# EDGAR Filing Document

**Accession Number:** 0002052443
**File Stem:** 0001213900-26-008900
**Filing Date:** 2026-1
**Character Count:** 787957
**Document Hash:** 7dfd35772f521cada361091a1fa858de
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-26-008900.hdr.sgml**: 20260128

**ACCESSION NUMBER**: 0001213900-26-008900

**CONFORMED SUBMISSION TYPE**: F-1

**PUBLIC DOCUMENT COUNT**: 29

**FILED AS OF DATE**: 20260128

**DATE AS OF CHANGE**: 20260128

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** V Capital Consulting Group Ltd
- **CENTRAL INDEX KEY:** 0002052443
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-MANAGEMENT CONSULTING SERVICES [8742]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** N8
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** F-1
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-293017
- **FILM NUMBER:** 26573285

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** B03-C-8, MENARA 3A, 3,
- **STREET 2:** JALAN BANGSAR, KL ECO CITY
- **CITY:** KUALA LUMPUR
- **PROVINCE COUNTRY:** N8
- **BUSINESS PHONE:** 60377173089

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** B03-C-8, MENARA 3A, 3,
- **STREET 2:** JALAN BANGSAR, KL ECO CITY
- **CITY:** KUALA LUMPUR
- **PROVINCE COUNTRY:** N8

Registration No. 333-[_______]

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

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

**V CAPITAL CONSULTING GROUP LIMITED<br> (Exact Name of Registrant as Specified in its Charter)**

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| | | |
|:---|:---|:---|
| **British Virgin Islands** | **8742** | **Not Applicable** |
| **(State or Other Jurisdiction of<br> Incorporation or Organization)** | **(Primary Standard Industrial<br> Classification Code Number)** | **(I.R.S. Employer<br> Identification No.)** |

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**B03-C-8 Menara 3A**

**KL Eco City, No. 3 Jalan Bangsar<br> 59200 Kuala Lumpur<br> +603 7717 3089**

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

**Cogency Global Inc.**

**122 East 42nd Street, 18th Floor**

**New York, NY 10168**

**P: 800-221-0102**

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

***Copies to:***

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| | |
|:---|:---|
| **Ross D. Carmel, Esq.**<br> **Thiago Spercel, Esq.**<br> **Sichenzia Ross Ference Carmel LLP**<br> **1185 Avenue of the Americas, 31<sup>st</sup> Floor**<br> **New York, NY 10018**<br> **(646) 838-1310** | **Kevin Sun, Esq.**<br> **Bevilacqua PLLC**<br> **1050 Connecticut Avenue, NW**<br> **Suite 500**<br> **Washington, DC 20036**<br> **Tel: (202) 869-0888** |

---

**Approximate date of commencement of proposed sale to the public:** As soon as practicable after effectiveness 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 Commission, acting pursuant to said Section 8(a), may determine.**

**The information in this prospectus is not complete and may be changed. We may not sell the securities until the registration statement filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and it is not soliciting any offer to buy these securities in any jurisdiction where such offer or sale is not permitted.**

**SUBJECT TO COMPLETION DATED [_______], 2026**

**PRELIMINARY PROSPECTUS**

**V CAPITAL CONSULTING GROUP LIMITED**

(Incorporated in the British Virgin Islands)

![](image_001.jpg)

**Class A Ordinary Shares**

This is an initial public offering of Class A Ordinary Shares (the "Class A Shares") of V Capital Consulting Group Limited (the "Company"), currently a wholly owned subsidiary of VHKL Private Capital Limited ("VHKL" or the "Parent"). We are offering shares of our Class A Shares of no par value.

Prior to this offering, there has been no public market for our Class A Shares. We expect the initial public offering price of our Class A Shares to be between $[__] and $[__] per share. We intend to list our Class A Shares on the Nasdaq Capital Market ("Nasdaq") under the symbol "VCCG".

We have two classes of authorized Ordinary Shares, Class A Ordinary Shares (the "Class A Shares") and Class B Ordinary Shares (the "Class B Shares"). Class A Shares generally vote together with Class B Shares as a group, unless otherwise prohibited by law. Each Class A Share is entitled to one vote. Each Class B Share is entitled to twenty votes and is convertible into one Class A Share at the option of the holder at any time. As of the date of this prospectus, our Parent, VHKL, the holder of our outstanding (i) 42,000,000 of our Class A Shares and (ii) 6,000,000 of our Class B Shares, hold 100% of the voting power of our outstanding share capital and are therefore our sole controlling shareholder. Following this offering, taking into consideration the Class A Shares expected to be offered hereby, even if 100% of such shares are sold, our Parent will retain controlling voting power in the Company based on having approximately 97.74% of all voting rights. As a result, we will be a "controlled company" as defined under the Nasdaq Stock Market Rules because VHKL will hold more than 50% of the Company's voting power.

After the Corporate Restructuring and upon the completion of this offering, we expect that VHKL will own approximately 91.80 % of our outstanding Class A Shares (or 90.69 % if the underwriters exercise their option to purchase additional shares in full), and our controlling shareholder will have the ability to control matters requiring shareholder approval. These matters include, but are not limited to, the election and removal of directors, amendments to our Memorandum and Articles of Association and bylaws, and the approval of significant corporate transactions, such as a merger, consolidation, change in control, or sale of all or substantially all of our assets. The interests of our controlling shareholder may differ from or conflict with the interests of other shareholders. This concentration of ownership may have the effect of delaying, deterring, or preventing a change in control or other transactions that could be beneficial to our other shareholders, and may limit your ability to influence corporate governance and strategic decisions. As a result, the market price of our common stock may be adversely affected.

We intend to rely on certain of the controlled company exemptions under the Nasdaq Stock Market Rules. Accordingly, you may not have the same protections afforded to shareholders of companies that are subject to all of the corporate governance requirements of the Nasdaq Capital Market.

VHKL is a business company incorporated under the laws of the British Virgin Islands controlled by Mr. Hoo Voon Him. See "*Principal Shareholders*."

You should read this prospectus, together with additional information described under the headings "Risk Factors" and "Where You Can Find More Information" carefully before you invest in any of our securities.

**Investing in our securities involves a high degree of risk, including the risk of losing your entire investment. *See "Risk Factors"* beginning on page 14 to read about factors you should consider before buying our securities.**

**We are an "emerging growth company" as defined under the federal securities laws and may elect to comply with reduced public company reporting requirements. Please read "Implications of Our Being an Emerging Growth Company" beginning on page 7 of this prospectus for more information.**

**We are a "foreign private issuer" as defined under the federal securities laws and, as such, are subject to reduced public company reporting requirements. Please read "Foreign Private Issuer Status" beginning on page 8 of this prospectus for more information.**

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

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(1) Does not include a non-accountable expense allowance equal to 1% of the gross proceeds of this offering payable to D. Boral Capital LLC, the Representative of the underwriters. We have agreed to issue to the Representative or its designees warrants to purchase up to a total number of Class A Shares equal to 5% of the total number of Class A Shares sold in this offering at an exercise price equal to 120% of the initial public offering price of the shares sold in this offering. We have also agreed to reimburse the Representative for certain accountable expenses. See "*Underwriting*" beginning on page 76 of this prospectus for additional information regarding the compensation payable to the underwriters.

The underwriters may also exercise their option to purchase up to an additional [\*] Class A Shares from us, at the public offering price, less the underwriting discount, for 45 days after the date of this prospectus.

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

We expect to deliver the Securities offered hereby against payment in New York, New York on or about [_______], 2026, subject to satisfaction of customary closing conditions.

**D. BORAL CAPITAL**

**The date of this prospectus is __________, 2026**

**TABLE OF CONTENTS**

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| | |
|:---|:---|
|  | **Page** |
| [CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS](#via_001) | iii |
| [INDUSTRY AND MARKET DATA](#via_002) | iv |
| [TRADEMARKS, TRADE NAMES AND SERVICE MARKS](#via_003) | iv |
| [PROSPECTUS SUMMARY](#via_004) | 1 |
| [THE OFFERING](#via_005) | 9 |
| [SUMMARY HISTORICAL COMBINED AND CONSOLIDATED FINANCIAL DATA](#via_006) | 10 |
| [RISK FACTORS](#via_007) | 14 |
| [USE OF PROCEEDS](#via_008) | 31 |
| [DIVIDEND POLICY](#via_009) | 31 |
| [CAPITALIZATION](#via_010) | 32 |
| [DILUTION](#via_011) | 33 |
| [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#via_012) | 34 |
| [BUSINESS](#via_013) | 47 |
| [MANAGEMENT](#via_014) | 57 |
| [PRINCIPAL SHAREHOLDERS](#via_015) | 59 |
| [DESCRIPTION OF SECURITIES](#via_016) | 64 |
| [MATERIAL UNITED STATES FEDERAL INCOME TAX CONSEQUENCES TO U.S. HOLDERS](#via_017) | 72 |
| [BRITISH VIRGIN ISLANDS TAXATION](#via_018) | 75 |
| [UNDERWRITING](#via_019) | 76 |
| [EXPENSES RELATING TO THIS OFFERING](#via_020) | 83 |
| [LEGAL MATTERS](#via_021) | 84 |
| [EXPERTS](#via_022) | 84 |
| [ENFORCEABILITY OF CIVIL LIABILITY](#via_023) | 84 |
| [WHERE YOU CAN FIND ADDITIONAL INFORMATION](#via_024) | 84 |

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**You should rely only on information contained in this prospectus or in any free writing prospectus we may authorize to be delivered or made available to you. Neither the delivery of this prospectus nor the sale of our securities means that the information contained in this prospectus or any free writing prospectus is correct after the date of this prospectus or such free writing prospectus. This prospectus is not an offer to sell or the solicitation of an offer to buy our securities in any circumstances under which the offer or solicitation is unlawful or in any state or other jurisdiction where the offer is not permitted. The information contained in this prospectus is accurate only as of its date regardless of the time of delivery of this prospectus or of any sale of our subordinate voting shares.**

**No person is authorized in connection with this prospectus to give any information or to make any representations about us, the securities offered hereby or any matter discussed in this prospectus, other than the information and representations contained in this prospectus. If any other information or representation is given or made, such information or representation may not be relied upon as having been authorized by us.**

**For investors outside the United States**: Neither we nor the underwriters have done anything that would permit this offering or possession or distribution of this prospectus in any jurisdiction where action for that purpose is required, other than in the United States. You are required to inform yourselves about and to observe any restrictions relating to this offering and the distribution of this prospectus.

i

Unless otherwise indicated, information contained in this prospectus concerning our industry and the markets in which we operate, including our general expectations and market position, market opportunity and market share, is based on information from our own management estimates and research, as well as from industry and general publications and research, surveys and studies conducted by third parties. Management estimates are derived from publicly available information, our knowledge of our industry and assumptions based on such information and knowledge, which we believe to be reasonable. Our management's estimates have not been verified by any independent source, and we have not independently verified any third-party information. In addition, assumptions and estimates of our and our industry's future performance are necessarily subject to a high degree of uncertainty and risk due to a variety of factors, including those described in "*Risk Factors*." These and other factors could cause our future performance to differ materially from our assumptions and estimates. See "*Cautionary Note Regarding Forward-Looking Statements*."

We obtained statistical data, market data and other industry data and forecasts used in this prospectus from market research, publicly available information and industry publications. While we believe that the statistical data, industry data and forecasts and market research are reliable, we have not independently verified the data.

Throughout this prospectus, we refer to various trademarks, service marks and trade names that others use in their business. All rights to such trademarks are the property of their respective holders.

Throughout this prospectus, unless otherwise designated or the context suggests otherwise:

● all references to the "Company," the "registrant," "VCCG," "V Capital Consulting Group," "we," "our," or "us" in this prospectus mean V Capital Consulting Group Limited, a BVI business company. All references to "VHKL" or the "Parent" mean VHKL Private Capital Limited, the controlling shareholder of the Company;

● all references to the "British Virgin Islands" and "BVI" in this prospectus mean the British Overseas Territory officially known as the Virgin Islands or the Territory of the British Virgin Islands;

● "year" or "fiscal year" mean the year ending December 31st;

● Our fiscal year end is December 31. References to a particular "fiscal year" are to our fiscal year ended December 31 of that calendar year. Our audited combined and consolidated financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS"), as issued by the International Accounting Standards Board. Numerical figures included in this prospectus have been subject to rounding adjustments. Accordingly, numerical figures shown as totals in various tables may not be arithmetic aggregations of the figures that precede them; and

● unless otherwise noted: (i) all industry and market data in this prospectus is presented in U.S. dollars, (ii) all financial and other data related to VCCG in this prospectus is presented in U.S. dollars, (iii) all references to "$" or "USD" in this prospectus (other than in our financial statements) refer to U.S. dollars, (iv) all references to "RM" in this prospectus refer to Malaysian Ringgits, and (v) all information in this prospectus assumes the issuance and sale of the maximum number of Class A Shares available in this offering.

While we maintain our books and records in U.S. dollars, the presentation currency for our financial statements and also our functional currency, as a holding company, our material assets are our direct equity interests in our subsidiaries, and we are therefore dependent upon the results of operations of our subsidiaries, which are denominated primarily in the Malaysian Ringgit (RM), and as such our consolidated results of operations may be affected by changes in the local exchange rates to the U.S. dollar.

ii

**CAUTIONARY 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." Known and unknown risks, uncertainties and other factors, including those listed under "Risk Factors," may cause our actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements.

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

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

● our status as a foreign private issuer;

● our ability to protect the confidential information of our clients;

● loss of our key management and employees or their work product;

● risks inherent in operating in foreign jurisdictions;

● any failure to comply with laws and regulations including workplace safety and other regulatory requirements;

● our ability to generate additional capital;

● our ability to defend against legal, administrative or investigative proceedings;

● a natural disaster, global pandemic or other disruption at our operations;

● the impact on our results of possible fluctuations in interest rates, foreign currency exchange rates, costs and taxes;

● significant legal proceedings, claims, lawsuits or government investigations;

● general industry, economic and business conditions;

● the use of net proceeds from this offering;

● our ability to maintain compliance with Nasdaq's listing standards; and

● any failure to maintain effective internal control over financial reporting or disclosure controls or procedures.

These forward-looking statements are subject to various and significant risks and uncertainties, including those which are beyond our control. 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. We disclaim any obligation to update our forward-looking statements, except as required by law.

iii

**INDUSTRY DATA AND FORECASTS**

This prospectus contains certain data and information that we obtained from various government and private publications, including industry data and information and industry statistics from various publicly available sources. Statistical data in these publications may also include projections based on a number of assumptions. 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.

**TRADEMARKS, TRADE NAMES AND SERVICE MARKS** 

Throughout this prospectus, we refer to various trademarks, service marks and trade names that others use in their business. All rights to such trademarks are the property of their respective holders.

For convenience, we may not include the SM,® or™ symbols, but such omission is not meant to indicate that we would not protect our intellectual property rights to the fullest extent allowed by law, if applicable.

iv

**PROSPECTUS SUMMARY**

 ****

*This summary highlights certain information about us and this offering contained elsewhere in this prospectus, but it is not complete and does not contain all of the information you should consider before investing in our Class A Shares. In addition to this summary, you should read this entire prospectus carefully, including the risks of investing in our Class A Shares and the other information discussed in the section titled "Risk Factors", and the financial statements and the related notes included elsewhere in this prospectus, before making an investment decision. This summary contains forward-looking statements that involve risks and uncertainties. Our actual results may differ significantly from the results discussed in the forward-looking statements as a result of certain factors, including those set forth in the sections titled "Risk Factors" and "Cautionary Statement Regarding Forward-Looking Statements."* 

 

*We describe in this prospectus the businesses that have been contributed to us by VCI Global Limited ("VCIG"), our prior parent company before the Corporate Restructuring, as part of our separation from VCIG pursuant to the Stock Exchange and Business Separation Agreement, dates as of December 30, 2024, as if they were our businesses for all historical periods described. Please see the section titled "Certain Relationships and Related Party Transactions—Relationship with VCIG and VHKL—Arrangements between VCIG and Our Company" for a description of this separation. Our historical financial results as part of VCI Global Limited contained in this prospectus may not reflect our financial results in the future as a stand-alone company or what our financial results would have been had we been a stand-alone company during the periods presented.*

 

**Overview**

VCCG, a company formed by VCI Global Limited (Nasdaq: VCIG) and transferred to VHKL, is a multi-disciplinary consulting group with key corporate advisory practices. Our team is staffed with consultants recognized for their wealth of knowledge and established track records of delivering impact. With our core group of experts experienced in corporate finance, capital markets, legal, and investor relations, we guide and assist our clients' paths to success by helping them to identify business opportunities. We leverage our in-depth expertise to assist clients in creating values by providing profitable business ideas, customizing bold strategic options, offering sector intelligence, and equipping clients with cost-saving solutions for lasting growth.

We have been delivering our services to companies ranging from small-medium enterprises and government contractors to publicly traded conglomerates across a broad array of industries. Our clients are predominantly from Malaysia (approximately 97% of our revenue in 2024) with some client engagements from Singapore (approximately 3% of our revenue in 2024). Most of our clients are listed on Nasdaq Capital Markets and we have conducted numerous engagements and advised our clients on resolving issues surrounding listing strategies, corporate development initiatives and investor relations.

For the years ended December 31, 2023 and 2024, our revenue was US$12.40 million and US$14.29 million, respectively, representing a 15% growth, and our net profit was US$6.73 million and US$8.01 million, respectively, representing a 30% growth. For the years ended December 31, 2023 and 2024, our total comprehensive income was US$7.09 million and total comprehensive loss was US$0.76 million, respectively.

For the six months ended June 30, 2024 and 2025, our revenue was US$13.47 million and US$7.83 million respectively, representing a decline of 42%, and our net profit was US$10.60 million and US$5.09 million, respectively, representing a decline of 52%. For the six months ended June 30, 2024 and 2025, our total comprehensive income was US$6.76 million and US$4.60 million, respectively.

**Our Mission**

We strive to deliver tailored business strategies to support clients in maximizing their long-term value and growth in a competitive market.

**Consultancy Service**

The Company offers a diverse range of consultancy services which includes, among others, listing consultancy and business strategy consultancy, offering comprehensive support to clients throughout their company growth and listing journey.

**Listing Consultancy**

Our listing consultancy offers end-to-end listing solutions that cover advising on organizational readiness, managing due diligence process, conducting peer and industry analyses, supporting the drafting of offering materials, and providing assistance to customers throughout the listing process. Over the years, our listing consultancy services have successfully propelled our customers' businesses to achieve their strategic objectives.

**Business Strategy Consultancy**

Our service comprises comprehensive business consultancy support ranging from business strategy development, organizational planning, advice on internal controls, corporate governance, and board-level strategies, goal settings, leadership and talent development to advising in stakeholder communications. We support the preparation of investor communication materials, offer strategic input on structure optimization, and help formulate narratives and positioning strategies. We also assist in investor relations and public relations to help customers maintain effective communication with stakeholders and guidance on regulatory awareness. Our services are designed to deliver clear and practical solutions that help clients strengthen decision-making, improve competitiveness, and create long-term value.

Across both our listing consultancy and business strategy consultancy services, we undertake the following functions:

● To provide strategic guidance on capital access pathways and business positioning for market readiness;

● To evaluate and assess clients' businesses and perform IPO readiness diagnostics, including health checks on the company's management, financial, and organizational structure;

● To assemble external professionals for the IPO process and assist in building a quality management team, robust financial and corporate governance;

● To assist in fine-tuning business plans, articulate compelling equity stories, and advise on strategic options to maximize clients' business values;

● To manage due diligence process and peer industry analysis;

● To offer practical, insight-driven solutions to navigate growth through potential business transformation;

● To develop corporate development strategies;

● To assist with the preparation of strategic presentation materials for engagement with stakeholders;

● To offer input on organizational structure alignment and planning;

● To design marketing strategy and promote the company's business;

● To assist clients with their cross-border listings process.

● To oversee the ongoing obligations of the Company following the necessary laws and regulations

● To provide guidance on compliance with the disclosure requirements for the Company material information and announcements

● To assist in establishing investor relation strategies and preparing relevant press-release for key events and milestones

● To support high-level stakeholders with confidential, tailored guidance aligned with business and personal growth objectives.

● To ensure seamless coordination and personalized support throughout the advisory process.

**Revenue Model**

Our revenue is driven in part by our ability to offer customized service offerings to add value to clients. We derive our revenues substantially from our business strategy consultancy service offerings and solutions that we deliver to our clients. Each contract has different terms based on the scope, deliverables, timing and complexity of the engagement. Depending on the terms of the service engagement contract, our revenues are derived from a few principal types of billing arrangements as explained below:

**Service Fee**

Our clients agree to a pre-established fee in exchange for a predetermined set of professional services. Generally, the client agrees to pay a fixed fee upon specific services engaged. Fees are determined based on our assessment of the engagement's complexity, scale, estimated costs and the time it would take to complete each engagement.

Payment terms for fixed service fees vary by contract and may include upfront payments, periodic payments over the term of the engagement, or payments due upon the delivery of specified services or milestones where completion may be outside our control, including actions or decisions of the client, third-party service providers, or external market or regulatory conditions.

Additionally, revenue recognized at a point in time refers to revenue that is recognized when control of goods or services is transferred to the customer at a specific moment. This typically applies to projects that are completed within a short period, such as periods between three to eight months, or services where control is deemed to have passed upon fulfilment of the service terms. For example, in the case of due diligence services, revenue is recognized when the due diligence report is delivered to the customer. For the year ended December 31, 2023, 51% of total revenue was recognized at a point in time. For the year ended December 31, 2024, this proportion increased to 62% of total revenue.

Revenue recognized over time refers to revenue that is recognized progressively over a period as the Company performs its contractual obligations. This approach is commonly applied to long-term contracts, ongoing services, subscriptions, or projects where customers receive and consume the benefits as the work is performed, such as IPO advisory projects. For the year ended December 31, 2023, 49% of total revenue was recognized overtime. For the year ended December 31, 2024, this proportion decreased to 38% of total revenue.

**Corporate Restructuring**

In connection with this offering, the Company completed a corporate restructuring (the "Corporate Restructuring") intended to simplify its ownership structure and align the Company's voting control. The restructuring transactions were completed on January 6, 2026, and did not involve any change in the underlying business operations of the Company.

Pursuant to the restructuring, VCIG transferred its entire equity interest in VCCG, consisting of 100% of the issued and outstanding Class A Shares and Class B Shares, to VHKL. Following the transfer, VHKL became the direct parent company of VCCG. VHKL is controlled by Mr. Hoo Voon Him, who is the controlling shareholder of VHKL and, as a result of the restructuring, now exercises control over VCCG.

In addition, VCCG implemented a share split on a two-for-one basis, whereby each issued and outstanding ordinary share was subdivided into two ordinary shares of the same class. Concurrently with the share split, the voting rights attached to the Class B Shares were increased from ten vote per share to twenty votes per share. The Class A Shares continue to carry one vote per share.

As a result of the foregoing restructuring, Mr. Hoo Voon Him, through his control of VHKL and ownership of Class B Shares, holds a controlling voting interest in the Company. The restructuring did not result in any change to the Company's assets, liabilities, or business operations, but it did affect the ownership and voting structure of the Company.

**Corporate Structure**

We are a holding company incorporated in the British Virgin Islands on December 24, 2024. We operate and control solely through our subsidiary companies. Upon completion of the offering, our corporate structure is set forth as below.

![](image_002.jpg)

\* *The* *above corporate structure now includes the latest Corporate Restructuring as referenced hereinabove.*

The Company does not believe that the securities it holds in any of its direct or indirect subsidiaries are "investment securities" as defined in Section 3(a)(2) of the Investment Company Act of 1940.

***Wholly owned Subsidiaries*** 

V Capital Advisory Sdn. Bhd., a Malaysia private company formed on February 12, 2018, provides corporate and business advisory in relation to corporate listing exercises, corporate restructuring and merger and acquisition.

V Capital Consulting Limited, a British Virgin Islands business company incorporated on March 1, 2016, provides corporate and business advisory services in corporate structuring and restructuring, listings on recognized stock exchanges and fintech advisory.

**Business & Growth Strategies**

VCCG's key business and growth strategies are primarily as below:

***Business Strategies***

Our client relationships are built on quality services, our reputation, and the reputation of our consultants. We aim to build stronger recognition by providing diverse complementary services to meet our clients' needs and offering satisfactory services. The following are key elements of our business strategy:

*<u>Leveraging Our Practitioners, Businesses, Extensive Geographic Diversification and Relationships</u>:* We are focused on maintaining and strengthening our core practices and competencies. We believe our management teams experience, client relationships, reputation and knowledge of the Asian markets, are the key factors in why our clients engage with us.

*<u>Delivering Value to Our Clients</u>:* Our strategy is to work closely with our client's management to understand their business objectives in order to develop and implement solutions that optimize financial performance and enhance productivity. Our business processes for the effective execution of our consultancy services are as follows:

● *Understand clients' objectives and prioritize issue* s: Upon a full comprehension of the business objectives of our clients, we subsequently narrow down and pinpoint the issues to ultimately come up with a list of issues to overcome, with priority given to the more critical matters.

● *Proposal and fee structure*: Upon identifying the business requirements, we then generate pitch books or business proposals which include amongst others a brief equity story, business overview, market and financial analysis to present the big picture and also the expected timeline and procedures. Thereafter, we shall propose the terms of our consultancy services engagements and fee structure be agreed upon.

● *Execution of our services and delivering results*: According to the clients' business capabilities, requirements and objectives, we leverage our deep expertise to assist clients in creating values by providing profitable ideas, customizing bold strategic options, offering sector intelligence, and equipping clients with cost-saving solutions for lasting growth and in order to meet our clients' needs and satisfaction.

*<u>Attracting and Retaining Highly Qualified Professionals</u>***:** We believe our professionals play a pivotal role in delivering our services to clients and generating new business. To attract and retain highly qualified professionals, we believe we offer significant compensation opportunities, along with a competitive benefits package and the chance to work on challenging engagements with other highly skilled peers.

*<u>Capitalizing on Our Strengths in Emerging Areas</u>*: We continue to leverage our domain expertise and broad capabilities to help our clients with strategic planning and to identify issues that might arise, to be well-prepared before a crisis.

*<u>Strategic Collaborations, Business Development and Value-Added Services</u>:* We are selective when it comes to forming strategic collaborations, driving business growth, expanding market reach, and enhancing business capabilities. By collaborating with high-potential companies, we create synergies that foster long-term success and sustainable value creation.

Our structured process in fostering successful collaborations including, among others, commercial arrangements such as marketing and distribution agreements with third parties in connection with client acquisition. Through our collaborations, we offer business development and value-added services to our clients as follows:

● *Partner Identification*: We actively seek high-potential companies that align with our strategic objectives. Through targeted collaborations, we support business expansion, market entry, and joint growth initiatives.

● *Evaluation & Collaboration:* We conduct comprehensive assessments of potential partners, focusing on synergies, market potential, and leadership capabilities. By leveraging our expertise in capital markets, corporate finance and corporate advisory, including prior involvement in successful IPOs, we enhance our partners' competitive positioning.

● *Develop Business & Provide Value Adding Services*: We provide complementary value-added services including access to our consultancy expertise, and knowledge to attain mutual growth in the collaborations.

***Growth Strategies***

Our goal is to expand our lead by continuing to anticipate our clients' needs and provide a range of high-quality consulting services to meet those needs. We believe our approach to business provides us with the fundamental advantage in executing our strategic plans while our affiliates, alliances and portfolio companies provide us with insights into and access to emerging business models, products and technologies, enhancing the ability of our market units and service lines to deliver value to clients.

Amongst the factors that would drive our company's growth is attributed to the economic growth in Southeast Asia especially the Small and Medium Enterprises (SMEs) and the growth of United States and Malaysian capital markets.

Generally, the key elements of our growth strategy are as follows:

● **Leverage Our Reputation for High Quality Consulting Services**: We believe we can continue to successfully leverage our reputation, experience and client base to obtain new engagements from both existing and new clients.

● **Attract and Retain Highly Qualified Professionals**: Our professionals are crucial in delivering quality services to clients and generating new business. We are therefore committed to retaining our existing professionals and will continue to actively recruit additional professionals.

● **Executing Expansion in Attractive Geographic Markets and Leveraging Our Strategic Office Location**: In order to provide services to large geographically diverse corporations, bid for engagements on a global basis and attract highly qualified professionals, the strategic location of our office in Kuala Lumpur is essential for maintaining a competitive advantage. While we currently operate from a single office, we believe there are significant opportunities for us to grow in numerous geographies, including by investment, and to increase our market visibility on a global basis.

● **Strengthening our digital marketing capabilities to drive lead generation and increase revenues:** This era of digitalization that we live in is akin to a world without boundaries. Knowing our potential clients and getting connected with our targeted clients will be further facilitated by our focus on online digital marketing. We plan to deploy these strategies to market our brand:

● *Brand Image*: Our marketing efforts focus on building the image of our extensive expertise and knowledge of our professionals. We intend to conduct marketing campaigns to increase media visibility and to engage our audience with newsletters and industry insights.

● *Social media:* We plan to leverage our official website and social media account as well as LinkedIn to kickstart our social media campaign which will be targeted towards big operations and small to medium enterprises around the world.

● *Online Search Engine Optimisation (SEO)*: SEO plays a pivotal role in our digital marketing campaign as it serves as our supporting strategy, enhancing our online presence campaign. We aim to engage an SEO expert team to assist in the promotional campaign, to use advertising and keyword tagging strategy to drive traffic to our social media accounts and our website.

**Our Separation from VCIG and VHKL**

Currently, and at all times prior to the completion of this offering, we are and will be an operating segment of VCIG. After the Corporate Restructuring and upon the completion of this offering, we expect that VHKL will own approximately 91.80 % of our outstanding Class A Shares (or 90.69 % if the underwriters exercise their option to purchase additional shares in full), and our controlling shareholder will have the ability to control matters requiring shareholder approval. These matters include, but are not limited to, the election and removal of directors, amendments to our certificate of incorporation and bylaws, and the approval of significant corporate transactions, such as a merger, consolidation, change in control, or sale of all or substantially all of our assets. The interests of our controlling shareholder may differ from or conflict with the interests of other shareholders. This concentration of ownership may have the effect of delaying, deterring, or preventing a change in control or other transactions that could be beneficial to our other shareholders, and may limit your ability to influence corporate governance and strategic decisions. As a result, the market price of our common stock may be adversely affected.

On December 30, 2024, we entered into a Stock Sale and Business Separation Agreement with VCIG, V Capital Consulting Limited, a Company Limited by Shares incorporated under the laws of the British Virgin Islands ("VC Consulting") and V Capital Advisory Sdn. Bhd., a Malaysian company ("VC Advisory", and together with VC Consulting, the "Corporate Advisory Subsidiaries"). On December 15, 2025, we entered into an Amendment to the Stock Sale and Business Separation Agreement (as amended, the "Separation Agreement") to reflect our Corporate Restructuring, whereby VCIG transfer its equity participation in the Company to VHKL. The Separation Agreement governed the separation of the business of corporate and business advisory services, corporate structuring and restructuring, boardroom strategies, mergers and acquisitions and listings on recognized stock exchanges (the "Corporate Advisory Business") from VCIG and VHKL, which become effective at the Separation Agreement date.

The Separation Agreement, which was completed in January 2025, provided for, among other things, the sale and transfer of all of the issued and outstanding shares of the Corporate Advisory Subsidiaries to the Company for a purchase price of RM100 and US$50,000 with respect to sale of the shares of V Capital Consulting Limited and V Capital Advisory respectively. VCIG will also provide certain administrative services to the Company, including HR administrative and finance services and other services that the parties may agree on from time to time to the Company and the Corporate Advisory Subsidiaries. Net assets of approximately US$4,800,000 as of December 31, 2024 was transferred to the Company from V Capital Advisory Sdn. Bhd. and V Capital Consulting Limited pursuant to the Separation Agreement.

The Separation Agreement also provides for certain transition services and shared facilities for a period of up to 12 months from the completion of this offering (the "Transition Period"). During the Transition Period, we will maintain our presence at VCIG's current office location, and we will pay VCIG a sublet fee of MYR 8,500 per month (which may be adjusted by VCIG from time to time to reflect any increases in the cost of office and facilities) within 15 business days after being invoiced by the Company.

In addition, during the Transition Period, VCIG will provide to us certain administrative services, including human resources and administrative services, and finance services (the "Transition Services"). For providing such Shared Services, we will pay VCIG a shared service cost consisting on the historic cost allocation provided for in the Separation Agreement, which are estimated at MYR 10,000 per month for human resources and administrative services, and MYR 30,000 per month for accounting and finance services.

During the period beginning on the closing of the Separation Agreement and ending on the fifth anniversary of such date (the "Non-Competition Period"), (i) VCIG and VHKL and their affiliates have agreed not to compete with, or own, manage, operate, control or participate in the ownership, management, operation or control of any company that competes with us in the Corporate Advisory Business across all jurisdictions, and (ii) we and the Corporate Advisory Subsidiaries have agreed not to compete with, or own, manage, operate, control or participate in the ownership, management, operation or control of any company that competes with VCIG and VHKL in the other businesses of VCIG and VHKL that are not related to the Corporate Advisory Business in all jurisdictions. Similarly, during the Non-Competition Period, VCIG, VHKL and us have agreed to customary non-solicitation provisions relating to the employees of VCIG and VHKL, the Company or the Corporate Advisory Subsidiaries.

In this prospectus, references to the "contribution" refer to VCIG's transfer to us of all of the issued and outstanding shares of the Corporate Advisory Subsidiaries pursuant to the Separation Agreement, and the term "separation" refers to the separation of our business from VCIG's other businesses (including the contribution), along with the effectiveness of various agreements between us and VCIG. See the section titled "*Certain Relationships and Related Party Transactions—Relationship with VCIG and VHKL*" for a more detailed discussion of these agreements. All of the agreements relating to our separation from VCIG will be made in the context of a parent-subsidiary relationship and will be entered into in the overall context of our separation from VCIG and VHKL. The terms of these agreements may be more or less favorable to us than if they had been negotiated with unaffiliated third parties. See the section titled "*Risk Factors—Risks Related to Our Separation from VCIG and VHKL*."

**First Amendment to Separation Agreement**

On December 15, 2025, the Company entered into a First Amendment to the Stock Sale and Business Separation Agreement dated December 30, 2024 (the "Separation Agreement"), by and among the Company, V Capital Consulting Limited, V Capital Advisory Sdn. Bhd., V Capital Consulting Group Limited (the "Listing Entity"), and VHKL Private Capital Limited. The amendment was entered into to clarify and refine certain provisions of the Separation Agreement relating to the scope of the corporate advisory business and the parties' non-competition obligations following the separation of businesses.

Pursuant to the amendment, the definition of "Corporate Advisory Business" was amended and restated to more comprehensively describe the nature and scope of the corporate advisory services to be conducted by the Listing Entity, including listing consultancy, business strategy consultancy, including but not limited to, advising on organizational readiness, pre-IPO, IPO and post-IPO advisory, managing due diligence process, conducting peer and industry analyses, supporting the drafting of offering materials, providing assistance to customers throughout the listing process, business strategy development, organizational planning, advice on internal controls, corporate governance, board-level strategies, goal settings, leadership and talent development, goal settings, leadership and talent development, advice on stakeholder communications, assistance in investor relations and public relations and guidance on regulatory awareness.

In addition, the amendment revised the non-competition covenant to provide that neither the Company, VHKL, nor any of their respective affiliates may compete with, or own, manage, operate, control or participate in the ownership, management, operation or control of, any company that competes with the Listing Entity in the Corporate Advisory Business across all jurisdiction. Except as expressly amended, all other terms and conditions of the Separation Agreement remain in full force and effect.

We believe, and VCIG has advised us that it believes, that the separation and this offering will provide a number of benefits to our business and to VCIG's business. These intended benefits include improving the strategic and operational flexibility of both companies, increasing the focus of the management teams on their respective business operations and allowing each company to adopt the capital structure, investment policy and dividend policy best suited to its financial profile and business needs, and providing each company with its own equity currency to facilitate acquisitions and to better incentivize management. In addition, as we will be a stand-alone company, potential investors will be able to invest directly in our business.

**Risks Affecting Our Business**

There are a number of risks that you should understand before making an investment decision regarding this offering. You should carefully consider the risks described in the section titled "*Risk Factors*" before making a decision to invest in our Class A Shares. If any of these risks actually occur, our business, financial condition and results of operations would likely be negatively affected. In such case, the trading price of our Class A Shares would likely decline, and you may lose part or all of your investment.

**Corporate Information**

 ****

Our principal executive offices are located at B03-C-8, Menara 3A, 3, Jalan Bangsar, KL Eco City, 59200 Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur and our registered address in BVI is Vistra Corporate Services Centre, Wickhams Cay II, Road Town, Tortola, VG1110, British Virgin Islands. Our telephone number is [\*]. The address of our website is https://vccg.co/ . Information contained on, or available through, our website does not constitute part of, and is not deemed incorporated by reference into, this prospectus. Our agent for service of process in the United States is Cogency Global Inc. , 122 East 42nd Street, 18th Floor, New York, NY 10168. .

**Implications of Our Being an "Emerging Growth Company"**

As a company with less than $1.235 billion in revenue during our last completed fiscal year, we qualify as an "emerging growth company" under the Jumpstart Our Business Startups Act of 2012 ("JOBS Act"). An emerging growth company may take advantage of specified reduced reporting requirements that are otherwise generally applicable to public companies. In particular, as an emerging growth company, we:

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

● are not required to provide a detailed narrative disclosure discussing our compensation principles, objectives and elements, and analyzing how those elements fit with our principles and objectives (commonly referred to as "compensation discussion and analysis");

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

● are exempt from certain executive compensation disclosure provisions requiring a pay-for-performance graph and CEO pay ratio disclosure;

● may present only two years of audited financial statements; and

● are eligible to claim longer phase-in periods for the adoption of new or revised financial accounting standards under §107 of the JOBS Act.

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

Under the JOBS Act, we may take advantage of the above-described reduced reporting requirements and exemptions for up to five years after our initial sale of shares pursuant to a registration statement declared effective under the Securities Act, or such earlier time that we no longer meet the definition of an emerging growth company. The JOBS Act provides that we would cease to be an "emerging growth company" if we have more than $1.235 billion in annual revenue, have more than $700 million in market value of our Class A Shares held by non-affiliates, or issue more than $1 billion in principal amount of non-convertible debt over a three-year period.

**Foreign Private Issuer Status**

We are a "foreign private issuer," as defined in Rule 405 under the Securities Act and Rule 3b-4I under the Exchange Act. As a result, we are not subject to the same requirements as U.S. domestic issuers. Under the Exchange Act, we will be subject to reporting obligations that, to some extent, are more lenient and less frequent than those of U.S. domestic reporting companies.

As a company incorporated in the British Virgin Islands that will be listed on the Nasdaq Capital Market ("Nasdaq"), the Company is subject to the Nasdaq corporate governance listing standards. Under Nasdaq rules, a foreign private issuer may, in general, follow its home country's corporate governance practices in lieu of some of the Nasdaq corporate governance requirements. Pursuant to the home country rule exemption set forth under Nasdaq Listing Rule 5615(a)(3), a Foreign Private Issuer may follow its home country practice in lieu of the requirements of the Nasdaq Marketplace Rule 5600 Series, including Rule 5635(d) and 5640. We have set forth below, a few examples of the exemptions we do not need to comply with:

● we are not required to and, in reliance on home country practice, we do not intend to, comply with certain Nasdaq rules regarding shareholder approval for certain issuances of securities under Nasdaq Rule 5635. In accordance with the provisions of our memorandum and articles of association, our board of directors is authorized to issue securities, including Shares, preferred shares, warrants and convertible notes without shareholder approval;

● we are not required to provide certain Exchange Act reports, or as frequently, as a domestic public company;

● for interim reporting, we are permitted to comply solely with our home country requirements, which are less rigorous than the rules that apply to domestic public companies;

● we are not required to provide the same level of disclosure on certain issues, such as executive compensation;

● we are exempt from provisions of Regulation FD aimed at preventing issuers from making selective disclosures of material information;

● we are not required to comply with the sections of the Exchange Act regulating the solicitation of proxies, consents, or authorizations in respect of a security registered under the Exchange Act; and

● our insiders are not required to comply with Section 16 of the Exchange Act requiring such individuals and entities to file public reports of their share ownership and trading activities and establishing insider liability for profits realized from any "short-swing" trading transaction.

**Controlled Company Status**

After the Corporate Restructuring and upon the completion of this offering, we expect that VHKL will own approximately 91.80 % of our outstanding Class A Shares (or 90.69 % if the underwriters exercise their option to purchase additional shares in full), and our controlling shareholder will have the ability to control matters requiring shareholder approval. These matters include, but are not limited to, the election and removal of directors, amendments to our certificate of incorporation and bylaws, and the approval of significant corporate transactions, such as a merger, consolidation, change in control, or sale of all or substantially all of our assets. The interests of our controlling shareholder may differ from or conflict with the interests of other shareholders. This concentration of ownership may have the effect of delaying, deterring, or preventing a change in control or other transactions that could be beneficial to our other shareholders, and may limit your ability to influence corporate governance and strategic decisions. As a result, the market price of our common stock may be adversely affected.

We are taking advantage of these exemptions. These exemptions do not modify the independence requirements for our audit committee, and we intend to comply with the applicable requirements of the Sarbanes-Oxley Act and rules with respect to our audit committee within the applicable time frame.

As a result, you will not have the same protection afforded to shareholders of companies that are subject to these corporate governance requirements. See "*Risk Factors—Risks Related to The Ownership of Our Securities -- As a "controlled company" under the rules of The Nasdaq Capital Market, we may choose to exempt our company from certain corporate governance requirements that could have an adverse effect on our public shareholders*" for more information.

**THE OFFERING**

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| | |
|:---|:---|
| **Issuer** | V Capital Consulting Group Limited |
| **Class A Shares offered by us in this offering** | 3,750,000 class A shares (or up to 4,312,500 Class A Shares if the underwriters exercise the over-allotment option in full). |
| **Shares to be outstanding immediately prior this offering** | 42,000,000 Class A shares and 6,000,000 Class B Shares |
| **Shares to be outstanding immediately after this offering** | 45,750,000 Class A shares and 6,000,000 Class B Shares (46,312,500 Class A Shares if the underwriters exercise the over-allotment in full). |
| **Underwriters' option** | We intend to grant the underwriters an option for a period of 45 days after the date of this prospectus to purchase up to 562,500 additional Class A Shares. |
| **Use of proceeds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; We estimate that the net proceeds from this offering, after deducting the underwriting discount, non-accountable expenses and estimated offering expenses payable by us, will be approximately $[12.90] million (or approximately $[14.96] million if the underwriters' option to purchase additional shares is exercised in full, assuming that the Class A Shares to be sold in this offering are sold at $4 per Class A Share.<br>We plan to use the net proceeds of this Offering as follows:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Approximately 40% on capital expenditure<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Approximately 35% on the business expansion<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Approximately 25% on the team expansion |
| **Representative Warrants** | The Company has agreed to issue to D. Boral Capital LLC or its designees warrants to purchase up to a total of 5% of the shares of Class A Shares sold in this offering. Such warrants and underlying shares of Class A Shares are included in this prospectus. The warrants are exercisable at $[___] per share (120% of the public offering price per share of Class A Shares) commencing six months from the commencement of sales of the offering and expiring on a date which is no more than three and a half-year from the commencement of sales of the offering in compliance with FINRA Rule 5110. Please see "*Underwriting— Representative's Warrants*" for a description of these warrants. |
| **Risk factors** | You should read the "*Risk Factors*" section of this prospectus for a discussion of factors to consider carefully before deciding to invest in our Class A Shares. |
| **Lock-Ups** | We, all of our directors and executive officers, and holders of 5% or more of our outstanding securities (or securities convertible into our Class A shares) have agreed not to offer for sale, issue, sell, contract to sell, pledge or otherwise dispose of any of our Class A shares or securities convertible into Class A shares without the prior written consent of the Representative for a period of 180 days from the consummation of the offering, subject to certain limited exceptions. See "Underwriting—Lock-Up Agreements." |
| **Nasdaq symbol** | We intend to apply for listing of Class A Shares on Nasdaq under the symbol "VCCG". The closing of this offering is contingent upon such listing. |
| **Transfer Agent and Registrar** | VStock Transfer, LLC |

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**Summary Historical and Combined and Consolidated Financial Data**

 

*The following financial data should be read in conjunction with "Management's Discussion and Analysis of Financial Condition and Results of Operations" and our annual audited combined and consolidated financial statements and the related notes, included elsewhere in this prospectus.* 

The following table summarizes our historical and combined and consolidated financial data. The summary of historical combined and consolidated statements of financial position data as of December 31, 2023 and 2024, and for the six months ended June 30, 2025, and statements of operations data for the years ended December 31, 2023 and 2024, and for the six months ended June 30, 2024 and 2025, are derived from our audited combined and consolidated financial statements included elsewhere in this prospectus. We have prepared the combined and consolidated financial statements on the same basis as the audited combined and consolidated financial statements and have included all adjustments, consisting only of normal recurring adjustments that, in our opinion, are necessary to state fairly the financial information set forth in those statements. Our historical results are not necessarily indicative of our results in any future period. To ensure a full understanding of the summary financial data, the information presented below should be reviewed in combination with the audited combined and consolidated financial statements and the related notes thereto included elsewhere in this prospectus.

Our historical combined and consolidated financial statements, which are discussed below, are prepared on a stand-alone basis in accordance with International Financial Reporting Standards ("IFRS"), as issued by the International Accounting Standards Board, and are derived from VCIG's consolidated financial statements and accounting records using the historical results of operations and assets and liabilities attributed to our operations and include allocations of expenses from VCIG. Our combined and consolidated results are not necessarily indicative of our future performance and do not reflect what our financial performance would have been had we been a stand-alone public company during the periods presented.

VCIG currently provides certain services to us, and costs associated with these functions have been allocated to us. The allocations include costs related to (i) administrative services, including human resources and administrative services, and finance services and (ii) the sublease of office space and shared facilities. These costs were allocated on a basis of revenue, headcount or other measures we have determined as reasonable. These allocations are primarily reflected within operating expenses in our combined and consolidated statements of operations. Management believes the basis on which the expenses have been allocated to be a reasonable reflection of the utilization of services provided to, or the benefit received by, us during the periods presented. However, these allocations may not necessarily be indicative of the actual expenses we would have incurred as an independent company during the periods prior to the offering or of the costs we will incur in the future.

Following the completion of this offering, we expect VCIG to continue to provide the Shared Services described above on a transitional basis for a fee. These services will be provided under the Separation Agreement described in "*Certain Relationships and Related Party Transactions—Relationship with VCIG—Arrangements Between VCIG and Our Company*." We generally expect to use the vast majority of these services for less than a year following the completion of this offering, depending on the type of the service and the location at which such service is provided. However, we may agree with VCIG to extend the service periods for a limited amount of time (which period will not extend past the first anniversary of the distribution) or may terminate such service periods by providing prior written notice. The combined and consolidated financial statements have not been adjusted for the effects of these transition services as we believe the allocation for such services, as previously described, is fairly reflected within the results presented.

The following table presents our selected combined and consolidated statement of profit or loss and other comprehensive income data for the years/periods indicated.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | For the Year Ended | For the Year Ended | For the Six Months Ended | For the Six Months Ended |
|  | December 31, <br> 2023 | December 31, <br> 2024 | June 30,<br> 2024 | June 30,<br> 2025 |
|  | US$ | US$ | US$ | US$ |
| Revenue - third parties | 12158753 | 14289986 | 13468296 | 7814971 |
| Revenue - related party | 241595 | - | **–** | 12000 |
| Total revenue | 12400348 | 14289986 | 13468296 | 7826971 |
| Other income | **-** | 13623 | 10361 | 41086 |
| Cost of services | (2792033) | (2813845) | (1319298) | (810339) |
| Depreciation of plant and equipment | (103) | (744) | (370) | (373) |
| Directors' fees | (778518) | (1018291) | (605887) | (675444) |
| Employee benefits expenses | (1204324) | (1186028) | (484996) | (415968) |
| Allowance for expected credit losses on trade and other receivables | (235000) | (571986) | (91635) | (479770) |
| Rental expenses | (45719) | (110489) | (58710) | (11708) |
| Legal and professional fees | (13994) | (194384) | (745) | (152299) |
| Other operating expenses | (573312) | (397513) | (313979) | (231661) |
| **Profit before income tax** | 6757345 | 8010329 | 10603037 | 5090495 |
| Income tax expense | (22814) | - | - | **–** |
| **Profit for the year/period** | 6734504 | 8010329 | 10603037 | 5090495 |
| **Other comprehensive income/(loss):** |  |  |  |  |
| *Items that will not be reclassified subsequently to profit or loss:* |  |  |  |  |
| Fair value adjustment on financial assets, measured at fair value through other comprehensive income | 365389 | (8760510) | (3831232) | (469465) |
| *Items that may be reclassified subsequently to profit or loss:* |  |  |  |  |
| Exchange differences on translating foreign operations | (7040) | (11367) | (15303) | (17350) |
| **Other comprehensive income/(loss)** | 358349 | (8771877) | (3846535) | (486815) |
| **Total comprehensive income/(loss) for the year/period** | 7092853 | (761548) | 6756502 | 4603680 |
| **EARNINGS PER SHARE – BASIC AND DILUTED** | 0.16 | 0.19 | 0.25 | 0.12 |

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**Earnings per share**

<u>December 31,</u> <u>June 30,</u> <br> <u>2023</u> <u>2024</u> <u>2024</u> <u>2025</u> <br> Weighted average number of Class A ordinary shares - basic and diluted\* 42,000,000 42,000,000 42,000,000 42,000,000

\* Giving retroactive effect to the restructuring on January 24, 2025 and January 6, 2026 (Note 1).

The following table presents our selected combined and consolidated statement of financial position data as of the dates indicated.

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| | | | |
|:---|:---|:---|:---|
|  | As of | As of | As of |
|  | December 31,<br> 2023 | December 31, <br> 2024 | June 30,<br> 2025 |
|  | US$ | US$ | US$ |
| **<u>ASSETS</u>** |  |  |  |
| **Non-current assets** |  |  |  |
| Financial assets, measured at fair value through other comprehensive income | 6860489 | 2591000 | 1940504 |
| Plant and equipment | 4652 | 3916 | 3556 |
| Total non-current assets | 6865141 | 2594916 | 1944060 |
| **Current assets** |  |  |  |
| Trade and other receivables | 1984745 | 7907312 | 11833314 |
| Cash and bank balances | 264437 | 1184237 | 28268 |
| Total current assets | 2249182 | 9091549 | 11861582 |
| **Total assets** | **9114323** | **11686465** | **13805642** |
| **<u>LIABILITIES AND EQUITY</u>** |  |  |  |
| **Current liabilities** |  |  |  |
| Trade and other payables | 807710 | 825291 | 378025 |
| Amount due to related parties | 791245 | 4140278 | 2103041 |
| Income tax payables | 32924 | - | - |
| Total liabilities | 1631879 | 4965569 | 2481066 |
| **Equity** |  |  |  |
| Share capital | 2002300 | 2002300 | 2002300 |
| Fair value reserve | 365389 | (409000) | (692509) |
| Translation reserve | (7040) | (18407) | (35757) |
| Retained earnings | 5121795 | 5146003 | 10050542 |
| Total equity | 7482444 | 6720896 | 11324576 |
| **Total liabilities and equity** | **9114323** | **11686465** | **13805642** |

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The following table presents our selected combined and consolidated statements of cash flows data for the years/periods indicated.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | December 31, <br> 2023<br>(Restated) | December 31, <br> 2024<br>(Restated) | June 30,<br> 2024 | June 30,<br> 2025 |
|  | US$ | US$ | US$ | US$ |
| **Operating activities** |  |  |  |  |
| Profit before income tax | 6757345 | 8010329 | 10603037 | 5090495 |
| Adjustments for: |  |  |  |  |
| Non-cash revenue | (7895100) | (8791482) | (8791482) | (2116800) |
| Loss on disposal of investment | **–** | 1013 | **–** | **–** |
| Allowance for expected credit losses on trade and other receivables | 235000 | 571986 | 91635 | 479990 |
| Bad debt written-off | **–** | **–** | 80507 | **–** |
| Reversal of allowance for expected credit losses for trade receivables | **–** | (10000) | **–** | (26684) |
| Depreciation of plant and equipment | 103 | 744 | 370 | 373 |
| Operating cash flows before movements in working capital | (902652) | (217410) | 1984067 | 3427154 |
| Trade receivables, deposits and prepayments | 1186144 | (3109314) | (3515515) | (4039633) |
| Trade and other payables | 787169 | 17581 | (66735) | (447266) |
| Cash used in operations | 1070661 | (3309314) | (1598183) | (1059745) |
| Income tax paid | (43735) | (32924) | (22247) | **–** |
| **Net cash generated from/(used in) operating activities** | 1026926 | (3342067) | (1620430) | (1059745) |
| **Investing activities** |  |  |  |  |
| Other receivables | **–** | **–** | **–** | 1247034 |
| Acquisition of plant and equipment | (4755) | **–** | **–** | **–** |
| Acquisition of financial assets, measured at fair value through other comprehensive income | **–** | (114271) | **–** | (139) |
| Proceeds from disposal of financial assets, measured at fair value through other comprehensive income | **–** | 1298250 | **–** | 710370 |
| **Net cash (used in)/generated from investing activities** | (4755) | 1183979 | **–** | 1957265 |
| **Financing activities** |  |  |  |  |
| (Repayment to)/Advance from related parties, net | (762624) | 3077888 | 1499171 | (2054587) |
| **Net cash (used in)/generated from financing activities** | (762624) | 3077888 | 1499171 | (2054587) |
| Net increase/(decrease) in cash and cash equivalents | 259547 | 919800 | (121259) | (1157067) |
| Foreign exchange effect | **–** | **–** | 8 | 1098 |
| Cash and bank balances at beginning of year | 4890 | 264437 | 264437 | 1184237 |
| **Cash and bank balances at end of year/period** | 264437 | 1184237 | 143186 | 28268 |

---

**RISK FACTORS**

*Investing in our securities involves a high degree of risk. Before deciding whether to purchase any of our securities, you should carefully consider the risks and uncertainties described below, in the section titled* "*Risk Factors" and in other documents that we subsequently file with the SEC that update, supersede or supplement such information, which are incorporated by reference into this prospectus, and in any free writing prospectus that we have authorized for use in connection with this offering. If any of these risks actually occur, our business, financial condition and results of operations could be materially and adversely affected and we may not be able to achieve our goals, the value of our securities could decline, and you could lose some or all of your investment. Additional risks not presently known to us or that we currently deem immaterial may also impair our business operations. If any of these risks occur, the trading price of our Class A Shares could decline materially, and you could lose all or part of your investment.*

**Risks Related to the Operation of our Business**

***Any future expenses incurred by our directors and officers in connection with legal, administrative or investigative proceedings involving the Company could have a material adverse impact on our results of operations, financial condition and liquidity, particularly since we do not currently have director and officer insurance. Our lack of D&O insurance may also make it difficult for us to retain and attract talented and skilled directors and officers.***

 ****

From time to time, we may be subject to legal, administrative or investigative proceedings. Risks associated with legal liability are difficult to assess and quantify, and their existence and magnitude can remain unknown for significant periods of time. To date we have not obtained directors and officers liability ("D&O") insurance to cover such risk exposure for our directors and officers. Such insurance generally pays the expenses (including amounts paid to plaintiffs, fines, and expenses including attorneys' fees) of officers and directors who are the subject of a legal, administrative or investigative proceeding as a result of their service to the Company. While we are evaluating whether or not to obtain such insurance, there can be no assurance that we will do so at reasonable rates or at all, or in amounts adequate to cover such expenses should such a lawsuit occur. While neither BVI law nor our memorandum and articles of association require us to indemnify or advance expenses to our officers involved in such legal, administrative or investigative proceedings, we expect that we would do so to the extent permitted by BVI law. Additionally, our memorandum and articles of association require us to indemnify our directors involved in such legal, administrative or investigative proceedings to the extent such director acted honestly and in good faith with a view to the best interests of the Company and, in the case of criminal proceedings, such director had no reasonable cause to believe that their conduct was unlawful. Without D&O insurance, the amounts we would pay to indemnify our officers and directors should they be subject to legal, administrative or investigative proceedings based on their service to the Company could have a material adverse effect on our financial condition, results of operations and liquidity. Further, our lack of D&O insurance may make it difficult for us to retain and attract talented and skilled directors and officers, which could adversely affect our business.

***We will require additional capital to fund our business and support our growth, and our inability to generate and obtain such capital on acceptable terms, or at all, could harm our business, operating results, financial condition and prospects.***

We intend to continue to make substantial investments to fund our business and support our growth. In addition, we may require additional funds to respond to business challenges, including the need to develop new features or enhance our solutions, improve our operating infrastructure or acquire or develop complementary businesses. As a result, in addition to the revenues we generate from our business, we may need to engage in additional equity or debt financings to provide the funds required for these and other business endeavors. If we raise additional funds through future issuances of equity or convertible debt securities, our existing stockholders could suffer significant dilution, and any new equity securities we issue could have rights, preferences and privileges superior to those of holders of our Ordinary Shares. Any debt financing that we may secure in the future could involve restrictive covenants relating to our capital raising activities and other financial and operational matters, which may make it more difficult for us to obtain additional capital and to pursue business opportunities, including potential acquisitions. We may not be able to obtain such additional financing on terms favorable to us, if at all. If we are unable to obtain adequate financing or financing on terms satisfactory to us when we require it, our ability to continue to support our business growth and to respond to business challenges could be significantly impaired, and our business may be adversely impacted. In addition, our inability to generate or obtain the financial resources needed may require us to delay, scale back, or eliminate some or all of our operations, which may have a significant adverse impact on our business, operating results and financial condition.

***We may not realize in cash the full amount of revenue we recognize because we receive equity consideration from customers, and we may realize significantly less cash upon the sale of such securities than the amounts initially recorded as revenue and assets on our balance sheet.***

In certain transactions, we receive equity securities of our customers or other non-cash consideration in exchange for the services we provide, and we recognize revenue based on the estimated fair value of such equity consideration at the time the services are rendered. As a result, the revenue we initially recognized as revenue and recorded as assets may not correspond to the amount of cash we ultimately realize or may not result in any cash proceeds at all.

The value of equity securities received as consideration may be subject to transfer restrictions, is subject to significant volatility and may decline after the date on which revenue is recognized. In addition, these securities may be subject to transfer restrictions, lack of liquidity, market conditions, or other limitations that delay or prevent our ability to sell them. In certain cases, when we are able to sell such securities, we may realize significantly less cash than the amounts initially recognized as revenue and recorded as assets on our balance sheet, or we may be unable to sell them at all.

Any decline in the fair value of equity consideration received from customers may require us to record impairment charges or fair value adjustments, which could adversely affect our results of operations, financial condition and cash flows. Moreover, the timing and amount of cash proceeds from the sale of such securities, if any, are uncertain and difficult to predict, which may adversely affect our liquidity and our ability to fund operations, growth initiatives or other cash requirements.

***We rely on third-party technology providers and cloud services, which may pose cybersecurity risks that could result in the loss of confidential client data and disruption of operations in cases if cyberattack occurs and could result in loss or unauthorized disclosure of sensitive data, reputational harm, regulatory scrutiny, and potential liability.***

We use third-party vendors for cloud computing, data storage, communication platforms, and software solutions. While we implement due diligence and require security standards, we cannot guarantee that third-party systems are immune from breaches or downtime. A vulnerability in any third-party system could affect our operations or client confidentiality as cyber threats are becoming increasingly sophisticated and frequent. While we invest in firewalls, encryption, access controls, and regular audits, our cybersecurity defenses may not be sufficient to prevent or detect all intrusions. This gap in our defenses could lead to business disruption, financial loss, and damage to our brand.

***We operate in Malaysia thus we are subject to extensive legal and regulatory requirements in Malaysia, and any failure to comply with the applicable laws may lead to significant operational, financial, and reputational consequences.***

As a company incorporated in the British Virgin Islands and primarily operating in Malaysia, we are subject to regulatory oversight in both jurisdictions. In Malaysia, we must comply with a broad range of laws and regulations relevant to our business activities, including but not limited to business licensing, employment, data protection, and anti-money laundering. Non-compliance with any of these obligations may result in significant legal, financial, and reputational consequences that could materially and adversely affect our operations.

Under the Local Government Act 1976, we must obtain business premises licenses from the relevant local authorities for each of our operating locations. Failure to secure, display, or produce these licenses shall be liable to a fine not exceeding RM500 and/or imprisonment for a term not exceeding six months.

In relation to our workforce, the Employment Act 1955 (as amended by the Employment (Amendment) Act 2022 and the Employment (Amendment of First Schedule) Order 2022) impose statutory employment conditions that override any less favorable contractual terms. Employers are further required to make statutory contributions to bodies such as the Employees Provident Fund (EPF), Social Security Organization (SOCSO), and the Employee Insurance System, and to withhold appropriate taxes under the Schedular Tax Deduction scheme. Non-compliance may attract fines of up to RM50,000 for each offence. We are also governed by the Industrial Relations Act 1967, which enables employees to challenge dismissals they deem unfair or unlawful. In such cases, we may be required to reinstate the employee or provide compensation in lieu of reinstatement, in addition to back wages of up to 24 months. The Employees' Social Security Act 1969 obligates employers to provide social security coverage for eligible employees. Failure to make the required contributions, reduce employee entitlements unlawfully, or obstruct investigations may lead to imprisonment for up to two years, fines up to RM10,000, or both.

In relation to data protection perspective, the Personal Data Protection Act 2010 mandates that personal data be collected and processed securely and with consent, along with the provision of clear notices to data subjects. Failure to comply with these principles could result in enforcement action by the Personal Data Protection Commissioner, including administrative penalties and reputational damage.

Additionally, under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLA), we are required to implement robust customer due diligence procedures, maintain transaction records, and submit suspicious transaction reports. Non-compliance with AMLA may expose us to criminal prosecution, regulatory sanctions, and reputational harm, particularly if we are found to have facilitated or failed to prevent transactions involving proceeds of unlawful activity.

***We are subject to industry-related risks in Malaysia that may adversely impact our business, operations, and growth prospects.***

 ****

As a company operating in Malaysia's professional and consulting services sector, we are exposed to a range of industry-specific risks that could materially and adversely affect our business performance and strategic outlook. These include regulatory uncertainty, reputational exposure, and vulnerability to macroeconomic and policy shifts. The consulting industry in Malaysia particularly for services involving corporate advisory, financial structuring, and strategic consultancy, which is subject to evolving government policies, regulatory expectations, and increased scrutiny by authorities, regulatory developments relating to anti-money laundering, data protection, licensing, and reporting standards may be introduced or amended with little advance notice. These changes can increase our compliance burden, disrupt our service offerings, or require modifications to our business model and internal controls.

Moreover, our business is subject to the broader economic and policy environment in Malaysia. Factors such as inflationary pressures, fluctuations in exchange rates, shifts in fiscal or tax policy, political developments, or reduced investor or corporate confidence could impact demand for consulting services. In periods of economic uncertainty or downturn, clients may scale back discretionary spending, including external advisory services, which may negatively affect our revenue and profitability. Additionally, our industry is highly sensitive to reputational risks. The advisory nature of our services means that our credibility and market standing are closely linked to client trust. Any negative publicity arising from client dissatisfaction, allegations of professional misconduct, or perceived conflicts of interest could undermine our market reputation and adversely affect our ability to secure new engagements or retain existing clients, even if such issues are ultimately unfounded.

***Because we are a foreign private issuer and are exempt from certain Nasdaq corporate governance standards applicable to U.S. issuers, you will have less protection than you would have if we were a domestic issuer.***

Nasdaq Listing Rules require listed companies to have, among other things, a majority of its board members be independent. As a foreign private issuer, however, we are permitted to, and we may follow home country practice in lieu of the above requirements, or we may choose to comply with the above requirement within one year of listing. The corporate governance practice in our home country does not require a majority of our board to consist of independent directors. Thus, although a director must act in the best interests of the Company, it is possible that fewer board members will be exercising independent judgment and the level of board oversight on the management of our company may decrease as a result. In addition, Nasdaq Listing Rules also require foreign private issuers to have a compensation committee, a nominating/corporate governance committee composed entirely of independent directors, and an audit committee with a minimum of three members. We, as a foreign private issuer, are not subject to these requirements. Nasdaq Listing Rules may require shareholder approval for certain corporate matters, such as requiring that shareholders be given the opportunity to vote on all equity compensation plans and material revisions to those plans, and certain Share issuances. We intend to comply with the requirements of Nasdaq Listing Rules in determining whether shareholder approval is required on such matters and to appoint a nominating and corporate governance committee. We may, however, consider following home country practice in lieu of the requirements under Nasdaq Listing Rules with respect to certain corporate governance standards which may afford less protection to investors.

 ****

***Although as a foreign private issuer we are exempt from certain corporate governance standards applicable to US issuers, if we cannot satisfy, or continue to satisfy, the listing requirements and other rules of the Nasdaq Capital Market, our securities may be delisted, which could negatively impact the price of our securities and your ability to sell them.***

We cannot assure you that our securities will continue to be listed on the Nasdaq Capital Market.

In addition, in order to maintain our listing on the Nasdaq Capital Market, we are required to comply with certain rules of the Nasdaq Capital Market, including those regarding minimum shareholders' equity, minimum share price, minimum market value of publicly held shares, and various additional requirements. Even if we initially meet the listing requirements and other applicable rules of the Nasdaq Capital Market, we may not be able to continue to satisfy these requirements and applicable rules. If we are unable to satisfy the Nasdaq Capital Market criteria for maintaining our listing, our securities could be subject to delisting.

If the Nasdaq Capital Market subsequently delists our securities from trading, we could face significant consequences, including:

● a limited availability for market quotations for our securities;

● reduced liquidity with respect to our securities;

● a determination that our Class A Share is a "penny stock," which will require brokers trading in our Class A Share to adhere to more stringent rules and possibly result in a reduced level of trading activity in the secondary trading market for our Class A Share;

● limited amount of news and analyst coverage; and

● a decreased ability to issue additional securities or obtain additional financing in the future.

***If we fail to maintain proper and effective internal controls, our ability to produce accurate financial statements on a timely basis could be impaired.***

After the closing of this offering, we will be subject to the reporting requirements of the Securities Exchange Act of 1934, as amended, the Sarbanes-Oxley Act and the rules and regulations of Nasdaq. The Sarbanes-Oxley Act requires, among other things, that we maintain effective disclosure controls and procedures and internal controls over financial reporting. Internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements in accordance with accounting principles generally accepted in the U.S. We must perform system and process evaluation and testing of our internal controls over financial reporting to allow management to report on the effectiveness of our internal controls over financial reporting in our Form 20-F filing for that year, as required by Section 404 of the Sarbanes-Oxley Act. This will require that we incur substantial additional professional fees and internal costs to expand our accounting and finance functions and that we expend significant management efforts.

***Our business is dependent on a limited number of major customers, and the loss of any of these customers without securing new customers could materially and adversely affect our financial performance.***

A significant portion of our revenues is concentrated among a limited number of major customers. For the six months ended June 30, 2025, there are three customers contributed 10% or more of our total revenues. The largest customer contributed US$3.80 million, or 48.6%, of total revenues, while the second largest contributed approximately US$2.12 million, or 27%. The third largest customer contributed approximately US$1.58 million or 20.2%. For the six months ended June 30, 2024, two customers each contributed 10% or more of our total revenues. The largest customer contributed approximately US$5.70 million, or 42.3% of total revenues, while the second largest contributed approximately US$3.10 million, or 23.0%. For the fiscal year ended December 31, 2024, two customers each contributed 10% or more of our total revenues. The largest customer contributed approximately US$5.70 million, or 39.9%, of total revenues, while the second largest contributed approximately US$3.1]million, or 21.6%. For the fiscal year ended December 31, 2023, four customers each contributed 10% or more of our total revenues, with the largest contributing approximately US$4.90 million, or almost 39.5%, and the second largest contributing approximately US$1.90 million, or 15.3%, the third largest contributing approximately US$1.80 million, or 14.2% and the fourth largest contributing approximately US$1.70 million, or 13.3%. Because our engagements are primarily project-based, revenues from these customers are not recurring in nature, and there is no assurance that these customers will engage us for future projects.

The loss of a major customer, the completion of significant projects without subsequent new engagements, or our failure to attract and secure new customers could materially and adversely impact our revenues, margins, cash flows, and overall financial condition. In addition, our dependence on a limited number of customers heightens our vulnerability to changes in their business strategies, market demand, or financial condition, any of which could further amplify the risk of revenue volatility.

During the evaluation and testing process of our internal controls, if we identify one or more material weaknesses in our internal control over financial reporting, we will be unable to assert that our internal control over financial reporting is effective. We cannot assure you that there will not be material weaknesses or significant deficiencies in our internal control over financial reporting in the future. Any failure to maintain internal control over financial reporting could severely inhibit our ability to accurately report our financial condition or results of operations. If we are unable to conclude that our internal control over financial reporting is effective, or if our independent registered public accounting firm determines we have a material weakness or significant deficiency in our internal control over financial reporting, we could lose investor confidence in the accuracy and completeness of our financial reports, the market price of our Class A Shares could decline, and we could be subject to sanctions or investigations by Nasdaq, the Securities and Exchange Commission, the SEC or the Commission, or other regulatory authorities. Failure to remedy any material weakness in our internal control over financial reporting, or to implement or maintain other effective control systems required of public companies, could also restrict our future access to the capital markets in the U.S.

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***If we are unable to maintain effective disclosure controls and procedures, our share price and investor confidence could be materially and adversely affected.***

We are required to maintain disclosure controls and procedures that are effective. Because of their inherent limitations, the Company's disclosure controls and procedures, however well designed and operated, can only provide reasonable, and not absolute, assurance that the controls and procedures will prevent or detect misstatements or omissions. Because of these and other inherent limitations of control systems, there is only the reasonable assurance that our controls will succeed in achieving their goals under all potential future conditions. The failure of controls by design deficiencies or absence of adequate controls could result in a material adverse effect on our business and financial results, which could also negatively impact our stock price and investor confidence.

***We will continue to incur significant increased costs as a result of operating as a public company in the United States, and our management will be required to devote substantial time to new compliance initiatives.***

As a public company in the United States, we will continue to incur significant legal, accounting and other expenses that we did not incur as a private company. For example, we will be subject to the reporting requirements of the Exchange Act, and will be required to comply with the applicable requirements of the Sarbanes-Oxley Act and the Dodd-Frank Act, as well as rules and regulations subsequently implemented by the SEC and Nasdaq including the establishment and maintenance of effective disclosure and financial controls and changes in corporate governance practices. We expect that compliance with these requirements will increase our legal and financial compliance costs and will make some activities more time-consuming and costly. The Exchange Act requires, among other things, that we file annual and reports of foreign private issuer with respect to our business and results of operations. We expect to incur significant expenses and devote substantial management effort toward ensuring compliance with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, which will increase when we are no longer an "emerging growth company," as defined by the JOBS Act. We may need to hire additional accounting and financial staff with appropriate public company experience and technical accounting knowledge. We cannot predict or estimate the amount of additional costs we may incur as a result of becoming a public company or the timing of such costs. As a result, management's attention may be diverted from other business concerns, which could adversely affect our business and results of operations.

***We are a growing company with a limited operating history. If we fail to achieve further marketplace acceptance for our services, our business, financial condition and results of operations will be adversely affected.***

We commenced operations in April 2020 and therefore have only a limited operating history upon which you can evaluate our business and prospects. There can be no assurance that we will remain profitable, or that our enterprise consulting business model will achieve further marketplace acceptance. Our marketing efforts may not generate a sufficient number of clients to sustain our business plan; our capital and operating costs may exceed planned levels; and we may be unable to develop and enhance our agency service offerings to meet the demands of our clients. If we are not successful in managing our business and operations, our financial condition and results of operations will be adversely affected.

***A significant or prolonged economic downturn could have a material adverse effect on our results of operations.***

Our operational results are closely tied to the business activity levels of our clients, which are influenced by economic conditions in the industries and markets they serve. A significant or prolonged economic downturn or increased market volatility could reduce demand for our consulting services, as clients may scale back, delay, or cancel strategic initiatives and projects due to budget constraints. This could have a material adverse impact on our revenue, profit margins, and overall financial health. During challenging economic periods, clients often prioritize cost-saving measures and may be less inclined to get listed in IPO or may seek lower-cost alternatives.

While we strive to mitigate these risks through a diversified client base, we cannot guarantee immunity from adverse economic conditions, which could negatively affect our revenue, profit margins, and growth prospects.

***We may face damage to our professional reputation or legal liability if our clients are not satisfied with our services.***

We depend to a large extent on our relationships with our clients and our reputation for high-caliber professional services and integrity to attract and retain clients. We obtain a substantial number of new engagements from existing clients or through referrals from existing clients. As a result, if a client is not satisfied with our services, it may diminish our reputation and become more damaging to our business than to other businesses. Additionally, if we fail to meet our contractual obligations or other arrangements with our clients, we could be subject to legal liability or loss of client relationships. Our contracts typically include provisions to limit our exposure to legal claims relating to our services and the applications we develop, but these provisions may not protect us or may not be enforceable in all cases.

***The consulting industries are highly competitive, and we may not be able to compete effectively.***

The consulting industries in which we operate include a large number of participants and are highly competitive. We face competition from other business operations and consulting firms, general management consulting firms, the consulting practices of major accounting firms, technical and economic advisory firms, regional and specialty consulting firms and some of these firms are global in nature and have access to more resources which may provide with the ability to highlight broader experiences to potential clients. In addition, because there are relatively low barriers to entry, we expect to continue to face additional competition from new entrants into the business operations and financial consulting industries. Many of our competitors have a greater national presence and are also international in scope, as well as having significantly greater personnel, financial, technical and marketing resources. In addition, these competitors may generate greater revenues and have greater name recognition than we do. Our ability to compete also depends in part on the ability of our competitors to hire, retain and motivate skilled consultants, the price at which others offer comparable services and our competitors' responsiveness to their clients. If we are unable to compete successfully with our existing competitors or with any new competitors, our financial results will be adversely affected.

***Our inability to hire and retain talented people in an industry where there is great competition for talent could have a serious negative effect on our prospects and results of operations.***

Our business involves the delivery of professional services and is highly labor-intensive. We rely heavily on our senior management team and our ability to retain them is particularly important to our future success. Given the highly specialized nature of our services, these people must have a thorough understanding of our service offerings as well as the skills and experience necessary to manage an organization consisting of a diverse group of professionals. In addition, we rely on our senior management team to generate, handle and market our business. Further, in light of our limited operating history, our senior management's personal reputations and relationships with our clients are a critical element in obtaining and maintaining client engagements. Qualified consultants are in great demand, and we face significant competition for both senior and junior consultants with the requisite credentials and experience. Our principal competition for talent comes from other consulting firms, accounting firms and technical and economic advisory firms, as well as from organizations seeking to staff their internal professional positions. Many of these competitors may be able to offer significantly greater compensation and benefits or more attractive lifestyle choices, career paths or geographic locations than we do. Therefore, we may not be successful in attracting and retaining the skilled consultants we require to conduct and expand our operations successfully. Some of our clients could choose to use the services of that competitor instead of our services. Increasing competition for these consultants may also significantly increase our labor costs, which could negatively affect our margins and results of operations. Also, if one or more members of our senior management team leave and we cannot replace them with a suitable candidate quickly, we could experience difficulties in securing and successfully completing engagements and managing our business properly, which could harm our business prospects and results of operations.

***Revenues from our service fees are difficult to predict, and the timing and extent of recovery of our costs is uncertain.***

Although clients generally agree to pay certain amount of fees for a pre-determined set of professional services, in certain segments – primarily within our business strategy consultancy – some engagements involved fees that are payable upon the delivery of specific, predefined professional services as outlined in the engagement agreement. The completion of these services often depends on factors outside our control, such as the actions of our client or third parties. As a result, the recognition of revenue from service fee—only permitted once all applicable revenue recognition criteria have been met—is inherently uncertain and difficult to predict and may not occur evenly throughout the year. Should service fee represent a greater percentage of our business in the future, we may experience increased volatility in our working capital requirements and greater variations in our quarter-to-quarter results, which could affect the price of our Class A Shares. In addition, an increase in the proportion of service fees may offset the positive effect on our operating results from increases in our utilization rate or the average billing rate per hour.

***Developments in the social, political, regulatory and economic environment in the countries where we operate, may have a material and adverse impact on us.***

Our business, prospects, financial condition and results of operations may be adversely affected by social, political, regulatory and economic developments in the countries in which we operate. Such political and economic uncertainties include, but are not limited to, the risks of war, terrorism, nationalism, nullification of contract, changes in interest rates, imposition of capital controls and methods of taxation. For example, we have considerable operations in Malaysia, and negative developments in Malaysia's socio-political environment may adversely affect our business, financial condition, results of operations and prospects. Although the overall economic environment in Malaysia and other countries where we operate appear to be positive, there can be no assurance that this will continue to prevail in the future.

***Foreign exchange rate fluctuations and controls could have a material adverse effect on our earnings and the strength of our balance sheet.***

Since we generate revenues in Malaysia, we are exposed to fluctuations in the value of the RM. To the extent the United States Dollar increases in value relative to the RM, our margins may be adversely affected. Foreign exchange rates may also impact trade between countries as fluctuations in currencies may impact the value of goods as between two trading countries. We do not take actions to hedge against foreign exchange and transaction risks and are therefore exposed to the swing in the value of the RM. Consequently, short-term or long-term exchange rate movements or controls may have a material adverse effect on our business, financial condition, results of operations and liquidity.

***Changes in tax laws, tax treaties as well as judgments and estimates used in the determination of tax-related asset (liability) and income (expense) amounts, could materially adversely affect our business, financial condition and results of operations.***

We operate in jurisdictions and may be subject to the tax regimes and related obligations in the jurisdictions in which we operate or do business. Changes in tax laws, bilateral double tax treaties, regulations and interpretations could adversely affect our financial results. The tax rules of the various jurisdictions in which we operate or conduct business often are complex, involve bilateral double tax treaties and are subject to varying interpretations. Tax authorities may challenge tax positions that we take or historically have taken, may assess taxes where we have not made tax filings, or may audit the tax filings we have made and assess additional taxes. Such assessments, either individually or in the aggregate, could be substantial and could involve the imposition of penalties and interest. For such assessments, from time to time, we use external advisors. In addition, governments could impose new taxes on us or increase the rates at which we are taxed in the future. The payment of substantial additional taxes, penalties or interest resulting from tax assessments, or the imposition of any new taxes, could materially and adversely impact our results, financial condition and liquidity. Additionally, our provision for income taxes and reporting of tax-related assets and liabilities require significant judgments and the use of estimates. Amounts of tax-related assets and liabilities involve judgments and estimates of the timing and probability of recognition of income, deductions and tax credits. Actual income taxes could vary significantly from estimated amounts due to the future impacts of, among other things, changes in tax laws, regulations and interpretations, our financial condition and results of operations, as well as the resolution of any audit issues raised by taxing authorities.

***Our engagements with clients may not be profitable.***

When making proposals for engagements, we estimate the costs and timing for completing the projects. These estimates reflect our best judgment regarding the efficiencies of our methodologies and professionals as we plan to deploy them on projects. Any increased or unexpected costs or unanticipated delays in connection with the performance of these engagements, including delays caused by factors outside our control, could make these contracts less profitable or unprofitable, which would have an adverse effect on our profit margin.

Clients engage us on a project-by-project basis. Furthermore, because large client projects involve multiple engagements or stages, there is a risk that a client may choose not to retain us for additional stages of a project or that a client will cancel or delay additional planned engagements. These terminations, cancellations or delays could result from factors unrelated to our work product or the progress of the project but could be related to the business or financial conditions of the client or the economy generally. When contracts are terminated, we lose the associated revenues, and we may not be able to eliminate associated costs in a timely manner.

Accordingly, if these engagements do not result in demonstrable benefits to our clients, our profit margin on these engagements will suffer. In addition, in limited circumstances we extend financing to our clients. Failure to collect these amounts may adversely affect our earnings.

***Changes in Nasdaq rules or regulations could adversely impact our business operations or stock***.

As a foreign private issuer and a Company that is listed on the Nasdaq Capital Market, we are subject to its rules and regulations. Any changes to these rules or regulations, including those related to listing standards, corporate governance, or trading requirements, could have a material adverse effect on our ability to maintain our listing or meet Nasdaq's continued listing requirements. If we fail to comply with any new or modified regulations, we may face delisting, which could negatively impact our stock price and ability to raise capital in the public markets.

***Cybersecurity incidents could disrupt business operations, result in the loss of critical and confidential information and adversely impact our reputation and results of operations.***

Global cybersecurity threats can range from uncoordinated individual attempts to gain unauthorized access to our information technology ("IT") systems to sophisticated and targeted measures known as advanced persistent threats. While we employ measures to prevent, detect, address and mitigate these threats (including access controls, data encryption, vulnerability assessments, management training, continuous monitoring of our IT networks and systems and maintenance of backup and protective systems), cybersecurity incidents, depending on their nature and scope, could potentially result in the misappropriation, destruction, corruption or unavailability of critical data and confidential or proprietary information (our own or that of third parties) and the disruption of business operations. While no cybersecurity attack to date has had a material impact on our financial condition, results of operations or liquidity, the threat remains and the potential consequences of a material cybersecurity incident include reputational damage, litigation with third parties, diminution in the value of our investment in research, development and engineering, and increased cybersecurity protection and remediation costs, which in turn could adversely affect our competitiveness and results of operations.

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***We are required to comply with economic substance requirements in the British Virgin Islands.***

The British Virgin Islands, together with several other non-European Union jurisdictions, have introduced legislation aimed at addressing concerns raised by the Council of the European Union as to offshore structures engaged in certain activities which attract profits without real economic activity. With effect from January 1, 2019, the Economic Substance (Companies and Limited Partnerships) Act, 2018 (as amended, the "ESA") came into force in the British Virgin Islands introducing certain economic substance requirements for British Virgin Islands tax resident companies which are engaged in certain "relevant activities," which in our case applies for financial years from 2019 onwards.

At present, the activities which are conducted by us would constitute holding business. Although it is presently anticipated that the ESA will have little material impact on us or our operations, as the legislation is new and remains subject to further clarification and interpretation it may not be possible to ascertain the precise impact of any legislative changes or changes in official guidance on us. We are required to make an annual filing with the British Virgin Islands International Tax Authority confirming if we carried out any "relevant activities" during the preceding financial period and, if so, providing certain prescribed information.

If our activities change or if the scope of the "relevant activities" is changed by subsequent legislation, we may be required to increase our substance in the British Virgin Islands to satisfy such requirements, which could result in additional costs that could adversely affect our financial condition or results of operations. If we were required to satisfy economic substance requirements in the British Virgin Islands but failed to do so, we could face financial penalties, restriction or regulation of our business activities and/or may be struck off as a registered entity in the British Virgin Islands or liquidated.

**Risks Related to the Ownership of Our Securities**

***The trading price of our securities is likely to be, volatile, which could result in substantial losses to our investors.***

The trading price of our securities is likely to be volatile and could fluctuate widely due to factors beyond our control. Some of the factors that may cause the market price for our securities to fluctuate include:

● Actual or anticipated fluctuations in our key operating metrics, financial condition and operating results;

● Actual of anticipated changes in our growth rate;

● Announcements by us or our competitors of significant services, contracts, acquisitions or strategic alliances;

● Our announcement of actual results for a fiscal period that are lower than projected or expected or our announcement of revenue or earnings guidance that is lower than expected;

● Changes in estimates of our financial results or recommendations by securities analysis;

● Chanes in market valuations of similar companies;

● Changes in our capital structure, such as future issuances or securities or the incurrence of debt;

● Regulatory developments in BVI, Malaysia, the United States or other countries;

● Actual or threatened litigation involving us or our industry;

● Additions or departures of key personnel;

● A change in control of the Company;

● Share price and volume fluctuations attributable to inconsistent trading volume levels of our shares;

● Further issuances of securities by us;

● Sales of securities by our shareholders;

● Repurchases of securities;

● Changes in general economic, industry and market conditions; and

Any of these factors may result in large and sudden changes in the volume and price at which our securities will trade.

***You may not be able to resell your Class A Shares purchased in this offering at or above the public offering price you paid for your Class A Shares.***

The factors described in the preceding risk factor may cause the market price and demand for our Class A Shares to fluctuate substantially, which may limit or prevent investors from readily selling their Class A Shares and may otherwise negatively affect the liquidity of our Class A Shares. If the market price of our Class A Shares after this offering does not exceed the price you paid, you may not realize any return on your investment in us and may lose some or all of your investment. In addition, in the past, when the market price of a stock has been volatile, holders of that stock have often instituted securities class action litigation against the company that issued the stock. If any of our stockholders brought a lawsuit against us, we could incur substantial costs defending the lawsuit. Such a lawsuit could also divert the time and attention of our management from our business.

***The price of our securities may rapidly fluctuate or may decline regardless of our operating performance, resulting in substantial losses for investors.***

The trading price of our securities may be subject to instances of extreme stock price run-ups followed by rapid price declines and stock price volatility unrelated to both our actual and expected operating performance and financial condition or prospects, making it difficult for prospective investors to assess the rapidly changing value of our stock. Further, the trading price of our securities is likely to be highly volatile and could be subject to wide fluctuations in response to various factors, some of which are beyond our control, including limited trading volume, actual or anticipated fluctuations in our results of operations; the financial projections we may provide to the public, any changes in these projections or our failure to meet these projections; failure of securities analysts to initiate or maintain coverage of our Company, changes in financial estimates or ratings by any securities analysts who follow our Company or our failure to meet these estimates or the expectations of investors; announcements by us or our competitors of significant innovations, acquisitions, strategic partnerships, joint ventures, operating results or capital commitments; changes in operating performance and stock market valuations of other companies in our industry; price and volume fluctuations in the overall stock market, including as a result of trends in the economy as a whole; changes in our Board or management; sales of large blocks of our securities, including sales by our executive officers, directors and significant stockholders; lawsuits threatened or filed against us; changes in laws or regulations applicable to our business; the expiration of lock-up agreements; changes in our capital structure,; short sales, hedging and other derivative transactions involving our capital stock; general economic and geopolitical conditions, including the current or anticipated impact of military conflict and related sanctions imposed on Russia by the United States and other countries due to Russia's recent invasion of Ukraine.

***As a company incorporated in the British Virgin Islands, we are permitted to adopt certain home country practices in relation to corporate governance matters that differ significantly from Nasdaq corporate governance listing standards. These practices may afford less protection to shareholders than they would enjoy if we complied fully with Nasdaq corporate governance listing standards.***

As a company incorporated in the BVI that is listed on Nasdaq, we are subject to Nasdaq corporate governance listing standards. However, Nasdaq rules permit a foreign private issuer like us to follow the corporate governance practices of its home country. Corporate governance practices in the BVI, which is our home country, do not require (i) a majority independent board of directors; the establishment of a nominating and corporate governance committee (or having director nominations made by all independent directors); (ii) the establishment of a compensation committee; or (iii) the audit committee to be comprised of three directors, which are all Nasdaq corporate governance listing standards. Currently, we do not plan to rely on the home country practice with respect to our corporate governance. However, if we choose to follow home country practice in the future, our shareholders may be afforded less protection than they otherwise would enjoy under Nasdaq corporate governance listing standards applicable to U.S. domestic issuers. Notwithstanding the foregoing, we are not required to and, in reliance on home country practice, we do not intend to comply with certain Nasdaq rules regarding shareholder approval for certain issuances of securities under Nasdaq Rule 5635. In accordance with the provisions of our memorandum and articles of association, our board of directors is authorized to issue securities, including Class A Shares, preferred shares, warrants and convertible notes without shareholder approval.

***Our Memorandum and Articles of Association contains anti-takeover provisions which may discourage a third-party from acquiring us and adversely affect the rights of holders of our shares.***

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Our Memorandum and Articles of Association contains certain provisions that could limit the ability of others to acquire control of our company, including provisions that:

● institute a staggered board of directors and restrictions on our shareholders to fill a vacancy on the board of directors;

● impose advance notice requirements for shareholder proposals and meetings; and

● expressly provide that the business and affairs of the Company shall be managed by, or under the direction or supervision of, the board of directors – and that the board of directors have all powers necessary for managing, and for directing and supervising, the business and affairs of the Company.

These anti-takeover defenses could discourage, delay or prevent a transaction involving a change in control of our company. These provisions could also make it more difficult for you and other shareholders to elect directors of your choosing and cause us to take other corporate actions that you desire.

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

The trading market for our securities depends in part on the research and reports that securities or industry analysts publish about us or our business. If one or more of the analysts who cover us downgrades our securities or publishes inaccurate or unfavorable research about our business, the price of our securities would likely decline. If one or more of these analysts ceases coverage of our company or fails to publish reports on us regularly, demand for our Class A Shares could decrease, which might cause the price of our securities and trading volume to decline.

***If a substantial number of shares become available for sale and are sold in a short period of time, the market price of our Class A Shares could decline.***

If our existing stockholders sell substantial amounts of our Class A Shares in the public market following this offering and the expiration of the lock-up agreements, the market price of our Class A Shares could decrease significantly. The perception in the public market that our existing stockholders might sell Class A Shares could also depress our market price.

A decline in the price of shares of our Class A Shares might impede our ability to raise capital through the issuance of additional shares of our Class A Shares or other equity securities.

***We currently report our financial results under IFRS, which differs in certain significant respects from U.S. GAAP.***

Currently, we report our financial statements under IFRS. There have been and there may in the future be certain significant differences between IFRS and U.S. GAAP, including differences related to revenue recognition, share-based compensation expense, income tax and earnings per share. As a result, our financial information and reported earnings for historical or future periods could be significantly different if they were prepared in accordance with U.S. GAAP. In addition, we do not intend to provide a reconciliation between IFRS and U.S. GAAP unless it is required under applicable law. As a result, you may not be able to meaningfully compare our financial statements under IFRS with those companies that prepare financial statements under U.S. GAAP.

***We are an emerging growth company within the meaning of the Securities Act, and if we take advantage of certain exemptions from disclosure requirements available to emerging growth companies, this could make our securities less attractive to investors and may make it more difficult to compare our performance with other public companies.***

We are an "emerging growth company" within the meaning of the Securities Act, as modified by the JOBS Act, 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, reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved. As a result, our shareholders may not have access to certain information they may deem important. We could be an emerging growth company for up to five years, although circumstances could cause us to lose that status earlier, if the market value of our Class A Shares held by non-affiliates exceeds $700 million, if we have more than $1.235 billion in annual revenue, or we issue more than $1.0 billion of non-convertible debt over a three-year period before the end of that period, in which case we would no longer be an emerging growth company as of the following December 31. We cannot predict whether investors will find our Class A Shares less attractive because we will rely on these exemptions. If some investors find our Class A Shares less attractive as a result of our reliance on these exemptions, the trading prices of our Class A Shares may be lower than they otherwise would be, there may be a less active trading market for our securities and the trading prices of our securities may be more volatile.

Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such an election to opt out is irrevocable. We have elected not to opt out of such extended transition period, which means that when a standard is issued or revised and it has different application dates for public or private companies, we, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of our financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accountant standards used.

***We may be or become a passive foreign investment company, which could result in adverse U.S. federal income tax consequences to U.S. Holders.***

The rules governing passive foreign investment companies ("PFICs") can have adverse effects for U.S. federal income tax purposes. The tests for determining PFIC status for a taxable year depend upon the relative values of certain categories of assets and the relative amounts of certain kinds of income. The determination of whether we are a PFIC, which must be made annually after the close of each taxable year, depends on the particular facts and circumstances (such as the valuation of our assets, including goodwill and other intangible assets) and may also be affected by the application of the PFIC rules, which are subject to differing interpretations. The fair market value of our assets is expected to relate, in part, to (a) the market price of our Class A Shares and (b) the composition of our income and assets, which will be affected by how, and how quickly, we spend any cash that is raised in any financing transaction. Moreover, our ability to earn specific types of income that we currently treat as non-passive for purposes of the PFIC rules is uncertain with respect to future years. Because the value of our assets for purposes of determining PFIC status will depend in part on the market price of our Class A Shares, which may fluctuate significantly. We do not expect to be a PFIC for our current taxable year or in the foreseeable future. However, there can be no assurance that we will not be considered a PFIC for any taxable year.

If we are a PFIC, a U.S. Holder (defined below) would be subject to adverse U.S. federal income tax consequences, such as ineligibility for any preferred tax rates on capital gains or on actual or deemed dividends, interest charges on certain taxes treated as deferred, and additional reporting requirements under U.S. federal income tax laws and regulations. A U.S. Holder may in certain circumstances mitigate adverse tax consequences of the PFIC rules by filing an election to treat the PFIC as a qualified electing fund ("QEF") or, if shares of the PFIC are "marketable stock" for purposes of the PFIC rules, by making a mark-to-market election with respect to the shares of the PFIC. We do not intend to comply with the reporting requirements necessary to permit U.S. Holders to elect to treat us as a QEF. If a U.S. Holder makes a mark-to-market election with respect to its Class A Shares, the U.S. Holder is in its U.S. federal taxable income an amount reflecting any year end increase in the value of its Class A Shares. For purposes of this discussion, a "U.S. Holder" is a beneficial owner of Class A Shares that is for U.S. federal income tax purposes: (i) an individual who is a citizen or resident of the United States; (ii) a corporation (or other entity taxable as a corporation for U.S. federal income tax purposes) created or organized in or under the laws of the United States, any state thereof or the District of Columbia; (iii) an estate the income of which is subject to U.S. federal income taxation regardless of its source; or (iv) a trust (a) if a court within the U.S. can exercise primary supervision over its administration, and one or more U.S. persons have the authority to control all of the substantial decisions of that trust, or (b) that was in existence on August 20, 1996, and validly elected under applicable Treasury Regulations to continue to be treated as a domestic trust.

Investors should consult their own tax advisors regarding all aspects of the application of the PFIC rules to the Class A Shares.

***We may lose our foreign private issuer status in the future, which could result in significant additional costs and expenses.***

As discussed above, we are a foreign private issuer, and therefore, we are not required to comply with all of the periodic disclosure and current reporting requirements of the Exchange Act. In the future, we would lose our foreign private issuer status if (1) more than 50% of our outstanding voting securities are owned by U.S. residents and (2) a majority of our directors or executive officers are U.S. citizens or residents, or we fail to meet additional requirements necessary to avoid loss of foreign private issuer status. If we lose our foreign private issuer status, we will be required to file with the SEC periodic reports and registration statements on U.S. domestic issuer forms, which are more detailed and extensive than the forms available to a foreign private issuer. We will also have to mandatorily comply with U.S. federal proxy requirements, and our officers, directors and principal shareholders will become subject to the short-swing profit disclosure and recovery provisions of Section 16 of the Exchange Act. In addition, we will lose our ability to rely upon exemptions from certain corporate governance requirements under the listing rules of the Nasdaq. As a U.S. listed public company that is not a foreign private issuer, we will incur significant additional legal, accounting and other expenses that we will not incur as a foreign private issuer.

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***A possible "short squeeze" due to a sudden increase in demand of our Class A Shares that largely exceeds supply may lead to price volatility in our Class A Shares.***

VHKL, our sole existing investor and the Company's parent corporation and controlling shareholder may purchase our Class A Shares to hedge existing exposure in our Class A Shares or to speculate on the price of our Class A Shares. Speculation on the price of our Class A Shares may involve long and short exposures. To the extent aggregate short exposure exceeds the number of our Class A Shares available for purchase in the open market, VHKL with short exposure may have to pay a premium to repurchase our Class A Shares for delivery to lenders of our Class A Shares. Those repurchases may in turn, dramatically increase the price of our Class A Shares until VHKL with short exposure is able to purchase additional Class A Shares to cover its short position. This is often referred to as a "short squeeze." A short squeeze could lead to volatile price movements in our Class A Shares that are not directly correlated to the performance or prospects of our Class A Shares and once investors purchase the Class A Shares necessary to cover their short position the price of our Class A Shares may decline. Additionally, VHKL, may, in the future, seek to hedge its exposure to our Class A Shares through various strategies, including derivative instruments or other arrangements, subject to applicable securities laws and regulations; however, it has not done so as of the date of this Registration Statement.

The sale of these or other shares of V Capital Consulting Group Limited in the public market, or the perception that such sales could occur, could harm the prevailing market price of Class A shares of V Capital Consulting Group Limited's Class A Shares. These sales, or the possibility that these sales may occur, also might make it more difficult for V Capital Consulting Group Limited to sell Equity Securities in the future at a time and at a price that it deems appropriate.

In the future, V Capital Consulting Group Limited may also issue its securities in connection with investments or acquisitions. The amount of shares of V Capital Consulting Group Limited's Class A shares issued in connection with an investment or acquisition could constitute a material portion of the then-outstanding shares of V Capital Consulting Group Limited's Class A shares. Any issuance of additional securities in connection with investments or acquisitions may result in additional dilution to V Capital Consulting Group Limited's stockholders.

***Overlapping management roles and ownership interests between us and VHKL may give rise to potential conflicts of interest.***

One of our executive officers, Hoo Voon Him, is an executive director of VCCG and the sole shareholder of VHKL, holding all 50,000 of its ordinary shares.

The overlapping role and ownership interests may create, or be perceived to create conflicts of interest in allocating time and attention between the two companies or when the companies pursue similar opportunities. Although we believe such arrangements have not impaired, and will not impair, the independence of our management or decision-making, there can be no assurance that actual or perceived conflicts will not arise. Any such conflicts could negatively affect our business, financial condition, and results of operations.

**Risks Related to this Offering**

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***Investors in this offering may experience future dilution as a result of this and future equity offerings.***

In order to raise additional capital, we may in the future offer additional Class A Shares or other securities convertible into or exchangeable for our Class A Shares. Investors purchasing our Class A Shares or other securities in the future could have rights superior to existing holders of Class A Shares, and the price per share at which we sell additional Class A Shares or other securities convertible into or exchangeable for our Class A Shares in future transactions may be higher or lower than the combined offering price per Class A Share.

***New investors in our securities will experience immediate and substantial dilution after this offering.***

The effective public offering price per Class A Share will be substantially higher than the as adjusted net tangible book value per share of the outstanding Class A Shares immediately after this offering. Based on an assumed public offering price of $[\*\*], which is the mid-point of the indicate price range in the cover of this prospectus, and our net tangible book value as of [\*\*], if you purchase our Class A Shares in this offering you will pay more for your Class A Shares than the amounts paid by our existing shareholders for their Class A Shares and you will suffer immediate dilution of approximately $[\*\*] per Class A Share in as adjusted net tangible book value. As a result of this dilution, investors purchasing Class A Shares in this offering may receive significantly less than the full purchase price that they paid for the Class A Shares purchased in this offering in the event of liquidation. To the extent Class A Shares are issued under outstanding options and warrants at exercise prices lower than the public offering price of our Class A Shares in this offering, holders will incur further dilution.

***We have broad discretion in the use of the net proceeds from this offering and may not use them effectively.***

Our management will have broad discretion in the application of the net proceeds from this offering, including for any of the purposes described in the section entitled "Use of Proceeds," and you will not have the opportunity as part of your investment decision to assess whether the net proceeds will be used appropriately. Because of the number and variability of factors that will determine our use of the net proceeds from this offering, their ultimate use may vary substantially from their currently intended use. Our management might not apply our net proceeds in ways that ultimately increase the value of your investment. We intend to allocate approximately 40% of the net proceeds from this offering to general working capital, approximately 35% to business expansion, and approximately 25% to team expansion.

Our expected use of net proceeds from this offering represents our current intentions based upon our present plans and business conditions. As of the date of this prospectus, we cannot predict with certainty all of the particular uses for the net proceeds to be received upon the completion of this offering, or the amounts that we will actually spend on the uses set forth above. The amounts and timing of our actual use of the net proceeds will vary depending on numerous factors, including the commercial success of our systems and the costs of our research and development activities, as well as the amount of cash used in our operations. As a result, our management will have broad discretion in the application of the net proceeds, and investors will be relying on our judgment regarding the application of the net proceeds of this offering.

The failure by our management to apply these funds effectively could harm our business. Pending their use, we may invest the net proceeds from this offering in short-term, investment-grade, interest-bearing securities. These investments may not yield a favorable return to our stockholders. If we do not invest or apply the net proceeds from this offering in ways that enhance stockholder value, we may fail to achieve expected financial results, which could cause our stock price to decline.

***As a company incorporated in the British Virgin Islands and a "controlled company" within the meaning of the Nasdaq corporate governance rules, we are permitted to adopt certain home country practices in relation to corporate governance matters that differ significantly from Nasdaq corporate governance listing standards applicable to domestic U.S. companies or rely on exemptions that are available to a "controlled company"; these practices may afford less protection to shareholders than they would enjoy if we complied fully with Nasdaq corporate governance listing standards.***

We are an exempted company incorporated in the British Virgin Islands. Nasdaq listing rules permit a foreign private issuer like us to follow the corporate governance practices of its home country. Certain corporate governance practices in the British Virgin Islands, which is our home country, may differ significantly from Nasdaq corporate governance listing standards applicable to domestic U.S. companies.

After the Corporate Restructuring and upon the completion of this offering, we expect that VHKL will own approximately 91.80% of our outstanding Class A Shares (or 90.69% if the underwriters exercise their option to purchase additional shares in full), and our controlling shareholder will have the ability to control matters requiring shareholder approval. These matters include, but are not limited to, the election and removal of directors, amendments to our certificate of incorporation and bylaws, and the approval of significant corporate transactions, such as a merger, consolidation, change in control, or sale of all or substantially all of our assets. The interests of our controlling shareholder may differ from or conflict with the interests of other shareholders. This concentration of ownership may have the effect of delaying, deterring, or preventing a change in control or other transactions that could be beneficial to our other shareholders, and may limit your ability to influence corporate governance and strategic decisions. As a result, the market price of our common stock may be adversely affected.

As a foreign private issuer and a "controlled company", we are permitted to elect to rely, and may rely, on certain exemptions from corporate governance rules, including (i) an exemption from the rule that a majority of our board of directors must be independent directors; (ii) an exemption from the rule that director nominees must be selected or recommended solely by independent directors; (iii) an exemption from the rule that the compensation committee must be comprised solely of independent directors and (iv) an exemption from the requirement that an audit committee be comprised of at least three members under Nasdaq Rule 5605(c)(2)(A). We intend to rely on all of the foregoing exemptions available to foreign private issuers and "controlled company," such that (i) half of the members of our board of directors are independent directors board, while the other half are executive directors, (ii) all members of our board of directors, including non-independent directors, may participate in the selection or recommendation of director nominees, (iii) our compensation committee consists of two independent directors and our chief executive officer (who will recuse himself from compensation matters relating to the chief executive officer), and (iv) our audit committee comprises of only two independent directors.

As a result, you may not be provided with the benefits of certain corporate governance requirements of Nasdaq applicable to companies that are subject to these corporate governance requirements.

**Risks Related to Our Separation from VCIG and VHKL**

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***As long as VHKL controls us, your ability to influence matters requiring stockholder approval will be limited.***

After the Corporate Restructuring and upon the completion of this offering, we expect that VHKL will own approximately 91.80% of our outstanding Class A Shares (or 90.69% if the underwriters exercise their option to purchase additional shares in full), and our controlling shareholder will have the ability to control matters requiring shareholder approval. These matters include, but are not limited to, the election and removal of directors, amendments to our certificate of incorporation and bylaws, and the approval of significant corporate transactions, such as a merger, consolidation, change in control, or sale of all or substantially all of our assets. The interests of our controlling shareholder may differ from or conflict with the interests of other shareholders. This concentration of ownership may have the effect of delaying, deterring, or preventing a change in control or other transactions that could be beneficial to our other shareholders, and may limit your ability to influence corporate governance and strategic decisions. As a result, the market price of our common stock may be adversely affected.

Additionally, holders of our Class B Shares are entitled to twenty votes per share, while holders of our Class A Shares are entitled to one vote per share. As a result of the disparate voting rights of the Class B Shares, holders of Class B Shares, including our controlling shareholder, will be able to exercise significant voting power and control over matters submitted to shareholders for approval, notwithstanding their ownership of a minority of the total outstanding ordinary shares. This dual-class structure may have a dilutive effect on the voting power of holders of our Class A Shares and will limit your ability to influence corporate matters, including the election of directors, amendments to our organizational documents and the approval of significant corporate transactions. In addition, this structure may have the effect of delaying, deterring or preventing a change in control, merger, consolidation or other business combination that holders of our Class A Shares may consider favorable, thereby constituting an anti-takeover mechanism. The concentration of voting control in the hands of holders of Class B Shares may also discourage potential acquirers from making offers for our company that might otherwise be beneficial to holders of our Class A Shares, and may reduce the trading price and liquidity of our Class A Shares. Certain institutional investors and proxy advisory firms may view companies with dual-class structures less favorably, which could further adversely affect the market price of our Class A Shares.

For so long as VHKL beneficially owns shares representing a majority of the voting power, it will be able to elect all of the members of our board of directors and exercise significant influence over matters requiring shareholder approval, and VHKL will control the outcome of matters requiring shareholder approval. See the section titled "Principal Shareholders".

***VHKL's ability to control our board of directors may make it difficult for us to recruit high-quality independent directors.***

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So long as VHKL beneficially owns shares of our outstanding shares representing at least a majority of the votes entitled to be cast by the holders of our outstanding voting stock, VHKL can effectively control and direct our board of directors. Further, the interests of VCIG, VHKL and our other stockholders may diverge. Under these circumstances, persons who might otherwise accept our invitation to join our board of directors may decline.

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***VHKL's interests may conflict with our interests and the interests of our other stockholders. Conflicts of interest between us and VCIG or VHKL could be resolved in a manner unfavorable to us and our other stockholders.***

Various conflicts of interest between us and VCIG and VHKL could arise. We anticipate that, at the completion of this offering, Hoo Voon Him will continue to serve as the Chairman of the board of directors and Chief Executive Officer of VCIG and only shareholder in VHKL. Ownership interests of Hoo Voon Him in VCIG and VHKL and ownership interests of our directors and officers in VCIG or VHKL capital stock, or service by an individual as either a director and/or officer of both companies, could create or appear to create potential conflicts of interest when such individuals are faced with decisions relating to us. These decisions could include:

● corporate opportunities;

● the impact that operating or capital decisions (including the incurrence of indebtedness) relating to our business may have on VCIG's consolidated financial statements and/or current or future indebtedness (including related covenants);

● business combinations involving us;

● our dividend and stock repurchase policies;

● compensation and benefit programs and other human resources policy decisions;

● management stock ownership;

● the intercompany agreements and services between us and VCIG or VHKL, including the agreements relating to our separation from VCIG and VHKL;

● the payment of dividends on our ordinary shares; and

● determinations with respect to our tax returns.

Potential conflicts of interest could also arise if we decide to enter into new commercial arrangements with VCIG or VHKL in the future or in connection with VCIG's or VHKL's desire to enter into new commercial arrangements with third parties. Additionally, VCIG or VHKL may be constrained by the terms of agreements relating to its indebtedness from taking actions, or permitting us to take actions, that may be in our best interest.

Our certificate of incorporation will provide that, except as otherwise agreed to in writing by VCIG,VHKL and us, VCIG and VHKL will have no duty to refrain from engaging in the same or similar business activities or lines of business, doing business with any of our customers or employing or otherwise engaging or soliciting for employment any of our directors, officers or employees.

Our memorandum and articles of association will also provide that in the event that a director or officer of the Company who is also a director or officer of VCIG or VHKL acquires knowledge of a potential corporate opportunity that may be a corporate opportunity for both the Company and VCIG (excluding any corporate opportunity that was presented or became known to such director or officer solely in his or her capacity as a director or officer of the Company, as reasonably determined by such director or officer, unless the Company notifies such person that the Company does not intend to pursue such opportunity), such director or officer may present such opportunity to the Company or VCIG or VHKL or any of them, as such director or officer determines in his or her sole discretion, and that by doing so such person will have satisfied his or her duties to the Company and its stockholders. Our memorandum and articles of association will provide that we renounce any interest in any such opportunity presented to VCIG or VHKL. These provisions create the possibility that a corporate opportunity of the Company may be used for the benefit of VCIG or VHKL.

Furthermore, disputes may arise between us and VCIG or VHKL relating to our past and ongoing relationships, and these potential conflicts of interest may make it more difficult for us to favorably resolve such disputes, including those related to:

● tax, employee benefit, indemnification and other matters arising from the separation;

● the nature, quality and pricing of services VCIG or VHKL agrees to provide to us; and

● sales and other disposals by VCIG or VHKL of all or a portion of its ownership interest in us.

We will have a general policy that all material transactions with a related party, as well as all material transactions in which there is an actual, or in some cases, perceived, conflict of interest, will be subject to prior review and approval by our Audit Committee and its independent members, who will determine whether such transactions or proposals are fair and reasonable to VCCG or VHKL and its stockholders. In general, potential related-party transactions will be identified by our management and discussed with our Audit Committee at its meetings.

However, we may not be able to resolve any potential conflicts, and even if we do, the resolution may be less favorable to us than if we were dealing with an unaffiliated third party. While we are controlled by VHKL, we may not have the leverage to negotiate amendments to our various agreements with VCIG or VHKL (if any are required) on terms as favorable to us as those we would negotiate with an unaffiliated third party.

 ****

***The separation may limit our ability to compete in certain businesses and take certain actions, which may prevent us from pursuing opportunities to raise capital, acquire other businesses or provide equity incentives to our employees, which could impair our ability to grow.***

The Separation Agreement and First Amendment to the Separation Agreement will limit our ability to compete in certain businesses and take certain actions, which could impair our ability to grow. During the period beginning on the closing of the Separation Agreement and ending on the fifth anniversary of such date (the "Non-Competition Period"), (i) VCIG and VHKL and its affiliates have agreed not to compete with, or own, manage, operate, control or participate in the ownership, management, operation or control of any company that competes with us in the Corporate Advisory Business across all jurisdictions, and (ii) we and the Corporate Advisory Subsidiaries have agreed not to compete with, or own, manage, operate, control or participate in the ownership, management, operation or control of any company that competes with VCIG or VHKL in the other businesses of VCIG or VHKL that are not related to the Corporate Advisory Business in all jurisdictions. Similarly, during the Non-Competition Period, VCIG, VHKL and us have agreed to customary non-solicitation provisions relating to the employees of VCCG, the Company or the Corporate Advisory Subsidiaries.

Our inability to compete with VCIG's or VHKL's businesses and pursue certain transactions could materially adversely affect our business, results of operations and financial condition.

 ****

***We have no operating history as a stand-alone public company, and our historical and pro forma financial information is not necessarily representative of the results we would have achieved as a stand-alone public company and may not be a reliable indicator of our future results.***

The historical financial information we have included in this prospectus does not reflect, and the pro forma financial information included in this prospectus may not reflect, what our financial condition, results of operations or cash flows would have been had we been a stand-alone entity during the historical periods presented, or what our financial condition, results of operations or cash flows will be in the future as an independent entity.

The pro forma combined and consolidated financial information included in this prospectus includes adjustments based upon available information we believe to be reasonable. However, the assumptions may change and actual results may differ. In addition, we have not made pro forma adjustments to reflect many significant changes that will occur in our cost structure, funding and operations as a result of our transition to becoming a public company, including changes in our employee base, potential increased costs associated with reduced economies of scale and increased costs associated with being a publicly traded, stand-alone company. For additional information about the basis of presentation of our pro forma financial information and historical financial information included in this prospectus, see the sections titled "*Selected Combined and Consolidated Financial Data*".

***If VCIG or VHKL experiences a change in control, our current plans and strategies could be subject to change.***

As long as VHKL controls us, it will have significant influence over our plans and strategies, including strategies relating to marketing and growth. In the event VCIG or VHKL experiences a change in control, a new VCIG or VHKL owner may attempt to cause us to revise or change our plans and strategies, as well as the agreements between VCIG, VHKL and us, described in this prospectus. A new owner may also have different plans with respect to the contemplated distribution of our ordinary shares to VCIG or VHKL stockholders, including not effecting such a distribution.

 ****

***The assets and resources that we acquire from VCIG in the separation may not be sufficient for us to operate as a stand-alone company, and we may experience difficulty in separating our assets and resources from VCIG.***

Because we have not operated as an independent company in the past, we will need to acquire assets in addition to those contributed by VCIG and its subsidiaries to us and our subsidiaries in connection with our separation from VCIG. We may also face difficulty in separating our assets from VCIG's assets and integrating newly acquired assets into our business. Our business, financial condition and results of operations could be harmed if we fail to acquire assets that prove to be important to our operations or if we incur unexpected costs in separating our assets from VCIG's assets or integrating newly acquired assets.

***The services that VCIG or VHKL provides to us may not be sufficient to meet our needs, which may result in increased costs and otherwise adversely affect our business.***

Pursuant to the Separation Agreement and First Amendment to the Separation Agreement, we expect VCIG to continue to provide us with certain administrative services, including human resources and administrative services, and finance services (the "Shared Services"). Further, if we no longer receive the Shared Services from VCIG due to the termination of the Separation Agreement or otherwise, we may not be able to perform these services ourselves and/or find appropriate third-party arrangements at a reasonable cost (and any such costs may be higher than those charged by VCIG). See the section titled "*Certain Relationships and Related Party Transactions—Relationship with VCIG*."

 ****

***Our ability to operate our business effectively may suffer if we are unable to cost-effectively establish our own administrative and other support functions in order to operate as a stand-alone company after the expiration of our shared services and other intercompany agreements with VCIG.***

As an operating segment of VCIG, we relied on administrative and other resources of VCIG, including accounting, finance, and human resources, to operate our business. In connection with this offering, we have entered into the Separation Agreement to retain the ability to use these VCIG resources. See the section titled "*Certain Relationships and Related Party Transactions*." These services may not be provided at the same level as when we were a business segment within VCIG, and we may not be able to obtain the same benefits that we received prior to this offering. These services may not be sufficient to meet our needs, and after our agreements with VCIG expire (which will generally occur within 12 months following the completion of this offering), we may not be able to replace these services at all or obtain these services at prices and on terms as favorable as we currently have with VCIG. We will need to create our own administrative and other support systems or contract with third parties to replace VCIG's systems. In addition, we have received informal support from VCIG, which may not be addressed in the agreements we have entered into with VCIG, and the level of this informal support may diminish as we become a more independent company. Any failure or significant downtime in our own administrative systems or in VCIG's administrative systems during the transitional period could result in unexpected costs, impact our results and/or prevent us from paying our suppliers or employees and performing other administrative services on a timely basis.

 ****

***After this offering, we will be a smaller company relative to VCIG, which could result in increased costs in our supply chain and in general because of a decrease in our purchasing power. We may also experience decreased revenue due to difficulty maintaining existing customer relationships and obtaining new customers.***

Prior to this offering, we were able to take advantage of VCIG's size and purchasing power in procuring goods, technology and services, including insurance, employee benefit support and audit and other professional services. In addition, as a segment of VCIG, we were able to leverage VCIG's size and purchasing power to bargain with suppliers and service providers. We are a smaller company than VCIG, and we cannot assure you that we will have access to financial and other resources comparable to those available to us prior to this offering. As a stand-alone company, we may be unable to obtain office space, goods, technology and services in general, as well as components and services that are part of our supply chain, at prices or on terms as favorable as those available to us prior to this offering, which could increase our costs and reduce our profitability. Our future success depends on our ability to maintain our current relationships with existing customers, and we may have difficulty attracting new customers.

***We may have received better terms from unaffiliated third parties than the terms we will receive in the agreements that we intend to enter into with VCIG.***

The agreements that we intend to enter into with VCIG in connection with the separation, including the Shared Services in the Separation Agreement, were prepared in the context of the separation while we were still a wholly owned subsidiary of VCIG. See the section titled "*Certain Relationships and Related Party Transactions—Relationship with VCIG*." Accordingly, during the period in which the terms of those agreements were prepared, we did not have an independent board of directors or a management team that was independent of VCIG. As a result, the terms of those agreements may not reflect terms that would have resulted from arm's-length negotiations between unaffiliated third parties. Presently, we do not intend to enter into any services agreement with VHKL.

**Risks Related to Investing in a British Virgin Islands Company**

***We are a British Virgin Islands company, and it may be difficult for you to obtain or enforce judgments against us or our executive officers and directors in the United States.***

We are incorporated under the laws of the British Virgin Islands. Most of our assets are located outside the United States. Furthermore, most of our directors and officers reside outside the United States, and most of their assets are located outside the United States. As a result, you may find it difficult to effect service of process within the United States upon these persons or to enforce outside the United States judgments obtained against us or these persons in U.S. courts, including judgments in actions predicated upon the civil liability provisions of the U.S. federal securities laws. Likewise, it may also be difficult for you to enforce in U.S. courts judgments obtained against us or these persons in courts located in jurisdictions outside the United States, including actions predicated upon the civil liability provisions of the U.S. federal securities laws. It may also be difficult for an investor to bring an action against us or these persons in a British Virgin Islands court predicated upon the civil liability provisions of the U.S. federal securities laws.

As there is no treaty in force on the reciprocal recognition and enforcement of judgments in civil and commercial matters between the United States and the British Virgin Islands, courts in the British Virgin Islands will not automatically recognize and enforce a final judgment rendered by a U.S. court.

Any final and conclusive monetary judgment obtained against us in U.S. courts, for a definite sum, may be treated by the courts of the British Virgin Islands as a cause of action in itself so that no retrial of the issue would be necessary, provided that in respect of the U.S. judgment:

● the U.S. court issuing the judgment had jurisdiction in the matter and we either submitted to such jurisdiction or were resident or carrying on business within such jurisdiction and were duly served with process;

● the judgment given by the U.S. court was not in respect of penalties, taxes, fines or similar fiscal or revenue obligations of ours;

● in obtaining judgment there was no fraud on the part of the person in whose favor judgment was given or on the part of the court;

● recognition or enforcement of the judgment in the British Virgin Islands would not be contrary to public policy; and

● the proceedings pursuant to which judgment was obtained were not contrary to public policy.

Under our articles of association, we indemnify and hold our directors harmless against all claims and suits brought against them, subject to limited exceptions.

***You may have more difficulty protecting your interests than you would as a shareholder of a U.S. corporation.***

Our affairs are governed by the provisions of our memorandum of association and articles of association, as amended and restated from time to time, and by the provisions of applicable British Virgin Islands law. The rights of our shareholders and the responsibilities of our directors and officers under the British Virgin Islands law are different from those applicable to a corporation incorporated in the United States. There may be less publicly available information about us than is regularly published by or about U.S. issuers. Also, the British Virgin Islands regulations governing the securities of British Virgin Islands companies may not be as extensive as those in effect in the United States, and the British Virgin Islands law and regulations in respect of corporate governance matters may not be as protective of minority shareholders as state corporation laws in the United States. Therefore, you may have more difficulty protecting your interests in connection with actions taken by our directors and officers or our principal shareholders than you would as a shareholder of a corporation incorporated in the United States.

**USE OF PROCEEDS**

We estimate that the net proceeds we will receive from the sale of our Class A Shares in this offering, after deducting the underwriting discount and estimated offering expenses payable by us, will be approximately $12.90 million, assuming that the Class A Shares to be sold in this offering are sold at $4 per Class A Share. We currently intend to use the net proceeds of this offering for general working capital, business expansion as well as team expansion.

A $1.00 increase (decrease) in the assumed initial public offering price of $4 per share would increase (decrease) the net proceeds to us from this offering by $3.43 million, assuming the expected number of Class A Shares to be sold by us in this initial public offering remains the same and after deducting the underwriting discount and estimated offering expenses payable by us.

The primary purpose of this Offering is to create a public market for the Shares for the benefit of all shareholders. We plan to use the net proceeds of this Offering as follows:

● approximately 40% on general working capital;

● approximately 35% on the business expansion, including potential opportunities or collaborations that could support our consulting business; however, we have not yet identified any specific opportunities; and

● approximately 25% on the team expansion by recruiting more professional consultants across different industries.

The foregoing represents our current intentions based upon our present plans and business conditions to use and allocate the net proceeds of this initial public offering. Our management, however, will have some flexibility and discretion to apply the net proceeds of this offering. If an unforeseen event occurs or business conditions change, we may use the proceeds of this offering differently than as described in this prospectus. To the extent that the net proceeds we receive from this offering are not immediately used for the above purposes, we intend to invest our net proceeds in short-term, interest-bearing bank deposits or debt instruments.

**DIVIDEND POLICY**

We have never declared or paid cash dividends to holders of our capital stock. We currently intend to retain future earnings to finance the operation and expansion of our business. We do not anticipate paying any dividends on our Class A Shares in the foreseeable future. As a result, you will need to sell your Class A Shares to receive any income or realize a return on your investment. You may not be able to sell your Class A Shares at or above the price you paid for them.

Any future determination to pay dividends will be at the discretion of our board of directors. If we do commence the payment of dividends in the future, there can be no assurance that we will continue to pay any dividend. Our board of directors is free to change our dividend policy at any time, including to increase, decrease or eliminate our dividend. The board will base its decisions on, among other things, general business conditions, our results of operations, financial condition, cash requirements, prospects, contractual, legal and regulatory restrictions regarding dividend payments by our subsidiaries and any other factors the board may consider relevant. No assurance is given that we will pay any dividends to holders of our capital stock or as to the amount of any such dividends if our board of directors determines to do so.

**CAPITALIZATION**

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

● on an actual basis as of June 30, 2025; and

● On a as adjusted basis to give effect to the sale of 3,750,000 Class A Shares in this offering at the assumed IPO price of US$4.00 per Class A Shares, and after deducting the underwriting discounts and commissions, non-accountable expenses allowance, and estimated offering expenses payable to us, assuming the underwriters do not exercise the Over-Allotment Option.

The information below is not necessarily indicative of what our capitalization would have been had the separation or this offering been completed as of June 30, 2025. In addition, it is not indicative of our future capitalization. This table is derived from, and should be read in conjunction with our unaudited interim condensed combined and consolidated financial statements and the notes thereto included elsewhere in this prospectus, and with the sections titled "*Selected Combined and Consolidated Financial Data*," and "*Management's Discussion and Analysis of Financial Condition and Results of Operations*".

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| | | |
|:---|:---|:---|
|  | **Actual** | **As<br> Adjusted<sup>(1)</sup> (Over-Allotment<br> Option Not<br> Exercised)** |
|  | US$ | US $ |
| Shareholder's Equity |  |  |
| Share Capital, 42,000,000 Class A Shares and 6,000,000 Class B Shares issued and outstanding on an actual basis; and 45,750,000 shares Class A Shares and 6,000,000 Class B Shares on an as adjusted basis. | 2002300 | 14906619 |
| &nbsp;&nbsp;&nbsp;Retained Earnings | 10050542 | 10050542 |
| &nbsp;&nbsp;&nbsp;Fair Value Reserve | (692509) | (692509) |
| &nbsp;&nbsp;&nbsp;Translation Reserve | (35757) | (35757) |
| Total Shareholders' Equity | 11324576 | 24228895 |
| Bank borrowings |  |  |
| **Total indebtedness** | - | - |
| **Total capitalization** | 11324576 | 24228895 |

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(1) Reflects the sale of Class A Shares in this Offering at an assumed IPO of US$4.00 per Class A Share, after deducting the underwriting discounts and commissions, non-accountable expense allowance, and estimated offering expenses payable by us. The as adjusted information is illustrative only, and we will adjust this information based on the actual IPO price and other terms of this Offering determined at pricing. Share capital reflects on an actual basis plus the net proceeds approximately US$12,904,319 we expect to receive, after deducting the underwriting discounts and commissions of 7.5% (US$1,125,000) and non-accountable expense allowance of 1% (US$150,000), and estimated offering expenses payable by us (US$820,681) if the underwriters' over-allotment option is not exercised. For an itemization of an estimation of the total offering expenses payable by us, see "Expenses Relating to this Offering".

**DILUTION**

If you invest in our Class A Shares, your ownership interest will be diluted to the extent that the initial public offering price per Share exceeds the tangible book value per Shares immediately following this offering. Dilution results from the fact that the initial public offering price per Class A Share is substantially in excess of the net tangible book value per share attributable to the existing shareholders for the presently outstanding shares on an as-converted basis.

As of June 30, 2025, our historical net tangible book value was $11.32 million, or $0.24 per Share. Our net tangible book value per Share represents total net tangible assets less intangible asset, all divided by the number of Shares outstanding as of June 30, 2025.

After giving effect to the corporate restructuring as well as the sale and issuance of Class A Shares in this offering at an assumed initial public offering price of $4.00 per Class A Share and after deducting the underwriting discount, non-accountable expenses and estimated offering expenses payable by us, our as adjusted net tangible book value as of June 30, 2025 would have been $24.23 million, or $0.47 per Share. This represents an immediate decrease in as adjusted net tangible book value of $0.23 per Share to our existing stockholder, VHKL, and an immediate dilution of $3.53 per Share to new investors participating in this offering.

The following table illustrates this dilution on a per share basis to new investors:

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| | |
|:---|:---|
|  | Post-offering (Over-Allotment Option Not Exercised in Full) <sup>(1)</sup> |
| Assumed initial price to public per Class A share | $4.00 |
| Historical net tangible book value per share as of June 30, 2025 | $0.24 |
| Increase in as adjusted net tangible book value per Share attributable to the investors in this offering | $0.23 |
| As adjusted net tangible book value per Share as of June 30, 2025 immediately after this offering | $0.47 |
| Dilution per Share to new investors in this offering | $3.53 |

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Each $1.00 increase (decrease) in the assumed initial public offering price of $4.00 per Class A Share would increase (decrease) our as adjusted net tangible book value by approximately $3.43 million, or approximately $0.06 per Share, and increase (decrease) the dilution per Share to investors participating in this offering by approximately $0.94 per Share, assuming that the number of Class A Shares offered by us remains the same and after deducting the use and estimated offering expenses payable by us.

The as adjusted information discussed above is illustrative only and will adjust based on the actual initial public offering price and other terms of this offering determined at pricing.

The following table summarizes, on the as adjusted basis described above as of June 30, 2025, the differences between the number of Class A shares purchased from us, the total consideration and the price per share paid by our existing shareholder, VHKL, and by investors participating in this offering at an assumed initial public offering price of $4.00 per share before deducting the underwriting discount and estimated offering expenses payable by us.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Shares Purchased | Shares Purchased | Total Consideration | Total Consideration | Weighted-<br> Average<br> Price Per Share |
|  | Number | Percent | Amount | Percent | Amount |
| VHKL | 48000000 | 92.75% | $2002300 | 11.78% | $0.04 |
| Investors participating in this offering | 3750000 | 7.25% | 15000000 | 88.22% | 4.00 |
| Total | 51750000 | 100.00% | $17002300 | 100.00% | $0.33 |

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

**RESULTS OF OPERATIONS**

 

*You should read the following discussion and analysis together with the section titled "Selected Combined and Consolidated Financial Data" and our combined and consolidated financial statements and related notes included elsewhere in this prospectus. Among other things, those historical financial statements include more detailed information regarding the basis of presentation for the financial data included in the following discussion. This discussion contains forward-looking statements about our business, operations and industry that involve risks and uncertainties, such as statements regarding our plans, objectives, expectations and intentions. Our future results and financial condition may differ materially from those we currently anticipate as a result of the factors we describe under the sections titled "Cautionary Statement Regarding Forward-Looking Statements" and "Risk Factors."*

**Overview** 

VCCG, a company formed by VCIG (Nasdaq: VCIG) and currently a subsidiary of VHKL, is a multi-disciplinary consulting group with key corporate advisory practices. Our team is staffed with consultants recognized for their wealth of knowledge and established track records of delivering impact. With our core group of experts experienced in corporate finance, capital markets, legal, and investor relations, we guide and assist our clients' paths to success by helping them to identify business opportunities. We leverage our in-depth expertise to assist clients in creating values by providing profitable business ideas, customizing bold strategic options, offering sector intelligence, and equipping clients with cost-saving solutions for lasting growth.

We have been delivering our services to companies ranging from small-medium enterprises and government contractors to publicly traded conglomerates across a broad array of industries. Our clients are predominantly from Malaysia (approximately 97% of our revenue in 2024) with some client engagements from Singapore (approximately 3% of our revenue in 2024). Most of our clients are listed on Nasdaq Capital Markets and we has conducted numerous engagements and advised. We have conducted numerous engagements and advised our clients on resolving issues surrounding listing strategies, corporate development initiatives and investor relations.

For the years ended December 31, 2023 and 2024, our revenue was US$12.40 million and US$14.29 million, respectively, representing a 15% growth, and our net profit was US$6.73 million and US$8.01 million, respectively, representing a 30% growth. For the years ended December 31, 2023 and 2024, our total comprehensive income was US$7.09 million and total comprehensive loss was US$0.76 million, respectively.

For the six months ended June 30, 2024 and 2025, our revenue was US$13.47 million and US$7.83 million respectively, representing a decline of 42%, and our net profit was US$10.60 million and US$5.09 million, respectively, representing a decline of 52%. For the six months ended June 30, 2024 and 2025, our total comprehensive income was US$6.76 million and US$4.60 million, respectively.

**Our Mission**

We strive to deliver tailored business strategies to support clients in maximizing its long-term value and growth in a competitive market.

**Consultancy Service**

The Company offers a diverse range of consultancy services which includes, among others, listing consultancy and business strategy consultancy, offering comprehensive support to clients throughout their company growth and listing journey.

**Listing Consultancy**

Our listing consultancy offering includes end-to-end listing solutions that cover advising on organizational readiness, managing due diligence process, conducting peer and industry analyses, supporting the drafting of offering materials, and providing assistance to customers throughout the listing process. Over the years, our listing consultancy services have successfully propelled our customers' businesses to achieve their strategic objectives.

**Business Strategy Consultancy**

Our services comprises comprehensive business consultancy support ranging from business strategy development, organizational planning, advice on internal controls, corporate governance, and board-level strategies, goal settings, leadership and talent development to advising in stakeholder communications. We support the preparation of investor communication materials, offers strategic input on structure optimization, and helps formulate narratives and positioning strategies. We also assist in investor relations and public relations to help customers maintain effective communication with stakeholders and guidance on regulatory awareness. Our services are designed to deliver clear and practical solutions that help clients strengthen decision-making, improve competitiveness, and create long-term value.

Across both our listing consultancy and business strategy consultancy services, we undertake the following functions:

● To provide strategic guidance on capital access pathways and business positioning for market readiness;

● To evaluate and assess clients' businesses and perform IPO readiness diagnostics, including health checks on the company's management, financial, and organizational structure;

● To assemble external professionals for the IPO process and assist in building a quality management team, robust financial and corporate governance;

● To assist in fine-tuning business plans, articulate compelling equity stories, and advise on strategic options to maximize clients' business values;

● To manage due diligence process and peer industry analysis;

● To offer practical, insight-driven solutions to navigate growth through potential business transformation;

● To develop corporate development strategies;

● To assist with the preparation of strategic presentation materials for engagement with stakeholders;

● To offer input on organizational structure alignment and planning;

● To design marketing strategy and promote the company's business;

● To assist clients with their cross-border listings process

● To oversee the ongoing obligations of the Company following the necessary laws and regulations

● To provide guidance on compliance with the disclosure requirements for the Company material information and announcements

● To assist in establishing investor relation strategies and preparing relevant press-release for key events and milestones

● To support high-level stakeholders with confidential, tailored guidance aligned with business and personal growth objectives.

● To ensure seamless coordination and personalized support throughout the advisory process.

**Revenue Model**

Our revenue is driven in part by our ability to offer customized service offerings to add value to clients. We derive our revenues substantially from our business strategy consultancy service offerings and solutions that we deliver to our clients. Each contract has different terms based on the scope, deliverables, timing and complexity of the engagement. Depending on the terms of the service engagement contract, our revenues are derived from a few principal types of billing arrangements as explained below:

**Service Fee**

Our clients agree to a pre-established fee in exchange for a predetermined set of professional services. Generally, the client agrees to pay a fixed fee upon specific services engaged. Fees are determined based on our assessment of the engagement's complexity, scale, estimated costs and the time it would take to complete each engagement.

Payment terms for fixed service fees vary by contract and may include upfront payments, periodic payments over the term of the engagement, or payments due upon the delivery of specified services or milestones where completion may be outside our control, including actions or decisions of the client, third-party service providers, or external market or regulatory conditions.

Additionally, revenue recognized at a point in time refers to revenue that is recognized when control of goods or services is transferred to the customer at a specific moment. This typically applies to projects that are completed within a short period, such as periods between three to eight months, or services where control is deemed to have passed upon fulfilment of the service terms. For example, in the case of due diligence services, revenue is recognized when the due diligence report is delivered to the customer. For the year ended December 31, 2023, 51% of total revenue was recognized at a point in time. For the year ended December 31, 2024, this proportion increased to 62% of total revenue.

Revenue recognized over time refers to revenue that is recognized progressively over a period as the Company performs its contractual obligations. This approach is commonly applied to long-term contracts, ongoing services, subscriptions, or projects where customers receive and consume the benefits as the work is performed, such as IPO advisory projects. For the year ended December 31, 2023, 49% of total revenue was recognized overtime. For the year ended December 31, 2024, this proportion decreased to 38% of total revenue.

**Key Business Metrics**

In addition to the measures presented in our combined and consolidated financial statements, we use the following key metrics to evaluate our business, measure our performance, develop financial forecasts and make strategic decisions. Our key business metrics may be calculated in a manner different than similar key business metrics used by other companies.

**Corporate Restructuring**

In connection with this offering, the Company completed a corporate restructuring (the "Corporate Restructuring") intended to simplify its ownership structure and align the Company's voting control. The restructuring transactions were completed on January 6, 2026 , and did not involve any change in the underlying business operations of the Company.

Pursuant to the restructuring, VCIG transferred its entire equity interest in VCCG, consisting of 100% of the issued and outstanding Class A Shares and Class B Shares, to VHKL. Following the transfer, VHKL became the direct parent company of VCCG. VHKL is controlled by Mr. Hoo Voon Him, who is the controlling shareholder of VHKL and, as a result of the restructuring, now exercises control over VCCG.

In addition, VCCG implemented a share split on a two-for-one basis, whereby each issued and outstanding ordinary share was subdivided into two ordinary shares of the same class. Concurrently with the share split, the voting rights attached to the Class B Shares were increased from ten vote per share to twenty votes per share. The Class A Shares continue to carry one vote per share.

As a result of the foregoing restructuring, Mr. Hoo Voon Him, through his control of VHKL and ownership of Class B Shares, holds a controlling voting interest in the Company. The restructuring did not result in any change to the Company's assets, liabilities, or business operations, but it did affect the ownership and voting structure of the Company.

**Factors Affecting Our Business and Results of Operations**

 ****

***Reputation and Brand Strength***

Our reputation and brand strength play a critical role in shaping our business and results of operations. Historically, our consultancy activities have been conducted under the VCIG name, although contracts with clients have consistently been entered into under V Capital Consulting Limited (VCCL), a BVI entity and subsidiary of both VCCG and VCIG. Following the separation agreement, we have been establishing and building the "VCCG" brand as the dedicated identity for our consulting arm, and we are in the process of launching a new website under this brand to further support its market presence. A strong brand, built on trust and consistent delivery of results, is essential for attracting and retaining clients. Clients depend on us for effective advisory services, and by consistently meeting their expectations, we foster long-term relationships and generate referrals. Our credibility in the market, driven by a solid reputation, helps differentiate us from competitors and strengthens our position. A positive brand image enhances our ability to attract new clients and partners, ultimately supporting our business growth and success.

**Comparability of Historical Results** 

Our historical combined and consolidated financial statements, which are discussed below, are prepared on a stand-alone basis in accordance with IFRS and are derived from VCIG's consolidated financial statements and accounting records using the historical results of operations and assets and liabilities attributed to our operations and include allocations of expenses from VCIG. Our combined and consolidated results are not necessarily indicative of our future performance and do not reflect what our financial performance would have been had we been a stand-alone public company during the periods presented.

VCIG currently provides certain services to us, and costs associated with these functions have been allocated to us. The allocations include costs related to corporate services related to (i) administrative services, including human resources and administrative services, finance services and (ii) the sublease of office space and shared facilities. These costs were allocated on a basis of revenue, headcount or other measures we have determined as reasonable. These allocations are primarily reflected within operating expenses in our combined and consolidated statements of operations. Management believes the basis on which the expenses have been allocated to be a reasonable reflection of the utilization of services provided to, or the benefit received by, us during the periods presented. However, these allocations may not necessarily be indicative of the actual expenses we would have incurred as an independent company during the periods prior to the offering or of the costs we will incur in the future.

**Our Relationship with VCIG** 

Following the completion of this offering, we expect VCIG to continue to provide certain of the services described above on a transitional basis for a fee. These services will be provided under the Separation Agreement as described in "*Certain Relationships and Related Party Transactions—Relationship with VCIG—Arrangements Between VCIG and Our Company*." We generally expect to use the vast majority of these services for less than a year following the completion of this offering, depending on the type of the service and the location at which such service is provided. However, we may agree with VCIG to extend the service periods for a limited amount of time (which period will not extend past the first anniversary of the distribution) or may terminate such service periods by providing prior written notice.

Following the completion of this offering, we will be subject to the reporting requirements of the Exchange Act. We will be required to establish procedures and practices as a stand-alone public company in order to comply with our obligations under the Exchange Act and related rules and regulations. As a result, we will incur additional costs, including internal audit, investor relations, stock administration and regulatory compliance costs. These additional costs may differ from the costs that were historically allocated to us from VCIG. To operate as a stand-alone company, we expect to incur costs to replace certain services previously provided by VCIG, which may be higher than those reflected in our historical combined and consolidated financial statements.

**Components of Our Operating Results** 

 ****

***Revenue***

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, <br> 2023 | December 31, <br> 2024 | Change | June 30, <br> 2024 | June 30, <br> 2025 | Change |
|  | US$ | US$ | % | US$ | US$ | % |
| Business strategy consultancy | 6360348 | 8811482 | 38 | 8791482 | 5956971 | (32) |
| Listing consultancy | 6040000 | 5478504 | (10) | 4676814 | 1870000 | (60) |
|  | 12400348 | 14289986 | 15 | 13468296 | 7826971 | (42) |

---

We derive our revenue from corporate advisory services. The above table sets forth a breakdown of our revenue in absolute amount and the changes in percentage from year ended December 31, 2023 to year ended December 31, 2024 and the six months ended June 30, 2024 and 2025.

The non-cash portion of revenue recognized amounted to US$8,791,482 for the year ended 2024 and US$7,895,100 for the year ended 2023. Historically, not all of these amounts have been realized in cash upon the disposition of the related securities. The non-cash portion of revenue is received in the form of securities, whether quoted or unquoted, and is recorded as financial assets in the statement of financial position. These securities are subsequently remeasured based on their market value for quoted shares or based on the most recent valuation report for unquoted securities.

Any resulting gain or loss arising from revaluation is recognized in revaluation reserves until the disposal of the respective securities, at which point the accumulated amount is transferred to retained earnings.

Revenue from business strategy consultancy has increased by US$2.45 million, or 38% from US$6.36 million for the year ended December 31, 2023 to US$8.81 million for the year ended December 31, 2024. Such an increase was mainly attributed to the increase in short-term business consultancy projects, which were recognized point in time. Repeat engagements from existing clients and new client acquisitions, supported by increased client outreach and marketing initiatives, contributed to an expanded client base.

Revenue from business strategy consultancy has decreased by US$2.83 million, or 32% from US$8.79 million for the six months ended June 30, 2024 to US$5.96 million for the six months ended June 30, 2025. Such a decrease was mainly attributed to several large engagements ended in 2024 has no equivalent replacements in 2025.

Revenue from listing consultancy has decreased by US$0.56 million, or 10%, from US$6.04 million for the year ended December 31, 2023 to US$5.48 million for the year ended December 31, 2024. Such a decrease was mainly attributed to the completion of certain long-term IPO consultancy projects in 2024.

Revenue from listing consultancy has decreased by US$2.81 million, or 60%, from US$4.68 million for the six months ended June 30, 2024, to US$1.87 million for the six months ended June 30, 2025. Such a decrease was mainly attributed to the completion of certain long-term IPO consultancy projects recognized over time in 2024. Apart from that, decreased in revenue was due to delays in projects and revenue shifted to later periods.

 ****

***Other Income***

Comparison for the fiscal year ended December 31, 2023, and December 31, 2024, and for the six months ended June 30, 2024 and 2025 are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, <br> 2023 | December 31, <br> 2024 | Change | June 30,<br> 2024 | June 30,<br> 2025 | Change |
|  | US$ | US$ | % | US$ | US$ | % |
| Reversal on impairment of trade receivables |  | 10000 | 100 | 10000 | 26684 | 167 |
| Gain on foreign currency |  |  |  |  | 14351 | 100 |
| Reimbursement income for expenses incurred |  | 3623 | 100 | 361 | 51 | 608 |
|  |  | 13623 | 100 | 10361 | 41086 | 297 |

---

***Operating Costs***

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, <br> 2023 | December 31, <br> 2024 | Change | June 30, <br> 2024 | June 30, <br> 2025 | Change |
|  | US$ | US$ | % | US$ | US$ | % |
| Consultant fee | 1854242 | 2145896 | 16 | 774298 | 49339 | (94) |
| Referral fee | 937766 | 659000 | (30) | 545000 | 761000 | 40 |
| Other cost of services | 25 | 8949 | 35696 |  |  |  |
| Depreciation | 103 | 744 | 622 | 370 | 373 | 1 |
| Directors' fees | 778518 | 1018291 | 31 | 605887 | 675444 | 11 |
| Employee benefits expenses | 1204324 | 1186028 | (2) | 484996 | 415968 | (14) |
| Allowance for expected credit losses on trade and other receivables | 235000 | 571986 | 143 | 91635 | 479770 | 424 |
| Rental expenses | 45719 | 110489 | 142 | 58710 | 11708 | (80) |
| Legal and professional fees | 13994 | 194384 | 1289 | 745 | 152299 | 20343 |
| Other operating expenses | 573312 | 397513 | 31 | 313979 | 231661 | (26) |
|  | 5643003 | 6293280 | 12 | 2875620 | 2777562 | (3) |

---

The operating costs had increased by US$0.65 million, or approximately 12%, from US$5.64 million in the year ended December 31, 2023 to US$6.29 million in the year ended December 31, 2024. This was mainly due to the increase in consultant fees and legal and professional fees.

The operating costs decreased by US$0.10 million, or approximately 3%, from US$2.88 million in the six months ended June 30, 2024, to US$2.78 million in the six months ended June 30, 2025. This was mainly due to the decrease in consultant fees and legal and rental expenses.

The consultant fees refer to the Company's costs incurred from assisting its clients, in engaging all the relevant professionals required during the listing process, including but not limited to legal counsel, auditors, finance consultants, the US Capital markets consultant, which such consultant fee payment shall be included and be treated as part of our consultation services to our clients during the IPO's process. This cost increased by 16% from the year 2023 to 2024 due to higher volume of business strategy consultancy projects, which led to increased consultant costs. As of June 30, 2025, the consultant fee reduced by US$0.72 million, or approximately 94%, from US$0.77 million in the six months ended June 30, 2024, to US$0.05 million in the six months ended June 30, 2025. The change was mainly attributable to our reliance on internal resources.

 ****

Referral fee decreased by US$0.28 million, or approximately 30%, from US$0.94 million in the year ended December 31, 2023, to US$0.66 million in the year ended December 31, 2024. The decrease was primarily due to fewer IPO mandates in 2024 compared to 2023. The referral fee is mainly associated with IPO projects, while short-term projects either do not incur referral fees or generate lower fees compared to IPO engagements. As of June 2025, our referral fee increased by US$0.22 million, or approximately 40% from US$0.54 million in the six months ended June 30, 2024, to US$0.76 million in the six months ended June 30, 2025. This is mainly due to the decrease in revenue; we raised the referral fee percentage in an effort to attract more customers.

Director fee had increased by US$0.24 million, or approximately 31%, from US$0.78 million in the year ended December 31, 2023, to US$1.02 million in the year ended December 31, 2024. This was mainly because we revised our director fees in year 2024, as a reward of the good performance in year 2024 compared to year 2023.

Allowance for expected credit losses on trade and other debtors increased US$0.34 million, or approximately 143%, from US$0.23 million in the year ended December 31, 2023 to US$0.57 million in the year ended December 31, 2024. The increase was primarily due to higher trade and other receivables during the year. However, the overall allowance decreased on a net basis, as certain expected credit losses balances were written off as bad debts during the year.

Allowance for expected credit losses on trade and other debtors increased US$0.39 million, or approximately 434%, from US$0.09 million in the six months ended June 30, 2024 to US$0.48 million in the six months ended June 30, 2025. The increase was primarily due to higher trade and other receivables during the year.

Legal and professional fees increased by US$0.18 million, or approximately 1,289%, from US$0.01 million in the year ended December 31, 2023, to US$0.19 million in the year ended December 31, 2024. Legal and professional fees increased by US$0.151 million or approximately 20,343%, from US$0.001 million in the six months ended June 30, 2024, to US$0.152 million in the six months ended June 30, 2025. The significant increase in the legal and professional fee is primarily attributed to the legal fee incurred in connection with the planning of our segregation process.

Other operating expenses consist mainly of marketing expenses, entertainment with existing clients or potential clients, and upkeep of office. The decrease in other operating expenses is mainly due to lower marketing expenses, as we had organized an IPO conference in fiscal year 2023, which did not recur in 2024.

 **

***Income Taxes***

 **

The Group's current taxation was US$0.02 million for the financial year ended December 31, 2023, US$ Nil for the financial year ended December 31, 2024 and US$ Nil for the six months ended June 30, 2024 and 2025.

We recognize tax benefits from uncertain tax positions only if we believe that it is more likely than not that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. As we expand internationally, we will face increased complexity in determining the appropriate tax jurisdictions for revenue and expense items which may differ from that of VCIG. Our policy is to adjust these reserves when facts and circumstances change, such as the closing of a tax audit or refinement of an estimate. To the extent that the final tax outcome of these matters is different than the amounts recorded, such differences will affect the provision for income taxes in the period in which such determination is made and could have a material impact on our financial condition and operating results. The provision for income taxes includes the effects of any accruals that we believe are appropriate, as well as the related net interest and penalties.

 ****

 **

***Segments Operations***

 **

Operating segments are identified on the basis of internal reports about components of the Company that are regularly reviewed by the Chief Operating Decision Maker (CODM) – Yong Hui Wun - Chief Executive Officer ("CEO") for the purpose of resource allocation and performance assessment. Segment results, assets and liabilities include items directly attributable to a segment as well as those that can be allocated on a reasonable basis.

The Group operates in a single business segment which is the business of business strategy consultancy. Accordingly, no separate segment disclosures are presented, as the Company has only one reportable operating segment in accordance with IFRS 8 *Operating Segments*. The Company's revenue is derived entirely from this single business activity.

**Geographical information**

The Group's non-current assets (excluded financial assets, measured at fair value through other comprehensive income) are located in Malaysia.

The following table summarizes revenue generated from different countries:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | December 31, 2023 | December 31, 2023 | December 31, 2024 | December 31, 2024 |
|  | US$ | % | US$ | % |
| Malaysia | 12200348 | 98 | 13857155 | 97 |
| Singapore | 200000 | 2 | 432831 | 3 |
|  | **12400348** | **100** | **14289986** | **100** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | June 30, 2024 | June 30, 2024 | June 30, 2025 | June 30, 2025 |
|  | US$ | % | US$ | % |
| Malaysia | 13035465 | 97 | 7826971 | 100 |
| Singapore | 432831 | 3 | - | - |
|  | **13468296** | **100** | **7826971** | **100** |

---

Revenue is attributed to each country based on the location of the customer's principal place of business.

**Discussion on Certain Key Items on the Combined and Consolidated Statement of Financial Position**

The following table sets forth key information from our combined and consolidated statement of financial position as of the dates indicated. The information should be read together with our audited combined and consolidated financial statements and related notes included elsewhere in this prospectus.

---

| | | | |
|:---|:---|:---|:---|
|  | December 31, <br> 2023 | December 31, <br> 2024 | June 30, <br> 2025 |
|  | US$ | US$ | US$ |
| **<u>ASSETS</u>** |  |  |  |
| Cash and bank balances | 264437 | 1184237 | 28268 |
| Trade and other receivables | 1984745 | 7907312 | 11833314 |
| Financial assets, measured at fair value through other comprehensive income | 6860489 | 2591000 | 1940504 |
| Plant and equipment | 4652 | 3916 | 3556 |
| **Total assets** | **9114323** | **11686465** | **13805642** |
| **<u>LIABILITIES AND EQUITY</u>** |  |  |  |
| Trade and other payables | 807710 | 825291 | 378025 |
| Amount due to related parties | 791245 | 4140278 | 2103041 |
| Income tax payable | 32924 | - | - |
| Total liabilities | 1631879 | 4965569 | 2481066 |
| Total equity | 7482444 | 6720896 | 11324576 |
| **Total liabilities and equity** | **9114323** | **11686465** | **11686465** |

---

***Trade and Other Receivables***

---

| | | | |
|:---|:---|:---|:---|
|  | December 31, <br> 2023 | December 31, <br> 2024 | June 30, <br> 2025 |
|  | US$ | US$ | US$ |
| Trade receivables – third parties | 688389 | 3829800 | 7865711 |
| Trade receivables – related party | 567737 | 57310 | 60816 |
| Less: Allowance for doubtful debts | (417282) | (392270) | (528834) |
| **Net:** | **838844** | **3494840** | **7397693** |
| Deposits | 5432 | 5620 | 5620 |
| Prepayments | 239 | 34 | 250 |
| Other receivables | 1140230 | 4406818 | 4429751 |
| **Total** | **1984745** | **7907312** | **11833314** |
| Movement in allowance for expected credit losses on trade receivables is as follows: |  |  |  |
| Beginning balances | 332282 | 417282 | 392270 |
| Additions | 235000 | 462322 | 162137 |
| Write-off | (150000) | (477334) |  |
| Currency alignment |  |  | 1111 |
| Reversal | - | (10000) | (26684) |
| **Ending balance** | **417282** | **392270** | **528834** |

---

The average credit period for services rendered is 15 to 30 days. No interest is charged on the outstanding balances.

The table below sets forth an aging analysis of trade receivables as at December 31, 2023, December 31, 2024 and June 30, 2025.

---

| | | | |
|:---|:---|:---|:---|
|  | December 31, <br> 2023 | December 31, <br> 2024 | June 30, <br> 2025 |
|  | US$ | US$ | US$ |
| Not past due |  |  |  |
| Past due | 1256126 | 3887110 | 7926527 |
| Less: Allowance for doubtful debts | (417282) | (392270) | (528834) |
| **Net trade receivables** | **838844** | **3494840** | **7397693** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(i) Aging of receivables that are past due the average credit period:

---

| | | | |
|:---|:---|:---|:---|
|  | December 31, <br> 2023 | December 31, <br> 2024 | June 30, <br> 2025 |
|  | US$ | US$ | US$ |
| < 30 days | 75319 |  | 3803710 |
| 31 days to 60 days | 210275 | 300000 | 312461 |
| 61 days to 210 days | 115050 | 3513202 | **–** |
| 211 days to 240 days |  | 73908 | 1011690 |
| 241 days to < 1 year | 855482 | - | 2798666 |
| **Total** | **1256126** | **3887110** | **7926527** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(ii) The amounts are stated before any deduction for impairment losses and are not secured by any collateral or credit enhancements.

In determining the recoverability of trade receivables, the Company considers any changes in the credit quality of the trade receivables from the date credit was initially granted up to the reporting date. There was no significant change in credit quality for the Company's trade receivables balances which are past due and partially impaired.

The allowance for ECL has been determined by taking into consideration recovery prospects and past doubtful experience.

As part of the Company's credit risk management, the Company assesses the impairment for its customers based on different group of customers which share common risk characteristics that are representative of the customers' abilities to pay all amounts due in accordance with the contractual terms.

Allowance for ECL on trade and other receivables has been measured at an amount equal to lifetime ECL. The ECL on trade and other receivables are estimated using a provision matrix by reference to past default experience of the debtor and an analysis of the debtor's current financial position, adjusted for factors that are specific to the debtors, general economic conditions of the industry in which the debtors operate.

As of December 31, 2024, the provision matrix applies ECL rates based on the age of the receivables ranged from 1% to 22% for trade receivables. For other receivables, the Group applies the ECL rate ranged from 16% to 23%. As of June 30, 2025, the provision matrix applies ECL rates based on the age of the receivables ranged from 3.3% to 10% for trade receivables. For other receivables, the Group applies the ECL rate of 12.4%.

In addition to the general provision matrix, the Company assesses certain specific trade and other receivables individually. This individual assessment is based on direct contact with the debtor, historical payment behavior, and other relevant factors to determine whether there are specific recoverability issues.

The Company assesses ECL on an annual basis to ensure that the ECL allowance remains appropriate and reflective of current credit risk conditions. There have been no changes in estimation techniques or significant assumptions used in calculating ECL during the current reporting period. A receivable is written off when there is objective evidence that the debtor is experiencing significant financial hardship and there is no reasonable expectation of recovery. Indicators of such conditions include the debtor entering liquidation or significant deterioration in creditworthiness with no expected future cash flows.

***Financial assets, measured at fair value through other comprehensive income***

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| | | | |
|:---|:---|:---|:---|
|  | December 31, <br> 2023 | December 31, <br> 2024 | June 30, <br> 2025 |
|  | US$ | US$ | US$ |
| Unquoted shares measured at fair value through other comprehensive income ("FVTOCI"): |  |  |  |
| At the beginning of year |  | 6860489 | 1688000 |
| Additions | 6495100 | 8791482 |  |
| Disposals |  | (4516482) |  |
| Transfer to quoted shares |  | (5172489) | (1688000) |
| Fair value adjustment | 365389 | (4275000) | - |
| At end of year | **6860489** | **1688000** | **-** |
| Quoted shares measured at fair value through other comprehensive income ("FVTOCI"): |  |  |  |
| At the beginning of year |  |  | 903000 |
| Additions |  | 1514271 | 2116939 |
| Disposals |  | (1298250) | (2297970) |
| Transfer from unquoted shares |  | 5172489 | 1688000 |
| Fair value adjustment | - | (4485510) | (469465) |
| At end of year | **-** | **903000** | **1940504** |

---

<u>Financial assets, measured at FVTOCI</u>

In December 2024, the Company received 700,000 ordinary shares of Founder Group Limited, an entity listed on Nasdaq Capital Market as part of the consideration for the Group's consultancy services rendered valued at US$1,400,000. During the financial period ended June 30, 2025, the Company disposed of 502,086 ordinary shares of Founder Group Limited for US$710,370, and transferred US$293,771 cumulative fair value loss to retained earnings.

In October 2023, the Company received a total of 800,000 ordinary shares from Sagtec Global Limited as part of the consideration for the Company's business consultancy services rendered. On March 7, 2025, Sagtec Global Limited successfully listed in Nasdaq Capital Market, as a result, the investment was reclassified from unquoted security to quoted security, and the Company revalued the shares to reflect the market price. On the same day, the Company received a total of 529,200 ordinary shares from Sagtec Global Limited as part of the consideration for the Company's consultancy services rendered valued at US$2,116,800. On April 28, 2025, the Company disposed of 529,200 ordinary shares for US$1,587,600, and transferred US$107,815 cumulative fair value gain to retained earnings.

In November 2023, the Company received approximately 4.9% or 1,631,700 ordinary shares in YY Group Holding Limited ("YYGH"), as part of the consideration for the Company's consultancy services rendered, valued at US$4,895,100.

As of December 31, 2023, the fair value of certain unquoted investments was determined by the Group using a third-party independent valuation firm not connected to the Group using the income approach - discounted cash flow. Based on the valuation report, there is a fair value adjustment of US$88,000 and US$277,389 on the investment in Sagtec Global Limited and YY Group Holding Limited. The Group takes full responsibility for the determination of the value of the unquoted investment.

In March 2024, the Company received a total of 1,030,494 ordinary shares from Agroz Inc and 14,250,000 shares from Fintech Scion Limited, as part of the consideration for the Company's consultancy services rendered valued at US$3,091,482 and US$5,700,000 respectively. The Group disposed of all the shares of both Agroz Inc and Fintech Scion Limited during the year 2024.

Moreover, there is a transfer of US$5,172,489 from unquoted shares to quoted shares measured at fair value through OCI as YY Group Holding Limited had successfully listed on the Nasdaq Stock Market in April 2024. The valuation of YY Group Holding Limited's shares are categorized under Level 1 of the fair value hierarchy as the prices of these shares are available in an active market.

The significant unobservable inputs used in the fair value measurements of unquoted securities are categorized within Level 3 of the fair value hierarchy.

Key assumptions used for discounted cash flow calculations as of December 31, 2023 and 2024 are shown below:

---

| | | |
|:---|:---|:---|
|  | December 31, <br> 2023 | December 31, <br> 2024 |
|  | % | % |
| Compound annual revenue growth rate | 26.50 – 33.73 | 33.73 |
| Gross profit ("GP") margin | 15.0 – 59.41 | 54.43 – 59.41 |
| Terminal growth rate | 0 – 2.40 | 0 |
| Weighted Average Cost of Capital ("WACC") applied to the pre-tax cash flow projections | 6.01 – 7.23 | 7.23 |

---

Quantitative sensitivity analysis as of December 31, 2023 and 2024 are shown below:

---

| | |
|:---|:---|
| **As of December 31, 2024** |  |
| **Revenue and cost of sales** | 5% declined in the revenue and cost of sales would reduce the fair value approximately US$240,000 |
| **GP margin** | GP margin reduced by 5% would have resulted in the fair value to reduce approximately US$336,000 |
| **WACC** | 100 basis points increase in the WACC would result in a decrease in the fair value approximately US$56,000 |

---

---

| | |
|:---|:---|
| **As of December 31, 2023** |  |
| **Revenue and cost of sales** | 5% declined in the revenue and cost of sales would reduce the fair value approximately US$163,170 to US$240,000 |
| **GP margin** | GP margin reduced by 5% would have resulted in the fair value to reduce approximately US$212,121 to US$336,000 |
| **WACC** | 100 basis points increase in the WACC would result in a decrease in the fair value approximately US$56,000 to US$228,438 |

---

***Trade and Other Payables***

---

| | | | |
|:---|:---|:---|:---|
|  | December 31, <br> 2023 | December 31, <br> 2024 | June 30, <br> 2025 |
|  | US$ | US$ | US$ |
| Trade payable | 308264 | 66432 | 17632 |
| Accruals | 496309 | 572062 | 280143 |
| Sundry payables | 3137 | 186797 | 80250 |
| **Total** | **807710** | **825291** | **378025** |

---

Accruals consist mainly of staff salaries whereas sundry payables consist mainly of audit fees, secretarial fees and other professional fees.

The above balances that are not denominated in the functional currency are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | December 31, <br> 2023 | December 31, <br> 2024 | June 30, <br> 2025 |
|  | US$ | US$ | US$ |
| Malaysian Ringgit | 12126 | 23276 | 5592 |
| Singapore Dollar |  | 4425 | 20098 |
| United States Dollar | 795584 | 797590 | 352335 |

---

**Liquidity and Capital Resources** 

***Cash Flows***

The following table presents our cash flows for the years/periods presented.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | December 31, <br> 2023 | December 31, <br> 2024 | June 30, <br> 2024 | June 30, <br> 2025 |
|  | US$ | US$ | US$ | US$ |
| **Summary Combined and Consolidated Cash Flows Data** |  |  |  |  |
| Net cash generated from/(used in) operating activities | 1026926 | (3342067) | (1620430) | (1059745) |
| Net cash (used in)/generated from investing activities | (4755) | 1183979 |  | 1957265 |
| Net cash (used in)/generated from financing activities | (762624) | 3077888 | 1499171 | (2054587) |
| Net increase/(decrease) in cash and cash equivalents | 259547 | 919800 | (121259) | (1157067) |
| Foreign exchange effect |  |  | 8 | 1098 |
| Cash and cash equivalents at the beginning of year | 4890 | 264437 | 264437 | 1184237 |
| Cash and cash equivalent at the end of year | **264437** | **1184237** | **143186** | **28268** |

---

 ****

 ****

***Operating Activities***

Net cash generated from operating activities during the financial year December 31, 2023 was US$1.03 million, which consists of our profit before tax of US$6.76 million as adjusted for non-cash items and the effects of changes in operating assets and liabilities. Adjustments for non-cash primarily included non-cash revenue of US$7.90 million and impairment allowance on trade receivables at US$0.24 million. The principal items accounting for the changes in operating assets and liabilities were (i) US$1.19 million increase in trade receivables, deposits and prepayments and (ii) US$0.79 million increase in trade and other payables.

Net cash generated from operating activities was US$1.03 million during the financial year ended December 31, 2023, compared to net cash used in operating activities of US$3.34 million during the financial year ended December 31, 2024, reflecting a year-over-year deterioration of approximately US$4.37 million.

The decrease was primarily attributable to the fact that a significant portion of revenue in 2024 was settled through the receipt of customer shares rather than cash collections. While these transactions increased reported revenue and recognized income, they did not generate corresponding cash inflows, resulting in lower operating cash flow.

Net cash used in operating activities during the six months ended June 30, 2025 was US$1.06 million, which consists of our profit before tax of US$5.09 million as adjusted for non-cash items and the effects of changes in operating assets and liabilities. Adjustments for non-cash primarily included non-cash revenue of US$2.12 million and impairment allowance on trade and other receivables of US$0.48 million. The principal items accounting for the changes in operating assets and liabilities were (i) US$4.04 million decrease in trade receivables, deposits and prepayments and (ii) US$0.45 million decrease in trade and other payables.

Net cash used in operating activities was US$1.62 million during the six months ended June 30, 2024, compared to net cash used in operating activities of US$1.06 million during the six months ended June 30, 2025, reflecting a year-over-year improvement of approximately US$0.56 million.

The increase was primarily due to the lower change in trade and other receivables for the six months ended June 30, 2025, as compared to the six months ended June 30, 2024.

***Investing Activities***

Net cash used in investing activities during the financial year ended 2023 was US$4,755, which was mainly attributable to the acquisition of plant and equipment.

Net cash generated from investing activities in 2024 was US$1.18 million, Decline in net cash flow from operating activities was partly offset by the proceeds from investing activities of US$1.18 million in 2024, mainly reflecting proceeds from disposal of financial assets, measured at fair value through other comprehensive income.

Net cash generated from investing activities for the six months ended June 30, 2025 was US$1.96 million, which was due to proceeds from the disposal of shares in Founder Group Limited and the settlement of other receivables.

***Financing Activities***

Financing activities recorded a net inflow of US$3.08 million during the year ended December 31, 2024, primarily reflecting advances from related parties. This contrast with a net outflow of US$0.76 million in the prior year, which was mainly due to repayments to related parties. During the six months ended June 30, 2025, the Company had repaid US$2.0 million of the advances to the related parties.

As of December 31, 2023, we had US$0.264 million in cash and cash equivalents, comprising US$0.26 million held in United States Dollar, US$3,290 in Singapore Dollar, and US$1,116 in Malaysian Ringgit. As of December 31, 2024, we had US$1.18 million in cash and cash equivalents, of which US$1.184 million was held in United States Dollar and US$310 in Malaysian Ringgit. Our cash and cash equivalents primarily consist of cash on hand and general bank balances. As of June 30, 2025, we had US$0.028 million in cash and cash equivalents, of which US$0.027 million was held in United States Dollar and US$805 in Malaysia Ringgit.

**Off-Balance Sheet Arrangements** 

As of December 31, 2023, December 31, 2024 and June 30, 2025, we did not have any off-balance sheet arrangements as defined in Item 303(a)(4)(ii) of SEC Regulation S-K.

**Critical Accounting Policies and Estimates** 

Our combined and consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and pursuant to the regulations of the U.S. Securities and Exchange Commission ("SEC"). The preparation of these combined and consolidated financial statements requires management to make assumptions, judgments and estimates that can have a significant impact on the reported amounts of assets, liabilities, revenue and expenses. We base our estimates on historical experience and on various other assumptions believed to be applicable and reasonable under the circumstances. Actual results could differ significantly from these estimates. These estimates may change as new events occur, as additional information is obtained and as our operating environment changes. On a regular basis, we evaluate our assumptions, judgments and estimates and make changes accordingly. We also discuss our critical accounting estimates with the Audit Committee of the Board of Directors. We have listed below our critical accounting policies that we believe to have the greatest potential impact on our combined and consolidated financial statements.

**<u>Fair value measurement of unquoted shares</u>**

In determining the fair value of the unquoted shares, the Group relies on the net asset values of the investee companies or independent valuation report.

The availability of observable inputs can vary from investment to investment. For certain investments classified under Level 3 of the fair value hierarchy, the valuation could be based on models or inputs that are less observable or unobservable in the market and the determination of the fair values requires significant judgement. Those estimated values do not necessarily represent the amounts that may be ultimately realized due to the occurrence of future events which could not be reasonably determined as at the balance sheet date.

**<u>Allowance of expected credit loss ("ECL") for trade and other receivables</u>**

The Group uses a provision matrix to calculate ECLs for trade and other receivables. The provision rates are based on days past due for groupings of various customer segments that have similar loss patterns.

The provision matrix is initially based on the Group's historical observed default rates. The Group will calibrate the matrix to adjust historical credit loss experience with forward- looking information. At every reporting date, historical default rates are updated and changes in the forward-looking estimates are analyzed.

The assessment of the correlation between historical observed default rates, forecast economic conditions and ECLs is a significant estimate. The amount of ECLs is sensitive to changes in circumstances and of forecast economic conditions. The Group's historical credit loss experience and forecast of economic conditions may also not be representative of the customer's actual default in the future.

 ****

**Recent Accounting Pronouncements** 

For a complete description of recent accounting pronouncements, including the expected dates of adoption and estimated effects on financial condition and results of operations, refer to Note 2 to the combined and consolidated financial statements.

**Emerging Growth Company Status** 

As an "emerging growth company," under the JOBS Act, we are allowed to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies, unless we otherwise irrevocably elect not to avail ourselves of this exemption. While we have not made such an irrevocable election, we have not delayed the adoption of any applicable accounting standards.

**Quantitative and Qualitative Disclosures About Market Risk** 

 ****

***Foreign Currency Exchange Rate Risk***

For those customers in our international markets that we continue to sell to in U.S. dollars, an increase in the value of the U.S. dollar relative to foreign currencies could make our products more expensive and therefore reduce the demand for our products. Such a decline in the demand for our products could reduce sales and materially adversely affect our business, results of operations and financial condition. Certain operating expenses of our foreign operations require payment in local currencies.

We are exposed to risks associated with foreign exchange rate fluctuations due to our international sales and operating activities. These exposures may change over time as business practices evolve and could negatively impact our operating results and financial condition. As we grow our operations, our exposure to foreign currency risk could become more significant. To date, we have not entered into any foreign currency exchange contracts and currently do not expect to enter into foreign currency exchange contracts for trading or speculative purposes. We plan to establish a hedge program to hedge foreign currency exchange risks after the distribution, if not before.

**BUSINESS**

**Our Mission**

We strive to deliver tailored business strategies to support clients in maximizing its long-term value and growth in a competitive market.

**Consultancy Service**

The Company offers a diverse range of consultancy services which includes, among others, listing consultancy and business strategy consultancy, offering comprehensive support to clients throughout their company growth and listing journey.

**Listing Consultancy**

Our listing consultancy offers end-to-end listing solutions that cover advising on organizational readiness, managing due diligence process, conducting peer and industry analyses, supporting the drafting of offering materials, and providing assistance to customers throughout the listing process. Over the years, our listing consultancy services have successfully propelled our customers' businesses to achieve their strategic objectives.

**Business Strategy Consultancy**

Our services comprise comprehensive business consultancy support ranging from business strategy development, organizational planning, advice on internal controls, corporate governance, and board-level strategies, goal settings, leadership and talent development to advising in stakeholder communications. We support the preparation of investor communication materials, offer strategic input on structure optimization, and help formulate narratives and positioning strategies. We also assist in investor relations and public relations to help customers maintain effective communication with stakeholders and guidance on regulatory awareness. Our services are designed to deliver clear and practical solutions that help clients strengthen decision-making, improve competitiveness, and create long-term value.

Across both our listing consultancy and business strategy consultancy services, we undertake the following functions:

● To provide strategic guidance on capital access pathways and business positioning for market readiness;

● To evaluate and assess clients' businesses and perform IPO readiness diagnostics, including health checks on the company's management, financial, and organizational structure;

● To assemble external professionals for the IPO process and assist in building a quality management team, robust financial and corporate governance;

● To assist in fine-tuning business plans, articulate compelling equity stories, and advise on strategic options to maximize clients' business values;

● To manage due diligence process and peer industry analysis;

● To assist with the preparation of strategic presentation materials for engagement with stakeholders;

● To offer input on organizational structure alignment and planning assist the reorganization in respect to the capital structure of the organization;

● To design marketing strategy and promote the company's business;

● To assist with cross-border listings

● To oversee the ongoing obligations of the Company following the necessary laws and regulations

● To provide guidance on compliance with the disclosure requirements for the Company material information and announcements

● To assist in establishing investor relation strategies and preparing relevant press-release for key events and milestones

● To support high-level stakeholders with confidential, tailored guidance aligned with business and personal growth objectives.

● To ensure seamless coordination and personalized support throughout the advisory process.

**Our Clients and Engagements:**

Our client engagements are structured on a project-by-project basis, with terms, pricing, and fee structures determined individually for each assignment. As clients may negotiate fees, there are differences in each case and we do not have fixed or uniform arrangements.

We normally engage third-party consultants, including legal counsel, auditors, finance consultants, and U.S. capital markets consultants, on an as-needed basis to support specific projects. These consultants are generally retained through engagement letters for discrete scopes of work, and we do not maintain long-term agreements with them. The terms of such arrangements are customary and do not impose material ongoing obligations on us. Our liability exposure in connection with the retention of third-party legal and financial professionals is limited following each term of engagement.

**Client Concentration:**

For the year ended December 31, 2023, revenue concentration was primarily derived from four major customers, each contributing 10% or more of total revenue. Our top client accounted for 39.48% of total revenue, while our top three clients collectively represented 68.99%. In 2024, concentration narrowed to two major customers, with the top client contributing 39.89% and the top three clients representing 61.52% of total revenue.

For the six months ended June 30, 2024, revenue concentration was primarily derived from two major customers, with the top client contributing 42.3% and the top three clients contributing 74.5% of total revenue. For the six months ended June 30, 2025, revenue concentration was primarily derived from three major customers, each contributing 10% or more of total revenue. Our top client accounted for 48.6% of total revenue, and the top three clients representing 95.8% of total revenue.

**Revenue Model**

Our revenue is driven in part by our ability to offer customized service offerings to add value to clients. We derive our revenues substantially from our business strategy consultancy service offerings and solutions that we deliver to our clients. Each contract has different terms based on the scope, deliverables, timing and complexity of the engagement. Depending on the terms of the service engagement contract, as explained below.

**Service Fee** 

Our clients agree to a pre-established fee in exchange for a predetermined set of professional services. Generally, the client agrees to pay a fixed fee upon specific services engaged. Fees are determined based on our assessment of the engagement's complexity, scale, estimated costs and the time it would take to complete each engagement. Some of these fees are payable upon delivery of specific services, where completion may be outside our control.

Payment terms for fixed service fees vary by contract and may include upfront payments, periodic payments over the term of the engagement, or payments due upon the delivery of specified services or milestones where completion may be outside our control, including actions or decisions of the client, third-party service providers, or external market or regulatory conditions. The service fee will be payable in cash, share or both. The non-cash portion of revenue recognized amounted to US$8,791,482 for the year ended 2024 and US$7,895,100 for the year ended 2023. Historically, not all these amounts have been realized in cash upon the disposition of the related securities.

Additionally, revenue recognized at a point in time refers to revenue that is recognized when control of goods or services is transferred to the customer at a specific moment. This typically applies to projects that are completed within a short period, such as periods between three to eight months, or services where control is deemed to have passed upon fulfilment of the service terms. For example, in the case of due diligence services, revenue is recognized when the due diligence report is delivered to the customer. For the year ended December 31, 2023, 51% of total revenue was recognized at a point in time. For the year ended December 31, 2024, this proportion increased to 62% of total revenue.

Revenue recognized over time refers to revenue that is recognized progressively over a period as the Company performs its contractual obligations. This approach is commonly applied to long-term contracts, ongoing services, subscriptions, or projects where customers receive and consume the benefits as the work is performed, such as IPO advisory projects. For the year ended December 31, 2023, 49% of total revenue was recognized overtime. For the year ended December 31, 2024, this proportion decreased to 38% of total revenue.

**Business & Growth Strategies**

VCCG's key business and growth strategies are primarily as below:

**Business Strategies**

Our client relationships are built on quality services, our reputation, and the reputation of our consultants. We aim to build stronger recognition by providing diverse complementary services to meet our clients' needs and offering satisfactory services. The following are key elements of our business strategy:

**Leveraging Our Practitioners, Businesses, Extensive Geographic Diversification and Relationships:** We are focused on maintaining and strengthening our core practices and competencies. We believe our management teams experience, client relationships, reputation and geographic diversity, are the key factors in why our clients engage with us. We believe that our management team's experience, professional qualifications, and academic backgrounds under *"management"* section —including ACCA holders and professionals with advanced degrees in finance, law, and related fields—contribute to the expertise of our organization in capital markets, corporate finance and corporate advisory, including prior involvement in successful IPOs. Management also believes that our client relationships, professional reputation, and geographic diversity are important factors in how we operate. Our strategic collaborations with other companies are intended to support growth, though the timing, outcomes, and costs of such initiatives, including engagement of external teams such as SEO specialists for digital marketing campaigns, may vary and are subject to business and market conditions

**Delivering Value to Our Clients:** Our strategy is to work closely with our clients' management to understand their business objectives in order to develop and implement solutions that optimize financial performance and enhance productivity. Our business processes for the effective execution of our consultancy services are as follows:

● *Understand clients' objectives and prioritize issue* s: Upon a full comprehension of the business objectives of our clients, we subsequently narrow down and pinpoint the issues to ultimately come up with a list of issues to overcome, with priority given to the more critical matters.

● *Proposal and fee structure*: Upon identifying the business requirements, we then generate pitch books or business proposals which includes amongst others the brief equity story, business overview, market and financial analysis to present the big picture and also the expected timeline and procedures. Thereafter, we shall propose the terms of our consultancy services engagements and fee structure to be agreed upon.

● *Execution of our services and delivering results*: According to the clients' business capabilities, requirements and objectives, we leverage our deep expertise to assist clients in creating values by providing profitable ideas, customizing bold strategic options, offering sector intelligence, and equipping clients with cost-saving solutions for lasting growth and in order to meet our clients' needs and satisfaction.

**Attracting and Retaining Highly Qualified Professionals:** Our professionals play a pivotal role in delivering our services to clients and generating new business. To attract and retain highly qualified professionals, we offer significant compensation opportunities, along with a competitive benefits package and the chance to work on challenging engagements with other highly skilled peers.

**Online Search Engine Optimisation (SEO):** SEO plays a pivotal role in our digital marketing campaign as it serves as our supporting strategy, enhancing our online presence campaign.

**Capitalizing on Our Strengths in Emerging Areas:** We continue to leverage our domain expertise and broad capabilities to help our clients with strategic planning and to identify issues that might arise, to be well-prepared before a crisis.

**Strategic Collaborations, Business Development and Value Added Services**: We are selective when it comes to forming strategic collaborations, driving business growth, expanding market reach, and enhance business capabilities. By collaborating with high-potential companies, we create synergies that foster long-term success and sustainable value creation.

Our structured process in fostering successful collaborations, integrating business development and value-added services is as follows:

● *Partner Identification*: We actively seek high-potential companies that align with our strategic objectives. Through targeted collaborations, we support business expansion, market entry, and joint growth initiatives.

● *Evaluation & Collaboration*: We conduct comprehensive assessments of potential partners, focusing on synergies, market potential, and leadership capabilities. By leveraging our expertise in corporate advisory, we enhance our partners' competitive positioning.

*●* *Develop Business & Provide Value Adding Services*: We provide complementary value-added services including access to our consultancy expertise, knowledge to attain mutual growth in the collaborations.

**Growth Strategies**

Our goal is to expand our lead by continuing to anticipate our clients' needs and provide a range of high quality consulting services to meet those needs. We believe our approach to business provides us the fundamental advantage in executing our strategic plans while our affiliates, alliances and portfolio companies provide us with insights into and access to emerging business models, products and technologies, enhancing the ability of our market units and service lines to deliver value to clients.

Amongst the factors that would drive our company's growth is attributed to the economic growth in Southeast Asia especially the Small and Medium Enterprises (SMEs) and the growth of United States and Malaysian capital markets.

Generally, the key elements of our growth strategy are as follows:

● **Leverage Our Reputation for High Quality Consulting Services**: We believe we can continue to successfully leverage our reputation, experience and client base to obtain new engagements from both existing and new clients

● **Attract and Retain Highly Qualified Professionals**: Our professionals are crucial in delivering quality services to clients and generating new business. We are therefore committed to retaining our existing professionals and will continue to actively recruit additional professionals.

● **Executing Expansion in Attractive Geographic Markets and Leveraging Our Strategic Office Location**: In order to provide services to large geographically diverse corporations, bid for engagements on a global basis and attract highly qualified professionals, the strategic location of our office in Kuala Lumpur is essential for maintaining a competitive advantage. While we currently operate from a single office, we believe there are significant opportunities for us to grow in numerous geographies, including by way of investment, and to increase our market visibility on a global basis.

● **Strengthening our digital marketing capabilities to drive lead generation and increase revenues**: This era of digitalization that we live in is akin to a world without boundaries. Knowing our potential clients and getting connected with our targeted clients will be further facilitated by our focus on online digital marketing. Having an effective utilisation of algorithms also helps us to determine the appropriate media and can vastly improve our potential reach and facilitate new client engagement across the globe. We plan to deploy these strategies to market our brand:

○ *Brand Image*: Our marketing efforts focus on building the image of our extensive expertise and knowledge of our professionals. We intend to conduct marketing campaigns to increase media visibility and to engage our audience with newsletters and industry insights.

○ *Social media*: We plan to leverage our official website and social media account as well as LinkedIn to kickstart our social media campaign which will be targeted towards big operations and small to medium enterprises around the world.

○ *Online Search Engine Optimisation (SEO)*: SEO plays a pivotal role in our digital marketing campaign as it serves as our supporting strategy, enhancing our online presence campaign. We aim to engage an SEO expert team to assist in the promotional campaign, to use advertising and keyword tagging strategy to drive traffic to our social media accounts and our website.

**Competitive Strengths**

As a firm that provides corporate advisory, we believe they are well-positioned for continued growth in a dynamic marketplace and the increasing trend of cross-border listings. We strive to create value for clients by leveraging our network of business connections and industry knowledge and expertise. We also advise clients on how to identify new opportunities, increase revenues in existing markets, and deliver their products and services more effectively and efficiently to ultimately reach their targeted goals. We believe that our approach, together with the following competitive strengths, distinguish us from the competition.

**Experienced and Highly Qualified Consultants**

We believe the principal reason clients choose a particular consulting firm is the experience of the firm's professionals. In addition, our highly credentialed consultants include certified public accountants and qualified legal professionals.

**Holistic Solutions for Complex Business Challenges**

The problems faced by organizations often involve broad but interrelated operational and financial issues that require creative solutions drawn from various areas of expertise. We offer business strategy consulting, allowing us to provide solutions tailored to the specific needs of our clients. For example, in the listing exercises, we deploy a team to review our client's business and financial performance before suggesting customized strategies based on our team's analysis.

**Distinctive Culture**

We believe we have been successful in attracting and retaining top talent because of our distinctive culture of combining the energy and the flexibility of a high-growth company with the professionalism of major professional services firms. To preserve our distinctive culture, our directors personally interviewed each candidate prior to making an offer of employment. We believe our performance-based compensation program, which both recognizes individual performance and reinforces teamwork, also contributes to our recruiting and retention success. In our view, these elements come together to create an environment in which talented, self-directed professionals want to build a long-term career.

**In-depth Industry Expertise**

We believe we have developed specialized expertise and have an abundance of experience in the consulting industry. Our industry focus enables our professionals to provide services with a thorough understanding of industry evolution, business issues and adopt custom business approaches, and ultimately to deliver solutions tailored to each client's industry.

**Employee**

We employed 12 people as of the date of this prospectus, who were all located in Malaysia.

The following table sets forth the breakdown of our full-time employees:

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| | | | |
|:---|:---|:---|:---|
| Function | As of<br> December 31,<br> 2023 | As of<br> December 31,<br> 2024 | As of<br> the date of<br> this prospectus<br> Number of<br> employees |
| Management | 2 | 2 | 4 |
| Finance\* | 0 | 0 | 0 |
| Operations | 3 | 8 | 7 |
| **Total** | 5 | 10 | 11 |

---

\* As per the separation agreement, VCIG will provide to us certain administrative services, including human resources and administrative services, and finance services (the "Transition Services"). See the section titled "*Our Separation from VCIG*."

Our employees are not covered by collective bargaining agreements. We consider our labor practices and employee relations to be good.

**Real Property**

A description of the Company's real properties is below, See the section titled "*Our Separation from VCIG*":

---

| | | | | |
|:---|:---|:---|:---|:---|
| Location | Usage | Sublet Period | Sublet Fee<br> (per month) | Approximate area |
| B03-C-8, Menara 3A, 3, Jalan Bangsar, KL Eco City, 59200 Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur | Office Use | 12 months from the completion of this offering | RM8,500/month | \* Square meters |

---

**Legal Proceeding**

We and our subsidiaries have been and may from time to time be involved in various legal proceedings and claims in the ordinary course of business, including contractual disputes and other commercial disputes. As of the date of this prospectus, we are not a party to any significant proceedings.

**Market Overview**

● The global business strategy and management consulting services market size is expected to experience steady growth. Valued at US$407.58 billion in 2025, the market is expected to expand to US$971.1 billion by 2035, reflecting a compound annual growth rate (CAGR) of 9.07%.<sup>1</sup>This growth is primarily driven by the increasing complexity of the global business environment, characterized by rapid globalization, regulatory evolution, economic fluctuations, and technological disruption. As businesses face heightened competition and accelerated digital transformation, many organizations are turning to professional consulting firms for strategic guidance to enhance competitiveness, optimize management practices, and adapt to changing market dynamics. This demand supports continued growth in the consulting industry, including firms that provide advisory and IPO-related services that help clients navigate complex business challenges, drive operational excellence, and achieve sustainable growth.

<sup>1</sup> https://www.businessresearchinsights.com/market-reports/business-strategy-and-management-consulting-market-105429

● According to Bonafide Research, the global IPO consulting service market was approximately US$34.10 billion in 2024 and is expected to increase to approximately US$36.35 billion in 2025 and US$50.15 billion by 2030, representing a CAGR of approximately 6.6%. Growth in this sector reflects the increasing use of artificial intelligence and machine-learning tools in market analysis, due-diligence procedures and investor outreach, as well as heightened regulatory and disclosure requirements. Continued geopolitical and macroeconomic uncertainty has contributed to increased reliance on advisory firms as prospective issuers seek support in meeting evolving listing obligations.<sup>2</sup>

● Global IPO activity recovered in Q3 2025 as major indices in the US, Europe and Asia reached new highs, supported by monetary easing and resilient corporate earnings. Deal volume rose 19% year-over-year and proceeds increased 89%, led primarily by the US and India, while Greater China, the Middle East and Europe remained active.<sup>3</sup>

**Markets In Southeast Asia**

● Southeast Asia is one of the world's fastest-growing economic regions, with an optimistic outlook suggesting that the region may surpass China in terms of growth over the next decade, despite global headwinds.<sup>4</sup> As part of the broader Asia-Pacific market—which holds roughly 25% of global consulting share—Southeast Asia is expected to maintain strong momentum, creating meaningful opportunities for firms providing business strategy, digital transformation, and cross-border IPO advisory services.<sup>5</sup>

● According to Mordor Intelligence Research, the Southeast Asia consulting services market reached US$11.26 billion in 2025, and is anticipated to reach US$US$15.86 billion by 2030, reflecting a CAGR of 7.1% . Growth in the region is primarily driven by (i) government-led digitalization initiatives that require advisory support for cloud adoption, cybersecurity, and technology modernization; (ii) increasing regulatory requirements for sustainability and ESG reporting, which have expanded the need for compliance and disclosure-related consulting; and (iii) continued formation and expansion of small and medium enterprises across ASEAN, which has increased demand for financial, operational, and digital transformation advisory services. <sup>6</sup>

&nbsp;&nbsp;&nbsp;&nbsp;● In Southeast Asia, IPO activity improved in the
 third quarter of 2025, with 25 listings across Singapore, Malaysia, Indonesia, Thailand and Vietnam raising approximately US$2.5 billion.
 Singapore recorded the highest proceeds in the region, supported by large real estate investment trust offerings, while Indonesia and
 Malaysia continued to see consistent deal activity. Thailand and Vietnam also recorded smaller but notable listings. Despite improving
 sentiment, investor selectivity remains elevated, with a continued focus on profitability visibility, cash-flow resilience and governance
 standards.<sup>7</sup>

<sup>2</sup> https://www.bonafideresearch.com/product/95001683/global-ipo-consulting-service-market#:~:text=According%20to%20the%20study%2C%20the,from%20companies%20considering%20public%20offerings.

<sup>3</sup> https://www.ey.com/en_sg/newsroom/2025/10/global-ipo-market-surges-amid-rising-investor-confidence-in-q3-2025

<sup>4</sup> https://www.spglobal.com/marketintelligence/en/mi/research-analysis/asean-economic-outlook-in-2024-jan 24.html

<sup>5</sup> https://www.globalgrowthinsights.com/market-reports/consulting-market-121497

<sup>6</sup> https://www.mordorintelligence.com/industry-reports/south-east-asia-consulting-services-market

<sup>7</sup> https://www.ey.com/en_sg/newsroom/2025/10/global-ipo-market-surges-amid-rising-investor-confidence-in-q3-2025

**Market Drivers**

***Increasing Globalization of Consultancy Services:*** The growing globalization of markets is a key driver of demand for business strategy consultancy services, particularly as companies seek to enter new markets, expand their international footprint, or navigate complex global supply chains. In this context, consultancy firms provide valuable insights into local market dynamics, regulatory frameworks, and cultural nuances, enabling businesses to tailor their strategies for success across diverse regions. The complexities of international trade, geopolitical considerations, and varying consumer behaviors require the expertise of consultants to help organizations capitalize on global opportunities while mitigating the risks associated with cross-border operations. As businesses increasingly operate on a global scale, the need for strategic guidance in managing these complexities becomes critical to achieving sustainable growth and competitiveness.<sup>8</sup>

 ****

***Cross-border IPO listings gain traction***: Cross-border IPO activity reached record highs in H1 2025, with 93% of global cross border IPOs chose to list in the US, a dramatic surge from just 30% in 2016, where 62% of U.S. IPO listings during the same period were from foreign issuers. These dynamic underscores the U.S. as a "premier international listing venue," owing to its deep capital pools, broad investor base, and liquidity that appeals particularly to growth-oriented companies.<sup>9</sup> As a result, there is heightened demand for advisory expertise: companies seeking cross-border listings increasingly require strategic guidance to navigate U.S. regulatory frameworks, disclosure standards, and corporate governance expectations, thereby driving demand for IPO advisory services.

 ****

***AI Companies Leading Current IPO Trends***: Recent IPO activity shows a significant increase in AI companies entering public markets, spurred by rapid advancements in AI and machine learning. In each of the past two years, over 60 AI firms have become public, with nearly half achieving profitability. This consistent flow of AI IPOs, along with approximately 50 additional AI companies currently in the IPO pipeline, highlights sustained demand for innovative, AI-powered solutions.<sup>10</sup>

 

***Growing Regulatory Complexity***: Regulatory requirements have expanded across global markets, contributing to more complex compliance obligations for companies preparing for public listings. Advisory activity tied to regulatory compliance increased significantly in 2024, including a 45% rise in compliance-related consulting engagements in the financial sector, reflecting heightened expectations from regulators.<sup>11</sup> As companies face greater scrutiny during the listing process and more detailed obligations in their offering materials, they increasingly engage external advisors to assist with regulatory interpretation, compliance preparation, and the development of appropriate governance and reporting structures. These conditions continue to support demand for firms that provide IPO readiness and capital markets advisory services.

**Market Challenges**

 

***Financial Constraints Impacting Access to Consulting Services****:* One of the major challenges in the global consulting market is the cost sensitivity and budget constraints faced by many businesses. Engaging consultancy services can be expensive, particularly for small & medium-sized enterprises (SMEs) or organizations with limited budgets. The high costs perceived associated with consulting services can restrict access to expert guidance, prompting some businesses to rely on in-house solutions or seek alternative, more cost-effective consulting models. Economic downturns or periods of uncertainty can further exacerbate these concerns, leading companies to adopt a more cautious approach when considering external consulting services.<sup>12</sup>

 

***Talent Retention and Shortage****:* The consulting industry relies on professionals with specialized skills, making talent retention a challenge. Long hours, high workloads, and competition from other sectors increase turnover risk.<sup>13</sup> Developing employees with analytical and industry-specific skills requires substantial training investment. Without effective talent management, consulting firms may struggle to execute complex projects efficiently.<sup>14</sup>

***Market Volatility****:* Fluctuations in stock market performance can deter companies from pursuing IPOs, as uncertainty in market conditions may lead businesses to delay their offerings. This volatility can impact on the overall activity in the IPO services market, as firms become more cautious about launching public offerings during periods of instability.<sup>15</sup> Market fluctuations, economic uncertainty, and geopolitical tensions can impact investor confidence and delay IPO activities. Companies may postpone their plans to go public during periods of market instability, leading to a temporary decline in demand for IPO services. Additionally, regulatory changes and compliance complexities can pose challenges, particularly for companies operating in multiple jurisdictions. Service providers must navigate these regulatory landscapes to ensure that their clients remain compliant and mitigate legal risks

 ****

<sup>8</sup> https://www.credenceresearch.com/report/strategy-consulting-market

<sup>9</sup> https://www.ey.com/content/dam/ey-unified-site/ey-com/en-gl/insights/ipo/documents/ey-gl-global-ipo-trends-report-q2-07-2025.pdf?utm_source=chatgpt.com

<sup>10</sup> https://www.ey.com/en_sg/newsroom/2024/10/global-ipos-remain-resilient-amid-elevated-uncertainty-and-market-volatility

<sup>11</sup> https://www.intelmarketresearch.com/business-consulting-services-2025-2032-735-6060

<sup>12</sup> https://www.credenceresearch.com/report/strategy-consulting-market

<sup>13</sup> https://www.venconresearch.com/inisght/workforce-adjustments-in-strategy-consulting-insights-from-2023-2024?utm_source=chatgpt.com

<sup>14</sup> https://www.intelmarketresearch.com/business-consulting-services-2025-2032-735-6060

<sup>15</sup> https://www.verifiedmarketreports.com/product/ipo-services-market/?trk=article-ssr-frontend-pulse_little-text-block/

**Competition Overview**

The growing competition among stock exchanges for cross-border listings has opened up new opportunities and greater flexibility for companies seeking to raise capital internationally.<sup>16</sup> However In the first quarter of 2025, the global IPO market experienced significant volatility, influenced by major market disruptions and complex factors that shaped investor sentiment.<sup>17</sup> Trade protectionism and retaliatory tariffs have increased costs for import-dependent companies, squeezing profitability and deterring IPO activity. <sup>18</sup>

We face direct competition with these firms across both local and cross-border IPO advisory spaces, given the overlap in services and markets. This industry comprises a wide range of participants with diverse skills and expertise, including business operations, general management consulting firms, and others. Leading players in this space are multinational advisory firms like Deloitte<sup>19</sup>, EY<sup>20</sup>, and PwC<sup>21</sup>, which dominate through their extensive global networks, expertise in complex regulatory environments, and strong capital markets support for IPO activities. Locally, firms such as Christopher& Lee Ong<sup>22</sup> and Wong & Partners<sup>23</sup>—both consistently ranked as top-tier in Corporate and M&A by Chambers and Partners Malaysia—have established solid reputations in corporate advisory. They cater to clients seeking localized regulatory insights and strategic consulting.

To remain competitive in this industry, several key factors are essential. These include consistently delivering high-quality services, providing outstanding customer experience, retaining skilled talent, and building a strong and recognizable brand presence. While we are confident that our company is well-positioned for success due to our strengths, we recognize that some competitors may have longer track records, more substantial financial and technical resources, or stronger brand recognition. These factors could pose challenges to our growth and impact on our ability to maintain or expand our market share. For more details on the risks associated with competition, please refer to the section titled "Risk Factors — The consulting industries are highly competitive, and we may not be able to compete effectively."

**Laws And Regulations Relating to Our Business in Malaysia** 

**Business Operation**

Prior to the commencement of our business operations in Malaysia, we are required to apply for business premises licenses for each operating premises from the relevant local authority under the Local Government Act 1976, which confers power to the local authority to create by-laws and which provides that no person shall use any premises within the jurisdiction of the respective municipal council without a license issued by the respective municipal council, and that any person who fails to exhibit his license at all times in some prominent place on the licensed premises or fails to produce such license when required shall be liable to a fine not exceeding RM500 and/or to imprisonment for a term not exceeding six months. We have obtained the business premises license from the local authority and are in compliance with the Local Government Act 1976.

<sup>16</sup> https://resourcehub.bakermckenzie.com/en/resources/cross-border-listings-guide

<sup>17</sup> https://www.ey.com/en_my/insights/ipo/trends

<sup>18</sup> https://www.straitstimes.com/business/companies-markets/global-ipo-activity-expected-to-pick-up-in-2025-new-us-policies-to-impact-ipo-market-ey-report?utm_source=chatgpt.com

<sup>19</sup> https://www.deloitte.com/southeast-asia/en/services/consulting-risk/services/disruptive-events-advisory.html

<sup>20</sup> https://www.ey.com/en_my/services/ipo/readiness-assessment

<sup>21</sup> https://www.pwc.com/sg/en/services/assurance/capital-markets-and-accounting-advisory/ipo.html

<sup>22</sup> https://chambers.com/law-firm/christopher-lee-ong-member-of-rajah-tann-asia-network-asia-pacific-8:215072

<sup>23</sup> https://chambers.com/law-firm/wong-partners-member-firm-of-baker-mckenzie-international-asia-pacific-8:3612

**Employment laws**

The Employment Act 1955 (the "EA 1955") is the principal law that governs and regulates all labor relations which covers the categories of employees as stated in the First Schedule of the EA 1955. Following the implementation of the Employment (Amendment) Act 2022 (the "EA 2022") and the Employment (Amendment of First Schedule) Order 2022, the applicability of EA 1955 has been widened to include any person who has entered into a contract of service with an employer irrespective of their monthly wages, is engaged in manual labor, serves as a supervisor of such manual laborer, serves as a domestic employee, and is engaged in any capacity in any vessel registered in Malaysia subject to certain conditions.

As long as the employee falls under the categories of "employee" under the Employment (Amendment of First Schedule) Order 2022, pursuant to section 7 of the EA 1955, any term and condition of the contract of service which is less favorable than the provisions under the EA 1955 or any other regulations made thereunder shall be void. Section 7 of the EA 1955 further states that such terms which are less favorable shall be substituted by those prescribed under the EA 1955.

Regardless of whether the employee falls under the purview of the EA 1955, the employer is under legal obligations to make the following statutory contributions: (a) Employees Provident Fund (the "EPF"), (b) the Social Security Organization (the "SOCSO") contribution, (c) Employee Insurance System Scheme, (d) Schedular Tax Deduction or "Potongan Cukai Berjadual", (e) Trade Union Subscription Fees or "Perbadanan Tabung Pendidikan Tinggi Nasional" (PTPTN) loan repayment (subjected to a request in writing by the employee must first be obtained). Section 99A of the EA 1955 provides that any person who commits any offence under or contravenes any provision of EA 1955 or any regulations made thereunder, in respect of which no penalty is provided, shall be liable, on conviction, to a fine not exceeding RM50,000, as revised under the EA 2022.

The relevant legal framework and procedures relating to employees and/or former employees who have been unfairly dismissed and/or constructively dismissed by employers is set out in the Industrial Relations Act 1967 (the "IRA 1967"). The IRA 1967 provides an avenue for employees to seek redress by bringing matters to the Industrial Court of Malaysia, which has jurisdiction over matters relating to industrial relation matters. In general, former employees who claim to have been unfairly and/or unlawfully dismissed by an employer may seek reinstatement of their position or compensation in lieu of reinstatement and back wages for a maximum of up to 24 months of their last-drawn salary.

The Employees' Social Security Act 1969 (the "ESSA 1969") provides benefits under two social insurance schemes, namely, the Employment Injury Insurance Scheme and the Invalidity Pension Scheme. The former provides for payment of certain benefits to an employee for any injury or disease that arises out of employment or during the course of employment. Under the ESSA 1969, the employees have the right to claim certain benefits such as: (a) medical benefit; (b) disablement benefit; (c) constant attendance allowance; (d) dependents' benefit; (e) funeral benefit; (f) survivor's pension; and (g) invalidity pension.

If the employer, (a) fails to pay any contribution or any part thereof which is payable by him under the ESSA 1969 or fails to pay within the time prescribed by regulations any interest payable under section 14A of the ESSA 1969; (b) deducts or attempts to deduct from the wages of an employee the whole or any part of the employer's contribution; (c) in contravention of section 52 of the ESSA 1969 reduces the wages or any privileges or benefits admissible to an employee; (d) in contravention of section 53 of the ESSA 1969 or any regulation dismisses, discharges, reduces or otherwise punishes an employee; (e) fails or refuses to submit any return or accident report required by the regulations, or makes a false return or report; (f) obstructs any Inspector appointed under section 12 of the ESSA 1969 and includes the Director General and every Deputy Director General or any other official of the SOCSO in the discharge of his duties; or (g) is guilty of any contravention of or non-compliance with any of the requirements of the ESSA 1969 or the rules or the regulations in respect of which no special penalty is provided, he shall be punishable with imprisonment a term which may extend to two years, or with fine not exceeding RM10,000 or with both.

**Regulations on Personal Data Protection**

The Personal Data Protection Act 2010 regulates the processing of personal data in the course of commercial transactions in Malaysia and is enforced by the Personal Data Protection Commissioner. Broadly, the Personal Data Protection Act 2010 sets out seven key data protection principles which must be adhered to by data users (i.e. a person who either alone or jointly or in common with other persons processes any personal data or has control over or authorizes the processing of any personal data, but does not include a processor) in Malaysia which include (i) the requirement to obtain consent prior to processing an individual's personal data, the requirement to provide written notice to individuals in both English and the Malay language stating, among other things, the purposes for which the personal data will be processed, the classes of third parties to whom personal data will be disclosed, and the individual's right; and (ii) obligation to ensure that the personal data collected will be processed in a safe and secure manner.

**Anti-Money Laundering and Counter-Terrorism Financing**

The Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (the "AMLA 2001") prohibits money laundering and terrorism financing activities. Any person who (a) engages in a transaction that involves proceeds of unlawful activity; (b) uses proceeds of unlawful activity; (c) removes from or brings into Malaysia proceeds of unlawful activity; or (d) conceals, disguises, or impedes the establishment of the true nature, origin, location, movement, disposition, title of, rights with respect to, or ownership of, proceeds of unlawful activity, commits a money laundering offence under the AMLA 2001.

In addition, a reporting institution under the First Schedule of the AMLA 2001 is obliged to observe the anti-money laundering and counter financing terrorism requirements and standards, which include reporting and record-keeping duties, such as submitting suspicious transaction reports, implementing risk-based application, and conducting customer due diligence. We are required to comply with the provisions under AMLA 2001.

**MANAGEMENT**

The following are our executive officers and directors and their respective ages and positions as of January 22, 2026.

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| | | |
|:---|:---|:---|
| Name | Age | Position |
| Hoo Voon Him | 45 | Chairman and Executive Director |
| Liew Soo Hua | 40 | Executive Director |
| Yong Hui Wun | 36 | Executive Director & Chief Executive Officer |
| Enyoo Hoeng Wei | 35 | Chief Operating Officer |
| Ong Shin Ein | 34 | Chief Financial Officer |
| Amanda Lee Jing Min | 31 | Chief Legal Officer |
| How Wen Sheng | 35 | Independent Director Nominee |
| Fong Yin Ying | 38 | Independent Director Nominee |
| Khoo Soo Thong | 31 | Independent Director Nominee |

---

Hoo Voon Him is our Chairman and Executive Director of VCCG, and the Chairman of the Board and Chief Executive Director for our parent company, VCI Global Limited, and transferred to VHKL. Mr. Hoo is a seasoned corporate consultant board member and senior management of several private and public listed companies. He has accumulated around 20 years of experience across Asia, Australia, Europe, UK and the US in diversified industries which encompasses IT, real estate, telecom, aerospace, security, defense, mining, HCM, fintech, blockchain, entertainment, hospitality and education. Mr. Hoo graduated with a Bachelor of Arts from the University of Queensland in International Relations and Japanese, a Postgraduate Diploma in Law from the University of London and obtained an Oxford Blockchain Programme Certificate from Said Business School, Oxford University. Hoo Voon Him and Liew Soo Hua, our Executive Directors, are spouses.

Liew Soo Hua serves as the Executive Director of VCCG and VCIG. She is responsible for overseeing the company's business operations, general administration, and human resources, as well as liaising with stakeholders to support strategic growth. Mrs. Liew ensures that business performance aligns with the company's vision. Additionally, she manages the development and execution of strategic marketing plans. Hoo Voon Him and Liew Soo Hua, our Executive Directors, are spouses.

Yong Hui Wun is the Chief Executive Officer of VCCG, where she oversees the company's strategic direction, growth initiatives, and operational execution in corporate finance and advisory. She served as Chief Operating Officer and Head of Corporate Advisory at VCIG, where she leads strategic initiatives in IPO advisory, mergers and acquisitions, and corporate finance. Since January 2022, Mrs. Yong had directed VCIG's advisory services, providing end-to-end solutions for businesses in IPO preparation, post-IPO growth, and restructuring. With over seven years in corporate advisory at VCIG, she has played an instrumental role in facilitating IPOs on prominent exchanges, including Bursa Malaysia, ASX, and Nasdaq. Mrs. Yong holds a Master of Finance and a Bachelor of Commerce in Accounting and a Master of Applied Finance from the University of Adelaide.

Enyoo Hoeng Wei is the Chief Operating Officer (COO) of VCCG, where he provides strategic leadership in driving business growth and operational excellence. He was also the Deputy COO of VCIG. With more than 8 years of experience in the finance industry, Mr. Enyoo now focuses on areas such as IPOs, M&As, and corporate planning, including forecasting, budgeting, cash flow planning, business valuation, preliminary studies, financial statement analysis, and company structuring. Mr. Enyoo graduated in 2010 with an Advanced Diploma in Accounting from Tunku Abdul Rahman College.

Ong Shin Ein is the Chief Financial Officer at VCCG. In her role, she oversees financial planning and strategy, drawing on her extensive experience in accounting and corporate finance. Prior to this, Ms. Ong served as manager, Corporate Advisor at VCIG (September 2021 – Present), where she played a key role in driving corporate growth and strategic initiatives. Ms. Ong is an Association of Chartered Certified Accountants (ACCA)-certified professional, having completed her qualification at Sunway College. She also holds a bachelor's degree in accounting awarded by University of Hertfordshire, completed through a program at INTI International College Subang.

Amanda Lee Jing Min is the Chief Legal Officer of VCCG, where she oversees legal and regulatory matters. With her expertise in corporate exercises as manager in VCIG, Ms. Lee advises on corporate exercises and successfully facilitating the IPO listings of several companies on Nasdaq. Before transitioning to the consulting industry, she began her career in civil litigation, gaining valuable experience in the legal field until 2021. Ms. Lee graduated with a Bachelor of Laws (LL. B) from the University of Malaya in 2018 and was called to the Malaysian Bar as an Advocate and Solicitor in 2019.

How Wen Sheng is the nominee independent director of VCCG. Mr How specializes in financial management, reporting, income tax, corporate tax planning and financial analysis. Mr How currently serves as a finance manager at ES Group of Companies, overseeing finance operations and reporting. Previously held senior roles as Senior Tax Associate at Koh & Siow Business Consulting and Senior Business Consultant at Cheng & Co Quality, advising clients on tax compliance, corporate structure, and financial planning. Mr How is a Certified Practicing Accountant (CPA) in Australia with over 9 years of experience in the accounting and finance industry.

Fong Yin Ying is the independent director nominee of VCCG. She brings over 14 years of experience in the Labuan International Business and Financial Centre industry, with expertise in corporate governance, regulatory compliance, and corporate secretarial practice. She currently serves as Director of Bona Trust Corporation and has previously held senior roles at Kensington Trust Labuan Limited and BBS Trust International Limited. She is an approved Trust Officer under the Labuan Financial Services and Securities Act 2010, a Certified Anti-Money Laundering & Counter Financing of Terrorism Compliance Officer, and an Associate of the Malaysian Institute of Chartered Secretaries and Administrators (MAICSA) and the Chartered Governance Institute (CGI).

Khoo Soo Thong is the independent director nominee of VCCG, bringing nearly seven years of experience in corporate recovery and restructuring, with a focus on practical solutions for businesses in financial distress. Khoo Soo Thong currently serves as a Manager at Baker Tilly Insolvency PLT, overseeing restructuring projects, liquidation processes, and debt recovery and asset disposals across sectors including construction, property development, marine fabrication, and manufacturing. He has a proven track record of ensuring compliance with AMLA and other regulatory requirements, reflecting his expertise in governance and risk oversight. Khoo Soo Thong holds a BSc in Business Management (Accounting & Finance) from the University of Manchester, United Kingdom.

**Code of Ethics**

Our Board plans to adapt a written code of business conduct and ethics ("Code") that applies to our directors, officers and employees, including our principal executive officer, principal financial officer and principal accounting officer or controller, or persons performing similar functions. We intend to post on our website a current copy of the Code and all disclosures that are required by law in regard to any amendments to, or waivers from, any provision of the Code.

**Board Leadership Structure and Risk Oversight**

Our Board has responsibility for the oversight of our risk management processes and, either as a whole or through its committees, regularly discusses with management our major risk exposures, their potential impact on our business and the steps we take to manage them. The risk oversight process includes receiving regular reports from board committees and members of senior management to enable our Board to understand our risk identification, risk management, and risk mitigation strategies with respect to areas of potential material risk, including operations, finance, legal, regulatory, cybersecurity, strategic, and reputational risk.

**Board of Directors**

Our business and affairs are managed under the direction of our Board. Our Board consists of 9 directors, 3 of whom qualify as "independent" under the listing standards of Nasdaq.

Directors serve until the next annual meeting and until their successors are elected and qualified. Officers are appointed to serve until their successors have been elected and qualified.

**COMPENSATION OF DIRECTORS AND EXECUTIVE OFFICERS** 

None of our executives received any compensation for fiscal years 2023 and 2024. Similarly, the appointment process for our independent directors is still ongoing; therefore, they have not received any compensation for these fiscal years.

**PRINCIPAL SHAREHOLDERS**

The following table sets forth certain information, as of the date of this prospectus, with respect to the holdings of (1) each person who is the beneficial owner of more than 5% of our Class A Shares and Class B Shares, (2) each of our directors, (3) each executive officer, and (4) all of our current directors and executive officers as a group.

Beneficial ownership of the Class A Shares and Class B Shares is determined in accordance with the rules of the SEC and includes any shares of company Class A Shares and Class B Shares over which a person exercises sole or shared voting or investment power, or of which a person has a right to acquire ownership at any time within 60 days of January 6, 2026. Applicable percentage ownership in the following table is based on 42,000,000 of our Class A Shares and 6,000,000 of our Class B Shares issued and outstanding on January 6, 2026, and 3,750,000 of our Class A Shares after this offering.

Except as otherwise indicated in the footnotes to the following table, or as required by applicable community property laws, all persons listed have sole voting and investment power for all Class A Shares and Class B Shares shown as beneficially owned by them, to the best of our knowledge, except to the extent such power may be shared with a spouse.

Holders of Class A Shares will be entitled to one (1) vote per share. Holders of Class B Shares will be entitled to twenty (20) votes per share. To our knowledge, none of the shares listed below are held under a voting trust or similar agreement, except as noted. To our knowledge, there is no arrangement, including any pledge by any person of securities of the Company, the operation of which may at a subsequent date result in a change in control of the Company.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Name of Beneficial Owner | Amount of <br> Beneficial <br> Ownership of<br> Class A <br> Shares<sup>(1)</sup>  | Pre- <br> Offering <br> Percentage<br> Ownership of<br> Class A <br> Shares<sup>(2)</sup>  | Post-<br> Offering <br> Percentage <br> Ownership of<br> Class A <br> Shares<sup>(2)(3)</sup>  | Amount of <br> Beneficial <br> Ownership of<br> Class B <br> Shares Pre- <br> and Post- <br> Offering  | Percentage<br> Ownership of<br> Class B <br> Shares  | Pre-<br> Offering Combined<br> Voting<br> Power of<br> Class A and <br> Class B<br> Shares<sup>(2)</sup>  | Post- <br> Offering <br> Combined <br> Voting <br> Power of <br> Class A and<br> Class B <br> Shares<sup>(2)(3)</sup> |
| **Directors and Named Executive Officers:** |  |  |  |  |  |  |  |
| VHKL <sup>(4)</sup> | 42000000 | 100% | 91.80% | 6000000 | 100.00% | 100% | 97.74% |
| **Directors and Executive Officers** |  |  |  |  |  |  |  |
| Hoo Voon Him <sup>(5)</sup> |  |  |  |  |  |  |  |
| Liew Soo Hua<sup>(5)</sup> |  |  |  |  |  |  |  |
| Yong Hui Wun |  |  |  |  |  |  |  |
| Enyoo Hoeng Wei |  |  |  |  |  |  |  |
| Amanda Lee Jing Min |  |  |  |  |  |  |  |
| Ong Shin Ein |  |  |  |  |  |  |  |
| **5% or Greater Stockholders** |  |  |  |  |  |  |  |

---

(1) Beneficial ownership is determined in accordance with the rules of the SEC and includes voting or investment power with respect to the Class A Shares and Class B Shares. All shares represent only Class A Shares and Class B Shares held by shareholders as no options are issued or outstanding.

(2) Calculation based on 42,000,000 Class A Shares and 6,000,000 Class
B Shares issued and outstanding as of the date of this prospectus. Holders of Class A Share are entitled to one (1) vote per share. Holders
of Class B are entitled to twenty (20) votes per share.

(3) Assuming 3,750,000 Class A Shares are issued in this offering, not
including 562,500 Class A Shares underlying the Underwriter's Over-Allotment Option

(4) VHKL is a business company incorporated under
 the laws of the British Virgin Islands. Mr. Hoo Voon Him owns 50,000 ordinary shares of VHKL. \ The principal address of 19-5-1,
 Palma Royal Tower Mont Kiara, Jalan Kiara, Kuala Lumpur .

(5) Hoo Voon Him and Liew
 Soo Hua, our Executive Directors, are spouses.

**CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS**

In addition to the compensation arrangements with our directors and executive officers described under the "Executive Compensation" and "Management" sections in this prospectus and the transactions described below, the following is a description of each transaction since 2022, and each currently proposed transaction in which (i) we have been or will be a participant; (ii) the amount involved exceeds or will exceed the lesser of $120,000 or one percent of the average of the our total assets at year-end for the last two completed fiscal years; and (iii) any of our directors, executive officers or beneficial holders of more than 5% of our capital stock, or any immediate family member of, or person sharing the household with, any of these individuals (other than tenants or employees), had or will have a direct or indirect material interest.

Below table shows the summary of related party balances and transactions since January 1, 2022 to December 31, 2025, and the subsequent period up to January 22, 2026.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | December 31,<br> 2022 | December 31,<br> 2023 | December 31, <br> 2024 | December 31,<br> 2025 | Subsequent<br> Period |
|  | US$ | US$ | US$ | US$ | US$ |
| **Balance with related parties** |  |  |  |  |  |
| **Trade receivables** |  |  |  |  |  |
| Elmu Higher Education Sdn Bhd | 29302 | 55826 | 57310 | 63127 | 63408 |
| Hoo Voon Him |  | 215325 | **–** | **–** | **–** |
| V Invesco Sdn Bhd | 296587 | 296586 | **–** | **–** | **–** |
| V Gallant Limited | - | - | **-** | 4200000 | 4200000 |
|  | 325889 | 567737 | 57310 | 4263127 | 4263408 |
| **Other receivables** |  |  |  |  |  |
| VCI Equity Fund Limited | **-** | **-** | 3891482 | 1084782 | 386422 |
| **Trade payables** |  |  |  |  |  |
| Imej Jiwa Communications Sdn Bhd | 963 | **-** | - | **–** | **–** |
| **Amount due to related parties** |  |  |  |  |  |
| Credilab Sdn Bhd |  | 678327 | 63649 | **–** | **–** |
| Hoo Voon Him | 105942 | 102858 | **–** | **–** | **–** |
| VCI Global Limited | 1205836 | (21998) | 2106693 | 244261 | **–** |
| VCI Energy Sdn Bhd |  | 72 | 74 | **–** | **–** |
| VCI Technologies Limited | **-** | **–** | 1005946 | **–** | **–** |
| V Capital Sdn Bhd | 76614 | **-** |  | **–** | **–** |
| V Capital Kronos Berhad |  |  | 740620 | 398052 | (46561) |
| V Capital Quantum Sdn Bhd | 18206 | 31639 | 52423 | **–** | **–** |
| V Galactech Sdn Bhd | - | 347 | 170873 | **–** | **–** |
|  | 1406599 | 791245 | 4140278 | 642313 | (46561) |

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**Transactions with related parties**

The following represents the significant related party transactions for the years ended December 31, 2022, 2023, 2024 and 2025, and the subsequent period up to January 22, 2026.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Relationship | Nature | Description | December 31,<br> 2022 | December 31,<br> 2023 | December 31,<br> 2024 | December 31,<br> 2025 | Subsequent<br> Period |
|  |  |  |  | US$ | US$ | US$ | US$ | US$ |
| Credilab Sdn Bhd | Common shareholder | Non-trade | Assignment of debt |  | 678427 | (990617) | 1576431 | 243334 |
| Hoo Voon Him | Director | Non-trade | Assignment of debt | 105942 | (3808800) | 670867 |  |  |
| VCI Global Limited | Holding company | Non-trade | Assignment of debt | 1205836 | 775955 | (1216167) | (1593431) | (248261) |
| VCI Energy Sdn Bhd | Common shareholder | Non-trade | Assignment of debt |  |  |  | (81) |  |
| V Capital Kronos Berhad | Common shareholder | Non-trade | Assignment of debt |  | 411997 | 136246 | 415782 | 4927 |
| V Capital Quantum Sdn Bhd | Common shareholder | Non-trade | Assignment of debt |  | 55900 | (31682) | (59499) |  |
| V Galactech Sdn Bhd | Common shareholder | Non-trade | Assignment of debt |  | 895452 | 3645 | 331130 |  |
| V Gallant Limited | Common shareholder | Non-trade |  | -- | - | - | (500000) | - |
|  |  |  |  | 1311778 | (991069) | (1427708) | 170332 | - |
| Credilab Sdn Bhd | Common shareholder | Non-trade | Payment on behalf |  | (101) |  | (1411781) | (243334) |
| Hoo Voon Him | Director | Non-trade | Payment on behalf |  | (403426) | 33774 |  |  |
| VCI Global Limited | Holding company | Non-trade | Payment on behalf |  | (1962627) | 196301 | (217280) |  |
| VCI Technologies Limited | Common shareholder | Non-trade | Payment on behalf | **-** |  | 1008446 |  |  |
| V Capital Kronos Berhad | Common shareholder | Non-trade | Payment on behalf |  | 2205057 | (204364) | (663186) | (455026) |
| V Capital Quantum Sdn Bhd | Common shareholder | Non-trade | Payment on behalf |  | (332163) |  | 2249 |  |
| V Galactech Sdn Bhd | Common shareholder | Non-trade | Payment on behalf | - | (920461) | 165949 | (493260) | - |
|  |  |  |  | - | (1413721) | 1200106 | (2783258) | (698360) |
| Credilab Sdn Bhd | Common shareholder | Trade | Allocation of expenses, net | **-** |  | 375939 | (234759) |  |
| VCI Global Limited | Holding company | Trade | Allocation of expenses, net |  | 936868 | 934209 | (295984) | 8000 |
| V Capital Kronos Berhad | Common shareholder | Trade | Allocation of expenses, net |  | 633720 | 763700 | (109524) | 3712 |
| V Capital Quantum Sdn Bhd | Common shareholder | Trade | Allocation of expenses, net |  | 282886 | 32780 | (493) |  |
| V Galactech Sdn Bhd | Common shareholder | Trade | Allocation of expenses, net |  | 25358 | 3803 |  |  |
| V Gallant Limited | Common shareholder | Trade | Allocation of expenses, net | - | - | - | (250000) | - |
|  |  |  |  | **-** | 1878832 | 2110431 | (890760) | 11712 |
| Hoo Voon Him | Director | Trade | Sales |  | (215325) |  |  |  |
| V Invesco Sdn Bhd | Common director | Trade | Sales | (296587) |  |  |  |  |
| Elmu Higher Education Sdn Bhd | Common shareholder | Trade | Sales | (34072) | (26270) |  |  |  |
|  VCI Global Limited | Holding company | Trade | Sales | **-** |  |  | (24000) | (2000) |
| V Gallant Limited | Common shareholder | Trade | Sales | **-** | - | - | (4450000) | - |
|  |  |  |  | **(330659)** | (241595) | – | (4474000) | (2000) |
| V Capital Kronos Berhad | Common shareholder | Trade | Management fees charged | 306037 | 548236 | 659000 |  |  |
| VCI Global Limited | Holding company | Trade | Management fees charged | - | - | - | 1076800 | - |
|  |  |  |  | 306037 | 548236 | 659000 | 1076800 | - |

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1 "Payment on behalf" transactions primarily relate to professional and legal fees, audit expenses, office rental, regulatory compliance expenses, and other general and administrative expenditures of the respective company.

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| | |
|:---|:---|
| 2 | "Allocation of expenses, net" transactions primarily relate to the Company and its related parties share certain operating resources and infrastructure. Accordingly, "allocation of expenses, net" represents the reallocation of common costs among entities that benefit from such expenditures. These expenses typically include personnel costs, office and facility expenses, professional and consulting fees, and other corporate overhead. Costs are initially incurred by one entity and subsequently allocated to other related parties based on management's assessment of actual usage, headcount, project involvement, time spent, revenue contribution, or other reasonable allocation methodologies. |

---

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| | |
|:---|:---|
| 3 | "Management fees charged" transactions primarily relate to the Company provides centralized management and administrative services to certain related parties. "Management fees charged" represent fees charged for services including executive oversight, strategic planning, finance and accounting, corporate governance, compliance support, business development, project supervision, and general administrative functions. |

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**Separation Agreement with VCIG and VHKL**

On December 30, 2024, we entered into a Stock Sale and Business Separation Agreement with VCIG, V Capital Consulting Limited, a Company Limited by Shares incorporated under the laws of the British Virgin Islands ("VC Consulting") and V Capital Advisory Sdn. Bhd., a Malaysian company ("VC Advisory", and together with VC Consulting, the "Corporate Advisory Subsidiaries"). On December 15, 2026, we entered into an Amendment to the Stock Sale and Business Separation Agreement (as amended, the "Separation Agreement") to reflect our Corporate Restructuring, whereby VCIG transfer its equity participation in the Company to VHKL. The Separation Agreement governed the separation of the business of corporate and business advisory services, corporate structuring and restructuring, boardroom strategies, mergers and acquisitions and listings on recognized stock exchanges (the "Corporate Advisory Business") from VCIG, which become effective at the Separation Agreement date.

The Separation Agreement, which was completed in January 2025, provided for, among other things, the sale and transfer of all of the issued and outstanding shares of the Corporate Advisory Subsidiaries to the Company for a purchase price of RM100 and US$50,000 with respect to sale of the shares of V Capital Consulting Limited and V Capital Advisory respectively. Net assets of approximately US$4,800,000 as of December 31, 2024 was transferred to the Company from V Capital Advisory Sdn. Bhd. and V Capital Consulting Limited pursuant to the Separation Agreement.

The Separation Agreement also provides for certain transition services and shared facilities for a period of up to 12 months from the completion of this offering (the "Transition Period"). During the Transition Period, we will maintain our presence at VCIG's current office location, and we will pay VCIG a sublet fee of MYR 8,500 per month (which may be adjusted by VCIG from time to time to reflect any increases in the cost of office and facilities) within 15 business days after being invoiced by the Company.

**First Amendment to Separation Agreement**

On December 15, 2025, the Company entered into a First Amendment to the Stock Sale and Business Separation Agreement dated December 30, 2024 (the "Separation Agreement"), by and among the Company, V Capital Consulting Limited, V Capital Advisory Sdn. Bhd., V Capital Consulting Group Limited (the "Listing Entity"), and VHKL Private Capital Limited. The amendment was entered into to clarify and refine certain provisions of the Separation Agreement relating to the scope of the corporate advisory business and the parties' non-competition obligations following the separation of businesses.

Pursuant to the amendment, the definition of "Corporate Advisory Business" was amended and restated to more comprehensively describe the nature and scope of the corporate advisory services to be conducted by the Listing Entity, including listing consultancy, business strategy consultancy, including but not limited to, advising on organizational readiness, pre-IPO, IPO and post-IPO advisory, managing due diligence process, conducting peer and industry analyses, supporting the drafting of offering materials, providing assistance to customers throughout the listing process, business strategy development, organizational planning, advice on internal controls, corporate governance, board-level strategies, goal settings, leadership and talent development, goal settings, leadership and talent development, advice on stakeholder communications, assistance in investor relations and public relations and guidance on regulatory awareness.

In addition, the amendment revised the non-competition covenant to provide that neither the Company, VHKL, nor any of their respective affiliates may compete with, or own, manage, operate, control or participate in the ownership, management, operation or control of, any company that competes with the Listing Entity in the Corporate Advisory Business across all jurisdiction. Except as expressly amended, all other terms and conditions of the Separation Agreement remain in full force and effect.

**Share Sale Agreement**

On December 4, 2024, the Company's subsidiaries, including V Capital Kronos Berhad, a company incorporated in Malaysia (the "Vendor") and VCI Global Limited, a Company incorporated in the British Virgin Islands ("Purchaser"), and V Capital Advisory SDN. BHD ("V Capital Advisory") entered into a share sale agreement (the "Share Sale Agreement"), whereas V Capital Advisory issued and paid-up share capital of RM100.00 (the "Purchase Consideration") comprising of 100 ordinary shares, and the Vendor, who is the beneficial owner of one hundred percent (100%) of the issued and paid-up shares of V Capital Advisory, has agreed to sell, and the Purchaser has agreed to acquire, the entire issued and paid-up share capital of V Capital Advisory; which amounts to one hundred (100) ordinary shares (the "Share Sale").

Some of the group's transactions and arrangements are with related parties and the effect of these on the basis determined between the parties is reflected in these financial statements. The balances are unsecured, interest-free and repayable on demand unless otherwise stated.

● Hoo Voon Him and Liew Soo Hua, our Executive Directors, are spouses.

● Hoo Voon Him owns 664,730 shares of VCI Global, which includes 104,592 shares owned by VCI Equity Fund (L) Limited (previously known as V Invesco Fund (L) Limited), a company owned and controlled by Hoo Voon Him.

● Liew Soo Hua owns 8,412 shares of VCI Global.

● Yong Hui Wun owns 5,008 shares of VCI Global.

● Enyoo Hoeng Wei owns 4,789 shares of VCI Global.

**DESCRIPTION OF SECURITIES**

*The following is a description of the capital stock of the Company. Such description does not purport to be complete and is subject to, and is qualified in its entirety by reference to, all of the provisions of our Articles of Association.* 

**Shares**

We are a British Virgin Islands company incorporated with limited liability and our affairs are governed by the provisions of our memorandum and articles of association, as amended and restated from time to time, and by the provisions of applicable British Virgin Islands law, including the BVI Business Companies Act, 2004, or the BVI Act.

Our company number in the British Virgin Islands is 2166034. As provided in sub-regulation 4.1 of our memorandum of association, subject to British Virgin Islands law, we have full capacity to carry on or undertake any business or activity, do any act or enter into any transaction and, for such purposes, full rights, powers and privileges. Our registered office is at Sertus Incorporations (BVI) Limited, Sertus Chambers, P.O. Box 905, Quastisky Building, Road Town, Tortola, British Virgin Islands.

**Share Capital**

Our share capital consists of two classes of shares: Class A Shares and Class B Shares. As of the date of this annual report, under our memorandum and articles of association, we are authorized to issue an unlimited number of class A shares and class B shares, no par value each.

The maximum number of shares that we are authorized to issue may be changed by resolution of shareholders amending our memorandum and articles of association. Shares may be issued from time to time only by resolution of shareholders.

**Shareholders' Rights**

***Class A Shares***

Holders of our Class A Shares may freely hold and vote on their shares.

The following summarizes the rights of holders of our Class A Shares

● each holder of Class A Shares is entitled to one vote per share on all matters to be voted on by shareholders generally, including the election of directors;

● holders of Class A Shares vote together with holders of Class B Shares;

● there are no cumulative voting rights;

● the Class A Shares shall be entitled to one (1) vote per share, and the Class B Shares shall be entitled to twenty (20) votes per share. Except with respect to voting and dividends, the rights, privileges, and obligations of the Class A Shares and the Class B Shares shall be *pari passu* in all respects, including with respect to rights upon the liquidation of the Company;

● upon our liquidation, dissolution or winding up, the holders of class A shares will be entitled to share ratably, pari passu with our class B shares, in the distribution of all of our assets remaining available for distribution after satisfaction of all our liabilities; and

● the holders of class A shares have preemptive rights in connection with the issuance of any securities by us, except for certain issuances of securities by us, including (i) pursuant to any employee compensation plans; (ii) as consideration for (a) any merger, consolidation or purchase of assets or (b) recapitalization or reorganization; (iii) in connection with a pro rata division of shares or dividend in specie or distribution; or (iv) in a bona fide public offering that has been registered with the SEC, but they are not entitled to the benefits of any redemption or sinking fund provisions.

 ****

***Class B Shares***

Holders of our class B shares may freely hold and vote their shares.

The following summarizes the rights of holders of our class B shares:

● each holder of class B shares is entitled to twenty (20) votes per share on all matters to be voted on by shareholders generally, including the election of directors;

● holders of class B shares vote together with holders of class A shares;

● class B shares may not be listed on any U.S. or foreign national or regional securities exchange or market;

● there are no cumulative voting rights;

● the holders of our class B shares are not entitled to dividends and other distributions, *pari passu* with our class A shares, as may be declared from time to time by our board of directors out of funds legally available for that purpose, if any, and pursuant to our memorandum and articles of association, all dividends unclaimed for three years after having been declared may be forfeited by a resolution of directors for the benefit of the Company;

● The Class A Shares shall be entitled to one vote per share, and the Class B Shares shall be entitled to twenty (20) votes per share. Except with respect to voting and dividends, the rights, privileges and obligations of the Class A Shares and Class B Shares shall be pari passu in all respects, including with respect to rights upon liquidation of the Company. The Class B Shares shall not be entitled to dividends.

● each class B share is convertible into one class A share at the option of the holder at any time.

**Shareholders' Meetings and Consents**

The following summarizes certain relevant provisions of British Virgin Islands law and our articles of association in relation to our shareholders' meetings:

● the directors of the Company may convene meetings of shareholders at such times and in such manner and places within or outside the British Virgin Islands as the directors consider necessary or desirable; provided that at least one meeting of shareholders be held each year;

● upon the written request of shareholders entitled to exercise 30 percent or more of the voting rights in respect of the matter for which the meeting is requested, the directors are required to convene a meeting of the shareholders. Any such request must state the proposed purpose of the meeting;

● the directors convening a meeting must give not less than seven days' notice of a meeting of shareholders to: (i) those shareholders whose names on the date the notice is given appear as shareholders in the register of members of our company and are entitled to vote at the meeting, and (ii) the other directors;

● a meeting of shareholders held in contravention of the requirement to give notice is valid if shareholders holding at least 90 percent of the total voting rights on all the matters to be considered at the meeting have waived notice of the meeting and, for this purpose, the presence of a shareholder at the meeting shall constitute waiver in relation to all the shares that such shareholder holds;

● a shareholder may be represented at a meeting of shareholders by a proxy who may speak and vote on behalf of the shareholder;

● a meeting of shareholders is duly constituted if, at the commencement of the meeting, they are present in person or by proxy not less than 50 percent of the votes of the shares or class or series of shares entitled to vote on resolutions of shareholders to be considered at the meeting;

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

● a resolution of shareholders is valid (i) if approved at a duly convened and constituted meeting of shareholders by the affirmative vote of a majority of the votes of the shares entitled to vote thereon which were present at the meeting and were voted, or (ii) if it is a resolution consented to in writing by a majority of the votes of shares entitled to vote thereon; and

● an action that may be taken by the shareholders at a meeting may also be taken by a resolution of shareholders consented to in writing by a majority of the votes of shares entitled to vote thereon, without the need for any notice, but if any resolution of shareholders is adopted otherwise than by unanimous written consent of all shareholders, a copy of such resolution shall forthwith be sent to all shareholders not consenting to such resolution.

**Differences in Corporate Law**

We were incorporated under, and are governed by, the laws of the British Virgin Islands. The corporate statutes of the State of Delaware and the British Virgin Islands in many respects are similar, and the flexibility available under British Virgin Islands law has enabled us to adopt a memorandum of association and articles of association that will provide shareholders with rights that, except as described in this annual report, do not vary in any material respect from those they would enjoy if we were incorporated under the Delaware General Corporation Law, or Delaware corporate law. Set forth below is a summary of some of the differences between provisions of the BVI Act applicable to us and the laws applicable to companies incorporated in Delaware and their shareholders.

***Amendment of Governing Documents***

Under Delaware corporate law, with very limited exceptions, a vote of the shareholders is required to amend the certificate of incorporation. In addition, Delaware corporate law provides that shareholders have the right to amend the bylaws, and the certificate of incorporation also may confer on the directors the right to amend the bylaws. Our memorandum of association may only be amended by a resolution of shareholders, provided that any amendment of the provision related to the prohibition against listing our class B shares must be approved by not less than [50%] of the votes of the class A shares entitled to vote that were present at the relevant meeting and voted. Our articles of association may also only be amended by a resolution of shareholders.

***Written Consent of Shareholders***

Under Delaware corporate law, unless otherwise provided in the certificate of incorporation, any action to be taken at any annual or special meeting of shareholders of a corporation may be taken by written consent of the holders of outstanding stock having not less than the minimum number of votes that would be necessary to take that action at a meeting at which all shareholders entitled to vote were present and voted. As permitted by British Virgin Islands law, shareholders' consents need only a majority of shareholders signing to take effect. Our memorandum and articles of association provide that shareholders may approve corporate matters by way of a resolution consented to at a meeting of shareholders or in writing by a majority of shareholders entitled to vote thereon.

***Shareholder Proposals***

Under Delaware corporate law, a shareholder has the right to put any proposal before the annual meeting of shareholders, provided it complies with the notice provisions in the governing documents. A special meeting may be called by the board of directors or any other person authorized to do so in the governing documents, but shareholders may be precluded from calling special meetings. British Virgin Islands law and our memorandum and articles of association provide that our directors shall call a meeting of the shareholders if requested in writing to do so by shareholders entitled to exercise at least 30% of the voting rights in respect of the matter for which the meeting is requested. Any such request must state the proposed purpose of the meeting.

***Sale of Assets***

Under Delaware corporate law, a vote of the shareholders is required to approve the sale of assets only when all or substantially all assets are being sold. In the British Virgin Islands, shareholder approval is required when more than 50% of the Company's total assets by value are being disposed of or sold if not made in the usual or regular course of the business carried out by the company. Under our memorandum and articles of association, the directors may by resolution of directors determine that any sale, transfer, lease, exchange or other disposition is in the usual or regular course of the business carried on by us and such determination is, in the absence of fraud, conclusive.

***Dissolution; Winding Up***

Under Delaware corporate law, unless the board of directors approves the proposal to dissolve, dissolution must be approved in writing 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 corporate law allows a Delaware corporation to include in its certificate of incorporation a supermajority voting requirement in connection with dissolutions initiated by the board. As permitted by British Virgin Islands law and our memorandum and articles of association, we may be voluntarily liquidated under Part XII of the BVI Act by resolution of directors and resolution of shareholders if we have no liabilities or we are able to pay our debts as they fall due.

***Redemption of Shares***

Under Delaware corporate law, any stock may be made subject to redemption by the corporation at its option, at the option of the holders of that stock or upon the happening of a specified event, provided shares with full voting power remain outstanding. The stock may be made redeemable for cash, property or rights, as specified in the certificate of incorporation or in the resolution of the board of directors providing for the issue of the stock. As permitted by British Virgin Islands law and our memorandum and articles of association, shares may be repurchased, redeemed or otherwise acquired by us. However, the consent of the shareholder whose shares are to be repurchased, redeemed or otherwise acquired must be obtained, except as described under "—Compulsory Acquisition" below. Moreover, our directors must determine that immediately following the redemption or repurchase we will be able to pay our debts as they become due and that the value of our assets will exceed our liabilities.

***Compulsory Acquisition***

Under Delaware General Corporation Law § 253, in a process known as a "short form" merger, a corporation that owns at least 90% of the outstanding shares of each class of stock of another corporation may either merge the other corporation into itself and assume all of its obligations or merge itself into the other corporation by executing, acknowledging and filing with the Delaware Secretary of State a certificate of such ownership and merger setting forth a copy of the resolution of its board of directors authorizing such merger. If the parent corporation is a Delaware corporation that is not the surviving corporation, the merger also must be approved by a majority of the outstanding stock of the parent corporation. If the parent corporation does not own all of the stock of the subsidiary corporation immediately prior to the merger, the minority shareholders of the subsidiary corporation party to the merger may have appraisal rights as set forth in § 262 of the Delaware General Corporation Law.

Under the BVI Act, subject to any limitations in a Company's memorandum or articles, members holding 90% of the votes of the outstanding shares entitled to vote, and members holding 90% of the votes of the outstanding shares of each class of shares entitled to vote, may give written instruction to the company directing the company to redeem the shares held by the remaining members. Upon receipt of such written instruction, the company shall redeem the shares specified in the written instruction, irrespective of whether or not the shares are by their terms redeemable. The company shall give written notice to each member whose shares are to be redeemed stating the redemption price and the manner in which the redemption is to be affected. A member whose shares are to be so redeemed is entitled to dissent from such redemption, and to be paid the fair value of his shares, as described under "—Shareholders' Rights under British Virgin Islands Law Generally" below.

***Variation of Rights of Shares***

Under Delaware corporate law, a corporation may vary the rights of a class of shares with the approval of a majority of the outstanding shares of that class, unless the certificate of incorporation provides otherwise. As permitted by British Virgin Islands law and our memorandum of association, we may vary the rights attached to any class of shares only with the consent in writing of holders of not less than 50% of the issued shares of that class and of holders of not less than 50% of the issued shares of any other class which may be adversely affected by such variation.

***Removal of Directors***

Under Delaware corporate law, a director of a corporation with a classified board may be removed only with the approval of a majority of the outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise. Our memorandum and articles of association provide that directors may be removed at any time, with or without cause, by a resolution of shareholders or a resolution of directors.

***Mergers***

Under Delaware corporate law, one or more constituent corporations may merge into and become part of another constituent corporation in a process known as a merger. A Delaware corporation may merge with a foreign corporation as long as the law of the foreign jurisdiction permits such a merger. To effect a merger under Delaware General Corporation Law § 251, an agreement of merger must be properly adopted, and the agreement of merger or a certificate of merger must be filed with the Delaware Secretary of State. In order to be properly adopted, the agreement of merger must be adopted by the board of directors of each constituent corporation by a resolution or unanimous written consent. In addition, the agreement of merger generally must be approved at a meeting of stockholders of each constituent corporation by a majority of the outstanding stock of the corporation entitled to vote, unless the certificate of incorporation provides for a supermajority vote. In general, the surviving corporation assumes all of the assets and liabilities of the disappearing corporation or corporations as a result of the merger.

Under the BVI Act, two or more BVI companies may merge or consolidate in accordance with the statutory provisions. A merger means the merging of two or more constituent companies into one of the constituent companies, and a consolidation means the uniting of two or more constituent companies into a new company. In order to merge or consolidate, the directors of each constituent BVI company must approve a written plan of merger or consolidation which must be authorized by a resolution of shareholders. One or more BVI companies may also merge or consolidate with one or more companies incorporated under the laws of jurisdictions outside the BVI, if the merger or consolidation is permitted by the laws of the jurisdictions in which the companies incorporated outside the BVI are incorporated. In respect of such a merger or consolidation a BVI company is required to comply with the provisions of the BVI Act, and a company incorporated outside the BVI is required to comply with the laws of its jurisdiction of incorporation.

Shareholders of BVI companies not otherwise entitled to vote on the merger or consolidation may still acquire the right to vote if the plan of merger or consolidation contains any provision which, if proposed as an amendment to the memorandum of association or articles of association, would entitle them to vote as a class or series on the proposed amendment. In any event, all shareholders must be given a copy of the plan of merger or consolidation irrespective of whether they are entitled to vote at the meeting or consent to the written resolution to approve the plan of merger or consolidation.

***Inspection of Books and Records***

Under Delaware corporate law, any shareholder of a corporation may for any proper purpose inspect or make copies of the corporation's stock ledger, list of shareholders and other books and records. Under British Virgin Islands law, members of the general public, on payment of a nominal fee, can obtain copies of the public records of a company available at the office of the British Virgin Islands Registrar of Corporate Affairs which will include the company's certificate of incorporation, its memorandum and articles of association (with any amendments) and records of license fees paid to date, and will also disclose any articles of dissolution, articles of merger and a register of registered charges if such a register has been filed in respect of the company.

A member of a company is entitled, on giving written notice to the company, to inspect:

&nbsp;&nbsp;&nbsp;&nbsp;(a) the memorandum and articles;

(b) the register of members;

(c) the register of directors; and

(d) the minutes of meetings
 and resolutions of members and of those classes of members of which they are a member; and to make copies of or take extracts from
 the documents and records referred to in (a) to (d) above. Subject to the memorandum and articles, the directors may, if they are
 satisfied that it would be contrary to the company's interests to allow a member to inspect any document, or part of a document,
 specified in (b), (c) or (d) above, refuse to permit the member to inspect the document or limit the inspection of the document,
 including limiting the making of copies or the taking of extracts from the records.

Where a company fails or refuses to permit a member to inspect a document or permits a member to inspect a document subject to limitations, that member may apply to the court for an order that he should be permitted to inspect the document or to inspect the document without limitation.

A company is required to keep at the office of its registered agent the memorandum and articles of the company; the register of members maintained or a copy of the register of members; the register of directors or a copy of the register of directors; and copies of all notices and other documents filed by the company in the previous ten years.

Where a company keeps a copy of the register of members or the register of directors at the office of its registered agent, it is required to notify any changes to the originals of such registers to the registered agent, in writing, within 15 days of any change; and to provide the registered agent with a written record of the physical address of the place or places at which the original register of members or the original register of directors is kept. Where the place at which the original register of members or the original register of directors is changed, the company is required to provide the registered agent with the physical address of the new location of the records within fourteen days of the change of location.

A company is also required to keep at the office of its registered agent or at such other place or places, within or outside the British Virgin Islands, as the directors determine, the minutes of meetings and resolutions of members and of classes of members; and the minutes of meetings and resolutions of directors and committees of directors. If such records are kept at a place other than at the office of the company's registered agent, the company is required to provide the registered agent with a written record of the physical address of the place or places at which the records are kept and to notify the registered agent, within 14 days, of the physical address of any new location where such records may be kept.

A company is further required to:

(a) keep at the office of its registered agent or at such other place or places, within or outside the British Virgin Islands, as the directors may determine, the records and underlying documentation of the company;

(b) retain the records and underlying documentation for a period of at least five years from the date: (i) of completion of the transaction to which the records and underlying documentation relate; or (ii) the company terminates the business relationship to which the records and underlying documentation relate; and

(c) provide its registered agent without delay any records and underlying documentation in respect of the company that the registered agent requests pursuant to the entitlement of the company's registered agent to make such a request where the registered agent is required to do so by the British Virgin Islands Financial Services Commission or any other competent authority in the British Virgin Islands acting pursuant to the exercise of a power under an enactment.

The records and underlying documentation of the company are required to be in such form as:

&nbsp;&nbsp;&nbsp;&nbsp;(a) are sufficient to show and explain the company's transactions; and

(b) will, at any time, enable the financial position of the company to be determined with reasonable accuracy.

Where the records and underlying documentation of a company are kept at a place or places other than at the office of the company's registered agent, the company is required to provide the registered agent with a written:

&nbsp;&nbsp;&nbsp;&nbsp;(a) record of the physical address of the place at which the records and underlying documentation are kept; and

(b) record of the name of the person who maintains and controls the company's records and underlying documentation.

Where the place or places at which the records and underlying documentation of the company, or the name of the person who maintains and controls the company's records and underlying documentation, change, the company must within 14 days of the change, provide:

&nbsp;&nbsp;&nbsp;&nbsp;(a) its registered agent with the physical address of the new location of the records and underlying documentation; or

(b) the name of the new person who maintains and controls the company's records and underlying documentation.

For the foregoing purposes:

&nbsp;&nbsp;&nbsp;&nbsp;(a) "business relationship" means a continuing arrangement between a company and one or more persons with whom the company engages in business, whether on a one-off, regular or habitual basis; and

(b) "records and underlying documentation" includes accounts and records (such as invoices, contracts and similar documents) in relation to: (i) all sums of money received and expended by the company and the matters in respect of which the receipt and expenditure takes place; (ii) all sales and purchases of goods by the company; and (iii) the assets and liabilities of the company.

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***Cumulative Voting***

Under Delaware corporate law, cumulative voting for elections of directors is not permitted unless the Company'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 to a single director, which increases the shareholder's voting power with respect to electing such director. There are no prohibitions to cumulative voting under the laws of the British Virgin Islands, but our memorandum of association and articles of association do not provide for cumulative voting.

**Shareholders' Rights under British Virgin Islands Law Generally**

The BVI Act provides for remedies which may be available to shareholders. Where a company incorporated under the BVI Act or any of its directors engages in, or proposes to engage in, conduct that contravenes the BVI Act or the Company's memorandum and articles of association, the BVI courts can issue a restraining or compliance order. Shareholders cannot also bring derivative, personal and representative actions under certain circumstances. The traditional English basis for members' remedies has also been incorporated into the BVI Act: where a shareholder of a company considers that the affairs of the company have been, are being or are likely to be conducted in a manner likely to be oppressive, unfairly discriminatory or unfairly prejudicial to him, he may apply to the court for an order based on such conduct.

Any shareholder of a company may apply to court for the appointment of a liquidator of the company and the court may appoint a liquidator of the company if it is of the opinion that it is just and equitable to do so.

The BVI Act provides that any shareholder of a company is entitled to payment of the fair value of his shares upon dissenting from any of the following: (a) a merger, if the company is a constituent company, unless the company is the surviving company and the member continues to hold the same or similar shares; (b) a consolidation, if the company is a constituent company; (c) any sale, transfer, lease, exchange or other disposition of more than 50% in value of the assets or business of the company if not made in the usual or regular course of the business carried on by the company but not including (i) a disposition pursuant to an order of the court having jurisdiction in the matter, (ii) a disposition for money on terms requiring all or substantially all net proceeds to be distributed to the shareholders in accordance with their respective interest within one year after the date of disposition, or (iii) a transfer pursuant to the power of the directors to transfer assets for the protection thereof; (d) a redemption of 10% or fewer of the issued shares of the company required by the holders of 90% or more of the shares of the company pursuant to the terms of the BVI Act; and (e) an arrangement, if permitted by the court.

Generally, any other claims against a company by its shareholders must be based on the general laws of contract or tort applicable in the British Virgin Islands or their individual rights as shareholders as established by the Company's memorandum and articles of association.

**Listing**

We intend to list our ordinary shares are listed on the Nasdaq Capital Market under the symbol "VCCG".

**Transfer Agent**

The transfer agent for Ordinary Shares is Vstock Transfer, LLC .

**MATERIAL UNITED STATES FEDERAL INCOME TAX CONSEQUENCES TO U.S. HOLDERS**

The following is a discussion of certain material United States federal income tax considerations relating to the acquisition, ownership, and disposition of our Ordinary Shares by a U.S. Holder, as defined below, that acquires our Ordinary Shares in this offering and holds our Ordinary Shares as "capital assets" (generally, property held for investment) under the United States Internal Revenue Code of 1986, as amended (the "Code"). This discussion is based on existing United States federal income tax law, which is subject to differing interpretations or change, possibly with retroactive effect. No ruling has been sought from the Internal Revenue Service (the "IRS") with respect to any United States federal income tax consequences described below, and there can be no assurance that the IRS or a court will not take a contrary position. This discussion does not address all aspects of United States federal income taxation that may be important to particular investors in light of their individual circumstances, including investors subject to special tax rules (such as, for example, certain financial institutions, insurance companies, regulated investment companies, real estate investment trusts, broker-dealers, traders in securities that elect mark-to-market treatment, partnerships (or other entities treated as partnerships for United States federal income tax purposes) and their partners, tax-exempt organizations (including private foundations)), investors who are not U.S. Holders, investors that own (directly, indirectly, or constructively) 5% or more of our voting shares, investors that hold their Ordinary Shares as part of a straddle, hedge, conversion, constructive sale or other integrated transaction), or investors that have a functional currency other than the U.S. dollar, all of whom may be subject to tax rules that differ significantly from those summarized below. In addition, this discussion does not address any tax laws other than the United States federal income tax laws, including any state, local, alternative minimum tax or non-United States tax considerations, or the Medicare tax on unearned income. Each potential investor is urged to consult its tax advisor regarding the United States federal, state, local and non-United States income and other tax considerations of an investment in our Ordinary Shares.

***General***

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For purposes of this discussion, a "U.S. Holder" is a beneficial owner of our Ordinary Shares that is, for United States federal income tax purposes, (i) an individual who is a citizen or resident of the United States, (ii) a corporation (or other entity treated as a corporation for United States federal income tax purposes) created in, or organized under the laws of, the United States or any state thereof or the District of Columbia, (iii) an estate the income of which is includible in gross income for United States 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 United States court and which has one or more United States persons who have the authority to control all substantial decisions of the trust or (B) that has otherwise elected to be treated as a United States person under the Code.

If a partnership (or other entity treated as a partnership for United States federal income tax purposes) is a beneficial owner of our Ordinary Shares, the tax treatment of a partner in the partnership will depend upon the status of the partner and the activities of the partnership. Partnerships and partners of a partnership holding our Ordinary Shares are urged to consult their tax advisors regarding an investment in our Ordinary Shares.

The discussion set forth below is addressed only to U.S. Holders that purchase Ordinary Shares in this offering. Prospective purchasers are urged to consult their own tax advisors about the application of U.S. federal income tax law to their particular circumstances as well as the state, local, foreign and other tax consequences to them of the purchase, ownership and disposition of our Ordinary Shares.

***Taxation of Dividends and Other Distributions on our Ordinary Shares***

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Subject to the passive foreign investment company rules discussed below, distributions of cash or other property made by us to you with respect to the Ordinary Shares (including the amount of any taxes withheld therefrom) will generally be includable in your gross income as dividend income on the date of receipt by you, but only to the extent that the distribution is paid out of our current or accumulated earnings and profits (as determined under U.S. federal income tax principles). With respect to corporate U.S. Holders, the dividends will not be eligible for the dividends-received deduction allowed to corporations in respect of dividends received from other U.S. corporations.

With respect to non-corporate U.S. Holders, including individual U.S. Holders, dividends will be taxed at the lower capital gains rate applicable to qualified dividend income, provided that (1) the Ordinary Shares are readily tradable on an established securities market in the United States, or we are eligible for the benefits of an approved qualifying income tax treaty with the United States that includes an exchange of information program, (2) we are not a passive foreign investment company (as discussed below) for either our taxable year in which the dividend is paid or the preceding taxable year, and (3) certain holding period requirements are met. You are urged to consult your tax advisors regarding the availability of the lower rate for dividends paid with respect to our Ordinary Shares, including the effects of any change in law after the date of this prospectus.

To the extent that the amount of the distribution exceeds our current and accumulated earnings and profits (as determined under U.S. federal income tax principles), it will be treated first as a tax-free return of your tax basis in your Ordinary Shares, and to the extent the amount of the distribution exceeds your tax basis, the excess will be taxed as capital gain. We do not intend to calculate our earnings and profits under U.S. federal income tax principles. Therefore, a U.S. Holder should expect that a distribution will be treated as a dividend even if that distribution would otherwise be treated as a non-taxable return of capital or as capital gain under the rules described above.

Taxation of Dispositions of Ordinary Shares

Subject to the passive foreign investment company rules discussed below, you will recognize taxable gain or loss on any sale, exchange or other taxable disposition of a share equal to the difference between the amount realized (in U.S. dollars) for the share and your tax basis (in U.S. dollars) in the Ordinary Shares. The gain or loss will be capital gain or loss. If you are a non-corporate U.S. Holder, including an individual U.S. Holder, who has held the Ordinary Shares for more than one year, you may be eligible for reduced tax rates on any such capital gains. The deductibility of capital losses is subject to limitations.

**Passive Foreign Investment Company**

A non-U.S. corporation is considered a PFIC for any taxable year if either:

● at least 75% of its gross income for such taxable year is passive income; or

● at least 50% of the value of its assets (based on an average of the quarterly values of the assets during a taxable year) is attributable to assets that produce or are held for the production of passive income (the "asset test").

Passive income generally includes dividends, interest, rents and royalties (other than rents or royalties derived from the active conduct of a trade or business) and gains from the disposition of passive assets. We will be treated as owning our proportionate share of the assets and earning our proportionate share of the income of any other corporation in which we own, directly or indirectly, at least 25% (by value) of the stock. In determining the value and composition of our assets for purposes of the PFIC asset test, (1) the cash we raise in this offering will generally be considered to be held for the production of passive income and (2) the value of our assets must be determined based on the market value of our Class A Shares from time to time, which could cause the value of our non-passive assets to be less than 50% of the value of all of our assets (including the cash raised in this offering) on any particular quarterly testing date for purposes of the asset test.

We must make separate determination each year as to whether we are a PFIC. Depending on the amount of cash we raise in this offering, together with any other assets held for the production of passive income, it is possible that, for our current taxable year or for any subsequent taxable year, more than 50% of our assets may be assets held for the production of passive income. We will make this determination following the end of any particular tax year. Although the law in this regard is unclear, we treat our consolidated affiliated entities as being owned by us for United States federal income tax purposes, not only because we exercise effective control over the operation of such entities but also because we are entitled to substantially all of their economic benefits, and, as a result, we consolidate their operating results in our combined and consolidated financial statements. In particular, because the value of our assets for purposes of the asset test will generally be determined based on the market price of our Class A Shares and because cash is generally considered to be an asset held for the production of passive income, our PFIC status will depend in large part on the market price of our Class A Shares and the amount of cash we raise in this offering. Accordingly, fluctuations in the market price of the Class A Shares may cause us to become a PFIC. In addition, the application of the PFIC rules is subject to uncertainty in several respects and the composition of our income and assets will be affected by how, and how quickly, we spend the cash we raise in this offering. We are under no obligation to take steps to reduce the risk of our being classified as a PFIC, and as stated above, the determination of the value of our assets will depend upon material facts (including the market price of our Class A Shares from time to time and the amount of cash we raise in this offering) that may not be within our control. If we are a PFIC for any year during which you hold Class A Shares, we will continue to be treated as a PFIC for all succeeding years during which you hold Class A Shares. However, if we cease to be a PFIC and you did not previously make a timely "mark-to-market" election as described below, you may avoid some of the adverse effects of the PFIC regime by making a "purging election" (as described below) with respect to the Class A Shares.

If we are a PFIC for your taxable year(s) during which you hold Class A 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 the Class A Shares, unless you make a "mark-to-market" election as discussed below. Distributions you receive in a taxable year that are greater than 125% of the average annual distributions you received during the shorter of the three preceding taxable years or your holding period for the Class A Shares will be treated as an excess distribution. Under these special tax rules:

● the excess distribution or gain will be allocated ratably over your holding period for the Class A Shares;

● the amount allocated to your current taxable year, and any amount allocated to any of your taxable year(s) prior to the first taxable year in which we were a PFIC, will be treated as ordinary income, and

● the amount allocated to each of your other taxable year(s) will be subject to the highest tax rate in effect for that year and the interest charge generally applicable to underpayments of tax will be imposed on the resulting tax attributable to each such year.

The tax liability for amounts allocated to years prior to the year of disposition or "excess distribution" cannot be offset by any net operating losses for such years, and gains (but not losses) realized on the sale of the Class A Shares cannot be treated as capital, even if you hold the Class A Shares as capital assets.

A U.S. Holder of "marketable stock" (as defined below) in a PFIC may make a mark-to-market election for such stock to elect out of the tax treatment discussed above. If you make a mark-to-market election for the first taxable year during which you hold (or are deemed to hold) Class A Shares and for which we are determined to be a PFIC, you will include in your income each year an amount equal to the excess, if any, of the fair market value of the Class A Shares as of the close of such taxable year over your adjusted basis in such Class A Shares, which excess will be treated as ordinary income and not capital gain. You are allowed an ordinary loss for the excess, if any, of the adjusted basis of the Class A Shares over their fair market value as of the close of the taxable year. However, such ordinary loss is 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 Class A Shares, are treated as ordinary income. Ordinary loss treatment also applies to any loss realized on the actual sale or disposition of the Class A Shares, to the extent that the amount of such loss does not exceed the net mark-to-market gains previously included for such Class A Shares. Your basis in Class A Shares will be adjusted to reflect any such income or loss amounts. If you make a valid mark-to-market election, the tax rules that apply to distributions by corporations which are not PFICs would apply to distributions by us, except that the lower applicable capital gains rate for qualified dividend income discussed above under "— Taxation of Dividends and Other Distributions on our Class A Shares" generally 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). If Class A Shares are regularly traded on a qualified stock exchange or other market, and if you are a holder of Class A Shares, the mark-to-market election would be available to you were we to be or become a PFIC.

Alternatively, a U.S. Holder of stock in a PFIC may make a "qualified electing fund" election with respect to such PFIC to elect out of the tax treatment discussed above. A U.S. Holder who makes a valid qualified electing fund election with respect to a PFIC will generally include in gross income for a taxable year such holder's pro rata share of the corporation's earnings and profits for the taxable year. However, the qualified electing fund election is available only if such PFIC provides such U.S. Holder with certain information regarding its earnings and profits as required under applicable U.S. Treasury regulations. We do not currently intend to prepare or provide the information that would enable you to make a qualified electing fund election. If you hold Class A Shares in any taxable year in which we are a PFIC, you will be required to file IRS Form 8621 in each such year and provide certain annual information regarding such Class A Shares, including regarding distributions received on the Class A Shares and any gain realized on the disposition of the Class A Shares.

If you do not make a timely "mark-to-market" election (as described above), and if we were a PFIC at any time during the period you hold our Class A Shares, then such Class A Shares will continue to be treated as stock of a PFIC with respect to you even if we cease to be a PFIC in a future year, unless you make a "purging election" for the year we cease to be a PFIC. A "purging election" creates a deemed sale of such Class A Shares at their fair market value on the last day of the last year in which we are treated as a PFIC. The gain recognized by the purging election will be subject to the special tax and interest charge rules treating the gain as an excess distribution, as described above. As a result of the purging election, you will have a new basis (equal to the fair market value of the Class A Shares on the last day of the last year in which we are treated as a PFIC) and holding period (which new holding period will begin the day after such last day) in your Class A Shares for tax purposes.

You are urged to consult your tax advisors regarding the application of the PFIC rules to your investment in our Class A Shares and the elections discussed above.

***Information Reporting and Backup Withholding***

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Dividend payments with respect to our Class A Shares and proceeds from the sale, exchange or redemption of our Class A 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 on IRS Form W-9 or who is otherwise exempt from backup withholding. U.S. Holders who are required to establish their exempt status generally must provide such certification on IRS Form W-9. U.S. Holders are urged to consult their tax advisors regarding the application of the U.S. information reporting and backup withholding rules.

Backup withholding is not an additional tax. Amounts withheld as backup withholding may be credited against your U.S. federal income tax liability, and you may obtain a refund of any excess amounts withheld under the backup withholding rules by filing the appropriate claim for refund with the IRS and furnishing any required information. We do not intend to withhold taxes for individual shareholders. However, transactions effected through certain brokers or other intermediaries may be subject to withholding taxes (including backup withholding), and such brokers or intermediaries may be required by law to withhold such taxes.

Under the Hiring Incentives to Restore Employment Act of 2010, certain U.S. Holders are required to report information relating to our Class A Shares, subject to certain exceptions (including an exception for Class A Shares held in accounts maintained by certain financial institutions), by attaching a complete IRS Form 8938, Statement of Specified Foreign Financial Assets, with their tax return for each year in which they hold Class A Shares.

**BRITISH VIRGIN ISLANDS TAXATION**

The Company and all dividends, interest, rents, royalties, compensation and other amounts paid by the Company to persons who are not resident in the BVI and any capital gains realized with respect to any shares, debt obligations, or other securities of the Company by persons who are not resident in the BVI are exempt from all provisions of the Income Tax Ordinance in the BVI.

No estate, inheritance, succession or gift tax, rate, duty, levy or other charge is payable by persons who are not resident in the BVI with respect to any shares, debt obligation or other securities of the Company.

All instruments relating to transfers of property to or by the Company and all instruments relating to transactions in respect of the shares, debt obligations or other securities of the Company and all instruments relating to other transactions relating to the business of the Company are exempt from payment of stamp duty in the BVI. This assumes that the Company does not hold an interest in real estate in the BVI.

There are currently no withholding taxes or exchange control regulations in the BVI applicable to the Company or its members.

**THE FOREGOING SUMMARY IS NOT INTENDED TO CONSTITUTE A COMPLETE DESCRIPTION OF ALL TAX CONSEQUENCES THAT MAY BE RELEVANT TO PARTICULAR HOLDERS OF ORDINARY SHARES AND IS NOT TAX OR LEGAL ADVICE. HOLDERS OF ORDINARY SHARES SHOULD CONSULT THEIR OWN TAX ADVISORS AS TO THE PARTICULAR TAX CONSEQUENCES TO THEM OF ACQUIRING, HOLDING AND DISPOSING OF ORDINARY SHARES.**

**UNDERWRITING**

In connection with this offering, we expect to enter into an underwriting agreement with D. Boral Capital LLC, as representative (the "**Representative**") of the several underwriters named in this prospectus, with respect to the Class A Shares in this offering. The underwriters may retain other brokers or dealers to act as sub-agents on their behalf in connection with this offering. 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 Class A Shares as indicated below.

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| | |
|:---|:---|
| Underwriter | Number<br> of <br> Class A <br> Shares |
| **D. Boral Capital LLC** |  |
| &nbsp;&nbsp;&nbsp;Total |  |

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The Representative is offering the Class A Shares subject to its acceptance of the Class A Shares from us and subject to prior sale. The underwriting agreement provides that the obligations of the Representative to pay for and accept delivery of the Class A Shares offered by this prospectus are subject to the approval of certain legal matters by its counsel and to other conditions. The Representative is obligated to take and pay for all of the Class A Shares offered by this prospectus if any such Class A Shares are taken. However, the Representative is not required to take or pay for the Class A Shares covered by the Representative's option to purchase additional Class A Shares described below.

**Over-Allotment Option**

We have granted the Representative an over-allotment option. This option, which is exercisable for up to 45 days after the closing of this offering, permits the Representative to purchase up to an additional 15% of the total number of Class A Shares sold in this offering at the initial public offering price listed on the cover page of this prospectus, less underwriting discounts. The Representative may exercise this option solely for the purpose of covering over-allotments, if any, made in connection with this offering.

**Underwriting Discounts and Expenses**

The following table shows the public offering price, underwriting discount, and proceeds, before expenses, to us. The information assumes either no exercise or full exercise by the underwriters of the over-allotment option.

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| | | | |
|:---|:---|:---|:---|
|  | Per Share | Total<br> Without <br> Over-<br> Allotment<br> Option | Total With <br> Full <br> Over- <br> Allotment <br> Option |
| Initial Public offering price | $| $| $|
| Underwriting discount(1) | $| $| $|
| Proceeds, before expenses, to us | $| $| $|

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(1) The Company has agreed to pay the Representative, an underwriting discount equal to (i) 7.5% per share for shares sold to investors that are introduced by any party or entity which is not the Company (including, without limitation, the Representative), or (ii) 4.5% per share for shares sold to investors that are solely introduced by the Company. Underwriting discounts to be paid by us are calculated based on the assumption that no investors in this offering are introduced by us.

We have agreed to pay to the Representative, by deduction from the gross proceeds of the offering, a non-accountable expense allowance equal to one percent (1%) of the gross proceeds of this offering.

We have agreed to pay expenses relating to the offering, including: (a) all filing fees and expenses relating to the registration of the Class A Shares to be sold in this offering with the SEC and the filing of the offering materials with the Financial Industry Regulatory Authority ("FINRA"); (b) all fees and expenses relating to the listing of Class A Shares on the Nasdaq Capital Market; (c) all fees, expenses and disbursements relating to the registration or qualification of such Class A Shares under the "blue sky" securities laws of such states and other jurisdictions as the Representative may reasonably designate (including, without limitation, all filing and registration fees, and the reasonable fees and disbursements of Representative's counsel); (d) all fees, expenses and disbursements relating to the registration, qualification or exemption of the Class A Shares under the securities laws of such foreign jurisdictions as the Representative may reasonably designate; (e) the costs of all mailing and printing of the offering documents; (f) transfer and/or stamp taxes, if any, payable upon the transfer of Class A Shares from the Company to the Representative; (g) the fees and expenses of the Company's accountants; and (h) the Representative's various out-of-pocket accountable expenses relating to the offering, including (i) up to $30,000 of the Representative's actual accountable road show and due diligence expenses for the offering, (ii) the $29,500 cost associated with the Representative's use of Ipreo's book building, prospectus tracking and compliance software for the offering, (iii) the costs associated with bound volumes of the offering materials as well as commemorative mementos and lucite tombstones in an aggregate amount not to exceed $5,000, (iv) all fees and expenses relating to the background checks of the Company's officers and directors in an aggregate amount not to exceed $10,000, and (v) the fees for the Representative's U.S. legal counsel and PRC counsel, in an amount not to exceed $175,000. The Company will be responsible for the Representative's external counsel legal costs irrespective of whether the offering is consummated or not, subject to a cap of $100,000 if there is not a closing. The Company has paid an expense advance of $75,000 to the Representative. Such advance shall be applied towards out-of-pocket accountable expenses incurred by the Representative and any portion of such advance will be returned to us to the extent not actually incurred in accordance with FINRA Rule 5110(g)(4)(A). The Representative may deduct from the net proceeds of the offering payable to the Company on the date of the closing of this offering, or the closing of the over-allotment option, if any, the expenses set forth herein to be paid by the Company to the Representative.

**Representative's Warrant**

We have agreed to issue to the Representative (or permitted assignees) warrants to purchase 125,000 Class A Shares, or warrants to purchase 143,750 Class A Shares if the underwriters exercise the over-allotment option in full (5.0% of the Class A Shares sold in this offering), at an exercise price equal to 120% of the public offering price of the shares sold in this offering (the "Representative's Warrants"). The Representative's Warrants will be exercisable at any time, and from time to time, in whole or in part, during the three and a half-year period commencing six (6) months from the commencement of sales of the offering and expiring four (4) years from the effectiveness of the registration statement, will have a cashless exercise provision and will terminate on the fourth (4th) anniversary of the commencement of sales in the offering. The Representative's Warrants will provide for registration rights (including a one-time demand registration right at the expense of the Company and such demand registration right terminates on the fourth (4th) anniversary of the date of the effective date of the registration statement in accordance with FINRA Rules 5110(g)(8)(B) and 5110(g)(8)(C) and the piggyback registration right provided will not be greater than seven (7) years from the date of commencement of sales of the offering in compliance with FINRA Rule 5110(g)(8)(D)) and customary anti-dilution provisions (for stock dividends and splits and recapitalizations) and anti-dilution protection (adjustment in the number and price of such warrants and the shares underlying such warrants) resulting from corporate events (which would include dividends, reorganizations, mergers, etc.) and future issuance of Class A Shares or equivalents at prices (or with exercise and/or conversion prices) below the offering price as permitted under FINRA Rule 5110(f)(2)(G). We have registered the Representative's Warrants and the shares underlying the Representative's Warrants in this offering.

The Representative's Warrants and the underlying shares are deemed compensation by FINRA and therefore will be subject to a 180-day lock-up pursuant to FINRA Rule 5110(e)(1). The Representative (or permitted assignees under FINRA Rule 5110(e)(1)) will not sell, transfer, assign, pledge, or hypothecate these warrants or the securities underlying these warrants, nor will they engage in any hedging, short sale, derivative, put, or call transaction that would result in the effective economic disposition of the warrants or the underlying securities for a period of 180 days immediately following commencement of sale of this offering subject to certain exceptions permitted by FINRA Rule 5110(e)(2).

The registration statement of which this prospectus is a part also registers for sale the Representative's Warrants and Class A Shares issuable upon exercise of such warrant, as a portion of the underwriting compensation payable in connection with this offering.

**Right of First Refusal**

We have granted the Representative a right of first refusal, for a period of 15 months from the closing of the offering, to act as sole investment banker, sole book-runner, and/or sole placement agent at its sole discretion, for each and every future public equity and debt offering, including all equity linked financings (each a "Subject Transaction"), during such 15-month period, of our Company, or any successor to or any current or future subsidiary of our Company, on terms and conditions customary to the Representative for such Subject Transaction. The Representative's right of first refusal shall be subject to FINRA Rule 5110(g), including that the right of first refusal may be terminated by the Company for cause in case of the Representative's material failure to provide the services contemplated in the underwriting agreement. During such 15-month period, the Representative shall have the sole right to determine whether any other broker dealer shall have the right to participate in a Subject Transaction and the economic terms of such participation, and we shall not retain, engage or solicit any additional investment banker, book-runner, financial advisor, underwriter and/or placement agent in a Subject Transaction without the express written consent of the Representative.

**Tail Financing**

We have agreed that the Representative shall be entitled to a cash fee equal to seven and one-half percent (7.5%) of the gross proceeds received by us from the sale of any equity, debt and/or equity derivative instruments to any investor actually introduced by the Representative to us during the engagement period (being that period commencing from January 27, 2025, the date we engaged the Representative, or the "Engagement Date," to the earlier of (i) fifteen (15) months from the Engagement Date, or (ii) the final closing, if any, of the offering, the "Engagement Period"), in connection with any public or private financing or capital raise (each a "Tail Financing"), and such Tail Financing is consummated during the Engagement Period or within the fifteen (15) month period following the expiration or termination of the Engagement Period, provided that such Tail Financing is by a party actually introduced to us by the Representative in an offering in which the Company has direct knowledge of such party's participation. Such right shall be subject to FINRA Rule 5110(g)(5), including that it may be terminated by the Company for cause in case of the Representative's material failure to provide the services contemplated in the underwriting agreement.

**No Sales of Similar Securities** 

We, VCIG and our executive officers and directors have agreed not to sell or transfer any Class A Shares or securities convertible into, exchangeable for, exercisable for, or repayable with Class A Shares, for [___] days, in the case of VCIG, and for 180 days, in our case and the case of our directors and executive officers, after the date of this prospectus without first obtaining the written consent of [____]. Specifically, we and these other persons have agreed, with certain limited exceptions, not to directly or indirectly

● offer, pledge, sell or contract to sell any Class A Shares,

● sell any option or contract to purchase any Class A Shares,

● purchase any option or contract to sell any Class A Shares,

● grant any option, right or warrant for the sale of any Class A Shares,

● lend or otherwise dispose of or transfer any Class A Shares,

● request or demand that we file or make a confidential submission of a registration statement related to the Class A Shares, or

● enter into any swap or other agreement that transfers, in whole or in part, the economic consequence of ownership of any Class A Shares whether any such swap or transaction is to be settled by delivery of shares or other securities, in cash or otherwise.

This lock-up provision applies to Class A Shares and to securities convertible into or exchangeable or exercisable for or repayable with Class A Shares. It also applies to Class A Shares owned now or acquired later by the person executing the agreement or for which the person executing the agreement later acquires the power of disposition.

**Listing** 

We expect the shares to be approved for listing on the Nasdaq Capital Market, subject to notice of issuance, under the symbol "VCCG".

Before this offering, there has been no public market for our Class A shares . The initial public offering price will be determined through negotiations between us and the representatives. In addition to prevailing market conditions, the factors to be considered in determining the initial public offering price are

● the valuation multiples of publicly traded companies that the representatives believe to be comparable to us,

● our financial information,

● the history of, and the prospects for, our company and the industry in which we compete,

● an assessment of our management, its past and present operations, and the prospects for, and timing of, our future revenues,

● the present state of our development and

● the above factors in relation to market values and various valuation measures of other companies engaged in activities similar to ours.

An active trading market for the Class A Shares may not develop. It is also possible that after this offering the Class A Shares will not trade in the public market at or above the initial public offering price.

**Indemnification**

We have agreed to indemnify the Representative against certain liabilities, including liabilities under the Securities Act. If we are unable to provide this indemnification, we will contribute to payments that the Representative may be required to make for these liabilities.

**Lock-Up Agreements**

We, all of our directors and executive officers, and holders of 5% or more of our outstanding securities (or securities convertible into our Class A shares) have agreed not to, during the Engagement Period, and for a period of 180 days from the closing of the offering (the "Lock-Up Period"), (i) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, our Class A Shares or any securities convertible into or exercisable or exchangeable for our Class A Shares; (ii) file or cause to be filed any registration statement with the SEC relating to the offering of our Ordinary or any securities convertible into or exercisable or exchangeable for our Class A Shares; (iii) complete any offering of debt securities of our Company, other than entering into a line of credit with a traditional bank; or (iv) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of capital shares of our Company, whether any such transaction described in clause (i), (ii), (iii) or (iv) above is to be settled by delivery of shares of share capital of our Company or such other securities, in cash, or otherwise.

Furthermore, except as disclosed below, our Parent VCIG, which has now been transferred to VHKL in connection with the Corporate Restructuring, has agreed not to offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right, or warrant to purchase, lend, or otherwise to transfer or dispose of, directly or indirectly, any Class A Shares or other securities convertible into or exercisable or exchangeable for Class A Shares for a period of 180 days from the closing of this offering, subject to customary exceptions, without the prior written consent of the Representative. As described herein, none of our directors or executive officers own any Class A or Class B Ordinary Shares.

**Price Stabilization, Short Positions and Penalty Bids** 

Until the distribution of the Class A Shares is completed, SEC rules may limit underwriters and selling group members from bidding for and purchasing our Class A Shares. However, the representatives may engage in transactions that stabilize the price of the Ordinary Shares, such as bids or purchases to peg, fix or maintain that price.

The underwriters may also impose a penalty bid. This occurs when a particular underwriter repays to the underwriters a portion of the underwriting discount received by it because the representatives have repurchased shares sold by or for the account of such underwriter in stabilizing or short covering transactions.

Similar to other purchase transactions, the underwriters' purchases to cover the syndicate short sales may have the effect of raising or maintaining the market price of our Class A Shares or preventing or retarding a decline in the market price of our Class A Shares. As a result, the price of our Class A Shares may be higher than the price that might otherwise exist in the open market. The underwriters may conduct these transactions on the Nasdaq, in the over-the-counter market or otherwise.

Neither we nor any of the underwriters make any representation or prediction as to the direction or magnitude of any effect that the transactions described above may have on the price of our Class A Shares. In addition, neither we nor any of the underwriters make any representation that the representatives will engage in these transactions or that these transactions, once commenced, will not be discontinued without notice.

**Electronic Distribution** 

In connection with this offering, certain of the underwriters or securities dealers may distribute prospectuses by electronic means, such as email.

**Other Relationships** 

Some of the underwriters and their affiliates have engaged in, and may in the future engage in, investment banking and other commercial dealings in the ordinary course of business with us or our affiliates. They have received, or may in the future receive, customary fees and commissions for these transactions.

In addition, in the ordinary course of their business activities, the underwriters and their affiliates may make or hold a broad array of investments and actively trade debt and equity securities (or related derivative securities) and financial instruments (including bank loans) for their own account and for the accounts of their customers. Such investments and securities activities may involve securities and/or instruments of ours or our affiliates. The underwriters and their affiliates may also make investment recommendations and/or publish or express independent research views in respect of such securities or financial instruments and may hold, or recommend to clients that they acquire, long and/or short positions in such securities and instruments.

**European Economic Area** 

In relation to each member state of the European Economic Area (a "Member State"), no offer of Class A Shares which are the subject of this offering has been, or will be made to the public in that Member State, other than under the following exemptions under the Prospectus Directive:

&nbsp;&nbsp;&nbsp;&nbsp;(a) to any legal entity which is a qualified investor as defined in the Prospectus Directive;

&nbsp;&nbsp;&nbsp;&nbsp;(b) to fewer than 150 natural or legal persons (other than qualified investors as defined in the Prospectus Directive), subject to obtaining the prior consent of the representatives for any such offer; or

&nbsp;&nbsp;&nbsp;&nbsp;(c) in any other circumstances falling within Article 3(2) of the Prospectus Directive,

 

*provided* that no such offer of Class A Shares referred to in (a) to (c) above shall result in a requirement for VCIG or any representative to publish a prospectus pursuant to Article 3 of the Prospectus Directive, or supplement a prospectus pursuant to Article 16 of the Prospectus Directive.

Each person located in a Member State to whom any offer of Class A Shares is made or who receives any communication in respect of an offer of Class A Shares, or who initially acquires any Class A Shares will be deemed to have represented, warranted, acknowledged and agreed to and with each Representative and the Company that (1) it is a "qualified investor" within the meaning of the law in that Member State implementing Article 2(1)(e) of the Prospectus Directive; and (2) in the case of any Class A Shares acquired by it as a financial intermediary as that term is used in Article 3(2) of the Prospectus Directive, the Class A Shares acquired by it in the offer have not been acquired on behalf of, nor have they been acquired with a view to their offer or resale to, persons in any Member State other than qualified investors, as that term is defined in the Prospectus Directive, or in circumstances in which the prior consent of the representatives has been given to the offer or resale; or where Class A Shares have been acquired by it on behalf of persons in any Member State other than qualified investors, the offer of those Class A Shares to it is not treated under the Prospectus Directive as having been made to such persons.

VCCG, the representatives and their respective affiliates will rely upon the truth and accuracy of the foregoing representations, acknowledgments and agreements.

This prospectus has been prepared on the basis that any offer of shares in any Member State will be made pursuant to an exemption under the Prospectus Directive from the requirement to publish a prospectus for offers of shares. Accordingly, any person making or intending to make an offer in that Member State of shares which are the subject of this offering contemplated in this prospectus may only do so in circumstances in which no obligation arises for Arlo or any of the representatives to publish a prospectus pursuant to Article 3 of the Prospectus Directive in relation to such offer. Neither Arlo nor the representatives have authorized, nor do they authorize, the making of any offer of shares in circumstances in which an obligation arises for Arlo or the representatives to publish a prospectus for such offer.

For the purposes of this provision, the expression an "offer of Class A Shares to the public" in relation to any Class A Shares in any Member State means the communication in any form and by any means of sufficient information on the terms of the offer and the Class A Shares to be offered so as to enable an investor to decide to purchase or subscribe the Class A Shares, as the same may be varied in that Member State by any measure implementing the Prospectus Directive in that Member State, the expression "Prospectus Directive" means Directive 2003/71/EC (as amended) and includes any relevant implementing measure in each Member State.

The above selling restriction is in addition to any other selling restrictions set out below.

**Notice to Prospective Investors in the United Kingdom** 

In addition, in the United Kingdom, this document is being distributed only to, and is directed only at, and any offer subsequently made may only be directed at, persons who are "qualified investors" (as defined in the Prospectus Directive) (i) 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, as amended (the "Order"), and/or (ii) who are high net worth companies (or persons to whom it may otherwise be lawfully communicated) falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as "relevant persons"). This document must not be acted on or relied on in the United Kingdom by persons who are not relevant persons. In the United Kingdom, any investment or investment activity to which this document relates is only available to, and will be engaged in with, relevant persons.

**Notice to Prospective Investors in Switzerland** 

The shares may not be publicly offered in Switzerland and will not be listed on the SIX Swiss Exchange ("SIX") or on any other stock exchange or regulated trading facility in Switzerland. This document has been prepared without regard to the disclosure standards for issuance prospectuses under art. 652a or art. 1156 of the Swiss Code of Obligations or the disclosure standards for listing prospectuses under art. 27 ff. of the SIX Listing Rules or the listing rules of any other stock exchange or regulated trading facility in Switzerland. Neither this document nor any other offering or marketing material relating to the shares or this offering may be publicly distributed or otherwise made publicly available in Switzerland.

Neither this document nor any other offering or marketing material relating to this offering, the Company, the shares have been or will be filed with or approved by any Swiss regulatory authority. In particular, this document will not be filed with, and the offer of shares will not be supervised by, the Swiss Financial Market Supervisory Authority FINMA, and the offer of shares has not been and will not be authorized under the Swiss Federal Act on Collective Investment Schemes ("CISA"). The investor protection afforded to acquirers of interests in collective investment schemes under the CISA does not extend to acquirers of shares.

**Notice to Prospective Investors in the Dubai International Financial Centre** 

This prospectus relates to an Exempt Offer in accordance with the Offered Securities Rules of the Dubai Financial Services Authority ("DFSA"). This prospectus is intended for distribution only to persons of a type specified in the Offered Securities Rules of the DFSA. It must not be delivered to, or relied on by, any other person. The DFSA has no responsibility for reviewing or verifying any documents in connection with Exempt Offers. The DFSA has not approved this prospectus nor taken steps to verify the information set forth herein and has no responsibility for the prospectus. The shares to which this prospectus relates may be illiquid and/or subject to restrictions on their resale. Prospective purchasers of the shares offered should conduct their own due diligence on the shares. If you do not understand the contents of this prospectus, you should consult an authorized financial advisor.

**Notice to Prospective Investors in Australia** 

No placement document, prospectus, product disclosure statement or other disclosure document has been lodged with the Australian Securities and Investments Commission, in relation to this offering. This prospectus does not constitute a prospectus, product disclosure statement or other disclosure document under the Corporations Act 2001 (the "Corporations Act"), and does not purport to include the information required for a prospectus, product disclosure statement or other disclosure document under the Corporations Act.

Any offer in Australia of the shares may only be made to persons (the "Exempt Investors") who are "sophisticated investors" (within the meaning of section 708(8) of the Corporations Act), "professional investors" (within the meaning of section 708(11) of the Corporations Act) or otherwise pursuant to one or more exemptions contained in section 708 of the Corporations Act so that it is lawful to offer the shares without disclosure to investors under Chapter 6D of the Corporations Act.

The shares applied for by Exempt Investors in Australia must not be offered for sale in Australia in the period of 12 months after the date of allotment under this offering, except in circumstances where disclosure to investors under Chapter 6D of the Corporations Act would not be required pursuant to an exemption under section 708 of the Corporations Act or otherwise or where the offer is pursuant to a disclosure document which complies with Chapter 6D of the Corporations Act. Any person acquiring shares must observe such Australian on-sale restrictions.

This prospectus contains general information only and does not take account of the investment objectives, financial situation or particular needs of any particular person. It does not contain any securities recommendations or financial product advice. Before making an investment decision, investors need to consider whether the information in this prospectus is appropriate to their needs, objectives and circumstances, and, if necessary, seek expert advice on those matters.

**Notice to Prospective Investors in Hong Kong** 

The securities have not been offered or sold and will not be offered or sold in Hong Kong, by means of any document, other than (a) to "professional investors" as defined in the Securities and Futures Ordinance (Cap. 571) of Hong Kong and any rules made under that Ordinance; or (b) in other circumstances which do not result in the document being a "prospectus" as defined in the Companies Ordinance (Cap. 32) of Hong Kong or which do not constitute an offer to the public within the meaning of that Ordinance. No advertisement, invitation or document relating to the securities has been or may be issued or has been or may be in the possession of any person for the purposes of issue, whether in Hong Kong or elsewhere, which is directed at, or the contents of which are likely to be accessed or read by, the public of Hong Kong (except if permitted to do so under the securities laws of Hong Kong) other than with respect to securities which are or are intended to be disposed of only to persons outside Hong Kong or only to "professional investors" as defined in the Securities and Futures Ordinance and any rules made under that Ordinance.

**Notice to Prospective Investors in Japan** 

The securities have not been and will not be registered under the Financial Instruments and Exchange Law of Japan (Law No. 25 of 1948, as amended) and, accordingly, will not be offered or sold, directly or indirectly, in Japan, or for the benefit of any Japanese Person or to others for re-offering or resale, directly or indirectly, in Japan or to any Japanese Person, except in compliance with all applicable laws, regulations and ministerial guidelines promulgated by relevant Japanese governmental or regulatory authorities in effect at the relevant time. For the purposes of this paragraph, "Japanese Person" shall mean any person resident in Japan, including any corporation or other entity organized under the laws of Japan.

**Notice to Prospective Investors in Singapore** 

This prospectus has not been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, this prospectus and any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of Non-CIS Securities may not be circulated or distributed, nor may the Non-CIS Securities be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than (i) to an institutional investor under Section 274 of the Securities and Futures Act, Chapter 289 of Singapore (the "SFA"), (ii) to a relevant person pursuant to Section 275(1), or any person pursuant to Section 275(1A), and in accordance with the conditions specified in Section 275, of the SFA, or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA.

Where the Non-CIS Securities are subscribed or purchased under Section 275 of the SFA by a relevant person which is:

&nbsp;&nbsp;&nbsp;&nbsp;(a) a corporation (which is not an accredited investor (as defined in Section 4A of the SFA)) the sole business of which is to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor; or

&nbsp;&nbsp;&nbsp;&nbsp;(b) a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and each beneficiary of the trust is an individual who is an accredited investor,

securities (as defined in Section 239(1) of the SFA) of that corporation or the beneficiaries' rights and interest (howsoever described) in that trust shall not be transferred within six months after that corporation or that trust has acquired the Non-CIS Securities pursuant to an offer made under Section 275 of the SFA except:

&nbsp;&nbsp;&nbsp;&nbsp;(a) to an institutional investor or to a relevant person defined in Section 275(2) of the SFA, or to any person arising from an offer referred to in Section 275(1A) or Section 276(4)(i)(B) of the SFA;

&nbsp;&nbsp;&nbsp;&nbsp;(b) where no consideration is or will be given for the transfer;

&nbsp;&nbsp;&nbsp;&nbsp;(d) as specified in Section 276(7) of the SFA; or

&nbsp;&nbsp;&nbsp;&nbsp;(c) where the transfer is by operation of law;

&nbsp;&nbsp;&nbsp;&nbsp;(e) as specified in Regulation 32 of the Securities and Futures (Offers of Investments) (Shares and Debentures) Regulations 2005 of Singapore.

**Notice to Prospective Investors in Canada** 

The securities may be sold only to purchasers purchasing, or deemed to be purchasing, as principal that are accredited investors, as defined in National Instrument 45-106 *Prospectus Exemptions* or subsection 73.3(1) of the *Securities Act* (Ontario), and are permitted clients, as defined in National Instrument 31-103 *Registration Requirements, Exemptions and Ongoing Registrant Obligations*. Any resale of the securities must be made in accordance with an exemption from, or in a transaction not subject to, the prospectus requirements of applicable securities laws.

Securities legislation in certain provinces or territories of Canada may provide a purchaser with remedies for rescission or damages if this prospectus (including any amendment thereto) contains a misrepresentation, provided that the remedies for rescission or damages are exercised by the purchaser within the time limit prescribed by the securities legislation of the purchaser's province or territory. The purchaser should refer to any applicable provisions of the securities legislation of the purchaser's province or territory for particulars of these rights or consult with a legal advisor.

Pursuant to section 3A.3 (or, in the case of securities issued or guaranteed by the government of a non-Canadian jurisdiction, section 3A.4) of National Instrument 33-105 *Underwriting Conflicts* (NI 33-105), the underwriters are not required to comply with the disclosure requirements of NI 33-105 regarding underwriter conflicts of interest in connection with this offering.

**EXPENSES RELATING TO THIS OFFERING**

Set forth below is an itemization of the total expenses in US dollars, excluding the underwriting discounts and commissions, and accountable and non-accountable expenses reimbursable to the underwriters and estimated offering expenses, expected to be incurred in connection with this offering by us. With the exception of the SEC registration fee and the FINRA filing fee, all amounts are estimates.

---

| | |
|:---|:---|
| SEC registration fee | $2195.79 |
| FINRA filing fee | $— |
| Printer fees | $— |
| Legal fees and expenses | $— |
| Accounting fees and expenses | $— |
| Miscellaneous expenses | $— |
| Total | $— |

---

**LEGAL MATTERS**

We are being represented by Sichenzia Ross Ference Carmel LLP with respect to legal matters of United States federal securities law. The validity of the Class A Shares offered by this prospectus and legal matters as to BVI law only will be passed upon for us by Carey Olsen (BVI) L.P. Sichenzia Ross Ference Carmel LLP may rely upon Carey Olsen (BVI) L.P. with respect to matters governed by British Virgin Islands law only. Bevilacqua PLLC is acting as counsel to the Underwriter.

**EXPERTS**

The combined and consolidated financial statements for the financial year ended December 31, 2023, and 2024 included in this prospectus have been so included in reliance on the report of WWC, P.C., an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting.

The audit report contains an explanatory paragraph that states that the combined and consolidated financial statements have been restated to correct certain misstatements.

The registered office address of WWC, P.C. is 2010 Pioneer Court, San Mateo, CA 94403, U.S.A.

**ENFORCEABILITY OF CIVIL LIABILITY**

We are incorporated under the laws of the British Virgin Islands, and our officers and directors are residents outside the United States. Moreover, a majority of our consolidated assets are located outside the United States. Although we are incorporated outside the United States, we have agreed to accept service of process in the United States through our agent designated for that purpose. Nevertheless, substantially all of the consolidated assets owned by us are located outside the United States and any judgment obtained in the United States against us may not be enforceable outside the United States. There is no treaty between the United States and the British Virgin Islands providing for the reciprocal recognition and enforcement of judgments in civil and commercial matters and a final judgment for the payment of money rendered by any federal or state court in the United States based on civil liability, whether or not predicated solely upon the federal securities laws, would, therefore, not be automatically enforceable in the British Virgin Islands. There is uncertainty as to whether judgments of courts in the United States based upon the civil liability provisions of the federal securities laws of the United States would be recognized or enforceable in the British Virgin Islands. In making a determination as to enforceability of a judgment of the courts of the United States, the BVI courts would have regard to whether the judgment was final and conclusive and on the merits of the case, given by a court of law of competent jurisdiction, and was expressed to be for a fixed sum of money. In general, a foreign judgment would be enforceable in the unless procured by fraud, or the proceedings in which such judgments were obtained were not conducted in accordance with principles of natural justice, or the enforcement thereof would be contrary to public policy, or if the judgment would conflict with earlier judgment(s) from British Virgin Islands or earlier foreign judgment(s) recognized in British Virgin Islands, or if the judgment would amount to the direct or indirect enforcement of foreign penal, revenue or other public laws. Civil liability provisions of the federal and state securities law of the United States permit the award of punitive damages against us, our directors and officers. BVI courts would not recognize or enforce judgments against us, our directors and officers to the extent that doing so would amount to the direct or indirect enforcement of foreign penal, revenue or other public laws. It is uncertain as to whether a judgment of the courts of the United States under civil liability provisions of the federal securities law of the United States would be regarded by BVI courts as being pursuant to foreign, penal, revenue or other public laws. Such a determination has yet to be made by a BVI court in a reported decision.

In addition, holders of book-entry interests in our shares will be required to exchange such interests for certificated shares and to be registered as shareholders in our shareholder register in order to have standing to bring a shareholder suit and, if successful, to enforce a foreign judgment against us, our directors or our executive officers in the BVI.

A holder of book-entry interests in our shares may become a registered shareholder of our Company by exchanging such holder's interest in our shares for certificated shares and being registered in our shareholder register. The administrative process of becoming a registered shareholder could result in delays prejudicial to any legal proceeding or enforcement action.

**WHERE YOU CAN FIND ADDITIONAL INFORMATION**

We have filed a Registration Statement on Form F-1 with the SEC regarding this offering. This prospectus, which is part of the registration statement, does not contain all of the information included in the registration statement, and you should refer to the registration statement and its exhibits to read that information. References in this prospectus to any of our contracts or other documents are not necessarily complete, and you should refer to the exhibits attached to the registration statement for copies of the actual contract or document. Following the completion of this offering, we will be subject to the information reporting requirements of the Exchange Act and we will file reports, proxy statements and other information with the SEC.

You may read and copy the registration statement and the related exhibits, and the reports, proxy statements and other information we will file with the SEC, at the SEC's public reference room maintained at 100 F Street N.E., Room 1580, Washington, D.C. 20549. You can also request copies of those documents, 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 room. The SEC also maintains a website that contains reports, proxy and information statements and other information regarding issuers that file with the SEC. The website is www.sec.gov.

**V CAPITAL CONSULTING GROUP LIMITED**

**INDEX TO COMBINED AND CONSOLIDATED FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
|  | **Page** |
| [Report of Independent Registered Public Accounting Firm](#via_025) | F-2 |
| [Combined and Consolidated Statements of Financial Position](#via_026) | F-3 |
| [Combined and Consolidated Statements of Profit or Loss and Other Comprehensive Income](#via_027) | F-4 |
| [Combined and Consolidated Statements of Changes in Equity](#via_028) | F-5 |
| [Combined and Consolidated Statements of Cash Flows (Restated)](#via_029) | F-6 |
| [Notes to Combined and Consolidated Financial Statements](#via_030) | F-7 |

---

**INDEX TO UNAUDITED INTERIM CONDENSED COMBINED AND CONSOLIDATED FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
|  | **Page** |
| [Report of Independent Registered Public Accounting Firm](#via_031) | F-41 |
| [Unaudited Interim Condensed Combined and Consolidated Statements of Financial Position](#via_032) | F-42 |
| [Unaudited Interim Condensed Combined and Consolidated Statements of Profit or Loss and Other Comprehensive Income](#via_033) | F-43 |
| [Unaudited Interim Condensed Combined and Consolidated Statements of Changes in Equity](#via_034) | F-44 |
| [Unaudited Interim Condensed Combined and Consolidated Statements of Cash Flows](#via_035) | F-45 |
| [Notes to Unaudited Interim Condensed Combined and Consolidated Financial Statements](#via_036) | F-46 |

---

![](image_003.jpg)

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To: The Board of Directors and Shareholders of <br> V Capital Consulting Group Limited

**Opinion on the Financial Statements**

We have audited the accompanying combined and consolidated statements of financial position of V Capital Consulting Group Limited and its subsidiaries (the "Company") as of December 31, 2023, and 2024, and the related combined and consolidated statements of profit or loss and other comprehensive income, changes in equity, and cash flows for each of the years in the two-year period ended December 31, 2023 and 2024, and the related notes (collectively referred to as the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2023 and 2024, and the results of its operations and its cash flows for each of the years in the two-year period ended December 31, 2023 and 2024, in conformity with International Financial Reporting Standards as issued by the International Accounting Standards Board.

**Restatement of Previously Issued Financial Statements**

As discussed in Note 24 to the combined and consolidated financial statements, the Company has restated its combined and consolidated statements of cash flows for the financial years ended December 31, 2023 and 2024 to correct certain classification and presentation errors.

**Basis for Opinion**

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ WWC, P.C.

WWC, P.C.

Certified Public Accountants

PCAOB ID No. 1171

We have served as the Company's auditor since 2024.

San Mateo, California

July 23, 2025, except for Note 24 and 25, as to which the date is October 27, 2025, Note 1, 9 and 25, as to which the date is January 28, 2026, to reflect the effects of share split

**V CAPITAL CONSULTING GROUP LIMITED AND ITS SUBSIDIARIES**

**COMBINED AND CONSOLIDATED STATEMENTS OF FINANCIAL POSITION**

**AS OF DECEMBER 31, 2023 AND 2024** 

---

| | | | |
|:---|:---|:---|:---|
|  | Note | 2023 | 2024 |
|  |  | US$ | US$ |
| **ASSETS** |  |  |  |
| **Non-current assets** |  |  |  |
| Financial assets, measured at fair value through other comprehensive income | 4 | 6860489 | 2591000 |
| Plant and equipment, net | 5 | 4652 | 3916 |
| Total non-current assets |  | 6865141 | 2594916 |
| **Current assets** |  |  |  |
| Trade and other receivables | 6 | 1984745 | 7907312 |
| Cash and bank balances | 7 | 264437 | 1184237 |
| Total current assets |  | 2249182 | 9091549 |
| **Total assets** |  | 9114323 | 11686465 |
| **<u>LIABILITIES AND EQUITY</u>** |  |  |  |
| **Current liabilities** |  |  |  |
| Trade and other payables | 8 | 807710 | 825291 |
| Amount due to related parties | 19 | 791245 | 4140278 |
| Income tax payable |  | 32924 | **–** |
| Total current liabilities |  | 1631879 | 4965569 |
| **Total liabilities** |  | 1631879 | 4965569 |
| **Equity** |  |  |  |
| Share capital \* | 9 | 2002300 | 2002300 |
| Fair value reserve | 10 | 365389 | (409000) |
| Translation reserve | 11 | (7040) | (18407) |
| Retained earnings |  | 5121795 | 5146003 |
| **Total equity** |  | 7482444 | 6720896 |
| **Total liabilities and equity** |  | 9114323 | 11686465 |

---

\* Giving retroactive effect to the restructuring on January 24, 2025 and January 6, 2026 (Note 1).

The accompanying notes are an integral part of these combined and consolidated financial statements.

**V CAPITAL CONSULTING GROUP LIMITED AND ITS SUBSIDIARIES**

**COMBINED AND CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND** 

**OTHER COMPREHENSIVE INCOME FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2024**

---

| | | | |
|:---|:---|:---|:---|
|  | Note | 2023 | 2024 |
|  |  | US$ | US$ |
| Revenue - third parties |  | 12158753 | 14289986 |
| Revenue - related party |  | 241595 | **–** |
| Total revenue | 12 | 12400348 | 14289986 |
| Other income | 13 | **–** | 13623 |
| Cost of services | 14 | (2792033) | (2813845) |
| Depreciation of plant and equipment | 5 | (103) | (744) |
| Directors' fees | 15 | (778518) | (1018291) |
| Employee benefits expenses | 15 | (1204324) | (1186028) |
| Allowance for expected credit losses on trade and other receivables | 6 | (235000) | (571986) |
| Rental expenses | 18 | (45719) | (110489) |
| Legal and professional fees |  | (13994) | (194384) |
| Other operating expenses | 16 | (573312) | (397513) |
| **Profit before income tax** |  | 6757345 | 8010329 |
| Income tax expense | 17 | (22841) | **–** |
| **Profit for the year** |  | 6734504 | 8010329 |
| **Other comprehensive income/(loss):** |  |  |  |
| *Items that will not be reclassified subsequently to profit or loss:* |  |  |  |
| Fair value adjustment on financial assets, measured at fair value through other comprehensive income | 4 | 365389 | (8760510) |
| *Items that may be reclassified subsequently to profit or loss:* |  |  |  |
| Exchange differences on translating foreign operations |  | (7040) | (11367) |
| **Other comprehensive income/(loss)** |  | 358349 | (8771877) |
| **Total comprehensive income/(loss) for the year** |  | 7092853 | (761548) |
| **Earnings per share of Class A ordinary shares - basic and diluted** |  | 0.16 | 0.19 |

---

**Earnings per share**

<u>December 31,</u> <br> <u>2023</u> <u>2024</u> <br> Weighted average number of Class A ordinary shares - basic and diluted\*   <u>42,000,000</u>   <u>42,000,000</u>

\* Giving retroactive effect to the restructuring on January 24, 2025 and January 6, 2026 (Note 1).

The accompanying notes are an integral part of these combined and consolidated financial statements.

**V CAPITAL CONSULTING GROUP LIMITED AND ITS SUBSIDIARIES**

**COMBINED AND CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY**

**FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2024**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | Attributable to equity owners of the Company | Attributable to equity owners of the Company | Attributable to equity owners of the Company | Attributable to equity owners of the Company | Attributable to equity owners of the Company |
|  | <br>Note | Share<br>capital | Fair value<br>reserve | Translation<br>reserve | Retained<br>earnings | Total<br>equity |
|  |  | US$ | US$ | US$ | US$ | US$ |
| **Balance at January 1, 2023 \*** |  | 2002300 | **–** | **–** | 787291 | 2789591 |
| Profit for the year |  | **–** | **–** | **–** | 6734504 | 6734504 |
| **Other comprehensive income:** |  |  |  |  |  |  |
| Fair value gain on financial assets, measured at fair value through other comprehensive income |  | **–** | 365389 | **–** | **–** | 365389 |
| Exchange differences on translating foreign operations |  | **–** | **–** | (7040) | **–** | (7040) |
| Dividends paid | 23 | **–** | **–** | **–** | (2400000) | (2400000) |
| **Balance at December 31, 2023** |  | 2002300 | 365389 | (7040) | 5121795 | 7482444 |
| Profit for the year |  | **–** | **–** | **–** | 8010329 | 8010329 |
| **Other comprehensive loss:** |  |  |  |  |  |  |
| Fair value loss on financial assets, measured at fair value through other comprehensive income |  | **–** | (8760510) | **–** | **–** | (8760510) |
| Exchange differences on translating foreign operations |  | **–** | **–** | (11367) | **–** | (11367) |
| Transfer upon disposal of equity instruments at fair value through other comprehensive income |  | **–** | 7986121 | **–** | (7986121) | **–** |
| **Balance at December 31, 2024** |  | 2002300 | (409000) | (18407) | 5146003 | 6720896 |

---

\* Giving retroactive effect to the restructuring on January 24, 2025 and January 6, 2026 (Note 1).

The accompanying notes are an integral part of these combined and consolidated financial statements.

**V CAPITAL CONSULTING GROUP LIMITED AND ITS SUBSIDIARIES** 

**COMBINED AND CONSOLIDATED STATEMENTS OF CASH FLOWS**

**FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2024**

---

| | | | |
|:---|:---|:---|:---|
|  | Note | 2023 <br>(As Restated<br> See Note 24) | 2024 <br>(As Restated<br> See Note 24) |
|  |  | US$ | US$ |
| **Operating activities** |  |  |  |
| Profit before income tax |  | 6757345 | 8010329 |
| Adjustments for: |  |  |  |
| Non-cash revenue |  | (7895100) | (8791482) |
| Loss on disposal of investment |  | **–** | 1013 |
| Allowance for expected credit losses on trade and other receivables | 6 | 235000 | 571986 |
| Reversal of allowance for expected credit losses for trade receivables | 6 | **–** | (10000) |
| Depreciation of plant and equipment | 5 | 103 | 744 |
| Operating cash flows before movements in working capital |  | (902652) | (217410) |
| Trade receivables, deposits and prepayments |  | 1186144 | (3109314) |
| Trade and other payables |  | 787169 | 17581 |
| Cash generated from/(used in) operations |  | 1070661 | (3309143) |
| Income tax paid |  | (43735) | (32924) |
| **Net cash generated from/(used in) operating activities** |  | 1026926 | (3342067) |
| **Investing activities** |  |  |  |
| Acquisition of plant and equipment | 5 | (4755) | **–** |
| Acquisition of financial assets, measured at fair value through other comprehensive income |  | **–** | (114271) |
| Proceeds from disposal of financial assets, measured at fair value through other comprehensive income |  | **–** | 1298250 |
| **Net cash (used in)/generated from investing activities** |  | (4755) | 1183979 |
| **Financing activities** |  |  |  |
| (Repayment to)/Advance from related parties, net |  | (762624) | 3077888 |
| **Net cash (used in)/generated from financing activities** |  | (762624) | 3077888 |
| Net increase in cash and cash equivalents |  | 259547 | 919800 |
| Cash and bank balances at beginning of year |  | 4890 | 264437 |
| **Cash and bank balances at end of year** | 7 | 264437 | 1184237 |

---

---

| | | |
|:---|:---|:---|
|  | 2023 <br> (As Restated<br> See Note 24) | 2024<br> (As Restated<br> See Note 24) |
|  | US$ | US$ |
| **<u>Supplemental non-cash flows information</u>** |  |  |
| <u>Non-cash operating activities</u> |  |  |
| Non-cash revenue | (7895100) | (8791482) |
| Loss on disposal of investment |  | 1013 |
| Allowance for expected credit losses on trade and other receivables | 235000 | 571986 |
| Reversal of allowance for expected credit losses for trade receivables |  | (10000) |
| Depreciation of plant and equipment | 103 | 744 |
| <u>Non-cash investing activities</u> |  |  |
| Acquisition of financial assets, measured at fair value through other comprehensive income by means of consultancy services provided during the year | 6495100 | 8791482 |
| Other receivable from consultancy services provided for the year |  |  |
| - Third party | 1140230 | **–** |
| - Related party | 259770 | **–** |
| Outstanding proceeds from disposal of financial assets, measured at fair value through other comprehensive income | **–** | 4516482 |
| Acquisition of financial assets, measured at fair value through other comprehensive income through the offset of other receivables |  |  |
| - Third party | **–** | 1140230 |
| - Related party | **–** | 259770 |
| <u>Non-cash financing activities</u> |  |  |
| Dividends declared by V Capital Consulting Limited offset against amount due from a related party who was the sole shareholder of V Capital Consulting Limited (Note 23) | 2400000 | **–** |
| Issuance of 1,000,000 Class A Shares at US$2 per share on January 23, 2025 by capitalizing amount due to holding company, VCI Global Limited as of December 31, 2023 | 2000000 | **–** |

---

The accompanying notes are an integral part of these combined and consolidated financial statements.

**V CAPITAL CONSULTING GROUP LIMITED AND ITS SUBSIDIARIES**

**NOTES TO COMBINED AND CONSOLIDATED FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
| **1** | **Organization and principal activities** |

---

**<u>Organization and reorganization</u>**

V Capital Consulting Group Limited ("the Company", and collectively with its subsidiaries "the Group") was incorporated in the British Virgin Islands on December 24, 2024. The registered office of the Company is situated at Vistra Corporate Services Centre, Wickhams Cay II, Road Town, Tortola, British Virgin Islands. The principal place of business of the Company is situated at B03-C-8, Menara 3A, KL Eco City, No.3 Jalan Bangsar, 59200 Kuala Lumpur, Malaysia.

The Group structure which represents the operating subsidiaries and the holding entity is as follow:

![](image_004.jpg)

**<u>Reorganization</u>**

The Company's strategy consultancy business commenced operation in 2020 and offers a diverse range of consultancy solutions, which includes, among others, providing comprehensive support throughout the listing journey. This includes offering end-to-end listing solutions that cover advising on organizational readiness, managing due diligence process, conducting peer and industry analyses, supporting the drafting of offering materials, and providing assistance to clients throughout the listing process. In addition, the Company also supports the preparation of investor communication materials, offers strategic input on structure optimization, and help formulate narratives and positioning strategies "Listing Business".

A series of transactions to reorganize the Listing Business and to transfer the Listing Business to the Company was effected from January 2024 to January 2025 ("2025 Restructuring"). As part of the 2025 Restructuring, the Company's prior holding company, VCI Global Limited ("VCIG") transferred its equity interests in the operating entities that were conducting the Listing Business to the Company, which was a wholly-owned subsidiary of the VCIG. As a result, these operating entities became the Company's wholly-owned subsidiaries.

Prior to the 2025 Restructuring, certain portion of the Listing Business was operated by certain entities within the VCIG. While these entities were not transferred to the Company in the 2025 Restructuring, the combination of assets, liabilities, operations, and cash flows related to the Listing Business were transferred to the Company upon the completion of the 2025 Restructuring.

The combined and consolidated financial statements of the Company have been prepared on a carve-out basis and are derived from the stand-alone financial statements and accounting records of each subsidiary of the Company, as well as those entities within VCIG that historically operated the Listing Business. These financial statements reflect the transfer of the assets, liabilities, operations, and cash flows in association with the Listing Business as if such transfer took place since inception. These financial statements may not be indicative of the Company's future performance and do not necessarily reflect what the financial position, results of operations and cash flows would have been had the Listing Business operated as an independent company during the periods presented.

Historically, the Listing Business was operated by certain entities under VCIG. Throughout 2024, VCIG undertook a series of transactions to transfer the operations of the Listing Business, along with certain other entities, into the Company in anticipation of a potential IPO on Nasdaq. Upon the completion of the 2025 Restructuring in January 2025, the VCIG completed the following transfers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Transfer of equity interests in Operating Entities</u> 

From January 19, 2024 to January 24, 2025, the Company acquired 100% of the equity ownership of V Capital Consulting Limited and V Capital Advisory Sdn. Bhd. (the "Operating Entities)". These transactions were executed under common control with nominal consideration. Information on these Operating Entities are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Subsidiary | Date of<br> incorporation | Place of<br> incorporation | Ownership<br> 2023 | Ownership<br> 2024 | Principal activities |
| V Capital Consulting Limited | March 01, 2016 | British Virgin Islands | 100% | 100% | Provision of corporate and business advisory services, including business strategy consultancy, merger and acquisition advisory, and strategic executive advisory services. |
| V Capital Advisory Sdn. Bhd. | February 12, 2018 | Malaysia | 100% | 100% | Provision of corporate and business advisory in relation to corporate listing exercise, equity investment, corporate restructuring, merger and acquisition. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Transfer of Listing Business, including related assets, liabilities, revenue and expenses</u> 

*<u>Business agreement between VCIG and the Company</u>*

On 30 December 2024, the Company and VCIG entered into a stock sale and business separate agreement, recognizing terms and conditions to the following 1. Sale of shares from VCIG to the Company, 2. Transition services to be provided by VCIG to the Company during the transition period, and 3. Non-competition period.

*<u>Historical assets and liabilities recognized at carrying value</u>*

All of the Operating Entities and business transferred in the 2025 Restructuring are under common control of VCIG, accordingly, all such transactions are accounted for at their respective carrying value and retroactively adjusted as if such transactions had taken place as of the beginning of January 1, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Exclusion of certain expenses that are not related to Listing Business</u> 

Management has identified certain expenses incurred by the Operating Entities that were not related to Listing Business, and since these expenditures and related payables are not of the Company's proposed listing plan, they have been identified and transferred back to VCIG.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Transfer of working capital

Historically, VCIG funded the Company's Listing Business through intercompany transactions, and recorded amount due from (due to) holding company and related companies. On January 23, 2025, VCIG entered into deeds of assignment with certain subsidiary and waived net outstanding amount due to and due from the Company, which resulted in a total net settlement of US$2 million as of January 23, 2025. On January 23, 2025, the Company issued 1,000,000 Class A ordinary shares at US$2 per share by way of capitalizing amount due to holding company, VCI Global Limited as of December 31, 2023.

The combined and consolidated financial statements have been prepared as though the Listing Business had been operating as a stand-alone business for all periods presented. The Company adopted the management approach to identify the operations of the Listing Business. In using management's approach, considerations over how the business operates were utilized to identify historical operations that should be presented within the carve-out financial statements. This approach was taken due to the organizational structure of certain legal entities comprising the Listing Business.

All assets, liabilities, revenue, and expenses directly attributable to the Listing Business have been reflected in these combined and consolidated financial statements on a historical cost basis, as recorded in the separate financial statements of each subsidiary of the Company, as well as certain entities in VCIG that were not transferred to the Company in the 2025 Restructuring. All revenues, costs, assets, and liabilities directly associated with the Listing Business are included in the accompanying combined and consolidated financial statements. Revenue and funding cost associated with Listing Business are specifically identifiable in the accounting records maintained by VCIG. In addition, the expenses of the Listing Business include certain allocations of employee and administrative expenses from VCIG as further discussed below.

Certain functions of VCIG have historically provided oversight for both the Listing Business and other businesses or entities within VCIG. These functions and related expenses include, but are not limited to, salaries and wages associated with executives and staff involved in corporate-level oversight, costs for operational support, sales and marketing activities, and other common administrative support such as finance, legal, information technology, and human resources functions. The combined and consolidated financial statements of the Company include allocations of certain expenses from VCIG that are related to these functions historically provided by VCIG. The majority of these expenses have been allocated to the Company based on direct usage where identifiable, with the remainder allocated on a basis considered to be a reasonable reflection of the historical utilization levels of these services. As a result, the allocated expenses included in the combined and consolidated financial statements of the Company may not necessarily reflect the conditions that would have existed or the results of operations had the Company operated as an unaffiliated entity, and therefore, may not be indicative of future expenses that the Company will incur.

<u>Corporate Restructuring</u>

The Company completed a corporate restructuring (the "Corporate Restructuring") intended to simplify its ownership structure and align the Company's voting control. The restructuring transactions were completed on January 6, 2026, and did not involve any change in the underlying business operations of the Company:

Pursuant to the restructuring, VCIG transferred its entire equity interest in the Company, consisting of 21,000,000 Class A Shares and 3,000,000 Class B Shares, to VHKL Private Capital Limited (VHKL). Following the transfer, VHKL became the direct parent company of the Company. VHKL is controlled by Mr. Hoo Voon Him, who is also the controlling shareholder of VCIG, therefore, Mr. Hoo Voon Him retains control over the Company.

In addition, the Company implemented a share split on a two-for-one basis, whereby its issued and outstanding ordinary share was subdivided from 21,000,000 Class A Shares and 3,000,000 Class B Shares into 42,000,000 Class A Shares and 6,000,000 Class B Shares.

As a result of the foregoing restructuring, Mr. Hoo Voon Him, through his control of VHKL, holds a controlling voting interest in the Company. The restructuring did not result in any change to the Company's assets, liabilities, or business operations, but it did affect the ownership and voting structure of the Company.

---

| | |
|:---|:---|
| **2** | **Material accounting policies** |

---

**Basis of preparation**

These financial statements have been prepared in accordance with the International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB") under the historical cost convention, except as disclosed in the accounting policies below.

The preparation of financial statements in conformity with IFRS requires management to exercise its judgement in the process of applying the Company's accounting policies. It also requires the use of certain critical accounting estimates and assumptions. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in Note 3.

In the current financial year, the Company has adopted the new or amended IFRS that are mandatory for application for the financial year. Changes to the Company's accounting policies have been made as required, in accordance with the transitional provisions in the respective IFRS.

The adoption of these new or amended IFRS did not result in substantial changes to the Company's accounting policies and had no material effect on the amounts reported for the current or prior financial years.

<u>Standards issued but not yet effective</u>

At the date of authorization of these financial statements, a number of new/revised standards that are relevant to the Company were issued but not yet effective. Consequential amendments were also made to various standards as a result of these new/revised standards.

The Company does not intend to early adopt any of the new/revised standards, interpretations and amendments to the existing standards. Management anticipates that the adoption of the revised/new standards will not have a material impact on the financial statements of the Company in the period of their initial adoption.

**Fair value measurements**

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or a liability, the Company takes into account the characteristics of the asset or liability which market participants would take into account when pricing the asset or liability at the measurement date. Fair value for measurement and/or disclosure purposes in these financial statements is determined on such a basis.

In addition, for financial reporting purposes, fair value measurements are categorized into Level 1, 2 or 3 based on the degree to which the inputs to the fair value measurements are observable and the significance of the inputs to the fair value measurement in its entirety, which are described as follows:

● Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date;

● Level 2 inputs are inputs, other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly; and

● Level 3 inputs are unobservable inputs for the asset or liability.

**Basis of consolidation**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(a)***  ***Consolidation*** 

 

Subsidiaries are all entities (including structured entities) over which the Company has control. The Company controls an entity when the Company is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiary corporations are fully consolidated from the date on which control is transferred to the Company. They are deconsolidated from the date that control ceases.

 

In preparing the combined and consolidated financial statements, transactions, balances and unrealized gains on transactions between group entities are eliminated. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment indicator of the transferred asset. Accounting policies of subsidiary corporations have been changed where necessary to ensure consistency with the policies adopted by the Company.

 

Acquisition of entities under an internal reorganization scheme does not result in any change in economic substance. Accordingly, the combined and consolidated financial statements of the Company are a continuation of the acquired entities and is accounted for as follows:

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The results of entities
 are presented as if the internal reorganization occurred from the beginning of the earliest period presented in the financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Company consolidates
 the assets and liabilities of the acquired entities at the pre-combination carrying amounts. No adjustments are made to reflect fair
 values, or recognize any new assets or liabilities, at the date of the internal reorganization that would otherwise be done under
 the acquisition method; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) No new goodwill is recognized
 as a result of the internal reorganization. Any difference between the consideration paid/transferred and the equity acquired is
 reflected within equity as merger reserve or deficit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(b)***  ***Acquisitions*** 

 

The acquisition method of accounting is used to account for business combinations entered into by the Company.

 

The consideration transferred for the acquisition of a subsidiary corporation or business comprises the fair value of the assets transferred, the liabilities incurred, and the equity interests issued by the Company. The consideration transferred also includes any contingent consideration arrangement and any pre-existing equity interest in the subsidiary measured at their fair values at the acquisition date.

 

Acquisition-related costs are expensed as incurred.

 

Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited exceptions, measured initially at their fair values at the acquisition date.

 

On an acquisition-by-acquisition basis, the Company recognizes any non-controlling interest in the acquiree at the date of acquisition either at fair value or at the non-controlling interest's proportionate share of the acquiree's identifiable net assets.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(c)***  ***Disposals*** 

 

When a change in the Company's ownership interest in a subsidiary corporation result in a loss of control over the subsidiary, the assets and liabilities of the subsidiary including any goodwill are derecognized. Amounts previously recognized in other comprehensive income in respect of that entity are also reclassified to profit or loss or transferred directly to retained earnings if required by a specific standard.

 

Any retained equity interest in the entity is remeasured at fair value. The difference between the carrying amount of the retained interest at the date when control is lost, and its fair value is recognized in profit or loss.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(d)***  ***Transactions with non-controlling interests*** 

 

Changes in the Company's ownership interest in a subsidiary that does not result in a loss of control over the subsidiary is accounted for as transaction with equity owners of the Company. Any difference between the change in the carrying amounts of the non-controlling interest and the fair value of the consideration paid or received is recognized within equity attributable to the equity holders of the Company.

 

**Financial assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(a)***  ***Classification and measurement*** 

 

The Company classifies its financial assets in the following measurement categories (1) amortized cost, (2) fair value through other comprehensive income ("FVOCI"), and (3) fair value through profit or loss.

 

The classification depends on the Company's business model for managing the financial assets as well as the contractual terms of the cash flows of the financial assets.

The Company reclassifies debt instruments when and only when its business model for managing those assets changes.

**<u>At initial recognition</u>**

At initial recognition, the Company measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at fair value through profit or loss are expensed in profit or loss.

**<u>At subsequent measurement</u>**

<u>Debt instrument</u>

 

Debt instruments mainly comprise of cash and cash equivalents and trade and other receivables.

 

Amortized cost - Debt instruments that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortized cost. A gain or loss on a debt instrument that is subsequently measured at amortized cost and is not part of a hedging relationship is recognized in profit or loss when the asset is derecognized or impaired. Interest income from these financial assets is included in interest income using the effective interest rate method.

<u>Equity investment</u>

The Company measures all its equity investment at their fair value. Equity investments are classified as fair value through profit or loss with movement in their fair value recognized in profit or loss in the period in which the changes arise, except for those equity securities which are not held for trading. The Company has elected to recognize changes in fair value of equity securities not held for trading in other comprehensive income as these are strategic investments and the Company considers this to be more relevant. Movement in fair value of investments classified as FVOCI are presented as "fair value adjustment" in "other comprehensive income/(loss)".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(b)***  ***Recognition and derecognition*** 

 

Regular way purchases and sales of financial assets are recognized on trade date – the date on which the Group commits to purchase or sell the asset.

 

Financial assets are derecognized when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all risks and rewards of ownership.

On disposal of a debt instrument, the difference between the carrying amount and the sale proceeds is recognized in profit or loss.

On disposal of an equity investment, the difference between the carrying amount and sales proceed is recognised in profit or loss if there was no election made to recognise fair value change in other comprehensive income. If there was an election made, any difference between the carrying amount and sales proceed amount would be recognised in other comprehensive income and transferred to retained profits along with the amount previously recognised in other comprehensive income relating to that asset.

**Financial liabilities and equity instruments**

<u>Classification as debt or equity</u>

Debt and equity instruments issued by the Company are classified as either financial liabilities or as equity in accordance with substance of the contractual arrangements and the definitions of a financial liability and an equity instrument.

<u>Equity instruments</u>

An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments issued by the Company are recognized at the proceeds received, net of direct issue costs.

<u>Financial liabilities</u>

Except for derivative financial instruments which are stated at fair value through profit or loss, all other financial liabilities are subsequently measured at amortized cost using the effective interest method.

The effective interest method is a method of calculating the amortized cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial liability, or (where appropriate) a shorter period, to the amortized cost of a financial liability.

<u>Derecognition of financial liabilities</u>

The Company derecognizes financial liabilities when, and only when, the Company's obligations are discharged, cancelled or expired. The difference between the carrying amount of the financial liability derecognized and the consideration paid and payable, including any non-cash assets transferred or liabilities assumed, is recognized in profit or loss.

**Offsetting financial instruments**

Financial assets and liabilities are offset, and the net amount reported in the balance sheet when there is a legally enforceable right to offset and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously.

**Impairment of financial assets**

The Company recognizes an allowance for expected credit losses ("ECL") for all debt instruments not held at FVOCI. ECL are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Company expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms.

ECLs are recognized in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a "12-month ECL"). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is recognized for credit losses expected over the remaining life of the exposure, irrespective of timing of the default (a "lifetime ECL").

For trade receivables, the Company applies a simplified approach in calculating ECLs. Therefore, the Company does not track changes in credit risk but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Company has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment which could affect debtors' ability to pay.

The Company considers a financial asset in default when contractual payments are 241 days past due. However, in certain cases, the Company may also consider a financial asset to be in default when internal or external information indicates that the Company is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Company. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows.

**Plant and equipment**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(a)***  ***Measurement*** 

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(i)* *Plant and equipment* 

 

Plant and equipment are initially recognized at cost and subsequently carried at cost less accumulated depreciation and accumulated impairment losses.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(ii)* *Components of costs* 

 

The cost of an item of plant and equipment initially recognized includes its purchase price and any cost that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(b)***  ***Depreciation*** 

Depreciation on other items of plant and equipment is calculated using the straight-line method to allocate their depreciable amounts over their estimated useful lives as follow:

Computer and software 10 years <br> Office equipment 5 years <br> Furniture and fittings 5 years

The residual values estimated useful lives and depreciation method of plant and equipment are reviewed, and adjusted as appropriate, at each balance sheet date. The effects of any revision are recognized in profit or loss when the changes arise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(c)***  ***Subsequent expenditure*** 

 

Subsequent expenditure relating to plant and equipment that has already been recognized is added to the carrying amount of the asset only when it is probable that future economic benefits associated with the item will flow to the entity and the cost of the item can be measured reliably. All other repair and maintenance expenses are recognized in profit or loss when incurred.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(d)***  ***Disposal*** 

 

On disposal of an item of plant and equipment, the difference between the disposal proceeds and its carrying amount is recognized in profit or loss.

**Trade and other receivables**

A receivable is recognized when the Company has an unconditional right to receive consideration. A right to receive consideration is unconditional if only the passage of time is required before payment of that consideration is due. If revenue has been recognized before the Company has an unconditional right to receive consideration, the amount is presented as a contract asset. Trade receivables that do not contain a significant financing component are initially measured at their transaction price. Trade receivables that contain a significant financing component are initially measured at fair value plus transaction costs. All receivables are subsequently stated at amortized cost, and including an allowance for credit losses.

 

**Impairment of non-financial assets**

The Company's non-financial asset is tested for impairment whenever there is any objective evidence or indication that these assets may be impaired.

For the purpose of impairment testing, the recoverable amount (i.e., the higher of the fair value less cost to sell and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash inflows that are largely independent of those from other assets. If this is the case, the recoverable amount is determined for the cash generating units ("CGU") to which the asset belongs.

If the recoverable amount of the asset (or CGU) is estimated to be less than its carrying amount, the carrying amount of the asset (or CGU) is reduced to its recoverable amount. The difference between the carrying amount and recoverable amount is recognized as an impairment loss in profit or loss.

An impairment loss for an asset is reversed if, and only if, there has been a change in the estimates used to determine the asset's recoverable amount since the last impairment loss was recognized. The carrying amount of this asset is increased to its revised recoverable amount, provided that this amount does not exceed the carrying amount that would have been determined (net of any accumulated amortization or depreciation) had no impairment loss been recognized for the asset in prior years.

A reversal of impairment loss for an asset other than goodwill is recognized in profit or loss.

**Trade and other payables**

Trade and other payables represent liabilities for goods and services provided to the Company prior to the end of financial year which are unpaid.

They are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). Otherwise, they are presented as non-current liabilities.

Trade and other payables are initially recognized at fair value and subsequently carried at amortized cost using the effective interest method.

**Leases**

● Short-term and low-value leases

The Company has elected to not recognize right-of-use assets and lease liabilities for short-term leases that have lease terms of 12 months or less and leases of low-value leases. Lease payments relating to these leases are expensed to profit or loss on a straight-line basis over the lease term.

**Employee benefits**

Employee benefits are recognized as an expense, unless the cost qualifies to be capitalized as an asset.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)**  **<u>Defined contribution plans</u>** 

 

Defined contribution plans are post-employment benefit plans under which the Company pays fixed contributions into separate entities such as the Employees Provident Fund on a mandatory, contractual or voluntary basis. The Company has no further payment obligations once the contributions have been paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)**  **<u>Employee leave entitlement</u>** 

 

Employee entitlements to annual leave are recognized when they accrue to employees. A provision is made for the estimated liability for annual leave as a result of services rendered by employees up to the balance sheet date.

**Provisions**

Provisions are recognized when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the C will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.

The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows.

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, the receivable is recognized as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

**Revenue recognition**

Revenue is recognized to depict the transfer of promised services to clients at an amount that reflects the consideration to which an entity expects to be entitled in exchange for those services. Specifically, the Company uses a five-step approach to recognize revenue:

● Step 1: Identify the contract(s) with a client

● Step 2: Identify the performance obligations in the contract

● Step 3: Determine the transaction price

● Step 4: Allocate the transaction price to the performance obligations in the contract

● Step 5: Recognize revenue when (or as) the Company satisfies a performance obligation

The Company recognizes revenue when (or as) a performance obligation is satisfied, i.e., when "control" of the services underlying the particular performance obligations is transferred to clients.

A performance obligation represents a service (or a bundle of services) that is distinct or a series of distinct services that are substantially the same.

Control is transferred overtime and revenue is recognized over time by reference to the progress towards complete satisfaction of the relevant performance obligation if one of the following criteria is met:

● the client simultaneously receives and consumes the benefits provided by the Company's performance as the Company performs;

● the Company's performance creates or enhances an asset that the client controls as the asset is created or enhanced; or

● the Company's performance does not create an asset with an alternative use to the Company and the Company has an enforceable right to payment for performance completed to date.

Otherwise, revenue is recognized at a point in time when the customer obtains control of the distinct service.

The Company offers a diverse range of consultancy services which include, among others, listing consultancy and business strategy consultancy, offering comprehensive support to clients throughout their company growth and listing journey.

<u>Listing consultancy</u> 

This includes offering end-to-end listing solutions that cover advising on organizational readiness, managing due diligence process, conducting peer and industry analyses, supporting the drafting of offering materials, and providing assistance to customers throughout the listing process. Over the years, our listing consultancy services have successfully propelled our customers' businesses to achieve their strategic objectives

The Company enters into distinct consultancy contract with customers for the provision of listing consultancy services. The scope of work under consultancy services can vary from case to case basis, and all services rendered will be agreed and acknowledged by both parties on the contract. For projects that involve a series of tasks which are interrelated and are not separable or distinct as the Company's customers cannot benefit from any standalone task, the fees of business strategy consultancy services are generally allocated to a single performance obligation.

Payments may be made either in a lump sum or in milestones as stipulated in the contract, with an upfront payment typically received upon signing. The upfront payment is an advance payment for future services, which will be recognized as revenue when or as those future services are provided. Consideration is generally settled in cash, a combination of cash and equity, or in equity, depending on the terms of each contract agreed at contract inception.

For contracts that involve equity settlement, the Company measures the fair value of the noncash consideration at the contract inception date. The Company agrees on the number of the customer's shares that it is entitled to receive based on the fair value of the customer's shares at contract inception. Where the equity has a readily available market price at the time of transfer, the fair value is determined based on the prevailing market price. In cases where no market price is available, a third-party valuation is obtained.

Either party to the contract may terminate the engagement for consultancy services with thirty (30) days' written notice. In the event of termination, the customer remains obligated to pay the Company for all fees chargeable, due, or payable up to and including the date of termination. The termination clause does not give rise to variable or constrained consideration, as the Company has an enforceable right to payment for services rendered up to the date of termination.

When the Company is acting as a principal, the Company accounts for the revenue generated from business strategy consultancy services on a gross basis as the Company is primarily responsible for fulfilling the promise to provide the specified services to customer, which the Company has control over the services rendered and obtain substantially all the benefits. In making this determination, the Company assesses whether it is primarily obligated in these transactions, is subject to credit risk, has latitude in establishing prices, or has met several but not all these indicators in accordance with IFRS 15. The Company determined that it is primarily responsible for fulfilling the promised service as the Company has contractual obligation to engage various professional parties involved in the listing consultancy, as well as settlement of professional fees to these professional parties.

No element of financing is deemed to be present, as a typical payment term is 15 to 30 days from the date of issuance of invoice.

Contracts for listing consultancy services are typically more than a year in duration. Revenue from which is recognized over time as the customer simultaneously receives and consumes the benefits as the Company performs. When contractual billings represent an amount that corresponds directly with the value provided to the customer, the invoice will be issued in accordance with the contract terms. Revenues from fixed-priced contracts are generally recognized using costs incurred to date relative to total estimated costs at completion to measure progress toward satisfying the Company's performance obligations. The cost incurred represents work performed, which corresponds with, and thereby best depicts, the transfer of control to the customer.

<u>Business strategy consultancy</u>

Our services comprise comprehensive business consultancy support ranging from business strategy development, organizational planning, advice on internal controls, corporate governance, and board-level strategies, goal settings, leadership and talent development to advising in stakeholder communications. We support the preparation of investor communication materials, offer strategic input on structure optimization, and help formulate narratives and positioning strategies. We also assist in investor relations and public relations to help customers maintain effective communication with stakeholders and guidance on regulatory awareness. Each engagement is tailored to the client's needs and focuses on delivering practical insights, solutions, and recommendations that support better decision-making, stronger competitiveness, and long-term value creation.

Our business strategy consultancy services are provided as short, discrete task to customers. For such services, the Company satisfies a performance obligation upon completion of the service or delivery of the agreed-upon deliverable, which has been accepted by the customer, at which point control is considered transferred. Accordingly, revenue from these services is recognized at point in time. The Company becomes entitled to payment once the customer has accepted the services provided.

Our fees are generally based on fixed consideration as stipulated in the contract on a case-by-case basis. Payments may be made in a lump sum with an upfront payment typically received upon signing. The upfront payment is an advance payment for future services, which will be recognized as revenue when or as those future services are provided. Consideration is generally settled in cash, a combination of cash and equity, or in equity, depending on the terms of each contract agreed at contract inception.

For contracts that involve equity settlement, the Company measures the fair value of the noncash consideration at the contract inception date. The Company agrees on the number of the customer's shares that it is entitled to receive based on the fair value of the customer's shares at contract inception. Where the equity has a readily available market price at the time of transfer, the fair value is determined based on the prevailing market price. In cases where no market price is available, a third-party valuation is obtained.

Either party to the contract may terminate the engagement for consultancy services with thirty (30) days' written notice. In the event of termination, the customer remains obligated to pay the Company for all fees chargeable, due, or payable up to and including the date of termination. The termination clause does not give rise to variable or constrained consideration, as the Company has an enforceable right to payment for services rendered up to the date of termination.

No element of financing is deemed to be present, as a typical payment term is 15 to 30 days from the date of issuance of invoice.

**Cash and cash equivalents** 

For the purpose of presentation in the combined and consolidated statements of cash flows, cash and cash equivalents include cash on hand and deposits with financial institutions which are short-term (i.e. three months or less from the date of acquisition), highly liquid investments that are readily convertible to known amounts of cash and subject to an insignificant risk of change in value.

**Share capital** 

Ordinary shares are classified as equity. Incremental costs directly attributable to the issuance of new ordinary shares are deducted against the share capital account.

**Income tax**

Current income tax for current and prior periods is recognized at the amount expected to be paid to or recovered from the tax authorities, using the tax rates and tax laws that have been enacted or substantively enacted by the end of the reporting period. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation and considers whether it is probable that a tax authority will accept an uncertain tax treatment. The Company measures its tax balances either based on the most likely amount or the expected value, depending on which method provides a better prediction of the resolution of the uncertainty.

Deferred income tax is recognized for all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements except when the deferred income tax arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and affects neither accounting nor taxable profit or loss at the time of the transaction.

A deferred income tax liability is recognized on temporary differences arising on investments in subsidiaries, associates and joint ventures, except where the Company is able to control the timing of the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future.

A deferred income tax asset is recognized to the extent that it is probable that future taxable profit will be available against which the deductible temporary differences and tax losses can be utilized.

Deferred income tax is measured:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) at the tax rates that are
 expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled, based on
 tax rates and tax laws that have been enacted or substantively enacted by the balance sheet date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) based on the tax consequence
 that will follow from the manner in which the Company expects, at the balance sheet date, to recover or settle the carrying amounts
 of its assets and liabilities except for investment properties.

Current and deferred income taxes are recognized as income or expense in profit or loss, except to the extent that the tax arises from a business combination or a transaction which is recognized directly in equity. Deferred tax arising from a business combination is adjusted against goodwill on acquisition.

**Foreign currency translation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(a)***  ***Functional and presentation currency*** 

Items included in the financial statements of each entity in the Company are measured using the currency of the primary economic environment in which the entity operates ("functional currency"). The functional currency and reporting currency of the Company is United States Dollar ("US$"). However, the functional currency of its subsidiary which is incorporated in Malaysia is Malaysia ringgit ("RM"). In the consolidation of financial statements, the financial information of the subsidiary located in Malaysia have been translated into US$. Assets and liabilities are translated at the exchange rates on the balance sheet date. Equity amounts other than profits generated in current year are translated at historical exchange rates. Revenues, expenses, gains and losses are translated using the average rate for the year. Translation adjustments are reported as foreign currency translation adjustments and shown as a component of other comprehensive income in the combined and consolidated statements of profit or loss and other comprehensive income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(b)***  ***Transactions and balances*** 

Transactions in a currency other than the functional currency ("foreign currency") are translated into the functional currency using the exchange rates at the dates of the transactions. Currency exchange differences resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at the closing rates at the balance sheet date are recognized in profit or loss. Monetary items include primarily financial assets (other than equity investments) and financial liabilities. However, in the combined and consolidated financial statements, currency translation differences arising from net investment in foreign operations, are recognized in other comprehensive income and accumulated in the currency translation reserve.

When a foreign operation is disposed of or any loan forming part of the net investment of the foreign operation is repaid, a proportionate share of the accumulated currency translation differences is reclassified to profit or loss, as part of the gain or loss on disposal.

Non-monetary items measured at fair values in foreign currencies are translated using the exchange rates at the date when the fair values are determined.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(c)***  ***Translation of subsidiary's financial statements*** 

The results and financial position of subsidiary (none of which has the currency of a hyperinflationary economy) that has a functional currency different from the presentation currency are translated into the presentation currency as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) assets and liabilities
 are translated at the closing exchange rates at the reporting date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) income and expenses are
 translated at average exchange rates (unless the average is not a reasonable approximation of the cumulative effect of the rates
 prevailing on the transaction dates, in which case income and expenses are translated using the exchange rates at the dates of the
 transactions); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) all resulting currency
 translation differences are recognized in other comprehensive income and accumulated in the currency translation reserve. These currency
 translation differences are reclassified to profit or loss on disposal or partial disposal with loss of control of the foreign operation.

Goodwill and fair value adjustments arising on the acquisition of foreign operations are treated as assets and liabilities of the foreign operations and translated at the closing rates at the reporting date.

**Related parties**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A person, or a close member
 of that person's family, is related to the Company if that person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) has control or joint control
 over the Company;

(ii) has significant influence
 over the Company; or

(iii) is a member of the key
 management personnel of the Company or the Company's parent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) An entity is related to
 the Company if any of the following conditions applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The entity and the group
 are members of the same Company (which means that each parent, subsidiary and fellow subsidiary is related to the others).

(ii) One entity is an associate
 or joint venture of the other entity (or an associate or joint venture of a member of a Company of which the other entity is a member).

(iii) Both entities are joint
 ventures of the same third party.

(iv) One entity is a joint venture
 of a third entity and the other entity is an associate of the third entity.

(v) The entity is a post-employment
 benefit plan for the benefit of employees of either the Company or an entity related to the Company.

(vi) The entity is controlled
 or jointly controlled by a person identified in (a).

(vii) A person identified in
 (a)(i) has significant influence over the entity or is a member of the key management personnel of the entity (or of a parent of
 the entity).

(viii) The entity, or any member
 of a Company of which it is a part, provides key management personnel services to the Company or to the Company's parent. Close
 members of the family of a person are those family members who may be expected to influence, or be influenced by, that person in
 their dealings with the entity.

**Earnings per share**

The Company presents basic and diluted earnings per share data for its Class A ordinary shares. Basic earnings per share are calculated by dividing the profit or loss attributable to Class A ordinary shareholders of the Company by the weighted-average number of Class A ordinary shares outstanding during the year, adjusted for own shares held, if any. Diluted earnings per share is determined by adjusting the profit or loss attributable to Class A ordinary shareholders and the weighted-average number of Class A ordinary shares outstanding, adjusted for own shares held, if any, for the effects of all dilutive potential ordinary shares. Class B ordinary shares do not share the earnings attributable to the Company and are therefore not considered participating shares. As a result, a separate presentation of basic and diluted earnings per share data of Class B ordinary shares under the two-class method has not been included.

**Dividends**

Dividends to the Company's shareholders are recognized when the dividends are approved for payment.

**Segment reporting** 

Operating segments, and the amounts of each segment item reported in the financial statements, are identified from the financial information provided regularly to the Company's most senior executive management for the purposes of allocating resources to, and assessing the performance of, the Company's various lines of business and geographical locations.

Individually material operating segments are not aggregated for financial reporting purposes unless the segments have similar economic characteristics and are similar in respect of the nature of products and services, the nature of production processes, the type or class of customers, the methods used to distribute the products or provide the services, and the nature of the regulatory environment. Operating segments which are not individually material may be aggregated if they share a majority of these criteria.

---

| | |
|:---|:---|
| **3** | **Critical accounting judgements and key sources of estimation uncertainty** |

---

In the application of the Company's accounting policies, which are described in Note 2 to the financial statements, management is required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods.

***Critical judgements in applying the Company's accounting policies***

There are no critical judgements, apart from those involving estimation (see below) that management has made in the process of applying the Company's accounting policy and that has the most significant effect on the amounts recognized in the financial statements.

***Key sources of estimation uncertainty***

The key assumptions concerning the future and other key sources of estimation uncertainty at the end of the reporting period, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are disclosed below:

<u>Fair value measurement of unquoted shares (Note 4)</u>

In determining the fair value of the unquoted shares, the Company relies on the net asset values of the investee companies or independent valuation report.

The availability of observable inputs can vary from investment to investment. For certain investments classified under Level 3 of the fair value hierarchy, the valuation could be based on models or inputs that are less observable or unobservable in the market and the determination of the fair values requires significant judgement. Those estimated values do not necessarily represent the amounts that may be ultimately realized due to the occurrence of future events which could not be reasonably determined as at the balance sheet date.

<u>Allowance of expected credit loss ("ECL") for trade and other receivables</u>

The Company uses a provision matrix to calculate ECLs for trade and other receivables. The provision rates are based on days past due for groupings of various customer segments that have similar loss patterns.

The provision matrix is initially based on the Company's historical observed default rates. The Company will calibrate the matrix to adjust historical credit loss experience with forward- looking information. At every reporting date, historical default rates are updated and changes in the forward-looking estimates are analyzed.

The assessment of the correlation between historical observed default rates, forecast economic conditions and ECLs is a significant estimate. The amount of ECLs is sensitive to changes in circumstances and of forecast economic conditions. The Company's historical credit loss experience and forecast of economic conditions may also not be representative of the customer's actual default in the future. The information about the ECLs on the Company's trade and other receivables is disclosed in Note 6.

---

| | |
|:---|:---|
| **4** | **Financial assets, measured at fair value through other comprehensive income** |

---

---

| | | |
|:---|:---|:---|
|  | December 31, <br> 2023 | December 31, <br> 2024 |
|  | US$ | US$ |
| At the beginning of year | **–** | 6860489 |
| Additions | 6495100 | 10305753 |
| Disposals | **–** | (5814732) |
| Fair value adjustment | 365389 | (8760510) |
| At the end of year | 6860489 | 2591000 |

---

---

| | | |
|:---|:---|:---|
|  | December 31, <br> 2023 | December 31, <br> 2024 |
|  | US$ | US$ |
| <u>Quoted securities</u> |  |  |
| - Founder Group Limited | **–** | 903000 |
| <u>Unquoted securities</u> |  |  |
| - Sagtec Global Limited | 1688000 | 1688000 |
| - YY Group Holding Limited. | 5172489 | **–** |
|  | 6860489 | 1688000 |
| Total | 6860489 | 2591000 |

---

<u>Quoted securities</u>

In December 2024, the Company received 700,000 ordinary shares of Founder Group Limited, an entity listed on Nasdaq Capital Market as part of the consideration for the Group's consultancy services rendered valued at US$1,400,000.

As of the financial year ended December 31, 2024, the quoted securities are measured at fair value based on quoted market price in active markets (Level 1).

<u>Unquoted securities</u>

In October 2023, the Company received a total of 800,000 ordinary shares of Sagtec Global Limited as part of the consideration for the Group's consultancy services rendered valued at US$1,600,000.

In December 2023, the Company received 1,631,700 ordinary shares of YY Group Holding Limited as part of the consideration for the Company's consultancy services rendered valued at US$4,895,100. In April 2024, YY Group Holding Limited was listed on Nasdaq Capital Market, as a result, the investment was reclassified from unquoted security to quoted security, and the Company revalued the ordinary shares to reflect the quoted market price. In September 2024, the Company acquired 201,000 ordinary shares of YY Group Holding Limited, valued at US$114,271. In the same month, the Company disposed of its entire investment in YY Group Holding Limited for total consideration of US$1,298,250, and transferred US$3,711,121 cumulative fair value change to retained earnings.

During the financial year ended December 31, 2024, the Company received 1,030,494 and 14,250,000 ordinary shares of Agroz Inc and Fintech Scion Limited, respectively, for the Company's consultancy services rendered valued at US$8,791,482. During the same financial year, the Company disposed of its entire investment in Agroz Inc and Fintech Scion Limited for total consideration of US$4,516,482, and transferred US$4,275,000 cumulative fair value change to retained earnings. As at the end of the reporting year, the outstanding receivable from disposal of Agroz Inc and Fintech Scion Limited are included in "other receivables" (Note 6).

During the financial year ended December 31, 2023 and 2024, the fair value of unquoted securities was determined by a third-party independent valuation firm using the income approach (discounted cash flow). The information from the valuation reports was prepared based on information obtained from the management of the respective companies. The Company engaged independent third-party professional valuers with appropriate qualifications and experience to perform the valuations of the unquoted securities. In preparing the valuation reports, the valuers relied on information provided by the respective companies, including the assumptions used in the preparation of the cash flow projections. Management reviewed the valuation methodologies and key assumptions adopted by the valuers and considers them reasonable, taking into account the relevant circumstances and market conditions.

The significant unobservable inputs used in the fair value measurements of unquoted securities are categorized within Level 3 of the fair value hierarchy.

Key assumptions used for discounted cash flow calculations as of December 31, 2023 and 2024 are shown below:

---

| | | |
|:---|:---|:---|
|  | December 31, <br> 2023 | December 31, <br> 2024 |
|  | % | % |
| Compound annual revenue growth rate | 26.50 – 33.73 | 33.73 |
| Gross profit ("GP") margin | 15.0 – 59.41 | 54.43 – 59.41 |
| Terminal growth rate | 0 – 2.40 | 0 |
| Weighted Average Cost of Capital ("WACC") applied to the pre-tax cash flow projections | 6.01 – 7.23 | 7.23 |

---

Quantitative sensitivity analysis as of December 31, 2023 and 2024 are shown below:

---

| | |
|:---|:---|
| **As of December 31, 2024** |  |
| **Revenue and cost of sales** | 5% declined in the revenue and cost of sales would reduce the fair value approximately US$240,000 |
| **GP margin** | GP margin reduced by 5% would have resulted in the fair value to reduce approximately US$336,000 |
| **WACC** | 100 basis points increase in the WACC would result in a decrease in the fair value approximately US$56,000 |

---

---

| | |
|:---|:---|
| **As of December 31, 2023** |  |
| **Revenue and cost of sales** | 5% declined in the revenue and cost of sales would reduce the fair value approximately US$163,170 to US$240,000 |
| **GP margin** | GP margin reduced by 5% would have resulted in the fair value to reduce approximately US$212,121 to US$336,000 |
| **WACC** | 100 basis points increase in the WACC would result in a decrease in the fair value approximately US$56,000 to US$228,438 |

---

---

| | |
|:---|:---|
| **5** | **Plant and equipment** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Office<br> equipment | Furniture<br> and fittings | Computer and<br> software | Total |
|  | US$ | US$ | US$ | US$ |
| **Cost** |  |  |  |  |
| At January 1, 2023 | **–** | **–** | **–** | **–** |
| Additions | 2088 | 2318 | 349 | 4755 |
| At December 31, 2023 | 2088 | 2318 | 349 | 4755 |
| Currency realignment | **–** | (1) | 9 | 8 |
| At December 31, 2024 | 2088 | 2317 | 358 | 4763 |
| **Accumulated depreciation:** |  |  |  |  |
| At January 1, 2023 | **–** | **–** | **–** | **–** |
| Charge | 17 | 39 | 47 | 103 |
| At December 31, 2023 | 17 | 39 | 47 | 103 |
| Charge | 209 | 464 | 71 | 744 |
| At December 31, 2024 | 226 | 503 | 118 | 847 |
| **Carrying amount:** |  |  |  |  |
| At December 31, 2023 | 2071 | 2279 | 302 | 4652 |
| At December 31, 2024 | 1862 | 1814 | 240 | 3916 |

---

---

| | |
|:---|:---|
| **6** | **Trade and other receivables** |

---

---

| | | |
|:---|:---|:---|
|  | December 31, <br> 2023 | December 31, <br> 2024 |
|  | US$ | US$ |
| Trade receivables |  |  |
| - Third parties | 688389 | 3829800 |
| - Related parties | 567737 | 57310 |
|  | 1256126 | 3887110 |
| Less: Allowance for expected credit losses - trade receivables | (417282) | (392270) |
|  | 838844 | 3494840 |
| Other receivables |  |  |
| - Third parties | 1140230 | 625000 |
| - Related parties | **–** | 3891482 |
|  | 1140230 | 4516482 |
| Less: Allowance for expected credit losses - other receivables | **–** | (109664) |
|  | 1140230 | 4406818 |
| Deposits | 5432 | 5620 |
| Prepayments | 239 | 34 |
|  | 1145901 | 4412472 |
| Total | 1984745 | 7907312 |
| Movement in allowance for expected credit losses on trade receivables is as follows: |  |  |
| At the beginning of year | 332282 | 417282 |
| Additions | 235000 | 462322 |
| Write-off | (150000) | (477334) |
| Reversal | - | (10000) |
| At the end of year | 417282 | 392270 |
| Movement in allowance for expected credit losses on other receivables is as follows: |  |  |
| At the beginning of year | **–** | **–** |
| Additions | **–** | 109664 |
| At the end of year | **–** | 109664 |

---

The average credit period for services rendered is 30 (2023: 30) days. No interest is charged on the outstanding balances.

Included within other receivables is a balance amounted to US$1,140,230 and US$4,516,482 as of December 31, 2023 and 2024 respectively, in relation to the disposal of unquoted investment during the financial year (Note 4).

---

| | | |
|:---|:---|:---|
|  | December 31,<br> 2023 | December 31,<br> 2024 |
|  | US$ | US$ |
| Not past due | **–** | **–** |
| Past due | 1256126 | 3887110 |
| Less: Allowance for expected credit losses - trade receivables | (417282) | (392270) |
|  | 838844 | 3494840 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Aging of receivables that
 are past due the average credit period:

---

| | | |
|:---|:---|:---|
|  | December 31,<br> 2023 | December 31,<br> 2024 |
|  | US$ | US$ |
| < 30 days | 75319 | **–** |
| 31 days to 60 days | 210275 | 300000 |
| 61 days to 210 days | 115050 | 3513202 |
| 211 days to 240 days | **–** | 73908 |
| 241 days to < 1 year | 855482 | **–** |
| Total | 1256126 | 3887110 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) These amounts are stated
 before any deduction for allowance for ECL and are not secured by any collateral or credit enhancements.

In determining the recoverability of trade receivables, the Company considers any changes in the credit quality of the trade receivables from the date credit was initially granted up to the reporting date. There was no significant change in credit quality for the Company's trade receivables balances which are past due and partially impaired.

The allowance for ECL has been determined by taking into consideration recovery prospects and past doubtful experience.

As part of the Company's credit risk management, the Company assesses the impairment for its customers based on different group of customers which share common risk characteristics that are representative of the customers' abilities to pay all amounts due in accordance with the contractual terms.

Allowance for ECL on trade and other receivables has been measured at an amount equal to lifetime ECL. The ECL on trade and other receivables are estimated using a provision matrix by reference to past default experience of the debtor and an analysis of the debtor's current financial position, adjusted for factors that are specific to the debtors, general economic conditions of the industry in which the debtors operate.

As of December 31, 2024, the provision matrix applies ECL rates based on the age of the receivables ranged from 1% to 22% for trade receivables. For other receivables, the Group applies the ECL rate ranged from 16% to 23%.

In addition to the general provision matrix, the Company assesses certain specific trade and other receivables individually. This individual assessment is based on direct contact with the debtor, historical payment behavior, and other relevant factors to determine whether there are specific recoverability issues.

The Company assesses ECL on an annual basis to ensure that the ECL allowance remains appropriate and reflective of current credit risk conditions. There have been no changes in estimation techniques or significant assumptions used in calculating ECL during the current reporting period. A receivable is written off when there is objective evidence that the debtor is experiencing significant financial hardship and there is no reasonable expectation of recovery. Indicators of such conditions include the debtor entering liquidation or significant deterioration in creditworthiness with no expected future cash flows.

The following table details the provision for ECL based on the Company's provision matrix, based on past due status is not further distinguished between the Company's different customer base:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Trade receivables – days past due | Trade receivables – days past due | Trade receivables – days past due | Trade receivables – days past due | Trade receivables – days past due | Trade receivables – days past due | Trade receivables – days past due |
|  | Not<br> past due | 1 to 30<br> days | 31 - 60<br> days | 61 - 210<br> days | 211 - 240<br> days | Over 241<br> days | Total |
|  | US$ | US$ | US$ | US$ | US$ | US$ | US$ |
| Lifetime ECL – December 31, 2023 |  |  | 10000 | **–** | **–** | 407282 | 417282 |
| Lifetime ECL – December 31, 2024 |  |  | 4195 | 371982 | 16093 | **–** | 392270 |

---

The currency profiles of the Company's trade and other receivables at the end of the reporting date are as follows:

---

| | | |
|:---|:---|:---|
|  | December 31, <br> 2023 | December 31, <br> 2024 |
|  | US$ | US$ |
| Malaysian Ringgit | 588525 | 73908 |
| United States Dollar | 1396220 | 7833404 |
|  | 1984745 | 7907312 |

---

---

| | |
|:---|:---|
| **7** | **Cash and bank balances** |

---

---

| | | |
|:---|:---|:---|
|  | December 31, <br> 2023 | December 31, <br> 2024 |
|  | US$ | US$ |
| Cash and bank balances | 264437 | 1184237 |

---

The currency profiles of the Company's cash and cash equivalents at the end of the reporting date are as follows:

---

| | | |
|:---|:---|:---|
|  | December 31, <br> 2023 | December 31, <br> 2024 |
|  | US$ | US$ |
| Singapore Dollar | 3290 | **–** |
| Malaysia Ringgit | 1116 | 310 |
| United States Dollar | 260031 | 1183927 |
|  | 264437 | 1184237 |

---

---

| | |
|:---|:---|
| **8** | **Trade and other payables** |

---

---

| | | |
|:---|:---|:---|
|  | December 31, <br> 2023 | December 31, <br> 2024 |
|  | US$ | US$ |
| Trade payables | 308264 | 66432 |
| Accruals | 496309 | 572062 |
| Sundry payables | 3137 | 186797 |
|  | 807710 | 825291 |

---

Trade payables mainly comprise consultancy fees payable to legal counsel, auditors and investment banking firms engaged in connection with services provided to the Company's clients.

Accruals mainly comprise staff salaries and consultant fees for services rendered but not yet billed.

Sundry payables consist mainly of audit fees, secretarial fees, renovation expenses and other professional fees.

The currency profiles of the Company's trade and other payables at the end of the reporting date are as follows:

---

| | | |
|:---|:---|:---|
|  | December 31, <br> 2023 | December 31, <br> 2024 |
|  | US$ | US$ |
| Singapore Dollar | **–** | 4425 |
| Malaysia Ringgit | 12126 | 23276 |
| United States Dollar | 795584 | 797590 |
|  | 807710 | 825291 |

---

---

| | |
|:---|:---|
| **9** | **Share capital** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 |
|  | Class A<br> ordinary<br> shares | Class B<br> ordinary<br> shares | US$ | Class A<br> ordinary<br> shares | Class B<br> ordinary<br> shares | US$ |
| **Paid up capital:** |  |  |  |  |  |  |
| At the beginning and end of the year | 42000000 | 6000000 | 2002300 | 42000000 | 6000000 | 2002300 |

---

The Company has an initial issued share capital of 23,000,000 ordinary shares comprising 20,000,000 Class A Shares and 3,000,000 Class B Shares with no par value. On January 23, 2025, the Company issued 1,000,000 Class A Shares at US$2.00 per share by way of capitalizing amount due to holding company, VCI Global Limited as of December 31, 2023. Following this capitalization, the total number of issued Class A Shares increased to 21,000,000.

Each Class A Share is entitled to one vote. Each Class B Share is entitled to ten votes and is convertible into one Class A share at the option of the holder at any time. Holders of Class B ordinary shares are not entitled to dividends.

As part of the Corporate Restructuring (Note 1), on January 6, 2026, the Company implemented a share split on a two-for-one basis, whereby its issued and outstanding ordinary share was subdivided from 21,000,000 Class A Shares and 3,000,000 Class B Shares into 42,000,000 Class A Shares and 6,000,000 Class B Shares. Concurrently with the share split, the voting rights attached to the Class B Shares were increased from ten vote per share to twenty votes per share. The Class A Shares continue to carry one vote per share.

These 42,000,000 Class A Shares and 6,000,000 Class B Shares are presented on a retroactive basis to reflect the reorganization (Note 1).

---

| | |
|:---|:---|
| **10** | **Fair value reserve** |

---

Fair value reserve represents the cumulative fair value changes, net of tax, of financial assets, measured at FVOCI until it is disposed of and is distributable.

---

| | |
|:---|:---|
| **11** | **Translation reserve** |

---

Translation reserve comprises all foreign exchange differences arising from the translation of the combined and consolidated financial statements of foreign operations whose functional currency is different from that of the Group's presentation currency and is non-distributable.

---

| | |
|:---|:---|
| **12** | **Revenue** |

---

---

| | | |
|:---|:---|:---|
|  | December 31,<br> 2023 | December 31,<br> 2024 |
|  | US$ | US$ |
| Business strategy consultancy | 6360348 | 8811482 |
| Listing consultancy | 6040000 | 5478504 |
|  | 12400348 | 14289986 |

---

---

| | | |
|:---|:---|:---|
|  | December 31,<br> 2023 | December 31,<br> 2024 |
|  | US$ | US$ |
| At a point in time | 6360348 | 8811482 |
| Over time | 6040000 | 5478504 |
|  | 12400348 | 14289986 |

---

<u>Contract liabilities</u>

---

| | | |
|:---|:---|:---|
|  | December 31, <br> 2023 | December 31, <br> 2024 |
|  | US$ | US$ |
| Balance at 1 January | **–** | **–** |
| Additions (advance consideration received) | 220000 | 150000 |
| Performance obligation satisfied – revenue recognized in the reporting year that was included in the contract liability balance at the beginning of the year | **–** | **–** |
| Revenue recognized in the reporting year from performance obligations satisfied (or partially satisfied) in previous years | **–** | **–** |
| Revenue recognized for current year | (220000) | (150000) |
| Balance as 31 December | **–** | **–** |

---

---

| | |
|:---|:---|
| **13** | **Other income** |

---

---

| | | |
|:---|:---|:---|
|  | December 31,<br> 2023 | December 31,<br> 2024 |
|  | US$ | US$ |
| Reversal of provision for expected credit losses for trade receivables |  | 10000 |
| Sundry income |  | 3623 |
|  |  | 13623 |

---

---

| | |
|:---|:---|
| **14** | **Cost of services** |

---

---

| | | |
|:---|:---|:---|
|  | December 31,<br> 2023 | December 31,<br> 2024 |
|  | US$ | US$ |
| Consultant fees | 1854267 | 2145896 |
| Referral fees | 389530 | **–** |
| Management fees charged by a related party (Note 19) | 548236 | 659000 |
| Others | **–** | 8949 |
|  | 2792033 | 2813845 |

---

Consultant fees refer to the Company's costs incurred from assisting its clients in engaging the relevant professional parties required during the listing process, including but not limited to legal counsels, auditors, finance consultants, US capital markets consultants, which such consultant fee payment shall be included and be treated as part of our consultation services for its clients during the IPO's process.

Referral fees refer to the commission paid for introducing new clients.

---

| | |
|:---|:---|
| **15** | **Employee benefit expenses** |

---

---

| | | |
|:---|:---|:---|
|  | December 31,<br> 2023 | December 31,<br> 2024 |
|  | US$ | US$ |
| Wages and salaries | 1122132 | 1093800 |
| Defined contribution plans | 74097 | 81712 |
| Directors' fees | 778518 | 1018291 |
| Other short-term benefits | 8095 | 10516 |
|  | 1982842 | 2204319 |

---

Included in the employee benefit expenses is remuneration and benefits to key management personnel of the Company (including the remuneration and benefits of certain executive directors).

---

| | | |
|:---|:---|:---|
|  | December 31,<br> 2023 | December 31,<br> 2024 |
|  | US$ | US$ |
| Wages and salaries | 652768 | 637025 |
| Defined contribution plans | 25412 | 47699 |
| Directors' fees | 778518 | 1018291 |
| Other short-term benefits | 1379 | 1424 |
|  | 1458077 | 1704439 |

---

---

| | |
|:---|:---|
| **16** | **Other operating expenses** |

---

---

| | | |
|:---|:---|:---|
|  | December 31,<br> 2023 | December 31,<br> 2024 |
|  | US$ | US$ |
| Regulatory compliance and statutory cost | 1770 | 8305 |
| Cost incurred to obtain license | 1391 | 1367 |
| Bank charges | 7795 | 6787 |
| Loss on foreign exchange | 176274 | 37756 |
| Loss on disposal of subsidiary | **–** | 1013 |
| Marketing expenses | 227315 | 51835 |
| Office expenses | 48197 | 151003 |
| Recruitment fees | 3328 | 10482 |
| Travelling expenses | 107242 | 128965 |
|  | 573312 | 397513 |

---

---

| | |
|:---|:---|
| **17** | **Income tax expense** |

---

V Capital Consulting Limited is incorporated in the British Virgin Islands and is not subject to tax on income or capital gains under current British Virgin Islands law.

V Capital Advisory Sdn. Bhd. is subject to Malaysia corporate tax on the taxable income as reported in its statutory financial statements adjusted in accordance with relevant Malaysia tax laws. The standard corporate income tax rate in Malaysia is 24%.

All business contracts were originally entered into between VCCL, a BVI-incorporated entity, and our clients, mostly are foreign companies, such as BVI-incorporated entities and Singapore entities. Our core business is to assist clients with listing on Nasdaq, and most of our suppliers are U.S.-based professionals and consultants, which account for approximately 80% of our total costs. From a technical perspective, the revenue generated from IPO and post-IPO activities is not considered derived from Malaysia and therefore is not subject to Malaysian taxation. However, as certain tasks are delegated to staff based in Malaysia, we have assigned a portion of the contracts to our Malaysian-incorporated entity, V Capital Advisory Sdn. Bhd. (VCA), to reflect the work performed locally. For the portion of contracts allocated to VCA, any taxable profits generated can be offset against the company's available unutilized tax losses. This arrangement is both commercially and fiscally justifiable, as it ensures that the Malaysian entity is appropriately compensated for the services rendered in Malaysia, while also enabling efficient utilization of its carried-forward tax losses.

---

| | | |
|:---|:---|:---|
|  | December 31,<br> 2023 | December 31,<br> 2024 |
|  | US$ | US$ |
| Current income tax expense | **–** |  |
| Under provision in prior year | 22841 |  |
| Income tax expense | 22841 |  |

---

The tax on the Company's profit before income tax differs from the theoretical amount that would arise using the Malaysia's standard rate of income tax as follows:

---

| | | |
|:---|:---|:---|
|  | December 31,<br> 2023 | December 31,<br> 2024 |
|  | US$ | US$ |
| Profit before income tax | 6757345 | 8010329 |
| Tax calculated at tax rate of 24% (2023: 24%) | 1621763 | 1922479 |
| Effects of: |  |  |
| - Non-taxable income | (1621763) | (1963473) |
| - Expenses not deductible for tax purposes | **–** | 40994 |
| Under provision in prior year | 22841 | **–** |
|  | 22841 | **–** |

---

As of December 31, 2024, the Company had unutilized tax losses carried forward of US$195,750 (2023: US$100,157) for which no deferred tax asset has been recognized. These losses relate to a subsidiary that has been loss-making for several years, and no convincing evidence is currently available that taxable profits will be available against which the tax losses can be utilized.

The tax losses can be carried forward for 7 years, as applicable under Malaysia law.

The potential deferred tax asset not recognized amounts to US$46,980 (2023: US$24,038), calculated at the applicable tax rate of 24%. Management will continue to review the future profitability of the entities concerned to assess whether the recognition criteria for deferred tax assets are met.

---

| | |
|:---|:---|
| **18** | **Operating lease** |

---

---

| | | |
|:---|:---|:---|
|  | December 31,<br> 2023 | December 31,<br> 2024 |
|  | US$ | US$ |
| Short-term leases | 45719 | 110489 |

---

The Company has elected not to recognize right-of-use assets and lease liabilities for short-term leases that have lease terms of 12 months. Lease payments relating to these leases are expensed to profit or loss on a straight-line basis over the lease term.

---

| | |
|:---|:---|
| **19** | **Significant related party transactions** |

---

Related companies in these financial statements refer to the ultimate holding company, members of the ultimate holding company's group of companies and fellow subsidiaries and the director.

Some of the Company's transactions and arrangements are between members of the Company and the effect of these on the basis determined between the parties is reflected in these financial statements. The intercompany balances are unsecured, interest-free, repayable on demand, unless otherwise stated and not expected to be repaid within the next 12 months.

---

| | | |
|:---|:---|:---|
|  | December 31,<br> 2023 | December 31, <br> 2024 |
|  | US$ | US$ |
| **Balance with related parties** |  |  |
| **Trade receivables** |  |  |
| Elmu Higher Education Sdn Bhd | 55826 | 57310 |
| Hoo Voon Him | 215325 | **–** |
| V Invesco Sdn Bhd | 296586 | **–** |
| V Gallant Limited | - | **-** |
|  | 567737 | 57310 |
| **Other receivables** |  |  |
| VCI Equity Fund Limited | **-** | 3891482 |
| **Trade payables** |  |  |
| Imej Jiwa Communications Sdn Bhd | **-** | - |
| **Amount due to related parties** |  |  |
| Credilab Sdn Bhd | 678327 | 63649 |
| Hoo Voon Him | 102858 | **–** |
| VCI Global Limited | (21998) | 2106693 |
| VCI Energy Sdn Bhd | 72 | 74 |
| VCI Technologies Limited | **–** | 1005946 |
| V Capital Sdn Bhd | **-** |  |
| V Capital Kronos Berhad |  | 740620 |
| V Capital Quantum Sdn Bhd | 31639 | 52423 |
| V Galactech Sdn Bhd | 347 | 170873 |
|  | 791245 | 4140278 |

---

**Transactions with related parties**

The following represents the significant related party transactions for the years ended December 31, 2023 and 2024.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Relationship | Nature | Description | December 31,<br> 2023 | December 31,<br> 2024 |
|  |  |  |  | US$ | US$ |
| Credilab Sdn Bhd | Common shareholder | Non-trade | Assignment of debt | 678427 | (990617) |
| Hoo Voon Him | Director | Non-trade | Assignment of debt | (3808800) | 670867 |
| VCI Global Limited | Holding company | Non-trade | Assignment of debt | 775955 | (1216167) |
| VCI Energy Sdn Bhd | Common shareholder | Non-trade | Assignment of debt |  |  |
| V Capital Kronos Berhad | Common shareholder | Non-trade | Assignment of debt | 411997 | 136246 |
| V Capital Quantum Sdn Bhd | Common shareholder | Non-trade | Assignment of debt | 55900 | (31682) |
| V Galactech Sdn Bhd | Common shareholder | Non-trade | Assignment of debt | 895452 | 3645 |
| V Gallant Limited | Common shareholder | Non-trade |  | - | - |
|  |  |  |  | (991069) | (1427708) |
| Credilab Sdn Bhd | Common shareholder | Non-trade | Payment on behalf | (101) |  |
| Hoo Voon Him | Director | Non-trade | Payment on behalf | (403426) | 33774 |
| VCI Global Limited | Holding company | Non-trade | Payment on behalf | (1962627) | 196301 |
| VCI Technologies Limited | Common shareholder | Non-trade | Payment on behalf |  | 1008446 |
| V Capital Kronos Berhad | Common shareholder | Non-trade | Payment on behalf | 2205057 | (204364) |
| V Capital Quantum Sdn Bhd | Common shareholder | Non-trade | Payment on behalf | (332163) |  |
| V Galactech Sdn Bhd | Common shareholder | Non-trade | Payment on behalf | (920461) | 165949 |
|  |  |  |  | (1413721) | 1200106 |
| Credilab Sdn Bhd | Common shareholder | Trade | Allocation of expenses, net |  | 375939 |
| VCI Global Limited | Holding company | Trade | Allocation of expenses, net | 936868 | 934209 |
| V Capital Kronos Berhad | Common shareholder | Trade | Allocation of expenses, net | 633720 | 763700 |
| V Capital Quantum Sdn Bhd | Common shareholder | Trade | Allocation of expenses, net | 282886 | 32780 |
| V Galactech Sdn Bhd | Common shareholder | Trade | Allocation of expenses, net | 25358 | 3803 |
| V Gallant Limited | Common shareholder | Trade | Allocation of expenses, net | - | - |
|  |  |  |  | 1878832 | 2110431 |
| Hoo Voon Him | Director | Trade | Sales | (215325) |  |
| V Invesco Sdn Bhd | Common director | Trade | Sales |  |  |
| Elmu Higher Education Sdn Bhd | Common shareholder | Trade | Sales | (26270) |  |
| VCI Global Limited | Holding company | Trade | Sales |  |  |
| V Gallant Limited | Common shareholder | Trade | Sales | - | - |
|  |  |  |  | (241595) | – |
| V Capital Kronos Berhad | Common shareholder | Trade | Management fees charged | 548236 | 659000 |
| VCI Global Limited | Holding company | Trade | Management fees charged | - | - |
|  |  |  |  | 548236 | 659000 |

---

---

| | |
|:---|:---|
| **20** | **Operating segment** |

---

Operating segments are identified on the basis of internal reports about components of the Company that are regularly reviewed by the Chief Operating Decision Maker (CODM) – Yong Hui Wun - Chief Executive Officer ("CEO") for the purpose of resource allocation and performance assessment. Segment results, assets and liabilities include items directly attributable to a segment as well as those that can be allocated on a reasonable basis.

The Group operates in a single business segment which is the business of business strategy consultancy. Accordingly, no separate segment disclosures are presented, as the Company has only one reportable operating segment in accordance with IFRS 8 *Operating Segments*. The Company's revenue is derived entirely from this single business activity.

**Geographical information**

The Group's non-current assets (excluded financial assets, measured at fair value through other comprehensive income) are located in Malaysia.

The following table summarizes revenue generated from different countries:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 2023 | 2023 | 2024 | 2024 |
|  | US$ | % | US$ | % |
| Malaysia | 12200348 | 98 | 13857155 | 97 |
| Singapore | 200000 | 2 | 432831 | 3 |
|  | 12400348 | 100 | 14289986 | 100 |

---

Revenue is attributed to each country based on the location of the customer's principal place of business.

---

| | |
|:---|:---|
| **21** | **Financial instruments, financial risks and capital risk management** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a)**  ***Categories of financial instruments*** 

The following table sets out the financial instruments at the end of the reporting year:

---

| | | |
|:---|:---|:---|
|  | December 31, <br> 2023 | December 31, <br> 2024 |
|  | US$ | US$ |
| **Financial assets** |  |  |
| Finance assets, measured at fair value through other comprehensive income | 6860489 | 2591000 |
| Trade and other receivables (excluded prepayments) | 1984506 | 7907278 |
| Cash and bank balances | 264437 | 1184237 |
|  | 9109432 | 11682515 |
| **Financial liabilities** |  |  |
| Trade and other payables | 807710 | 825291 |
| Amount due to related parties | 791245 | 4140278 |
|  | 1598955 | 4965569 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b)**  ***Financial instruments subject to offsetting, enforceable master netting arrangements and similar agreements*** 

The Company does not have any financial instruments which are subject to enforceable master netting arrangements or similar netting agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c)**  ***Financial risk management policies and objectives*** 

The management of the Company monitors and manages the financial risks relating to the operations of the Company to ensure appropriate measures are implemented in a timely and effective manner. These risks include market risk (including foreign currency risk), credit risk and liquidity risk.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** **Market risk management** 

The Company's activities are exposed primarily to the financial risks of changes in foreign currency exchange rates. Management monitors risks associated with changes in foreign currency exchanges rates and interest rates and will consider appropriate measures should the need arise.

There has been no significant change to the Company's exposure to market risk or the manner in which it manages and measures the risk.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** **Foreign currency risk management** 

The Company also conducts business in foreign currencies other than its functional currencies, as further disclosed below, and is therefore exposed to foreign exchange risk.

The currency exposure of financial assets and financial liabilities denominated in currencies other than the Group's functional currency is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Assets | Assets | Liabilities | Liabilities |
|  | December 31, <br> 2023 | December 31, <br> 2024 | December 31, <br> 2023 | December 31, <br> 2024 |
|  | US$ | US$ | US$ | US$ |
| Singapore Dollar | 3290 | **–** | **–** | 4425 |
| Malaysia Ringgit | 589641 | 74218 | 12126 | 23276 |

---

*Foreign currency sensitivity*

The following table details the sensitivity to a 5% (2023: 5%) increase and decrease in the related foreign currencies against the functional currency ("US$") with all the other variables held constant. 5% is the sensitivity rate used when reporting foreign currency risk internally to key management personnel and represents management's assessment of the possible change in foreign exchange rates. The sensitivity analysis includes only outstanding foreign currency denominated monetary items and adjusts their translation at the period end for a 5% change in foreign currency rates.

---

| | | |
|:---|:---|:---|
|  | December 31, <br> 2023 | December 31, <br> 2024 |
|  | US$ | US$ |
| Singapore Dollar | 165 | (221) |
| Malaysia Ringgit | 28876 | 2547 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** **Interest rate risk management** 

The Company is not exposed to interest rate risk as the Company does not have bank loans or other borrowing which are interest-bearing. The Company currently does not have an interest rate hedging policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iv)** **Credit risk management** 

Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Company. At the end of each reporting period, the Company's maximum exposure to credit risk which will cause a financial loss to the Company due to failure to discharge an obligation by the counterparties arises from the carrying amount of the respective recognized financial assets as stated in the statements of financial position.

In order to minimize credit risk, the Company has delegated its finance team to develop and maintain the Company's credit risk grading to categorize exposures according to their degree of risk of default. The finance team uses publicly available financial information and the Company's own historical repayment records to rate its major customers and debtors. The Company's exposure and the credit ratings of its counterparties are continuously monitored, and the aggregate value of transactions concluded is spread amongst approved counterparties.

The Company's current credit risk grading framework comprises the following categories:

---

| | | |
|:---|:---|:---|
| Category | Description | Basis for recognizing ECL |
| Performing | The counterparty has a low risk of default and does not have any past-due amounts | 12-month ECL |
| Doubtful | There has been a significant increase in credit risk since initial recognition | Lifetime ECL - not credit-impaired |
| In default | There is evidence indicating the asset is credit impaired | Lifetime ECL - credit impaired |
| Write-off | There is evidence indicating that the debtor is in severe financial difficulty and the Company has no realistic prospect of recovery | Amount is written off |

---

For trade receivables, the Company has applied the simplified approach allowed in the accounting standard to measure the loss allowance at lifetime ECL. The Company determines the ECL on these items by using a provision matrix, estimated based on historical credit loss experience based on the past default experience of the debtor, general economic conditions of the industry in which the debtors operate and an assessment of both the current as well as the forecast direction of conditions at the reporting date. To measure the expected credit losses, trade receivables has been grouped based on shared credit risk characteristics (including high risk, normal risk and low risk type).

At the end of the reporting period, the impairment allowance for ECL is disclosed in Note 6 to the financial statements. The directors of the Company considered that the ECL for non-credit impaired trade and other receivables is insignificant as at the end of the reporting period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(v)** **Liquidity risk management** 

Liquidity risk is the risk that the Company will encounter difficulty in meeting financial obligations due to shortage of funds.

In assessing our liquidity, we monitor and analyze our cash and cash equivalents and our operating expenditure commitments. Our liquidity needs are to meet our working capital requirements and operating expenses obligations. To date, we have financed our operations primarily through cash flows from operations and short-term borrowing from related parties and ultimate holding company.

Based on the above considerations, management is of the opinion that the Company has sufficient funds to meet its working capital requirements and debt obligations, for at least the next 12 months from end of the reporting period. However, there is no assurance that management will be successful in their plans. There are several factors that could potentially arise that could undermine the Company's plans, such as changes in the demand for its services, economic conditions, its operating results not continuing to deteriorate and its bank and shareholders being able to provide continued financial support.

The Company maintains sufficient cash and cash equivalents, and internally generated cash flows to finance their activities.

<u>Liquidity risk analysis</u>

<u>Non-derivative financial liabilities</u>

The following table details the remaining contractual maturity for non-derivative financial liabilities. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Company can be required to pay. The table includes both interest and principal cash flows.

---

| | | | |
|:---|:---|:---|:---|
|  | On demand<br> or within <br> 1 year | Within 2 to <br> 5 years | Total |
|  | US$ | US$ | US$ |
| <u>2024</u> |  |  |  |
| Trade and other payables | 825291 |  | 825291 |
| Amount due to related parties | 4140278 |  | 4140278 |
| Total | 4965569 |  | 4965569 |
| <u>2023</u> |  |  |  |
| Trade and other payables | 807710 |  | 807710 |
| Amount due to related parties | 791246 |  | 791246 |
| Total | 1598956 |  | 1598956 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(vi)** **Fair value of financial assets and financial liabilities** 

Management considers that the carrying amounts of Company's financial assets and financial liabilities approximate their respective fair value due to the relatively short-term maturity of these financial instruments.

The fair value of other classes of financial assets and liabilities are disclosed in the respective notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** **Capital risk management policies and objectives** 

Management manages its capital to ensure that the Company will be able to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce cost of capital.

The capital structure of the Company consists of equity attributable to owners of the Company, comprising issued share capital, fair value reserve, translation reserve and retained earnings, as disclosed in the notes to financial statements.

The Company is not subject to externally imposed capital requirements for the financial years ended December 31, 2023 and 2024. The Company's overall strategy remains unchanged from prior year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)** **Concentrations** 

 

Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of accounts receivables. The Company conducts credit evaluations of their customers, and generally does not require collateral or other security from them. The Company evaluates their collection experience and long outstanding balances to determine the need for an allowance for doubtful accounts. The Company conducts periodic reviews of the financial condition and payment practices of their customers to minimize collection risk on accounts receivable.

The following table sets forth a summary of single customers who represent 10% or more of the Company's total revenue:

---

| | | |
|:---|:---|:---|
|  | December 31, <br> 2023 | December 31, <br> 2024 |
|  | US$ | US$ |
| Customer A | **–** | 5700000 |
| Customer B | **–** | 3091482 |
| Customer C | 4895100 | **–** |
| Customer D | 1900000 | **–** |
| Customer E | 1760000 | \* |
| Customer F | 1650000 | \* |

---

The customers are unique customers with no individual customer repeated under different identifiers.

*\** Revenue from the customer for the year was less than 10% of the Company's total revenue.

The following table sets forth a summary of single customers who represent 10% or more of the Company's total trade receivable:

---

| | | |
|:---|:---|:---|
|  | December 31, <br> 2023 | December 31, <br> 2024 |
|  | US$ | US$ |
| Customer G | **–** | 1174239 |
| Customer H | **–** | 1127273 |
| Customer I | **–** | 842078 |
| Customer J | **–** | 432831 |
| Customer E | 135319 | **–** |
| Customer K | 296587 | **–** |
| Customer L | 215325 | **–** |
| Customer M | 150000 | **–** |

---

The customers are unique customers with no individual customer repeated under different identifiers.

---

| | |
|:---|:---|
| **22** | **Fair value and fair value hierarchy of financial instruments** |

---

 

The carrying amounts and fair values of the Company's financial instruments, other than those with carrying amounts that reasonably approximate to fair values, are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Carrying amount | Carrying amount | Fair value | Fair value |
|  | December 31, <br> 2023 | December 31, <br> 2024 | December 31, <br> 2023 | December 31, <br> 2024 |
|  | US$ | US$ | US$ | US$ |
| **Assets** |  |  |  |  |
| Financial assets, measured at FVOCI | 6860489 | 2591000 | 6860489 | 2591000 |

---

Management has assessed that the fair value of financial assets, measured at FVOCI approximate their carrying amount largely due to the independent valuation performed and valuation technique that take into account key inputs such as P/E multiples, long-term growth rate and discount rate etc.

At each reporting date, management analyzes the movements in the value of financial instruments and determines the major inputs applied in the valuation.

The valuation procedures applied include consideration of recent transactions in the same security or financial instrument, recent financing of the investee companies, economic and market conditions, current and projected financial performance of the investee companies, and the investee companies' management team as well as potential future strategies to realize the investments.

Management believes that the estimated fair values resulting from the valuation technique, which are recorded in the combined and consolidated statements of financial position, and the related changes in fair values, which are recorded in other comprehensive income, are reasonable, and that they were the most appropriate values at the end of the reporting periods.

<u>Fair value hierarchy</u>

The following tables illustrate the fair value measurement hierarchy of the Company's financial instruments:

 

*<u>Assets measured at fair value:</u>*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Fair value measurement using | Fair value measurement using | Fair value measurement using | Fair value measurement using |
|  | Quoted <br> prices in <br> active <br> markets <br> (Level 1) | Significant <br> observable <br> inputs<br> (Level 2) | Significant<br> unobservable <br> inputs <br> (Level 3) | Total |
|  | US$ | US$ | US$ | US$ |
| **<u>December 31, 2023</u>** |  |  |  |  |
| Financial assets, measured at FVOCI | **–** |  | 6860489 | 6860489 |
| **<u>December 31, 2024</u>** |  |  |  |  |
| Financial assets, measured at FVOCI | 903000 |  | 1688000 | 2591000 |

---

During the year ended December 31, 2024, fair value measurement of certain unquoted securities measured at FVOCI were reclassified from Level 3 to Level 1, as quoted market prices in active markets became available following the entity's listing on the Nasdaq Stock Market.

The movements in fair value measurements within Level 1 during the year are as follow:

---

| | | |
|:---|:---|:---|
|  | December 31, <br> 2023 | December 31, <br> 2024 |
|  | US$ | US$ |
| **Financial assets, measured at FVOCI** |  |  |
| At the beginning of year |  | **–** |
| Additions |  | 1514271 |
| Disposals |  | (1298250) |
| Transfer from Level 3 |  | 5172489 |
| Unrealized loss recognized in other comprehensive income |  | (4485510) |
| At the end of year |  | 903000 |

---

The movements in fair value measurements within Level 3 during the year are as follow:

---

| | | |
|:---|:---|:---|
|  | December 31, <br> 2023 | December 31, <br> 2024 |
|  | US$ | US$ |
| **Financial assets, measured at FVOCI** |  |  |
| At the beginning of year | **–** | 6860489 |
| Additions | 6495100 | 8791482 |
| Disposals | **–** | (4516482) |
| Transfer out of Level 3 | **–** | (5172489) |
| Unrealized gain/(loss) recognized in other comprehensive income | 365389 | (4275000) |
| At the end of year | 6860489 | 1688000 |

---

There were no transfers between Level 1 and Level 2 during the financial year ended December 31, 2023 and 2024.

---

| | |
|:---|:---|
| **23** | **Dividends** |

---

During the financial year ended December 31, 2023, V Capital Consulting Limited declared dividends on the following dates:

● On January 1, 2023, a dividend of US$40 per share amounting to US$2,000,000;

● On June 23, 2023, a dividend of US$2 per share amounting to US$100,000, and

● On June 28, 2023, a dividend of US$6 per share amounting to US$300,000.

The declared dividends were offset against the amount due from a related party, who was the sole shareholder of V Capital Consulting Limited.

---

| | |
|:---|:---|
| **24** | **Restatement of financial statements** |

---

Subsequent to the confidential submission of the Company's initial draft registration statement, and following the SEC's review process, the Company's management identified classification and presentation errors in the combined and consolidated statements of cash flows for the year ended December 31, 2023 and 2024. The Company had previously:

● Omitted to adjust profit before income tax for the effect of non-cash revenue within operating activities.

● Misclassified certain repayment to/advance from related parties as operating activities instead of financing activities.

As a result, the Company has restated the combined and consolidated statements of cash flows and related disclosures for years ended to correct the errors. These corrections do not impact the Company's combined and consolidated statements of financial position, profit or loss and other comprehensive income or changes in equity. The impact is limited to the combined and consolidated statements of cash flows.

The tables below present a reconciliation of the previously reported amounts and the restated amounts for the affected financial statement line items.

Effect of the restatement on the combined and consolidated statements of cash flows:

---

| | | | |
|:---|:---|:---|:---|
|  | 2023 <br>(As Reported) | Adjustment | 2023 <br>(As Restated) |
|  | US$ | US$ | US$ |
| **Operating activities** |  |  |  |
| Profit before income tax | 6757345 | **–** | 6757345 |
| Adjustments for: |  |  |  |
| Non-cash revenue | **–** | (7895100) | (7895100) |
| Allowance for expected credit losses on trade and other receivables | 235000 |  | 235000 |
| Depreciation of plant and equipment | 103 | **–** | 103 |
| Trade and other receivables | (6642232) | 6642232 | **–** |
| Trade receivables, deposits and prepayments | **–** | 1186144 | 1186144 |
| Trade and other payables | 787169 | **–** | 787169 |
| Income tax paid | (43735) | **–** | (43735) |
| **Net cash generated from operating activities** | 1093650 | (66724) | 1026926 |
| **Investing activities** |  |  |  |
| Acquisition of plant and equipment | (4755) | **–** | (4755) |
| **Net cash used in investing activities** | (4755) | **–** | (4755) |
| **Financing activities** |  |  |  |
| Repayment to related parties, net | (829348) | 66724 | (762624) |
| **Net cash used in financing activities** | (829348) | 66724 | (762624) |

---

---

| | | | |
|:---|:---|:---|:---|
|  | 2023 <br>(As Reported) | Adjustment | 2023 <br>(As Restated) |
|  | US$ | US$ | US$ |
| **<u>Supplemental non-cash flows information</u>** |  |  |  |
| <u>Non-cash operating activities</u> |  |  |  |
| Non-cash revenue |  | (7895100) | (7895100) |
| Allowance for expected credit losses on trade and other receivables |  | 235000 | 235000 |
| Depreciation of plant and equipment |  | 103 | 103 |
| <u>Non-cash investing activities</u> |  |  |  |
| Acquisition of financial assets, measured at fair value through other comprehensive income by means of consultancy services provided during the year |  | 6495100 | 6495100 |
| Other receivable from consultancy services provided for the year |  |  |  |
| - Third party |  | 1140230 | 1140230 |
| - Related party |  | 259770 | 259770 |
| <u>Non-cash financing activities</u> |  |  |  |
| Dividends declared by V Capital Consulting Limited offset against amount due from a related party who was the sole shareholder of V Capital Consulting Limited (Note 23) |  | 2400000 | 2400000 |
| Issuance of 1,000,000 Class A Shares at US$2 per share on January 23, 2025 by capitalizing amount due to holding company, VCI Global Limited as of December 31, 2023 |  | 2000000 | 2000000 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | 2024 <br>(As Reported) | Adjustment | 2024 <br>(As Restated) |
|  | US$ | US$ | US$ |
| **Operating activities** |  |  |  |
| Profit before income tax | 8010329 | **–** | 8010329 |
| Adjustments for: |  |  |  |
| Non-cash revenue | **–** | (8791482) | (8791482) |
| Loss on disposal of investment | 1013 | **–** | 1013 |
| Allowance for expected credit losses on trade and other receivables | 571986 |  | 571986 |
| Reversal of allowance for expected credit losses for trade receivables | (10000) | **–** | (10000) |
| Depreciation of plant and equipment | 744 | **–** | 744 |
| Trade and other receivables | (9618732) | 9618732 | **–** |
| Trade receivables, deposits and prepayments | **–** | (3109314) | (3109314) |
| Trade and other payables | 17581 | **–** | 17581 |
| Income tax paid | (32924) | **–** | (32924) |
| **Net cash used in operating activities** | (1060003) | (2282064) | (3342067) |
| **Investing activities** |  |  |  |
| Acquisition of financial assets, measured at fair value through other comprehensive income | (114271) |  | (114271) |
| Proceeds from disposal of financial assets, measured at fair value through other comprehensive income | 1298250 | – | 1298250 |
| **Net cash generated from investing activities** | 1183979 | **–** | 1183979 |
| **Financing activities** |  |  |  |
| Advance from related parties, net | 795824 | 2282064 | 3077888 |
| **Net cash generated from financing activities** | 795824 | 2282064 | 3077888 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | 2024 <br>(As Reported) | Adjustment | 2024 <br>(As Restated) |
|  | US$ | US$ | US$ |
| **Supplemental non-cash flows information** |  |  |  |
| <u>Non-cash operating activities</u> |  |  |  |
| Non-cash revenue |  | (8791482) | (8791482) |
| Loss on disposal of investment |  | 1013 | 1013 |
| Allowance for expected credit losses on trade and other receivables |  | 571986 | 571986 |
| Reversal of allowance for expected credit losses for trade receivables |  | (10000) | (10000) |
| Depreciation of plant and equipment |  | 744 | 744 |
| <u>Non-cash investing activities</u> |  |  |  |
| Acquisition of financial assets, measured at fair value through other comprehensive income by means of consultancy services provided during the year |  | 8791482 | 8791482 |
| Outstanding proceeds from disposal of financial assets, measured at fair value through other comprehensive income |  | 4516482 | 4516482 |
| Acquisition of financial assets, measured at fair value through other comprehensive income through the offset of other receivables |  |  |  |
| - Third party |  | 1140230 | 1140230 |
| - Related party |  | 259770 | 259770 |

---

---

| | |
|:---|:---|
| **25** | **Subsequent events** |

---

The Company evaluated all events and transactions that occurred after December 31, 2024 up through January 28, 2026, which is the date that these combined and consolidated financial statements are available for distribution. There were no material subsequent events that require disclosure in these combined and consolidated financial statements except below:

● For the sake of undertaking a public offering of the Company's Class A shares, the Company has performed a series of reorganization transactions, and the Reorganization is completed on January 24, 2025 (Note 1).

● On January 6, 2026, VCIG transferred its entire equity interest in the Company, consisting of 21,000,000 Class A Shares and 3,000,000 Class B Shares, to VHKL Private Capital Limited (VHKL). Following the transfer, VHKL became the direct parent company of the Company. VHKL is controlled by Mr. Hoo Voon Him, who is also the controlling shareholder of VCIG, therefore, Mr. Hoo Voon Him retains control over the Company. In addition, the Company implemented a share split on a two-for-one basis, whereby its issued and outstanding ordinary share was subdivided from 21,000,000 Class A Shares and 3,000,000 Class B Shares into 42,000,000 Class A Shares and 6,000,000 Class B Shares (Note 1).

![](image_005.jpg)

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To: The Board of Directors and Shareholders of <br> V Capital Consulting Group Limited

**Results of Review of Interim Financial Information**

We have reviewed the unaudited interim condensed combined and consolidated statements of financial position of V Capital Consulting Group Limited and its subsidiaries (the "Company") as of June 30, 2025, and the related unaudited interim condensed combined and consolidated statements of profit or loss and other comprehensive income, changes in equity, and cash flows for the six-month periods ended June 30, 2024 and 2025, and the related notes (collectively referred to as the interim financial statements). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial statements for them to be in conformity with International Financial Reporting Standards as issued by the International Accounting Standards Board.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the combined and consolidated statements of financial position of the Company as of December 31, 2024, and the related combined and consolidated statements of profit or loss and other comprehensive income, changes in equity and cash flows for the year then ended (not presented herein); and in our report dated July 23, 2025, except for Note 24 and 25 to the audited combined and consolidated financial statement, as to which the date is October 27, 2025, Note 1, 9 and 25 to the audited combined and consolidated financial statement, as to which the date is January 28, 2026 to reflect the effects of share split, we expressed an unqualified opinion on those financial statements. In our opinion, the information set forth in the accompanying condensed combined and consolidated statements of financial position as of December 31, 2024, is fairly stated, in all material respects, in relation to the statement of financial position from which it has been derived.

**Basis for Review Results**

These interim financial statements are the responsibility of the Company's management. We conducted our review in accordance with the standards of the PCAOB. A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion. 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.

/s/ WWC, P.C.

WWC, P.C.

Certified Public Accountants

PCAOB ID No. 1171

We have served as the Company's auditor since 2024.

San Mateo, California

October 27, 2025, except for Note 1, 9 and 23, as to which the date is January 28, 2026 to reflect the effects of share split

**V CAPITAL CONSULTING GROUP LIMITED AND ITS SUBSIDIARIES**

**UNAUDITED INTERIM CONDENSED COMBINED AND CONSOLIDATED STATEMENTS OF FINANCIAL POSITION**

**AS OF DECEMBER 31, 2024 AND JUNE 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | Note | December 31, <br> 2024 <br>(Audited) | June 30, <br> 2025 <br>(Unaudited) |
|  |  | US$ | US$ |
| **ASSETS** |  |  |  |
| **Non-current assets** |  |  |  |
| Financial assets, measured at fair value through other comprehensive income | 4 | 2591000 | 1940504 |
| Plant and equipment, net | 5 | 3916 | 3556 |
| Total non-current assets |  | 2594916 | 1944060 |
| **Current assets** |  |  |  |
| Trade and other receivables | 6 | 7907312 | 11833314 |
| Cash and bank balances | 7 | 1184237 | 28268 |
| Total current assets |  | 9091549 | 11861582 |
| **Total assets** |  | 11686465 | 13805642 |
| **<u>LIABILITIES AND EQUITY</u>** |  |  |  |
| **Current liabilities** |  |  |  |
| Trade and other payables | 8 | 825291 | 378025 |
| Amount due to related parties | 19 | 4140278 | 2103041 |
| Income tax payable |  | **–** | **–** |
| Total current liabilities |  | 4965569 | 2481066 |
| **Total liabilities** |  | 4965569 | 2481066 |
| **Equity** |  |  |  |
| Share capital \* | 9 | 2002300 | 2002300 |
| Fair value reserve | 10 | (409000) | (692509) |
| Translation reserve | 11 | (18407) | (35757) |
| Retained earnings |  | 5146003 | 10050542 |
| **Total equity** |  | 6720896 | 11324576 |
| **Total liabilities and equity** |  | 11686465 | 13805642 |

---

\* Giving retroactive effect to the restructuring on January 24, 2025 and January 6, 2026 (Note 1).

The accompanying notes are an integral part of these unaudited interim condensed combined and consolidated financial statements.

**V CAPITAL CONSULTING GROUP LIMITED AND ITS SUBSIDIARIES**

**UNAUDITED INTERIM CONDENSED COMBINED AND CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME**

**FOR THE SIX MONTHS ENDED JUNE 30, 2024 AND 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | Note | June 30, 2024 <br>(Unaudited) | June 30, 2025 <br>(Unaudited) |
|  |  | US$ | US$ |
| Revenue - third parties |  | 13468296 | 7814971 |
| Revenue - related party |  | **–** | 12000 |
| Total revenue | 12 | 13468296 | 7826971 |
| Other income | 13 | 10361 | 41086 |
| Cost of services | 14 | (1319298) | (810339) |
| Depreciation of plant and equipment | 5 | (370) | (373) |
| Directors' fees | 15 | (605887) | (675444) |
| Employee benefits expenses | 15 | (484996) | (415968) |
| Allowance for expected credit losses on trade and other receivables | 6 | (91635) | (479770) |
| Rental expenses | 18 | (58710) | (11708) |
| Legal and professional fees |  | (745) | (152299) |
| Other operating expenses | 16 | (313979) | (231661) |
| **Profit before income tax** |  | 10603037 | 5090495 |
| Income tax expense | 17 | **–** | **–** |
| **Profit for the period** |  | 10603037 | 5090495 |
| **Other comprehensive loss:** |  |  |  |
| *Items that will not be reclassified subsequently to profit or loss:* |  |  |  |
| Fair value adjustment on financial assets, measured at fair value through other comprehensive income | 4 | (3831232) | (469465) |
| *Items that may be reclassified subsequently to profit or loss:* |  |  |  |
| Exchange differences on translating foreign operations |  | (15303) | (17350) |
| **Other comprehensive loss** |  | (3846535) | (486815) |
| **Total comprehensive income for the period** |  | 6756502 | 4603680 |
| **Earnings per share of Class A ordinary shares - basic and diluted** |  | 0.25 | 0.12 |

---

**Earnings per share**

<u>June 30,</u> <br> <u>2024</u> <u>2025</u> <br> Weighted average number of Class A ordinary shares - basic and diluted\*   <u>42,000,000</u>   <u>42,000,000</u>

\* Giving retroactive effect to the restructuring on January 24, 2025 and January 6, 2026 (Note 1).

The accompanying notes are an integral part of these unaudited interim condensed combined and consolidated financial statements.

**V CAPITAL CONSULTING GROUP LIMITED AND ITS SUBSIDIARIES**

**UNAUDITED INTERIM CONDENSED COMBINED AND CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY**

**FOR THE SIX MONTHS ENDED JUNE 30, 2024 AND 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Attributable to equity owners of the Company | Attributable to equity owners of the Company | Attributable to equity owners of the Company | Attributable to equity owners of the Company | Attributable to equity owners of the Company |
|  | Share<br>capital | Fair value<br>reserve | Translation<br>reserve | Retained<br>earnings | Total<br>equity |
|  | US$ | US$ | US$ | US$ | US$ |
| **Balance at January 1, 2024** | 2002300 | 365389 | (7040) | 5121795 | 7482444 |
| Profit for the period | **–** | **–** | **–** | 10603037 | 10603037 |
| **Other comprehensive loss:** |  |  |  |  |  |
| Fair value loss on financial assets, measured at fair value through other comprehensive income | **–** | (3831232) | **–** | **–** | (3831232) |
| Exchange differences on translating foreign operations | **–** | **–** | (15303) | **–** | (15303) |
| Transfer upon disposal of equity instruments at fair value through other comprehensive income | **–** | 3843785 | – | (3843785) | **–** |
| **Balance at June 30, 2024** | 2002300 | 377942 | (22343) | 11881047 | 14238946 |
| **Balance at January 1, 2025** | 2002300 | (409000) | (18407) | 5146003 | 6720896 |
| Profit for the period | **–** | **–** | **–** | 5090495 | 5090495 |
| **Other comprehensive loss:** |  |  |  |  |  |
| Fair value loss on financial assets, measured at fair value through other comprehensive income | **–** | (469465) | **–** | **–** | (469465) |
| Exchange differences on translating foreign operations | **–** | **–** | (17350) | **–** | (17350) |
| Transfer upon disposal of equity instruments at fair value through other comprehensive income | **–** | 185956 | **–** | (185956) | **–** |
| **Balance at June 30, 2025** | 2002300 | (692509) | (35757) | 10050542 | 11324576 |

---

\* Giving retroactive effect to the restructuring on January 24, 2025 and January 6, 2026 (Note 1).

The accompanying notes are an integral part of these unaudited interim condensed combined and consolidated financial statements.

**V CAPITAL CONSULTING GROUP LIMITED AND ITS SUBSIDIARIES**

**UNAUDITED INTERIM CONDENSED COMBINED AND CONSOLIDATED STATEMENTS OF CASH FLOWS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2024 AND 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | Note | June 30, <br> 2024<br> (Unaudited) | June 30, <br> 2025<br> (Unaudited) |
|  |  | US$ | US$ |
| **Operating activities** |  |  |  |
| Profit before income tax |  | 10603037 | 5090495 |
| Adjustments for: |  |  |  |
| Non-cash revenue |  | (8791482) | (2116800) |
| Allowance for expected credit losses on trade and other receivables | 6 | 91635 | 479770 |
| Bad debt written-off |  | 80507 | **–** |
| Reversal of allowance for expected credit losses for trade receivables | 6 | **–** | (26684) |
| Depreciation of plant and equipment | 5 | 370 | 373 |
| Operating cash flows before movements in working capital |  | 1984067 | 3427154 |
| Trade receivables, deposits and prepayments |  | (3515515) | (4039633) |
| Trade and other payables |  | (66735) | (447266) |
| Cash used in operations |  | (1598183) | (1059745) |
| Income tax paid |  | (22247) | **–** |
| **Net cash used in operating activities** |  | (1620430) | (1059745) |
| **Investing activities** |  |  |  |
| Other receivables |  | **–** | 1247034 |
| Acquisition of financial assets, measured at fair value through other comprehensive income |  | **–** | (139) |
| Proceeds from disposal of financial assets, measured at fair value through other comprehensive income |  | **–** | 710370 |
| **Net cash generated from investing activities** |  | **–** | 1957265 |
| **Financing activities** |  |  |  |
| Advance from/(Repayment to) related parties, net |  | 1499171 | (2054587) |
| **Net cash generated from/(used in) financing activities** |  | 1499171 | (2054587) |
| Net decrease in cash and cash equivalents |  | (121259) | (1157067) |
| Foreign exchange effect |  | 8 | 1098 |
| Cash and bank balances at beginning of year |  | 264437 | 1184237 |
| **Cash and bank balances at end of period** | 7 | 143186 | 28268 |

---

---

| | | |
|:---|:---|:---|
|  | June 30, <br> 2024<br> (Unaudited) | June 30, <br> 2025<br> (Unaudited) |
|  | US$ | US$ |
| **<u>Supplemental non-cash flows information</u>** |  |  |
| <u>Non-cash operating activities</u> |  |  |
| Non-cash revenue | (8791482) | (2116800) |
| Allowance for expected credit losses on trade and other receivables | 91635 | 479770 |
| Bad debt written off | 80507 | **–** |
| Reversal of allowance for expected credit losses for trade receivables | **–** | (26684) |
| Depreciation of plant and equipment | 370 | 373 |
| <u>Non-cash investing activities</u> |  |  |
| Acquisition of financial assets, measured at fair value through other comprehensive income by means of consultancy services provided during the year | **–** | 2116800 |
| Other receivable from consultancy services provided for the year |  |  |
| - Third party | 8791482 | **–** |
| Outstanding proceeds from disposal of financial assets, measured at fair value through other comprehensive income | **–** | 1587600 |

---

The accompanying notes are an integral part of these unaudited interim condensed combined and consolidated financial statements.

**V CAPITAL CONSULTING GROUP LIMITED AND ITS SUBSIDIARIES**

**NOTES TO UNAUDITED INTERIM CONDENSED COMBINED AND CONSOLIDATED FINANCIAL STATEMENTS**

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| | |
|:---|:---|
| **1** | **Organization and principal activities** |

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**<u>Organization and reorganization</u>**

V Capital Consulting Group Limited ("the Company", and collectively with its subsidiaries "the Group") was incorporated in the British Virgin Islands on December 24, 2024. The registered office of the Company is situated at Vistra Corporate Services Centre, Wickhams Cay II, Road Town, Tortola, British Virgin Islands. The principal place of business of the Company is situated at B03-C-8, Menara 3A, KL Eco City, No.3 Jalan Bangsar, 59200 Kuala Lumpur, Malaysia.

The Group structure which represents the operating subsidiaries and the holding entity is as follow:

![](image_006.jpg)

**<u>Reorganization</u>**

The Company's strategy consultancy business commenced operation in 2020 and offers a diverse range of consultancy solutions, which includes, among others, providing comprehensive support throughout the listing journey. This includes offering end-to-end listing solutions that cover advising on organizational readiness, managing due diligence process, conducting peer and industry analyses, supporting the drafting of offering materials, and providing assistance to clients throughout the listing process. In addition, the Company also supports the preparation of investor communication materials, offers strategic input on structure optimization, and help formulate narratives and positioning strategies "Listing Business".

A series of transactions to reorganize the Listing Business and to transfer the Listing Business to the Company was effected from January 2024 to January 2025 ("2025 Restructuring"). As part of the 2025 Restructuring, the Company's prior holding company, VCI Global Limited ("VCIG") transferred its equity interests in the operating entities that were conducting the Listing Business to the Company, which was a wholly-owned subsidiary of the VCIG. As a result, these operating entities became the Company's wholly-owned subsidiaries.

Prior to the 2025 Restructuring, certain portion of the Listing Business was operated by certain entities within the VCIG. While these entities were not transferred to the Company in the 2025 Restructuring, the combination of assets, liabilities, operations, and cash flows related to the Listing Business were transferred to the Company upon the completion of the 2025 Restructuring.

The combined and consolidated financial statements of the Company have been prepared on a carve-out basis and are derived from the stand-alone financial statements and accounting records of each subsidiary of the Company, as well as those entities within VCIG that historically operated the Listing Business. These financial statements reflect the transfer of the assets, liabilities, operations, and cash flows in association with the Listing Business as if such transfer took place since inception. These financial statements may not be indicative of the Company's future performance and do not necessarily reflect what the financial position, results of operations and cash flows would have been had the Listing Business operated as an independent company during the periods presented.

Historically, the Listing Business was operated by certain entities under VCIG. Throughout 2024, VCIG undertook a series of transactions to transfer the operations of the Listing Business, along with certain other entities, into the Company in anticipation of a potential IPO on Nasdaq. Upon the completion of the 2025 Restructuring in January 2025, the VCIG completed the following transfers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Transfer of equity interests in Operating Entities</u> 

From January 19, 2024 to January 24, 2025, the Company acquired 100% of the equity ownership of V Capital Consulting Limited and V Capital Advisory Sdn. Bhd. (the "Operating Entities)". These transactions were executed under common control with nominal consideration. Information on these Operating Entities are as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Subsidiary | Date of<br> incorporation | Place of<br> incorporation | Ownership<br> December 31, <br> 2024 | Ownership<br> June 30, <br> 2025 | Principal activities |
| V Capital Consulting Limited | March 01, 2016 | British Virgin Islands | 100% | 100% | Provision of corporate and business advisory services, including business strategy consultancy, merger and acquisition advisory, and strategic executive advisory services. |
| V Capital Advisory Sdn. Bhd. | February 12, 2018 | Malaysia | 100% | 100% | Provision of corporate and business advisory in relation to corporate listing exercise, equity investment, corporate restructuring, merger and acquisition. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Transfer of Listing Business, including related assets, liabilities, revenue and expenses</u> 

*<u>Business agreement between VCIG and the Company</u>*

On 30 December 2024, the Company and VCIG entered into a stock sale and business separate agreement, recognizing terms and conditions to the following 1. Sale of shares from VCIG to the Company, 2. Transition services to be provided by VCIG to the Company during the transition period, and 3. Non-competition period.

*<u>Historical assets and liabilities recognized at carrying value</u>*

All of the Operating Entities and business transferred in the 2025 Restructuring are under common control of VCIG, accordingly, all such transactions are accounted for at their respective carrying value and retroactively adjusted as if such transactions had taken place as of the beginning of January 1, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Exclusion of certain expenses that are not related to Listing Business</u> 

Management has identified certain expenses incurred by the Operating Entities that were not related to Listing Business, and since these expenditures and related payables are not of the Company's proposed listing plan, they have been identified and transferred back to VCIG.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Transfer of working
 capital

Historically, VCIG funded the Company's Listing Business through intercompany transactions, and recorded amount due from (due to) holding company and related companies. On January 23, 2025, VCIG entered into deeds of assignment with certain subsidiary and waived net outstanding amount due to and due from the Company, which resulted in a total net settlement of US$2 million as of January 23, 2025. On January 23, 2025, the Company issued 1,000,000 Class A ordinary shares at US$2 per share by way of capitalizing amount due to holding company, VCI Global Limited as of December 31, 2023.

The combined and consolidated financial statements have been prepared as though the Listing Business had been operating as a stand-alone business for all periods presented. The Company adopted the management approach to identify the operations of the Listing Business. In using management's approach, considerations over how the business operates were utilized to identify historical operations that should be presented within the carve-out financial statements. This approach was taken due to the organizational structure of certain legal entities comprising the Listing Business.

All assets, liabilities, revenue, and expenses directly attributable to the Listing Business have been reflected in these combined and consolidated financial statements on a historical cost basis, as recorded in the separate financial statements of each subsidiary of the Company, as well as certain entities in VCIG that were not transferred to the Company in the 2025 Restructuring. All revenues, costs, assets, and liabilities directly associated with the Listing Business are included in the accompanying combined and consolidated financial statements. Revenue and funding cost associated with Listing Business are specifically identifiable in the accounting records maintained by VCIG. In addition, the expenses of the Listing Business include certain allocations of employee and administrative expenses from VCIG as further discussed below.

Certain functions of VCIG have historically provided oversight for both the Listing Business and other businesses or entities within VCIG. These functions and related expenses include, but are not limited to, salaries and wages associated with executives and staff involved in corporate-level oversight, costs for operational support, sales and marketing activities, and other common administrative support such as finance, legal, information technology, and human resources functions. The combined and consolidated financial statements of the Company include allocations of certain expenses from VCIG that are related to these functions historically provided by VCIG. The majority of these expenses have been allocated to the Company based on direct usage where identifiable, with the remainder allocated on a basis considered to be a reasonable reflection of the historical utilization levels of these services. As a result, the allocated expenses included in the combined and consolidated financial statements of the Company may not necessarily reflect the conditions that would have existed or the results of operations had the Company operated as an unaffiliated entity, and therefore, may not be indicative of future expenses that the Company will incur.

<u>Corporate Restructuring</u>

The Company completed a corporate restructuring (the "Corporate Restructuring") intended to simplify its ownership structure and align the Company's voting control. The restructuring transactions were completed on January 6, 2026, and did not involve any change in the underlying business operations of the Company:

Pursuant to the restructuring, VCIG transferred its entire equity interest in the Company, consisting of 21,000,000 Class A Shares and 3,000,000 Class B Shares, to VHKL Private Capital Limited (VHKL). Following the transfer, VHKL became the direct parent company of the Company. VHKL is controlled by Mr. Hoo Voon Him, who is also the controlling shareholder of VCIG, therefore, Mr. Hoo Voon Him retains control over the Company.

In addition, the Company implemented a share split on a two-for-one basis, whereby its issued and outstanding ordinary share was subdivided from 21,000,000 Class A Shares and 3,000,000 Class B Shares into 42,000,000 Class A Shares and 6,000,000 Class B Shares.

As a result of the foregoing restructuring, Mr. Hoo Voon Him, through his control of VHKL, holds a controlling voting interest in the Company. The restructuring did not result in any change to the Company's assets, liabilities, or business operations, but it did affect the ownership and voting structure of the Company.

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| | |
|:---|:---|
| **2** | **Material accounting policies** |

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**Basis of preparation**

The accompanying unaudited interim condensed combined and consolidated financial statements of the Company has been prepared in accordance with International Accounting Standard ("IAS") 34 Interim Financial Reporting issued by the International Accounting Standards Board ("IASB") and pursuant to the rules and regulations of the SEC and pursuant to Regulation S-X. Certain information and footnote disclosures, which are normally included in annual financial statements prepared in accordance with International Financial Reporting Standards, have been omitted pursuant to those rules and regulations. The unaudited interim condensed financial information should be read in conjunction with the audited financial statements and the notes thereto, included in the audited combined and consolidated financial statements of the Company for the year ended December 31, 2024.

In the opinion of management, all adjustments (including normal recurring adjustments) necessary to present a fair statement of the Company's unaudited interim condensed combined and consolidated statements of financial position as of June 30, 2025, unaudited interim condensed combined and consolidated statements of profit or loss and comprehensive income, changes in equity and cash flows for the six months ended June 30, 2024 and 2025, as applicable, have been made. The unaudited results of operations are not necessarily indicative of the operating results for the full fiscal year or any future periods.

**Fair value measurements**

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or a liability, the Company takes into account the characteristics of the asset or liability which market participants would take into account when pricing the asset or liability at the measurement date. Fair value for measurement and/or disclosure purposes in these financial statements is determined on such a basis.

In addition, for financial reporting purposes, fair value measurements are categorized into Level 1, 2 or 3 based on the degree to which the inputs to the fair value measurements are observable and the significance of the inputs to the fair value measurement in its entirety, which are described as follows:

● Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date;

● Level 2 inputs are inputs, other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly; and

● Level 3 inputs are unobservable inputs for the asset or liability.

**Basis of consolidation**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(a)***  ***Consolidation*** 

 

Subsidiaries are all entities (including structured entities) over which the Company has control. The Company controls an entity when the Company is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiary corporations are fully consolidated from the date on which control is transferred to the Company. They are deconsolidated from the date that control ceases.

 

In preparing the combined and consolidated financial statements, transactions, balances and unrealized gains on transactions between group entities are eliminated. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment indicator of the transferred asset. Accounting policies of subsidiary corporations have been changed where necessary to ensure consistency with the policies adopted by the Company.

 

Acquisition of entities under an internal reorganization scheme does not result in any change in economic substance. Accordingly, the combined and consolidated financial statements of the Company are a continuation of the acquired entities and is accounted for as follows:

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The results of entities
 are presented as if the internal reorganization occurred from the beginning of the earliest period presented in the financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Company consolidates
 the assets and liabilities of the acquired entities at the pre-combination carrying amounts. No adjustments are made to reflect fair
 values, or recognize any new assets or liabilities, at the date of the internal reorganization that would otherwise be done under
 the acquisition method; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) No new goodwill is recognized
 as a result of the internal reorganization. Any difference between the consideration paid/transferred and the equity acquired is
 reflected within equity as merger reserve or deficit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(b)***  ***Acquisitions*** 

 

The acquisition method of accounting is used to account for business combinations entered into by the Company.

 

The consideration transferred for the acquisition of a subsidiary corporation or business comprises the fair value of the assets transferred, the liabilities incurred, and the equity interests issued by the Company. The consideration transferred also includes any contingent consideration arrangement and any pre-existing equity interest in the subsidiary measured at their fair values at the acquisition date.

 

Acquisition-related costs are expensed as incurred.

 

Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited exceptions, measured initially at their fair values at the acquisition date.

 

On an acquisition-by-acquisition basis, the Company recognizes any non-controlling interest in the acquiree at the date of acquisition either at fair value or at the non-controlling interest's proportionate share of the acquiree's identifiable net assets.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(c)***  ***Disposals*** 

 

When a change in the Company's ownership interest in a subsidiary corporation result in a loss of control over the subsidiary, the assets and liabilities of the subsidiary including any goodwill are derecognized. Amounts previously recognized in other comprehensive income in respect of that entity are also reclassified to profit or loss or transferred directly to retained earnings if required by a specific standard.

 

Any retained equity interest in the entity is remeasured at fair value. The difference between the carrying amount of the retained interest at the date when control is lost, and its fair value is recognized in profit or loss.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(d)***  ***Transactions with non-controlling interests*** 

 

Changes in the Company's ownership interest in a subsidiary that does not result in a loss of control over the subsidiary is accounted for as transaction with equity owners of the Company. Any difference between the change in the carrying amounts of the non-controlling interest and the fair value of the consideration paid or received is recognized within equity attributable to the equity holders of the Company.

 

**Financial assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(a)***  ***Classification and measurement*** 

 

The Company classifies its financial assets in the following measurement categories (1) amortized cost, (2) fair value through other comprehensive income ("FVOCI"), and (3) fair value through profit or loss.

 

The classification depends on the Company's business model for managing the financial assets as well as the contractual terms of the cash flows of the financial assets.

The Company reclassifies debt instruments when and only when its business model for managing those assets changes.

**<u>At initial recognition</u>**

At initial recognition, the Company measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at fair value through profit or loss are expensed in profit or loss.

**<u>At subsequent measurement</u>**

<u>Debt instrument</u>

 

Debt instruments mainly comprise of cash and cash equivalents and trade and other receivables.

 

Amortized cost - Debt instruments that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortized cost. A gain or loss on a debt instrument that is subsequently measured at amortized cost and is not part of a hedging relationship is recognized in profit or loss when the asset is derecognized or impaired. Interest income from these financial assets is included in interest income using the effective interest rate method.

<u>Equity investment</u>

The Company measures all its equity investment at their fair value. Equity investments are classified as fair value through profit or loss with movement in their fair value recognized in profit or loss in the period in which the changes arise, except for those equity securities which are not held for trading. The Company has elected to recognize changes in fair value of equity securities not held for trading in other comprehensive income as these are strategic investments and the Company considers this to be more relevant. Movement in fair value of investments classified as FVOCI are presented as "fair value adjustment" in "other comprehensive income/(loss)".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(b)***  ***Recognition and derecognition*** 

 

Regular way purchases and sales of financial assets are recognized on trade date – the date on which the Group commits to purchase or sell the asset.

 

Financial assets are derecognized when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all risks and rewards of ownership.

On disposal of a debt instrument, the difference between the carrying amount and the sale proceeds is recognized in profit or loss.

On disposal of an equity investment, the difference between the carrying amount and sales proceed is recognized in profit or loss if there was no election made to recognize fair value change in other comprehensive income. If there was an election made, any difference between the carrying amount and sales proceed amount would be recognized in other comprehensive income and transferred to retained profits along with the amount previously recognized in other comprehensive income relating to that asset.

 **Financial liabilities and equity instruments**

<u>Classification as debt or equity</u>

Debt and equity instruments issued by the Company are classified as either financial liabilities or as equity in accordance with substance of the contractual arrangements and the definitions of a financial liability and an equity instrument.

<u>Equity instruments</u>

An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments issued by the Company are recognized at the proceeds received, net of direct issue costs.

<u>Financial liabilities</u>

Except for derivative financial instruments which are stated at fair value through profit or loss, all other financial liabilities are subsequently measured at amortized cost using the effective interest method.

The effective interest method is a method of calculating the amortized cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial liability, or (where appropriate) a shorter period, to the amortized cost of a financial liability.

<u>Derecognition of financial liabilities</u>

The Company derecognizes financial liabilities when, and only when, the Company's obligations are discharged, cancelled or expired. The difference between the carrying amount of the financial liability derecognized and the consideration paid and payable, including any non-cash assets transferred or liabilities assumed, is recognized in profit or loss.

**Offsetting financial instruments**

Financial assets and liabilities are offset, and the net amount reported in the balance sheet when there is a legally enforceable right to offset and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously.

**Impairment of financial assets**

The Company recognizes an allowance for expected credit losses ("ECL") for all debt instruments not held at FVOCI. ECL are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Company expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms.

ECLs are recognized in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a "12-month ECL"). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is recognized for credit losses expected over the remaining life of the exposure, irrespective of timing of the default (a "lifetime ECL").

For trade receivables, the Company applies a simplified approach in calculating ECLs. Therefore, the Company does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Company has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment which could affect debtors' ability to pay.

The Company considers a financial asset in default when contractual payments are 241 days past due. However, in certain cases, the Company may also consider a financial asset to be in default when internal or external information indicates that the Company is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Company. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows.

**Plant and equipment**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(a)***  ***Measurement*** 

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(i)* *Plant and equipment* 

 

Plant and equipment are initially recognized at cost and subsequently carried at cost less accumulated depreciation and accumulated impairment losses.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(ii)* *Components of costs* 

 

The cost of an item of plant and equipment initially recognized includes its purchase price and any cost that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(b)***  ***Depreciation*** 

Depreciation on other items of plant and equipment is calculated using the straight-line method to allocate their depreciable amounts over their estimated useful lives as follow:

Computer and software 10 years <br> Office equipment 5 years <br> Furniture and fittings 5 years

The residual values estimated useful lives and depreciation method of plant and equipment are reviewed, and adjusted as appropriate, at each balance sheet date. The effects of any revision are recognized in profit or loss when the changes arise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(c)***  ***Subsequent expenditure*** 

 

Subsequent expenditure relating to plant and equipment that has already been recognized is added to the carrying amount of the asset only when it is probable that future economic benefits associated with the item will flow to the entity and the cost of the item can be measured reliably. All other repair and maintenance expenses are recognized in profit or loss when incurred.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(d)***  ***Disposal*** 

 

On disposal of an item of plant and equipment, the difference between the disposal proceeds and its carrying amount is recognized in profit or loss.

**Trade and other receivables**

A receivable is recognized when the Company has an unconditional right to receive consideration. A right to receive consideration is unconditional if only the passage of time is required before payment of that consideration is due. If revenue has been recognized before the Company has an unconditional right to receive consideration, the amount is presented as a contract asset. Trade receivables that do not contain a significant financing component are initially measured at their transaction price. Trade receivables that contain a significant financing component are initially measured at fair value plus transaction costs. All receivables are subsequently stated at amortized cost, and including an allowance for credit losses.

**Impairment of non-financial assets**

The Company's non-financial asset is tested for impairment whenever there is any objective evidence or indication that these assets may be impaired.

For the purpose of impairment testing, the recoverable amount (i.e., the higher of the fair value less cost to sell and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash inflows that are largely independent of those from other assets. If this is the case, the recoverable amount is determined for the cash generating units ("CGU") to which the asset belongs.

If the recoverable amount of the asset (or CGU) is estimated to be less than its carrying amount, the carrying amount of the asset (or CGU) is reduced to its recoverable amount. The difference between the carrying amount and recoverable amount is recognized as an impairment loss in profit or loss.

An impairment loss for an asset is reversed if, and only if, there has been a change in the estimates used to determine the asset's recoverable amount since the last impairment loss was recognized. The carrying amount of this asset is increased to its revised recoverable amount, provided that this amount does not exceed the carrying amount that would have been determined (net of any accumulated amortization or depreciation) had no impairment loss been recognized for the asset in prior years.

A reversal of impairment loss for an asset other than goodwill is recognized in profit or loss.

**Trade and other payables**

Trade and other payables represent liabilities for goods and services provided to the Company prior to the end of financial year which are unpaid.

They are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). Otherwise, they are presented as non-current liabilities.

Trade and other payables are initially recognized at fair value and subsequently carried at amortized cost using the effective interest method.

**Leases**

● Short-term and low-value leases

The Company has elected to not recognize right-of-use assets and lease liabilities for short-term leases that have lease terms of 12 months or less and leases of low-value leases. Lease payments relating to these leases are expensed to profit or loss on a straight-line basis over the lease term.

**Employee benefits**

Employee benefits are recognized as an expense, unless the cost qualifies to be capitalized as an asset.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)**  **<u>Defined contribution plans</u>** 

 

Defined contribution plans are post-employment benefit plans under which the Company pays fixed contributions into separate entities such as the Employees Provident Fund on a mandatory, contractual or voluntary basis. The Company has no further payment obligations once the contributions have been paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)**  **<u>Employee leave entitlement</u>** 

 

Employee entitlements to annual leave are recognized when they accrue to employees. A provision is made for the estimated liability for annual leave as a result of services rendered by employees up to the balance sheet date.

**Provisions**

Provisions are recognized when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the C will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.

The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows.

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, the receivable is recognized as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

**Revenue recognition**

Revenue is recognized to depict the transfer of promised services to clients at an amount that reflects the consideration to which an entity expects to be entitled in exchange for those services. Specifically, the Company uses a five-step approach to recognize revenue:

● Step 1: Identify the contract(s) with a client

● Step 2: Identify the performance obligations in the contract

● Step 3: Determine the transaction price

● Step 4: Allocate the transaction price to the performance obligations in the contract

● Step 5: Recognize revenue when (or as) the Company satisfies a performance obligation

The Company recognizes revenue when (or as) a performance obligation is satisfied, i.e., when "control" of the services underlying the particular performance obligations is transferred to clients.

A performance obligation represents a service (or a bundle of services) that is distinct or a series of distinct services that are substantially the same.

Control is transferred overtime and revenue is recognized over time by reference to the progress towards complete satisfaction of the relevant performance obligation if one of the following criteria is met:

● the client simultaneously receives and consumes the benefits provided by the Company's performance as the Company performs;

● the Company's performance creates or enhances an asset that the client controls as the asset is created or enhanced; or

● the Company's performance does not create an asset with an alternative use to the Company and the Company has an enforceable right to payment for performance completed to date.

Otherwise, revenue is recognized at a point in time when the customer obtains control of the distinct service.

The Company offers a diverse range of consultancy services which include, among others, listing consultancy and business strategy consultancy, offering comprehensive support to clients throughout their company growth and listing journey.

<u>Listing consultancy</u>

This includes offering end-to-end listing solutions that cover advising on organizational readiness, managing due diligence process, conducting peer and industry analyses, supporting the drafting of offering materials, and providing assistance to customers throughout the listing process. Over the years, our listing consultancy services have successfully propelled our customers' businesses to achieve their strategic objectives

The Company enters into distinct consultancy contract with customers for the provision of listing consultancy services. The scope of work under consultancy services can vary from case to case basis, and all services rendered will be agreed and acknowledged by both parties on the contract. For projects that involve a series of tasks which are interrelated and are not separable or distinct as the Company's customers cannot benefit from any standalone task, the fees of business strategy consultancy services are generally allocated to a single performance obligation.

Payments may be made either in a lump sum or in milestones as stipulated in the contract, with an upfront payment typically received upon signing. The upfront payment is an advance payment for future services, which will be recognized as revenue when or as those future services are provided. Consideration is generally settled in cash, a combination of cash and equity, or in equity, depending on the terms of each contract agreed at contract inception.

For contracts that involve equity settlement, the Company measures the fair value of the noncash consideration at the contract inception date. The Company agrees on the number of the customer's shares that it is entitled to receive based on the fair value of the customer's shares at contract inception. Where the equity has a readily available market price at the time of transfer, the fair value is determined based on the prevailing market price. In cases where no market price is available, a third-party valuation is obtained.

Either party to the contract may terminate the engagement for consultancy services with thirty (30) days' written notice. In the event of termination, the customer remains obligated to pay the Company for all fees chargeable, due, or payable up to and including the date of termination. The termination clause does not give rise to variable or constrained consideration, as the Company has an enforceable right to payment for services rendered up to the date of termination.

When the Company is acting as a principal, the Company accounts for the revenue generated from business strategy consultancy services on a gross basis as the Company is primarily responsible for fulfilling the promise to provide the specified services to customer, which the Company has control over the services rendered and obtain substantially all the benefits. In making this determination, the Company assesses whether it is primarily obligated in these transactions, is subject to credit risk, has latitude in establishing prices, or has met several but not all these indicators in accordance with IFRS 15. The Company determined that it is primarily responsible for fulfilling the promised service as the Company has contractual obligation to engage various professional parties involved in the listing consultancy, as well as settlement of professional fees to these professional parties.

No element of financing is deemed to be present, as a typical payment term is 15 to 30 days from the date of issuance of invoice.

Contracts for listing consultancy services are typically more than a year in duration. Revenue from which is recognized over time as the customer simultaneously receives and consumes the benefits as the Company performs. When contractual billings represent an amount that corresponds directly with the value provided to the customer, the invoice will be issued in accordance with the contract terms. Revenues from fixed-priced contracts are generally recognized using costs incurred to date relative to total estimated costs at completion to measure progress toward satisfying the Company's performance obligations. The cost incurred represents work performed, which corresponds with, and thereby best depicts, the transfer of control to the customer.

<u>Business strategy consultancy</u>

Our services comprise comprehensive business consultancy support ranging from business strategy development, organizational planning, advice on internal controls, corporate governance, and board-level strategies, goal settings, leadership and talent development to advising in stakeholder communications. We support the preparation of investor communication materials, offer strategic input on structure optimization, and help formulate narratives and positioning strategies. We also assist in investor relations and public relations to help customers maintain effective communication with stakeholders and guidance on regulatory awareness. Each engagement is tailored to the client's needs and focuses on delivering practical insights, solutions, and recommendations that support better decision-making, stronger competitiveness, and long-term value creation.

Our business strategy consultancy services are provided as short, discrete task to customers. For such services, the Company satisfies a performance obligation upon completion of the service or delivery of the agreed-upon deliverable, which has been accepted by the customer, at which point control is considered transferred. Accordingly, revenue from these services is recognized at point in time. The Company becomes entitled to payment once the customer has accepted the services provided.

Our fees are generally based on fixed consideration as stipulated in the contract on a case-by-case basis. Payments may be made in a lump sum with an upfront payment typically received upon signing. The upfront payment is an advance payment for future services, which will be recognized as revenue when or as those future services are provided. Consideration is generally settled in cash, a combination of cash and equity, or in equity, depending on the terms of each contract agreed at contract inception.

For contracts that involve equity settlement, the Company measures the fair value of the noncash consideration at the contract inception date. The Company agrees on the number of the customer's shares that it is entitled to receive based on the fair value of the customer's shares at contract inception. Where the equity has a readily available market price at the time of transfer, the fair value is determined based on the prevailing market price. In cases where no market price is available, a third-party valuation is obtained.

Either party to the contract may terminate the engagement for consultancy services with thirty (30) days' written notice. In the event of termination, the customer remains obligated to pay the Company for all fees chargeable, due, or payable up to and including the date of termination. The termination clause does not give rise to variable or constrained consideration, as the Company has an enforceable right to payment for services rendered up to the date of termination.

No element of financing is deemed to be present, as a typical payment term is 15 to 30 days from the date of issuance of invoice.

**Cash and cash equivalents**

For the purpose of presentation in the combined and consolidated statements of cash flows, cash and cash equivalents include cash on hand and deposits with financial institutions which are short-term (i.e. three months or less from the date of acquisition), highly liquid investments that are readily convertible to known amounts of cash and subject to an insignificant risk of change in value.

**Share capital**

Ordinary shares are classified as equity. Incremental costs directly attributable to the issuance of new ordinary shares are deducted against the share capital account.

**Income tax**

Current income tax for current and prior periods is recognized at the amount expected to be paid to or recovered from the tax authorities, using the tax rates and tax laws that have been enacted or substantively enacted by the end of the reporting period. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation and considers whether it is probable that a tax authority will accept an uncertain tax treatment. The Company measures its tax balances either based on the most likely amount or the expected value, depending on which method provides a better prediction of the resolution of the uncertainty.

Deferred income tax is recognized for all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements except when the deferred income tax arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and affects neither accounting nor taxable profit or loss at the time of the transaction.

A deferred income tax liability is recognized on temporary differences arising on investments in subsidiaries, associates and joint ventures, except where the Company is able to control the timing of the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future.

A deferred income tax asset is recognized to the extent that it is probable that future taxable profit will be available against which the deductible temporary differences and tax losses can be utilized.

Deferred income tax is measured:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) at the tax rates that
 are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled, based
 on tax rates and tax laws that have been enacted or substantively enacted by the balance sheet date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) based on the tax consequence
 that will follow from the manner in which the Company expects, at the balance sheet date, to recover or settle the carrying amounts
 of its assets and liabilities except for investment properties.

Current and deferred income taxes are recognized as income or expense in profit or loss, except to the extent that the tax arises from a business combination or a transaction which is recognized directly in equity. Deferred tax arising from a business combination is adjusted against goodwill on acquisition.

**Foreign currency translation**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(a)***  ***Functional and presentation currency*** 

Items included in the financial statements of each entity in the Company are measured using the currency of the primary economic environment in which the entity operates ("functional currency"). The functional currency and reporting currency of the Company is United States Dollar ("US$"). However, the functional currency of its subsidiary which is incorporated in Malaysia is Malaysia ringgit ("RM"). In the consolidation of financial statements, the financial information of the subsidiary located in Malaysia have been translated into US$. Assets and liabilities are translated at the exchange rates on the balance sheet date. Equity amounts other than profits generated in current year are translated at historical exchange rates. Revenues, expenses, gains and losses are translated using the average rate for the year. Translation adjustments are reported as foreign currency translation adjustments and shown as a component of other comprehensive income in the combined and consolidated statements of profit or loss and other comprehensive income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(b)***  ***Transactions and balances*** 

Transactions in a currency other than the functional currency ("foreign currency") are translated into the functional currency using the exchange rates at the dates of the transactions. Currency exchange differences resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at the closing rates at the balance sheet date are recognized in profit or loss. Monetary items include primarily financial assets (other than equity investments) and financial liabilities. However, in the combined and consolidated financial statements, currency translation differences arising from net investment in foreign operations, are recognized in other comprehensive income and accumulated in the currency translation reserve.

When a foreign operation is disposed of or any loan forming part of the net investment of the foreign operation is repaid, a proportionate share of the accumulated currency translation differences is reclassified to profit or loss, as part of the gain or loss on disposal.

Non-monetary items measured at fair values in foreign currencies are translated using the exchange rates at the date when the fair values are determined.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(c)***  ***Translation of subsidiary's financial statements*** 

The results and financial position of subsidiary (none of which has the currency of a hyperinflationary economy) that has a functional currency different from the presentation currency are translated into the presentation currency as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) assets and liabilities
 are translated at the closing exchange rates at the reporting date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) income and expenses
 are translated at average exchange rates (unless the average is not a reasonable approximation of the cumulative effect of the rates
 prevailing on the transaction dates, in which case income and expenses are translated using the exchange rates at the dates of the
 transactions); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) all resulting currency
 translation differences are recognized in other comprehensive income and accumulated in the currency translation reserve. These currency
 translation differences are reclassified to profit or loss on disposal or partial disposal with loss of control of the foreign operation.

Goodwill and fair value adjustments arising on the acquisition of foreign operations are treated as assets and liabilities of the foreign operations and translated at the closing rates at the reporting date.

**Related parties**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A person, or a close
 member of that person's family, is related to the Company if that person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) has control or joint
 control over the Company;

(ii) has significant influence
 over the Company; or

(iii) is a member of the key
 management personnel of the Company or the Company's parent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) An entity is related
 to the Company if any of the following conditions applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The entity and the group
 are members of the same Company (which means that each parent, subsidiary and fellow subsidiary is related to the others).

(ii) One entity is an associate
 or joint venture of the other entity (or an associate or joint venture of a member of a Company of which the other entity is a member).

(iii) Both entities are joint
 ventures of the same third party.

(iv) One entity is a joint
 venture of a third entity and the other entity is an associate of the third entity.

(v) The entity is a post-employment
 benefit plan for the benefit of employees of either the Company or an entity related to the Company.

(vi) The entity is controlled
 or jointly controlled by a person identified in (a).

(vii) A person identified
 in (a)(i) has significant influence over the entity or is a member of the key management personnel of the entity (or of a parent
 of the entity).

(viii) The entity, or any member
 of a Company of which it is a part, provides key management personnel services to the Company or to the Company's parent. Close
 members of the family of a person are those family members who may be expected to influence, or be influenced by, that person in
 their dealings with the entity.

**Earnings per share**

The Company presents basic and diluted earnings per share data for its Class A ordinary shares. Basic earnings per share are calculated by dividing the profit or loss attributable to Class A ordinary shareholders of the Company by the weighted-average number of Class A ordinary shares outstanding during the year, adjusted for own shares held, if any. Diluted earnings per share is determined by adjusting the profit or loss attributable to Class A ordinary shareholders and the weighted-average number of Class A ordinary shares outstanding, adjusted for own shares held, if any, for the effects of all dilutive potential ordinary shares. Class B ordinary shares do not share the earnings attributable to the Company and are therefore not considered participating shares. As a result, a separate presentation of basic and diluted earnings per share data of Class B ordinary shares under the two-class method has not been included.

**Dividends**

Dividends to the Company's shareholders are recognized when the dividends are approved for payment.

**Segment reporting**

Operating segments, and the amounts of each segment item reported in the financial statements, are identified from the financial information provided regularly to the Company's most senior executive management for the purposes of allocating resources to, and assessing the performance of, the Company's various lines of business and geographical locations.

Individually material operating segments are not aggregated for financial reporting purposes unless the segments have similar economic characteristics and are similar in respect of the nature of products and services, the nature of production processes, the type or class of customers, the methods used to distribute the products or provide the services, and the nature of the regulatory environment. Operating segments which are not individually material may be aggregated if they share a majority of these criteria.

---

| | |
|:---|:---|
| **3** | **Critical accounting judgements and key sources of estimation uncertainty** |

---

In the application of the Company's accounting policies, which are described in Note 2 to the financial statements, management is required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods.

***Critical judgements in applying the Company's accounting policies***

There are no critical judgements, apart from those involving estimation (see below) that management has made in the process of applying the Company's accounting policy and that has the most significant effect on the amounts recognized in the financial statements.

***Key sources of estimation uncertainty***

The key assumptions concerning the future and other key sources of estimation uncertainty at the end of the reporting period, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are disclosed below:

<u>Fair value measurement of unquoted shares (Note 4)</u>

In determining the fair value of the unquoted shares, the Company relies on the net asset values of the investee companies or independent valuation report.

The availability of observable inputs can vary from investment to investment. For certain investments classified under Level 3 of the fair value hierarchy, the valuation could be based on models or inputs that are less observable or unobservable in the market and the determination of the fair values requires significant judgement. Those estimated values do not necessarily represent the amounts that may be ultimately realized due to the occurrence of future events which could not be reasonably determined as at the balance sheet date.

<u>Allowance of expected credit loss ("ECL") for trade and other receivables</u>

The Company uses a provision matrix to calculate ECLs for trade and other receivables. The provision rates are based on days past due for groupings of various customer segments that have similar loss patterns.

The provision matrix is initially based on the Company's historical observed default rates. The Company will calibrate the matrix to adjust historical credit loss experience with forward- looking information. At every reporting date, historical default rates are updated and changes in the forward-looking estimates are analyzed.

The assessment of the correlation between historical observed default rates, forecast economic conditions and ECLs is a significant estimate. The amount of ECLs is sensitive to changes in circumstances and of forecast economic conditions. The Company's historical credit loss experience and forecast of economic conditions may also not be representative of the customer's actual default in the future. The information about the ECLs on the Company's trade and other receivables is disclosed in Note 6.

---

| | |
|:---|:---|
| **4** | **Financial assets, measured at fair value through other comprehensive income** |

---

---

| | | |
|:---|:---|:---|
|  | December 31, <br> 2024 | June 30, <br> 2025 |
|  | US$ | US$ |
| At the beginning of year | 6860489 | 2591000 |
| Additions | 10305753 | 2116939 |
| Disposals | (5814732) | (2297970) |
| Fair value adjustment | (8760510) | (469465) |
| At the end of year/period | 2591000 | 1940504 |

---

---

| | | |
|:---|:---|:---|
|  | December 31, <br> 2024 | June 30, <br> 2025 |
|  | US$ | US$ |
| <u>Quoted securities</u> |  |  |
| - Founder Group Limited | 903000 | 148504 |
| - Sagtec Global Limited | **–** | 1792000 |
|  | 903000 | 1940504 |
| <u>Unquoted securities</u> |  |  |
| - Sagtec Global Limited | 1688000 | **–** |
| Total | 2591000 | 1940504 |

---

<u>Quoted securities</u>

In December 2024, the Company received 700,000 ordinary shares of Founder Group Limited, an entity listed on Nasdaq Capital Market as part of the consideration for the Group's consultancy services rendered valued at US$1,400,000. During the financial period ended June 30, 2025, the Company disposed of 502,086 ordinary shares of Founder Group Limited for US$710,370, and transferred US$293,771 cumulative fair value loss to retained earnings.

In October 2023, the Company received a total of 800,000 ordinary shares from Sagtec Global Limited as part of the consideration for the Company's business consultancy services rendered. On March 7, 2025, Sagtec Global Limited successfully listed in Nasdaq Capital Market, as a result, the investment was reclassified from unquoted security to quoted security, and the Company revalued the shares to reflect the market price. On the same day, the Company received a total of 529,200 ordinary shares from Sagtec Global Limited as part of the consideration for the Company's consultancy services rendered valued at US$2,116,800. On April 28, 2025, the Company disposed of 529,200 ordinary shares for US$1,587,600, and transferred US$107,815 cumulative fair value gain to retained earnings.

As of the year/period ended December 31, 2024 and June 30, 2025, the quoted securities are measured at fair value based on quoted market price in active markets (Level 1).

<u>Unquoted securities</u>

In December 2023, the Company received 1,631,700 ordinary shares of YY Group Holding Limited as part of the consideration for the Company's consultancy services rendered valued at US$4,895,100. In April 2024, YY Group Holding Limited was listed on Nasdaq Capital Market, as a result, the investment was reclassified from unquoted security to quoted security, and the Company revalued the ordinary shares to reflect the quoted market price. In September 2024, the Company acquired 201,000 ordinary shares of YY Group Holding Limited, valued at US$114,271. In the same month, the Company disposed of its entire investment in YY Group Holding Limited for total consideration of US$1,298,250, and transferred US$3,711,121 cumulative fair value change to retained earnings.

During the financial year ended December 31, 2024, the Company received 1,030,494 and 14,250,000 ordinary shares of Agroz Inc and Fintech Scion Limited, respectively, for the Company's consultancy services rendered valued at US$8,791,482. During the same financial year, the Company disposed of its entire investment in Agroz Inc and Fintech Scion Limited for total consideration of US$4,516,482, and transferred US$4,275,000 cumulative fair value change to retained earnings. As at the end of the reporting year December 31, 2024, the outstanding receivable from disposal of Agroz Inc and Fintech Scion Limited are included in "other receivables" (Note 6).

As of the financial year ended December 31, 2024, the fair value of unquoted securities was determined by a third-party independent valuation firm using the income approach (discounted cash flow). The information from the valuation reports was prepared based on information obtained from the management of the respective companies. The Company engaged independent third-party professional valuers with appropriate qualifications and experience to perform the valuations of the unquoted securities. In preparing the valuation reports, the valuers relied on information provided by the respective companies, including the assumptions used in the preparation of the cash flow projections. Management reviewed the valuation methodologies and key assumptions adopted by the valuers and considers them reasonable, taking into account the relevant circumstances and market conditions.

The significant unobservable inputs used in the fair value measurements of unquoted securities are categorized within Level 3 of the fair value hierarchy.

Key assumptions used for discounted cash flow calculations as of December 31, 2024 are shown below:

---

| | |
|:---|:---|
|  | December 31, <br> 2024 |
|  | % |
| Compound annual revenue growth rate | 33.73 |
| Gross profit ("GP") margin | 54.43 – 59.41 |
| Terminal growth rate | 0 |
| Weighted Average Cost of Capital ("WACC") applied to the pre-tax cash flow projections | 7.23 |

---

Quantitative sensitivity analysis as of December 31, 2024 are shown below:

---

| | |
|:---|:---|
| **As of December 31, 2024** |  |
| **Revenue and cost of sales** | 5% declined in the revenue and cost of sales would reduce the fair value approximately US$240,000 |
| **GP margin** | GP margin reduced by 5% would have resulted in the fair value to reduce approximately US$336,000 |
| **WACC** | 100 basis points increase in the WACC would result in a decrease in the fair value approximately US$56,000 |

---

---

| | |
|:---|:---|
| **5** | **Plant and equipment** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Office<br> equipment | Furniture<br> and fittings | Computer <br> and<br> software | Total |
|  | US$ | US$ | US$ | US$ |
| **Cost** |  |  |  |  |
| At January 1, 2024 | 2088 | 2318 | 349 | 4755 |
| Currency realignment | **–** | (1) | 9 | 8 |
| At December 31, 2024 | 2088 | 2317 | 358 | 4763 |
| Currency realignment | **–** | **–** | 22 | 22 |
| At June 30, 2025 | 2088 | 2317 | 380 | 4785 |
| **Accumulated depreciation:** |  |  |  |  |
| At January 1, 2024 | 17 | 39 | 47 | 103 |
| Charge | 209 | 464 | 71 | 744 |
| At December 31, 2024 | 226 | 503 | 118 | 847 |
| Charge | 104 | 232 | 37 | 373 |
| Currency realignment | **–** | (1) | 10 | 9 |
| At June 30, 2025 | 330 | 734 | 165 | 1229 |
| **Carrying amount:** |  |  |  |  |
| At December 31, 2024 | 1862 | 1814 | 240 | 3916 |
| At June 30, 2025 | 1758 | 1583 | 215 | 3556 |

---

---

| | |
|:---|:---|
| **6** | **Trade and other receivables** |

---

---

| | | |
|:---|:---|:---|
|  | December 31, <br> 2024 | June 30, 2025 |
|  | US$ | US$ |
| Trade receivables |  |  |
| - Third parties | 3829800 | 7865711 |
| - Related parties | 57310 | 60816 |
|  | 3887110 | 7926527 |
| Less: Allowance for expected credit losses - trade receivables | (392270) | (528834) |
|  | 3494840 | 7397693 |
| Other receivables |  |  |
| - Third parties | 625000 | 2212600 |
| - Related parties | 3891482 | 2644448 |
|  | 4516482 | 4857048 |
| Less: Allowance for expected credit losses - other receivables | (109664) | (427297) |
|  | 4406818 | 4429751 |
| Deposits | 5620 | 5620 |
| Prepayments | 34 | 250 |
|  | 4412472 | 4435621 |
| Total | 7907312 | 11833314 |
| Movement in allowance for expected credit losses on trade receivables is as follows: |  |  |
| At the beginning of year | 417282 | 392270 |
| Additions | 462322 | 162137 |
| Write-off | (477334) |  |
| Currency alignment |  | 1111 |
| Reversal | (10000) | (26684) |
| At the end of year/period | 392270 | 528834 |
| Movement in allowance for expected credit losses on other receivables is as follows: |  |  |
| At the beginning of year | **–** | 109664 |
| Additions | 109664 | 317633 |
| At the end of year/period | 109664 | 427297 |

---

The average credit period for services rendered is 15 to 30 (December 31, 2024: 15 to 30) days. No interest is charged on the outstanding balances.

Included within other receivables is a balance amounted to US$4,516,482 and US$4,857,048 as of December 31, 2024 and June 30, 2025 respectively, in relation to the disposal of financial assets, measured at fair value through other comprehensive income during the financial year/period (Note 4).

---

| | | |
|:---|:---|:---|
|  | December 31,<br> 2024 | June 30,<br> 2025 |
|  | US$ | US$ |
| Not past due | **–** | **–** |
| Past due | 3887110 | 7926527 |
| Less: Allowance for expected credit losses - trade receivables | (392270) | (528834) |
|  | 3494840 | 7397693 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Aging of receivables
 that are past due the average credit period:

---

| | | |
|:---|:---|:---|
|  | December 31,<br> 2024 | June 30,<br> 2025 |
|  | US$ | US$ |
| < 30 days | **–** | 3803710 |
| 31 days to 60 days | 300000 | 312461 |
| 61 days to 210 days | 3513202 | **–** |
| 211 days to 240 days | 73908 | 1011690 |
| 241 days to < 1 year | **–** | 2798666 |
| Total | 3887110 | 7926527 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) These amounts are stated
 before any deduction for allowance for ECL and are not secured by any collateral or credit enhancements.

In determining the recoverability of trade receivables, the Company considers any changes in the credit quality of the trade receivables from the date credit was initially granted up to the reporting date. There was no significant change in credit quality for the Company's trade receivables balances which are past due and partially impaired.

The allowance for ECL has been determined by taking into consideration recovery prospects and past doubtful experience.

As part of the Company's credit risk management, the Company assesses the impairment for its customers based on different group of customers which share common risk characteristics that are representative of the customers' abilities to pay all amounts due in accordance with the contractual terms.

Allowance for ECL on trade and other receivables has been measured at an amount equal to lifetime ECL. The ECL on trade and other receivables are estimated using a provision matrix by reference to past default experience of the debtor and an analysis of the debtor's current financial position, adjusted for factors that are specific to the debtors, general economic conditions of the industry in which the debtors operate.

As of June 30, 2025, the provision matrix applies ECL rates based on the age of the receivables ranged from 3.3% to 10% (December 31, 2024: 1% to 22%) for trade receivables. For other receivables, the Group applies the ECL rate of 12.4% (December 31, 2024: 16% to 23%).

In addition to the general provision matrix, the Company assesses certain specific trade and other receivables individually. This individual assessment is based on direct contact with the debtor, historical payment behavior, and other relevant factors to determine whether there are specific recoverability issues.

The Company assesses ECL on an annual basis to ensure that the ECL allowance remains appropriate and reflective of current credit risk conditions. There have been no changes in estimation techniques or significant assumptions used in calculating ECL during the current reporting period. A receivable is written off when there is objective evidence that the debtor is experiencing significant financial hardship and there is no reasonable expectation of recovery. Indicators of such conditions include the debtor entering liquidation or significant deterioration in creditworthiness with no expected future cash flows.

The following table details the provision for ECL based on the Company's provision matrix, based on past due status is not further distinguished between the Company's different customer base:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Trade receivables – days past due | Trade receivables – days past due | Trade receivables – days past due | Trade receivables – days past due | Trade receivables – days past due | Trade receivables – days past due | Trade receivables – days past due |
|  | Not<br> past due | 1 to 30<br> days | 31 - 60<br> days | 61 - 210<br> days | 211 - 240<br> days | Over 241<br> days | Total |
|  | US$ | US$ | US$ | US$ | US$ | US$ | US$ |
| Lifetime ECL – December 31, 2024 |  | **–** | 4195 | 371982 | 16093 | **–** | 392270 |
| Lifetime ECL – June 30, 2025 |  | 141985 | 11794 | **–** | 101210 | 273845 | 528834 |

---

The currency profiles of the Company's trade and other receivables at the end of the reporting date are as follows:

---

| | | |
|:---|:---|:---|
|  | December 31, <br> 2024 | June 30, <br> 2025 |
|  | US$ | US$ |
| Malaysian Ringgit | 73908 | 78430 |
| United States Dollar | 7833404 | 11754884 |
|  | 7907312 | 11833314 |

---

---

| | |
|:---|:---|
| **7** | **Cash and bank balances** |

---

---

| | | |
|:---|:---|:---|
|  | December 31, <br> 2024 | June 30, <br> 2025 |
|  | US$ | US$ |
| Cash and bank balances | 1184237 | 28268 |

---

The currency profiles of the Company's cash and cash equivalents at the end of the reporting date are as follows:

---

| | | |
|:---|:---|:---|
|  | December 31, <br> 2024 | June 30, <br> 2025 |
|  | US$ | US$ |
| Malaysia Ringgit | 310 | 805 |
| United States Dollar | 1183927 | 27463 |
|  | 1184237 | 28268 |

---

---

| | |
|:---|:---|
| **8** | **Trade and other payables** |

---

---

| | | |
|:---|:---|:---|
|  | December 31, <br> 2024 | June 30, <br> 2025 |
|  | US$ | US$ |
| Trade payables | 66432 | 17632 |
| Accruals | 572062 | 280143 |
| Sundry payables | 186797 | 80250 |
|  | 825291 | 378025 |

---

Trade payables mainly comprise consultancy fees payable to legal counsel, auditors and investment banking firms engaged in connection with services provided to the Company's clients.

Accruals mainly comprise staff salaries and consultant fees for services rendered but not yet billed.

Sundry payables consist mainly of audit fees, secretarial fees, renovation expenses and other professional fees.

The currency profiles of the Company's trade and other payables at the end of the reporting date are as follows:

---

| | | |
|:---|:---|:---|
|  | December 31, <br> 2024 | June 30, <br> 2025 |
|  | US$ | US$ |
| Singapore Dollar | 4425 | 5592 |
| Malaysia Ringgit | 23276 | 20098 |
| United States Dollar | 797590 | 352335 |
|  | 825291 | 378025 |

---

---

| | |
|:---|:---|
| **9** | **Share capital** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 | June 30, 2025 | June 30, 2025 | June 30, 2025 |
|  | Class A<br> ordinary<br> shares | Class B<br> ordinary<br> shares | US$ | Class A<br> ordinary<br> shares | Class B<br> ordinary<br> shares | US$ |
| **Paid up capital:** |  |  |  |  |  |  |
| At the beginning and end of the year/period | 42000000 | 6000000 | 2002300 | 42000000 | 6000000 | 2002300 |

---

The Company has an initial issued share capital of 23,000,000 ordinary shares comprising 20,000,000 Class A Shares and 3,000,000 Class B Shares with no par value. On January 23, 2025, the Company issued 1,000,000 Class A Shares at US$2.00 per share by way of capitalizing amount due to holding company, VCI Global Limited as of December 31, 2023. Following this capitalization, the total number of issued Class A Shares increased to 21,000,000.

Each Class A Share is entitled to one vote. Each Class B Share is entitled to ten votes and is convertible into one Class A share at the option of the holder at any time. Holders of Class B ordinary shares are not entitled to dividends.

As part of the Corporate Restructuring (Note 1), on January 6, 2026, the Company implemented a share split on a two-for-one basis, whereby its issued and outstanding ordinary share was subdivided from 21,000,000 Class A Shares and 3,000,000 Class B Shares into 42,000,000 Class A Shares and 6,000,000 Class B Shares. Concurrently with the share split, the voting rights attached to the Class B Shares were increased from ten vote per share to twenty votes per share. The Class A Shares continue to carry one vote per share.

These 42,000,000 Class A Shares and 6,000,000 Class B Shares are presented on a retroactive basis to reflect the reorganization (Note 1).

---

| | |
|:---|:---|
| **10** | **Fair value reserve** |

---

Fair value reserve represents the cumulative fair value changes, net of tax, of financial assets, measured at FVOCI until it is disposed of and is distributable.

---

| | |
|:---|:---|
| **11** | **Translation reserve** |

---

Translation reserve comprises all foreign exchange differences arising from the translation of the combined and consolidated financial statements of foreign operations whose functional currency is different from that of the Group's presentation currency and is non-distributable.

---

| | |
|:---|:---|
| **12** | **Revenue** |

---

---

| | | |
|:---|:---|:---|
|  | June 30, <br> 2024 | June 30, <br> 2025 |
|  | US$ | US$ |
| Business strategy consultancy | 8791482 | 5956971 |
| Listing consultancy | 4676814 | 1870000 |
|  | 13468296 | 7826971 |

---

---

| | | |
|:---|:---|:---|
|  | June 30, <br> 2024 | June 30, <br> 2025 |
|  | US$ | US$ |
| At a point in time | 8791482 | 5956971 |
| Over time | 4676814 | 1870000 |
|  | 13468296 | 7826971 |

---

Contract liabilities

---

| | | |
|:---|:---|:---|
|  | December 31, <br> 2024 | June 30, <br> 2025 |
|  | US$ | US$ |
| Balance at the beginning of financial year | **–** | **–** |
| Additions (advance consideration received) | 150000 | 300000 |
| Performance obligation satisfied – revenue recognized in the reporting year that was included in the contract liability balance at the beginning of the year | **–** | **–** |
| Revenue recognized in the reporting year from performance obligations satisfied (or partially satisfied) in previous years | **–** | **–** |
| Revenue recognized for current year/period | (150000) | (300000) |
| Balance at the end of the financial year/period | **–** | **–** |

---

---

| | |
|:---|:---|
| **13** | **Other income** |

---

---

| | | |
|:---|:---|:---|
|  | June 30, <br> 2024 | June 30, <br> 2025 |
|  | US$ | US$ |
| Reversal of provision for expected credit losses for trade receivables | 10000 | 26684 |
| Gain on foreign currency | **–** | 14351 |
| Sundry income | 361 | 51 |
|  | 10361 | 41086 |

---

---

| | |
|:---|:---|
| **14** | **Cost of services** |

---

---

| | | |
|:---|:---|:---|
|  | June 30, <br> 2024 | June 30, <br> 2025 |
|  | US$ | US$ |
| Consultant fees | 774298 | 243339 |
| Management fees charged by a related party (Note 19) | 545000 | 567000 |
|  | 1319298 | 810339 |

---

Consultant fees refer to the Company's costs incurred from assisting its clients in engaging the relevant professional parties required during the listing process, including but not limited to legal counsels, auditors, finance consultants, US capital markets consultants, which such consultant fee payment shall be included and be treated as part of our consultation services for its clients during the IPO's process.

---

| | |
|:---|:---|
| **15** | **Employee benefit expenses** |

---

---

| | | |
|:---|:---|:---|
|  | June 30, <br> 2024 | June 30, <br> 2025 |
|  | US$ | US$ |
| Wages and salaries | 426900 | 386409 |
| Defined contribution plans | 45435 | 27907 |
| Directors' fees | 605887 | 675444 |
| Other short-term benefits | 12661 | 1652 |
|  | 1090883 | 1091412 |

---

Included in the employee benefit expenses is remuneration and benefits to key management personnel of the Company (including the remuneration and benefits of certain executive directors).

---

| | | |
|:---|:---|:---|
|  | June 30, <br> 2024 | June 30, <br> 2025 |
|  | US$ | US$ |
| Wages and salaries | 147612 | 190834 |
| Defined contribution plans | 21299 | 22186 |
| Directors' fees | 605887 | 675444 |
| Other short-term benefits | 199 | 803 |
|  | 774997 | 889267 |

---

---

| | |
|:---|:---|
| **16** | **Other operating expenses** |

---

---

| | | |
|:---|:---|:---|
|  | June 30, <br> 2024 | June 30, <br> 2025 |
|  | US$ | US$ |
| Regulatory compliance and statutory cost | 5267 | 1700 |
| Cost incurred to obtain license | 1350 | 1350 |
| Bad debt written off | 80507 | **–** |
| Bank charges | 4787 | 2317 |
| Loss on foreign exchange | 25732 | **–** |
| Marketing expenses | 41935 | 202389 |
| Office expenses | 57378 | 14426 |
| Recruitment fees | 1896 | 3443 |
| Travelling expenses | 95127 | 6036 |
|  | 313979 | 231661 |

---

---

| | |
|:---|:---|
| **17** | **Income tax expense** |

---

V Capital Consulting Limited is incorporated in the British Virgin Islands and is not subject to tax on income or capital gains under current British Virgin Islands law.

V Capital Advisory Sdn. Bhd. is subject to Malaysia corporate tax on the taxable income as reported in its statutory financial statements adjusted in accordance with relevant Malaysia tax laws. The standard corporate income tax rate in Malaysia is 24%.

---

| | | |
|:---|:---|:---|
|  | June 30,<br> 2024 | June 30,<br> 2025 |
|  | US$ | US$ |
| Current income tax expense |  |  |
| Income tax expense |  |  |

---

The tax on the Company's profit before income tax differs from the theoretical amount that would arise using the Malaysia's standard rate of income tax as follows:

---

| | | |
|:---|:---|:---|
|  | June 30,<br> 2024 | June 30,<br> 2025 |
|  | US$ | US$ |
| Profit before income tax | 10603037 | 5090495 |
| Tax calculated at tax rate of 24% (2024: 24%) | 2544729 | 1221719 |
| Effects of: |  |  |
| - Non-taxable income | (2550121) | (1222276) |
| - Expenses not deductible for tax purposes | 5392 | 557 |
|  | **–** | **–** |

---

As of June 30, 2025, the Company had unutilized tax losses carried forward of US$486,942 (December 31, 2024: US$195,750) for which no deferred tax asset has been recognized. These losses relate to a subsidiary that has been loss-making for several years, and no convincing evidence is currently available that taxable profits will be available against which the tax losses can be utilized.

The tax losses can be carried forward for 7 years, as applicable under Malaysia law.

The potential deferred tax asset not recognized amounts to US$116,866 (December 31, 2024: US$46,980), calculated at the applicable tax rate of 24%. Management will continue to review the future profitability of the entities concerned to assess whether the recognition criteria for deferred tax assets are met.

---

| | |
|:---|:---|
| **18** | **Operating lease** |

---

---

| | | |
|:---|:---|:---|
|  | June 30,<br> 2024 | June 30,<br> 2025 |
|  | US$ | US$ |
| Short-term leases | 58710 | 11708 |

---

The Company has elected not to recognize right-of-use assets and lease liabilities for short-term leases that have lease terms of 12 months. Lease payments relating to these leases are expensed to profit or loss on a straight-line basis over the lease term.

---

| | |
|:---|:---|
| **19** | **Significant related party transactions** |

---

Related companies in these financial statements refer to the ultimate holding company, members of the ultimate holding company's group of companies and fellow subsidiaries and the director.

Some of the Company's transactions and arrangements are between members of the Company and the effect of these on the basis determined between the parties is reflected in these financial statements. The intercompany balances are unsecured, interest-free, repayable on demand, unless otherwise stated and not expected to be repaid within the next 12 months.

---

| | | |
|:---|:---|:---|
|  | December 31, <br> 2024 | June 30, <br> 2025 |
|  | US$ | US$ |
| **Balance with related parties** |  |  |
| **Trade receivables** |  |  |
| Elmu Higher Education Sdn Bhd | 57310 | 60816 |
|  | 57310 | 60816 |
| **Other receivables** |  |  |
| VCI Equity Fund Limited | 3891482 | 2644448 |
| **Amount due to related parties** |  |  |
| Credilab Sdn Bhd | 63649 | **–** |
| VCI Global Limited | 2106693 | 361273 |
| VCI Energy Sdn Bhd | 74 | 78 |
| VCI Technologies Limited | 1005946 | **–** |
| V Capital Kronos Berhad | 740620 | 929036 |
| V Capital Quantum Sdn Bhd | 52423 | 57819 |
| V Galactech Sdn Bhd | 170873 | 4835 |
| V Gallant Limited | **–** | 750000 |
|  | 4140278 | 2103041 |

---

**Transactions with related parties**

The following represents the significant related party transactions for the periods ended June 30, 2024 and 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Relationship | Nature | Description | June 30, <br> 2024 | June 30, <br> 2025 |
|  |  |  |  | US$ | US$ |
| Credilab Sdn Bhd | Common shareholder | Non-trade | Assignment of debt | (1000701) | 771759 |
| VCI Energy Sdn Bhd | Common shareholder | Non-trade | Assignment of debt | 572 |  |
| VCI Global Limited | Holding company | Non-trade | Assignment of debt | (87116) | (926083) |
| V Capital Kronos Berhad | Common shareholder | Non-trade | Assignment of debt | 9261 | (60824) |
| V Capital Quantum Sdn Bhd | Common shareholder | Non-trade | Assignment of debt | 244656 |  |
| V Galactech Sdn Bhd | Common shareholder | Non-trade | Assignment of debt | – | 326967 |
|  |  |  |  | (833328) | 111819 |
| Credilab Sdn Bhd | Common shareholder | Non-trade | Payment on behalf | 490621 | (757224) |
| VCI Global Limited | Holding company | Non-trade | Payment on behalf | 388587 | (268666) |
| V Capital Kronos Berhad | Common shareholder | Non-trade | Payment on behalf | 284348 | 428578 |
| V Capital Quantum Sdn Bhd | Common shareholder | Non-trade | Payment on behalf | (65028) | 2189 |
| V Galactech Sdn Bhd | Common shareholder | Non-trade | Payment on behalf | 25 | (493260) |
| V Gallant Limited | Common shareholder | Non-trade | Payment on behalf | 750000 | – |
|  |  |  |  | 1848553 | (1088383) |
| Credilab Sdn Bhd | Common shareholder | Trade | Allocation of expenses, net | 11787 | (87078) |
| VCI Global Limited | Holding company | Trade | Allocation of expenses, net | 1025800 | (1156407) |
| V Capital Kronos Berhad | Common shareholder | Trade | Allocation of expenses, net | (256214) | (8309) |
| V Capital Quantum Sdn Bhd | Common shareholder | Trade | Allocation of expenses, net | (46624) | – |
|  |  |  |  | 734749 | (1251794) |
| VCI Global Limited | Holding company | Trade | Sales | – | (12000) |
|  |  |  |  | – | (12000) |
| VCI Global Limited | Holding company | Trade | Management fees charged |  | 567000 |
| V Capital Kronos Berhad | Common shareholder | Trade | Management fees charged | 545000 | – |
|  |  |  |  | 545000 | 567000 |

---

---

| | |
|:---|:---|
| **20** | **Operating segment** |

---

Operating segments are identified on the basis of internal reports about components of the Company that are regularly reviewed by the Chief Operating Decision Maker (CODM) – Yong Hui Wun - Chief Executive Officer ("CEO") for the purpose of resource allocation and performance assessment. Segment results, assets and liabilities include items directly attributable to a segment as well as those that can be allocated on a reasonable basis.

The Group operates in a single business segment which is the business of business strategy consultancy. Accordingly, no separate segment disclosures are presented, as the Company has only one reportable operating segment in accordance with IFRS 8 *Operating Segments*. The Company's revenue is derived entirely from this single business activity.

**Geographical information**

The Group's non-current assets (excluded financial assets, measured at fair value through other comprehensive income) are located in Malaysia.

The following table summarizes revenue generated from different countries:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | June 30, 2024 | June 30, 2024 | June 30, 2025 | June 30, 2025 |
|  | US$ | % | US$ | % |
| Malaysia | 13035465 | 97 | 7826971 | 100 |
| Singapore | 432831 | 3 | **–** | **–** |
|  | 13468296 | 100 | 7826971 | 100 |

---

Revenue is attributed to each country based on the location of the customer's principal place of business.

---

| | |
|:---|:---|
| **21** | **Financial instruments, financial risks and capital risk management** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a)**  ***Categories of financial instruments*** 

The following table sets out the financial instruments at the end of the reporting year/period:

---

| | | |
|:---|:---|:---|
|  | December 31, <br> 2024 | June 30, <br> 2025 |
|  | US$ | US$ |
| **Financial assets** |  |  |
| Finance assets, measured at fair value through other comprehensive income | 2591000 | 1940504 |
| Trade and other receivables (excluded prepayments) | 7907278 | 11833064 |
| Cash and bank balances | 1184237 | 28268 |
|  | 11682515 | 13801836 |
| **Financial liabilities** |  |  |
| Trade and other payables | 825291 | 378025 |
| Amount due to related parties | 4140278 | 2103041 |
|  | 4965569 | 2481066 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b)**  ***Financial instruments subject to offsetting, enforceable master netting arrangements and similar agreements*** 

The Company does not have any financial instruments which are subject to enforceable master netting arrangements or similar netting agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c)**  ***Financial risk management policies and objectives*** 

The management of the Company monitors and manages the financial risks relating to the operations of the Company to ensure appropriate measures are implemented in a timely and effective manner. These risks include market risk (including foreign currency risk), credit risk and liquidity risk.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** **Market risk management** 

The Company's activities are exposed primarily to the financial risks of changes in foreign currency exchange rates. Management monitors risks associated with changes in foreign currency exchanges rates and interest rates and will consider appropriate measures should the need arise.

There has been no significant change to the Company's exposure to market risk or the manner in which it manages and measures the risk.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** **Foreign currency risk management** 

The Company also conducts business in foreign currencies other than its functional currencies, as further disclosed below, and is therefore exposed to foreign exchange risk.

The currency exposure of financial assets and financial liabilities denominated in currencies other than the Group's functional currency is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Assets | Assets | Liabilities | Liabilities |
|  | December 31, <br> 2024 | June 30, <br> 2025 | December 31, <br> 2024 | June 30, <br> 2025 |
|  | US$ | US$ | US$ | US$ |
| Singapore Dollar | **–** | **–** | 4425 | 5592 |
| Malaysia Ringgit | 74218 | 79235 | 23276 | 20098 |

---

*Foreign currency sensitivity*

The following table details the sensitivity to a 5% (December 31, 2024: 5%) increase and decrease in the related foreign currencies against the functional currency ("US$") with all the other variables held constant. 5% is the sensitivity rate used when reporting foreign currency risk internally to key management personnel and represents management's assessment of the possible change in foreign exchange rates. The sensitivity analysis includes only outstanding foreign currency denominated monetary items and adjusts their translation at the year/period end for a 5% change in foreign currency rates.

---

| | | |
|:---|:---|:---|
|  | December 31, <br> 2024 | June 30, <br> 2025 |
|  | US$ | US$ |
| Singapore Dollar | (221) | (280) |
| Malaysia Ringgit | 2547 | 2957 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** **Interest rate risk management** 

The Company is not exposed to interest rate risk as the Company does not have bank loans or other borrowing which are interest-bearing. The Company currently does not have an interest rate hedging policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iv)** **Credit risk management** 

Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Company. At the end of each reporting period, the Company's maximum exposure to credit risk which will cause a financial loss to the Company due to failure to discharge an obligation by the counterparties arises from the carrying amount of the respective recognized financial assets as stated in the statements of financial position.

In order to minimize credit risk, the Company has delegated its finance team to develop and maintain the Company's credit risk grading to categorize exposures according to their degree of risk of default. The finance team uses publicly available financial information and the Company's own historical repayment records to rate its major customers and debtors. The Company's exposure and the credit ratings of its counterparties are continuously monitored, and the aggregate value of transactions concluded is spread amongst approved counterparties.

The Company's current credit risk grading framework comprises the following categories:

---

| | | |
|:---|:---|:---|
| Category | Description | Basis for recognizing ECL |
| Performing | The counterparty has a low risk of default and does not have any past-due amounts | 12-month ECL |
| Doubtful | There has been a significant increase in credit risk since initial recognition | Lifetime ECL - not credit-impaired |
| In default | There is evidence indicating the asset is credit impaired | Lifetime ECL - credit impaired |
| Write-off | There is evidence indicating that the debtor is in severe financial difficulty and the Company has no realistic prospect of recovery | Amount is written off |

---

For trade receivables, the Company has applied the simplified approach allowed in the accounting standard to measure the loss allowance at lifetime ECL. The Company determines the ECL on these items by using a provision matrix, estimated based on historical credit loss experience based on the past default experience of the debtor, general economic conditions of the industry in which the debtors operate and an assessment of both the current as well as the forecast direction of conditions at the reporting date. To measure the expected credit losses, trade receivables has been grouped based on shared credit risk characteristics (including high risk, normal risk and low risk type).

At the end of the reporting period, the impairment allowance for ECL is disclosed in Note 6 to the financial statements. The directors of the Company considered that the ECL for non-credit impaired trade and other receivables is insignificant as at the end of the reporting period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(v)** **Liquidity risk management** 

Liquidity risk is the risk that the Company will encounter difficulty in meeting financial obligations due to shortage of funds.

In assessing our liquidity, we monitor and analyze our cash and cash equivalents and our operating expenditure commitments. Our liquidity needs are to meet our working capital requirements and operating expenses obligations. To date, we have financed our operations primarily through cash flows from operations and short-term borrowing from related parties and ultimate holding company.

Based on the above considerations, management is of the opinion that the Company has sufficient funds to meet its working capital requirements and debt obligations, for at least the next 12 months from end of the reporting period. However, there is no assurance that management will be successful in their plans. There are several factors that could potentially arise that could undermine the Company's plans, such as changes in the demand for its services, economic conditions, its operating results not continuing to deteriorate and its bank and shareholders being able to provide continued financial support.

The Company maintains sufficient cash and cash equivalents, and internally generated cash flows to finance their activities.

<u>Liquidity risk analysis</u>

<u>Non-derivative financial liabilities</u>

The following table details the remaining contractual maturity for non-derivative financial liabilities. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Company can be required to pay. The table includes both interest and principal cash flows.

---

| | | | |
|:---|:---|:---|:---|
|  | On demand<br> or within <br> 1 year | Within 2 to <br> 5 years | Total |
|  | US$ | US$ | US$ |
| <u>June 30, 2025</u> |  |  |  |
| Trade and other payables | 378025 |  | 378025 |
| Amount due to related parties | 2103041 |  | 2103041 |
| Total | 2481066 |  | 2481066 |
| <u>December 31, 2024</u> |  |  |  |
| Trade and other payables | 825291 |  | 825291 |
| Amount due to related parties | 4140278 |  | 4140278 |
| Total | 4965569 |  | 4965569 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(vi)** **Fair value of financial assets and financial liabilities** 

Management considers that the carrying amounts of Company's financial assets and financial liabilities approximate their respective fair value due to the relatively short-term maturity of these financial instruments.

The fair value of other classes of financial assets and liabilities are disclosed in the respective notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** **Capital risk management policies and objectives** 

Management manages its capital to ensure that the Company will be able to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce cost of capital.

The capital structure of the Company consists of equity attributable to owners of the Company, comprising issued share capital, fair value reserve, translation reserve and retained earnings, as disclosed in the notes to financial statements.

The Company is not subject to externally imposed capital requirements for the financial year/period ended December 31, 2024 and June 30, 2025. The Company's overall strategy remains unchanged from prior year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)** **Concentrations** 

 

Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of accounts receivables. The Company conducts credit evaluations of their customers, and generally does not require collateral or other security from them. The Company evaluates their collection experience and long outstanding balances to determine the need for an allowance for doubtful accounts. The Company conducts periodic reviews of the financial condition and payment practices of their customers to minimize collection risk on accounts receivable.

The following table sets forth a summary of single customers who represent 10% or more of the Company's total revenue:

---

| | | |
|:---|:---|:---|
|  | June 30,<br> 2024 | June 30, <br> 2025 |
|  | US$ | US$ |
| Customer A | 5700000 | **–** |
| Customer B | 3091482 | **–** |
| Customer C | \* | 3800000 |
| Customer D | \* | 2116800 |
| Customer E | \* | 1582461 |

---

The customers are unique customers with no individual customer repeated under different identifiers.

*\** Revenue from the customer for the period was less than 10% of the Company's total revenue.

The following table sets forth a summary of single customers who represent 10% or more of the Company's total trade receivable:

---

| | | |
|:---|:---|:---|
|  | December 31, <br> 2024 | June 30,<br> 2025 |
|  | US$ | US$ |
| Customer F | 1174239 | 1132772 |
| Customer G | 1127273 | 1087464 |
| Customer H | 842078 | \* |
| Customer I | 432831 | \* |
| Customer C | **–** | 3800000 |

---

The customers are unique customers with no individual customer repeated under different identifiers.

---

| | |
|:---|:---|
| **22** | **Fair value and fair value hierarchy of financial instruments** |

---

 

The carrying amounts and fair values of the Company's financial instruments, other than those with carrying amounts that reasonably approximate to fair values, are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Carrying amount | Carrying amount | Fair value | Fair value |
|  | December 31, <br> 2024 | June 30, <br> 2025 | December 31, <br> 2023 | June 30, <br> 2025 |
|  | US$ | US$ | US$ | US$ |
| **Assets** |  |  |  |  |
| Financial assets, measured at FVOCI | 2591000 | 1940504 | 2591000 | 1940504 |

---

Management has assessed that the fair value of financial assets, measured at FVOCI approximate their carrying amount largely due to the independent valuation performed and valuation technique that take into account key inputs such as P/E multiples, long-term growth rate and discount rate etc.

At each reporting date, management analyzes the movements in the value of financial instruments and determines the major inputs applied in the valuation.

The valuation procedures applied include consideration of recent transactions in the same security or financial instrument, recent financing of the investee companies, economic and market conditions, current and projected financial performance of the investee companies, and the investee companies' management team as well as potential future strategies to realize the investments.

Management believes that the estimated fair values resulting from the valuation technique, which are recorded in the combined and consolidated statements of financial position, and the related changes in fair values, which are recorded in other comprehensive income, are reasonable, and that they were the most appropriate values at the end of the reporting periods.

<u>Fair value hierarchy</u>

The following tables illustrate the fair value measurement hierarchy of the Company's financial instruments:

 

*<u>Assets measured at fair value:</u>*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Fair value measurement using | Fair value measurement using | Fair value measurement using | Fair value measurement using |
|  | Quoted <br> prices in <br> active <br> markets <br> (Level 1) | Significant <br> observable <br> inputs<br> (Level 2) | Significant<br> unobservable <br> inputs <br> (Level 3) | Total |
|  | US$ | US$ | US$ | US$ |
| **<u>December 31, 2024</u>** |  |  |  |  |
| Financial assets, measured at FVOCI | 903000 |  | 1688000 | 2591000 |
| **<u>June 30, 2025</u>** |  |  |  |  |
| Financial assets, measured at FVOCI | 1940504 |  | **–** | 1940504 |

---

During the year/period ended December 31, 2024 and June 30, 2025, fair value measurement of certain unquoted securities measured at FVOCI were reclassified from Level 3 to Level 1, as quoted market prices in active markets became available following the entity's listing on the Nasdaq Stock Market.

The movements in fair value measurements within Level 1 during the year/period are as follow:

---

| | | |
|:---|:---|:---|
|  | December 31, <br> 2024 | June 30, <br> 2025 |
|  | US$ | US$ |
| **Financial assets, measured at FVOCI** |  |  |
| At the beginning of year | **–** | 903000 |
| Additions | 1514271 | 2116939 |
| Disposals | (1298250) | (2297970) |
| Transfer from Level 3 | 5172489 | 1688000 |
| Unrealized loss recognized in other comprehensive income | (4485510) | (469465) |
| At the end of year/period | 903000 | 1940504 |

---

The movements in fair value measurements within Level 3 during the year/period are as follow:

---

| | | |
|:---|:---|:---|
|  | December 31, <br> 2024 | June 30, <br> 2025 |
|  | US$ | US$ |
| **Financial assets, measured at FVOCI** |  |  |
| At the beginning of year | 6860489 | 1688000 |
| Additions | 8791482 | **–** |
| Disposals | (4516482) | **–** |
| Transfer out of Level 3 | (5172489) | (1688000) |
| Unrealized loss recognized in other comprehensive income | (4275000) | **–** |
| At the end of year/period | 1688000 | **–** |

---

There were no transfers between Level 1 and Level 2 during the financial year ended December 31, 2024 and the period ended June 30, 2025.

---

| | |
|:---|:---|
| **23** | **Subsequent events** |

---

The Company evaluated all events and transactions that occurred after June 30, 2025 up through January 28, 2026, which is the date that these unaudited interim condensed combined and consolidated financial statements are available for distribution. There were no material subsequent events that require disclosure in these unaudited interim condensed combined and consolidated financial statements except below:

● On January 6, 2026, VCIG transferred its entire equity interest in the Company, consisting of 21,000,000 Class A Shares and 3,000,000 Class B Shares, to VHKL Private Capital Limited (VHKL). Following the transfer, VHKL became the direct parent company of the Company. VHKL is controlled by Mr. Hoo Voon Him, who is also the controlling shareholder of VCIG, therefore, Mr. Hoo Voon Him retains control over the Company. In addition, the Company implemented a share split on a two-for-one basis, whereby its issued and outstanding ordinary share was subdivided from 21,000,000 Class A Shares and 3,000,000 Class B Shares into 42,000,000 Class A Shares and 6,000,000 Class B Shares (Note 1).

**Class A Ordinary Shares**

**V Capital Consulting Group Limited**

(Incorporated in the British Virgin Islands)

**PROSPECTUS**

![](image_001.jpg)

**[______], 2026** 

**PART II**

**INFORMATION NOT REQUIRED IN PROSPECTUS**

**Item 6. Indemnification of Directors and Officers.**

British Virgin Islands law does not limit the extent to which a British Virgin Islands company's memorandum and articles of association may provide for indemnification of officers and directors, except to the extent that any such provision may be held by the British Virgin Islands courts as being contrary to public policy, such as to provide indemnification against civil fraud or the consequences of committing a crime.

Our Memorandum and Articles of Association contain provisions that entitle the Company to indemnify against all expenses, including legal fees, and against all judgments fines and amounts paid in settlement and reasonably incurred in connection with legal, administrative or investigative proceedings, any person involved in legal proceeding by reason of the fact that the person is or was a director of the Company or the person, at the request of the Company, is or was serving as director, or any other capacity, of any other body corporate. The Company may only indemnify if the person acted honestly, in good faith, with a view to the best interest of the Company, and in the case of criminal proceedings, the person had no reasonable cause to believe that his conduct was unlawful. We believe that these provisions are necessary to attract and retain qualified persons as directors and officers. As a result of these provisions, the ability of the Company or a stockholder thereof to successfully prosecute an action against a director for a breach of his duty of care has been limited. However, the provision does not affect the availability of equitable remedies such as an injunction or rescission based upon a director's breach of his duty of care.

**Item 7. Recent sales of unregistered securities.**

Since the Company's incorporation on December 24, 2024, the registrant has granted or issued the following securities of the registrant that were not registered under the Securities Act:

(a) Issuances of Shares.

● On December 24, 2024, we issued 20,000,000 Class A Shares to VCI Global Limited, a Nasdaq listed company, at a consideration at US$0.0001 per share. At the same day, we issued 3,000,000 Class B Shares to VCI Global Limited at a consideration at US$0.0001 per share.

● In connection with this offering, the Company completed a corporate restructuring (the "Corporate Restructuring") intended to simplify its ownership structure and align the Company's voting control. The restructuring transactions were completed on January 6, 2026, and did not involve any change in the underlying business operations of the Company. Pursuant to the restructuring, VCIG transferred its entire equity interest in VCCG, consisting of 100% of the issued and outstanding Class A Shares and Class B Shares, to VHKL. Following the transfer, VHKL became the direct parent company of VCCG. VHKL is controlled by Mr. Hoo Voon Him, who is the controlling shareholder of VHKL and, as a result of the restructuring, now exercises control over VCCG.

● On January 23, 2025, we issued 1,000,000 Class A Shares to VCI Global Limited at a price of US$2.00 per share, for a total consideration of US$2,000,000.

[All of these sales were exempt from registration under the Securities Act by reason of Section 4(a)(2) of the Securities Act, as transactions by an issuer not involving a public offering, or were exempt from registration pursuant to Regulation S. The recipients of securities in each of these transactions represented their intentions to acquire the securities for investment only and not with a view to or for sale in connection with any distribution of the securities, and appropriate legends were affixed to the share certificates issued in such transactions and there were no investors who are citizens or residents of the United States. We relied on information from purchasers that they were accredited investors and/or such investors were provided adequate information and were otherwise determined to be suitable. In all cases, there was no public solicitation. The issuances of the securities described below were effected without the involvement of underwriters.]

**Item 8. Exhibits and Financial Statement Schedules**

See Exhibit Index beginning on page II-4 of this registration statement.

The agreements included as exhibits to this registration statement contain representations and warranties by each of the parties to the applicable agreement. These representations and warranties were made solely for the benefit of the other parties to the applicable agreement and (i) were not intended to be treated as categorical statements of fact, but rather as a way of allocating the risk to one of the parties if those statements prove to be inaccurate; (ii) may have been qualified in such agreement by disclosure that was made to the other party in connection with the negotiation of the applicable agreement; (iii) may apply contract standards of "materiality" that are different from "materiality" under the applicable securities laws; and (iv) were made only as of the date of the applicable agreement or such other date or dates as may be specified in the agreement.

We acknowledge that, notwithstanding the inclusion of the foregoing cautionary statements, we are responsible for considering whether additional specific disclosure of material information regarding material contractual provisions is required to make the statements in this registration statement not misleading.

Financial Statement Schedules.

Schedules have been omitted because the information required to be set forth therein is not applicable or is shown in our combined and consolidated financial statements or the notes thereto.

**Item 9. Undertakings.**

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The undersigned registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To include any prospectus required by section 10(a)(3) of the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the SEC pursuant to Rule 424(b) (§ 230.424(b) of this chapter) if, in the aggregate, the changes in volume and price represent no more than 20% change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To include any material information with respect to the plan of distribution not previously disclosed in the Registration Statement or any material change to such information in the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment 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) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) To file a post-effective amendment to the Registration Statement to include any financial statements required by Item 8.A. of Form 20-F (17 CFR § 249.220f) at the start of any delayed offering or throughout a continuous offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) For determining liability of the undersigned registrant under the Securities Act to any purchaser in the initial distribution of the securities, the undersigned 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;(a) 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;(b) 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;(c) 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;(d) Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of the registrant's annual report pursuant to section 13(a) or section 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan's annual report pursuant to section 15(d) of the Securities Exchange Act of 1934) that is incorporated by reference in the registration statement 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.

---

| | |
|:---|:---|
| **Exhibit<br> Number** | **Description** |
| 1.1\*\* | Form of Underwriting Agreement |
| 3.1\*\* | Memorandum and Articles of Association of the Registrant |
| 3.2\*\* | Form of Bylaws |
| 4.1\*\* | Form of Representative Warrant |
| 5.1 | [Opinion of Carey Olsen (BVI) L.P, counsel to Registrant](ea027384701ex5-1_vcapital.htm) |
| 5.2 \*\* | Opinion of Sichenzia Ross Ference Carmel LLP, counsel to the Registrant |
| 10.1\*\* | Stock Sale and Business Separation Agreement |
| 10.2\*\* | First Amendment to Stock Sale and Business Separation Agreement |
| 14.1 | [Code of Ethics](ea027384701ex14-1_vcapital.htm) |
| 21.1 | [Subsidiaries of the Registrant](ea027384701ex21-1_vcapital.htm) |
| 23.1\*\* | Consent of [_____] |
| 23.2 | [Consent of Carey Olsen (BVI) L.P (included in Exhibit 5.1)](ea027384701ex5-1_vcapital.htm) |
| 23.3\*\* | Consent of Sichenzia Ross Ference Carmel LLP (included in Exhibit 5.2) |
| 99.1\*\* | Director Nominee Consent of Wen Sheng How |
| 99.2 | [Audit Committee Charter](ea027384701ex99-2_vcapital.htm) |
| 99.3 | [Compensation Committee Charter](ea027384701ex99-3_vcapital.htm) |
| 99.4 | [Nominating and Corporate Governance Committee Charter](ea027384701ex99-4_vcapital.htm) |
| 99.5 | [Clawback Policy](ea027384701ex99-5_vcapital.htm) |
| 99.6 | [Insider Trading Policy](ea027384701ex99-6_vcapital.htm) |
| 107 | [Filing Fee Table](ea027384701ex-fee_vcapital.htm) |

---

\* Previously filed

\*\* To be filed by amendment

+ Indicates a management contract or compensatory plan.

**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 registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in New York, NY on January 28, 2026.

---

| | |
|:---|:---|
| **V CAPITAL CONSULTING GROUP LIMITED** | **V CAPITAL CONSULTING GROUP LIMITED** |
| By: | /s/ *Yong Hui Wun* |
|  | Yong Hui Wun |
|  | Director and Chief Executive Officer |

---

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| /s/ Hoo Voon Him | Chairman & Director | January 28, 2026 |
| Hoo Voon Him | (Principal Executive Officer) |  |
| /s/ *Yong Hui Wun* | Chief Executive Officer | January 28, 2026 |
| Yong Hui Wun | (Executive Officer) |  |
| /s/ Ong Shin Ein | Chief Financial Officer | January 28, 2026 |
| Ong Shin Ein | (Principal Accounting and Financial Officer) |  |
| /s/ Liew Soo Hua | Director | January 28, 2026 |
| Liew Soo Hua |  |  |
| /s/ | Director | January 28, 2026 |

---

## Exhibit 5.1

**Exhibit 5.1**

---

| | |
|:---|:---|
| ![](ex5-1_001.jpg) | ![](ex5-1_002.jpg) |

---

28 January 2026

V Capital Consulting Group Limited

B03-C-8 Menara 3A

KL Eco City, No. 3 Jalan Bangsar

59200 Kuala Lumpur

Dear Sir / Madam

**Re: V Capital Consulting Group Limited (the "Company")**

We are lawyers qualified to practise in the British Virgin Islands and have acted as British Virgin Islands legal counsel to the Company. We have been asked to issue this legal opinion in connection with: (i) the Company's registration statement on Form F-1, including all amendments or supplements thereto initially filed with the U.S. Securities and Exchange Commission (the "**Commission**") on 28 January 2026 (the "**Registration Statement**") relating to the offering by the Company of the Company's ordinary shares of no par value (the "**Shares**"); and (ii) the Company's proposed listing on the NASDAQ Capital Market.

We hereby consent to the filing of this opinion letter as an exhibit to the Registration Statement and to the references to our firm under the heading "Legal Matters" in the Prospectus. 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 Act or the Rules and Regulations of the Commission thereunder.

![](ex5-1_003.jpg)

1. SCOPE
OF OPINION

**This Opinion is given only on the laws of the British Virgin Islands in force at the date hereof and is based solely on matters of fact known to us at the date hereof. We have not investigated the laws or regulations of any jurisdiction other than the British Virgin Islands (collectively, "Foreign Laws"). We express no opinion as to matters of fact or, unless expressly stated otherwise, the veracity of any representations or warranties given in or in connection with any of the documents set out in Schedule 1.**

2. DOCUMENTS
REVIEWED AND ENQUIRIES MADE

In giving this Opinion, we have undertaken the Searches and reviewed originals, copies, drafts, conformed copies, certified copies or notarised copies of the documents set out in Schedule 1.

3. ASSUMPTIONS
AND QUALIFICATIONS

This Opinion is given on the basis that the assumptions set out in Schedule 2 (which we have not independently investigated or verified) are true, complete and accurate in all respects. In addition, this Opinion is subject to the qualifications set out in Schedule 3.

4. OPINIONS

Having regard to such legal considerations as we deem relevant, we are of the opinion that:

4.1 **Due incorporation, existence and status** 

**The Company has been duly incorporated as a BVI business company, limited by shares, under the BVI Business Companies Act 2004 (as amended) (the "Act"), is validly existing and was in good standing with the Registrar of Corporate Affairs in the British Virgin Islands at the date of the Certificate of Good Standing (the "Registrar").**

4.2 **Power and authority** 

The Company has full power (including both capacity and authority) under its Memorandum and Articles to enter into, deliver and perform its obligations under the Documents.

4.3 **No conflict** 

The execution and delivery of the Documents by the Company and the performance of its obligations thereunder do not contravene:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 law to which the Company is currently subject in the British Virgin Islands; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 provision of the Memorandum and Articles.

Page 2 / 13

4.4 **Shares** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Based
 solely on the Memorandum and Articles, the Company is authorised to issue an unlimited number
 of Ordinary Shares, no par value per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Shares, to be issued and sold by the Company have been duly authorised for issuance when:
 (a) the board of directors of the Company has taken all necessary corporate action to approve
 the issue thereof, the terms of the offering thereof and related matters; (b) the issue of
 such Shares have been recorded in the Company's register of members; and (c) the subscription
 price of such Shares have been fully paid in cash or other consideration approved by the
 board of directors of the Company, the Shares will be duly authorised, validly issued, fully-paid
 and non-assessable, and free of any pre-emptive or similar rights. As a matter of British
 Virgin Islands law, a share is only issued when it has been entered in the register of members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Board Resolutions authorise and approve the issue of the Shares for the purposes of paragraph
 (b) above.

4.5 **Official Consents** 

No authorisation, approval, consent, registration, licence or exemption is required from any court or governmental, regulatory, judicial or public body or authority in the British Virgin Islands Is required in connection with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 execution and delivery by the Company of the Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 performance of the Company's obligations under the Documents.

4.6 **Choice of Law** 

The express choice of law of the jurisdiction specified in the Documents (the "**Governing Law**") is a valid choice of law and will be recognised and upheld by the courts of the British Virgin Islands.

4.7 **Submission to Jurisdiction** 

The submission to the jurisdiction of the courts contained in the Documents is a valid one and will be recognised by the courts of the British Virgin Islands.

4.8 **Legal Validity** 

The execution and delivery of the Documents and the performance by the Company of its obligations thereunder have been authorised by the Company and, the Documents have been duly executed on behalf of the Company constitutes the legal, valid and binding obligations of the Company enforceable in accordance with its terms.

Page 3 / 13

5. RELIANCE

5.1 Except
 as specifically referred to in this Opinion we have not examined, and give no opinion on,
 any contracts, instruments or other documents (whether or not referred to in, or contemplated
 by, the Documents). We do not give any opinion on the commercial merits of any transaction
 contemplated or entered into under or pursuant to the Documents.

5.2 This
 Opinion (and any obligations arising out of or in connection with it) is given on the basis
 that it shall be governed by and construed in accordance with the laws of the British Virgin
 Islands. By relying on the opinions set out in this Opinion the addressee(s) hereby irrevocably
 agree(s) that the courts of the British Virgin Islands are to have exclusive jurisdiction
 to settle any disputes which may arise in connection with this Opinion.

5.3 We
 assume no responsibility to advise any person entitled to rely on this Opinion, or to undertake
 any investigations, as to any change in British Virgin Islands law (or its application) or
 factual matters arising after the date of this Opinion, which might affect the opinions set
 out herein.

5.4 This
 opinion deals only with the specified legal issues expressly addressed herein, and you should
 not infer any opinion that is not explicitly stated herein from any matter addressed in this
 opinion.

5.5 This
 opinion is issued solely in connection with the Registration Statement and Prospectus and
 the offering of the Shares by the Company and is not to be relied upon in respect of any
 other matter.

---

| |
|:---|
| Yours faithfully |
| /s/ **Carey Olsen** |
| **Carey Olsen** |

---

Page 4 / 13

Schedule 1

**Documents Reviewed and ENQUIRIES made**

For the purpose of this Opinion, we have reviewed originals, copies, drafts or conformed copies of the following documents:

**A.** **CORPORATE DOCUMENTS** 

1. The
 certificate of incorporation of the Company obtained by us pursuant to the Company Searches.

2. The
 memorandum and articles of association of the Company (the "**Memorandum and Articles** ")
 obtained by us pursuant to the Company Searches.

3. A
 certificate of good standing relating to the Company issued by the Registrar, dated 23 January
 2026 (the "**Certificate of Good Standing** ").

4. A
 registered agent's certificate dated 23 January 2026 (the "**Certificate** ")
 issued by the Registered Agent.

5. The
 board resolutions of the Company duly executed and dated 20 January 2026 (the "**Board Resolutions** ").

**B.** **SEARCHES AND ENQUIRIES** 

1. The
 information revealed by our search of the Company's public records on file and available
 for public inspection from the Registrar at the time of our search on 28 January 2026 (the
 "**Company Searches** "), including all relevant forms and charges (if any) created
 by the Company and filed with the Registrar pursuant to section 163 of the BVI Business Companies
 Act (the "Act").

2. The
 public information revealed by our search of the Company on the electronic records of the
 Civil Division and the Commercial Division of the Registry of the High Court and the Court
 of Appeal (Virgin Islands) Register, each from 1 January 2000, as maintained on the Judicial
 Enforcement Management System by the Registry of the High Court of the Virgin Islands, conducted
 on 28 January 2026 (the "**High Court Search**" and together with the Company
 Search, the "**Searches** ").

**C.** **DOCUMENTS** 

1. A
 copy of the Registration Statement.

2. A
 copy of an underwriting agreement to be entered into between the Company and D. Boral Capital
 LLC.

The documents listed in paragraph C of this Schedule are together, the "**Documents**".

**D.** **SCOPE** 

The documents listed in this Schedule are the only documents and/or records we have examined and the only searches and enquiries we have carried out for the purposes of this Opinion.

Page 5 / 13

**SCHEDULE 2**

**Assumptions**

We have assumed:

1. The
 full power (including both capacity and authority), legal right and good standing of each
 of the parties to the Documents (other than the Company under the laws of the British Virgin
 Islands) to execute, date, unconditionally deliver and perform their obligations under, and
 their due authorisation, execution, dating and unconditional delivery of, the Documents.

2. Each
 Document constitutes legal, valid and binding obligations, enforceable in accordance with
 their terms, of each party to that Document under all laws other than, in the case of the
 Company, the laws of the British Virgin Islands.

3. All
 authorisations, consents, filings, registrations or other requirements of governmental, judicial
 or public bodies and authorities required under any law (including the laws of the British
 Virgin Islands) for any party (other than under the laws of the British Virgin Islands, the
 Company) to execute, or deliver, or enforce any Document or perform any of its obligations
 under any Document have been obtained, remain valid and subsisting and have been complied
 with or validly waived.

4. The
 choice of the Governing Law has been freely made in good faith (for example not made with
 any intention of avoiding provisions of the law with which the transactions under the Documents
 have the closest and most real connection) and would be regarded as a valid and binding selection,
 which will be upheld by the relevant courts as a matter of the Governing Law and all other
 laws (other than the laws of the British Virgin Islands) and there is no reason for avoiding
 that choice of Governing Law on grounds of public policy or otherwise. Where the governing
 law has not been expressly stated, the governing law of such Document will be the Governing
 Law.

5. None
 of the transactions contemplated by the Documents, no property received and no payment made
 or to be made thereunder represents or will represent proceeds of criminal conduct under
 the British Virgin Islands Proceeds of Criminal Conduct Law, 1997.

6. None
 of the parties to the Documents is acting, or will act in a matter inconsistent with United
 Nations or United Kingdom sanctions as implemented under the laws of the British Virgin Islands
 or extended to the British Virgin Islands by the Orders of His Majesty in Council.

7. All
 necessary consents have been given, actions taken (other than those required pursuant to
 the laws of the British Virgin Islands) and conditions met or validly waived pursuant to
 the Documents.

8. All
 public records of the Company, which we examined when carrying out the Searches, are accurate
 and the information disclosed by the Searches is true and complete (and such information
 has not since then been altered).

9. The
 Searches did not fail to disclose any information which had been delivered for registration
 but did not appear on the public records at the date and time we carried out the Searches.

Page 6 / 13

10. Each
 of the parties has entered into the Documents in good faith for bona fide commercial reasons
 and on arm's length terms.

11. Each
 Director considers the transactions contemplated by the Documents to be of commercial benefit
 to the Company and has acted bona fide in the best interests of the Company, and for a proper
 purpose of the Company in relation to the transactions contemplated by the Documents.

12. No
 Director has an interest in the transactions contemplated by the Documents other than as
 disclosed in the Resolutions, or if any other interest does exist:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 material facts of the interest are known by the Members and such transactions have been unanimously
 approved or ratified; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Company received fair value for the transaction(s).

13. The
 conformity to the original documents of all copy documents supplied to us (whether in hard
 or soft copy format).

14. The
 authenticity, accuracy and completeness of all documents supplied to us, whether as originals
 or copies and of all factual representations expressed in or implied by the documents we
 have examined.

15. The
 genuineness of all signatures, stamps, initials, seals, dates and markings on documents submitted
 to us. The signatures, initials and seals on the Documents are genuine and are those of a
 person or persons given power to execute the Documents pursuant to the Resolutions.

16. Where
 we have been provided with a document in executed form or with only the signature page of
 an executed document, that such executed document does not differ from the latest draft version
 of the document provided to us and, where a document has been reviewed by us in draft or
 specimen form, it will be or has been executed in the form of that draft or specimen.

17. No
 Document has been amended, modified, supplemented, revoked, rescinded or terminated since
 the time of its execution.

18. There
 is no document or other information or matter that has not been provided or disclosed to
 us, which could affect the accuracy of this Opinion.

19. The
 translation into English of any document supplied to us is complete and accurate.

20. The
 Company has entered into, or will enter into, the Documents as principal for its own account
 and not as agent or fiduciary.

21. No
 foreign legislation qualifies or affects this Opinion.

22. Words
 and phrases used in any documents that we have reviewed that are not governed by British
 Virgin Islands law have the same meanings and effect as they would have if those documents
 were governed by British Virgin Islands law.

Page 7 / 13

23. The
 Memorandum and Articles remain in full force and effect and are unamended since the date
 of our Company Search.

24. The
 minute book and corporate records of the Company, maintained at its registered office in
 the British Virgin Islands and on which the Certificate was prepared, are complete and accurate
 in all material respects, and all minutes and resolutions filed therein represent a complete
 and accurate record of all meetings of the members and directors (or any committee thereof)
 (duly convened in accordance with the Memorandum and Articles) and all resolutions passed
 at the meetings, or passed by written consent as the case may be.

25. The
 Certificate is and remains accurate in all respects and the information disclosed by the
 Certificate is true and complete (and such information has not been altered since the date
 thereof).

26. The
 Resolutions remain in full force and effect and have not been amended, modified, supplemented,
 revoked, rescinded or terminated in any way, and any minutes are a true and correct record
 of the proceedings of the relevant meeting, which was duly convened and held and at which
 a quorum was present throughout in the manner prescribed in the Memorandum and Articles.

27. The
 Resolutions have been duly executed and the signatures and initials thereon are those of
 a person or persons in whose name the Resolutions have been expressed to be signed.

28. The
 power and authority of the Company and the Directors have not been restricted in any way
 other than as set out in the Memorandum and Articles or the Documents.

29. There
 is no contractual or other obligation, prohibition or restriction (other than arising by
 operation of the laws of the British Virgin Islands or as set out in the Memorandum and Articles)
 which may limit the Company's ability to enter into or perform its obligations under the
 Documents.

30. There
 is nothing in the corporate records or minute book of the Company (which we have not inspected)
 which would affect this Opinion.

31. Prior
 to, at the time of, and immediately following execution of the Documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
Company was able to pay its debts as they fell due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
Company's assets exceeded its liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 Company had not failed to comply with the requirements of a statutory demand that had not
 been set aside under section 157 of the Insolvency Act 2003 (as amended);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
Company was not otherwise "Insolvent" under the Insolvency Act 2003 (as amended); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the
 Company entered into the Documents for proper value and not with an intention to defraud
 or hinder its creditors, or by way of fraudulent preference.

Page 8 / 13

32. In
 connection with the Company's entry into and performance of its obligations contained in
 the Documents, each of its authorised representatives has acted in accordance with his fiduciary
 and other duties to the Company under all relevant laws (including any relevant Foreign Laws)
 and the Memorandum and Articles (including in relation to any obligation to disclose a conflict
 of interest in connection therewith).

33. Save
 as has been specifically disclosed to us by our Searches:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Company is not the subject of legal, arbitral, administrative or other proceedings in any
 jurisdiction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no
 steps have been taken to wind up, liquidate, strike-off or otherwise dissolve the Company
 and no receiver or other similar person has been appointed in respect of the Company's affairs.

34. As
 a matter of all relevant laws (other than the laws of the British Virgin Islands) none of
 the Documents constitute a security interest.

35. The
 obligations of the Company under the Documents have not been deferred or subordinated by
 operation of law (other than the laws of the British Virgin Islands) or by contract.

36. Neither
 the Company nor any of its subsidiaries (if any):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) own
any interest in any land situated in the British Virgin Islands; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is
 a sovereign entity of any state and none of them is a subsidiary, direct or indirect, of
 any sovereign entity or state.

37. The
 Documents do not result in the sale, transfer, lease, exchange or other disposition, (other
 than a mortgage, charge or other encumbrance or the enforcement thereof) of more than 50
 per cent in value of the assets of the Company.

38. Where
 any of the documents provided to us are unexecuted, incomplete and/or undated, they will
 be duly executed, completed and/or dated (as the case may be) and delivered by all the parties
 in materially the same form as that provided to us and they will not be altered in any material
 way which affects this Opinion.

Page 9 / 13

**SCHEDULE 3**

**qualifications**

1. The
 obligations under the Documents will not necessarily be legal, valid, binding or enforceable
 in all circumstances and this Opinion is not to be taken to imply that each obligation would
 necessarily be capable of enforcement or be enforced in all circumstances in accordance with
 its terms. In particular, but without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 binding effect, validity and enforceability of obligations may be limited by laws relating
 to bankruptcy, insolvency, moratorium, liquidation, dissolution, re-organisation and other
 laws of general application relating to, or affecting the rights of, creditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) enforcement
 may be limited by general principles of equity (for example, equitable remedies such as specific
 performance or the issuing of an injunction are available only at the discretion of the court
 and may not be available where damages are considered to be an adequate alternative and we
 therefore express no opinion on whether such remedies will be granted if sought);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) claims
 may be or become barred under the laws relating to the prescription and limitation of actions
 or may become subject to the general doctrine of estoppel or waiver in relation to representations,
 acts or omissions of any relevant party or may become subject to defences of set-off or counterclaim;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) where
 obligations are to be performed in a jurisdiction outside the British Virgin Islands, they
 may not be enforceable in the British Virgin Islands to the extent that performance would
 be illegal under the laws of that jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the
 courts of the British Virgin Islands have jurisdiction to give judgment in the currency of
 the relevant obligation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) obligations
 to make payments that may be regarded as penalties will not be enforceable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) a
 company cannot, by agreement or in its articles of association, restrict the exercise of
 a statutory power;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) there
 exists doubt as to enforceability of any provision whereby the Company covenants not to exercise
 powers specifically given to its Members by the Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 enforcement of contractual obligations may be limited by the provisions of British Virgin
 Islands law applicable to agreements or contracts held to have been frustrated by events
 happening after the relevant agreement or contract was entered into;

Page 10 / 13

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the
 enforcement of obligations may be invalidated or vitiated by reason of fraud, duress, undue
 influence, mistake, illegality or misrepresentation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) the
 courts of the British Virgin Islands may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) refuse
 to enforce a provision that amounts to an indemnity in respect of the costs of enforcement
 or of unsuccessful proceedings brought in the British Virgin Islands where such courts have
 already made an order to that effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) decline
 to exercise jurisdiction in relation to substantive proceedings brought under or in relation
 to the Documents in matters where they determine that such proceedings may be tried in a
 more appropriate forum; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) find
 that a hybrid dispute resolution clause, though generally recognised under British Virgin
 Islands law, is unenforceable on the grounds, amongst others, that it confers concurrent
 jurisdiction on an arbitral tribunal and the courts of the British Virgin Islands;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) provisions
 that purport to require parties to reach agreement in the future may be unenforceable for
 lack of certainty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) an
 agreement made by a person in the course of carrying on unauthorised financial services business
 is unenforceable against the other party to the agreement under section 50F of the Financial
 Services Commission Act, 2001;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) where
 the courts of the British Virgin Islands determine that a contractual term may be interpreted
 in more than one manner the courts may employ the one that is deemed to be most consistent
 with business and common sense;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) it
 is possible that a judgment (in the British Virgin Islands or elsewhere) relating to a particular
 agreement or instrument would be held to supersede the terms of such agreement or instrument
 with the effect that, notwithstanding any express term to the contrary in such agreement
 or instrument, such terms would cease to be binding; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) there
 is a presumption that the courts of the British Virgin Islands will give effect to an exclusive
 jurisdiction clause in an agreement and upon application, may stay proceedings brought in
 the British Virgin Islands or grant an anti-suit injunction against a party that commences
 proceedings elsewhere where such proceedings are in breach of the exclusive jurisdiction
 clause, unless a party can satisfy the courts of the British Virgin Islands that it would
 be just and equitable to depart from that presumption (for example, not to do so would deprive
 one party of access to justice).

Page 11 / 13

2. To
 maintain the Company in good standing under the laws of the British Virgin Islands, the Company
 must inter alia pay annual filing fees to the Registrar, comply with its economic substance
 requirements and obligations under the Virgin Islands Economic Substance (Companies and Limited
 Partnerships) Act, 2018 and file a copy of its register of directors, register of members
 and register of beneficial owners with the Registrar.

3. We
 make no comment on references to any Foreign Laws or to any representations or warranties
 made in any agreement or document.

4. We
 express no view as to the commercial terms of the Documents or whether such terms represent
 the intentions of the parties and make no comment with regard to the representations that
 may be made by the Company.

5. We
 offer no opinion as to whether the acceptance of, or the execution or performance of, the
 Company's obligations under the Documents will or may result in the breach or infringement
 of any other deed, contract or document entered into by, or binding upon, the Company (other
 than the Memorandum and Articles).

6. The
 obligations of the Company may be subject to restrictions pursuant to United Nations or other
 applicable international sanctions as implemented under the laws of the British Virgin Islands.

7. A
 provision that a calculation, determination, opinion, exercise of power or certificate will
 be conclusive and binding may not be effective or enforceable if such calculation, determination,
 opinion, exercise of power or certificate is given unreasonably, arbitrarily or without good
 faith or which is fraudulent or manifestly inaccurate and will not necessarily prevent judicial
 enquiry into the merits of any claim.

8. The
 question of whether or not any provision of an agreement or document which is illegal, invalid,
 unenforceable or void may be severed from the other provisions thereof would be determined
 by the courts of the British Virgin Islands in its discretion.

9. We
 make no comment on references to any Foreign Laws or to any representations or warranties
 made in any agreement or document.

10. The
 effectiveness of terms releasing or exculpating any party from, or limiting or excluding,
 a liability (or duty otherwise owed) may be limited by law, and confidentiality obligations
 may be overridden by the requirements of legal or regulatory process or applicable law.

11. Failure
 to exercise a right, or any delay in such exercise, may operate as a waiver of that right
 notwithstanding a provision to the contrary.

12. We
 express no opinion on any provision in any agreement or document requiring written amendments
 and waivers thereof insofar as it suggests that all or other modifications, amendments or
 waivers could not be effectively agreed upon or granted by or between the parties. It is
 likely that the provisions of an agreement or document governed by British Virgin Islands
 law may be waived or amended orally or by conduct notwithstanding any such provision.

Page 12 / 13

13. Written
 agreements are only effective from the date on which they are signed notwithstanding that
 they may contain an earlier stated effective or "as of" date.

14. A
 provision of an agreement that purports to impose obligations on a person who is not party
 to such agreement (other than a person acting pursuant to powers contained in a deed poll)
 will not be enforceable against such person.

15. We
 offer no opinion as to the existence or value of, or any party's interest in, any property
 or assets.

16. It
 is a requirement that notice of appointment of a receiver made under section 118 of the Insolvency
 Act 2003 (as amended) be registered with the Registrar. However, it should be noted that
 there is no mechanism to file with the Registrar notice of an appointment of a receiver made
 under Foreign Law.

17. The
 exemption provided to the Company pursuant to section 242(3) of the Act from the payment
 of stamp duty does not apply to an instrument relating to the transfer to or by such Company
 of an interest in land situated in the British Virgin Islands or transactions in respect
 of the shares, debt obligations or other securities of a land owning company. For this purpose,
 the Company is a "land owning company" if it, or any of its subsidiaries, has
 an interest in any land in the British Virgin Islands.

Page 13 / 13

## Exhibit 14.1

**Exhibit 14.1**

**V CAPITAL CONSULTING GROUP LIMITED**

**CODE OF BUSINESS CONDUCT AND ETHICS**

**I. PURPOSE**

This Code of Business Conduct and Ethics (the "**Code**") contains general guidelines for conducting the business of V Capital Consulting Group Limited, together with its subsidiaries and affiliates worldwide (collectively "**VCCG**" or the "**Company**") consistent with the highest standards of business ethics, and is intended to qualify as a "code of ethics" within the meaning of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules promulgated thereunder. To the extent this Code requires a higher standard than required by commercial practice or applicable laws, rules or regulations, the Company adheres to these higher standards.

This Code is designed to deter wrongdoing and to promote:

● honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

● full, fair, accurate, timely and understandable disclosure in reports and documents that the Company files with, or submits to, the U.S. Securities and Exchange Commission (the "**SEC**") and in other public communications made by the Company;

● compliance with applicable laws, rules and regulations;

● strict prohibition of any bribes or kickbacks;

● prompt internal reporting of violations of the Code; and

● accountability for adherence to the Code.

**II. APPLICABILITY**

This Code applies to all directors, officers, employees and consultants of the Company, whether they work for the Company on a full-time, part-time, consultative or temporary basis (each, an "**employee**" and collectively, the "**employees**"). Certain provisions of the Code apply specifically to our chief executive officer, chief financial officer, other chief officers, senior vice presidents, vice presidents, and any other persons who perform management functions that meet certain seniority levels of the Company (each, a "**senior employee**," and collectively, the "**senior employees**"). Certain provisions of the Code apply to relevant third parties in assistance with the Company's business.

The Board of Directors of the Company (the "**Board**") has appointed the Company's Chief Financial Officer, as the Compliance Officer for the Company (the "**Compliance Officer**"). If you have any questions regarding the Code or would like to report any violation of the Code, please email the Compliance Officer.

This Code has been adopted by the Board and shall become effective (the "**Effective Time**") upon the effectiveness of the Company's registration statement on Form F-1 filed by the Company with the SEC relating to the Company's initial public offering.

**III. CONFLICTS OF INTEREST**

***Identifying Conflicts of Interest***

A conflict of interest occurs when an employee's private interest interferes, or appears to interfere, in any way with the interests of the Company as a whole. An employee should actively avoid any private interest that may impact such employee's ability to act in the interests of the Company or that may make it difficult to perform the employee's work objectively and effectively. In general, the following are considered conflicts of interest:

● <u>Competing Business</u>. No employee may be employed by a business that competes with the Company or deprives it of any business. No employee may engage, or assist others (including family members) in engaging, any business activities that compete with the Company or deprive it of any business. An employee should notify the Company promptly if he/she knows that any of his or her family members are employed by or engaged in a competing business.

● <u>Corporate Opportunity</u>. No employee may use corporate property, information or his/her position with the Company to secure a business opportunity that would otherwise be available to the Company. If an employee discovers a business opportunity that is in the Company's line of business through the use of the Company's property, information or position, the employee must first present the business opportunity to the Company before pursuing the opportunity in his/her individual capacity.

***Disclosure of Conflicts of Interest***

The Company requires that employees fully disclose any situations that could reasonably be expected to give rise to a conflict of interest. If an employee suspects that he/she has a conflict of interest, or a situation that others could reasonably perceive as a conflict of interest, the employee must report it immediately to the Compliance Officer. Conflicts of interest may only be waived by the Board, or the appropriate committee of the Board, and will be promptly disclosed to the public to the extent required by law and applicable rules of the stock exchange where the Company's American depositary shares representing its ordinary shares are listed and traded (the "**Stock Exchange**").

***Family Members and Work***

The actions of family members outside the workplace may also give rise to conflicts of interest because they may influence an employee's objectivity in making decisions on behalf of the Company. If a member of an employee's family is interested in doing business with the Company, the criteria as to whether to enter into or continue the business relationship and the terms and conditions of the relationship must be no less favorable to the Company compared with those that would apply to an unrelated party seeking to do business with the Company under similar circumstances.

Employees should report any situation involving family members that could reasonably be expected to give rise to a conflict of interest to the Compliance Officer. For purposes of this Code, "family members" or "members of employee's family" include an employee's spouse, parents, children and siblings, whether by blood, marriage or adoption or anyone residing in such employee's home.

**IV. GIFTS AND ENTERTAINMENT**

The giving and receiving of appropriate gifts may be considered common business practice. Appropriate business gifts and entertainment are welcome courtesies designed to build relationships and understanding among business partners. However, gifts and entertainment should never compromise, or appear to compromise, an employee's ability to make objective and fair business decisions.

It is the responsibility of employees to use good judgment in this area. As a general rule, employees may give or receive gifts or entertainment to or from customers or suppliers only if the gift or entertainment is in compliance with applicable laws, regulations and policies, insignificant in amount and not given in consideration or expectation of any action by the recipient. All gifts and entertainment expenses made on behalf of the Company must be properly accounted for on expense reports.

The Company encourages employees to submit gifts received to the Company. While it is not mandatory to submit small gifts, gifts of over US$150 must be submitted immediately to the human resources department of the Company.

An employee should contact the Compliance Officer if he/she has any questions regarding any gifts or entertainment expenses. Bribes and kickbacks are criminal acts, strictly prohibited by law. An employee must not offer, give, solicit or receive any form of bribe or kickback anywhere in the world.

**V. ANTI-BRIBERY AND FCPA COMPLIANCE**

The U.S. Foreign Corrupt Practices Act ("**FCPA**") prohibits giving anything of value, directly or indirectly, to officials of foreign governments or foreign political candidates in order to obtain or retain business. A violation of FCPA does not only violate the Company's policy but also constitute a civil or criminal offense under FCPA which the Company is subject to after the Effective Time. No employee shall give or authorize directly or indirectly any illegal payments to government officials of any country. While the FCPA does, in certain limited circumstances, allow nominal "facilitating payments" to be made, any such payment must be discussed with and approved by an employee's supervisor in advance before it can be made.

No employee shall give or authorize directly or indirectly any improper payments to any other person or entity to secure any improper advantage for the company, nor shall any employee solicit any improper payment from any other person or entity in exchange for any improper advantage.

**VI. PROTECTION AND USE OF COMPANY ASSETS**

Employees should protect the Company's assets and ensure their efficient use for legitimate business purposes only. Theft, carelessness and waste have a direct impact on the Company's profitability and are strictly prohibited. Any use of the funds or assets of the Company, whether for personal gain or not, for any unlawful or improper purpose is strictly prohibited.

To ensure the protection and proper use of the Company's assets, each employee should:

● exercise reasonable care to prevent theft, damage or misuse of the Company's assets;

● promptly report any actual or suspected theft, damage or misuse of the Company's assets;

● safeguard all electronic programs, data, communications and written materials from unauthorized access; and

● use the Company's assets only for legitimate business purposes.

Except as approved in advance by the Chief Executive Officer or Chief Financial Officer of the Company, the Company prohibits political contributions (directly or through trade associations) by any employee on behalf of the Company. Prohibited political contributions include:

● any contributions of the Company's funds or other assets for political purposes;

● encouraging individual employees to make any such contribution; and

● reimbursing an employee for any political contribution.

**VII. INTELLECTUAL PROPERTY AND CONFIDENTIALITY**

Employees should abide by the Company's rules and policies in protecting the intellectual property and confidential information, including the following:

● All inventions, creative works, computer software, and technical or trade secrets developed by an employee in the course of performing the employee's duties or primarily through the use of the Company's assets or resources while working at the Company shall be the property of the Company.

● Employees should maintain the confidentiality of information entrusted to them by the Company or entities with which the Company has business relations, except when disclosure is authorized or legally mandated. Confidential information includes all non-public information that might be of use to competitors, or harmful to the company or its business associates, if disclosed.

● The Company maintains a strict confidentiality policy. During an employee's term of employment with the Company, the employee shall comply with any and all written or unwritten rules and policies concerning confidentiality and shall fulfill the duties and responsibilities concerning confidentiality applicable to the employee.

● In addition to fulfilling the responsibilities associated with his/her position in the Company, an employee shall not, without obtaining prior approval from the Company, disclose, announce or publish trade secrets or other confidential business information of the Company, nor shall an employee use such confidential information outside the course of his/her duties to the Company.

● Even outside the work environment, an employee must maintain vigilance and refrain from disclosing important information regarding the Company or its business, business associates or employees.

● An employee's duty of confidentiality with respect to the confidential information of the Company survives the termination of such employee's employment with the Company for any reason until such time as the Company discloses such information publicly or the information otherwise becomes available in the public sphere through no fault of the employee.

● Upon termination of employment, or at such time as the Company requests, an employee must return to the Company all of its property without exception, including all forms of medium containing confidential information, and may not retain duplicate materials.

**VIII. ACCURACY OF FINANCIAL REPORTS AND OTHER PUBLIC COMMUNICATIONS**

Upon the Effective Time, the Company will be required to report its financial results and other material information about its business to the public and the SEC. It is the Company's policy to promptly disclose accurate and complete information regarding its business, financial condition and results of operations. Employees must strictly comply with all applicable standards, laws, regulations and policies for accounting and financial reporting of transactions, estimates and forecasts. Inaccurate, incomplete or untimely reporting will not be tolerated and can severely damage the Company and result in legal liability.

Employees should be on guard for, and promptly report, any possibility of inaccurate or incomplete financial reporting. Particular attention should be paid to:

● financial results that seem inconsistent with the performance of the underlying business;

● transactions that do not seem to have an obvious business purpose; and

● requests to circumvent ordinary review and approval procedures.

The Company's senior financial officers and other employees working in the finance department have a special responsibility to ensure that all of the Company's financial disclosures are full, fair, accurate, timely and understandable. Any practice or situation that might undermine this objective should be reported to the Compliance Officer.

Employees are prohibited from directly or indirectly taking any action to coerce, manipulate, mislead or fraudulently influence the Company's independent auditors for the purpose of rendering the financial statements of the Company materially misleading. Prohibited actions include but are not limited to:

● issuing or reissuing a report on the Company's financial statements that is not warranted in the circumstances (due to material violations of U.S. GAAP, generally accepted auditing standards or other professional or regulatory standards);

● not performing audit, review or other procedures required by generally accepted auditing standards or other professional standards;

● not withdrawing an issued report when withdrawal is warranted under the circumstances; or

● not communicating matters required to be communicated to the Company's Audit Committee.

**IX. COMPANY RECORDS**

Accurate and reliable records are crucial to the Company's business and form the basis of its earnings statements, financial reports and other disclosures to the public. The Company's records are a source of essential data that guides business decision-making and strategic planning. Company records include, but are not limited to, booking information, payroll, timecards, travel and expense reports, e-mails, accounting and financial data, measurement and performance records, electronic data files and all other records maintained in the ordinary course of business.

All Company records must be complete, accurate and reliable in all material respects. There is never an acceptable reason to make false or misleading entries. Undisclosed or unrecorded funds, payments or receipts are strictly prohibited. An employee is responsible for understanding and complying with the Company's recordkeeping policy. An employee should contact the Compliance Officer if he/she has any questions regarding the recordkeeping policy.

**X. COMPLIANCE WITH LAWS AND REGULATIONS**

Each employee has an obligation to comply with the laws of the cities, provinces, regions and countries in which the Company operates. This includes, without limitation, laws covering commercial bribery and kickbacks, patent, copyrights, trademarks and trade secrets, information privacy, insider trading, offering or receiving gratuities, employment harassment, environmental protection, occupational health and safety, false or misleading financial information, misuse of corporate assets and foreign currency exchange activities. Employees are expected to understand and comply with all laws, rules and regulations that apply to their positions at the Company. If any doubt exists about whether a course of action is lawful, the employee should seek advice immediately from the Compliance Officer.

**XI. DISCRIMINATION AND HARASSMENT**

The Company is firmly committed to providing equal opportunity in all aspects of employment and will not tolerate any illegal discrimination or harassment based on race, ethnicity, religion, gender, age, national origin or any other protected class. Any comment or conduct related to sexual harassment is also strictly forbidden. For further information, employees should consult the Compliance Officer.

**XII. FAIR DEALING**

Each employee should endeavor to deal fairly with the Company's customers, suppliers, competitors and employees. No employee should take unfair advantage of anyone through manipulation, concealment, abuse of privileged information, misrepresentation of material facts, or any other unfair-dealing practice.

**XIII. HEALTH AND SAFETY**

The Company strives to provide employees with a safe and healthy work environment. Each employee has responsibility for maintaining a safe and healthy workplace for other employees by following environmental, safety and health rules and practices and reporting accidents, injuries and unsafe equipment, practices or conditions. Violence or threats of violence are not permitted.

Each employee is expected to perform his/her duty to the Company in a safe manner, not under the influence of alcohol, illegal drugs or other controlled substances. The use of illegal drugs or other controlled substances in the workplace is prohibited.

**XIV. VIOLATIONS OF THE CODE**

All employees have a duty to report any known or suspected violation of this Code, including any violation of laws, rules, regulations or policies that apply to the Company. Reporting a known or suspected violation of this Code by others will not be considered an act of disloyalty, but an action to safeguard the reputation and integrity of the Company and its employees.

If an employee knows of or suspects a violation of this Code, it is such employee's responsibility to immediately report the violation to the Compliance Officer, who will work with the employee to investigate his/her concern. All questions and reports of known or suspected violations of this Code will be treated with sensitivity and discretion. The Compliance Officer and the Company will protect the employee's confidentiality to the extent possible, consistent with the law and the Company's need to investigate the employee's concern.

It is the Company's policy that any employee who violates this Code will be subject to appropriate discipline, including termination of employment, based upon the facts and circumstances of each particular situation. An employee's conduct, if it does not comply with the law or with this Code, can result in serious consequences for both the employee and the Company.

The Company strictly prohibits retaliation against an employee who, in good faith, seeks help or reports known or suspected violations. An employee inflicting reprisal or retaliation against another employee for reporting a known or suspected violation will be subject to disciplinary action, including termination of employment.

**XV. WAIVERS OF THE CODE**

Waivers of this Code will be granted on a case-by-case basis and only in extraordinary circumstances. Waivers of this Code may be made only by the Board, or the appropriate committee of the Board, and may be promptly disclosed to the public if so required by applicable laws and regulations and rules of the Stock Exchange.

**XVI. CONCLUSION**

This Code contains general guidelines for conducting the business of the Company consistent with the highest standards of business ethics. If employees have any questions about these guidelines, they should contact the Compliance Officer. The Company expects all employees to adhere to these standards. Each employee is separately responsible for his/her actions. Conduct that violates the law or this Code cannot be justified by claiming that it was ordered by a supervisor or someone in higher management positions. If an employee engages in conduct prohibited by the law or this Code, such employee will be deemed to have acted outside the scope of his/her employment. Such conduct will subject the employee to disciplinary action, including termination of employment.

## Exhibit 21.1

**Exhibit 21.1**

**Subsidiaries of the Registrant**

---

| | |
|:---|:---|
| **Legal Name of Subsidiary** | **Jurisdiction of Organization** |
| V Capital Consulting Limited | British Virgin Islands |
| V Capital Advisory Sdn. Bhd. | Malaysia |

---

## Exhibit 99.2

**Exhibit 99.2**

**CHARTER OF THE AUDIT COMMITTEE OF**

**V CAPITAL CONSULTING GROUP LIMITED**

**<u>Membership</u>**

The Audit Committee (the "**Committee**") of the board of directors (the "**Board**") of V Capital Consulting Group Limited, together with its subsidiaries and affiliates worldwide (collectively "**VCCG**" or the "**Company**"), shall consist of three or more directors, and the Chairman of the Board in an ex-officio role. Each member of the Committee shall be independent in accordance with the requirements of Rule 10A-3 of the Securities Exchange Act of 1934 and the rules of the Nasdaq Capital Market (the "**Nasdaq**") and the Company's independence guidelines (unless VCCG chooses to follow home country practices).

Each member of the Committee must be financially literate, as determined by the Board. At least one member of the Committee must have accounting or related financial management expertise, as determined by the Board. At least one member of the Committee must be an "audit committee financial expert" as defined in Item 407(d)(5)(ii) of Regulation S-K. A person who satisfies this definition of audit committee financial expert will also be presumed to have accounting or related financial management expertise.

No member of the Committee may serve simultaneously on the audit committee of more than two other public companies without prior approval of the Board.

**<u>Purpose</u>**

The purpose of the Committee is to assist the Board with oversight of: the integrity of the Company's financial statements, compliance with legal and regulatory requirements, the Company's independent registered auditors' qualifications and independence, and the performance of the Company's independent registered auditors and internal audit function/and the design and implementation of the Company's internal audit function.

**<u>Duties and Responsibilities</u>**

The Committee shall have the following authority and responsibilities:

To (1) select and retain an independent registered public accounting firm to act as the Company's independent auditors for the purpose of auditing the Company's annual financial statements, books, records, accounts and internal controls over financial reporting, subject to ratification by the Company's stockholders of the selection of the independent auditors, (2) set the compensation of the Company's independent auditors, (3) oversee the work done by the Company's independent auditors and (4) terminate the Company's independent auditors, if necessary.

To select, retain, compensate, oversee and terminate, if necessary, any other registered public accounting firm engaged for the purpose of preparing or issuing an audit report or performing other audit, review or attest services for the Company.

To approve all audit engagement fees and terms; and to pre-approve all audit and permitted non-audit and tax services that may be provided by the Company's independent auditors or other registered public accounting firms, and establish policies and procedures for the Committee's pre-approval of permitted services by the Company's independent auditors or other registered public accounting firms on an on-going basis.

At least annually, to obtain and review a report by the Company's independent auditors that describes (1) the accounting firm's internal quality control procedures, (2) any material issues raised by the most recent internal quality control review, peer review or Public Company Accounting Oversight Board review or inspection of the firm or by any other inquiry or investigation by governmental or professional authorities in the past five years regarding one or more audits carried out by the firm and any steps taken to deal with any such issues, and (3) all relationships between the firm and the Company or any of its subsidiaries; and to discuss with the independent auditors this report and any relationships or services that may impact the objectivity and independence of the auditors.

At least annually, to evaluate the qualifications, performance and independence of the Company's independent auditors, including an evaluation of the lead audit partner; and to assure the regular rotation of the lead audit partner at the Company's independent auditors and consider regular rotation of the accounting firm serving as the Company's independent auditors.

To review and discuss with the Company's independent auditors (1) the auditors' responsibilities under generally accepted auditing standards and the responsibilities of management in the audit process, (2) the overall audit strategy, (3) the scope and timing of the annual audit, (4) any significant risks identified during the auditors' risk assessment procedures and (5) when completed, the results, including significant findings, of the annual audit.

To review and discuss with the Company's independent auditors (1) all critical accounting policies and practices to be used in the audit; (2) all alternative treatments of financial information within International Financial Reporting Standards ("**IFRS**") that have been discussed with management, the ramifications of the use of such alternative treatments and the treatment preferred by the auditors; and (3) other material written communications between the auditors and management.

To review and discuss with the Company's independent auditors and management (1) any audit problems or difficulties, including difficulties encountered by the Company's independent auditors during their audit work (such as restrictions on the scope of their activities or their access to information), (2) any significant disagreements with management and (3) management's response to these problems, difficulties or disagreements; and to resolve any disagreements between the Company's auditors and management.

To review with management and the Company's independent auditors: any major issues regarding accounting principles and financial statement presentation, including any significant changes in the Company's selection or application of accounting principles; any significant financial reporting issues and judgments made in connection with the preparation of the Company's financial statements, including the effects of alternative IFRS methods; and the effect of regulatory and accounting initiatives and off-balance sheet structures on the Company's financial statements.

To keep the Company's independent auditors informed of the Committee's understanding of the Company's relationships and transactions with related parties that are significant to the company; and to review and discuss with the Company's independent auditors the auditors' evaluation of the Company's identification of, accounting for, and disclosure of its relationships and transactions with related parties, including any significant matters arising from the audit regarding the Company's relationships and transactions with related parties.

To review with management, the internal audit department and the Company's independent auditors the adequacy and effectiveness of the Company's internal controls, including any significant deficiencies or material weaknesses in the design or operation of, and any material changes in, the Company's internal controls and any special audit steps adopted in light of any material control deficiencies, and any fraud involving management or other employees with a significant role in such internal controls, and review and discuss with management and the Company's independent auditors disclosure relating to the Company's internal controls, the independent auditors' report on the effectiveness of the Company's internal control over financial reporting and the required management certifications to be included in or attached as exhibits to the Company's annual report on Form 20-K or other quarterly or semi-annual reports, as applicable.

To review and discuss with the Company's independent auditors any other matters required to be discussed by PCAOB Auditing Standards No. 1301, *Communications with Audit Committees* and other applicable requirements of the PCAOB and the SEC.

To review and discuss with the Company's independent auditors and management the Company's annual audited financial statements (including the related notes), the form of audit opinion to be issued by the auditors on the financial statements and the disclosure under "Management's Discussion and Analysis of Financial Condition and Results of Operations" to be included in the Company's annual report on Form 20-F before the Form 20-F is filed with the SEC.

To recommend to the Board whether the audited financial statements and the related MD&A disclosure should be included in the Company's annual report on Form 20-F for filing with the SEC; and to produce the audit committee report required to be included in the Company's proxy statement.

To review and discuss with the Company's independent auditors and management the Company's quarterly financial statements and the disclosure under "Management's Discussion and Analysis of Financial Condition and Results of Operations" to be included in the Company's quarterly report on Form 10-Q before the Form 10-Q is filed; and to review and discuss the Form 10-Q for filing with the SEC.

To review, discuss with the Company's independent auditors, and approve the functions of the Company's internal audit department, including its purpose, authority, organization, responsibilities, budget and staffing; and to review the scope and performance of the department's internal audit plan, including the results of any internal audits, any reports to management and management's response to those reports.

To review and discuss with management and the Company's independent auditors: the Company's earnings press releases, including the type of information to be included and its presentation and the use of any pro forma, adjusted or other non-IFRS financial information, before their release to the public; and any financial information and earnings guidance provided to analysts and ratings agencies, including the type of information to be disclosed and type of presentation to be made.

To set Company hiring policies for employees or former employees of the Company's independent auditors that participated in any capacity in any Company audit.

To establish and oversee procedures for the receipt, retention and treatment of complaints received by the Company regarding accounting, internal accounting controls or auditing matters and the confidential, anonymous submission by Company employees of concerns regarding questionable accounting or auditing matters.

To review and discuss with management and the internal audit department the risks faced by the Company and the policies, guidelines and process by which management assesses and manages the Company's risks, including the Company's major financial risk exposures and the steps management has taken to monitor and control such exposures.

To review the Company's compliance with applicable laws and regulations and to review and oversee the Company's policies, procedures and programs designed to promote and monitor legal and regulatory compliance.

To monitor compliance with the Company's Code of Conduct/Ethics (the "**Code**"), to investigate any alleged breach or violation of the Code, and to enforce the provisions of the Code.

To review, with the General Counsel and outside legal counsel, legal and regulatory matters, including legal cases against or regulatory investigations of the Company and its subsidiaries, that could have a significant impact on the Company's financial statements.

To review, approve and oversee any transaction between the Company and any related person (as defined in Item 404 of Regulation S-K) and any other potential conflict of interest situations on an ongoing basis, in accordance with Company policies and procedures, and to develop policies and procedures for the Committee's approval of related party transactions.

**<u>Outside Advisors</u>**

The Committee shall have the authority, in its sole discretion, to retain and obtain the advice and assistance of independent outside counsel and such other advisors as it deems necessary to fulfill its duties and responsibilities under this Charter. The Committee shall set the compensation, and oversee the work, of any outside counsel and other advisors.

The Committee shall receive appropriate funding from the Company, as determined by the Committee in its capacity as a committee of the Board, for the payment of compensation to the Company's independent auditors, any other accounting firm engaged to perform services for the Company, any outside counsel and any other advisors to the Committee.

**<u>Structure and Operations</u>**

The Board shall designate a member of the Committee as the chairperson. The Committee shall meet at such times and places as it deems necessary to fulfill its responsibilities. The Committee shall report regularly to the Board on its discussions and actions, including any significant issues or concerns that arise at its meetings, and shall make recommendations to the Board as appropriate. The Committee is governed by the same rules regarding meetings (including meetings in person or by telephone or other similar communications equipment), action without meetings, notice, waiver of notice, and quorum and voting requirements as are applicable to the Board.

The Committee shall meet separately, and periodically, with management, members of the Company's internal audit department/the personnel primarily responsible for the design and implementation of the Company's internal audit department and representatives of the Company's independent auditors and shall invite such individuals to its meetings as it deems appropriate, to assist in carrying out its duties and responsibilities. However, the Committee shall meet regularly without such individuals present.

The Committee shall review this Charter periodically and recommend any proposed changes to the Board for approval.

**<u>Delegation of Authority</u>**

The Committee shall have the authority to delegate any of its responsibilities, along with the authority to take action in relation to such responsibilities, to one or more subcommittees as the Committee may deem appropriate in its sole discretion.

**<u>Performance Evaluation</u>**

The Committee shall conduct a periodicevaluation of the performance of its duties under this Charter and shall present the results of the evaluation to the Board. The Committee shall conduct this evaluation in such manner as it deems appropriate.

## Exhibit 99.3

**Exhibit 99.3**

**CHARTER OF THE COMPENSATION COMMITTEE OF V CAPITAL CONSULTING GROUP LIMITED**

**<u>Membership</u>**

The Compensation Committee (the "**Committee**") of the board of directors (the "**Board**") of V Capital Consulting Group Limited, together with its subsidiaries and affiliates worldwide (collectively "**VCCG**" or the "**Company**"), shall consist of three or more directors. Each member of the Committee shall be independent in accordance with the rules of the Securities Exchange Act of 1934 and the rules of the Nasdaq Capital Market (the "**Nasdaq**") and the Company's independence guidelines for members of the Committee (unless VCCG chooses to follow home country practices).

Each member of the Committee must qualify as "non-employee directors" for the purposes of Rule 16b-3 under the Securities Exchange Act of 1934, as amended (the "**Exchange Act**").

**<u>Purpose</u>**

The purpose of the Committee is to carry out the responsibilities delegated by the Board relating to the review and determination of executive compensation.

**<u>Duties and Responsibilities</u>**

The Committee shall have the following authority and responsibilities:

To review and approve annually the corporate goals and objectives applicable to the compensation of the chief executive officer ("**CEO**"), evaluate at least annually the CEO's performance in light of those goals and objectives, and determine and approve the CEO's compensation level based on this evaluation. In evaluating and determining CEO compensation, the Committee shall consider the results of the most recent stockholder advisory vote on executive compensation ("**Say on Pay Vote**") required by Section 14A of the Exchange Act.

To review and approve the compensation of all other executive officers. In evaluating and determining executive compensation, the Committee shall consider the results of the most recent Say on Pay Vote.

To review, and make recommendations to the Board regarding, incentive compensation plans and equity-based plans, and where appropriate or required, recommend for approval by the stockholders of the Company, which includes the ability to adopt, amend and terminate such plans. The Committee shall also have the authority to administer the Company's incentive compensation plans and equity-based plans, including designation of the employees to whom the awards are to be granted, the amount of the award or equity to be granted and the terms and conditions applicable to each award or grant, subject to the provisions of each plan. In reviewing and making recommendations regarding incentive compensation plans and equity-based plans, including whether to adopt, amend or terminate any such plans, the Committee shall consider the results of the most recent Say on Pay Vote.

To review and discuss with management the Company's Compensation Discussion and Analysis ("**CD&A**"), when the Company is no longer a smaller reporting company and/or emerging growth company, recommend that the CD&A be included in the Company's annual report on Form 10-K and proxy statement, and produce the compensation committee report on executive officer compensation required to be included in the Company's proxy statement or annual report on Form 20-F.

To review, and make recommendations to the Board regarding any employment agreements and any severance arrangements or plans, including any benefits to be provided in connection with a change in control, for the CEO and other executive officers, which includes the ability to adopt, amend and terminate such agreements, arrangements or plans.

To review, and make recommendations to the Board regarding any employee benefit plans for the Company, which includes the ability to adopt, amend and terminate such plans and the ability to delegate oversight of such plans.

To review, when necessary, the Company's incentive compensation arrangements to determine whether they encourage excessive risk-taking, to review and discuss at least annually the relationship between risk management policies and practices and compensation, and to evaluate compensation policies and practices that could mitigate any such risk.

To review all director compensation and benefits for service on the Board and Board committees at least once a year and to recommend any changes to the Board as necessary.

**<u>Outside Advisors</u>**

The Committee shall have the authority, in its sole discretion, to select, retain and obtain the advice of a compensation consultant as necessary to assist with the execution of its duties and responsibilities as set forth in this Charter. The Committee shall set the compensation, and oversee the work, of the compensation consultant. The Committee shall have the authority, in its sole discretion, to retain and obtain the advice and assistance of outside legal counsel and such other advisors as it deems necessary to fulfill its duties and responsibilities under this Charter. The Committee shall set the compensation, and oversee the work, of its outside legal counsel and other advisors. The Committee shall receive appropriate funding from the Company, as determined by the Committee in its capacity as a committee of the Board, for the payment of compensation to its compensation consultants, outside legal counsel and any other advisors. However, the Committee shall not be required to implement or act consistently with the advice or recommendations of its compensation consultant, legal counsel or other advisor to the compensation committee, and the authority granted in this Charter shall not affect the ability or obligation of the Committee to exercise its own judgment in fulfillment of its duties under this Charter.

The Committee may retain, or receive advice from, any compensation advisor they prefer, including ones that are not independent, after considering the specified factors. The Committee is not required to assess the independence of any compensation consultant or other advisor that acts in a role limited to consulting on any broad-based plan that does not discriminate in scope, terms or operation in favor of executive officers or directors and that is generally available to all salaried employees or providing information that is not customized for a particular company or that is customized based on parameters that are not developed by the consultant or advisor, and about which the consultant or advisor does not provide advice.

The Committee shall evaluate whether any compensation consultant retained or to be retained by it has any conflict of interest in accordance with Item 407(e)(3)(iv) of Regulation S-K. Any compensation consultant retained by the Committee to assist with its responsibilities relating to executive compensation or director compensation shall not be retained by the Company for any compensation or other human resource matters.

**<u>Structure and Operations</u>**

The Board shall designate a member of the Committee as the chairperson. The Committee shall at such times and places as it deems necessary to fulfill its responsibilities. The Committee shall report regularly to the Board regarding its actions and make recommendations to the Board as appropriate. The Committee is governed by the same rules regarding meetings (including meetings in person or by telephone or other similar communications equipment), action without meetings, notice, waiver of notice, and quorum and voting requirements as are applicable to the Board.

The Committee may invite such members of management to its meetings as it deems appropriate. However, the Committee shall meet regularly without such members present, and in all cases the CEO and any other such officers shall not be present at meetings at which their compensation or performance is discussed or determined.

The Committee shall review this Charter at least annually and recommend any proposed changes to the Board for approval.

**<u>Delegation of Authority</u>**

The Committee shall have the authority to delegate any of its responsibilities, along with the authority to take action in relation to such responsibilities, to one or more subcommittees as the Committee may deem appropriate in its sole discretion. Subject to applicable law, rules and regulations and the organizational documents of the Company, the Committee shall have the authority to delegate any of its responsibilities, along with the authority to take action in relation to such responsibilities, to one or more officers, employees or a committee that includes one or more officers or employees.

**<u>Performance Evaluation</u>**

The Committee shall conduct a periodic evaluation of the performance of its duties under this charter and shall present the results of the evaluation to the Board. The Committee shall conduct this evaluation in such manner as it deems appropriate.

## Exhibit 99.4

**Exhibit 99.4**

**CHARTER OF THE NOMINATING AND CORPORATE GOVERNANCE COMMITTEE OF**

**V CAPITAL CONSULTING GROUP LIMITED**

**<u>Membership</u>**

The Nominating and Corporate Governance Committee (the "**Committee**") of the board of directors (the "**Board**") of V Capital Consulting Group Limited, together with its subsidiaries and affiliates worldwide (collectively "**VCCG**" or the "**Company**"), shall consist of three or more directors. Each member of the Committee shall be independent in accordance with the rules of the Nasdaq Capital Market (the "**Nasdaq**") and the Company's independence guidelines for members of the Committee (unless VCCG chooses to follow home country practices).

**<u>Purpose</u>**

The purpose of the Committee is to carry out the responsibilities delegated by the Board relating to the Company's director nominations process and procedures, development and maintenance of the Company's corporate governance policies, practices and procedures, oversight of the board and board committee assessment process.

**<u>Duties and Responsibilities</u>**

The Committee shall have the following authority and responsibilities:

To identify and screen individuals qualified to become members of the Board, consistent with criteria approved by the Board. The Committee shall consider any director candidates recommended by the Company's stockholders pursuant to the procedures described in the Company's proxy statement.

To make recommendations to the Board regarding the selection and approval of the nominees for director to be submitted to a stockholder vote at the annual meeting of stockholders, subject to approval by the Board.

To develop and recommend to the Board a set of corporate governance guidelines applicable to the Company, to review these principles at least once a year and to recommend any changes to the Board.

To develop, subject to approval by the Board, a process for an annual evaluation of the Board and its committees and to oversee the conduct of this annual evaluation.

If a vacancy on the Board and/or any Board committee occurs, to identify and make recommendations to the Board regarding the selection and approval of candidates to fill such vacancy either by election by stockholders or appointment by the Board.

To review all director compensation and benefits for service on the Board and Board committees at least once a year and to recommend any changes to the Board as necessary.

To develop and recommend to the Board for approval a Company policy for the review and approval of related party transactions and to review, approve and oversee any transaction between the Company and any related person (as defined in Item 404 of Regulation S-K) on an ongoing basis in accordance with the Company's related party transaction approval policy.

To develop and recommend to the Board for approval standards for determining whether a director has a material relationship with the Company.

To review and discuss with management disclosure of the Company's corporate governance practices, including information regarding the operations of the Committee and other Board committees, director independence and the director nominations process, and to recommend that this disclosure be, included in the Company's proxy statement or annual report on Form 20-F, as applicable.

To develop and recommend to the Board for approval a Company Code Conduct/Ethics (the "**Code**"), to monitor compliance with the Company's Code, to investigate any alleged breach or violation of the Code, to enforce the provisions of the Code and to review the Code periodically and recommend any changes to the Board.

**<u>Outside Advisors</u>**

The Committee shall have the authority, in its sole discretion, to select, retain and obtain the advice of a director search firm as necessary to assist with the execution of its duties and responsibilities as set forth in this Charter. The Committee shall set the compensation and oversee the work of the director search firm. The Committee shall have the authority, in its sole discretion, to retain and obtain the advice and assistance of outside counsel, an executive search firm, a compensation consultant and such other advisors as it deems necessary to fulfill its duties and responsibilities under this Charter. The Committee shall set the compensation and oversee the work of its outside counsel, the executive search firm and any other advisors. The Committee shall receive appropriate funding from the Company, as determined by the Committee in its capacity as a committee of the Board, for the payment of compensation to its search consultants, outside counsel and any other advisors.

**<u>Structure and Operations</u>**

The Board shall designate a member of the Committee as the chairperson. The Committee shall meet at such times and places as it deems necessary to fulfill its responsibilities. The Committee shall report regularly to the Board regarding its actions and make recommendations to the Board as appropriate. The Committee is governed by the same rules regarding meetings (including meetings in person or by telephone or other similar communications equipment), action without meetings, notice, waiver of notice, and quorum and voting requirements as are applicable to the Board.

The Committee shall review this Charter periodically and recommend any proposed changes to the Board for approval.

**<u>Delegation of Authority</u>**

The Committee shall have the authority to delegate any of its responsibilities, along with the authority to take action in relation to such responsibilities, to one or more subcommittees as the Committee may deem appropriate in its sole discretion.

**<u>Performance Evaluation</u>**

The Committee shall conduct a periodic evaluation of the performance of its duties under this charter and shall present the results of the evaluation to the Board. The Committee shall conduct this evaluation in such manner as it deems appropriate.

## Exhibit 99.5

**Exhibit 99.5**

**V CAPITAL CONSULTING GROUP LIMITED <br> (NASDAQ: VCCG)**

**CLAWBACK POLICY** 

**1.** **Introduction** 

The Board of Directors ("**Board**") of V Capital Consulting Group Limited, together with its subsidiaries and affiliates worldwide (collectively "**VCCG**" or the "**Company**"), believes that it is in the best interests of the Company and its shareholders to adopt this policy which provides for the recoupment of certain executive compensation in the event of an accounting restatement resulting from material non-compliance with financial reporting requirements under the federal securities laws (the "**Policy**").

This Policy is designed to comply with Section 10D of the Securities Exchange Act of 1934, as amended (the "**Exchange Act**"), Rule 10D-1 promulgated under the Exchange Act ("**Rule 10D-1**"), and Listing Rule 5608 of The Nasdaq Stock Market LLC ("**Nasdaq**").

**2.** **Administration** 

This Policy shall be administered by the Board or, if so designated by the Board, the Compensation Committee of the Board (the "**Compensation Committee**") or the Audit Committee of the Board (the "**Audit Committee**"), or any special committee comprised of members of the Compensation Committee or Audit Committee (the "**Administrator**").

Any determinations made by the Administrator shall be final and binding on all affected individuals. Subject to any limitation at applicable law, the Administrator may authorize and empower any officer or employee of the Company to take any and all actions necessary or appropriate to carry out the purpose and intent of this Policy (other than with respect to any recovery under this Policy involving such officer or employee).

**3.** **Scope** 

This Policy applies to the Company's current and former executive officers, as determined by the Administrator in accordance with Section 10D of the Exchange Act and the listing standards of the national securities exchange on which the Company's securities are listed, and such other senior executives/employees who may from time to time be deemed subject to the Policy by the Administrator (each, a "**Covered Executive**").

For the purposes of this Policy, "executive officers" shall include persons subject to reporting and short-swing liability provisions of Section 16 under the Exchange Act. This shall include the Company's chairman, principal financial officer, principal accounting officer (or if there is no such accounting officer, the controller), any vice chairman in charge of a principal business unit, division, or function (such as sales, administration, or finance), any other officer who performs a policy- making function, or any other person who performs similar policy-making functions for the Company and any person identified under Regulation S-K Item 401(b) in the Company's annual reports and proxy statements. Executive officers of a parent or subsidiary are deemed executive officers of the listed company if they perform such policy-making functions for the listed company or such parent or subsidiary. The policy-making function is not intended to include policy-making functions that are not significant.

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| | | | |
|:---|:---|:---|:---|
| **PHONE** | **EMAIL** | **WEBSITE** | **EMPOWERING** |
| +603 7717 3089 | enquiries@v-capital.co | http://v-capital.co | **SUCCESS** |
| **ADDRESS** |  |  |  |

---

B03-C-8, Menara 3A, KL Eco City, No. 3 Jalan Bangsar, 59200 Kuala Lumpur.

**V CAPITAL CONSULTING GROUP LIMITED <br> (NASDAQ: VCCG)**

**4.** **Recoupment; Accounting Restatement** 

In the event the Company is required to prepare an accounting restatement of its financial statements due to the Company's material non-compliance with any financial reporting requirement under the securities laws, including any required accounting restatement to correct an error in previously issued financial statements that is material to the previously issued financial statements, or that would result in a material misstatement if the error were corrected in the current period or left uncorrected in the current period, the Administrator will require, as promptly as it reasonably can, reimbursement or forfeiture of any Incentive Compensation, as defined below, received by any Covered Executive during the three (3) completed fiscal years immediately preceding the date on which the Company is required to prepare an accounting restatement (the "**Restatement Date**"), so long as the Incentive Compensation received by such Covered Executive is in excess of what would have been awarded or vested after giving effect to the accounting restatement. The amount to be recovered will be the excess of Incentive Compensation paid to the Covered Executive based on the erroneous data in the original financial statements over the Incentive Compensation that would have been paid to the Covered Executive had it been based on the restated results, without respect to any taxes paid.

The Restatement Date is defined as the earlier of (i) the date the Board, a Board committee, or management (if no Board action is required) concludes, or reasonably should have concluded, that the Company is required to prepare an accounting restatement; or (ii) the date a court, regulator, or other legally authorized body directs the Company to prepare an accounting restatement.

**5.** **Incentive Compensation** 

For purposes of this Policy, "**Incentive Compensation**" means any of the following; provided that, such compensation is granted, earned, or vested based wholly or in part on the attainment of a financial reporting measure:

● Annual bonuses and other short- and long-term cash incentives.

● Stock options.

● Stock appreciation rights.

● Restricted stock.

● Restricted stock units.

● Performance shares.

● Performance units.

● Non-equity incentive plan awards.

Financial reporting measures include any measure that is determined and presented in accordance with the accounting principles used in preparing the Company's financial statements, and any measure that is derived wholly or in-part from such measure. The following examples (and any measures derived therefrom) are non-exhaustive:

● Company stock price.

● Total shareholder return.

● Revenues.

---

| | | | |
|:---|:---|:---|:---|
| **PHONE** | **EMAIL** | **WEBSITE** | **EMPOWERING** |
| +603 7717 3089 | enquiries@v-capital.co | http://v-capital.co | **SUCCESS** |
| **ADDRESS** |  |  |  |
| B03-C-8, Menara 3A, KL Eco City, No. 3 Jalan Bangsar, 59200 Kuala Lumpur. | B03-C-8, Menara 3A, KL Eco City, No. 3 Jalan Bangsar, 59200 Kuala Lumpur. |  |  |
| B03-C-8, Menara 3A, KL Eco City, No. 3 Jalan Bangsar, 59200 Kuala Lumpur. | B03-C-8, Menara 3A, KL Eco City, No. 3 Jalan Bangsar, 59200 Kuala Lumpur. |  |  |

---

**V CAPITAL CONSULTING GROUP LIMITED <br> (NASDAQ: VCCG)**

● Net income.

● Operating income.

● Earnings before interest, taxes, depreciation, and amortization (EBITDA).

● Funds from operations and adjusted funds from operations.

● Liquidity measures such as working capital or operating cash flow.

● Return measures such as return on invested capital or return on assets.

● Earnings measures such as earnings per share.

● Profitability of one or more reportable segments.

● Financial ratios such as accounts receivable turnover.

● Cost per employee, where cost is subject to any accounting restatement.

● Any of such financial reporting measures relative to a peer group, where the Company's financial reporting measure is subject to an accounting restatement and tax basis income.

● Capital raised through debt or equity financing.

● Reductions in accounts receivables.

For the avoidance of doubt, Incentive Compensation does not include annual salary, compensation awarded based on completion of a specified period of service, or compensation awarded based on subjective standards, strategic measures, or operational measures.

Incentive Compensation includes incentive-based compensation received by a person:

● after beginning service as an executive officer;

● who serves as an executive officer at any time during the performance period for the incentive-based compensation;

● who served as an executive officer while the Company has a class of securities listed on a national securities exchange; and

● who serves as an executive officer during the three (3) fiscal years preceding the Restatement Date.

For the avoidance of doubt, subsequent changes in a Covered Executive's employment status, including retirement or termination of employment, do not affect the Company's rights to recover incentive-based compensation pursuant to this Policy.

---

| | | | |
|:---|:---|:---|:---|
| **PHONE** | **EMAIL** | **WEBSITE** | **EMPOWERING** |
| +603 7717 3089 | enquiries@v-capital.co | http://v-capital.co | **SUCCESS** |
| **ADDRESS** |  |  |  |
| B03-C-8, Menara 3A, KL Eco City, No. 3 Jalan Bangsar, 59200 Kuala Lumpur. | B03-C-8, Menara 3A, KL Eco City, No. 3 Jalan Bangsar, 59200 Kuala Lumpur. |  |  |
| B03-C-8, Menara 3A, KL Eco City, No. 3 Jalan Bangsar, 59200 Kuala Lumpur. | B03-C-8, Menara 3A, KL Eco City, No. 3 Jalan Bangsar, 59200 Kuala Lumpur. |  |  |

---

**V CAPITAL CONSULTING GROUP LIMITED <br> (NASDAQ: VCCG)**

**6.** **Excess Incentive Compensation: Amount Subject to Recovery** 

The amount to be recovered will be the excess of the Incentive Compensation paid to the Covered Executive based on the erroneous data over the Incentive Compensation that would have been paid to the Covered Executive had it been based on the restated results, as determined by the Administrator. Incentive Compensation is deemed "received" during the fiscal period during which the financial reporting measure specified in the incentive-based compensation award is attained, even if payment or grant of the Incentive Compensation occurs after the end of the period.

If the Administrator cannot determine the amount of excess Incentive Compensation received by the Covered Executive directly from the information in the accounting restatement, then it will make its determination based on a reasonable estimate of the effect of the accounting restatement.

**7.** **Method of Recoupment** 

The Administrator will determine, in its sole discretion, the method for recouping excess Incentive Compensation hereunder, which may include, without limitation:

● requiring reimbursement of cash Incentive Compensation previously paid;

● seeking recovery of any gain realized on the vesting, exercise, settlement, sale, transfer, or other disposition of any equity-based awards;

● offsetting the recouped amount from any compensation otherwise owed by the Company to the Covered Executive;

● canceling outstanding vested or unvested equity awards; and/or

● taking any other remedial and recovery action permitted by law, as determined by the Administrator.

**8.** **No Indemnification of Covered Executives** 

The Company shall not indemnify any current or former Covered Executive against the loss of any incorrectly awarded Incentive Compensation, and shall not pay, or reimburse any Covered Executive for premiums for any insurance policy to fund such executive's potential recovery obligations.

**9.** **Indemnification of the Administrator** 

Any members of the Administrator who assist in the administration of this Policy, shall not be personally liable for any action, determination, or interpretation made with respect to this Policy and shall be fully indemnified by the Company to the fullest extent under applicable law and Company policy with respect to any such action, determination, or interpretation. The foregoing sentence shall not limit any other rights to indemnification of the Administrator under applicable law or Company policy.

---

| | | | |
|:---|:---|:---|:---|
| **PHONE** | **EMAIL** | **WEBSITE** | **EMPOWERING** |
| +603 7717 3089 | enquiries@v-capital.co | http://v-capital.co | **SUCCESS** |
| **ADDRESS** |  |  |  |
| B03-C-8, Menara 3A, KL Eco City, No. 3 Jalan Bangsar, 59200 Kuala Lumpur. | B03-C-8, Menara 3A, KL Eco City, No. 3 Jalan Bangsar, 59200 Kuala Lumpur. |  |  |
| B03-C-8, Menara 3A, KL Eco City, No. 3 Jalan Bangsar, 59200 Kuala Lumpur. | B03-C-8, Menara 3A, KL Eco City, No. 3 Jalan Bangsar, 59200 Kuala Lumpur. |  |  |

---

**V CAPITAL CONSULTING GROUP LIMITED <br> (NASDAQ: VCCG)**

**10.** **Interpretation** 

The Administrator is authorized to interpret and construe this Policy and to make all determinations necessary, appropriate, or advisable for the administration of this Policy. It is intended that this Policy be interpreted in a manner that is consistent with the requirements of Section 10D of the Exchange Act, Rule 10D-1, Nasdaq Listing Rule 5608, and any other applicable rules or standards adopted by the Securities and Exchange Commission or any national securities exchange on which the Company's securities are then listed.

**11.** **Effective Date** 

This Policy shall be effective as of the date it is adopted by the Administrator (the "**Effective Date**") and shall apply to Incentive Compensation that is approved, awarded, or granted to any Covered Executive on or after that date.

**12.** **Amendment; Termination** 

The Board may amend this Policy from time to time in its discretion and shall amend this Policy as it deems necessary to reflect final regulations adopted by the Securities and Exchange Commission under Section 10D of the Exchange Act, Rule 10D-1, and Nasdaq Listing Rule 5608 and to comply with any other rules or standards adopted by a national securities exchange on which the Company's securities are then listed. The Board may terminate this Policy at any time.

**13.** **Other Recoupment Rights** 

The Administrator intends that this Policy will be applied to the fullest extent of the law. The Administrator may require that any employment agreement, equity award agreement, or similar agreement entered into on or after the Effective Date shall, as a condition to the grant of any benefit thereunder, require a Covered Executive to agree to abide by the terms of this Policy. Any right of recoupment under this Policy is in addition to, and not in lieu of, any other remedies or rights of recoupment that may be available to the Company pursuant to the terms of any similar policy in any employment agreement, equity award agreement, or similar agreement and any other legal remedies available to the Company.

**14.** **Impracticability** 

The Administrator shall recover any excess Incentive Compensation in accordance with this Policy unless such recovery would be impracticable, as determined by the Administrator in accordance with Rule 10D-1 of the Exchange Act and the listing standards of the national securities exchange on which the Company's securities are listed.

**15.** **Successors** 

This Policy shall be binding and enforceable against all Covered Executives and their beneficiaries, heirs, executors, administrators, or other legal representatives.

**16.** **Exhibit Filing Requirement** 

A copy of this Policy and any amendments thereto shall be posted on the Company's website and filed as an exhibit to the Company's Annual Report on Form 20-F.

---

| | | | |
|:---|:---|:---|:---|
| **PHONE** | **EMAIL** | **WEBSITE** | **EMPOWERING** |
| +603 7717 3089 | enquiries@v-capital.co | http://v-capital.co | **SUCCESS** |
| **ADDRESS** |  |  |  |
| B03-C-8, Menara 3A, KL Eco City, No. 3 Jalan Bangsar, 59200 Kuala Lumpur. | B03-C-8, Menara 3A, KL Eco City, No. 3 Jalan Bangsar, 59200 Kuala Lumpur. |  |  |
| B03-C-8, Menara 3A, KL Eco City, No. 3 Jalan Bangsar, 59200 Kuala Lumpur. | B03-C-8, Menara 3A, KL Eco City, No. 3 Jalan Bangsar, 59200 Kuala Lumpur. |  |  |

---

## Exhibit 99.6

**Exhibit 99.6**

**V CAPITAL CONSULTING GROUP LIMITED <br> (NASDAQ: VCCG)**

**<u>Policy on Inside Information and Insider Trading</u>**

**1.** **Purpose** 

V Capital Consulting Group Limited, together with its subsidiaries and affiliates worldwide (collectively "**VCCG**" or the "**Company**"), is committed to upholding both the letter and the spirit of the securities laws in the British Virgin Islands, United States and other jurisdictions in which we conduct business. These laws prohibit buying, selling, or otherwise transacting in securities on the basis of material, non-public information or passing such information along to others who buy or sell securities. Insider trading is a serious matter that can carry severe criminal or civil penalties for both our Company and the individuals involved.

This Policy explains the strict legal and ethical prohibitions against insider trading and the related offense of "tipping". It further establishes rules that we must observe both to comply with these legal and ethical standards and to avoid even the appearance of impropriety.

**2.** **Scope** 

This Policy applies to VCCG, all VCCG employees, non-employee directors, consultants and contractors, as well as all former, temporary or retired officers (collectively "**covered individuals**").

The restrictions in this Policy also apply to a covered individual's spouse, partner, children, siblings, mothers- and fathers-in-law, sons- and daughters-in-law and brothers- and sisters-in- law, anyone else (other than domestic employees) living in a covered individual's household, and any relative of a covered individual whose transactions in VCCG securities are directed by or are subject to the influence or control of the covered individual (collectively, "**family members**"). This Policy also applies to an entity over which a covered individual has significant influence as it relates to securities trading decisions of that entity, such as partnerships, trusts, and estates. References to "**you**" should be read to include all of the foregoing.

**3.** **Covered Transactions** 

This Policy applies to all transactions involving VCCG's securities, including ordinary shares, options for ordinary shares, warrants, debt securities or any other securities that VCCG may issue from time to time, and derivative securities relating to the Company's securities, whether or not issued by the Company, such as publicly-traded options.

This Policy also applies to all transactions involving the securities of other companies if you possess material non-public information about that company that was obtained in the course of your involvement with VCCG.

---

| | | | |
|:---|:---|:---|:---|
| **PHONE** | **EMAIL** | **WEBSITE** | **EMPOWERING** |
| +603 7717 3089 | enquiries@v-capital.co | http://v-capital.co | **SUCCESS** |
| **ADDRESS** |  |  |  |
| B03-C-8, Menara 3A, KL Eco City, No. 3 Jalan Bangsar, 59200 Kuala Lumpur. | B03-C-8, Menara 3A, KL Eco City, No. 3 Jalan Bangsar, 59200 Kuala Lumpur. | B03-C-8, Menara 3A, KL Eco City, No. 3 Jalan Bangsar, 59200 Kuala Lumpur. |  |
| B03-C-8, Menara 3A, KL Eco City, No. 3 Jalan Bangsar, 59200 Kuala Lumpur. | B03-C-8, Menara 3A, KL Eco City, No. 3 Jalan Bangsar, 59200 Kuala Lumpur. | B03-C-8, Menara 3A, KL Eco City, No. 3 Jalan Bangsar, 59200 Kuala Lumpur. |  |

---

**V CAPITAL CONSULTING GROUP LIMITED <br> (NASDAQ: VCCG)**

**4.** **Definitions of Insider Trading and Tipping** 

"**Insider Trading**" is the act of buying or selling stock or other securities, including derivative securities, on the basis of "**inside**," or material, non-public information. Insider Trading can also include other transactions, such as gifts. It includes actions that are intended either to make a profit or avoid a loss.

Information is material if there is a likelihood it would be considered important by a reasonable investor in determining whether to buy, hold or sell the stock or other securities of the company to which the information relates.

Material information could relate to past events, future expectations, or any other aspect of the business and could be positive or negative. There is no bright-line standard for assessing materiality; rather, materiality is based on an assessment of all of the facts and circumstances and is often evaluated by enforcement authorities with the benefit of hindsight.

Material information is "**non-public**" if it is not generally known or available to the public, such as when the information has not been widely disseminated to the public through major newswire services, national news services, financial news services, a webcast generally available to the public or a filing with the U.S. Securities and Exchange Commission (the "**SEC**").

For purposes of this Policy, information relating to VCCG is considered non-public until the Company has made any necessary disclosure, whether through a press release or other Company disseminated public announcement and enough time has elapsed to permit the investment market to absorb and evaluate the information.

"**Tipping**" refers to the act of providing another person or entity with inside information regarding VCCG (or any other public company), or otherwise disclosing such information without VCCG's authorization. For purposes of this Policy, prohibited tipping includes providing inside information to anyone, including friends, family members or acquaintances, under circumstances that suggest that you or another tipper were trying to help such person or entity to make a profit or avoid a loss.

**5.** **Policy Overview** 

You may not use material, non-public information to buy, sell, or otherwise transact, directly or indirectly, in the securities of VCCG, a client, vendor, or any other company. Similarly, you may not engage in unlawful Tipping. This holds true whether information is obtained in the course of employment, from friends, relatives, acquaintances or strangers, or from overhearing the conversations of others. Where specific conduct may be permitted under local law, but is prohibited by this Policy, this Policy must be followed.

---

| | | | |
|:---|:---|:---|:---|
| **PHONE** | **EMAIL** | **WEBSITE** | **EMPOWERING** |
| +603 7717 3089 | enquiries@v-capital.co | http://v-capital.co | **SUCCESS** |
| **ADDRESS** |  |  |  |
| B03-C-8, Menara 3A, KL Eco City, No. 3 Jalan Bangsar, 59200 Kuala Lumpur. | B03-C-8, Menara 3A, KL Eco City, No. 3 Jalan Bangsar, 59200 Kuala Lumpur. | B03-C-8, Menara 3A, KL Eco City, No. 3 Jalan Bangsar, 59200 Kuala Lumpur. |  |
| B03-C-8, Menara 3A, KL Eco City, No. 3 Jalan Bangsar, 59200 Kuala Lumpur. | B03-C-8, Menara 3A, KL Eco City, No. 3 Jalan Bangsar, 59200 Kuala Lumpur. | B03-C-8, Menara 3A, KL Eco City, No. 3 Jalan Bangsar, 59200 Kuala Lumpur. |  |

---

**V CAPITAL CONSULTING GROUP LIMITED<br> (NASDAQ: VCCG)**

It is important to avoid even the appearance of Insider Trading or unlawful Tipping. In this regard, confidential information relating to the performance, operating results, and financial condition of VCCG should only be communicated internally on a need-to-know basis and only the minimum necessary amount of information should be shared. To further help avoid the appearance of Insider Trading, the Company has implemented a number of additional rules and restrictions related to personal securities trading. These restrictions, which are set out in the sections below, do not apply to the following types of investments or transactions:

● Mutual funds or exchange traded funds ()"**ETFs**") invested in VCCG securities as long as no covered individual controls the investment decisions;

● The vesting of Company stock options, restricted stock or restricted stock units; or the withholding of shares to satisfy a tax withholding obligation upon the vesting of restricted stock or restricted stock units (though the sale of securities to cover withholding taxes on vesting would be subject to the restrictions of this Policy);

● Stock option exercises that do not involve the sale of the underlying stock;

● Non-discretionary (i.e., pre-arranged) transactions in securities; and

● Managed account transactions are permissible as long as you obtain written confirmation from the person or entity managing your account that you (or, if applicable, a member of your immediate family) do not exercise investment discretion or otherwise have direct or indirect influence or control over investment decisions. Such plans must be approved by the Chief Legal Officer.

**6.** **Restrictions on Trading in VCCG Securities** 

As noted above, you may never trade in securities of VCCG at any time that you possess material, non-public information about our Company nor may you tip based on such information. Common examples of VCCG material, non-public information include information regarding:

● A merger, acquisition, disposition, initial public offering or other significant transaction involving VCCG or another company

● VCCG's financial results or projections of future earnings or losses

● Pending regulatory action or major litigation concerning VCCG

● Unannounced stock offerings

● Major changes in management

● The awarding or loss of a significant contract or client engagement

● Any other information that if made public would be likely to have an effect on VCCG's financial results or the price of VCCG securities

In addition to these basic prohibitions against Insider Trading and unlawful Tipping, the Company has imposed the following rules with respect to trading in VCCG securities that apply whether or not you possess inside information:

● You may not engage in derivative transactions or hedging activities with respect to VCCG securities. By way of example and not limitation, derivative transactions and hedging activities include trading in options, warrants, puts and calls or similar instruments; engaging in derivative securities transactions; and hedging or monetization transactions, such as zero-cost collars and forward sale contracts. Other similar speculative activities involving VCCG securities, including placing bets on the price movement of VCCG securities (e.g., spread betting), are strictly prohibited.

---

| | | | |
|:---|:---|:---|:---|
| **PHONE** | **EMAIL** | **WEBSITE** | **EMPOWERING** |
| +603 7717 3089 | enquiries@v-capital.co | http://v-capital.co | **SUCCESS** |
| **ADDRESS** |  |  |  |
| B03-C-8, Menara 3A, KL Eco City, No. 3 Jalan Bangsar, 59200 Kuala Lumpur. | B03-C-8, Menara 3A, KL Eco City, No. 3 Jalan Bangsar, 59200 Kuala Lumpur. | B03-C-8, Menara 3A, KL Eco City, No. 3 Jalan Bangsar, 59200 Kuala Lumpur. |  |
| B03-C-8, Menara 3A, KL Eco City, No. 3 Jalan Bangsar, 59200 Kuala Lumpur. | B03-C-8, Menara 3A, KL Eco City, No. 3 Jalan Bangsar, 59200 Kuala Lumpur. | B03-C-8, Menara 3A, KL Eco City, No. 3 Jalan Bangsar, 59200 Kuala Lumpur. |  |

---

**V CAPITAL CONSULTING GROUP LIMITED<br> (NASDAQ: VCCG)**

● You may not engage in a "short sale" or take an equivalent position in VCCG shares of common stock.

● You may not hold VCCG securities in a margin account or pledge (or hypothecate) as collateral any VCCG securities.

● You may not net exercise stock options without the prior consent of the Audit Committee of the Board of Directors of VCCG.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. "Restricted Persons"

Because of the nature of their duties at VCCG, certain employees and our non- employee directors are subject to additional restrictions relating to trading in VCCG securities. These "Restricted Persons," who will receive written notice of their status, include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Non-employee members of the VCCG Board of Directors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Board-appointed officers of VCCG

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Employees who are members of VCCG's Executive Committee

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Other employees or consultants designated by management who have access to a range of financial and other sensitive information about VCCG, or who gain access to material, non-public information in connection with a specific project or transaction

In addition to the other prohibitions in this Policy, Restricted Persons may only trade in securities of VCCG (1) during prescribed trading windows and (2) with prior approval from VCCG's Chief Legal Officer (or, in the Chief Legal Officer's absence, the Chief Operating Officer).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Trading Window

The "trading window" for Restricted Persons begins immediately before the stock market opens on the business day **<u>after</u>** the release of VCCG's quarterly and annual earnings and ends after the stock market closes on the last trading day prior to the 11th day of the last month of each fiscal quarter and fiscal year. If earnings are released at a time after the U.S. stock market has opened, the release date for purposes of this policy is deemed to be the next trading day.

The Company may, on occasion, close the trading window at different times, or keep the trading window closed for a longer period. From time to time, other types of material, non-public information regarding the Company may be pending and not be publicly disclosed. The Company may impose special trading blackout which you are prohibited from trading in the Company's securities. You will be notified if the Company imposes a special blackout period that applies to you.

---

| | | | |
|:---|:---|:---|:---|
| **PHONE** | **EMAIL** | **WEBSITE** | **EMPOWERING** |
| +603 7717 3089 | enquiries@v-capital.co | http://v-capital.co | **SUCCESS** |
| **ADDRESS** |  |  |  |
| B03-C-8, Menara 3A, KL Eco City, No. 3 Jalan Bangsar, 59200 Kuala Lumpur. | B03-C-8, Menara 3A, KL Eco City, No. 3 Jalan Bangsar, 59200 Kuala Lumpur. | B03-C-8, Menara 3A, KL Eco City, No. 3 Jalan Bangsar, 59200 Kuala Lumpur. |  |
| B03-C-8, Menara 3A, KL Eco City, No. 3 Jalan Bangsar, 59200 Kuala Lumpur. | B03-C-8, Menara 3A, KL Eco City, No. 3 Jalan Bangsar, 59200 Kuala Lumpur. | B03-C-8, Menara 3A, KL Eco City, No. 3 Jalan Bangsar, 59200 Kuala Lumpur. |  |

---

**V CAPITAL CONSULTING GROUP LIMITED<br> (NASDAQ: VCCG)**

If you have any doubts about whether the trading window is open, you should check with the VCCG Legal Department. Remember that, even when the trading window is open, you should never trade in securities of VCCG at any time that you possess material, non-public information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Pre-Approval Requirement

As noted, Restricted Persons must always obtain prior approval from VCCG's Chief Legal Officer (or, in the Chief Legal Officer's absence, the Chief Operating Officer) before making any trade or engaging in any other transaction in the securities of VCCG. The person who made the request for approval of a trade or other transaction shall keep confidential the Chief Legal Officer's decision on that request. Requests for approval of trades and transactions by the Chief Operating Officer or those who directly or indirectly report to him/her should be submitted to and reviewed by the Chief Financial Officer. Please note that pre-approval of a trade or transaction does not constitute personal legal or financial advice and you are ultimately responsible for your investment decisions and compliance with applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Exceptions to the Rules Affecting Restricted Persons

Notwithstanding the above restrictions, you may make bona fide gifts of VCCG securities regardless of whether the trading window is open if (i) you will continue to be the beneficial owner of the shares following the gift or (ii) the recipient of the gift is a family member who will be bound by the timing and preapproval restrictions of this Policy. This would allow, for example, gifts of VCCG securities to a revocable living trust or a family trust during the closed trading window. If the gift is to a family member, that person must agree not to sell the VCCG securities, except during an open trading window. This exception does NOT allow gifts/charitable donations to third parties such as charitable organizations outside of an open window period. Any gifts of VCCG securities by a Restricted Person or their family members, whether inside or outside of an open window period, requires the prior approval of VCCG's Chief Legal Officer or Chief Operating Officer. If the gift is to a charitable organization, neither you nor any of your family members may be a trustee, director, officer or employee of that organization.

**7.** **Rule 10b5-1 Plans** 

Pursuant to Rule 10b5-1 of the Securities Exchange Act of 1934, as amended (the "**Exchange Act**"), a person is permitted to set up transactions that will take place at a future date so long as the person does not possess material, non-public information at the time the plan is established.

A covered individual who is aware of material, non-public information or who is prohibited from trading as a result of the trading window limitations may only buy, sell, gift or otherwise trade securities pursuant to a trading plan that complies with Rule 10b5-1 (subject to the exception for certain gifts described above). These Rule 10b5-1 plans provide an affirmative defense to liability under the insider trading rules for trades satisfying certain conditions.

---

| | | | |
|:---|:---|:---|:---|
| **PHONE** | **EMAIL** | **WEBSITE** | **EMPOWERING** |
| +603 7717 3089 | enquiries@v-capital.co | http://v-capital.co | **SUCCESS** |
| **ADDRESS** |  |  |  |
| B03-C-8, Menara 3A, KL Eco City, No. 3 Jalan Bangsar, 59200 Kuala Lumpur. | B03-C-8, Menara 3A, KL Eco City, No. 3 Jalan Bangsar, 59200 Kuala Lumpur. | B03-C-8, Menara 3A, KL Eco City, No. 3 Jalan Bangsar, 59200 Kuala Lumpur. |  |
| B03-C-8, Menara 3A, KL Eco City, No. 3 Jalan Bangsar, 59200 Kuala Lumpur. | B03-C-8, Menara 3A, KL Eco City, No. 3 Jalan Bangsar, 59200 Kuala Lumpur. | B03-C-8, Menara 3A, KL Eco City, No. 3 Jalan Bangsar, 59200 Kuala Lumpur. |  |

---

**V CAPITAL CONSULTING GROUP LIMITED<br> (NASDAQ: VCCG)**

To be valid, a Rule 10b5-1 plan must first be approved by the Legal Department. At a high level, Rule 10b5-1 plans generally require the following:

● The covered individual must adopt a contract, instruction or written plan at a time when the covered individual is not aware of material, non-public information and not otherwise restricted from trading as a result of a trading window limitation.

● The Rule 10b5-1 plan must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) specify the dates, prices, and amounts of securities to be sold;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) include a written formula for determining these terms; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) not permit the covered individual to exercise any subsequent influence over how, when, or whether to effect transactions in the securities.

● The covered individual must adopt the Rule 10b5-1 plan in good faith and act in good faith with respect to the Rule 10b5-1 plan after adoption.

● Transactions under the Rule 10b5-1 plan may only begin following the end of the mandated cooling-off period.

● Subject to the amendments of the Exchange Act from time to time, the mandated cooling- off period is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Directors and officers (90–120 days)

Directors and officers must use a cooling-off period that expires 90 days after adoption or modification of a plan or, if later, two business days after filing the Form 20-F or Form 6-K that discloses the Company's financial results. In any case, this cooling-off period is subject to a maximum of 120 days.

For this purpose, "officers" refers to the company's executive officers plus its principal accounting officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Persons other than a director or officer (30 days)

Employees and any person other than a director or officer must use a cooling-off period of at least 30 days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Companies (no cooling-off)

A company trading in its own securities need not use a cooling-off period to establish an affirmative defense under the amended rule.

---

| | | | |
|:---|:---|:---|:---|
| **PHONE** | **EMAIL** | **WEBSITE** | **EMPOWERING** |
| +603 7717 3089 | enquiries@v-capital.co | http://v-capital.co | **SUCCESS** |
| **ADDRESS** |  |  |  |
| B03-C-8, Menara 3A, KL Eco City, No. 3 Jalan Bangsar, 59200 Kuala Lumpur. | B03-C-8, Menara 3A, KL Eco City, No. 3 Jalan Bangsar, 59200 Kuala Lumpur. | B03-C-8, Menara 3A, KL Eco City, No. 3 Jalan Bangsar, 59200 Kuala Lumpur. |  |
| B03-C-8, Menara 3A, KL Eco City, No. 3 Jalan Bangsar, 59200 Kuala Lumpur. | B03-C-8, Menara 3A, KL Eco City, No. 3 Jalan Bangsar, 59200 Kuala Lumpur. | B03-C-8, Menara 3A, KL Eco City, No. 3 Jalan Bangsar, 59200 Kuala Lumpur. |  |

---

**V CAPITAL CONSULTING GROUP LIMITED<br> (NASDAQ: VCCG)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Modifications trigger new cooling-off period

Modifications will trigger a new cooling-off period if the modification changes the amount, price, or timing of trades, including a change to a formula that affects these inputs. Modifications do not trigger a new cooling-off period if they are immaterial or administrative, such as an adjustment for stock splits or a change in account information

● The covered individual may not modify or cancel the Rule 10b5-1 plan or have multiple Rule 10b5-1 plans at a single time, except in compliance with the rules and regulations of the SEC.

● Upon termination of a Rule 10b5-1 plan, you must wait at least fifteen (15) calendar days before entering into a new Rule 10b5-1 plan.

● Officers and directors must include the certifications required by the SEC in their Rule 10b5- 1 plans, and any individuals who are subject to the requirements of Section 13 of the Exchange Act must provide to the Company, and consent to the disclosure of, all information that the Company is required to disclose in its reports filed with the SEC.

The Company requires that amendments or terminations occur only during an open trading window and at a time when the covered individual is not aware of material, non-public information. All amendments or terminations must be approved in advance by VCCG's Chief Legal Officer (or, in the Chief Legal Officer's absence, the Chief Operating Officer).

This Policy does not include an exhaustive list of conditions that must be met for the use of Rule 10b5-1 plans. Covered individuals wishing to adopt a trading plan will need to refer to the detailed requirements set forth in Rule 10b5-1 of the Exchange Act.

**8.** **Restrictions on Trading in Client, Vendor and Other Non-VCCG Securities** 

Failure to maintain the confidentiality of information entrusted to the Company, particularly confidential client information, could seriously damage our reputation and business. Allegations of Insider Trading would be particularly damaging.

In addition to the basic prohibitions against Insider Trading in VCCG securities, the Company has the following rules with respect to trading in the securities of companies other than VCCG. As a reminder, you may never trade in the securities of a client or any other company while you are in the possession of material, non-public information regarding the issuer of those securities. These rules apply regardless of whether you possess material, non-public information about such companies:

● You may not trade in securities of any client during the pendency of an engagement for that client on which you are working or over which you have supervisory responsibilities, without the prior written approval of VCCG's Chief Legal Officer.

● You may not trade in securities issued by a company that is the subject of a litigation proceeding or transaction engagement in which you are providing services, even if that company is not a VCCG client, without the prior written approval of VCCG's Chief Legal Officer.

---

| | | | |
|:---|:---|:---|:---|
| **PHONE** | **EMAIL** | **WEBSITE** | **EMPOWERING** |
| +603 7717 3089 | enquiries@v-capital.co | http://v-capital.co | **SUCCESS** |
| **ADDRESS** |  |  |  |
| B03-C-8, Menara 3A, KL Eco City, No. 3 Jalan Bangsar, 59200 Kuala Lumpur. | B03-C-8, Menara 3A, KL Eco City, No. 3 Jalan Bangsar, 59200 Kuala Lumpur. | B03-C-8, Menara 3A, KL Eco City, No. 3 Jalan Bangsar, 59200 Kuala Lumpur. |  |
| B03-C-8, Menara 3A, KL Eco City, No. 3 Jalan Bangsar, 59200 Kuala Lumpur. | B03-C-8, Menara 3A, KL Eco City, No. 3 Jalan Bangsar, 59200 Kuala Lumpur. | B03-C-8, Menara 3A, KL Eco City, No. 3 Jalan Bangsar, 59200 Kuala Lumpur. |  |

---

**V CAPITAL CONSULTING GROUP LIMITED<br> (NASDAQ: VCCG)**

You may not trade in securities issued by a company that is the subject of a litigation proceeding or transaction engagement in which you are providing services, even if that company is not a VCCG client, without the prior written approval of VCCG's Chief Legal Officer.

**9.** **Relationship to Other Policies Addressing Confidential Treatment of Information** 

As noted throughout this Policy, in order to maintain VCCG's reputation and avoid even the appearance of Insider Trading, it is critical that VCCG protect the confidential information developed by or entrusted to it. The Company maintains a number of policies addressing the protection of confidential information, including among others:

● Code of Conduct

● Corporate Governance Guideline

● Disclosure Policy

● Employee Handbook

You are expected to be familiar with and comply with each of these policies, all of which can be requested from the Human Resource Department of the Company.

Some of the elements of our duty to maintain confidentiality that you should keep in mind in complying with the Company's Insider Trading concerns include the following:

● Only certain individuals are authorized to make statements about the financial performance and business plans of VCCG or any affiliate. Do not make public statements on subjects that you are not authorized to discuss.

● VCCG policies must be followed with respect to safeguarding information and data, including proper use of social media sites.

● Careful consideration should be given prior to providing other employees with material, non-public information. The number of insiders should always be kept to the practical minimum.

● Steps should be taken in an effort to ensure that consultants and independent contractors have taken necessary measures to assist their employees and contractors in understanding and acknowledging the implications of the misuse or improper disclosure of inside information.

● VCCG's Chief Legal Officer must be informed immediately if inside information is disclosed to any person (internal or external) who is not authorized to receive such inside information.

● Certain of our businesses and business units are required to maintain lists for each client specifying the names of employees and contractors who have access to confidential information relating to that client ()"**insider lists** "). The personnel named on an insider list are prohibited from trading in the securities of such client.

---

| | | | |
|:---|:---|:---|:---|
| **PHONE** | **EMAIL** | **WEBSITE** | **EMPOWERING** |
| +603 7717 3089 | enquiries@v-capital.co | http://v-capital.co | **SUCCESS** |
| **ADDRESS** |  |  |  |
| B03-C-8, Menara 3A, KL Eco City, No. 3 Jalan Bangsar, 59200 Kuala Lumpur. | B03-C-8, Menara 3A, KL Eco City, No. 3 Jalan Bangsar, 59200 Kuala Lumpur. | B03-C-8, Menara 3A, KL Eco City, No. 3 Jalan Bangsar, 59200 Kuala Lumpur. |  |
| B03-C-8, Menara 3A, KL Eco City, No. 3 Jalan Bangsar, 59200 Kuala Lumpur. | B03-C-8, Menara 3A, KL Eco City, No. 3 Jalan Bangsar, 59200 Kuala Lumpur. | B03-C-8, Menara 3A, KL Eco City, No. 3 Jalan Bangsar, 59200 Kuala Lumpur. |  |

---

**V CAPITAL CONSULTING GROUP LIMITED <br> (NASDAQ: VCCG)**

**10.** **Consequences of Non-Compliance** 

Failure to comply with this Policy can result in disciplinary action, up to and including termination of your employment or other relationship with the Company or ineligibility for future participation in the Company's equity incentive plans. The violation of this Policy may also violate certain securities laws in certain jurisdictions where the Company has operations. If it appears that a director, officer or employee may have violated such securities laws, the Company may refer the matter to the appropriate regulatory authorities, which could lead to penalties, fines or imprisonment in the particular jurisdictions.

You may subject to not only civil penalties of up to three (3) times the illicit, but also criminal fines of up to USD5,000,000 and up to twenty (20) years imprisonment for engaging in transactions in the Company's securities at a time when you have knowledge of the material information as described in detail in this Policy. The United States Securities and Exchange Commission may also take actions directly against insiders trading overseas.

**11.** **Reporting Non-Compliance** 

If you become aware of or have reason to believe that any of your colleagues have violated this Policy, the securities laws of the United States or applicable laws of any other jurisdiction, the Company encourages you to promptly report your concerns to VCCG's Chief Legal Officer. You will not be retaliated against for making a report in good faith.

**12.** **Transactions in VCCG Securities by the Company** 

From time to time, the Company may engage in transactions in its own securities. It is the Company's policy to comply with all applicable federal securities laws and state laws (including obtaining approvals by the Board of Directors or appropriate committee thereof, if required) when engaging in transactions in VCCG securities.

**13.** **Post-Termination Transactions** 

This Policy continues to apply to transactions in VCCG's securities even after termination of service. If an individual is in possession of material non-public information when his or her service terminates, that individual may not trade in VCCG's securities until that information has become public or is no longer material.

**14.** **Where to Get Help** 

If you have any questions about this Policy, please contact VCCG's Legal Department.

---

| | | | |
|:---|:---|:---|:---|
| **PHONE** | **EMAIL** | **WEBSITE** | **EMPOWERING** |
| +603 7717 3089 | enquiries@v-capital.co | http://v-capital.co | **SUCCESS** |
| **ADDRESS** |  |  |  |
| B03-C-8, Menara 3A, KL Eco City, No. 3 Jalan Bangsar, 59200 Kuala Lumpur. | B03-C-8, Menara 3A, KL Eco City, No. 3 Jalan Bangsar, 59200 Kuala Lumpur. | B03-C-8, Menara 3A, KL Eco City, No. 3 Jalan Bangsar, 59200 Kuala Lumpur. |  |
| B03-C-8, Menara 3A, KL Eco City, No. 3 Jalan Bangsar, 59200 Kuala Lumpur. | B03-C-8, Menara 3A, KL Eco City, No. 3 Jalan Bangsar, 59200 Kuala Lumpur. | B03-C-8, Menara 3A, KL Eco City, No. 3 Jalan Bangsar, 59200 Kuala Lumpur. |  |

---

## Ex-Filing

?xml version='1.0' encoding='ASCII'? Filing Fee Exhibit

**Ex-Filing Fees**

**CALCULATION OF FILING FEE TABLES**

**F-1**

**V CAPITAL CONSULTING GROUP 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, no par value | (1) | 457(o) | 3750000 | $4.00 | $15000000.00 | 0.0001381 | $2071.50 |
| Fees to be Paid | Equity | Underwriter's Warrants | (2) |  |  |  |  |  |  |
| Fees to be Paid | Equity | Ordinary Shares underlying Underwriter's Warrants | (3) |  | 187500 | $4.80 | $900000.00 | 0.0001381 | $124.29 |
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | $15900000.00 |  | 2195.79 |
| 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: |  |  | 0.00 |
| 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: |  |  | $2195.79 |

---

**__________________________________________ Offering Note(s)**

&nbsp;&nbsp;&nbsp;&nbsp;(1) In the event of a stock split, stock dividend, or similar transaction involving our Ordinary Shares, the number of shares registered shall automatically be increased to cover the additional shares of Ordinary Shares issuable pursuant to Rule 416 under the Securities Act of 1933, as amended ("Securities Act"). Estimated solely for purposes of calculating the registration fee pursuant to Rule 457(o) under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;(2) In the event of a stock split, stock dividend, or similar transaction involving our Ordinary Shares, the number of shares registered shall automatically be increased to cover the additional shares of Ordinary Shares issuable pursuant to Rule 416 under the Securities Act of 1933, as amended ("Securities Act"). Estimated solely for purposes of calculating the registration fee pursuant to Rule 457(o) under the Securities Act. No fee required pursuant to Rule 457(g) under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;(3) In the event of a stock split, stock dividend, or similar transaction involving our Ordinary Shares, the number of shares registered shall automatically be increased to cover the additional shares of Ordinary Shares issuable pursuant to Rule 416 under the Securities Act of 1933, as amended ("Securities Act"). Estimated solely for purposes of calculating the registration fee pursuant to Rule 457(o) under the Securities Act. Represents Ordinary Shares underlying one or more warrants (the "Underwriter's Warrants") issuable to the representative of the several underwriters to purchase up to an aggregate of 5% of the Ordinary Shares sold in the offering at an exercise price of 120% of the public offering price per share. The Underwriter's Warrants will be exercisable upon issuance, will have a cashless exercise provision and will terminate three and one half years from the commencement of sales of the public offering.