintain Mr. Zorrilla as General Manager of the company, at least, until December 31, 2026, agreeing on the conditions of permanence. The buyer undertakes to maintain the current structure and not to make any investment that implies a decrease in profit for the financial years 2025 and 2026.

This variable price is independent of the payment of the fixed price established in the FIFTH stipulation Points B which in any case will remain unaltered, it is possible to vary the payment established in the FIFTH clause in points B.1 and B.2 as explained in point A of the SIXTH clause.

SEVENTH. It is established as a guarantee for the payment of the obligations reflected in points B), B.1) and B.2) of the FIFTH stipulation, the pledge of the shareholdings subject of transmission, which will be detailed in the transmission deed and will be in force until the liquidation of the aforementioned payments. The pledge will be on 50% of the transmitted shareholdings, with a reduction to 25% in the event that the payment due on December 1, 2025, is made.

EIGHTH. The Sellers declare that they have fulfilled the legal obligations of communication to the company and the right of first refusal of the partners to represent the total social capital and are authorized to transmit the aforementioned shareholdings.

NINTH. The Sellers declare that, to the date of this agreement, there are no disputes over the assets, deposits, accounts receivable, registered trademarks, patents, and other assets presented by Arteconfort as reflected in the audit report signed by an independent company on July 15, 2024. All these aspects can be verified by the buyer's personnel who will be incorporated into ARTECONFORT HOTEL S.L. during the Due Diligence process and will have unlimited access to all files and documentation.

To the date of this agreement, Arteconfort has exclusive ownership or the right to use intangible assets, such as trade marks, marks, and patents used in the last five years, and these rights are not affected by changes in the partners of Arteconfort.

The financial data to be provided by Arteconfort are true, accurate, and complete, and there are no undisclosed liabilities exceeding 10,000.00 euros.

To the date of this agreement, Arteconfort has no pending litigation, tax sanctions, compensations, guarantees, and other obligations exceeding 50,000.00 euros and that the sellers will take charge of all sanctions and/or taxes generated by the company prior to the purchase date, even if they are communicated later.

TENTH. Non-competition clause to be established in the sale and purchase of shareholdings: for five years following the date of this agreement, the sellers or their close relatives may not participate in similar or related businesses with Arteconfort, may not sell products with the Arteconfort brand, and may not operate businesses that harm the interests of Arteconfort. Specifically, they may not sell for 5 years any product currently marketed by Arteconfort or their families, determined at the signing of this contract for all types of ceiling fans and garden solar lighting. In the event of non-compliance with this condition, a penalty of 2,000,000 will be incurred, which each of the sellers will be obliged to pay. For these purposes, the buyer declares to know the companies in which the sellers currently participate and carry out their activities, without any of them being considered competition.

Similarly, the buyer, in the event that the sale and purchase deed is not materialized, undertakes, once the Due Diligence has begun, not to carry out, directly or indirectly, operations with the same products with the current customers of Arteconfort in the next ten years, specifically not being able to sell garden solar lighting or ceiling fans, in a physical presence in commercial centers located in Spain of Leroy Merlin, Conforama, Bauhaus, Bricor or El Corte Inglés, establishing a penalty equal to that agreed in the previous paragraph for such a hypothetical case.

ELEVENTH. Declarations and Warranties of the Seller

The Seller warrants to the Buyer that as of the date of this Contract, the statements and warranties contained in **Annex 3** (the "Representations and Warranties") are true, complete, and accurate, without omitting any fact or circumstance that alters, restricts, or conditions their content and scope.

Acknowledging expressly that the Representations and Warranties represent the basis on which the Buyer has decided to enter into this Contract and execute the operation contemplated therein, the seller undertakes to indemnify the Buyer and the Company for any damage suffered due to the lack of truthfulness, accuracy, or integrity in the terms and conditions provided in this Contract.

Each of the Seller's Representations and Warranties shall be considered an independent declaration and warranty (unless expressly otherwise provided) and shall not be limited or restricted by, or inferred from, the terms of any other representation and warranty or any other term of the Contract.

None of the Representations and Warranties, nor the Buyer's rights to claim for breach of such Representations and Warranties, shall be considered waived, qualified, limited, or affected by any actual or imputed knowledge to the Buyer, including any knowledge resulting from an investigation or review carried out by or on behalf of the Buyer.

The Parties agree that the Representations and Warranties given by the Seller have the nature of personal contractual obligations with the scope provided in Article 1.091 of the Civil Code.

And as evidence of conformity, the parties sign in duplicate at the place and date of the heading.

## Exhibit 10.6

**Exhibit 10.6**

![](ex10-6_001.jpg)

CONTRATO DE COMPRAVENTA DE PARTICIPACIONES ENTRE AIGOLEO LIMITED como el "Comprador" Los socios de ARTECONFORT HOTELES S.L. SHARE PURCHASE AGREEMENT BY AND BETWEEN AIGOLEO LIMITED as the "Buyer" and The holders of ARTECONFORT HOTELES S.L. como los "Vendedores" y, individualmente cada uno de ellos, como "Vendedor" as the "Sellers" and, individually each of them, as a "Seller" Madrid (España), a 27 de diciembre de 2024 Madrid (Spain), on December 27 2024

![](ex10-6_002.jpg)

ES COPIA SIMPLE El presente contrato se celebra en Madrid (España), a 27 de diciembre de 2024. ENTRE: Por un lado, Como Vendedores, los socios titulares de la totalidad de las 3 . 020 participaciones de la Sociedad de nacionalidad española ARTECONFORT HOTELES S . L . constituida por tiempo indefinido, domiciliada en C/Homero 30 , bloque 1 Puerta 1 Valdemoro/ Madrid 28341 , en virtud de escritura otorgada par D . . luan Gil de Antuñaño FernánJez Mentes, ef \ escritura de !'echa 28 de julio de \* 016 , bajo el n" 1 . 510 de su orotocclo . lnsr - rita en el Registio f 1 ercantil de Madrid al torno 35 . 166 , !'oIio 174 , sección 8 ', hoja f' . 1 - 632365 , inscripción 1 " . Cuenta r - . on número de identificacion fiscal Bó 76210 % ú^ en adelante, la "Empresa") . Les Vendedores son . os siguientes : ShengliÉ Chen Pen, de r \ acicnalidad es¿añcla, con DNI if ƒ 50774475 - C, casado en régimen de separación üe bienes y . domiciliada en Ü/ Jazmín 28 , Pozuelo II adrid, España ; ("SCP") . Fi ancisco Javier Parrilla Lozano, de naciur \ alúad española, viuda y domiciliado en C/ Fern in Palma 1 ƒ ó ƒ . A, Caen, España ; ("FZL") . Y por otro Iado, Como Comprador, AIGOLEO LIMITED, con domicil.o secial ele Room 1, 1ô/F, Empress Plaza 17 - 19 Chatham Road South Tsim Sha Tsu‹, KL, Hong Kong e inscri':a en el Registro LJetcantil de Hong Kong con el número 1735254. Tiene númerc CIF N00960221. Representada por Luis Miguel del faz González, casado, de nacionalidad espaüola, con DNl número 51869298 - C, domiciliado en ¥ALEIiZIJELA FEItíIAíIDEZ NOTA RIO D E MA D RID This agreement is made in Madrid (Spain), on December 27, 2024. BETWEEN: On one sicle, As sellers, all the holders of all 3 . 020 shares of the company ARTECONFORT HOTELES S . L . a conlpany of Spanish nationality, incorporated for an indefinite period of time, domiciled in C/Homero 30 . bloque 1 Puerta 1 Valdemoro/ Madrid 28341 , by virtue of a deed authorized by Mr . Juan Gil de Antunano Fernandez k' 1 onfes, in a deed dated July 28 2010 , uricer no . 1510 of his protocol . Registered in the Mercarltile Register of kladrid in \ 'oIume Ü 5 . 16 h", f

![](ex10-6_003.jpg)

Plaza de Isabel ll N ƒ 8 - 2 ƒ B Madrid, España, actuando en calidad de Apoderado. Los Vendedores y el Comprador se denominarán en el presente documento conjuntamente como las "Partes" y, cada una de ellas, como una "Parte" . Las Partes reconocen mutuamente su capacidad legal para ejecutar este acuerdo (el "Acuerdo" o "Contrato") y, en consecuencia, EXPONEN (A) Los Vendedores son los únicos propietarios de participaciotses sociales . íntegramente suscritas y desembolsadas tal y como se detalla en el Anexo (A) (las "Participaciones"), representativas del 100% del capital social de ARTECONFORT HOTELES S.L (la "Empresa y/o la Sociedad"). (B) La Empresa se dedica a la fabricación, promoción, comercialización y distribución de una amplia gama de productos nacionales e internacionales orientados al sector del hogar, la hostelería, el ocio y la imagen personal . (el "Negocio") . (C) El Comprador está interesado en adquirir de los Vendedores todas y cada una de las Participaciones, libres de Gravámenes, y los Vendedores, a su vez, están interesados en vender al Comprador todas y cada una de las Participaciones . (D) En el contexto del análisis de la potencial adquisición de las Participaciones, el Comprador, asistido por sus asesores, (i) ha llevado a cabo una revisión sin limitación de los aspectos legales, fiscales, laborales, financieros y comerciales de la Empresa (la "Due Diligence") ; (ii) tuvo acceso limitado a la información y documentación puesta a disposición por los Vendedores o solicitada por el Comprador sobre la Empresa (la residing at Plaza de Isabel II N ƒ 8 - 2 ƒ B, Madrid, Spain, acting in the capacity of Attorney - in - Fact . The Sellers and the Buyer will be referred herein together as the "Parties" and, each of them, as a "Party" . The Parties mutually acknowledge their legal capacity to execute this agreement (the "Agreement") and, accordingly, WHEREAS (A) The Sellers are the sole legal and beneficial owners of the shares referred to in the appearance, fully subscribed and paid up by virtue of the ownership titled detailed in Annex (A) (the "Shares"), representing 100 % of the share capital of ARTECONFORT HOTELES, S . L . (the "Company") . (B) The Company is engaged in the manufacturing, promotion, marketing and distribution of a wide range of national and international products aimed at the home, hospitality, leisure, and personal care sectors . (the "Business") . (C) The Buyer is interested in acquiring from the Sellers each and every one of the Shares, free and clear from Encumbrances, and the Sellers, in turn, are interested in selling to the Buyer each and every one of the Shares . (D) In the context of its analysis of the potefztial acquisition of the Shares, the Buyer, assisted by its professional advisers, (i) has conducted a due diligence review of the legal, tax, labour, financial and commercial aspects of the Company (the "Due Diligence") ; (ii) had limited access to the information and documentation made available by the Sellers or requested by Buyer about the Company (the "Disclosed Information") ; (iii) had limited access to

![](ex10-6_004.jpg)

EMS ßØêI&âØéLE . u .. øcceso limitado a los equipos de gestión de la Empresa, (iv) el Comprador hizo cualqîJïer pregunta qiJe corsičeró apropiada durante el proceso de Due Diligence a través de un "proce>"o de preguntas y respuestas"; y (v) se le han proporcionado Due Diligence legal, fiscal, laboral y financiera ejecutada por MOORE, contratada por Comprador. Como resultado, Comprador ha adquìrido el el un conocimiento sustancial de la Empresa y del Negocio que desarrolla, que ha considerado suficiente y adecuado y que ha sido la base para la ejecución este Contrato . Visto cuanto antececle, las Partes hen asordado c . eIebrar este Lontrato, sujeto a las clúusulas oue \*e estaŁ lecen a corJtiruacìün . CLÁUSULAS 1. INTERPRETACIÓN 1.1 Términos definidos En este Acuerdo, los térmíncs descr . tos e ol Anexo 1 . 1 . 1 tendrärJ el significadc esgecif . cado en el icismo . 1.2 Interpretación En el preserJte Contrato, se hace ref\*rencia a: 1 . 2 . 2 A nJenos que el contexts requiem lo contrario, el singular irJcluirá el plural y viceversa,' 1 . 2 . 3 El término "Persona' se re!iere a cualquier indi /iüuo o persona fîsica, así como a cualquier firma, entidad, compañía, corporacíón, sooiedad, asosìación en participación, organismo ¥ALEłiZIJELA FEItíIfiłłDEZ NOTARIO DE MA D RID the management learns of the Company, (iv) asked any ques!íons that the Buyer deemed appropriate during the Due Diligence process through a "questions & ans 'hers process",' and (v) beeri proc ided with legal, tax, labour and financial vendor's due diligence reports prepared by MOORE, hired by the Buyer . As a result, the Buyer has acquired substantial knowledge of the Company and the Business they develop, which they have deemed sufficient and adequate, and which has served as the basis for the execution of this Agreement . Nraw therefore, Parties have agreed to enter into tnis Agreement, subject to the clauses set out belo ' . CLAUSES 1. INTERPRETATION 1.1. Defined terms lri t : nis Agreement, the terms described ìn Annex 1 . 1 . 1 shall have the meani!Jg specified therein . 1.2. Interpretation In this Agreement, a reference to: 1 . 2 . 1 . The masculine gender shall include the feminine ƒ and neutei çenders ancl v/sø versa ; 1 . 2 . 2 . Unless the context requires otherwise, the singular s : naIl 'nclUde the plural and vice versa ; The term "Person" refers to any individual or natural person, as 'elf as any firm, entity, company, corporation, partnership, joint venture, corporate

![](ex10-6_005.jpg)

corporativo, asociación no incorporada, fideicomiso, autoridad u organización, incluidas entidades gubernamentales o Agrupaciones de Interés Económico y Uniones Temporales de Empresas,' 1 . 2 . 4 El término "Empresa" se refiere a cualquier tipo de entidad jurídica, con o sin personalidad jurídica propia y a los efectos de este Contrato a ARTECONFORT HOTELES, S . L . 1 . 2 . 5 Las participaciones de una empresa deben interpretarse como una referencia a las participaciones en las que se divide el capital de la Empresa ; 1 . 2 . 6 Los socios se interpretarán como los titulares de las participaciones de la Empresa ; 1 . 2 . 7 Se entenderá por "persona vinculada" o "parte vinculada" de conformidad con el artículo 231 de la Ley de Sociedades de Capital ; 1 . 2 . 8 "El mejor conocimiento de los Vendedores", o cualquier expresión similar, se refiere, en relación con cualquier declaración sobre la Empresa, al conocimiento real que los Vendedores poseen en la fecha de este Contrato ; 1 . 2 . 9 Los plazos que finalicen y las obligaciones que deban cumplirse en un día no hábil se considerarán vencidos el siguiente día hábil inmediato ; 1 . 2 . 10 Cualquier hora o fecha se interpretará como una referencia a la hora o fecha vigente en la ciudad de Barcelona (España) ; 1 . 2 . 11 Si se especifica un período de tiempo que comienza en una fecha determinada o a partir del día de un acto o evento, dicho período se calculará excluyendo ese día. 1.2.12 Los términos "incluido", "inclusivo" y otras expresiones similares deben 1.2.9, body, unincorporated association, trust, authority or organization, including any governmental entity or Economic Interest Groups, and Temporary Business Associations, 1 . 2 . 4 . The term "Company" refers to any type of legal entity regardless of whether or not it has independent legal status and for the purposes of this Agreement ARTECONFORT HOTELES, S . L . 1 . 2 . 5 . Company shares or shares of a company is to be construed as a reference to the shares in which that company's capital is divided ; 1.2.6. Shareholders is to be construed as the holders of the company shares; 1 . 2 . 7 . A "related person" or a "related party" shall be construed in accordance with article 231 of the Spanish Corporate Companies Act ; 1.2.8. "Best of the Sellers' knowledge", or any similar expression, is made, when referred to a representation concerning the Company, to the actual knowledge of the Sellers as of the date of this Agreement ; Deadlines which fall and obligations which come due on other than a Business Day shall be deemed to fall or come due on the first Business Day immediately thereafter ; 1 . 2 . 10 . Any time or date shall be construed as a reference to the time or date prevailing in the city of Barcelona (Spain) ; 1 . 2 . 11 . If a period of time is specified and dates from a given day or the day of an act or event, it will be calculated exclusive of that day 1.2.12. The terms "including", "inclusive" and other similar expressions are to be

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1 . 2 . 13 Las disposicio . nes . ntroducidas con la expresión "pa! a evitar duc!as" son plenamen!e eficaces en sí mismas e incluyen aclaraciones o detalles que no limitan el alcance general de las disposiciones a las que se refieren ; y 1 . 2 . 14 Los Anexos y Apéndices forman parte integi"al de este Contrate y tim - ni i la misma validez y efecto que si estuvieran expresamente establecidos en el cueipo del mismo . 2. PROP ÓSITO 2.1 El objeto del presente Contrato es establecer los términos y condiciones el - ! viriud de las cuales, en la fecha de firma d=l presente Con\*›ratc (la "Fecha de Cierre"), el Comprador adquiere y los Vendedores Velsden, la totalidad! de las participar . ones, que red - . !"esentan el 100 ü \ › del capital social de la Empresa . 3. COMPRAVENTA Er . la Fecha ble Cieiie, los Vendedores 'bend+n \ ' transfieren las Participaciones al Comprador, quien las aclqrJi=rs con plena› título lebzal y beneficioso, y libres ble toro Gravamen, sin perjuicio de la pigtJoración y demás garantias que óetalla!A. La Pañic.Naciones : ƒ . más adeiante se propiedad de las se transfiere al Comprador con efectos a partii de la Fecha de Cierre. "Pidas las formalídacles l=gales establecidas en los estatu\* . us do la Sociedad eh relación con la venta de las Participaciones al Comprador se flan cumplido an\* . es de 'a ejecuc . ún de este Contrato . Se adjunta al presente documento una copia certifcada de los acuerdos sociales adoptados, debidamente ejecu!ados por el administrador único de la Sociedad, como Anexo 3 . 2 . ¥ALEIiZIJELA FEItíIAíIDEZ NOTARIO DE MA D RID understood as ›f they were followed by the v \ 'ords "without limitation"; 1 . 2 . 13 . Prc/isions . ntroduced w . th the expression "for the a \ 'oidance of douôt" are fuily effective in thernselves and they include explanation or particularities that do not affect the general scope of the provisions to which they refer ; and 1 . 2 . 14 . Thu Aiiiiuxuu aiiJ Appui idixus fur iii pait of this Agreement and shall have the same force and effect as if expressly set out in the body of this Agreement . 2. PURPOSE 2 . 1 . The purpose of this Agreement is to set tout th+ terms and conditions under wh . ch on t . Ie date of signing this Agreement (the "Completion Date"), the Buyer acquires, and the Sellers sell, all the Shares, representing a \* 00 ' . â of the share capital of the Company . 3. SALE AND PURCHASE On the Completion Date, the Sellers sell and transfer !he Shares to the Buyer, 'hich purchases and acquires the Shares, w . th full legnl and beneficial title and free from all Encumbrances › \ 'ithorit prejudice ƒ to the pledge and other guarantees . Ownership in the Shares is transferred to the Buyer with effects as from the Completion Date . S 2 . All the legnI formal . ties set forth in the articles of association of the Company in connection w . th the trans!'er of the Shares to the Buyer flaw been complied with prior to the execution of this Agreement . A certified copy of the corporate resolutions passed, duly executed by the sole director of the Company is attached hereto as Annex 3 . 2 .

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4. PRECIO DE COMPRA Precio de compra participaciones 4.1 de las 4.1. Purchase Price of the Shares 4.1.1 El precio de compra de las Participaciones (el "Precio de Compra") se compone de una parte fija y una part e variable, siendo el Precio de Compra la cantidad resultante de sumar el importe de l preci o fijo y el variable con causa al Earn - Out . Pr o {g 4.1.2. El precio fijo convenido por las Partes por la compraventa de la totalidad de las Participaciones es de CINCO MILLONES QUINIENTOS MIL EUROS (5 . 500 . 000 EUR) (el "Precio Fijo"), que se abonará a los Vendedores en proporción a la Participación que cada uno de ellos vende y transmite al Comprador, de conformidad con lo establecido en la Cláusula 4 . 2 siguiente . Precio variable 4 . 1 . 3 Adicionalmente, los Vendedores tendrán derecho a la percepción de un Earn - Out (el "Earn - out y/o "Precio Variable") bajo las condiciones establecidas en la cláusula 4 . 3 . 4.2. Pago del precio fijo 4 . 2 . 1 El Precio Fijo será pagadero por el Comprador a los Vendedores de la siguiente forma : 4.2.2. En cuanto a QUINIENTOS MIL EUROS (500 . 000 EUR) (el "Pago a Cuenta") el Comprador los ha entregado con anterioridad, el cual fue abonado proporcionalmente a cada uno de los Vendedores en función de las participaciones sociales que cada uno de ellos posee en la Empresa . 4 . 2 . 3 . En cuanto a CUATRO MILLONES SETECIENTOS CINCUENTA MIL EUROS (4 . 750 . 000 EUR) (El "Precio Fijo Aplazado") será pagadero por el 4. PURCHASE PRICE 4 . 1 . 1 The purchase price of the Shares (the "Purchase Price") consists of a fixed part and a variable part, with the Purchase Price being the amount resulting from adding the fixed price and the variable part due to the Earn - Out . Fixed Price 4 . 1 . 2 . The fixed price agreed upon by the Parties for the purchase and sale of all the Shares is FIVE MILLION FIVE HUNDRED AND THOUSAND EUROS (€ 5 , 500 , 000) (the "Fixed Price"), which shall be paid to the Sellers in proportion to the Shareholding that each of them sells and transfers to the Buyer, in accordance with the provisions set forth in Clause 4 . 2 below . Variable Price 4 . 1 . 3 . Additionally, the Sellers shall be entitled to receive an Earn - Out (the "Earn - Out" and/or "Variable Price") under the conditions set forth in Clause 4 . 3 . 2. Payment of the Fixed Price 1. The Fixed Price shall be payable by the Buyer to the Sellers as follows: 4.2.2 Regarding the amount of FIVE HUNDRED THOUSAND EUROS (€500,000) (the "Advance Payment"), the Buyer has previously paid this amount, which was distributed proportionally to each of the Sellers based on the shareholding each of them holds in the Company. 4.2.3. Regarding the amount of FOUR MILLION SEVEN HUNDRED AND FIFTY THOUSAND EUROS (€4,750,000) (the "Deferred Fixed Price"), it shall be payable

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4.3.2, tardar el 28 de febrero de 2025 ("Fecha límite de Pago") mediante transferencia a las cuentas bancarias que los \ \*endedores hayan especificado parü este fir, como se inclica en . el Anexo 4 . 2 . 3 . A dichos importe se les aplicará un intsrés anual de demora del 10 % a contar desde la firma del presente documento . 4.2.4 En cuanto a DOSCIENTOS CINCUENTA MIL EUROS (250.000 EUR) (El "Precio Pijo Aplazado") será pagadero por el Comprador a los Vendedores a más tardar el 28 de febrero de 2027 mediante transferencia a las cuentas bancarias que los Vendedores hayan especificado para este fin, como se indica en el Anexo 4 . 2 . 4 Este pago podrá demorarse tres meses de la fecha fijada ai 1 teriorme!Jte du=v+p . gándose a !'a \ 'or óe tos Y'endedores sumo parta del precic L‹n interes de demora del 1 L 0 % anual . 4.3. Precio Variable por Earn - Out Con carácter adicional z . I F'recio Fiio, lodo Vendedores tendrán derecho a . a percepciúrJ de un precio val - iable basaclo en el desempeño de la Empresa en les ejercicios 2024 , 2025 y 2026 {el Earn - out) y con s \ jeciúi a los ternJitlos y condici ›n ›s establecidos en es' . a clúustJla (el "Precio Variable ') . El Precio Variüúlc será abonado per al 4.3.2 Vendedor a los Compradores en propone.ún a su participación en el de . os resultados do Esta !a l y cotTio se detalla a continuación en las siguien . es fechas : 4.33 Con fecha 1 de marzo de 2025, el Comprador abonará a es Vendedores la parte del burluficio neto obtenido por la Err \ prusa en el e,erc.cix 2024 que ƒ xceda de UN MILLÓN QUINIENTOS MIL EUROS (1 . 500 . 000 EUR), ant ƒ s de la aplicación del Impuesto sobre Sociedad s {IS) . En caso de que el beneficio neto de 2024 supere los TRES MILLONES DE EUROS (3 . 000 . 000 EUR), la parte que exceda de dicho importe se distribuirá entre el Comprador y los Vendedores ¥ALEIiZIJELA FEItíIAíIDEZ NOTA RIO D E MA D RID by the Buyer to the Sellers no later than February 28 , 2 C 25 (tfie "Fixed Price Payment Deadline") by bank transfer to lhe bank accounts specified by the Sellers for this purpose, as indicated in Annex 4 . 2 . 3 . This amount shall accrue clefault interest at an annual rate of 15 '/a starting from the date of signature of this document . 4.y.4 I he amount of TWO HUNDRED FIFTY THOUSAND EUROS (€ 250 , 000) (the "Deferred Fixed Price") shall be payable by the Buyer to the Sellers no later than February 28 , 2027 , via transfer to the bank accounts specified by the Sellers for this purpose, as set forth in Annex 4 . 2 . 4 . This payment may be delayed by up to three months from the aforementioned date, with a late payment interest of 10 % per annum accruing in favour of the Sellers as part of the price . 3. Variable Price for Earn - Out 1. In addition to the F . xed Pi ic ƒ , the Sellers shall be =nfi\* - led to receive a vat ia'ole price based on the performance cf the Company in the fiscal yea! s 2024 , 2 Li 25 and 202 G (I : ne Earn - Out), subject to the terms and cor cii\* . ions set forth in this clause (I . 'Ie "Variable Price j . The Variahlo Pr . cc shall be paid by t : ne Seller to the Buyers in proportion \* • o their sharehc . ding in the capital L'ase ¢ l nn its resLilts, as detalled Urlo . y . on \* . ha following üates : 4.3.3 On Starch 1 , 2025 , the Buyer shall pay the Sellers the porion of the net profit obtained by the Con \ par!y in the 2024 financial yeai that exceeds ONE F'T . LLION FIVE HUNDRED THOUSAND EUROS (€ 1 , 5 g 0 , 000), before the appIicat . on of Corporate Tax (IS) . In th . e event that the net profit for x 024 exceeds THREE MILLION EUROS (€ 3 , 000 , 000), the portion exceeding this amount shall be distributed between the Buyer and

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en una proporción del 50% para cada parte. aplicación del Impuesto sobre Sociedades (IS), la cantidad de UN MILLON DOSCIENTOS CIENCUENTA MIL EUROS (1.250.000 EUR) . De igual modo, si el beneficio neto obtenido por la Empresa en el Ejercicio 2025 no supera los DOS MILLONES DE EUROS (2 . 000 . 000 EUR), antes de la aplicación del Impuesto sobre Sociedades (IS), el Comprador abonará a los Vendedores la cantidad resultante de detraer a la cifra acordada de UN MILLON DOSCIENTOS CINCUENTA MIL EUROS (1 . 250 . 000 EUR), el diferencial entre el resultado obtenido y los DOS MILLONES (2 . 000 . 000 EUR) establecidos en la presente cláusula . 4.3.4. Con fecha 31 de diciembre de 2025, se 4.3.4 realizará un cierre contable y el Comprador abonará a los Vendedores en el plazo de 10 días, siempre y cuando el beneficio neto obtenido por la Empresa a dicha fecha supere los DOS MILLONES DE EUROS (2.000.000 EUR), antes de la 4,3.5. Con fecha 1 de marzo de 2026, el Comprador abonará a los Vendedores la parte del beneficio neto obtenido por la Empresa en el ejercicio 2025 que exceda de DOS MILLONES DE EUROS (2 . 000 . 000 EUR), antes de la aplicación del Impuesto sobre Sociedades (IS), hasta el límite de DOS MILLONES SEISCIENTOS MIL EUROS (2.600.000 EUR). En el supuesto que el beneficio neto del ejercicio 2025 sea superior a DOS MILLONES SEICIENTOS MIL EUROS (2 . 600 . 000 EUR), la parte que exceda de dicho importe se distribuirá entre el Comprador y los Vendedores en una proporción del 50 % para cada parte . 4.3.6. Con fecha 28 de febrero de 2027, el Comprador abonará a los Vendedores, siempre y cuando el beneficio neto obtenido por la Empresa en el Ejercicio 2026 supere los DOS MILLONES DE EUROS (2 . 000 . 000 EUR), antes de la aplicación del Impuesto sobre Sociedades (IS), la the Sellers in a 50% proportion for each party. On December 31 , 2025 , the accounts shall be closed and the Buyer shall pay to the Sellers within 10 days, provided that the net profit obtained by the Company on that date exceeds TWO MILLION EUROS (€ 2 , 000 , 000), before the application of Corporate Income Tax (IS), the amount of ONE MILLION TWO HUNDRED AND TWO HUNDRED AND ONE HUNDRED AND TWENTY THOUSAND EUROS ('E 1 , 250 , 000) . Likewise, if the net profit obtained by the Company in Fiscal Year 2025 does not exceed TWO MILLION EUROS ('€ 2 , 000 , 000), before the application of Corporate Income Tax (IS), the Buyer shall pay the Sellers the amount resulting from subtracting from the agreed figure of ONE MILLION TWO HUNDRED AND FIFTY THOUSAND EUROS (€ 1 , 250 , 000), the differential between the result obtained and the TWO MILLION (€ 2 , 000 , 000) established in this clause . 4 . 3 . 5 . On March 1 , 2026 , the Buyer shall pay the Sellers the portion of the net profit obtained by the Company in the 2025 financial year that exceeds TWO MILLION EUROS (€ 2 , 000 , 000), before the application of Corporate Tax (IS), up to a maximum of TWO MILLION SIX HUNDRED THOUSAND EUROS (G 2 , 600 , 000) . In the event that the net profit for the 2025 financial year exceeds TWO MILLION SIX HUNDRED THOUSAND EUROS (€ 2 , 600 , 000), the portion exceeding this amount shall be distributed between the Buyer and the Sellers in a 50 % proportion for each party . 4 . 3 . 6 . On February 28 , 2027 , the Buyer shall pay the Sellers, provided that the net profit obtained by the Company in the 2026 financial year exceeds TWO MILLION EUROS (€ 2 , 000 , 000), before the application of Corpoi ate Tax (IS), the amount of ONE MILLION FIVE HUNDRED THOUSAND EUROS

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E n PI& SI@PL fi LON DOSCIENTO\* CINCUENTA fVIlL EUROS t 1 . 250 . 000 EUR) . De igual modo, s' el beneficio neto obtenido por la Empresa en el Eje . rcicio 2026 no siJpera los DOS MILLONES DE EUROS (2 . 000 . 000 EUR), antes de la aplicación del Impuesto sobre Sociedades (IS), el Comprador abonará a los Vendedores la cantidad resultante de detraer a la cifra acordada de UN MILLON DOSCIENTOS CINCUENTA MIL EUROS (1 . 250 . 000 EUR), el diferencial entre el resultado obtenido y los DOS MILLONES DE EUROS (2.000.000 EUR) establecidos en la 4.3.7 presente cláusula. \*.3.9 4 . 3 . 7 Adicionalmente, con fecha 28 febrero de 2027 , el Comprador abonará a los Vendedores la parte del beneficio neto obtenic!o por la Empresa en el ejerctoic 2026 ‹i« e exceda de DOS MILLONES DE EUROS ' 2 . U 00 . U 00 EUR), antes de !a apiicac'ón del Impuesto sobre Sociedades (U), hasta el límite de DOS MILLONES SEISCIENTOS MIL EUROS (2 . 600 . 0 ú 0 EUR) . En el supuesto q le el bene\*cio ‹ \ e\* . os del ejercicio 2 t 26 sea suç^erior a DOS MILLONES SEISCIENTOS MIL EUROS (2.C00.000 EUR), la parte que Exceda de dicho importe se d'stribuirá entl e el Comprador y Ica Vendedores en una proporción ¢ Iel para cada parte . 43.8. ET pago del precio por Earn - Out podra demcrarsa tres meses de las fechas üjadas arJtericrmente devengúnndose a favor «Jr los Vendedores como parie del pruuio un interés de deacera del 10 'T anuaL El Coizipl aãor podrú ucmpensar las canlidncle - e que tenga pur . doente de pago del preoio pol Earr \ - Out, en el supuusto que se hubiera devengacio a su favor alguna i!Jdemnización de conforrnidacl con lo estipulado e . n la Clausula 7 del presente contrato . 5. CIERRE DE LA OPERACIÓN El cierre se llevará a cabo en las oficir . as del Notario en ía Fecha de Cierre . 5.4 . Completian takes place üt th= oPices of the Notary on the Completion Date. ¥ALEIiZIJELA FEItíIfiíIDEZ NOTARIO DE MA D RID t€ 1 , 500 ,OOC) . Likewise, if the net profit obtained by the Company in the 2026 financial year does not exceed T \ ^ 7 O kJILLlON EUROS (€ 2 , 000 , 0 Q 5), be\*ore the application of Corpciate Tax (lS„ the Buyer shall pay the Sellers the arriount resulting from subtracting from the agreed amount of ONE MILLION FIVE HUNDRED THOUSAND EUROS (€ 1 , 500 , 000) the difference between the actual result and the TWO MILLION EUROS (€ 2 , 000 , 000) set forth in this clause . Additionally, on February 28 , 2027 , the Buyer shall pay the Sellers the portion of the net profit obtained Dy the Company in the 2026 financial year that exceeds TWO MILLION EUROS (£\*, 000 , 000), befoi - e the application of k"orpoi ate Tax (IS), up to a maximum of TWO MILLION SIX HUNDRED THOUSAND EUROS (€ 2 , 500 , 000) . In the event t : nat the net profit for thm 2 U 2 o financial year exceeds TWO MILLION SIX HUNDRED THOUSAND EUROS (€ 2 ,G 00 ,U 00), the portion exceeding this amount shall be d‹stribrJteri £ et/vsen the Buyer and the Sellers in a † 0 \*J proportion for each party . The payment cf thc Earn - Out price may be delayed by up to thi ee months from the dates set forth above, with default interest accruing ill favour of t \ ae Sellers as part of the pr . ce a\* an ar \ r \ Udl rate cf 10 \* . 430 Buyer may set off any amounts due from the Earn - Out price, in the event that any conJpe szatic' 1 has acci"uecl . If its favor" in accordance wit‹n tile prov : sions of Clause 7 of this contract . 5. COMPLETION 5.2. At the Completíon Date, upon the execution of this Agreement, the

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5.2 En la Fecha de Cierre, tras la ejecución de este Contrato, se llevarán a cabo las siguientes operaciones (en unidad de acto) : 5 . 2 . 1 Los Vendedores y el Comprador firman el presente Contrato en escritura pública otorgada ante Notario . 5 . 2 . 2 Los Vendedores presetztan al Notario las escrituras de propiedad de las Participaciones descritas en el Anexo (A), para que el Notario formalice la transferencia de dichas Participaciones de acuei do con este Contrato . 5 . 2 . 3 El Comprador notifica al administrador único de la Sociedad la venta de las Participaciones y solicita la correspondiente inscripción en el libro registro de socios . 5 . 2 . 4 El Comprador efectúa el pago del Precio de Compra conforme a lo estipulado en la Cláusula 4 . 2 del presente Contrato . 5 . 2 . 5 Los Vendedores entregan al Notario un certificado de los acuerclos sociales descritos en la Cláusula 3 . 2 mediante el cual se aprueba Participaciones de estatutos de la la venta de las acuerdo con los Sociedad . Este certificado, que se adjunta en el Anexo 3 . 2 , debe estar debidamente suscrito por el administrador único de la Empresa y contar con su firma certificada (legitimada) por un notario público, paru que se incorpore a la escritura pública que documente la venta de las Participaciones . 6. DECLARACIONES Y GARANTÍAS 6.1 Declaraciones y garantías de los vendedores 6 . 1 . 1 El Anexo 6 . 1 . 1 establece las declaraciones y garantías realizadas por los Vendedores a favor del Comprador (las "Declaraciones y following actions are performed simultaneously (in a single transactionj : 5 . 2 . 1 . The Sellers and the Buyer execute this Agreement into a public deed gi anted before the Notary . 5 . 2 . 2 . The Sellers exhibit to the Notary the title deed of the Shares described in Annex (A), so that the Notary reflects the transfer of the Shares pursuant to this Agreement thereon . 5.2.3. The Buyer notifies the transfer of the Shares to the sole director of the Company and requests to such person the registration of the transfer of the shares in the share's registry book (/i 0 ro registro de socios) . 5.2.4. The Buyer pays the Purchase Price as per Clause 4.2 of this Agreement. 5 . 2 . 5 . The Sellers deliver to the Notary a certificate of the corporate resolutions described in Clause 3 . 2 approving the transfer of the Shares hereunder in accordance with the articles of association of the Company, duly executed by the sole director of the Company and with their signature certified (notarized) by a public notary, which is attached in Annex 3 . 2 , in order to be incorporated to the public deed documenting the transfer of the Shares . 6. REPRESENTATIONS AND WARRANTIES 6.1. Representations and Warranties of the Sellers 6.1.1 Annex 6 . 1 . 1 sets out the representations and warranties made by the Sellers in favour of the Buyer (the "Representations and Warranties of Saller") . The Sellers guarantee to the Buyer that the Representation and Warranties of

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6.'1.S Vendedores garantizan al Comprador que las Declaraciones y Garantias del Vendedor son verdaderas y no engañosas en la Fecha da Cierre o en cua . qiJier otra fec : na a la que se haga referencia expresamente en las Declaraciones y Garantías del Vendedor . 6 . 1 . 2 El Comprador reconoce y acepta que, salvu lu dispuesto en las Declaraciones y Garantías de los Vendedores, ninguna otra declaración, representación o previsión realizada por o en nombre de los Vendedores puede constituir la base de cualquier reclamo por parte del Comprador contra los Vendedores en virtud de eete Contrata . Sin embargo, los Vendedores nc podrán apoyarse en la reaIiz 8 ci‹ 0 l - ‹ de la Uue Diligente Clara limitar o excIrJir . a responsabiliciad per cualquier asunto gale se aborde en las Declaraciones y Garantías del Vendedor o que se ruvoIe on ƒ l Anexo 6 . 1 . 1 . Además, el Comprador i"econoce \ ' acepta qiJe iJitJgur \ a persona t . ene rJi se le considera autoridad alguna para dar nin¿rina declaración, garantia, representación o cor \ aromiso, que nc sea!J ías otorgaóns en este Contrato per los Vendedores en relación con la venta de las Pari . cipacicnes . Sujeto a las cl . sposiciones de este Contr . nto y, en particular, a lo establecido en la Cláusula 7 , los Vendedores declatar \ y garantizan al Comprador que, salvo To expresen \ erJt 0 ínclicacio en este Contrato y/o revelado en la Información Divuigada, cada una de las declaraciones contenidas er! el Aneso 6 . 1 . 1 es correcta y completa en todos los aspectos materiaies a la Fecha de Cierre . Los Vendedores reconocen que cualquier declaración erronea u omisión material identificada diJrante la Due Dil . gence cuya contingencia se materialice en una reclamación por parte de la Agencia Tributaria o ¥ALEIiZIJELA FEItíIfiíIDEZ NOTARIO DE MA D RID the Seller are true and nc misleading as pf the Competition Date or ariy other date expressly referred to the Representations and warrantied of Seller . 6 . 1 . 2 The Buyer acknowledges and agrees that, except as provided under the Representations and Warranties of the Sellers, no other statements, representations, or forecasts made by or on behalt ot the Sellers may form the basis of any claim by the Buyer against the Sellers under this Agreement . However the Sellers shall not be able to rely on the performance of the Due Diligence to limit or exclude liability for any matters that are addressed in the Representations and Warranties of the Seller or disclosed in Annex 6 . 1 . 1 . In aridition, the Buyer ackno 'ledges and agrees t'nat no person has nor is helc! cu! as ha \ 'i! 1 g any authority to give any statemen\* : , warr"anty, representation oi" uridertaking, other than those given in this Agreemen! by the ƒ Sellers in connection with the sale of the Shares . Subject to the provisiors of this Agreement and, in partictJlar, ta those set farth in Clause 7 , the Sellers represent and warrant to the Buyer that, except as expressly stated ir 1 this Agreement arJd/or disclosed in the Due Diligence, each of the representations containecl in Annex 6 . 1 . 1 . is true and compIoto in all material resper : ts as of the Closing Da\*.a. The acknowledge th

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Seguridad Social podrá ser descontada del último pago del precio fijo (250 . 000 , 00 EUR) señalado para el año 2027 , sin que dicho pago sea excluyente del resto de garantías pactadas . 6 . 1 . 4 . El Comprador reconoce y acepta que las Declaraciones y Garantías de los Vendedores estón matizadas por la Información Divulgada con anterioridad a la Fecha de Cierre, tal como se refleja en la Due Diligence llevada a cabo por el Comprador, así como en este Contrato . En ese sentido, los Vendedores no responderán por Reclamaciones Directas derivadas de hechos respecto a los cuales el Comprador tenga conocimiento con causa a la Due Diligence llevada a cabo por el Comprador con anterioridad a la Fecha de Cierre y/o por un hecho u omisión que se ha puesto en conocimiento del Comprador de forma concreta y escrita con anterioridad razonable a la Fecha de Cierre, y/o si el Comprador ha detectado y compartido con los Vendedores durante el proceso de a la luz de la e información Due Diligence, documentación disponible de la Empresa. Sin embargo, dicha salvedad no eximirá a los Vendedores de la responsabilidad por cualquier asunto incluido en las Declaraciones y Garantías del Vendedor en el Anexo 6 . 1 . 1 . 6.2 Las Partes acuerdan que el réglmen de responsabilidad previstó en este Contrato será el único recurso al que tendrá derecho el Comprador por responsabilidad contra los responsabilidad previsto en Vendedores en relación con la Transacción, sustituyendo y excluyendo el régimen general de la legislación española, salvo en caso de falsedad, dolo o fraude por parte de los Vendedores . En ningún caso, podrá ser considerada falsedad, dolo o fraude aquellas manifestaciones o garantías que den Iugar a diferentes being exclusive of the rest of the agreed guarantees. 6.1.4 The Buyer acknowledges and accepts that the Representations and Warranties of the Sellers are qualified by Information Disclosed prior to the Completion Date as reflected in the Due Diligence performed by the Buyer, as well as in this Agreement . In this regard, the Sellers shall not be liable for Direct Claims arising from facts of which the Buyer had knowledge as a result of the Due Diligence carried out by the Buyer prior to the Closing Date and/or from a fact or omission that was specifically and in writing brought to the Buyer's attention prior to the Closing Date, and/'or if the Buyer has identified and shared with the Sellers during the Due Diligence process . in light of the documentation and information available regarding the Company . However, such qualification shall not relieve the Sellers from liability for any matters that are included in the Representations and Warranties of the Seller in Annex 6 . 1 . 1 . 6 . 2 . The Parties agree that the liability regime set forth in this Contract shall be the sole remedy available to the Buyer for any claims against the Sellers in connection with the Transaction, replacing and excluding the general liability regime established under Spanish law, except in cases of falsehood, wilful misconduct, or fraud by the Sellers . Under no circumstances shall any statements or warranties that give rise to different technical interpretations from a tax, accor nting, or audit perspective . he

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punto de visto fiscal, contai›le o de auditoría. GARANTíAS RESPECTO AL PRECIO FIJO' RESERVA DE LOS DERECHOS POLÍTICOS, CONDICION RESOLUTORIA 6 . 3 . 1 El Comprador, en garantía clem pago íntegro del Precio Fijo estahIer : «!‹ : ' en la cláusula 4 . 2 . 3 del presente Contrato, tendia suspendidos todos los derechos políticos inheren(es a las participaciones adquiridas en la Empresa hasta que se efectúe y se acredite el pago completo del mencionado precio . Esta suspensión incluirá, a título enunciativa, pero no limitativo, el derecho a participar en la toma de decisiones societarias, la designación o sustitución de los órganos de administración, así como el ojerc . Jcip de cualquier facultad de ccr \ trol, super \ ''sión c poder de rJecisión scbre la gestión \ ' funcionamiento de la Empresa . Sin pcijuicio de In es\* . ipuIado en el apartado anterior, los Vendedores se comprometen a . no tentar deois . on=s ni rea . izr+" accioncs que uo forriJen parte ¢ le la actividad habi\* • ual re lx enJprcsa . Eu ciJso de iJcunJplir esta obligac . ú!J V IIe'var a uabo aIgu!Ja de estas acciones o úecisicnes, la comprave \ - ta quedara resuaTta, obI . gúndose los Vendedores a reembolsar ai Comprador la suma de QUINHENTOS MIL EUROS (500 . 000 EUR) abcnada cori anterioridacl . 6 . 3 . 2 En el supuesto de quo el que el Comprador no \ ealice el pago Integra del P!ecio FijrJ antes de la Fecha Límite ble F'ago determinado en la c‹ar›suIa 4 . 2 . ú, la conJpravenia quedará autor út . cancer te resrie!ta y sin afecte, sin necesida ¢ l de intervención judicial a . gun a . En tal raso, las Pa!ies quedarán liberadas de las obI . Naciones derivadas del presente Contrato, sin perjuicio de los derechos de los Vendedores para reterier cualquier impore recibido hasta la fecha en concepto de penaiizac‹ón . 6 . 3 . 3 . Ura vez que el Comprador haya efectuado el pago total del Precio FijO establecido en la cláusula 4 . 2 . 3 del presente Contrato . se considerará cumplida la condición suspensiza NOTA RIO D E MA D RID considered falsehood, wilful misconduct, or fraud. GUARANTEE REGARDING THE FIXED PRICE : RESERVATION OF POLITICAL RIGHTS, RESOLUTORY CONDITION 6 . 3 . 1 The Buyer, as a guarantee for the full payment of the Fixed Price established in clause 4 . 2 . 3 of this Agreement, will have all political rights inherent to the shares acquired in the Company suspended until the full payment of the mentioned price is made and verified . This suspension will include, by way of example but not limitation, the right to participate in carpcrate decision - walking, the a \ - . pail tmerJI or r ƒ placement of the governing bodies, as vv+II a - the exercise cf any contrn!, o \ 'ersight, or decisicr! - makincp pc›'zver ovei" t!no managoiT!ent and operation of the "on 1 pan'y' . Not \ \ 'ithstanding the proc isions set forth in the \|crevious section, the Sellers agree not to rr : ake decisions oi take actions that are not part of tile company's ordinary business activities . In the event o\* a breach of this obligation and \* . he execution of any such actions or rJecisions, t • 10 sale will be terminated, and the Sellers will be i equirod to roimL'ursc the Buyer the amount of FIVE HUNDRED THOUSAND EUROS ('g 500 , 000) previotJsly paid . 6 . 5 . 2 . In the even\* . that the Buyer fai‹s to make the fu . I payment of the Fixed Price before the Payment DeadIi! 4 e set furtfn in clause 4 . 2 . 3 , the sale \ • / . II he automatically terminated and rendered null and void, without the need for any judic'a! iMtea'ention . in such case, lhe Parties wil! be released ftom t!na obligations aris . ng from ihis Agreement, without prejudice ts the Sellers' rights to retain any amounts received up to that date as a penalt'v .

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contemplada en el mismo, surtiendo la compraventa plenos efectos jurídicos a partir de dicha fecha . En csr›secu‹ :. iicia, el Comprador se restablecer . 4 i› de manera automática todos los derechos políticos que hayan estado resti ii gidos hasta ese momento . GARANT(A APLAZADO: PIGNORADAS DEL PRECIO PARTICIPACIONES 6 . 4 . 1 El Comprador, en garantía del cumplimiento de las obligaciones de pago establecidas en las Cláusulas 4 . 3 . 4 , 4 . 3 . 5 y 4 . 3 . 6 del presente Contrato, pignora a favor de los Vendedores las participaciones 1 a 1057 , ambas inclusi 'e, y 2115 a 2568 ambas inclusive ; tal y como se detalla en el Anexo 6 . 4 . 1 . 6 . 4 . 2 . En el supuesto en el que se realice el pago efectivo de la obligación establecida en la cláusula 4 . 3 . 4 , quedaran liberadas las participaciones 1 a 515 , ambas inclusive, y 2115 a 2342 , ambas inclusive . previa acreditación del pago correspondiente . 6 . 4 . 3 Los Vendedores podrún ejecutar las participaciones pignoradas en el supuesto de que el Comprador incumpla cualquiera de los pagos previstos en las Cláusulas 4 . 3 . 4 , 4 . 3 . 5 y 4 . 3 . 6 del presente Contrato, previo requerimiento de pago y pasados diez días desde el mismo día sin cumplimiento, sin perjuicio de los requisitos exigidos por el Real Deco eto de 24 de junto de 1 fig 9 , del Código Civil relativo a derechos reales para la ejecución de las participaciones pignoradas . 6.4.5 Los Vendedores podrán iniciar, a su elección, cualquiera de los procedimientos que la Iey permita a tal efecto, bien los procedimientos que la Iey permite a tal efecto, bien los procedimientos extrajudiciales previstos en el Código Civil, entendiendo que el inicio de uno de estos procedimientos no impide el inicio de cualquiera de los 6 . 3 . 3 Once the Buyer has made the full payment of the Fixed Price established in clause 4 . 2 . 3 of this Agreement, the suspensive condition set forth therein will be considered fulfilled, and the sale will have full legal effect from that date . Consequently, the Buyer's political rights, which had been restricted up to that point, will be automatically reinstated . GUARANTEE REGARDING THE DEFERRED PRICE : PLEDGED SHARES 6 . 4 . 1 The Buyer, as a guarantee for the fulfilment of the payment obligations established in Clauses 4 . 3 . 4 , 4 . 3 . 5 , and 4 . 3 . 6 of this Contract, pledges in favor of the Sellers the shares numbered horn 1 to 1057 , inc 1 usive, and from 2115 to 2568 , inclusive ; as detailed in Annex 6 . 4 . 1 . 6 . 4 . 2 In the event that the effective payment of the obligation established in Clause 4 . 3 . 4 is made, the shares numbered from 1 to 515 , inclusive, and from 2115 to 2342 , inclusive, will be released, subject to the corresponding payment being duly credited . 6 . 4 . 3 The Sellers may enforce the pledged shares in the event that the Buyer fails to comply with any of the payments set forth in Clauses 4 . 3 . 4 , 4 . 3 . 5 , and 4 . 3 . 6 of this Contract, following a payment demand and after a period of ten days from the date of said demand without compliance, without prejudice to the requirements established by Royal Decree of July 24 , 1889 , of the Civil Code regarding real rights for the enforcement of pledged shares . 6 . 4 . 5 The Sellers may iizitiate, at their discretion, any of the procedures permitted by law for this purpose, either the procedures allowed by law or the extrajudicial procedures provided for in the Civil Code, it being understood that the

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G.4.G 6 . 4 . 7 ñ, sUI . ci\*ud ir' . Compt ador \ ' con sr Íeci n ü+I ¿ gr precio pol el Comprador de cua!quiar ¿esto incut"rJdo ç› • ut" Ins VerJctadores mn re!ccíún üai" fa cancelación, ejecuciÓn o extinción de la prenda de participaciones, los Vendedores scanf . < .. n firmar y n(‹or,ca‹' nL . a‹ 1 tos docutr_ ƒ . \*llos públicos o pro . 'ados sean n="cesai"ios a petición rJet Comprador con la finalidocl o cancelni la prenda de participaciones creada mediante este documento una vez cLimplida la c'bIigüciü›tJ de par'c . GARANTIA DEL DIRECTOR GENERAL : PERMANEN CIA JAVIER ZORILLA 6 . 5 . 1 El Comprador se cofvpromet ü suscr . h . r con . D . Francisco Javier Zorrilia Lozano, un ccnt! ato de solahoracíúhri, a partir de la Fecha Limit e de Pago }' hasta el 31 de d . ciembre rJo 2026 (el "Período de Permanencia") . G.7 Declaraciones y garantías del comprador BLAIIt# \ I LEIiZIJELA FEItíIfiíIDEZ NOTA RIO D E MA D RID initiation of one of thes ƒ procedures does riot preclude the initiation of any of the others, as long as the debt remains unpaid . 6 . 4 . 6 The pledge of shares shall remain in effect until full compliance with the guaranteed obligation, that is, the full payment of the stated debt . 6 . 4 . 7 At the request of the Buyer and subject to the prior payment by the Buyer of any expenses incurred by the Sellers in connection with the cancellation, enforcement, or termination of the pledge of shares, the Sellers agree to sign and execute any public or private documents necessary at the request of the Buyer for the purpose of cancelling the pledge of shares createcl by this document once the payment oL>I : gati ƒ on has buen f‹JIfiIIed . GUARANTEE OF GENERAL MANAGER : TENURE OF JAVIER ZORRILLA 6 . 5 . 1 The Buyer shail e!Jter i‹ 1 to a collaboratir n agreem . ant 'with Mr . Francisco Ja • vier ZcarriIla Lozaric, starting from the Payment Deadline and lasting until Decer h=/ 31 , 202 G (\* . he "Retention Period") . The Buyer agrees to mai . main the current cOSt ru ure of theC z an anü no : o !cake any investment or change that cctJld result ill a rodiuction 'n the Company's orofit cial! iilg !he \*scaI years 2025 and 2026 . Additionally, the Buyer guarantees that no business decisions wil! be tr!ade that negatively affect the profitability of the Company during this period, unless there is pr . or ^ ritten agree . ment frcm the Sellers . 6.7. Representations and Warranties ofthe Buyer

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7.1 6 . 7 . 1 El Anexo 6 . 7 . 1 establece las declaraciones y garantías realizadas por el Comprador a favor de los Vendedores (las "Declaraciones y garantías del Comprador") . 6 . 7 . 2 Sin perjuicio de lo dispuesto en el presente Contrato, el Comprador declara y garantiza a los Vendedores que cada una de las declaraciones establecidas en el Anexo 6 . 7 . 1 . es correcta y completa en todos sus aspectos materiales en la Fecha de Cierre . 6 . 7 . 3 Las disposiciones de la Cláusula 7 se aplicarán mutatis mutandis en caso de que alguna de las Declaraciones y Garantías del Comprador resulte incorrecta o incompleta . En tal caso, el Comprador se compromete a indemnizar a los Vendedores por cualquier Daño que sufran estos debido a lo anterior bajo las mismas condiciones establecidas en este Contrato . 7. OBLIGACIÓN DE INDEMNIZAR. DE DE PROCEDIMIENTO RECLAMACIONES INDEMNIZACIÓN Obligación de indemnización por parte de los Vendedores 7.1.1 Sin perjuicio de lu dispuesto en la cláusula 7 . 4 , los Vendedores indemnizarán y mantendrán indemne al Comprador de todos y cada uno de los Daños que este sufra . En caso de que se efectúe algún pago en concepto de indemnización, los Vendedores responderán en proporción a sus participaciones y serán entre ellos responsables de determinar internamente la distribución de dicha responsabilidad . Esta obligación se aplicará en los siguientes casos : (a) si los Daños resultan de que cualquiera de las Declaraciones y Garantías de los Vendedores relacionados en el 6.7.1 Annex 6.3.1 sets out the representations and warranties made by the Buyer in favour of the Sellers (the "Representations and Warranties of Buyer") . 6 . 7 . 2 Notwithstanding the provisions of this Agreement, the Buyer hereby represents and warrants to the Sellers that each of the statements set out in Annex 6 . 3 . 1 . is correct and complete in all material respects at the Completion Date . 6 . 7 . 3 . The provisions of Clause 7 will be applicable mutatis mutandis in the event that any of the Representations and Warranties of Buyer is not correct or complete . In such case, the Buyer undertakes to indemnify the Sellers for any Damages caused to Sellers due to the above under the same conditions as explained herein . 7. OBLIGATION TO INDEMNIFY, CLAIMS PROCEDURE FOR INDEMNIFICATION 1. Obligation to indemnify by the Sellers 1. Without prejudice to the provisions of clause T . 4 , the Sellers shall indemnify and hold harmless the Buyer from any all Damages suffered by the Buyer . In the event that any indemnity payment is made, the Sellers shall be liable in proportion to their shareholdings and shall be responsible among themselves for determining internally the distribution of such liability . This obligation shall apply in the following cases : (a) if the Damages result from any of the Representations and Warranties of Sellers related in Annex 6 . 7 . 1 being incoriect or false, as a consequence of facts, actions and/or omissions occurred prior to the Completion Date ; or (b)

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fbl E6A@RIA. t8 b&a l.., como consecuencia de hechos, acciones y/u omis'cnes ocurridas con anterioridad a la Fecha Je Cierre ; s (b) se deriven del incumplimi ƒ nto por parte de ios Vendedores de cualqu . er otra disposición de este Coritrato (el "Incumplimiento de los Vendedores") . Sin embargo, ningún Vendedor será responsable de los Daños sufridos por el Comprador que sean consecuencia d+I iiiuuruplimiento de las obligaciones asumidas por otro Vendedor en virtud de este Gontrato, ni de la inexactitud o incompletitud de cualquiera de las Declaraciones y Garantías de los Vendedores que no le sean atribuibles . El Comprador reconoce que las exclusiones y limitaciones a la responsabilidad de los Vendedores estable ídas e \ J esta CtaLtsula son eseiJciales para los Vendedores, y cius los Vendedores no haorfan ejecfJtado el Contiato er estos t rrninos sin que c!ichas excius : 'ones \ ' limitaciones a la respransaõilidad hUbierarJ sido acordadas pol las Pares . Las Partes acuurdan expresarr \ ente que los Dafics a pagar por los Vendedores al Comprador etJ virtud de este Contrato serán indemriizadcs por lcs Vendedores de conforrniJad a lo siguiente : (a) C \ ›alquier cantidad de Daros siJfridos directamente per el Comprador (os cecir, no srifr . 'dos indirectamente ccmo socio de la Empresa) se pagara directamente al CotTiprador . Cualquier cantidad de Daños sufridos directamente por la Empresa (lo que, en consecuencia . implica ian impacto indirecto en el Comprador, como sosio directo de la Empresa) se pagará directa . mente al Comprador, por un (#) ytLEtiziJErA FEetiAzDEz NOTARIO DE MAD RID arising from the breach by lhe Sellers of any other provision of this Agreement (the "Sellers' Breach") . However, no Seller shall be liable for any Damages suffered by the Buyer as a result of the breach of obligations assumed by another Seller under this Agreement, nor for the inaccuracy or incompleteness of any of the Seller's Representations and Warranties that are not attributable to such Seller . 7 . 1 . 2 . The Buyer Acknowled s es that tne exclusions and 'imitations to tite Sellers' liability set fcilh in this CIa \ se are esseiJtial for the Sellei's, and tha\* . the Seller would not have executcd the AçreenJent on thèse 'terme \ viti 1 out such exclusions and line . tations to the liaùility having bean agreer by the Parlies 7 . 1 . 3 . The Parties expressly agree that the Damages payable by the Sellers to the Buyer pursuant tc th's Agreement shall lie indemnifed by the Sellers on a euro per - echo basis and shall be s object to the fol‹oa'iilg : Any account of Damages suffered' clirectly by the Buyer (i . e . , not suffered indirectly as sharehoIc!ei of the Company) sh«lI be directly \|said to tf \ o Buyer . Any amount of Damages directly suffered by the Company ('hich consequently, results in an indirect impact on the Buyer, as tone direct s'narehoIder of the Company) shall be paid direct . y to the ƒ Buyer, 'n an

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monto igual al Daño sufrido por la Empresa. amount equal to the Damage suffered by the Company. 7.1.4. El Comprador no tendrá derecho a presentar ninguna reclamación y los 7.1.4. The Buyer shall not be entitled to make any claim, and the Sellers shall have no Vendedores no asumirán responsabilidad alguna en virtud de las Declaraciones y Garantías de los Vendedores si, y en la medida en que, la reclamación no hubiera surgido de no ser por, o se ve incrementada por, o como resultado de, o es atribuible de otro modo a : liability whatsoever under the Representations and Warranties of the Sellers if and to the extent that the claim would not have arisen but for, or is increased by, or as a result of, or is otherwise attributable to : (a) Cuaiquier alteración, implementación, (a) entrada en vigor o modificación de cualquier ley, norma, reglamento, directiva u otro acto legislativo, así como cualquier interpretación definitiva y vinculante de la ley o cualquier práctica administrativa publicada por un gobierno, departamento gubernamental, agencia u organismo regulador, que se hayan anunciado o implementado en la Fecha de Cierre o posteriormente . Esto incluye la introducción de nuevos impuestos o cambios en las tasas impositivas, ya sea en España o en otros lugares, que se hayan anunciado o implementado en la Fecha de Cierre o posteriormente ; (b) Cualquier cambio efectuado después de la Fecha de Cierre en las políticas contables, así como en los métodos, principios o cualquier procedimiento de presentación de informes fiscales de la Empresa ; o (c) Cualquier responsabilidad, daño u obligación por la cual la Empresa habría estado protegida por una póliza de seguro o podria recuperarse de cualquier otro tercero, si dicha póliza no hubiera sido terminada o modificada o si no se hubiera renunciado a dicho derecho de recurso o si las pólizas establecidas por el Comprador o la Empresa hubieran sido resueltas o reemplazadas por otras similares o de otra manera perdidas por cualquier acción u omisión por parte del (C) An alteration to or implementation of oi coming into force of or any change in any law, rule, regulation, directive or other legislative act, any definitive and binding interpretation of the law or any published administrative practice of any government, governmental department, agency or regulatory body that have been announced or implemented on or after the Closing Date . This includes the introduction of new taxes or changes in tax rates, whether in Spain pr elsewhere, that leave been announced or implemented on or after the Completion Date ; or (b) Any changes made after the Completion Date in the accounting policies or accounting methods, principles or any taxation reporting practice of the Company ; o Any liability, damage or obligation for which the Company would have been protected by an insurance policy or could otherwise be recovered from any other third Parties, had such policy not been terminated or modified or such right to recouise waived or the policies put in place by the Buyer or the Company terminated or replaced by similar ones or otherwise lost by any action or omission by the Buyer or the

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después de la Fesha de Cierre; o (d) CualqiJi r responsabilidad il obligación (d) de la Empresa frente a un tercero cuyo pago o satisfacción haya siJo llevado a cabo por el Comprador o la Empresa, sin que el Comprador haya cumplido con las disposiciones establecidas en el Anexo 7 . 1 . 4 para la presentación de reclamaciones a terceros, o sin haber oUfcilidu el uuihuí iliiriiuritu previu pur escrito del Representante de los Vendedores ; o (e) En relación con los Daf \ os que se incrementen debido a acciones u omisiones del Comprador o de la Empresa, no se asumirá responsabilidad por el importe de dicho incremente ; o por c \ Jalq \ Jier actc, hechos, comisión, gestión o decisión tomada por el Comprador tras la Fecha de Cierie de la que traiga causa el dañu . (f) Por situaciones inJprevis'.as dei ivadas de circunstancias inlernas ope!"aciones, contratos, empleados, entre otr‹ns) o xterrias (mercado, comp+tencia, economia) que pudieran afectar ei \ 'alor o las expectativas de la Tra!asar - ,ción. Vendedores resçons

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Incumplimiento de las Declaraciones y Garantías de los Vendedores según lo establecido en este Contrato . 72 Obligación de indemnización por parte del Comprador El Comprador indemnizará y mantendrá indemnes a los 7.2.1 Vendedores, de todos y cada uno de los Daños que sufran que, (a) resulten de la falsedad o inexactitud de cualquier Declaración y Garantía del Comprador relacionadas en el Anexo 6 . 7 . 1 , atribuibles hechos y/u omisiones ocurridos antes de la Fecha de Cierre, si n importar que dichos hechos , participaciones y/u omisiones sea n identificados o revelados después de dich a fecha ; o (b) se originen en el incumplimiento por parte del Comprador de cualquier otra disposición de este Contrato (el "Incumplimiento del Comprador") . 7 . 2 . 2 En lo sucesivo, el término "Incumplimiento" se utilizará de manera indistinta para referirse tanto a un Incumplimiento del Comprador como a un Incumplimiento del Vendedor . 7 . 2 . 3 En caso de que el Comprador incumpla en el pago de cualquier cantidad adeudada a alguno de los Vendedores, en virtud de este Contrato por el eventual importe derivado del Precio Variable una vez cumplidas las condiciones para su devengo, el Comprador deberá abonar a cualquiera de los Vendedores afectados por el incumplimiento un interés moratorio sobre la cantidad pendiente de pago . E - te interés se calculará desde la fecha de vencimiento hasta la fecha de pago efectivo, conforme a las siguientes condiciones : (a) Tasa de Interés Moratorio : El interés moratorio aplicable será del 10 º/ anual sobre el importe adeudado . Representations and Warranties as set forth in this Agreement. 7.2. Obligation to indemnify by the Buyer 7.2.1. The Buyer shall indemnify and keep the Sellers harmless, of any and all Damages suffered by the Sellers, which, (a) result from any Representation and Warranty of the Buyer related in Annex 6 . 7 . 1 being untrue or inaccurate, as a consequence of facts, actions and/or omissions occurred prior to the Completion Date but irrespective of any such facts, actions and/or omissions being identified or revealed after the Completion Date ; or (b) arise from the breach by the Buyer of any other provision under this Agreemefat (the "Buyer's Breach") . 7 . 2 . 2 . Hereinafter, reference is made to "Breach" when it refers, indistinctively, to a Buyer's Breach or a Sellers' Breach . 7 . 2 . 3 In the event that the Buyer fails to pay any amount owed to any of the Sellers under this Agreement, arising from the potential amount derived from the Variable Price once the conditions for its accrual have been fulfilled, the Buyer shall pay to any of the Sellers affected by the default a late payment interest on the outstanding amount . This interest shall be calculated front the due date until the actual payment date, in accordance with the following terms : (a) Late Payment lnterest Rate : The applicable late payment interest rate will be 10 % annual on the amount owed .

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7.4.1 Eg GÓg @ inte rés moratorio se calculará de forma diaria sobre la cantidad vercida y no pagada, acumulándose desde la íecha de vencimiento hasta la lee : na en que el pago sea realizado en su totalidad . (c) Notificación de Incumplimiento : Los Vendedores y/o Vendedor notificarán por escrito al Comprador cualquier retraso en el pago, indicando la cantidad pendiente y los intereses acumulados hasta la fecha de la notificación . (d) Acciones : El devengo de los intereses moratorios no impedirá que los Vendedores y/o Vendedor ejerzan, si asi lo estiman oportuno, las acciones a . ue les pudieren corresponder en cunJplim . ientu del Ccntrüto \ ' en particular la exigibilidad del pagn del importe ad ƒ udado . Procedimiento para las reclamaciones de indemnización 7.S.1 En caso üa que cuaiquiera do ‹os Vendedores o el Comprador tenga ronccimieritc de la existencia de un IncfJnlplimiento que puecia resultar en un Daño . lJdemilizahle por parte de la ‹otra parte, se cleberú soguir el prccedimien . \*o üc recianJación de ir \ úemnízaciÓn descrito en el Anexo 7.1.4. 7.4 Límites cuantitativos Los Vendedores no serntJ responsables con respecto a una Deciaración y Üara!J : ía inexacta c falsa de los Vendedores en los siguientes casos: ii) Si ei monto Óe los Dañcs ocasionados a la Empresa por dicha Declaración y Garantía no 7.3.\* ?.4. 7.4.1. De miniinis "nd thresho›'ó BL4£¢é ¥ALEIiZIJELA FEItíIfiíIDEZ NOTARIO DE MA D RID (b) Calculation Method : The late paynlerit interest will be ca 1 culated daily on the overdue and unpaid amount, accumulating from the due date until t . 'Ie date when the payment is made in full . (c) Notice of Default : The Sellers and/or Seller will notify the Buyer in writing of any payment delay, indicating the outstanding amount and the interest accumulated up to the date of the notification . (d) Actions : The accrual of late payment interest will not prevent the Sellers and/or Seller from taking, if deemed necessary, any actions available to them in compliance with the Agreement, particularly the enforcement of the pa \ 'lcer . I oi the overdue anJour›\* .. Preoedure for iildemnification claims If and when any of the Sellers or the Buyer hecoriJe a \ \*/are of the existence of a Breach wh . ch cauld give rise to a compensable Damage by an \ ' other party, the procedure foi Indemnification claims clescribed in Annex 7 . 1 . 4 shall apply . Quai titative limits The Sellers shall net be liable in rasp+ct of a Representation and \ Tarranty of Sellers being incorrect cr false : If t‹ne amount of the Damages caused to the com . pany by such Representation and Warranty does not exceed\* ONE

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supera los MIL EUROS (1.000,OOEUR); y (ii) Si el total acumulado de los Daños causados a la Empresa por dicha Declaración y Garantía, sumado a cualquier otro Daño resultante de otras Declaraciones y Garantías inexactas de los Vendedores, no supera los DIEZ MIL EUROS (10 . 000 , 00 EUR) . En caso de que el monto acumulado de Daños exceda los DIEZ MIL EUROS (10 . 000 , 00 EUR), los Vendedores asumirán la responsabilidad por la totalidad de los Daños, comprometiéndose a indemnizar íntegramente todos los perjuicios . 7.4.2 Máxima responsabilidad La responsabilidad total de los Vendedores por los Daños causados a la Empresa y/o al Comprador se ajustará a los siguientes límites : (i¡) (i) En caso de incumplimiento de las Garantías, la responsabilidad de (i los Vendedores estaró limitada y no excederá del Precio de Compra (en adelante, el "Límite de Responsabilidad de las Garantías") ; Sin embargo, esta limilación no aplicará relacionadas a contingencias con cuestiones tributarias sobre los pagos fraccionados del impuesto de sociedades, las deducciones de I+D, el deterioro de existencias y la pérdida de anticipos, así como los perjuicios que cause a la compañía la controversia en referencia al proveedor GLOBAL, en la cantidad no provisionada por la Empresa . Para este tipo de contingencias, los Vendedores asumirán responsabilidad THOUSAND EUROS (€1,000); and (ii) If the total accumulated Damages caused to the Company by such Representation and Warranty, when added to any other Damages resulting from other inaccurate Representations and Warranties of the Sellers, does not exceed THOUSAND TEN EUROS (€ 10 , 000) . In the event that the total amount of Damages exceeds TEN THOUSAND EUROS (€ 10 , 000), the Sellers will assume responsibility for the full amount of the Damages, undertaking to fully compensate all losses . 7.4.2. Maximum liability The Sellers' total liability in respect of Damages caused to the Company and/or the Buyer shall be subject to the following limits : In the event of a break of the Warranties, the Sellers ' liability shall be limited and shall not exceed the Purchase Price (hereinafter . the "Warranties Liability Cap") ; (ii) However, this limitation shall not apply to contingencies related to tax matters regarding corporate income tax installment payments, I+D deductions, inventory impairment and loss of advances, as well as damages caused to the company by the controversy in reference to the GLOBAL supplier, in the amount not provided for by the Company . For this type of contingencies, the Sellers shall assume joint and several liability for the totality of such amount in real terms .

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ES C0%á@ A d de dicho impore en términos reales. Las Partes ccnv . enen que e . plazo para ejercer cualquier reclamación que corresponda al Comprador o a los Vendedores (según corresponda), conforme a lo establecido en el presente Contrato, expirará al cabo de tres (3) años contados desde la Fecha de Cierre . Como excepción a lo señalada en el párrafo anterior, para las reclamaciones vinculadas a Garantías Fundamentales, Garantías Fiscales y Garantias Laborales, la responsabilidad de los Vendedores se extenderá hasta el término del plazo de prescripción legal aplicable conforme a la Ley. Otros limites . h'n dupl . ''cIdafii . Las Partes nc tendrán derecho a recibir inde/vnizaciú!J por los Daños sufridos ni a obtener otros reembolsos adicionales por 'os mismos hechos que aieron origen a una reclariaación . (ii) lnúum.nizaciones úe ten:eros. En el caso ñe cue los Vendedores con›pensofJ al Cotnprador o a la Empresa por una !eclamaciún. posteriormente ! Comprador, la Empresa o cualquier otra entidad del Grupo del Comprador logi e recuperar ura cantidad de un tercera (incluyendo, pero nc limi(ándose a, compensaciones a través de pólizas de segurc) relacionada directamente con el mot.vo que originó la reclarriación, el Comprador se compromete a BL4£¢é ¥ALEIiZIJELA FEItíIfiíIDEZ NOTARIO DE MA D RID The Parties agree that the period of time fcr the exercise of a claim that may correspond to the Buyer or the Sellers (as applicable), pursuant to this Agreement, will expire after three (3) years from the Completion Date . As an exception to the pi uvixicns set forth in the above paragraph, for claims related to Fundamental Warranties, Tax Warranties and Labour Warranties, the Sellers will be liable until the expiration of the applicable statutory limitation period under the law . (iii) Other limits Non - duplication . The Parties shall not be entitled tn be cona\|aens‹tted for Damages suffarecl or to cbtain ether rein \ 'oursements cr refunds mere than once with respect to the originating events of a claim . Compet›sa . \*ion rro/r mill pafT/ss . If the Sellers pay tu the BMyer or . he Company' an anJ ƒ JUnt in respect o . " u claim and the Buyer, the Company or another ccc Many of Buyer's Group sLJbsequer \ tly recovers from another person (includ . ng under insurance policies) an amount \ \* 7 iJich ctirect!y !"eIates to the matter giving rise to !he Claim, then the Buyer s \ hall promptly inform the Representative of the Sellers of such recovery and of the

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(¡y) inmediato al notificar de Representante Vendedores de sobre los dicha recuperación y a informar del monto recuperado . A efectos de este Contrato, se entenderá por "Suma recuperada para los Vendedores" el importe obtenido en relación con la reclamación correspondiente . Además, el Comprador se compromete a pagar sin demora a los Vendedores : a) La Suma Recuperada para los Vendedores, en el caso de que el Daño indemnizado por los Vendedores en relación con la reclamación supere la Suma Recuperada . b) Una cantidad equivalente a los Daños indemnizados por los Vendedores, si dichos Daños son iguales o inferiores a la Suma Recuperada . Exclusión de limitaciones por fraude o mala conducta intencionada Las disposiciones de este Contrato no limitarún en ningún caso la responsabilidad de los Vendedores por actos de fraude o mala conducta intencionada (dolo) . 8. CONFIDENCIALIDAD. ANUNCIOS 8.1 Confidencialidad 8 . 1 . 1 Las Partes se comprometen a mantener la confidencialidad del contenido de este Contrato y a no revelarlo, excepto en los siguientes casos : (a) Cumplimiento de obligaciones legales . ' cuando sea necesario para satisfacer una obligación legal, incluidas las regulaciones amount of the Sum Recovered for them. For the purposes of this Agreement, "Sum Recovered for the Sellers" means the sum recovered in respect of the relevant claim . Additionally, the Buyer shall promptly pay to the Sellers. ƒ a) The Recoverable Amount for the Sellers, in the event that the Damage indemnified by the Sellers in connection with the claim exceeds the Recoverable Amount . b) An amount equi«alent to the Damage indemnified by the Sellers, if such Damage is equal to or less than the Sum Recovered . (iv) Exclusion of limitatiotzs for fraud or misconduct. The provisions of this Agreement will not, under any circumstances, limit the liability of the Sellers for acts of fraud or wilful misconduct (intentional wrongdoing) . 8. CONFIDENTIALITY. ANNOUNCEMENTS 8.1. Confidentiality 8 . 1 . 1 The content of this Agreement must remain confidential, and the Parties undertake not to reveal the same, save for following exceptions . ' (a) Compliance with legal obligations : when necessary to fulfil a legal obligation, including securities regulations or in response to a court or administrative order .

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5 . 2 . 4 Ninguna de las Partes ç odrú realizar o emitir iJn anuncio público, comLlnicación o circular en relación cen respuesta a una orden judicial o admicis'a'va. (b) Ejercicio de derechos y ob . igasiones : para ejercer los derechos y obligaciones derivados de este Contrato, facilitar su cumplimiento, o permitir que el Comprador transtiera, total o parcialmente, las Participaciones de la Sociedad a un tercero . Asimismo, se podrá informar a asesores o auditores, siempre que estos se compi"ometan a mantener la más estricta confidencialidad respecto a los derechos y obligaciones mencionados, ya sea mediante un acuerdo explícita o conforme a sus ncrnJas prcfesicnaies . Información de conccimiunto ¿übI . co : cualquier i . Jforma ¢ ;: 'ún que, en 'a fecha de d . 'ulgar - ,i 4 n per o earl no,'Tibre de una de las partes, sea de ‹ - . onocimiento público . o que se haga pübI : 'ca or! cualquier morJentc ƒ posterior s . n qrJe este sea atribuible a ía oarte que reciL ‹ó dicha infu ƒ i"maciótJ . Anuncios Ins transacciones !wenciorJadas en es' . e Contrato, a ‹nenas que hcyc obtenido pr ƒ viamente el consentTmien\* : o oor escrito de las demús Partes . NO CONCURREN CIA 9.1. Los Vendedores se comprometen, durante un periodo de 5 años a partir de la Fecha de Cierre (el "Período de No Competencias, a no realizar ninguna de las acciones mencionadas en el Artículo ^ . 2 siri el consentimiento previo por escrito del Comprador independient ƒ fTiente de si : (i) actÚan directa o indirectamente, a través de 5 . 2 . 4 . None of the Paries may make or issiJo any public anncuncemetJt, cnmmunicat . on, or circU'ar in relatiolJ to !he transact . ons mentioned in this Agreement, utJloss prior written consent has been ob dinerJ . 'rem the ot . her Parties . ¥ALENNELAFEMANKZ NOTA RIO D E MA D RID (b) Exerc.se of rights and obligat'ons: to exercïse the rights and cbl . gations arisinç under this Agreement, facilitate its compliance, or the Buyer to transfer, in whole or in part, the Shares of the Company to a third party . Furthermore, information to maintain the strictest confldentlality regarding the mentioned rights and obligations, either through an explicit agreement or in accordance with their professionai rules. P . /blicly kncwn informatian : any it 1 formation that, at the time of disclosure by or on behalf of ono of the Parties, is publicly know at any . ater time wi' . hout Leir 1 g attributable to the party receiving such information . 82 Announcements 9. NON - CONCURRENCE 9 . 1 . TI e Sellers u!Jdertako, for a period cf 5 years fro . Sri the Closing Date (the "Non - Compete Period") , not to perfor . m any cf !he actions r eniioneri in Article 9 . 2 without the prior written consent of the Buyer, regardless of whether they : (i) act directly or indirectly through, an affiliated company or though other individuals, companies or

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(i (iÜ nu inducir ni intentar Inducir a ningrir n persona que sea cliente, proveedor u otra relación comercial de las una empresa afiliada o mediante otras personas, empresas o entidades legales ; (ii) actúan en su propio nombre o como director, socio o accionista de una empresa u otra entidad legal, o como empleado, gerente, consultor o agente de una persona, empresa u otras entidad legal ; o (iii) actúan en cualquier otra capacidad o manera . 9.2. Durante el Período de No Competencia, los Vendedores no deberán: llevar a cabo ni participar en actividades que compítan con las actividades realizadas por la Empresa en la fecha de Cierre, en concreto no podrán comercializar durante los 5 años ningún producto comercializado en la actualidad por Arteconfort o sus familiares en primer grado, determinadas a la firma de cierre por todo tipo de ventiladores de techo o alumbrado solar de jardín, excepto las actividades realizadas por un Vendedor o una parte relacionada con un Vendedor en nombre del Comprador o de una persona asociada : En ningún caso se consideiará competencia las restantes actividades desarrollas en la actualidad por los vendedores mediante otras sociedades y que principalmente comercializan material de baño e iluminación . Empresas a terminar, reducir sustancialmente o hacer negocios con estas Empresas bajo condiciones menos favorables para ellas . (iii) no contratar ni intentar contratar a ningún gerente, consultor , empleado o contratista independiente de las Empresas o involucrarlos en cualquier OtFá C £ l acida d o forma) ni inducir ni intentar inducirlos a dejar la empresa . legal entities ; (ii) act in their own name or as a director, partner, or shareholder of a company or other legal entity, or as an employee, manager, consultant, or other legal entity ; or (iii) act in any other capacity or manner . 9.2. The Sellers shall during the Non - Compete Period: (i) carry out or engage in activities that compete with the activities carried out by the Company on the Closing Date, in particular, they may not market during the 5 years any products currently marketed by Arteconfort or its first clegree relatives, determined at the Closing for all types of ceiling fans or solar garden lighting, except for activities carried out by a Seller or a party related to a Seller on behalf of the Buyer or an associated person ; In no event shall the remaining activities curiently carried on by Sellers through other companies and which primarily market bathroom and lighting equipment be considered competition . ; (ii) nol induce oi attempt to induce any person who is a customer, supplier, or other business relation of the Companies to terminate, substantially reduce, or conduct business with these Companies under less favourable conditions for them, (iii) not hire or attempt to hire any manager, consultant, employee, or independent contractor of the Companies (or engage them in any other capacity or wanner) or induce or attempt to induce them to leave the Companies .

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ES COPI A SIMPLE Las obligaciones de no competencia y no solicitudes establecidas en este arfculo 9 están geogrúfica!vente limitnüas a los países donde las Empresas estén activas eri la Fecha de Cierre . 9.3 0.4 Si el Comprador identifica un iriuuriiplimiento de las disposiciones de este articulo 9 , deberá enviar una notificación de incumplimiento a la parte infractora, exigiendo que se subsane dentro de los 15 días naturales . Si la notificación no se cumple, la parte infractora está obligada a pagar una indemnización al Comprador, fijada en una cantidad fija de DOS MILLONES DE EUROS z . 00 C . 000 EURj, silo perjuicio del derecho ¢ Iel Comprador a olici!ar una indemnización ad . cional si pLJede demostrar que los daños sufridos superan las cantidades ri 1 encicnadas aiJteric›rmente . 9 . 5 . Los Vendedores reconocen que las dlsposic . ones de este artie : tJlo 9 son razonabl+s \ ' necesarias para proteger los intereses legítimos del Comprador . Sin emlcargo, s . alguna ñisposiciún de este artículo 9 exoedo las imitaciones legales respecto a duración, terr . torio o nsa\* : eria o cua \ quior o\* . ra Iimiia ¢ : ‹ún lega 1 , dicha disposición nc seró nr›la, nero las Partes se ccnsioeraran cnmo si ht . hie^ün acosado una disposición cOn . fnrme a iOs máximos permitidos Por la ley aplicable, y la dispos . ción de est'a Artículo 9 que excede esas limitaciones s . ƒ . rü ajustada en cctJsecuencia y aütomúticarnent . THE OF REPRESENTATIVE 10. LOS DE REPRESENTANTE 10. SELLERS VENDEDORES 10 . 1 . Los Vendedores se comprorrieten a actuar em tcdo momento oomo una úrica entídad en virtuü de este Contrato, tanto frente a' Comprador como a la Empresa . A tal efecto : ¥ALENNELAFEMANKZ NOTA RIO D E MA D RID 9 . 3 . The obligations of ncn - competition and non - solicitation as specified in th : 's Article 9 are geographically limited to tne countries when e the Companies are acti' 7 e on 'the Closing Date . 9 . 4 If the Buyer identifies breaches of the provisions of this Article 9 , the Buyer shall send a notice of default to the breaching party demanding that the breach be remedied within 15 calendar days . If the default notice is not complied with, the breaching party shall be obliged to pay compensation to the Buyer, set at a fixed amount of TWO MILLION EUROS f€ 2 , 000 , 000) . withcrit prejudice to the Buyer's right to seek additional comp+nsaticn if it can demonstrate that the incurred Damages exceed the afoi eme!Jtioned amounts . The Sellers acknowledge ticat the provisions of tnis Article g are reasonahle and necessary to pro\* . +c\* . the Tegitimate interests cf the Buyer . If, ho ever, and pm 'ision of this Añicle 9 exceeds the . egaI limitations regarding c!uration, territory, or subject matter, or any other lugal limitation, that provision shall not be vuid but the Parties shall be considered to have agreed on a provision in accordance \ ^ith the maximums allowed by applicable law, and the prowsion of this Article 9 that exceeds those limitations shall be adjusted z . ccurdinglv and automatically . 10.1. The Sellers undertake that, vis - a - 'his the Buyer and the Company, shall act at all t . mes under thie Agreement as a single entity and, for these purposes :

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10 . 1 . 1 Se nombra irrevocablemente a Francisco Javier Zorrilla Lozano, de nacionalidad española, con el número de DNI 26471040 - H y domicilio en C/ Fermin Palma 1 º 6 ƒ A, Jaen, Espańa como representante debidamente autorizado de los Vendedores (el "Representante de los Vendedores") . En consecuencia, cualquier comunicaciôn entre el Comprador y los Vendedores se realizará exclusivamente a través del Representante de los Vendedores ; toda comunicación enviada por el Comprador al Representante de los Vendedores se considerará válida y plenamente efectuada a todos los Vendedores, y cualquier comunicación del Representante de los Vendedores al Comprador se considerará vinculante y efectiva para todos los Vendedores, salvo lo dispuesto en la cláusula 10 . 1 . 3 //› fine 10.1.2 Los Vendedores adoptarán una posición conjunta respecto de cualquier cuestión que surja de este Contrato, iizcluidas las posibles reclamaciones que el Comprador presente en virtud del mismo . 10 . 1 . 3 Las Partes reconocen que cualquier información, decisión o comunicación que el Comprador reciba del Representante de los Vendedores se interpretará como una decisión y/o comunicación conjunta de todos los Vendedores, salvo que cualquiera de los Vendedores ensita comunicacíón expresa una e individualizada en la que se disponga lo contrario. 11. PERMANENCIA DE PERSONAL CLAVE 11 . 1 . Con independencia de la Permanencia del Sr . Francisco Javier Zorrilla Lozano prevista en la cláusula 4 . 6 , las Partes acuerdan que existen determinados enzpleados de la Empresa (en adelante, el "Personal Clave") que son fundamentales para alcanzar los 10 . 1 . 1 . Hereby irrevocably appoint Francisco Javier Zorrilla Lozano, Spanish national, Spanish National ID Card 26471040 - H and residing at C/ Fermin Palma 1 ^ 6 ƒ A . Jaen, España as duly representative of the Sellers (the "Representative of the Sellers"), so that any communication between the Buyer and the Sellers shall be only addressed to the Representative of the Sellers ; in addition, any communication from the Buyer to the Representative of the Sellers shall be deemed as fully and duly effected to all the Sellers and any communication from the Representative of the Sellers to the Buyer shall be deemed as fully binding and effective among all the Sellers, except as provided in clause 10 . 1 . 3 in Time . 10 . 1 . 2 . The Sellers shall adopt a joint position with respect to any issue arising out of this Agreement, including any potential claims brought by the Buyer under it . 10 . 1 . 3 . The Parties acknowledge that any information, decision or communication received by the Buyer from the Representative of the Sellers shall be construed as a joint decision and/or communication front the Sellers that will be fully binding among all the Sellers, unless nay of the Sellers issues an express individualized communication stating otherwise, 11. PERMANENCE OF KEY PERSONNEL 1. Regardless of the Permanence of Mr . Francisco Javier Zorrilla Lozano as provided in clause 4 . 6 , the Parties agree that there are certain employees of the Company (hereinafter, the "Key Personnel") who are fundamental to

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definidos tras la adquisición de la Empresa \ ' alcanzar los objeti' 7 os que dan lugar al Earn - Out . 11 . 2 . En consecuenc . a, el Comprador se comp! omete a mantener al Personal Clave durante dos años, salvo que existan razones justificadas para proceder a su despido . Se entenderá como causa justificada cualquier personas que forman parte incumplimiento grove de las obligaciones de cualquiera de las del Personal Clave, conducta indebida, bajo rendimiento o cualquier otra situación que motive su despido. 11 . 3 . Si algún miembro del Personal Clave presenta baja voluntaria o es despedido sin causa justificada antes del cumplin 1 iu‹ 1 to daI Pe . blade de Permanencia, el Comprador podra, a su discreción, reenJpla\*arIc por una persona con cuali . icaciones equivalentes para as+gurar el cumplí tien\* . o de los objet . vos . 12. GASTOS E IMPUESTOS Tuúos les gastos e lmprtestcs daria abc de la negcciac‹ún, ejecución y cL‹mplim.ento Jel presente CciJtratc serón asumidos por las Partes según lo estaüleciclo a contif \ uaciÓn: El Comprador asumirá Tos Liunorarios y gastos nota! iales relacionados son la ejecución ble este Contrate ante el Notar : 'o . 1Z.3 Cada Parte c \ Jhrirá les honorarios de los c : onsuitorüs, auditores y cie!vas profesionales que haya contratado . 12 . 4 Los impues\* . os aplicables a la ej ƒ cución y cumplimiento del Contrato serán cubiertos por las Partes conforme a lo disruesto por la Iey aplicable en cada caso . 12. I 42 . 4 . Taxes i›a} able on the execution and oerfornJance of the Agree!cent will be at the expense of the Parties as determined by the applicable law in each case . \ tALEtizzEut FEi0i/ \ itozz NOTARIO DE MA D RID achieving the strategic and operational objectives defined after the acquisition of ihe Company and to achieving the objectives that trigger the Earn - Out . 11 . 2 . Consequently, the Buyer undertakes to retain the Key Personnel for a period of two years, unless there are justified reasons for their dismissal . A justified cause will be understood as any serious breach of the obligations of any pursun who Is part of the Key Personnel, improper conduct, poor performance, or any other situation that justifies their dismissal . 11 . 3 . If any member of the Key Personnel voluntarily resigns or is dismissed without justified cause b=fore the completion of the Permanence Periocl . the Buyer way, at its disorcficn, replace them with a person of eqL/ivaIani quaIifir - ,a!ions to ensure the full . Iment of the objectives . 12. EXPENSES AND TAXES Any expenses and Taxes deriyer front the negotiation, execution and performance o . 'this Agreement shall be borne by the Parties as set out helow : Buyer shall pay the Notary's lees and expenses arising from uxecuting this Agreement hefcre time Notary . 12 . 3 . Fees of consu!tants, auu'ilors anJ other professionals will óe at the expense of the Part'y tTaat hired their sedices .

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13. GENERAL 13.1. Variación Cualquier modificación de este Contrato será válida únicamente si se formaliza en un documento escrito en español e inglés, debidamente firmado por o en nombre de cada una de las Partes . 13.2. Renuncia Ninguna renuncia a una disposición de este Contrato, ni ningún consentimiento o aprobación de una variación del mismo, serú válida, salvo que conste por escrito y esté firmada por la Parte contra la cual se solicita hacer efectiva dicha renuncia, consentimiento o aprobación . Dicha renuncia, consentimiento o aprobación solo será aplicable al caso específico y propósito para el cual se otorgue . La falta de ejercicio o cualquier demora en el ejercicio de un derecho o recurso previsto en este Contrato o en la ley no constituirá una renuncia ni afectará a dicho derecho o recurso, ni implicará una renuncia a otros derechos o recursos . El ejercicio único o parcial de cx alquier derecho o recurso bajo este Contrato o en la Iey no impedirá su ejercicio posterior ni el ejercicio de cualquier otro derecho o recurso . 13.3. Acuerdo completo Este Contrato constituye la totalidad del acuerdo y entendimiento entre las Partes en relación con su objeto, y reemplaza cualquier acuerdo, entenclimiento o arreglo previo, ya sea oral o escrito, entre las Partes respecto a los asuntos aquí tratados. 13.4 Correcciones Cualquier error en el texto de este Contrato, sus anexos o apéndices, ya sea en el uso de definiciones y 13. GENERAL 13.1 Variation A variation of this Agreement is valid only if it is in a written instrument duly executed in Spanish and English language and signed by or on behalf of each party . 13.2. Waiver No waiver of any provision of, or consent or approval required by, this Agreement, nor any consent to or approval of any departure here from, shall be effective unless it is in writing and signed by the Party against whom enforcement of any such waiver, consent or approval is sought . Such waiver, consent or approval shall be effective only in the specific instance and for the purpose for which given . The failure to exercise or delay in exercising a right or remedy provided by this Agreement or by law does not impair or constitute a waiver of the right or remedy or an impairment of or a waiver of any other rights or remedies . No single or partial exercise of any right or remedy provided by this Agreement or by law prevents further exercise of the right or remedy or the exercise of another right or remedy . 13.3. Entire Agreement This Agreement constitutes the entire agreement and understanding between the Parties relating to the subject matter of this Agreement and supersedes any previous agreements, understandings or arrangements (both oral and written) between the Parties in relation to the matter dealt with in this Agreement . 13.4. Corrections Any error in the text of this Agreement, its annexes or appendices, in connection with the use of the stipulated definitions and

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omisión por error, así como cualquier inconsistencia deri ada de ian uso inadecuado de estas, será corregido de mutuo acuerdo conforme a los principios de lógica y buena fe . Dichos errores no invalidarün el texto ni distorsionarán su interpretación 14. ASIGNACIÓN Ninguna de las Partes podrÓ ceder sus derechos u obligaciones derivados de este Contrato sin el consentimiento previo y por escrito de las demás Partes . 15. AVISOS 15.1 Forma Todas las comunicaciones y modificaciones realizeadas nar las Partes en virtud de este Contrato, o en relaciútJ con el mismo, deberán hacerse por escrito, ya sea en inglés o etJ español, utilizando cualquiera de los siguientes medios : (i/ Entrega personal, cool actlse de rec:'bo per escrito de la ctra Paile; (iii) Correo postal o e'ecti"ñnico, o cie cualquier otro mcdiu que permita obtener constancia de la recepción por parte del destinatario o doslinata!"ios . Direcciones Las comunicaciones y notificacio! 1 es entra las Partes se dirigirán a las direcciones y a la atención de las personas que se especifican a continuación : '. 5.1 BlAIt¢A ¥ALEIiZlJELA FEItíIAíIDEZ NOTA RIO D E MA D RID abbreviat : 'ons, or failure to use these due to errGF Or omission, and any inconsistency that way result from the'r improper use, will be corrected by mutual aqreem+ . nt in keeping \ \*/ith the i ules of logic and the principles of good faith, and these errors will not invalidate the text or be allowed to distort its interpretation . 14. ASSIGNMENT No Party shall have the right to assign its rights and obligations under this Agreement except with the other Parties' prior written consent 15. NOTICES FOrm All communications and i utices made or given by the Parties under cr relating to this Agreement rrtust be in a'riting, either its English oi ir Spanish, using any of the fclIc \ \*'ing means : (i) Personal delivery with ' ritto \ ackilowledgmellt of reueipt b \ the cther Party; tii) Throu¢'h a notary; or (. ii) fv 1 zil or email, or an % othar way, as iong as theKe is proof of rocein\* . by the addressee or adept esseus . 15.2. Addresses Communications and notices between the Parties are to be addressed to the addresses and for the attention of the indi ziduals specified below :

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Al "Representante Vendedores": de los Francisco Javier Zorrilla Lozano C/ Fermín Palma 1º 6º, Jaen España C/ Fermín Palma 1º 6º, Jaen España Luis F'1iguel del Saz Gonzólez 5.3 Cambios Conforme a la presente cláusula, cualquier modificación en las direcciones y personas de contacto designadas para recibir notificaciones bajo este Contrato deberá ser comunicada de inmediato a la otra Parte . Si una Parte no recibe notificación de dichos cambios, cualquier notificación que se envíe a las direcciones y personas indicadas en este Contrato se considerará válida . 16. IDIOMA RECTOR 16.1. Este Contrato está redactado a doble columna en el idioma español e inglés, con algunas traducciones al espaiaol para ciertos términos en la versión inglesa . En caso de discrepancia, prevalecerá la versión en español . 16.2 Si este Contrato se traduce a otro idioma, el texto en español tendrá prioridad . 16 . 3 Cualquier enmienda a este Contrato se redactará en idioma inglés y en español . 1ó.4 I odas las notiflcaclones, demandas, solicitudes, declaraciones, instrumentos, certificados u otras To "Representative of the Sellers": Francisco Javier Zorrilla Lozano Luis Miguel del Saz González Plaza de Isabel ll N ƒ 8 - 2 ƒ B Madrid, España. 15.3 Changes Under this Clause, any changes to the addresses and contact persons indicated to receive notices under this Agreement must be reported immediately to the other Party . If a Party has not received notice of changes, any notice that Party delivers to the addresses and persons indicated in this Agreement will be deemed valid . 16. GOVERNING LANGUAGE 16.1 This Agreement is drafted in two columns in both Spanish and English, with certain terms tianslated into Spanish in the English version . In case of discrepancy, the Spanish version shall prevail, 16 . 2 If this Agreement is translated into another language, the Spanish language text prevails . 16.3 Any amendment to this Agreement shall be drawn up in both English and Spanish . 16.4 Each notice, demand, request, statement, instrument, certificate or other communication given, delivered or made by a party to any other party

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Parie a cualquier otra Page en viüud de este Contrato o en relación con él se redóctürán en español . 17. LEGISLACIÓN APLICABLE 17.1 El presente Contrato se rige por el derecho común del Reino de España, con exclusión de cualquier norma regiona I (derecho foral) . 18. JURISDICCIÓN 18.1 Las Partes, renunciando expresamente a cualquier otro fuero que pudiera corresponderles, se someten a la jurisdicción exclusiva de los juzgados y tribunales de Madrid (España) para la resolución de cualquier controversia o reclamación quo surja en rela % ión cor! EN FE DE LO CUAL, en el lugar y fecha señalados efi el encabezanJieiJtc, las : \*artes firman una (1) copia del presente Cont! ata para ser olavad a P/Jh/éso antü Notario . Representado por: Luis k'liguel del Saz LOS VENDEDORES F Jcisco Javier Zorrilla Loza.no ¥ALEIiZIJELA FEItíIfiíIDEZ NOTARIO DE MA D RID under or in conMection \ rvith this Agreement s!nall be in Spanish. 17. GOVERNING LAW 17.1 This Agreement shall be governed by the common law of the Kingdom of Spain, to the exclusion of any regional laws foral law) . 18. JURISDICTION 18.1 The Parties, expressly waiving any other jurisdiction that may apply to them, submit to the exclusive jurisdiction of the courts and tribunals of Madrid (Spain) for the resolution of any dispute or claim arising in connection with the interpretation oi - execution of the L"onti act, i!Jc . uding those related tc non - contrac\*uzl obligation arising front or connac : tell la i! . IN WITNESS WHEREOF, at the place and on the üate set fcrfh in the . Reading, the Parties sign one t 1) cop>y of this Agreement to be executed in pub'ic before a Notary . THE BUYER silla Lozano

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ANEXO (A) LAS PARTICIPACIONES SHENGLIN CHEN PEN ' FRANCISCO JAVIER ZORRILLA LOZANO 2.115 a 3.020 ambas inclusive 2.114 906 70% 30X

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ES COPIA SIMPLE NEXO1.1.1 TÉRMINOS DEFINIDOS "Contrato" significa este acuerdo de compraventa; "lncumplimîento" tiene el significado estahlecido en la Cláusula 7.2.2. "Negocio" tiene el significado establecido en el Exponen (B); "Dia hźbil" significa cualquier dia (que no sea sábado o domingo) en el que los bancos de la ciudad de Barcelona (España) estén abiertos para İa transacción de negocios normales ; "Comprador" significa AIGOLEO LIMITED . "lncumplimiento del Comprador" tiene el significado establecido en la Cláusula 7.2.1; "Empres a" tiene el significado establecido en el exponen (A); "Cierre" se refiere al cierre de la compraventa de las Participaciones conforme a Io establecido en este Contrato . "Fecha de Cierre" tiene eI s.çñif.cadu es\*.ablecido cn la Clúust›la 2.'1; Par "Ley de Sociedades de Capital" se elJtiendo la Ley de Sociodades de Capital aproòada por el Real Decre % o Legislative 1 / 2010 , de 2 de jülio, Jar el qüe se aprueba e . texto refurclido de la Ley de Scciedades če Capital ; "Daños" se refiere a cualquier t,ördida patrimonial real y ƒ fectiva sufrida o incurrida . Para evitar duJas, el término "Daños" excluirá !os ccstos internos ‹ 1 e adnJirJistración, gastos general+s, lucto cesante, daño a la reputacińn, ask como daños consecuentes e irJdirectos . "Información Divulgada" tiene el significado +stabIecido en el Exponen (D); BL4£¢é \ íALEłiZIJŁLA FEItíIfiłłDEZ NOTA RIO D E MA D RID "Gravamen" significa una prerJda. carga o hipoteca o intorés de Merantia de cualquíer naturaleza; "EUR", "'g ' o "euros" sigïJiJica la moneda lega! del Reino de España; "Garantías" signifier las Dmclaraciones y Garantías de los Vendedores establecidas en e‹ Anexo 6.1.1 \ ' ‹as Declaraciones y Garantias del Comprador establecidas el Anexo 6.7.1; "Responsabiłidad Máxima por Garantías Fundamentales ' tiene el signi\*ica¢lo establecido ed la Cláusula 7.4.2; "Precio Fijo" tiene el significado cstablecido en la Clausula 4.I .2; "Precío Fìjo Aplazedo" sigr \ ifica el imports total acordado pai a la corrpraventa que se pagarä de łï!anera cplnzuda cn \ arias c \ iotas, en lugar û+ abonarse en flu solo pago inicìal; "Precio Variable": significa el incremento ¢le precio en caso de cumplirse las condíciones pactadas para el devengo det Earr - Out: "Earn - Out": se refiere al pago ad.cional que el Vendedor recibe despüés de la venia, õasačo en e! clesempeño financiero futuro deï negocio ačqu.rido; Por "Derechos de PI" se entieride, en cada caso, registračos o no regis!rados:

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(a) todas las patentes, solicitudes de patentes, invenciones, modelos de utilidad, procedimientos, tecnología, secretos comerciales, conocimientos técnicos y cualquier otro derecho de propiedad industrial ; (b) todas las marcas comerciales, logotipos, nombres comerciales, signos, nombres de dominio de Internet y cualquier otro nombre o denominación comercial ; y (c) todos los derechos de autor y cualquier otro derecho de propiec!ad intelectual. "Precio de Compra" tiene el significado establecido en la Cláusula 4.1.1; "Declaraciones y garantías del Comprador" tiene el significado establecido en la Cláusula 6.7.1; "Declaraciones y garantías de los Vendedores" tiene el significado establecido en la Cláusula 6.1.1; "Representante de los Vendedores" tiene el significado establecido en la Cláusula 10.1.1;. "Sentencia" significa una decisión judicial, un laudo arbitral vinculante, firme y definitivo/a, vinculante, firme e inapelable. "Vendedor" tiene el significado establecido en la descripción de las Partes anterior; "Incumplimiento de los Vendedores" tiene el significado establecido en la Cláusula 7.1.1; "Participaciones" tiene el significado estableciclo en el Exponen (A); "Impuestos" significa cualquier impuesto, gravamen, tasa, cargo o cualquier tipo o monto o gravamen de cualquier naturaleza análoga, requeridO ÇOr cUalquier autofidad administrativa, incluidos los recargos, intereses y multas adeudados . "Transacción" significa la adquisición por parte del Comprador del 100 % del capital social de la Empresa segu n lo contemplado en el Contrato ;

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ES COPIA SIMPLE ANEXO 3 2 ACTA DE LA JUNTA GENERAL EXTRAORDINARIA Y UNIVERSAL DE SOCIOS DE LA SOCIEDAD "ARTECONFORT HOTEL S,L." En Valdemoro 'Madrid), en el domicilio social de la sociedad "ARTECONFORT HOTEL, S . L . " con NIF B 8762 " 975 (en adeIan . e "La . Sn . estad"}, a 1 G L\*u diciemñi e rte 2 Ci 24 , sien‹Jo las 10 h . aras : se reúnen las personas que se to . 'acirunan a santini . '\*cic \ i›, la c \ ales rm ›reseiit n la totalidad del capital social de la Sociedad : 1) Don SHENGLIN CHEN PEN, titular de 2 . 114 participaciones sociales, numeradas consecutivamente de la 1 a la 2 . 114 - ambas inclusive - , representativas del 70 % del capital social . 2) Don FRANCISCO JAVIER ZORRILLA LOZANO, titular de 906 participaciones sociales, numeradas consecutivamente de la 2 . 115 a la 3 . 020 - ambas inclusive - , representativas del 30 % del capital social En consecuencia, asisten - presentes o representados - los dos (2) socios de la sociedad, titulares de la totalidad de las (3 . 020) participaciones sociales que integran la totalidad del capital social (996 . 600 , 00 €), todas ellas desembolsadas y con derecho a voto, no hallándose en ningun caso iimitado o restringido poi las causas establecidas er . a Ley . Tudos ellos aceptan y acuerclan por unanimidad consti\* . reírse en Jun!a numeral Extraordinaria de Sccios, con carác\* . cr de un . versal, al ampare de In previsto en el artíc \ Jlo 178 de la Lcy de Sucie ¢ la ¢ les de Copita .. Asiste, asimismo, de acuerdo con el a ‹ci lo 180 de la Ley de Sociedades de Capital el AdministrzJdor Ur • ico D . FI ancisco Javi+r Zorrilla Lozana . L"onfornJe a las üispcsicior . es legalus , ostatutarias y, con lee curJform . dad de todos los asistente's, actúa conto Pr+sidente D . Fi ancisco Javier Zorrilla Lozana y currio Secretário D . Shenglir \ L"hen Per .. Abierta la sesión por el Prcs . dante y en o - u plinJiento d+ lo previsto en el artículo 192 de la Ley úe Sociedades de Capital, se formula la pi eceptiva Lista cie Asistentes, la cual se adjunta conto Anexo e !a presento Acta, de la que se constata la concurrencia y asistencia che todos los socios que representan la totaiiclaci del capital, y que firman a continuaciúr \ de sus nombres . El Pres . dente ¢ leclara % ÓlidamerJte constituida y con aptitud legal suf . ciente para lamar tncia clase de ucuordos y decisiones ; y propone que se aDorden los puntos que constituyen +l ORDEN DEL DÍA, que sen los s . çuien . 'es : ORDEN DEL DIA Autorizar la venta de las 3.020 participaciones sccia.es que representan el 100 ƒ .ó del capits! social de la socie¢lad. ARTECONFOFtT HOTEL, S.L. 2. Prctccolización: Otorgamiento de facultades para elevar a público .os acuerdos. 3. Ruegos y preguntas 4. Lectura y, en su caso, aprobación del Acta. Los acuerdos adoptados por Unanim : 'dad de los socios presentes en la Jurta de Socios celebrada son los siguientes : BL4Il¢é ¥ALEIiZIJ£LA FEItíIfiíIDEZ NOTARIO DE MA D RID

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ACUERDOS PRIMERO . - Autorizar la venta de las 3 . 020 participaciones sociales que representan el 100 % del capital social de la sociedad ARTECONFORT HOTEL, S . L . La totalidad de los socios que integran el 100 % del Capital Social acuerdan por unanimidad autorizar la venta de la totalidad de las participaciones sociales que integran el capital de la Sociedad . • Se autoriza a SHENGLIN CHEN PEN a vender la totalidad de sus 2 . 114 participaciones sociales, numeradas consecutivamente de la 1 a la 2 . 114 - ambas inclusive representativas del 70 % del capital social . • Se autoriza a FRANCISCO JAVIER ZORRILLA LOZANO, a vender la totalidad de sus 906 participaciones sociales, numeradas consecutivamente de la 2 . 115 a la 3 . 020 - ambas inclusive - , representativas del 30 % del capital social Los derechos inherentes a las participaciones, incluidos los politos que continuaran ejerciéndose por los transmitentes, quedan sujetos a condiGión suspensiva, al pago de CUATRO MILLONES SETECIENTOS CINCUENTA MIL EUROS (4 . 750 . 000 EUR) ("Precio Fijo Aplazado") que será pagadero por el Comprador a los Vendedores a más tardar el 28 de febrero de 2025 ("Fecha límite de Pago") mediante transferencia a las cuentas bancarias que los Vendedores . En el momento en que se efectúe el pago, los efectos económicos de la compra serán válidos desde el momento de la transmisión, 27 de diciembre de 2024 . La Junta General de Socios manifiesta que la referida transmisión de participaciones se efectúa de conformidad con los dispuesto en al artículo 6 los Estatutos Sociales de ARTECONFORT HOTEL, S . L y de acuerdo con lo establecido en el artículo 107 . 2 de la Ley de Sociedades de Capital . A tal efecto, la Sociedad, mediante el presente acuerdo de la Junta General Extraordinaria y Universal, en la que concurren todos los socios titulares del 100 % de las Participaciones sociales que integran y representan el 100 % del capital social de la Sociedad, presenta su consentimiento para la referida venta, en las condiciones pactadas en el contrato que se anexa y en especial sujeta a condición suspensiva anteriormente descrita , de las 3 . 020 participaciones que representan el 100 % del capital social de ARTECONFORT HOTEL, S . L renunciando expresamente todos los socios a su derecho de adquisición preferente . SEGUNDO . - Protocolización : Otorgamiento de facultades para elevar a público los acuerdos . Se acuerda, por unanimidad, facultad tan ampliamente como en derecho sea necesario al Admlnlstrador Úr icu puiu que en iJcmhre y representación de la misme, prteda otorgar criantns documentos públicos o privados, incluso de subsanación y rectificación, sean necesarios para elevar a público los acuerdos adoptados e introducir las modificaciones que, en su caso, exija la calificación verbal o escrita del Registro Mercantil, quedando facultado para realizar cuantas gestiones fueren necesarias para la validez de los presentes acuerdos y su inscripción, cuando proceda, en los registros públicos correspondientes . TERCERO. - Ruegos y preguntas Seguidamente se abre turno de ruegos y preguntas, sin que ninguno de los asistentes haga uso del mismo. CUARTO. - Lectura, y en su caso, aprobación del Acta de la Junta.

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¥AL£IiZIJELA FEItíIAíID£Z NOTA RIO D E MA D RI D Y b se levanta la sesión, de la que se extiende la presen - e Ac a, que, una vez ei a, es aprobada por ur . animidad de los asistentes, que la encuentran conforme a la realidad de lo acordado, es firrr ada por todos los socios y por el Presidente D . Francisco Javier Zorrilla Lozano y el Secretario D . Shengl'n Chen Pen de la Junta, en el lugar y fecha arriba . ndicados . Presidente D. Francisco Javier Zorrilla Lozano Secretario D. Shenglin Chen pen LISTA DE ASISTENCIA A LA JUNTA GENERAL EXTRAORDINARIA Y UNIVERSAL DE SOCIOS DE. LA SQCIEDAD "METAL MALLA & BEICO, S.L.." fecha 2 de diciembre 2024 % de participaciones 2.114 ?06

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SHENGIN CHEN PEN FRANCISCO JAVIER ZORRILLA LOZANO ANEXO 4.2.3 PRECIO FIJO A PAGAR \*"" 3.325.000 € ES5801824017510201673063 1.425.000 € ES7521002473980210182004

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ES COPIA SIMPLE A N EXO4.2.4 PRECIO FIJO A PAGAR aLEiiAlELA FEBiA ISEZ NOTARIO DE MABRID FRANCISCO JAVIER ZORRILLA LOZANO 75.000 € ES7521002473980210182004

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ANEXO 6.1.1 DECLARACIONES Y GARANTÍAS DE LOS VENDEDORES Salvo que se establezca lo contrario en la Due Diligence o en este Contrato (incluidos, para evitar dudas, sus Anexos), cada Vendedor declara y garantiza que cada una de las "GARANTÍAS" son correctas en la Fecha de Cierre . GARANTÍAS 1. CAPACIDAD Y TITULARIDAD DEL VENDEDOR 1.1 Los Vendedores tienen la capacidad legal necesaria y han realizado las acciones legales pertinentes para la ejecución de este Contrato y para completar la venta. 1.2 Este Contrato crea obligaciones válidas y vinculantes para los Vendedores, las cuales son plenamente ejecutables de acuerdo con sus términos y condiciones. 1.3 La ejecución del presente Contrato por parte de los Vendedores, así como el cumplimiento de sus obligaciones derivadas del mismo y la venta de las PartiGipaciones al Comprador : 1. No constituirán un incumplimiento o contravención de disposiciones resultantes de cualquier decisión legislativa, administrativa, judicial o arbitral que vincule a los Vendedores ; 2. No comportarán el incumplimiento de los términos de los estatutos sociales o de la escritura de constitución de Empresa ; 3. No comportarán el incumplimiento de ninguna escritura pública, obligación, contrato o acuerdo del que los Vendedores sean parte ; o 1.3.4 No requerirán que los Vendedores obtengan ningún consentimiento o aprobación, ni que notifiquen o realicen ningún registro ante ninguna autoridad gubernamental u otra entidad que no se haya obtenido o realizado hasta la fecha del presente . 1.4 Los Vendedores declaran y garantizan que (i) no han sido declarados insolventes o en concurso de acreedores y no hay ninguna acción o solicitud pendiente para declarar su insolvencia o concurso de acreedores ; y (ii) no se han declarado insolventes o en concurso de acreedores . 2. TÍTULOS DE LAS PARTICIPACIONES 2.1 Los Vendedores son los propietarios exclusivos y poseen el título legítimo y completo de las Participaciones, tal como se detalla en el Anexo (A) de este Contrato . Las Participaciones representan el 100 % del capltal social desembolsadu de la Empresa . Los Vendedores tienen derecho a vender y transferir la plena propiedad legal y efectiva de sus Participaciones sin necesidad de obtener el consentimiento previo de ningLln tercero ; en caso de requerirse dicho consentimiento, éste ha sido debidamente obtenido . 2.2 Las Participaciones están libres de cualquier Gravamen, y no existe compromiso ni obligación de crear u otorgar ningún Gravamen sobre las mismas. 23 Las Participaciones han sido debidamente emitidas, y están íntegramente suscritas y pagadas por los Vendedores según lo establecido en el Anexo (A). 2.4 La Empresa no ha emitido ningún derecho sobre su capital social distinto de las participaciones representativas de su capital social inscritas hasta la fecha presente en los Registros Mercantiles correspondientes . Asimismo, no ha asumido compromiso u obligación alguna de adoptar tales acuerdos, ni ha realizado ningún otro acto que pueda implicar una modificación en la estructura de la Empresa o en sus propias participaciones .

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3. ES,oxtrcc» a WE?fflW ESA ¥ALEIiZIJELA FEItíIfiíIDEZ NOTA RIO D E MA D RID 3.1 La Empresa ha sido váiidamente constituida conforme a sus respectivas legislaciones nacionales y se encuentra debidamente inscrita en los registros mercantiles correspondientes o en los registros públicos, en su caso, y tiene plena capac . dad jurídica para llevar a cabo sus negocios inherentes a sus fines sociales . 32 i odos los acuerdos sociales y otros documentos que la Empresa está obligada por Iey a presentar en los registros mercantiles o registros públicos correspondientes han sido correctamente registrados . 3.3 La Empresa no tiene nlng • tJñ interés más que el detallada en el Contrato y no es parte ni tiene intereses en otra Empresa (que limite la resp ƒ nsabiIidad de sus socios o no), asociaciones, fideicomisos o entidades . 3.4 La Empresa no posee como propietarios ni como garantía, ninguna autocartera. 3.5 La Empresa no está sujeta a ninguna de las causas de disolución establecidas en las leyes aplicables ni a ninguna otra que le obligue a reducir su capital social. 3.6 La Empresa no ha adoptado ninguna resolución de disolución o liquidación, ni de nombramiento de liquidador o administrador concursal . No existe ningún procedimiento pendiente de disoluciúr o liquidación . ni resolución emitida pur los órganos de gobierno de la Empresa sobre su conversión, fusión, escisión, transformación, canje de Participaciones o aportaciones de ac % ívos o rama de ac\* . ividad . 3.7 La Empresa nc está actualme!Jte sujeta a ningun procedimiento de insolvencia ni a ningún prcce ¢ limiento con ‹oírnos a pr+venir o resol \ ‹er dificultades de insolvencia y liquidez en \ 'irtud ble las leyes aplicables . 4. PERSONAS JURÍDICAS 4.1 Todos los ro!vbratüi+ritus y cargos del órga . lo de gobierno do la Empresa se iiJscribe! 1 en e \ Registro Mercar›\* . i . o Registre Sub . ico correspondiente, ouando dicha inscripción ser • ‹i • erida por . a legislac . ón aplicable . A partir de la fecha de cierre : 4.2 4.2.1 La Empresa no adeuda ninçuna cantidad a su administrador nico por el desempeño de seis funciones. Y 4.2.2 El adminis'.rador único de ta Empresa no adeuda n.ngutJa cantidad a la Empresa, Los estatutos de la Sociedad actualmente v.denles son aquellos inscritos c!J los reçistrcs !ücrcar \ tíIes o en los registros públicos correspurJdientes, según lo exige la leçislación aplicable. 4.4 ET lióro registro ne socios de la Empresa inclu \ \*e registros actuaiizados ble todns las trarismisiones y gravámenes de las Part : 'oipaciones, de conformidad con le disp . este por la leçislac . ún española . 5. SITUACIÓN FINANCIERA 5.1 Los datos financieros proporc . onados reflejan en todos los aspectos materiales uria visión razona'ule de los ecti'vos, pasivos y situación financiera de . a Empresa en las fechas y para los períodos indicados . Estos estados 'van sido preparados de buena fe y sobre üna base contable aplicados de manera consistente de acuerdo con las prácticas estándar de la Comparia .

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5.2 Los Estados Financieros facilitados: 5 . 2 . 1 No contienen ninguna declaración falsa ni omitan hechos materiales que los haga engañosos . 5 . 22 Reflejan adecuadamente todas las participaciones y activos materiales, así como los pasivos y obligaciones incurridos por la Empresa en la fecha y durante el periodo cubierto . En particular, no se omiten pasivos no revelaclos por un importe superior a 10 . 000 , 00 euros . 3. Han sido elaborados ble conformidad con las leyes y normativas españolas aplicables, así como con los Principios de Contabilidad Generalmente Aceptados (PCGA) en España . 4. Según el leal saber y entender de los Vendedores, a partir de la fecha a la que se refieren los Estados Financieros de 31 de julio de 2024 : 525 La Empresa ha llevado a cabo sus actividades y operaciones en el curso ordinario de negocios, de acuerdo con las prácticas establecidas en el pasado ; 6. Todas las transacciones y participaciones materiales realizadas por la Empresa hasta la fecha han sido debidamente registradas y contabilizadas ; 7. La Empresa no ha incurrido en ninguna deuda fuera del curso ordinario de sus operaciones ; 8. La Empresa no ha creado ni otorgado ningún gravamen sobre sus negocios, activos o participaciones ; 9. No se han realizado cambios sustanciales en la política contable ni en los criterios de valoración aplicados por la Empresa ; 10. No se ha tomado, acordado ni autorizado ninguna acción o transacción fuera del ámbito ordinario de la Empresa ni de las prácticas generales del mercado que haya seguido en el pasado ; además la Empresa ha desarrollado sus actividades de manera constante, sin interrupciones ni alteraciones en su naturaleza o forma . 6. BIENES INMUEBLES 6.1 La Empresa posee plenos derechos legales para utilizar los Locales Arrendados . (i) Dichos acuerdos son válidos y están en pleno vigor y efecto, y se encuentran en pleno vigor y efecto (iii) no existen obligaciones pendientes con respecto a los Locales Arrendados . 6.2 Los Locales Arrendados están en buen estado de funcionamiento y mantenimiento y reparación, salvo el desgaste normal por uso . Además, son adecuados para los fines para los cuales se utilizan actualmente . 6.3 Según el leal saber y entender de los Vendedores, la Empresa no ha recibido ninguna notificación en relación con litigios, reclamaciones, procedimientos, demandas, disputas o responsabilidades en relación con los Locales Arrendados . Además, el Vendedor no ha sido informado de ninguna manera sobre el riesgo de que alguno de los contratos de arrendamiento no sea renovado en la fecha de vencimiento . 7. PROPIEDAD DE LOS ACTIVOS 7.1 La Empresa cuenta con un título legal válido y un interés de arrendamiento financiero adecuado, así como con un derecho exclr›sivo de uso sobre todos los activos relevantes, excluyendo bienes raíces, tanto tangibles como intangibles . Estos activos son

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¥ALEIiZIJELA FEItíIfiíIDEZ NOTARIO DE MA D RID ESf dir de su negocio en la actualidad y se encuentran libres de cualquier gravamen. 7.2 Todos los act . vos tangibles relevantes utilizados por la Empresa, excluyendo los bienes inmuebles, se encuentran en condiciones operativas adecuadas y han sido mantenidos y reparados de acuerdo con las prácticas y procedimientos establecidos anteriormente, excepto por el desgaste ordinario . 7.3. Todos los activos de la Empresa están adecuadamente asegurados contra pérdida, daño y responsabilidad bajo pólizas de seguro válidas y ejecutables. g. pROPIEDAD INTELECTUAL E INDUSTRIAL 8.1 LoS Derechos de Propiedad Intelectual son válidos y se encuentran debidamente registrados . Además, no existen obligaciones materiales pendientes relacionadas con dichos Derechos de Propiedad Intelectual . 8.2 La Empresa cumple con todos los requisitos legales necesarios para mantener vigente la titularidad de los Derechos de Propiedad Intelectual y para continuar utilizándolos . En particular, la Empresa está al corriente en el pago de todas las regalías y tasas asociadas a dichos Derechos de Propiedad Intelectual . 8.3 Los Derechos de Propiedad lntelectua!: 8.3.1 Se utilizafJ en estricta u - onformidad con las leyes, contratos y acuerdos quu rigen los derechos de propTeóad Intelectual aplicables; 6.3.2 A su leal saber y e!Jterder, les Vendedores no inf! ingen ‹Ji so apropian inrlebidamente cl+ ning!Jn derecho de propiedad intelectual o industrial propiedad de terceros; y 8.ü.ü SegúiiJ el leal saber y entender de los Vendedores, riingLJn tercero 'la infringido, su ha apropiado indebidamente, ha cuest . onado la validez o aplicabilidad, ni ha llevado a cebo un uso no autor . zadc de los clerechos de propiedad irJtelect \ Jal . 9. IMPUESTOS 9.1 La \ - mpresa ha elaborado y presentado toclas las c!eclaracTo! es do impuestos reqrJer‹das por las leyes aplicables, cunJp'iendc con sus obligaciones fiscales . Estas decla«acio!Jes son veraces y correctas, y reflejan do rr \ anera preciso y comple\* . a loda la información !elevarito y actua . de la Empresa al aumente de su pl esentación . 8.2 La Empresa ha cumplido puntualmente con el pego de !odos ios inJt›rJestos exigiduu pum la legislación f.scal aplicarlo. 9.3 Los palas efect \ lados ¡Por la Empresa a c Jalquier entidad suje\* . a a retención de impuestos se flan realizado do ma!Jcra puntua' y confor . me a lo es' . ablecidc por In IegislaciúrJ . iscal aplicable . 9.4 En caso de haber efectuado transacc . ones realizadas sur la Empresa cor partes relacionadas se han llevate a cabo en condiciones de plena competencia y en conformidad con la normativa fiscal aplicable . Estas operaciones están debidamente documentadas mediante los expedientes de precios de transferencia, los cua . es cumplen con los requisitos establecidos por la legisiac . ón tributaria vigente . 9.5 Las pro 7 is . o!Jes para impuestos incluidas en las Cuentas Anuales de 2023 son adecuados 'lara cubrir los impuestos deverigados hasta la fecha de dichas cuentas, incluyendo ios intereses, recargos y sanciones que puedan ser aplicables .

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0.6 No existe ninguna obligación fiscal de la Empresa que esté en disputa con las autoridades fiscales . Actualmente, la Empresa no se encuentra sujeta a ninguna auditoría ni a procedimientos fiscales iniciados por dichas autoridades en relación con sus obligaciones tributarias . Asitvismo, no se ha iniciado ningún litigio de naturaleza tributaria ante tribunales administrativos o judiciales . 10. EMPLEO 1. No hay cantidades acumuladas y adeudadas a los Empleados o a cualquier exempleado, gerente o director de la Empresa en virtud de ningún acuerdo . 2. La Sociedad no ha formalizado ningún compromiso por escrito para aumentar los salarios de los Empleados, directores o funcionarios, ni para incrementar las tasas de remuneración, ya sea a través de primas u otros conceptos . Asimismo, no se han acordado bonos, así como los bonos ordinarios, opciones, derechos o participación en los resultados de la Empresa . Esto se da en el contexto de que se respetan los compromisos establecidos por la Empresa en virtud de los contratos colectivos de trabajo vigentes, 3. La Empresa ha cumplido y cumple con cualquier convenio colectivo de trabajo vigente. 4. La Empresa ha cumplido con todos los requisitos legales y reglamentarios relacionados con los acuerdos establecidos con los Empleados, asegurándose de realizar oportunamente todos los pagos requeridos, así como la presentación adecuada de documentos e informes . Además, la Empresa está al corriente en el cumplimiento de sus obligaciones en materia de seguridad social . 5. En general, la Empresa ha cumplido con toda la legislación laboral y de empleo, incluyendo, entre otras, las normativas sobre permisos de trabajo para residentes no pertenecientes a la UE, el registro de horas trabajadas y las políticas de igualdad de trato . 6. La Empresa no está involucrada en ninguna disputa de los empleados. 11. LITIGIOS Y CUMPLIMIENTO DE LA LEY 1. Actualmente, la empresa está involucrada en un litigio con RV GLOBAL LOGISTIC IT, S . L . , una compañía de logística, debido a la manipulación de la documentación aduanera, lo que ha originado un fraude fiscal explicado más detalladamente en el Apéndice 8 . 5 . 2. Los Vendedores indensnizarán y mantendrán indemne al Comprador, la Empresa y sus respectivos directores, ejecutivos, empleados y agentes de y contra todas las pérdidas, responsabilidades, daños, costes, honorarios y gastos (incluidos los honorarios y gastos legales razonables) que surjan de o en conexión con el litigio contra RV GLOBRAL LOGISTTIC IT, S . L . detallado en el Apéndice 8 . 5 11.3 El Comprador deberá notificar de inmediato a los Vendedores de cualquier novedad en el Litigio contra RV GLOBAL LOGISTIC IT, S . L y cor›suItará razonablemente con los Vendedores respecto al manejo de la disputa, siempre que dicha consulta no limite ni retrase las obligaciones de los Vendedores bajo esta cláusula . 12. PROTECCIÓN DE DATOS 1. A juicio de los Vendedores, la Empresa cumple con todas las obligaciones legales establecidas en las leyes y regulaciones aplicables en materia de protección de datos. 2. Según el conocimiento de los Vendedores, no se ha presentado ninguna reclamación por parte de terceros contra la Empresa, ni se ha iniciado ninguna inspección por parte

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¥ALEIiZIJELA FEItíIfiíIDEZ NOTA RIO D E MA D RID ES en relación con el incumplimiento de obligaciones relacionadas con la protección de datos persor.ales. 13. MEDIO AMBIENTE 1. La empresa cumple con todas las leyes y regulaciones ambientales vigerites . Según el conocimiento fTiás preciso del Vendedor, no existen reclamaciones, investigaciones ni responsabilidades, ni pendientes ni potenciales . relacionadas con cuestiones ambientales .

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ANEXO 6.7.1 DECLARACIONES Y GARANTÍAS DEL COMPRADOR 1. ORGANIZACIÓN CORPORATIVA. Capacidad y consentimientos de terceros. 1.1 El Comprador es una sociedad privada limitada constituida bajo las leyes de Hong Kong con domicilio social en Room 803 , Chevalier House 45 - 51 , Chatam Road South, TSIM SHA TSUI KL, Hong Kong (China) e inscrita en el Registro de Compañías de Hong Kong con el número 1735259 y con CIF español número N 0096022 - l . 1.2 El Comprador tiene la capacidad legal requerida y lla tomado todas las medidas necesarias para la ejecución de este Contrato y para completar la Transacción. 1.3 El Comprador declara y garantiza que cuenta con los recursos financieros suficientes y la capacidad económica necesaria para cumplir con las obligaciones de pago del Precio en los términos y condiciones establecidos en este Contrato . Asimismo, manifiesta que el cumplimiento de estas obligaciones no afectará negativamente su situación financiera . 1 . 4 . El Comprador se compromete a informar de manera inmediata a los Vendedores sobre cualquier cambio relevante en su situación financiera que pudiera afectar su capacidad de cumplir con el pago del Precio Aplazado y en su caso del Precio Variable . Esta información incluirá, sin limitación, cualquier variación significativa en su solvencia o liquidez . Para los fines de esta cláusula, un "cambio significativo", se entenderá como un deterioro material de los indicadores financieros del Comprador, como una disminución importante en los ratios de solvencia o liquidez . 1.5 Este Contrato crea obligaciones válidas y vinculantes para el Comprador, totalmente ejecutables contra él de acuerdo con sus propios términos y condiciones. 1.6 La ejecución de este Contrato por parte del Comprador, así como el cumplimiento de sus obligaciones derivadas del mismo, incluyendo la adquisición de las Participaciones y el pago del Precio de Compra, se llevará a cabo de forma que : 1. No constituya un incumplimiento ni contravención de las disposiciones establecidas en cualquier decisión legislativa, administrativa, judicial o arbitral que pueda vincular al Comprador ; 2. No dé lugar a un incumplimiento de ningún término de los estatutos sociales, la escritura de incorporación o documentos constitucionales equivalentes del Comprador ; 3. No infrinja ninguna escritura pública, obligación, contrato o acuerdo del que el Comprador sea parte; 4. No exija al Comprador obtener ningún consentimiento o aprobación, ni que realice notificaciones o registros entre autoridades gubernamentales u otras entidades que no se hayan obtenido o realizado a la fecha presente . 1 . 7 El Comprador garantiza que : (i) no ha sido declarado insolvente ni en quiebra y no existe ninguna acción o solicitud pendiente para su declaración de insolvencia o quiebra ; y (ii) no se ha declarado insolvente ni en quiebra en ningún momento . 2. RECONOCIMIENTOS 2.1 El Comprador reconoce y acepta de manera expresa que, antes de la firma de este Contrato, él y sus asesores realizaron un proceso de Due Diligence de la Empresa, para lo cual se les proporcionó acceso a la Información Divulgada .

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\ íALEIiZIJELA FEIIíIAl]DEZ NOTA RIO D E MA D RI D 2.£S rá u ue Dill s ence realizada sobre ía Empresa fue adecuada y su iciente para permitirle formarse una opinión razonable acerca del Precio de Compra, así como sobre los términos y condicio,nes establecidos en este Contrato. 23 En este sentido, el Comprador reconoce y acepta que ha tenido . 'a oportunidad de revisar ía Información Divulgada, lo que incluye la posibilidad de formular preguntas relacionadas can dicha información y de interrogar a los directores, funcionarios, empleados y asesores pertinentes de la Empresa . 2.4 En consecuencia, el Comprador declara que, basándose en (i) la Información Divulgada, (ii) la información disponible públicamente y (iii) la información obtenida por otro 9 medios ha realizado una investigación y analisis razurJahles de todos los aspectos relevantes de la Sociedad que un Comprador potencial debería considerar al evaluar la adquisición de las Participaciones . 2.5 El Comprador ha celebrado y ejecutado este Contrato sin haber sido influenciado por ninguna declaración o garantía realizada por cualquier persona que actúe o pretenda actuar en nombre de cualquiera de los Vendedores ; 2.6 El Comprador no tiene conocimiento de que ninguna de las Declaraciones y Garantías de los Vendedores establecidas en el Anexo 6 . 1 . 1 sea incorrecta o incompleta, ni de ningún hecho o circunstancia que pueda dar Iugar a una reclamación directa conforme al Anexo 7 . 1 , excepto por los riesgos detec . tantos durante Ta due d 4 igence en materia fiscal, dc l \ 'A y de seguridad socia! .

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ANEXO 6.4.1 PARTICIPACIONES PIGNORADAS 1. Participaciones pignoradas a la fecha de cierre Se transfieren un total de 3 . 020 participaciones . De estas participaciones, el 50 º/» (1 . 510 participaciones) se pignora como garantía del cumpli'vi'en\*o de las obligaciones de pago establecidas en las Cláusulas 4 . 3 . 4 , 4 . 3 . 5 y 4 , 3 . 6 . en el contrate de compraventa . t .. a distri!auc ƒ . ión de las participaciones pfgncradas es la sigute»te : • Shenglin Chen Pen: Pignora el 70% del total de participaciones pignoradas, lo que equivale a 1.057 participaciones. • Francisco Javier Zorrilla Lozano: Pignora el 30% restante, es decir, 453 participaciones. Distribución de las participaciones pignoradas : • Shenglin Chen Pen: Las participaciones pignoradas comprenden desde la 1 hasta la 1057, ambas inclusive. • Francisco Javier Zorrilla Lozano: Las participaciones pignoradas comprenden desde la 2115 hasta la 2568, ambas inclusive. Estas participaciones quedarán completamente liberadas de la pignoración una vez se cumplan las obligaciones establecidas en las Cláusulas 4 . 3 . 4 , 4 . 3 . 5 y 4 . 3 . 6 en el contrato de Compraventa . 2. Liberación parcial de participaciones pignoradas Si la obligación contemplada en la Cláusula 4.3.4 se cumple en la fecha prevista, se liberará el 25% de las participaciones pignoradas, lo que equivale a 755 participaciones del total de 3.020. La liberación se distribuirá de la siguiente forma: • Shenglin Chen Pen: Libera el 70% de las participaciofses liberadas, es decir, 528 participaciones. Francisco Javier Zorrilla Lozano: Libera el 30% restante, correspondiente a 227 participaciones. Distribución de las participaciones liberadas.' • Shenglin Chen Pen: Se liberan las participaciones comprendidas desde la 1 hasta la 528, ambas inclusive. • Francisco Javier Zorrilla Lozano: Se liberan las participaciones comprendidas desde la 2115 hasta la 2342, ambas inclusive. Estas participaciones quedarán completamente liberadas de la pignoración tras el cumplimiento de la Cláusula 4.3.4.

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ES COPIA SIMPL E ANEXO 7.1.4 PROCEDIMIENTO PARA LAS RECLAMACIONES DE INDEMNIZACIÓN ¥AL£IiZIJELA FEItíIAíID£Z NOTA RIO D E MA D RI D RECLAMACIÓN DIRECTA 3 1 11 Notificación de la reclamación Cualquier Parte gire considere que ha surgido una circunstancia que podría dar lugar a una obligación de indemnización en virtud del Contrato deberá informar a la otra Parte tan pronto como sea posible, de acuerdo con las disposiciones establecidas en la presente cláusula . 2. Negociación entre las partes (a) Las Partes se comprometen a negociar de buena fe durante un periodo de 15 días hábiles, a partir de la fecha de notificación indicada en la Cláusula 1 . 1 . 1 anterior . El objetivo de estas negociaciones será llegar a un acuerdo sobre la existencia de responsabilidad y determinar el monto de la indemnización correspondiente . (b) En caso de que no se alcance un acuerdo, la Parte contra la que se formule la reclamación deberá notificar por escrito a la otra Parte, dentro de los 7 días Hábiles siguientes a la conclusión del periodo de negociación mencionado antei iormen te . En esta notificación, deború indicar si eccpta u rechaza su respoi 1 saL^iIidad . {c) Si se acepta l a respunsaüilidad, eT monto recorJucido deberá aLc!aeJrse en un pIaz . o no superior a 5 dias hábi . es contados a partir de la fecha en que se envió ía notificüc . úri de aceptación a la Parte reclamante, de conformidad con el párrafo (b} anterior . de ccnsiderarú que mu se acepta la ! esporJsabilidacl si, den\* . ro del plazo es pulaüo en el púrrafc \ b), nc se envía una nen ficación por escrito a . a ctra Parte u no se recc ƒ roce exp!fci' : amente ninguna rcspoiJsa\*oilida ¢ l . (d) Ausencia de acuerdo enti e las Part<=ü • Se exceptúa la aplicación de la Cla‹ srila 16 del Contrato para el incumpl‹n \ iontc del Precio Fijo Aplazado por cuanto su exigibilidad por los ipJportes y pIazcs convenidos ya ha sido acordada por las Partes, sin que quepm inturprutación clistínto a la estipulada de conformidad con el artícu . o 12 ü 1 del Código Civil . En consecuencia, si el Comprador persiste en el . rcumpli!v . ento de cuaíqrJier cuota de Precic A,nlaza ¢ lo sera de apIicaci'un In previsto en eT Oontra' . c \ ' en sil caso los Vendedores podrún acud‹r a . os Tribunales de Justicia re con - o . nidad con la clúuEula 19 del Contrato . 2. RECLAMACIONES DE TERCEROS (a) Notificación de reclamación de terceros Dent - o de los diez \ 10 J días Háb . les siguientes a la recepc : 'ón de una reclamación de terceros contra la Empresa que pueda dar lugar a Daños y Perjuicios, y en todo caso, antes de que transcurra un cuarto (1 / 4) del plazo legal establecido para responder a dicha reclamación, el Comprador notificará por escrito al Representante de los Vendedores . (b) Documen.ación adjunta

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(c) Defensa contra reclamaciones Los Vendedores podrán asumir la defensa ante la reclamación de terceros, siempre que se hagan cargo ble todos los costes y gastos incurridos en relación con dicha impugnación u oposición y siempre que esta defensa no perjudique los intereses comerciales y financieros de la empresa . En caso de que exista un riesgo en este sentido, los Vendedores se reunirán con el Comprador para discutir la forma propuesta de defensa . El Comprador proporcionará, o se asegurará de que la Empresa otorgue, los poderes notariales necesarios a los asesores designados por los Vendedores . La Parte que se encargue de la defensa contra la reclamación de terceros se compromete a mantener a la otra Parte informada sobre el progreso de dicha reclamación de manera oportuna y con la debida regularidad . Si los Vendedores deciden no asumir la defensa contra la reclamación de terceros o renuncian a ella, y el Comprador opta por hacerse cargo, este último no podrá llegar a un acuerdo ni admitir la reclamación sin el consentimiento previo y por escrito de los Vendedores . En caso de que se conclene a un tercero a pagar a la Sociedad o al Comprador honorarios o costos de cualquier naturaleza en relación con los procedimientos en los cuales los Vendedores han asumido la defensa, dichos importes deberán ser reembolsados de inmediato a los Vendedores si son entregados a la Empresa, al Comprador o a sus asesores . (d) Acuerdos (i) Los Vendedores tienen la posibilidad de alcanzar un acuerdo transaccional con el tercero, siempre que, antes o al mismo tiempo de cumplir con dicha obligación establecida en el Contrato, faciliten al Comprador los tur \ dos necesarios que este ylo la Empresa deben abonar al tercero en virtud del acuerdo . (ii) El Comprador no podrá desistir de la reclamación sin obtener previamente el consentimiento por escrito del Vendedor . (e) Obligación de pago La obligación de indemnizar que pudiera corresponder a los Vendedores por Daños en relación con la Reclamación de Terceros serú exigible cuando concurra alguna de las circunstancias siguientes : (i) Que los Vendedores acepten la Reclamación de Terceros o lleguen a un acuerdo amistoso para la resolución de la controversia que implique la obligación de indemnizar el Daño ;

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¥ALEIiZIJELA FEItíIAíIDEZ NOTA RIO D E MA D RID ES COlfIA E e la sentencia judicial, reso . ución, acuerdo o ac!o administrativo de cualcuier naturaleza por el que se declare la responsabilidad de los Vendedores conforme lo previsto en este Con!ra!o ; o (iii) Que los Daños se hayan material . zado porque el Comprador y/o la Empresa, no habiendo asum . do el Representante de los Vendedores la defensa jurídica de la Reclamación de Terceros y habiéndolo hecho el Comprador, hayan satisfecho la Reclamación de Terceros correspondiente o de cualquier moda hubiera hecho frente a los Daños relativos a la Reclamación de Terceros, siempre de conformidad con el procedimiento expresamente previsto en la presente Cláusula . Los Vendedores r . ƒ aliz . ai 4 . n el pago de la indemnización al Comprador dentro de los 10 Días hábiles a la fecha en la q'›e se alcance un acuerdo escrito entre las Partes o se emita una Resolución sobre la reclamación de terceros, siempre que la deuda resultante sea neta, exigible y pagadera . Los Vendedores no serán responsables de ninguna Reclamación en la medida en que el Comprador no cumpla con las obligaciones establecidas en este Al - . exo relacionadas con dicha Reclamación . 3. FACULTAD DE COMPENSACIÓN En el uasc de n . r‹e se genere cualquier Daño que con . Iov+ la exigibilidad del deber du indenJ nizar de los Vendedores de acuerdo con lo establecido aiJt+riormente . los Vendedores tendrán la facuitad de soIic : 'tar al Comprador oue aplique la con \ pur \ sac . ón del importe resul . ante del Daño con el importe del Último Pago Aplazado, cuvu comprolviso de canJperJsación asume el Comprador, rn‹ncrándose el mencionado ‹nJçurte del Daño de . a suma del Precio Aplazado .

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1. LITIGIO 1. ARTECONFORT contrata empresas de transporte encargadas de la gestión aduanera y el pago de los impuestos correspondientes . Entre las empresas contratadas, ARTECONFORT mantenía un contrato con RV GLOBAL LOGISTIC IT SL, una sociedad limitada constituida el 18 de junio de 2020 , con un capital suscrito de 60 . 000 euros . Actualmente, RV GLOBAL presenta dos incidencias judiciales con las administraciones públicas, registradas en las fechas 04 de septiembre de 2023 y 08 de abril de 2024 . No se tiene constancia de que la empresa esté inmersa en un proceso concursal . 2. En agosto de 2023 . se descubrió que RV GLOBAL había manipulado la documentación aduanera, específicamente alterando los valores declarados en los Documentos Únicos Administrativos (DUA), con el fin de declarar valores inferiores a los reales . Esta manipulación permitió a la empresa pagar menores cantidades de IVA y aranceles a la Agencia Tributaria . Sin embargo, RV GLOBAL continuó enviando a ARTECONFORT documentación que aparentemente cumplía con los requisitos, solicitando el pago de los importes indicados . 3. Hasta la fecha, se ha identificado un posible fraude que asciende a 1 . 092 . 317 , 65 euros, con la posibilidad de que existan otras operaciones aún no detectadas . 4. Ante esta situación, ARTECONFORT presentó una denuncia el 5 de junio de 2024 ante los agentes de la Guardia Civil, identificados con las tarjetas profesionales D 35694 F y D 59350 C, para personarse como víctima en el proceso de instrucción por un delito de estafa continuada contra la Hacienda Pública, así como por falsificación de documentos públicos y mercantiles . 5. Dado el monto total defraudado, es probable que el caso siga ufs procedimiento abreviado, que se aplica a delitos penados con prisión inferior a 9 años o cualquier otra pena de distinta naturaleza, independientemente de su cuantía . Este proceclimiento está configurado por las etapas mencionadas . 6. Actualmente, el proceso penal derivado de la denuncia de ARTECONFORT se encuentra en la fase de investigación, donde la Guardia Civil está recopilando pruebas y analizando los hechos . A medida que avance la investigación, el fiscal evaluará los delitos y, si se reúnen suficientes indicios, el caso será llevado a juicio, donde se presentarán las pruebas de ambas partes involucradas . 7. ARTECONFORT tiene recogido en su contabilidad esta contingencia, tanto la deuda por IVA como por aranceles y tiene retenido el importe correspondiente a los servicios de RV GLOBAL S . L . por posibles contingencias que pudieran derivarse de esta situación . APÉNDICE 8.5 LITIGIOS

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ES COPIA SIMPLE A N NEX(A) THE SHARES HEN PEN" JAVIER ZORRILLA LOZANO " 2.115 a 3.020 ambas inclusive t 2.114 906 aLEiIAIELA FEBiAtlsEZ NOTARIO DE MA B RID 1 al 2.114 ambas inclusive 30 ƒ /»

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ANNEX 1.1¡Error! No se encuentra el origen de la referencia..1 DEFINED TERMS "Agreement" means this sale and purchase agreement; "Breach" has the meaning set out in Clause 7.2.2; "Business" has the meaning set out in whereas B; "Business Day" means any day (other than Saturday or Sunday) when banks in the city of Madrid (Spain) are open for the transaction of normal business ; "Buyer" means AIGOLEO LIMITED ; "Buyer's Breach" has the meaning set out in Clause and 7.2.1 "Company" has the meaning set out in whereas (A); "Completion" means completion of the sale and purchase of the Shares in accordance with this Agreement ; "Completion Date" has the meaning set out in Clause 2.1; "Corporate Companies Act" means the Spanish Corporate Companies Act approved by the Royal Decree 1 / 2010 , of 2 July (Real Decreto Legislativo 1 / 2010 , de 2 de julio, por el que se aprueba el texto refundido de la Ley de Sociedades de Capital) ; "Damages" means any actual damage (actual property damage) suffered or incurred . For the avoidance of doubt, the term Damages shall exclude internal administration or overhead costs, loss of profits (loss of profits, reputational damages and consequential damages and indirect damages ; "Disclosed Information" has the meaning set out in Whereas (D); "Due Diligence" has the meaning set out in Whereas (D); "Encumbrance" means a pledge, lien, charge or mortgage or security interest of any kind; "EUR", "€" or "euros" means the lawful currency of the Kingdom of Spain; "Warranties" means the Representations and Warranties of the Sellers set forth in Annex 6 . 1 . 1 and the Representations and Warranties of Buyer set forth in Annex 6 . 7 . 1 . "Fundamental Warranties Liability Cap" has the meaning set out in Clause 7.4.2; "Fixed Price" has the meaning set out in Clause 4.1.2; "Variable Price" : means the price increase in the event that the conditions agreed for the Earn Out to accrue are met ; "Earn Out" refers to the additional payment the seller receives after the sale, based on the future financial performance of the acquired business . "IP Rights" means, in each case, whether registered or unregistered. (a) All patents, patent applications, inventions, utility models, proceedings, technology, trade secrets, know - how and any other industrial property rights; (b) All trademarks, logos, trade names, signs, internet domain names and any other commercial

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EQO099 \ B/6(BP1E (c) All copyrights and any other intellectual property rights. "Purchase Price": has tñ.e meaning set out in Clause 4.^ .1., "Representations and Warranties of Buyer" has the meaning set out in Clause 6.7.1; "Representations and Warranties of the Sellers" has the meaning set out in Clause o.1,1; "Representative of the Sellers" has the meaning set out in Clause 10.1.1;. "Ruling" means a binding, final and non - appealable (court decision, arbitral award or settlement.) "Seller" has the meaning set out in the Parties description above; "Sellers\* Breach" has the meaning set out in Clause 7.1.1; "Shares" has the meaning set out in whereas (A); "Sum Recovered for the Sellers" has the meaning set out in CIause7.4.2 (iii). "Taxes" nears any tax, levy, assessment, rate, fee, charge or any kincl or amount or encumbrance of any analogous nature, reqs ired by any endr inistrative authority, including surcharges, interests and penalties which are due . "Transaction" means the acquisition fry the Buyer cf 100 7 . per cent of the shara capital of the Company as conteri \ platcd 'n the Agreement ; ¥ALEIiZ8ELA FEIttIAlIDEZ NOTA RIO D E MA D RID

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ANNEX 3.3.2 MINUTES OF THE EXTRAORDINARY AND UNIVERSAL GENERAL MEETING OF THE SHAREHOLDERS OF "ARTECONFORT HOTEL, S.L." In Valdemoro (Madrid), at the registered office of the company "ARTECONFORT HOTEL, S . L . " with Tax Identification Number (NIF) B 87621975 (hereinafter referred to as "The Company"), on December 18 , 2024 at 10 AM the individuals listed below, representing the entire share capital of the Company, convened : ". Mr. SHENGLIN CHEN PEN, holder of 2,114 shares, consecutively numbered from 1 to 2,114 - both inclusive - representing 70% of the share capital. 2. Mr. FRANCISCO JAVIER ZORRILLA LOZANO, holder of 906 shares, consecutively numbered from 2.115 to 3.020 - both inclusive - representing 30% of the share capital. Consequently, the two (2) shareholders of the company, who are the holders of all the (3,020) shares comprising the entire share capital (996,600.00 €), all fully paid and with voting rights, attend the meeting either in person or by representation, with no limitations or restrictions imposed by the causes established by law. All of them unanimously accept and agree to constitute the meeting as an Extraordinary General Meeting of Shareholders, with universal character, under the provisions of Article 178 of the Spanish Companies Act (Ley de Sociedades de Capital). Mr. Francisco Javier Zorrilla Lozano, the Sole Administrator, is also in attendance in accordance with Article 180 of the Spanish Companies Act. In accordance with legal and statutory provisions, and with the consent of all those present, Mr. Francisco Javier Zorrilla Lozano acts as Chairman, and Mr Shenglin Chen Pen as Secretary. The session is opened by the Chairman, and in compliance with the provisions of Article 192 of the Spanish Companies Act, the required Attendance List is presented, which is attached as an Annex to this Minutes . It is confirmed that all shareholders, representing the entire capital, are present or represented, and they sign below their names . The Chairman declares the meeting validly constituted and with sufficient legal capacity to adopt all types of agreements and decisions ; and proposes that the points constituting the AGENDA be addressed, as follows : AGENDA 'I . Authorize the sale of the ñ,UyU shares representing 100'/ of the share capital of the company ARTECONFORT HOTEL, S.L. 2. Notarization: Granting of powers to formalize the agreements in public. 3. Requests and questions 4. Reading and, if applicable, approval of the Minutes The agreements adopted by unanimous decision of the shareholders present at the Shareholders' Meeting are as follows:

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ES COPIA SIMPLE AGREEMENTS FIRST: To authorize the sale of the 3,020 shares representing 100% of the share capital of the company ARTECONFORT HOTEL, S.L. Ali of the shareholders representing 100%. of the s'nare capital unanimously agree to authorize the sale of a'I the shares constituting the company's capital. • SHENGLIN CHEN PEN is authorized to sell all her 2,114 shares, consecutively numbered from 1 to 2,114 - both inclusive - representing 70% of the share capital. • FRANCISCO JAVIER ZORRILLA LOZANO is authorized to sell all her 906 shares, consecutively numbered from 2.115 to 3.020 - both inclusive - representing 30% of the share capital. The rights inherent to the shares, including the voting rights, which will continue to be eKercised by the transferors, are subject to a suspensive condition: the payment of FOUR MILLION SEVEN HUNDRED AND FIFTY THOUSAND EUROS ('g4,750,000) ("Deferred Fixed Price"), which shall be payable by the Buyer to the Sellers no later than February 28, 2025 ("Payment Deadline") via transfer to the bank accounts designated by the Sellers. Once the payment is made, the economic effects of the pure:hase shall be effective reircao - ti 'ely from the moment of the transfer, December 27, 2024. The General Meeting of Sharehclñers declares that the aforerrJentioned transfer o' . - harms is carrieci or‹t in accordance with \* . he provisions of Art : 'cle 6 of the Articles of Association cf ARTECONFORT HOTEL, S . L . anal i - \ compliance 'ith the provisions of Article 107 . 2 ref the Capital Compar!ius Act . To th's end, the Company, through this resolution of the Extraordinary and Universal General fleeting, in which ail the shareholders holding 1008 'J of tl - . e o - ompar \ y shares that make up and represent 100 ƒ ,â of the Company's share capital are present, expresses its consent tc the aforementioned sale of the 5 , 020 s'nares represun\* . ing 1 LJLJ % of the share c,apiteJl of ARTECONFORT HOTEL, S . L . , 'z ith all shareholders expressly wai'v . n'g tiJeir pre - en 1 ptive rig . nt of accuisit'on . ¥ALEIiZ8ELA FElttl/ \ IIDEZ NOTA RIO D E MA D RID SECOND . - Notarization : Granting of powers to formalize the agreements . Granting of powers to formalize the agreements . Granting of powers to formalize the agreements . It is unanimously agreed to grant to any member of t'Je Sole Administrator, . he broadest pa 'ers as legally necessary, so that on hehalf and representation of the ccrnpatJy, they may execute all necessary public or private docrJrnents, including nny amendments cr corrections, io formalize ihn agr++ments adopted and to introduce any modifications required by the ueria! or \ z ri\* . ten qualification of the Commercial Registry . They nrn authorized to ca! ry ant all necessary actions to valida : e tiJese agre+metals and ensure their registration, \ % inen applicah . e, in the relevant public registers . THIRD. - Questions and Requests A session for c,uestions and requests is opened, with none of the attendees making use of it.

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FOURTH. - Reading and, if applicable, approval of the Minutes of the Meeting, Having no further matters to discuss, the session is adjourned, and these minutes are drawn up. Once read, they are unanimousty approved by the attendees, who lind them in accordance wìth the actual decisions made. The minutes are signed by all the shareholders, as well as the Chairman, Mr. Hipólito Albo Gómez, and the Secretary, Mr. Antonio Herrero Perales, in the place and date indicated above. Ghairman Mr. Francisco Javier Zorrilla Lozano Secretary Mr. Shenglin Chen Pen ATTE tDANCE LIST OF THE EXTRAORDINARY AND UNIVERSAL GENERAL MEETING OF SHAREHOLDERS QF "A.RTECONFORT, S.L" DATE De?enxber 18, 2024 Shareholders Nto Of S"hares ƒ /» ' ƒ /» of Participation t "" Signatures ' SHENGLIN CHEN PEN 1 al 2.114 both inclusive 2.115 a 3.020 inclusive 2,114 !

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ES COPIA SIMPLE A NNE X 3 2 ¥ALEłiZIJELA FEltíl/ \ łłDEZ NOTA RIO D E MA D RID CERTIFY THE EXTRAORDINARY AND UNIVERSAL GENERAL MEETING OF SHAREHOLDERS OF THE COMPANY "ARTECONFORT, S.L" k'1r. Francisco Javier Zorrilla Lozano, So.e Administrator of "ARTECONFORT HOTEL, S.L." CERTIFIES /. That on November 18, 2024, an Extraordinary General Fleeting of Shareholders with universal attendance was held at the registered office of the Company. II . That, upon completion of the meeting, the minutes of the Extraordinary and Universal General Meeting of Shareholders were issued and unanimously approved and were signed by all the shareholders representing the entirety of the subscribed share capital, in accordance with the Attendance List attached as an Annex to the minutes . Mr . Francisco Javier Zorrilla Lozano acted as President and Mr . Shenglin Chen Pen as Secretary . III, That the following resolutions were adopted unanimously, in accordance with the Agenda, which was submitted for deliberation, and which are transcribed below, literally: AGREEMENTS FIRST: To authorize the sale of the 3,020 shares representing 100%c of the share capital of the company ARTECONFORT HOTEL, S.L. Al! of the shareholciers •epresanting 100'/, of the share capital unanimously agreo to authorize the sale of all the shares constituting the company's capital. • SHENGLIN CHEN PEN is authoi ized %o seïi all her ü,114 shares, consecutively n \ Jmbered 'rorn to \*,114 - both inclusive - repre er \ ting 70"/ of the share cafe.tal, FRANCISCO JAVIER ZORRILLA LOZANO is au\*.lJorizeci to se.I all her 90G shares, ccnsecuttvely numbered from 2.115 tu 3.020 - L›otń inclusi' e - representing .30%L of \*.he share capital. The rights inherent to the shúres, incIudi.Jg the vat'ng rights, which will continue to he exercised by the trnnsferors, are subject to a suspensive condition: the payment of FOUR MILLION SEVEN HUNDRED AND FiFTY THOUSAND EUROS ('g4,750,000) ("Deferred Fixed Price"), v \ 'hich shonIT be payable by the Buyer to the Sellers rio later than FeLaruary 28, 202a ("Payment Deadline") via transfer to the bank accounts designated by the Sellers. Once tńe payment .s made, the economic effects cf the purchase shall be effective retrcactively front the moment of the transfer, December 27. 2024. The General Meeting of SharofłolJcrs declares thnt the aforementioned trans!'er cf s : nares is carried out in accorclnnce with hoc provisions of Article G of the Articles of Assucia\* . ioîJ o' ARTECONFORT HOTEL . S . L . and in coriJpliance w . th the provisions of . Article 107 . 2 of : he Capital Comparies Act . To tŁ \ is end, tone CorTipany, through this resolution of the Extraordinary and Universal General Meeting, in which all tne shareholders holding 100 % of !he company shares tha . t make up and represent 100 % of the Company's st . are capital are present, expresses its conserit to the aforementioned sale of the 3 : 020 sha . res representing 100 % of the share capital of ARTECONFORT HOTEL . S . L . , with all shareholders expressly waiving their pre - ernptive rig . nt of acquisition .

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SECOND . - Notarization ƒ . Granting of powers to formalize the agreements . Granting of powers to formalize the agreements . Granting of powers to formalize the agreements . It is unanimously agreed to grant to any member of the Sole Administrator, the broadest powers as legally necessary, so that on behalf and representation of the company, they may execute all necessary public or private documents, including any amendments or corrections, to formalize the agreements adopted and to introduce any modifications required by the verbal or written qualification of the Commercial Registry . They are authorized to carry out all necessary actions to validate these agreements and ensure their registration, when applicable, in the relevant public registers . THIRD. - Questions and Requests A session for questions and requests is opened, with none of the attendees making use of it. FOURTH . - Reading and, if applicable, approval of the Minutes of the Meeting . Having no further matters to discuss, the session is adjourned, and these minutes are drawn up . Once read, they are unanimously approved by the attendees, who lind them in accordance with the actual clecisions made . The mìnutes are signed by all the shareholders, as well as the Chairman, Fer . Hipólito Albo Gómez, and the Secretary, Mr . Antonio Herrero Perales, in the place and date indicated above . AND SO IT IS CERTIFIED, I issue this CERTIFICATION, dated December 18, 2024, The sole director Mr. Francisco Javier Zorrilla Lozano

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ES COPIA SIMPLE ID AN NEX4.2.3 PRICE TO BE PAID \ íALEłiZIJELA FEUI/ \ łłDEZ N OTA RIO D E MA D RI D SHENGIN CHEN PEN 3,325,000 € ES5801824017510201673063 FRANCISCO JAVIER ZORRILLA LOZANO 1,425,000 € ES7521002473980210182004

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SHENGIN CHEN PEN FRANCISCO JAVIER ZORRILLA LOZANO ANNEX 4.2.4 FIXED PRICE TO BE PAID 175,000 'g 75,000 € ES5801824017510201673063 ES7521002473980210182004

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ES COP R P E@É ANNEX 6.1.1 TIBfgG AND WARRANTIES OF THE SELLERS ¥ALEIiZIJELA FEIttIAîïDEZ NOTARIO DE MA D RID Except as othen\*ise set forth in the Disclosed Information or in this Agreement (including, for the avoidance of doubt, its Ar' . nexes), eacn Seller represents and warrants that each of ti . e ' • VARRANTIES" are correct at the Completion Date . WARRANTIES 1. SELLERS' CAPACITY AND TITLE 1. The Sellers have the full legal capacity required, and has taken all action necessary, for the execution of this Agreement and to complete the Transaction. 2. This Agreement creates valid and binding obligations on the Sellers, which are fully enforceable in accordance with its terms and conditions. 3. The execution of this Agreement by the Sellers, as well as the fulfilment of their obligations arising therefrom and the sale of the Shares to the Buyer. 1. do not constitute a breach or contravention of the provisions resulting from any legislation, administrative act, court or arbitral decision that may bind the Sellers; 2. do not re - ult in a br+ach cf any term of the articles of association, the incor,ncration deed or eqn.i›'alont ccr \ siitutional documents of the Company; 1.ñ.3. do not constitute a breach of any pr›blic deem, nbliga\*.ion, contract or agreement to which the Sellers are a party; or 1 . 3 . 4 will not requise t . te Sellers to u\*utain any conseils or approval of, or çive and' i - ot'ce to or make any registre' : ion wit' 1 , any 9 vernmetJtal or other autl ƒ . orIty wlnich cas no : been c›otaineü cr madu at tha dato hcreof . J.4 The Sellers represent and warrant tl - .at they (i) ha 'e no: buor \ declarud iiJsolvenf or bankrupt and no action or request iE Lending to ¢leclare is .nsuIver \ cy or haiJkruptcV; and (ii) have net filed for inso'vency or bankruçtc \ ‹. 2. TITLES TO THE SHARES 2.J The Sellers arc the exclusive a ners and hnve 'egitimate and full \* . itle to the Shares as cletailod in Annex (A) to this Agreement . The Shares represent 100 '/ cf the fully paid - up share capital of the Company . The Sellers ha \ 'e the rigf \ \* . tc sell and transfer friil legal and beneficial ownership of their Shares without the need to obtain prior console : from any thira party, in cases where s‹tch consent is roquir+d, it Alas been duly' obtained . 2.2, The Shares are free from and of any Encumbrances, and there is no undertaking cr obligation to create cr qrar•t any Encumbrances over the Shares. 2 . 9 . The Shares have been duly issued and are holly suL'scribed and pa . d in by the Sellers as snt fort \ in Annex (A) . 2 . 4 The Company has not 'ssued any rlgh\* . s over its share capital other than t'Je shares representing Its share capital as registered to date in the corresponding Commercial Registries . Furthermore . it has not underaken any commitment or obligation to - aclopt such agreeme!nts, nor has it carried out an} act that could result in a modification of the Company's structure or its own shares .

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3. INCORPORATION OF THE COMPANY 3.1 The Company have been validly incorporated under their respective national laws and are duly registered in the relevant commercial registries or public registries, when applicable, and have full legal capacity to carry on their businesses inherent to their corporate purposes . 32 All corporate resolutions and other documents which the Company are required by law to file in the relevant commercial registries or public registries have been correctly registered . 3.3 The Company do not have any interest other than as detailed in the Agreement and is not part or otherwise hold interest in other company (which limit their shareholders' liability or not), associations, trust or entities . 3.4 The Company do not hold as owners or as a security, any treasrlry stock (aUtocartera). 35 The Company are not subject to any of the causes of dissolution foreseen by any applicable laws or that would require any Group Company to decrease its share capital. 3.6 The Company have not adopted any resolution for their dissolution or liquidation, the appointment of liquidator or insolvency administrator . There is not any pending proceeding for such dissolution or liquidation and there is not any resolution passed by the governing bodies of the Company on their conversion, merger, spin - off, transformation, share swap or contributions of assets or branch of activity . S.7 The Company are not currently the subject of any insolvency proceedings or of any proceedings with a view to the prevention or resolution of insolvency and liquidity difficulties under any applicable laws . 4. CORPORATE BODIES All the appointments and posts of the governing body of the Company are registered in the relevant commercial registry or public registry, when such registration is required under applicable law . 4.2 As of the Completion Date. 4.2.1 the Company do not owe any amounts to its Sole Administrator for the performance of his duties. 4.2.2 the Sole Administrator of the Company do not owe any amount to the Company. The articles of association of the Company in force are those registered at the commercial registries or public registries, when required under applicable laws. 4.3 4.4 The shares' registry book (lihro registro de accionistas) oi the Company contain updated records of all transfers and Encumbrances of the Shares as provided by Spanish law. 5. FINANCIAL STATEMENTS 5.1 The financial data provided reflects in all material aspects a fair view of the assets, liabilities, and financial position of the Company as of the dates and for the periods indicated . These statements have been prepared in good faith and on an accounting basis consistently applied in accordance with the Company's standard practices . 5.2 The Financial Statements provided: 5.2.1 Do not contain any untrue statement or omit any material fact which would rendar them misleading.

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ES hare\* and tangible assets, as \ ^/ell as the liabilities and ¥ALEIiZ8ELA FElttl/ \ AIDEZ NOTARIO DE MA D RID the Company as of the date and during the period covered. In particular, no unüisclosed IiabiIi!ies exceeding €10,000.00 have beer omitted. 5 . 2 . 3 Have been prepared in accordance with applicable Spanish laws and regulations, as well as with the Generally Accepted Accounting Principles (GAAP) in Spain . 5.2.4. To the best knowledge and belief of the Sellers, as of the date referred to in th e Financial Statements of July 31, 2024: 5. The Company has conducted the business and the activities related to it in their ordinary course of business in accordance with the past practices; 6. All the material actions and transactions carried out by the Company until the date hereof have been registered and accounted; 7. The Company have not incurred any indebtedness other than in the ordinary course of their business. 8. The Company' have not c:reated or granted any Encurnbrances over amy of their respective business, assets or shares. 5.2.g No material changes Iras been made to the accoun\*ing policv or te the v

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10,1 7.3 All assets of the Company are adequately insured against loss, damage and liability under valid and enforceable insurance polices. 8. INTELLECTUAL AND INDUSTRIAL PROPERTY 8.4 The Intellectual Property Rights are valid and properly registered. Furthermore, there are no material obligations pending related to these Intellectual Property Rights, 8.2 The Company complies with all legal requirements necessary to maintain the valid ownership of the Intellectual Property Rights used in the last 5 years, as well as to continue using them in the future . In particular, the Company is up to date with the payment of all royalties and fees associated with these Intellectual Propel ly Riglil .. 8.3 The IP Rights: 9. TAXES 8.3.1 Are being used in compliance with the laws, contracts and agreements applicable to the IP Rights; 8.3.2 To the best of the Sellers' knowledge do not infringe or misappropriate any intellectual or industrial property right owned by any third party ; except for the dispute mentioned in Appendix 8 . 5 and 83 . 3 To the best of the Sellers' knowledge, no third party has infringed, misappropriated, challenged the validity or enforceability, or carried out an unauthorized use of any IP Rights . 9.1 The Company have prepared and filed all mandatory Tax returns as required under the applicable laws and have complied with their Tax obligations . Such Tax returns are true and correct and reflect in all material respects the pertinent and current information of the Company at the time of their filling . 9.2 The Company have paid in due time all Taxes which are required to pay under the applicable Tax law. 9.3 Payments made by the Company to any parties subject to withholding Taxes have been made and paid in due time and form in accordance with the applicable Tax law. 9.4 In case of having made transactions performed by the Company with other related parties have been entered into with arm's length conditions and complying with applicable tax regulations, and as such is documented and evidenced through the relevant transfer pricing files, which fulfill the requirements established by the applicable tax laws . 9.5 The provisions for Taxes that are reflected in the 2023 Financial Statements are sufficient to cover Taxes accrued and due as the date of the 2023 Financial Statements with the corresponding interest, surcharges and sanctions which may be applicable . 9.6 No Tax obligation of the Company is subject of a dispute with the Tax authorities . The Company are currently not subject to any Tax audit or proceeding commenced by the Tax authorities in relation to the Tax obligations of the Company . No litigation of Tax nature has been initiated before the administrative or judicial courts . 10. EMPLOYMENT There are no accrued and due amounts owed to Employees or to any former employee, manager or director of the Company by virtue of any agreement. 10.2 No written r‹ndertaking has been agreed by the Company in order to increase the wages and salaries of the Employees, directors or corporate officers, to increase rates of

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ES ¥ALEIiZ8ELA FElttl/ \ AIDEZ NOTARIO DE MA D RID of p«emiums or another concept), or to grant a bonus to be paid as a result of the completion of the sale of the Shares and the ordinary bonuses, shares options or rights, participat . on in the Company' profits, or in general, ar . y advantage of any kind to such Employees, except for the commitments assumed L'y the Company pursuant to the collective bargaining agreements in force . 3. The Company have complied and comply with any collective bargaining agreement in force . 4. The Company have complied with the legal and regulatory requirements regarding the agreements entered into with the Employees and have timely and properly effected or submitted all required payments, submission of documents and reports . The Company are up to date in the payment of their social security obligations . 5. In general, the Company has complied with all labour and employment laws, including but not limited to regulations on work permits for non - EU residents, time registration, and equal treatment policies . 6. The Company are not involved in any employees' disputes. 11. LITIGATION AND COMPLIANCE WITH LAW - I '.1 The company is currently involved ›n a litigation \ • /'th RV GLOBAL LOGISTIC IT, S . L . , a logistics company, due to the haridling of customs documentation, v/hich has lecl tc› a tax fraud, as explaitJed ill more detail in ADpendix 8 . 5 . 11 . 2 The Sellers shall indemnify and ho!d harmless the Buyer, the Cou \ pariy, and 'heir respective directors, executives, employees, and aclents from and against all lcsses, liabilities, d< mages, costs, fees, and expenses 'including rea - on . able lega . loos < : nd expenses) arising \*ronJ or in r - . onn+c'ion with the litigation against RV GLOBAL LOGISTIC IT, S . L . , as detailed in Appendix 8 . 5 . 1 . 3 The Buyer s›naII promptly n . otify the Sellers rof and deva!opments i . I the Iitiga\*ion again - I RV GLOBAL LOGISTIC IT, S . L . , ance shall rea\*orJably consult with the Sellers regarding the hanc!Iing of the d!sputc, providecl that such consultation does not limit or delay the Sellers' obligations under this clause . 12. DATA PROTECTION 1. To the best cf Sellers' kno ledge, the Company complies with U . e Iega . obligaticns sut out in the applicable laws and reçu'ations regarding protection of personal data . 2. To the best of Sellers' knowledge . no claim by tlJird parties has heen subrnitted against any of the Company ancl no inspection Iras been initiate ¢ l by the public authori . ies, for the hreach of any obliçations in relation lo personal clata ,protection fry the Company . 13. ENVIRONNMENT 'T3.1 The Corripany is in compliance with all applicable environmental la \ ^ s anti regs laticr s . To the best c!' the Seller's Knowledge, there ere no pending o - threatened claims, investigations or 'iabilities related to envirorJrnenta' ma' : ters .

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ANNEX 6.3.1 REPRESENTATIONS AND WARRANTIES OF BUYER 1. Corporate organization. Capacity and third party consents. 1.1. The Buyer is a private limited company incorporated under the laws of Hong Kong, with its registered office at Room 803 , Chevalier House 45 - 51 , Chatham Road South, TSIM SHA TSUI KL, Hong Kong (China), and registered with the Hon s Kong Companies Registry under number 1735259 , with Spanish Tax Identification Number (CIF) N 0096022 - I . 1.2. Buyer has the full legal capacity required, and have taken all action necessary, for the execution of this Agreement and to complete the Transaction. 1.3 The Buyer declares and guarantees that it has sufficient financial resources and the necessary economic capacity to meet the payment obligations of the Price under the terms and conditions set forth in this Agreement . It also states that fulfilling these obligations will not negatively impact its finanGial situation . 1.4 The Buyer undertakes to promptly inform the Sellers of any significant change in its financial situation that could affect its ability to meet the payment of the Variable Price . This information will include, without limitation, any significant change in its solvency or liquidity . For the purposes of this clause, a 'significant change' shall mean a material deterioration in the Buyer's financial metrics, such as a major decrease in solvency or liquidity ratios . 1.5. I his Agreement creates valid and binding obligations on Buyer, fully enforceable against it in accordance with its own terms and conditions. 1 . 6 . The execution of this Agreement by the Buyer, the performance by the Buyer of its obligations arising therefrom and the acquisition the Stsares and the full payment of the Purchase Price by Buyer : 1.6.1 Do not constitute a breach or contravention of the provisions resulting from any legislation, administrative act, court or arbitral decision that may bind Buyer; 1.6.2 Do not result in a breach of any term of the articles of association, the incorporation deed or equivalent constitutional documents of the Buyer; 1.6.3 Do not constitute a breach of any public deed, obligation, contract or agreement to which Buyer is party; or 1.6.4 Will not require Buyer to obtain any consent or approval of, or give any notice to or make any registration with, any governmental or other authority which has not been obtained or made at the date hereof . The Buyer warrants that it : (i) it has not been declared insolvent or bankrupt and no action or request is pending to declare is insolvency or bankruptcy ; and (ii) has not filed for insolvency or bankruptcy . 2. Acknowledgements 2.1 Buyer expressly acknowledges and agrees that prior to the execution of this Agreement, it, along with its advisers, carried out the Due Diligence of the Company and for that purpose, was allowed access to the Disclosed Information . 2.2. Buyer represents that the Due Diligence of the Company was sufficient to enable it to form a reasonable opinion on the Purchase Price and on the remaining terms and conditions included within this Agreement .

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\ /ALEIiZIJELA FEI¥I/ \ I]DEZ N OTA RIO D E MA D RI D lrytk , †† g/g † j edges ar . d agrees that it has been in o position to review tilt'W IrA I II ƒ I 4 W Er • f • aa rticuIar by asking any question w . nich the analysis of the Disclosed Information might entail and by questioning the relevant directors, officers, employees and advisers of the Cor pa . ny . 2.4 Consequently, the Buyer declares that on t : ne basis of the (i) Disclose ¢ l Information, (ii) the publicly available information and (. ii) the information otherwise available to it, it has carried out 'ts own reesoriable investigation into, and analysis of : all particulars of the Company relevant for a potential Buyer wishing to purchase and acquire the Shares . 2.5 Buyer has concluded and executed this Agreement withor‹t any influence from any representations and warranties that any person acting or purporting to act on behalf of any of Sellers may have made or given ; 2.6 Buyer has no knowledge of any of the Representations and Warranties of the Sellers set forth in Schedule being incorrect or incomplete or of any fact or circumstance that may lead to a direct claim pursuant to Annex 7 . 1 , except for the risks detected during the due diligence due on tax, V . A . T . and social security regulation

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ANNEX 6.4.1 PLEDGED SHARES 1. Pledged shares as of the closing date A total of 3 , 020 shares are transferred . Of these shares, 50 % (1 , 510 shares) are pledged as collateral for the fulfillment of the payment obligations set forth in Clauses 4 . 3 . 4 , 4 . 3 . 5 , and 4 . 3 . 6 of the sales agreement . The distribution of the pledged shares is as follows : • Shenglin Chen Pen: Pledges 70% of the total pledged shares, equivalent to 1,057 shares. • Francisco Javier Zorrilla Lozano: Pledges the remaining 30%, equivalent to 453 shares. Distribution of the pledged shares : • Shenglin Chen Pen: The pledged shares range from 1 to 1,057, both inclusive. • Francisco Javier Zorrilla Lozano: The pledged shares range from 2,115 to 2,568, both inclusive. These shares will be fully released from the pledge once the obligations set forth in Clauses 4 . 3 . 4 , 4 . 3 . 5 , and 4 . 3 . 6 of the Sales Agreement have been fulfilled . 2. Partial release of pledged shares If the obligation outlined in Clause 4 . 3 . 4 is fulfilled on the scheduled date, 25 % of the pledged shares will be released, equivalent to 755 shares out of the total of 3 , 020 . The release will be distributed as follows : • Shenglin Chen Pen: Releases 70% of the released shares, corresponding to 528 shares. • Francisco Javier Zorrilla Lozano: Releases the remaining 30%, corresponding to 227 shares. Distribution of the released shares . ' • Shenglin Chen Pen: The shares released range from 1 to 528, both inclusive. • Francisco Javier Zorrilla Lozano.' The shares released range from 2,115 to 2,342, both inclusive. These shares will be fully released from the pledge upon fulfillment of Clause 4 . 3 . 4 .

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ES 13. Direct Claims \* .1.1 Notification of claim ANNEX 7.1.4 COPIAæ e «ÙÑ € O R € INDEMNIFICATION S CLAIMS ¥ALEIiZIJELA FEIttIAîïDEZ NOTA RIO D E MA D RID A Party thot considers that a circumstance has arisen that may gi . e rise to the indemnification ob'igation under the Agreement shall inform the other Party as soon as practicable, pursuant to the provisions of Clause . 1.1.2 Negotiation between the Parties (cï) (a) The Parties shall negotiate in good faith for a period of 15 Business Days counted from the date of the notice referred to in Clause 1 . 1 . 1 . 1 above in an attempt to reach an agreement on the existence of liability and the amount of the indemnification to be paid by reason thereof . (b) If an agreement is not reached, the Party against which the claim is made shall notify the other Party in writing, within 7 Business Days following the end of the above - mentioned negotiation period, of whether it rejects or acknowledges its liability and, in this case, the amount that it acknowledges as being obliged to pay . {c) (If liability is acknowledged, the amount ackno leclc¿ed nJus % be paid wi % hin not more than 5 Business Days counted from the date on 'hich the not . ce ot acknowledgment was delivered to tha claiming P< rty pursualJt to toaragraph 'b) above . lt shall bo assunlecl that liahility is not ace - . epted if 'ithirJ the period sct out in paragraph (b) no written rJctice is sent io the other Party or no I . abiIi\*y is expressly ac!

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(b) Accompanying documentation The Buyer shall accompany with the notice such information and documentation as it may have on the third - party claim to enable the Sellers to : (a) assess the advisability of settling or reaching an agreement on the claim ; or (b) prepare a defense against the claim, if the Sellers consider the claim to be inappropriate and decide to assume the defense against it, pursuant to the provisions of paragraph (c) below . (c) Defense against claim The Sellers may assume the defense against the third - party claim provided that they bear the costs and expenses incurred in connection with such challenge or opposition and provided that this defense does not harm the commercial and financial interests of the company . Should there be a risk in this perspective, Sellers will convene with the Buyer concerning the proposed way of defense . The Buyer shall grant (or shall cause that the relevant Group Company grants) such powers of attorney as may be required to the advisers designated by the Sellers . The Party that assumes the defense against the third - party claim shall keep the other Party informed of the progress thereof on a timely basis . If the Sellers are not interested in taking charge of the defense against the third - party claim or withdraw from it and Buyer ultimately takes charge of it, the Buyer may not reach an agreement or admit the claim without the prior written consent of the Sellers . If the third party is ordered to pay to the Company or to the Buyer fees or costs of any nature in respect of proceedings for which the Sellers have assumed the defense, such amounts, if delivered to such Group Company, to the Buyer or to the advisers thereof, shall be immediately reimbursed to the Sellers . (d) Settlements (i) The Sellers may reach a settlement agreement with the third party provided that, prior to or at the same time as being bound by such agreement, they make available to Buyer the funds that the Buyer and/or the Company must pay to the third party under such settlement agreement . (ii) The Buyer may not settle the claim without the prior written consent of the Seller.

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¥ALEIiZIJELA FEIttIAîïDEZ NOTA RIO D E MA D RID The indemnity obligation that may apply to the Sellers for Damages in relation to T'nird - Party CIa'ms will be enforceable when any of the following circumstances occur : (i'› That the Sellers accept the Third - Party Claim or reach an amicable settlement to resolve the dispute !hat involves the obligation to indemnify for the Damage ; (ii) That the judicial sentence, resolution, agreement, or administrative act of any nature, declaring the responsibility of the Sellers in accordance with this Agreement, becomes final ; or (iii) That the Damages have materialized because the Buyer and/or the Company, not having assumed the legal defense of the Third - Party Claim by the Sellers' Representative and having done so by the Buyer, have settled the corresponding Third - Party Claim or in any way have paid for the Damages related to the Third - Party Claim, always in accordance with the procedure express . y provided in this Clause . The Sellers shall pay the indemn . fication to the Buyer within 10 busin+ss Days following the date on which \* . here is an written agrcc'Tient bct \ veen the Parties or a Rul'ng or the II - . i! • d - party claim and the depot resuI % tng therefrom is net, due and payable . The Salters shall not be liable for a L"tainn tc ' :. ne extent that the Buyer is . n broach, in respect of such Clai!c, of any of the ohl'gatio!Js set forth in this Schedule . 3. RIGH OF OFFSET In the event that any Damage occrirs that triggers the uhligation to ir \ Jerï \ r \ ify the Sellers in accordance n'ith the ahcve provisions, the Sellers slJah have lhe righ\* . to requcst the Buyer te apply an offset of the amount resulting from the Damage against the amount of the Last Deferred Payment, which the Buyer agrees to, thereby redücing the mentioneci DanJaçe amount from the total Deferred Price .

![](ex10-6_077.jpg)

APPENDIX 8.5 LITIGATIONS . ARTECONFORT contracts transportation companies responsible for customs management and the payment of the corresponding taxes . Almond the contracted companies, AR i ECONFOFtT had an agreement w . th RV GLOBAL LOGISTIC IT SL, a limited company i : zcorporated old June 18 , 2020 , s/ith a subscribed capital of € : 60 , 000 . Currently, FtV GLOBAL is involved in two judicial incidents with public administrations, recorded on September 4 , 2023 , and April 6 , 2524 . There is no record of the compan y !oeing inY'olved in insolvency proc=edings . 2 - In August 2023 , it was disccY'ered that RV GLOBAL had manipulated the customs documentation, specifically altering the declared values in the Single Administrative Documents (DUA), In order tc declare valiJes tower than tone actual ores, This manipulation allowed the company to pay lower amoiJnts of VAT and customs duti ƒ s to the Tax Agency . However, RV GLOBAL continued to send ARTECONFORT dccumentaticn that seemingly complied 'ith the requiienaents, requesting payment of the amounts iiaclicated . 3 . Hasta la fecha, se ha identificado un posible fraude que asciende a 1 . 092 . 317 , 65 euros, cor ía posibilidad de que existan otras operac : ones aün no detectadas . Además, hay mercancía pendiente de llegada, lo que podría aumentar el monto de la defraudación . A pesar de esto, AFtTECONFGRT ha cumplido con et pago del IVA y lo s aranoetes correspciJdientes a las mercancías, por to que ahora tiene un derecho ce cobro frmnte a RV GLOBAL oor el monto pagado de manera indebida . 4 . In light of this situatiorl, ARTECONFGR i \*if=ò a comp!aint on June 5 , 2024 , with the Civil Guard officers identif : ‹ed by Professional cards D 35394 F and DS 9350 O, to be recognized as the' 7 iotim in the investigation process for the ongoing crime of tax fraud, as well as for che forgery of public and commerclat ciocuments . 5 , Given the total amount defraudeJ, it is likely that the case wil' follow an abbreviated procedure, wfalch applies to crimes punishable by . mprisonment of less than 9 years cr any ot . ver p=nalty of a different nature, regardless of its amount . ThiS proseduie is structured accord . ng to tho stages ment . on ed . 6 . Currently, the criminal process resulting from AFtTECONFORT's complaint is in the in 7 estlgation phase, there the Clvil Guard is gathering vidence and analyzin g t h e facts . As the investigation progresses, the prosecutor will evaluate the crlmes, and if sufficient evidence is gat . nered, the cases y 7 Il! be brcu • ht to triel, \ • /here the evi ¢ ienc= front both parties irvolved 'i!l be presentecL

## Exhibit 21.1

**Exhibit 21.1**

**List of Principal Subsidiaries of Aigo Holding Limited**

---

| | |
|:---|:---|
| **Subsidiary** | **Jurisdiction** |
| Sanmu Express Limited | Hong Kong |
| Aigostar B.V. | Netherlands |
| Aigotech Onsynk SL | Spain |
| Alpha Aigostar SL | Spain |
| Imperial Nobleza SL | Spain |
| AIGOSTAR SP. ZO.O | Poland |
| AIGOSTAR INC | United States |
| Aigostar International Limited | United Kingdom |
| Aigostar GmbH | Germany |
| AIGOITALIA S.R.L | Italy |
| GENERAL HOUSE S.R.L | Italy |
| ITALIA MARKET S.R.L | Italy |
| AIGOSTAR IMPORT EXPORT UNIPESSOAL LDA | Portugal |
| ARTE LIGHT S.R.L. | Italy |
| EURO PET S.R.L. | Italy |
| Arteconfort Hoteles S.L. | Spain |
| AIGOSTAR SARL | France |
| TAYLORTECH INC | United States |
| FUZHOU AIGOSTAR OPTOELECTRONICS CO., LTD. | PRC |
| Fuzhou Infinite Information Technology Co., Ltd. | PRC |

---

## Exhibit 23.1

**Exhibit 23.1**

![](ex23-1_001.jpg)

---

| | |
|:---|:---|
| ![](ex23-1_002.jpg) | **CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** |
| ![](ex23-1_002.jpg) |  |
| ![](ex23-1_002.jpg) | We hereby consent to the use in this Registration Statement on Form F-1 of Aigo Holding Limited of our report dated July 14, 2025, with respect to our audits of the consolidated financial statements of Aigo Holding Limited and Subsidiaries as of December 31, 2024 and 2023 and each of the years in the two-year period ended December 31, 2024, which appears in this Registration Statement. |
| ![](ex23-1_002.jpg) | We also consent to the reference to us under the heading "Experts" in such Registration Statement.<br>/s/ Wei, Wei & Co., LLP <br>Flushing, New York <br> August 21, 2025 |

---

## Exhibit 23.4

**Exhibit 23.4**

AIGO HOLDING LIMITED

Vistra (Cayman) Limited

P.O. Box 31119 Grand Pavilion

Hibiscus Way, 802 West Bay Road

Grand Cayman, KY1 -1205

Cayman Islands

PARTNERS -- (1) AIGOTECH ONSYNK SL; (2) ALPHA AIGOSTAR SL; and (3) IMPERIAL NOBLEZA SL.

August 21, 2025

Subject: Consent of FAST AND RELIABLE ASESORES, S. L.

We hereby give consent to the use and reference of our name (i) in the prospectus included in the registration statement on Form F-1 of AIGO HOLDING LIMITED (the "Company") and in any of its amendments (the "Registration Statement"), exclusively with regard to companies of Spanish nationality (1) AIGOTECH ONSYNK SL; (2) ALPHA AIGOSTAR SL; and (3) IMPERIAL NOBLEZA SL., and (ii) in any written correspondence with the United States Securities and Exchange Commission (SEC), regarding the companies of Spanish nationality exposed. We hereby consent to the filing of our legal opinion regarding the companies (1) AIGOTECH ONSYNK SL; (2) ALPHA AIGOSTAR SL; and (3) IMPERIAL NOBLEZA SL. and this consent as exhibits to the Registration Statement.

---

| | |
|:---|:---|
| For and on behalf of | For and on behalf of |
| FAST AND RELIABLE ASESORES, S.L. | FAST AND RELIABLE ASESORES, S.L. |
| By: | /s/ Carlos Zambudio Jimenez |
| Name: | Carlos Zambudio Jimenez |

---

FAST AND RELIABLE ASESORES, S. L.

C/ Jose Lazaro Galdiano , 4 - 3 Floor

28036 - Madrid (Spain)

Phone: +34 914848660

Email: c.zambudio@farasesores.com

## Exhibit 23.5

**Exhibit 23.5**

AIGO HOLDING LIMITED

Vistra (Cayman) Limited

P.O. Box 31119 Grand Pavilion

Hibiscus Way, 802 West Bay Road

Grand Cayman, KY1 – 1205

Cayman Islands

August 21, 2025

**Re: Consent of Studio Legale Romeo**

We hereby consent to the use of and references to our name (i) in the prospectus included in the registration statement on Form F-1 of AIGO HOLDING LIMITED(the"Company") and any amendments thereto (the "Registration Statement") and (ii) in any written correspondence with the United States Securities and Exchange Commission(SEC). We hereby consent to the fling of our legal opinion and this consent as exhibitsto the Registration Statement.

---

| | | |
|:---|:---|:---|
| By: | /s/ Marina Romeo | (Signature) |
| Name: | Marina Romeo |  |

---

Milano

Tel: +393383360733

Email: mromeo@avvocatomarinaromeo.com

## Exhibit 99.1

**Exhibit 99.1**

**Aigo Holding Limited**

**Code of Business Conduct and Ethics**

1. <u>Introduction</u>.

1.1 The Board of Directors of Aigo Holding Limited (together with its subsidiaries, the "**Company**") has adopted this Code of Ethics and Business Conduct (the "**Code**") in order to:

&nbsp;&nbsp;&nbsp;&nbsp;(a) promote honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest;

&nbsp;&nbsp;&nbsp;&nbsp;(b) promote full, fair, accurate, timely and understandable disclosure in reports and documents that the Company files with, or submits
to, the Securities and Exchange Commission (the "**SEC**") and in other public communications made by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;(c) promote compliance with applicable governmental laws, rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;(d) promote the protection of Company assets, including corporate opportunities and confidential information;

&nbsp;&nbsp;&nbsp;&nbsp;(e) promote fair dealing practices;

&nbsp;&nbsp;&nbsp;&nbsp;(f) deter wrongdoing; and

&nbsp;&nbsp;&nbsp;&nbsp;(g) ensure accountability for adherence to the Code.

1.2 All directors, officers and employees are required to be familiar with the Code, comply with its provisions and report any suspected violations as described below in Section 10, Reporting and Enforcement.

2. <u>Honest and Ethical Conduct</u>.

2.1 The Company's policy is to promote high standards of integrity by conducting its affairs honestly and ethically.

2.2 Each director, officer and employee must act with integrity and observe the highest ethical standards of business conduct in his or her dealings with the Company's customers, suppliers, partners, service providers, competitors, employees and anyone else with whom he or she has contact in the course of performing his or her job.

3. <u>Conflicts of Interest</u>.

3.1 A conflict of interest occurs when an individual's private interest (or the interest of a member of his or her family) interferes, or even appears to interfere, with the interests of the Company as a whole. A conflict of interest can arise when an employee, officer or director (or a member of his or her family) takes actions or has interests that may make it difficult to perform his or her work for the Company objectively and effectively. Conflicts of interest also arise when an employee, officer or director (or a member of his or her family) receives improper personal benefits as a result of his or her position in the Company.

3.2 Loans by the Company to, or guarantees by the Company of obligations of, employees or their family members are of special concern and could constitute improper personal benefits to the recipients of such loans or guarantees, depending on the facts and circumstances. Loans by the Company to, or guarantees by the Company of obligations of, any director or executive officer are expressly prohibited.

3.3 Whether or not a conflict of interest exists or will exist can be unclear. Conflicts of interest should be avoided unless specifically authorized as described in Section 3.4.

3.4 Persons other than directors and executive officers who have questions about a potential conflict of interest or who become aware of an actual or potential conflict should discuss the matter with, and seek a determination and prior authorization or approval from, their supervisor or the Chief Financial Officer. A supervisor may not authorize or approve conflict of interest matters or make determinations as to whether a problematic conflict of interest exists without first providing the Chief Financial Officer with a written description of the activity and seeking the Chief Financial Officer's written approval. If the supervisor is himself or herself involved in the potential or actual conflict, the matter should instead be discussed directly with the Chief Financial Officer.

Directors and executive officers must seek determinations and prior authorizations or approvals of potential conflicts of interest exclusively from the Audit Committee.

4. <u>Compliance</u>.

4.1 Employees, officers and directors should comply, both in letter and spirit, with all applicable laws, rules and regulations in the cities, states and countries in which the Company operates.

4.2 Although not all employees, officers and directors are expected to know the details of all applicable laws, rules and regulations, it is important to know enough to determine when to seek advice from appropriate personnel. Questions about compliance should be addressed to the Legal Department and/or external legal counsel.

4.3 No director, officer or employee may purchase or sell any Company securities while in possession of material nonpublic information regarding the Company, nor may any director, officer or employee purchase or sell another company's securities while in possession of material nonpublic information regarding that company. It is against Company policies and illegal for any director, officer or employee to use material nonpublic information regarding the Company or any other company to:

(a) obtain profit for himself or herself; or

(b) directly or indirectly "tip" others who might make an investment decision on the basis of that information.

5. <u>Disclosure</u>.

5.1 The Company's periodic reports and other documents filed with the SEC, including all financial statements and other financial information, must comply with applicable federal securities laws and SEC rules.

5.2 Each director, officer and employee who contributes in any way to the preparation or verification of the Company's financial statements and other financial information must ensure that the Company's books, records and accounts are accurately maintained. Each director, officer and employee must cooperate fully with the Company's accounting and internal audit departments, as well as the Company's independent public accountants and counsel.

5.3 Each director, officer and employee who is involved in the Company's disclosure process must:

(a) be familiar with and comply with the Company's disclosure controls and procedures and its internal control over financial reporting; and

(b) take all necessary steps to ensure that all filings with the SEC and all other public communications about the financial and business condition of the Company provide full, fair, accurate, timely and understandable disclosure.

6. <u>Protection and Proper Use of Company Assets</u>.

6.1 All directors, officers and employees should protect the Company's assets and ensure their efficient use. Theft, carelessness and waste have a direct impact on the Company's profitability and are prohibited.

6.2 All Company assets should be used only for legitimate business purposes, though incidental personal use is permitted. Any suspected incident of fraud or theft should be reported for investigation immediately.

6.3 The obligation to protect Company assets includes the Company's proprietary information. Proprietary information includes intellectual property such as trade secrets, patents, trademarks, and copyrights, as well as business and marketing plans, engineering and manufacturing ideas, designs, databases, records and any nonpublic financial data or reports. Unauthorized use or distribution of this information is prohibited and could also be illegal and result in civil or criminal penalties.

7. <u>Corporate Opportunities</u>. All directors, officers and employees owe a duty to the Company to advance its interests when the opportunity arises. Directors, officers and employees are prohibited from taking for themselves personally (or for the benefit of friends or family members) opportunities that are discovered through the use of Company assets, property, information or position. Directors, officers and employees may not use Company assets, property, information or position for personal gain (including gain of friends or family members). In addition, no director, officer or employee may compete with the Company.

8. <u>Confidentiality</u>. Directors, officers and employees should maintain the confidentiality of information entrusted to them by the Company or by its customers, suppliers or partners, except when disclosure is expressly authorized or is required or permitted by law. Confidential information includes all nonpublic information (regardless of its source) that might be of use to the Company's competitors or harmful to the Company or its customers, suppliers or partners if disclosed.

9. <u>Fair Dealing</u>. Each director, officer and employee must deal fairly with the Company's customers, suppliers, partners, service providers, competitors, employees and anyone else with whom he or she has contact in the course of performing his or her job. No director, officer or employee may take unfair advantage of anyone through manipulation, concealment, abuse of privileged information, misrepresentation of facts or any other unfair dealing practice.

10. <u>Reporting and Enforcement</u>.

10.1 Reporting and Investigation of Violations.

(a) Actions prohibited by this Code involving directors or executive officers must be reported to the Audit Committee.

(b) Actions prohibited by this Code involving anyone other than a director or executive officer must be reported to the reporting person's supervisor or the Chief Financial Officer.

(c) After receiving a report of an alleged prohibited action, the Audit Committee, the relevant supervisor or the Chief Financial Officer must promptly take all appropriate actions necessary to investigate.

(d) All directors, officers and employees are expected to cooperate in any internal investigation of misconduct.

10.2 Enforcement.

(a) The Company must ensure prompt and consistent action against violations of this Code.

(b) If, after investigating a report of an alleged prohibited action by a director or executive officer, the Audit Committee determines that a violation of this Code has occurred, the Audit Committee will report such determination to the Board of Directors.

(c) If, after investigating a report of an alleged prohibited action by any other person, the relevant supervisor or the Chief Financial Officer determines that a violation of this Code has occurred, the supervisor or the Chief Financial Officer will report such determination to the General Counsel.

(d) Upon receipt of a determination that there has been a violation of this Code, the Board of Directors or the General Counsel will take such preventative or disciplinary action as it deems appropriate, including, but not limited to, reassignment, demotion, dismissal and, in the event of criminal conduct or other serious violations of the law, notification of appropriate governmental authorities.

10.3 Waivers.

(a) Each of the Board of Directors (in the case of a violation by a director or executive officer) and the General Counsel (in the case of a violation by any other person) may, in its discretion, waive any violation of this Code.

(b) Any waiver for a director or an executive officer shall be disclosed as required by SEC and Nasdaq rules.

10.4 Prohibition on Retaliation.

The Company does not tolerate acts of retaliation against any director, officer or employee who makes a good faith report of known or suspected acts of misconduct or other violations of this Code.

## Exhibit 99.2

**Exhibit 99.2**

![](ex99-2_001.jpg)

---

| | |
|:---|:---|
| Date: | August 21, 2025 |
| Addressed to: | Aigo Holding Limited <br> 4th floor, Building No. 26, Ju Yuan Zhou Garden, <br> Jinshan Industrial Zone, 618 Jinshan Avenue, Jianxin Town, <br> Fuzhou City, Fujian Province, China 350028 |
| **Re:** | **Legal Opinions of Certain PRC Law Matters in relation to the Proposed <br> Offering and Listing of Aigo Holding Limited on Nasdaq** |

---

**Dear Sirs or Madams,**

We are lawyers qualified in the People's Republic of China (the "**PRC**" or "**China**", for the purpose of this opinion, excluding the Hong Kong Special Administrative Region, the Macao Special Administrative Region and Taiwan) and as such are qualified to issue this opinion on the laws and regulations of the PRC effective as of the date hereof.

We are acting as the PRC legal counsel to Aigo Holding Limited (the "**Company**"), a company incorporated under the laws of the Cayman Islands, in connection with (i) the proposed initial public offering (the "**Offering**") of certain number of ordinary shares (the "**Ordinary Shares**") of the Company, as set forth in the Company's registration statement on Form F-1, including all amendments or supplements thereto (the "**Registration Statement**"), filed by the Company with the Securities and Exchange Commission under the U.S. Securities Act of 1933 (as amended) in relation to the Offering, and (ii) the Company's proposed listing of the Ordinary Shares (the "**Listing**") on the Nasdaq Global Market (the "**Nasdaq**").

**A. <u>Documents and Assumptions</u>**

&nbsp;&nbsp;&nbsp;&nbsp;1. In rendering this opinion, we have carried
 out due inquiry and examined copies of the Registration Statement and other documents, including
 but not limited to documents related to obtaining the Filing Notice (as defined below) (collectively
 the "**Documents**") as we have considered necessary or advisable for the
 purpose of rendering this opinion. Where certain facts were not independently established
 and verified by us, we have relied upon certificates or statements issued or made by the
 relevant Governmental Agencies (as defined below), the Company and appropriate representatives
 of the Company and the PRC Entities (as defined below).

![](ex99-2_001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;2. In rendering this opinion, we have assumed without further inquiry or investigation that (the "**Assumptions** "):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) all signatures, seals and chops are genuine, each signature on behalf of a party thereto is that of a
person duly authorized by such party to execute the same, all Documents submitted to us as originals are authentic, and all Documents
submitted to us as certified or photostatic copies conform to the originals;

(2) each of the parties to the Documents, other than the PRC Entities, (a) if a legal person or other entity,
is duly organized and validly existing in good standing under the laws of its jurisdiction of organization and/or incorporation, or (b)
if an individual, has full capacity for civil conduct; each of them, other than the PRC Entities, has full power and authority to execute,
deliver and perform its, her or his obligations under the Documents to which it, she or he is a party, and, if a legal person or other
entity, in accordance with the laws of its jurisdiction of organization and/or the laws that it, she or he is subject to;

(3) the Documents presented to us remain in full force and effect on the date of this opinion and have not
been revoked, amended or supplemented, and no amendments, revisions, supplements, modifications or other changes have been made, and no
revocation or termination has occurred, with respect to any of the Documents after they were submitted to us for the purposes of this
opinion;

(4) the laws of jurisdictions other than the PRC which may be applicable to the execution, delivery, performance
or enforcement of the Documents are complied with;

(5) all requested Documents have been provided to us and all factual statements made to us by the Company
and the PRC Entities in connection with this opinion are true, correct and complete;

(6) all explanations and interpretations provided by government officials duly reflect the official position
of the relevant Governmental Agencies and are complete, true and correct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) each of the Documents is legal, valid, binding and enforceable in accordance with their respective governing
laws other than PRC Laws (as defined below) in any and all respects;

![](ex99-2_001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) all consents, licenses, permits, approvals, exemptions or authorizations required by, and all required
registrations or filings with, any governmental authority or regulatory body of any jurisdiction other than the PRC in connection with
the transactions contemplated under the Registration Statement and other Documents have been obtained or made, and are in full force and
effect as of the date thereof; and

(9) all Governmental Authorizations (as defined below) and other official statements and documentation obtained
by the Company or any PRC Entity from any Governmental Agency have been obtained by lawful means in due course, and the Documents provided
to us conform with those documents submitted to Governmental Agencies for such purposes.

**B. <u>Definitions</u>**

In addition to the terms defined in the context of this opinion, the following capitalized terms used in this opinion shall have the meanings ascribed to them as follows:

&nbsp;&nbsp;&nbsp;&nbsp;1. *<u>"CSRC"</u>* means the Chinese Securities Regulatory Commission;

2. *<u>"Encumbrances"</u>* means any lien, mortgage, pledge, charge, encumbrance, security interest, claim or any other third party right ;

3. *<u>"Filing Notice"</u>* means the Notice of Filing for Overseas Listing of AIGO HOLDING LIMITED as published on the CSRC website on March 18, 2025;

4. *<u>"Governmental Agency/Agencies"</u>* means any national, provincial or local governmental, regulatory or administrative authority, agency or commission in the PRC, or any court, tribunal or any other judicial body or arbitral body in the PRC, or anybody exercising, or entitled to exercise, any administrative, judicial, legislative, law enforcement, regulatory, or taxing authority or power of a similar nature in the PRC;

![](ex99-2_001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;5. *<u>"Governmental Authorizations"</u>* means any license, approval, consent, waiver, order, sanction, certificate, authorization, filing, disclosure, registration, exemption, permission, endorsement, annual inspection, clearance, qualification, permit or license by, from or with any Governmental Agency pursuant to any PRC Laws;

6. *<u>"M&A Rules"</u>* means the Rules on Mergers and Acquisitions of Domestic Enterprises by Foreign Investors jointly promulgated by six PRC Governmental Agencies, namely, the Ministry of Commerce, the State-owned Assets Supervision and Administration Commission, the State Administration for Taxation, the State Administration for Industry and Commerce, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange on August 8, 2006, and became effective on September 8, 2006, as amended by the Ministry of Commerce on June 22, 2009 ;

7. *<u>"Material Adverse Effect"</u>* means a material adverse effect on the financial or trading position, condition (financial or otherwise), prospects, results of operations, business, management or general affairs of the Company;

8. *<u>"PRC Entities"</u>* means Fuzhou Aigou Juxing Investment Co. Ltd. ()"**WFOE**") and its wholly-owned and holding subsidiaries: (i) Fuzhou Aigostar Optoelectronic Technology Co., Ltd, ()"**Fuzhou Aigostar**") , (ii) Fuzhou Xingyishi Electronic Commerce Co. Ltd.,（iii） Fuzhou Infinite Information Technology Co., Ltd., and each, a "PRC Entity";

9. *<u>"PRC Laws"</u>* means all laws, statutes, regulations, orders, decrees, notices, circulars, judicial interpretations and other legislation of the PRC effective and available to the public as of the date hereof;

&nbsp;&nbsp;&nbsp;&nbsp;10. *<u>"Prospectus"</u>* means the prospectus, including all amendments or supplements thereto, that forms part of the Registration Statement;

11. *<u>"Reporting Period"</u>* refers to the years ended December 31, 2023 and 2024;

12. *" <u>RMB"</u>* refers to the legal currency of the PRC *;* 

13. *<u>"SAFE"</u>* means State Administration of Foreign Exchange;

14. *<u>"SAFE Circular 37"</u>* means Notice of the State Administration of Foreign Exchange on Issues Relating to Foreign Exchange Control for Overseas Investment and Financing and Round-tripping by Chinese Residents through Special Purpose Vehicles, as promulgated by the SAFE and taking effect on July 4, 2014; and

15. *<u>"Trial Measures"</u>* means the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies released by the CSRC on February 17, 2023, and took effect on March 31, 2023.

![](ex99-2_001.jpg)

**C. <u>Opinions</u>**

Based on the foregoing and subject to the disclosures contained in the Registration Statement and the qualifications set out below, we are of the opinion that, as of the date hereof, so far as PRC Laws are concerned:

1. Incorporation and Structure of PRC Entities

To the best of our knowledge after due inquiry, each of the PRC Entities is duly incorporated, validly existing and in good standing under the PRC Laws. Each of the PRC Entities has received all necessary Governmental Authorizations to own, lease and use its assets and properties and to conduct its business in the manner described in the Registration Statement and the Prospectus. There is no legal obstacle to the continued operation of each of the PRC Entities. Each of the PRC Entities has all requisite corporate power and authority to own, lease and operate its properties and to carry on its business as now being conducted. As confirmed by the Company, as at the date of this opinion, the PRC Entities are not in receipt of any letter or notice from any government authorities notifying any such Governmental Authorizations is or will be void, or nullified due to any reasons and the PRC Entities are not aware of any reason that would cause them to believe that any of such Governmental Authorizations is likely to be revoked, suspended, canceled, or withdrawn or (where applicable) cannot be renewed upon its expiry date.

The organizational structure of each PRC Entity is valid and in full compliance with the applicable PRC Laws. To the best of our knowledge after due inquiry, the articles of association of each PRC Entity have been duly approved and filed in accordance with the laws of the PRC and are valid. The business scope specified in the articles of association of each PRC Entities complies in all material respects with the requirements of all applicable PRC Laws. The operation of business by and the term of operation of the PRC Entities in accordance with the articles of association is in compliance in all material respects with applicable PRC Laws.

Each shareholder of each PRC Entity has obtained all Governmental Authorizations required under PRC Laws in relation to its ownership interest in such PRC Entity free and clear of all pledges, charges, restrictions upon voting or transfer or other Encumbrances or claims.

![](ex99-2_001.jpg)

2. Filing of Securities Offering and Listing

On February 17, 2023, the CSRC promulgated the Trial Measures and the related guidelines, which became effective on March 31, 2023. According to the Trial Measures, as the PRC Entities accounted for more than 50% of the Company's consolidated revenues, profit, total assets or net assets for the Reporting Period, and the key components of the Company's operations are carried out in the PRC, this Offering will be considered an indirect offering and the Company is subject to the filing requirements under the Trial Measures in connection with the Offering. The Company has completed the filing procedure for the Offering with the CSRC in compliance with the Trial Measures and the Filing Notice was published by the CSRC on its website on March 18, 2025.

3. M&A Rules

The CSRC approval under the M&A Rules is not required in the context of the Offering because (i) the CSRC currently has not issued any definitive rule or interpretation concerning whether offerings, such as the Offering, are subject to the M&A Rules; and (ii) the Company established WFOE by means of direct investment rather than by merger with or acquisition of PRC domestic companies. On June 17, 2024, when WFOE acquired 100% equity interest of Fuzhou Aigostar from its then four shareholders, Fuzhou Aigostar was not a "domestic company" as defined under the M&A Rules, thus, this acquisition was not required to be approved by the Ministry of Commerce. We are of the opinion that the issue and sale of the Ordinary Shares by the Company and the Listing on the Nasdaq, do not require any Governmental Authorization under the M&A rules. However, there are substantial uncertainties regarding the interpretation and application of current PRC Laws and there can be no assurance that the PRC government will ultimately take a view that is consistent with our opinion stated above.

![](ex99-2_001.jpg)

4. Legal Proceedings

To the best knowledge after due inquiry, as of the date of this opinion, none of the PRC Entities has been involved in any legal or administrative proceedings that may have a Material Adverse Effect on the Company's business, balance sheet, operating performance and cash flow.

To the best knowledge after due inquiry, (i) there has been no meeting convened and no order, petition or resolution passed for the winding-up, dissolution, liquidation, administration, amalgamation, reconstruction, reorganization, merger or consolidation or any analogous procedure of the PRC Entities, or the appointment of a receiver of their assets; (ii) there is no action or legal, administrative, arbitration or other proceedings pending in the PRC to which any of the PRC Entities is a party, which might result in the winding-up, dissolution or liquidation of any of the PRC Entities, or the appointment of a receiver in respect of any of their property or assets; (iii) no notice of appointment of any receiver, administrator, liquidator, trustee, custodian or other similar officer has been served in respect of any of the PRC Entities; (iv) none of the PRC Entities has taken any action nor have any steps been taken, or are being taken, or legal proceedings been started against any of the PRC Entities for the suspension, withdrawal, revocation or cancellation of the business licence of any of the PRC Entities; and (v) no judgment has been rendered declaring any of the PRC Entities bankrupt or involved in an insolvency proceeding.

5. Transfer of funds

The PRC Laws do not prohibit using cash generated from one subsidiary to fund another subsidiary's operations for ordinary production and business purposes. The Company or the PRC Entities have not been notified of any other restriction which could limit the Company's PRC subsidiaries' ability to transfer cash between them within PRC.

Except as described in the Registration Statement and the Prospectus, the PRC Entities are not currently prohibited, directly or indirectly, from paying any dividends or making any other distribution on their shares or share capital or similar ownership interest, from making or repaying any loans or advances, or from transferring any of its properties or assets to the Company under the PRC Laws.

Except as described in the Registration Statement and the Prospectus, there are no exchange control formalities or approvals required for all forms of payments or capital transfers, which would prevent the PRC Entities from paying dividends or other distributions to its shareholders.

![](ex99-2_001.jpg)

6. Taxation

To the best of our knowledge after due inquiry, none of the PRC Entities has been investigated, alleged or penalized by local tax authorities for any non-compliance with PRC tax laws. Any such non-compliance might result in tax assessments or penalties imposed for late payment of PRC taxes, which would, individually or in the aggregate, have a Material Adverse Effect. The statements made in the Registration Statement under the caption "Taxation", with respect to the PRC tax laws and regulations or interpretations, constitute true and accurate descriptions of the matters described therein in all material respects and such statements constitute our opinion.

7. Enforceability of Civil Procedures

The recognition and enforcement of foreign judgments are provided for under the PRC Civil Procedures Law. The PRC courts may recognize and enforce foreign judgments in accordance with the requirements of the PRC Civil Procedures Law based either on treaties between China and the country where the judgment is made or on principles of reciprocity between jurisdictions. China does not have any treaties or other forms of reciprocity with the United States or the Cayman Islands that provide for the recognition and enforcement of foreign judgments. In addition, according to the PRC Civil Procedures Law, courts in the PRC will not enforce a foreign judgment against a company or its directors and officers if such PRC courts decide that the judgment violates the basic principles of the PRC laws or national sovereignty, security or public interest. As a result, it is uncertain whether and on what basis a PRC court would enforce a judgment rendered by a court in the United States or in the Cayman Islands.

8. Foreign Exchange Registration of Overseas Investment by PRC Residents

Each PRC domestic resident shareholder of the Company has completed the relevant registration or filing procedures under the SAFE Circular 37 for their ownership interest in the Company.

![](ex99-2_001.jpg)

9. Real Property

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Self-owned Property

Based on the real estate certificates provided by the PRC Companies, the search certificate documents issued by the competent authorities where the real estate is located, and its confirmation, as of the date of this opinion, Fuzhou Aigostar owns one property ("**Property**"), the basic detail of which is as follows:

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| | |
|:---|:---|
| &nbsp;&nbsp;**Certificate No.** | &nbsp;&nbsp;Min (2017) Fuzhou Real Estate Certificate No. 9030857 |
| &nbsp;&nbsp;**Right Holder** | &nbsp;&nbsp;Fuzhou Aigostar |
| &nbsp;&nbsp;**Location of the Property** | &nbsp;&nbsp;4th Floor, Building 26, Juyuanzhou Park, Jinshan Industrial Zone, No. 618 Jinshan Avenue, Jianxin Town, Cangshan District |
| &nbsp;&nbsp;**Right Type** | &nbsp;&nbsp;State-owned construction land use right / House ownership |
| &nbsp;&nbsp;**Use** | &nbsp;&nbsp;Industrial land / Industrial plant |
| &nbsp;&nbsp;**Area (m<sup>2</sup>)** | &nbsp;&nbsp;Land area: 1,201.1; Building area: 1,745.17 |
| &nbsp;&nbsp;**Expiry Date** | &nbsp;&nbsp;Until June 28, 2057 |
| &nbsp;&nbsp;**Method of acquisition** | &nbsp;&nbsp;Purchase |
| &nbsp;&nbsp;**Encumbrance** | &nbsp;&nbsp;Pledged to Industrial Bank Co., Ltd., Fuzhou Branch under the Maximum Amount Mortgage Contract (No. Shou JA2022082-DB3) |

---

Fuzhou Aigostar, as the legal owner of the Property, shall have the right to use, transfer, lease, mortgage, or otherwise dispose of the Property in compliance with applicable laws and regulations, provided that the mortgage contract relating to the Property is duly observed. The ownership rights and interests of Fuzhou Aigostar in the Property are protected by the PRC laws, without prejudice to any rights of the mortgagee under the mortgage contract.

![](ex99-2_001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Leased Property

The PRC Entities presently lease several premises in China. The tenancy relationship between the PRC Entities as lessees and their respective lessors remains valid throughout their respective tenancy periods. Among them, with respect to (1) the 5th-floor rooftop structure of about 900 square meters of Building 26, Juyuanzhouyuan, Jinshan Industrial Zone, No. 618 Jinshan Avenue, Jianxin Town, Cangshan District, Fuzhou, with a lease term from March 13, 2024 to March 12, 2027; and (2) the 5th-floor rooftop structure of about 400 square meters in Building 26, Juyuanzhouyuan, Jinshan Industrial Zone, No. 618 Jinshan Avenue, Jianxin Town, Cangshan District, Fuzhou, with a lease term from April 1, 2024 to March 31, 2027, which form part of the leased property interests of Fuzhou Aigostar, the lessors do not hold any legal title certificates in compliance with the PRC Laws. This lack of certification may render the lease contracts invalid, which would adversely affect the Company.

Furthermore, under the PRC laws, all lease agreements are required to be registered with the local housing authorities. As of the date of this opinion, the lease agreements entered into by the PRC Entities have not been registered with the relevant authorities, which would expose the relevant PRC Entities to potential monetary fines ranging from RMB1,000 to RMB10,000.

10. Intellectual Property

Each of the PRC Entities has good and unencumbered title to such intellectual properties, including trademarks, patents, domain names, and copyrights, during the Reporting Period and are material to the operation and business of the PRC Entities.

To the best of our knowledge after due inquiry, (i) each of the PRC Entities owns, or has rights to use under licence, all such intellectual properties free and clear in all material respects of all Encumbrances; (ii) there are no actions, suits or proceedings (legal, administrative, governmental, arbitral or otherwise) current, pending, or threatened in the PRC, which are against or affecting such intellectual properties, whether or not arising in the ordinary course of business, which would, individually or in the aggregate, have a Material Adverse Effectt; and (iii) the PRC Entities have not received any notice of infringement of or conflict with any intellectual property rights of others (registered or otherwise) which, in either case, individually or in the aggregate, if the subject of any unfavorable decision, ruling or finding, would result in a Material Adverse Effect on the PRC Entities.

![](ex99-2_001.jpg)

11. No Sovereign Immunity

Under the PRC Laws, none of the PRC Entities, or any of their respective properties, assets or revenues, is entitled to any right of immunity on the grounds of sovereignty or otherwise from any legal action, suit or proceeding, set-off or counterclaim, the jurisdiction of any court in the PRC, service of process, attachment prior to or in aid of execution of judgment, or other legal process or proceeding for the granting of any relief or the enforcement of any judgment.

12. PRC Laws

All statements set forth in the Registration Statement and the Prospectus under the captions "Prospectus Summary", "Risk Factors", "Use of Proceeds", "Dividend Policy", "Business", "Our Corporate Structure", "Regulations", "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Taxation" in each case insofar as such statements describe or summarize PRC legal or regulatory matters, are true and accurate in all material aspects, and correctly set forth therein, and nothing has been omitted from such statements which would make the same misleading in any material aspects.

In the course of acting as counsel to the Company in connection with the preparation by the Company of the Registration Statement, we reviewed the Registration Statement and participated in conferences and telephone conversations with officers and other representatives of the Company and PRC Entities, the registered public accounting firms and other legal counsels for the Company, during which conferences and conversations the contents of the Registration Statement, and related matters were discussed. We also reviewed and relied upon certain corporate records and documents and accountants and oral and written statements of officers and other representatives of the Company and PRC Entities and others as to the existence and consequence of certain factual and other matters. Based on our participation, review and reliance as described above, nothing has come to our attention that would cause us to believe that (i) the Registration Statement (with respect to PRC Laws, legal matters or governmental and regulatory proceedings or contracts or other documents governed by PRC Laws) as of the date of this opinion contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary to make the statements therein in light of the circumstances under which they were made not misleading.

![](ex99-2_001.jpg)

**D. <u>The foregoing opinion is further subject to the following qualifications:</u>**

1. Our opinion is limited to the PRC Laws of general application on the date hereof. For the purpose of this
opinion only, the PRC or China shall not include the Hong Kong Special Administrative Region, the Macau Special Administrative Region
or Taiwan. We have made no investigation of, and do not express or imply any views on, the laws of any jurisdiction other than the PRC;

2. The PRC Laws referred to herein are laws currently in force and there is no guarantee that any of such
laws, or the interpretation thereof or enforcement thereof, will not be changed, amended or replaced in the immediate future or the longer
term with or without retrospective effect;

3. Our opinion is subject to the effects of (i) certain legal or statutory principles affecting the
enforceability of contractual rights generally under the concepts of public interest, social ethics, national security, good faith, fair
dealing, and applicable statutes of limitation, (ii) any circumstance in connection with formulation, execution or performance of
any legal documents that would be deemed materially mistaken, clearly unconscionable, fraudulent, coercionary or concealing illegal intentions
with a lawful form, (iii) judicial discretion with respect to the availability of specific performance, injunctive relief, remedies
or defenses, or calculation of damages, and (iv) the discretion of any competent PRC legislative, administrative or judicial bodies
in exercising their authority in the PRC;

4. This opinion is issued based on our understanding of the current PRC Laws. For matters not explicitly
provided under the current PRC Laws, the interpretation, implementation and application of the specific requirements under PRC Laws are
subject to the final discretion of competent PRC legislative, administrative and judicial authorities, and there can be no assurance that
the Government Agencies will ultimately take a view that is not contrary to our opinion stated above;

5. This opinion is intended to be used in the context which is specifically referred to herein; each paragraph
shall be construed as a whole and no part shall be extracted and referred to independently; and

6. As used in this opinion, the expression " to
the best of our knowledge after due inquiry " or similar language
with reference to matters of fact refers to the current actual knowledge of the attorneys of this firm who have worked on matters for
the Company in connection with the Offering and the transactions contemplated thereby after reasonable investigation and inquiry in the
legal due diligence based on the information provided or confirmed by the Company and our research from the public official resources.
We may rely, as to matters of fact (but not as to legal conclusions), to the extent we deem proper, on certificates and confirmations
of responsible officers of the PRC Entities and Governmental Agencies.

![](ex99-2_001.jpg)

We hereby consent to the use of this opinion in, and the filing hereof as an exhibit to the Registration Statement, and to the reference to our name in such Registration Statement. In giving such consent, we do not thereby admit that we come within the category of persons whose consent is required under Section 7 of the U.S. Securities Act of 1933, as amended, or the regulations promulgated thereunder.

This Opinion is rendered at the request of and solely for the benefit of Aigo Holding Limited in connection with the above matters. This Opinion may not be relied upon, quoted or referred to for any other purpose or released upon by or furnished to any other person without our prior written consent. Notwithstanding the foregoing, you may furnish a copy of this opinion (a) if required by any applicable law or regulation, or (b) to any court, governmental, or regulatory authority having jurisdiction over you if required by such authority.

Yours faithfully,

---

| |
|:---|
| /s/ Beijing Dacheng Law Offices, LLP (Fuzhou) |
| Beijing Dacheng Law Offices, LLP (Fuzhou) |

---

## Exhibit 99.3

**Exhibit 99.3**

AIGO HOLDING LIMITED

Vistra (Cayman) Limited

P.O. Box 31119 Grand Pavilion

Hibiscus Way, 802 West Bay Road

Grand Cayman, KY1 – 1205

Cayman Islands

21 August 2025

**Re: Consent of Studio Legale Associato Moneta Bianchini Dieni**

We hereby consent to the use of and references to our name (i) in the prospectus included in the registration statement on Form F-1 of AIGO HOLDING LIMITED (the "Company") and any amendments thereto (the "Registration Statement") and (ii) in any written correspondence with the United States Securities and Exchange Commission (SEC). We hereby consent to the fling of our legal opinion and this consent as exhibits to the Registration Statement.

For and on behalf of

Studio Legale Associato Moneta Bianchini Dieni

---

| |
|:---|
| /s/ Andrea Moneta |
| Avv. Andrea Moneta |

---

![](ex99-3_001.jpg)

## Exhibit 99.4

**Exhibit 99.4**

![](ex99-4_001.jpg)

Date: August 26, 2024

**AIGO HOLDING LIMITED**

4th Floor, Building No. 26, Ju Yuan Zhou Garden

Jinshan Industrial Zone, 618 Jinshan Avenue, Jianxin Town

Fuzhou City, Fujian Province, China 350028

**<u>Re: Aigo Holding Limited</u>**

Ladies and Gentlemen,

We understand that Aigo Holding Limited (the "Company") plans to file a registration statement on Form F-1 (the "Registration Statement") with the United States Securities and Exchange Commission (the "SEC") in connection with its proposed initial public offering (the "Proposed IPO").

We hereby consent to the references to our name and the inclusion of information, data and statements from our research reports and amendments thereto (collectively, the "Reports"), and any subsequent amendments to the Reports, as well as the citation of our research reports and amendments thereto, in the Registration Statement and any amendments thereto, in any other future filings with the SEC by the Company, including, without limitation, filings on Form 20-F or Form 6-K or other SEC filings (collectively, the "SEC Filings"), on the websites of the Company and its subsidiaries and affiliates, in institutional and retail road shows and other activities in connection with the Proposed IPO, and in other publicity materials in connection with the Proposed IPO.

We further hereby consent to the filing of this letter as an exhibit to the Registration Statement and any amendments thereto and as an exhibit to any other SEC Filings.

![](ex99-4_002.jpg)

Yours faithfully

For and on behalf of

**China Insights Industry Consultancy Limited**

---

| | |
|:---|:---|
| /s/ Ruby Jiang | /s/ Ruby Jiang |
| Name: | Ruby Jiang |
| Title: | Managing Director |

---

## Ex-Filing

?xml version='1.0' encoding='ASCII'? Filing Fee Exhibit

**Ex-Filing Fees**

**CALCULATION OF FILING FEE TABLES**

**F-1**

**Aigo Holding Limited**

**Table 1: Newly Registered and Carry Forward Securities**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Line Item Type** | **Security Type** | **Security Class Title** | **Notes** | **Fee Calculation<br> Rule** | **Amount Registered** | **Proposed Maximum Offering<br> Price Per Unit** | **Maximum Aggregate Offering Price** | **Fee Rate** | **Amount of Registration Fee** |
| *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* |
| Fees to be Paid | Equity | Ordinary Shares, par value $0.00025 per share | (1) | 457(o) | 2300000 | $6.00 | $13800000.00 | 0.0001531 | $2112.78 |
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | $13800000.00 |  | 2112.78 |
| Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: |  |  |  |
| Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: |  |  | 0.00 |
| Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: |  |  | $2112.78 |

---

**__________________________________________ Offering Note(s)**

&nbsp;&nbsp;&nbsp;&nbsp;(1) There is no current market for the securities or price at which the shares are being offered. Estimated solely for the purpose of determining the amount of registration fee in accordance with Rule 457(o) under the Securities Act of 1933, as amended (the "Securities Act"). Includes (a) 2,000,000 Ordinary Shares to be offered by us pursuant to this offering; and (b) 300,000 Ordinary Shares that the underwriters have the option to purchase to cover over-allotments, if any.