# EDGAR Filing Document

**Accession Number:** 0002067719
**File Stem:** 0001185185-25-001408
**Filing Date:** 2025-10
**Character Count:** 1507907
**Document Hash:** ce50bfb8f4a829b2c56003e9d8bfd681
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001185185-25-001408.hdr.sgml**: 20251009

**ACCESSION NUMBER**: 0001185185-25-001408

**CONFORMED SUBMISSION TYPE**: F-1

**PUBLIC DOCUMENT COUNT**: 56

**FILED AS OF DATE**: 20251009

**DATE AS OF CHANGE**: 20251009

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Keystone Global Financial Group
- **CENTRAL INDEX KEY:** 0002067719
- **STANDARD INDUSTRIAL CLASSIFICATION:** FINANCE SERVICES [6199]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** F-1
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-290789
- **FILM NUMBER:** 251384071

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 1902-3A, 19/F, FWD FINANCIAL CENTRE
- **STREET 2:** 308-320 DES VOEUX ROAD CENTRAL
- **CITY:** SHEUNG WAN
- **PROVINCE COUNTRY:** K3
- **ZIP:** 00000
- **BUSINESS PHONE:** 852-3577-8660

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 1902-3A, 19/F, FWD FINANCIAL CENTRE
- **STREET 2:** 308-320 DES VOEUX ROAD CENTRAL
- **CITY:** SHEUNG WAN
- **PROVINCE COUNTRY:** K3
- **ZIP:** 00000

**As filed with the U.S. Securities and Exchange Commission on October 9, 2025**

**Registration No. 333-** 

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM F-1**

**REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933**

**Keystone Global Financial Group**

(Exact name of registrant as specified in its charter)

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| | | |
|:---|:---|:---|
| **Cayman Islands** | **6199** | **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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**1902-3A, 19/F FWD Financial Centre, 308-320 Des Voeux Road Central Sheung Wan, Hong Kong Tel: +852 3577 8660**

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

**c/o Cogency Global Inc. 122 East 42<sup>nd</sup> Street, 18<sup>th</sup> Floor New York, NY 10168 +1-800-221-0102**

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

*Copies to:*

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| | |
|:---|:---|
| **Lawrence S. Venick, Esq.<br> Loeb & Loeb LLP<br> 2206-19 Jardine House<br> 1 Connaught Place Central<br> Hong Kong<br> Telephone: +852-3923-1111** | **Megan J. Penick, Esq.**<br> **Jia Song, Esq.**<br> **Dorsey & Whitney LLP**<br> **51 West 52<sup>nd</sup> Street**<br> **New York, New York 10019**<br> **Telephone: +1 (212) 415-9200** |

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

If any securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act, 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 U.S. Securities and Exchange Commission, acting pursuant to such Section 8(a), may determine.**

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

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| | |
|:---|:---|
| **PRELIMINARY PROSPECTUS** | **SUBJECT TO COMPLETION, DATED OCTOBER 9, 2025** |

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**KEYSTONE GLOBAL FINANCIAL GROUP**

**1,250,000 Ordinary Shares**

This is an initial public offering (the "Offering") of 1,250,000 ordinary shares, par value US$0.0001 per share (the "Ordinary Shares"), of Keystone Global Financial Group ("Keystone Global", the "Company," "we," "our," "us"), representing 10.0% of the total issued and outstanding Ordinary Shares following completion of the Offering. We expect the initial public offering price will be between US$4.00 and US$6.00 per Ordinary Share (the "Offering Price"). We plan to reserve the symbol "KCG" for purpose of listing our Ordinary Shares on the Nasdaq Capital Market. Prior to this Offering, there has been no public market for our Ordinary Shares. We have made an application to Nasdaq for the listing of the Ordinary Shares on the Nasdaq Capital Market and this Offering is contingent on such listing application being approved by Nasdaq. However, there is no assurance that such application will be approved, and if our application is not approved by Nasdaq, this Offering will not be completed.

**Investing in our Ordinary Shares involves a high degree of risk, including the risk of losing your entire investment. *See "Risk Factors"* beginning on page 16 to read about factors you should consider before buying our Ordinary Shares.**

We are both an "Emerging Growth Company" and a "foreign private issuer" under applicable U.S. federal securities laws and are, therefore, eligible for reduced public company reporting requirements. Please read "Implications of Being an Emerging Growth Company" on page 12 and "Implication of Being a Foreign Private Issuer" beginning on page 13 of this prospectus for more information.

Following this Offering, Mr. Tak Chiu, CHAN (our Director, Chief Executive Officer, and the Chairman of the Board), and his mother, Ms. Shui Yuet, LAM, will together continue to own more than a majority of the voting power of our outstanding Ordinary Shares. As a result, we expect to be a "controlled company" within the meaning of rule 5615(c) of Nasdaq Stock Market LLC ("Nasdaq Listing Rules"). For so long as we remain a "controlled company," we are permitted to elect not to comply with certain corporate governance requirements. If we rely on these exemptions, you will not have the same protection afforded to shareholders of companies that are subject to these corporate governance requirements. Although we currently do not intend to rely on the "controlled company" exemption under the Nasdaq Listing Rules, we could elect to rely on this exemption after we complete this Offering. See "Risk Factors — Risks Related to Our Corporate Structure — *Our corporate actions will be substantially controlled by Mr. Tak Chiu, CHAN (our Director, Chief Executive Officer, and the Chairman of the Board) and his mother Ms. Shui Yuet, LAM, who will have the ability to control or exert significant influence over important corporate matters that require approval of shareholders, which may deprive you of an opportunity to receive a premium for your Ordinary Shares and materially reduce the value of your investment. Additionally, we may be deemed to be a "controlled company and may follow certain exemptions from certain corporate governance requirements that could adversely affect our public shareholders in the future.*" on page 36 and "Prospectus Summary — Implications of Being a Controlled Company." on page 13 of this prospectus.

Investors are cautioned that they are buying shares of a Cayman Islands holding company with operations conducted in Hong Kong by its subsidiary. Keystone Global is not a Chinese or Hong Kong operating company but is an exempted company incorporated in the Cayman Islands. As a holding company with no material operation, Keystone Global conducts its operations in Hong Kong through its wholly-owned subsidiary, Keystone Capital Limited ("Keystone Capital" or "Operating Subsidiary"), a company incorporated in Hong Kong. This is an offering of the Ordinary Shares of Keystone Global, the holding company in the Cayman Islands, instead of shares of the Operating Subsidiary in Hong Kong. Investors in this Offering will not directly hold equity interests in the Operating Subsidiary. This structure involves unique risks to the investors, and the PRC regulatory authorities could disallow this structure, which would likely result in a material change in Keystone Global's operations and/or a material change in the value of the securities Keystone Global is registering for sale, including that such event could cause the value of such securities to significantly decline or become worthless.

All of our operations are conducted by our Operating Subsidiary in Hong Kong, which is a special administrative region of the PRC. We do not have any operation or maintain office or personnel in Mainland China, nor currently do we have, nor intend to have, any contractual arrangements to establish a variable interest entity ("VIE") structure with any entity in Mainland China. We are subject to certain legal and operational risks associated with our Operating Subsidiary being based in Hong Kong, having all of its operations to date in Hong Kong and having existing or potential clients who are Mainland China individuals or companies that have shareholders or directors that are Mainland China individuals. Additionally, the legal and operational risks associated with operating in Mainland China may also apply to our operations in Hong Kong, and we face the risks and uncertainties associated with interpretation and the application of the complex and evolving PRC laws and regulations and whether and how the recent PRC government statements and regulatory developments, such as those relating to data and cyberspace security, and anti-monopoly concerns would be applicable to Keystone Global or Keystone Capital, given the substantial operations of our subsidiary in Hong Kong and the possibilities that Chinese government may exercise significant oversight over the conduct of business in Hong Kong. We are also subject to the risks of uncertainty about any future actions of the PRC government or authorities in Hong Kong in this regard. Should the PRC government choose to exercise significant oversight and discretion over the conduct of our business, or in the event that we or our Hong Kong subsidiary were to become subject to the PRC laws and regulations, these risks could result in material costs to ensure compliance, fines, material changes in our operations and/or the value of the securities we are registering for sale, and/or could significantly limit or completely hinder our ability to offer or continue to offer securities to investors and cause the value of such securities to significantly decline or be worthless. See "Risk Factors — Risks Related to Doing Business in the Jurisdictions in which We Operate — *All of our operations are in Hong Kong. However, due to the long-arm application of the current PRC laws and regulations, the PRC government may exercise significant direct oversight and discretion over the conduct of our business and may intervene or influence our operations, which could result in a material change in our operations and/or the value of our Ordinary Shares. Our subsidiary in Hong Kong may be subject to laws and regulations of Mainland China, which may impact our ability to operate profitably and result in a material negative impact on our operations and/or the value of our Ordinary Shares. Furthermore, the changes in the policies, regulations, rules and the enforcement of laws of Mainland China may also occur quickly with little advance notice and our assertions and beliefs of the risk imposed by the Mainland China legal and regulatory system cannot be certain*" on page 16; and "Risk Factors — Risks Related to Doing Business in the Jurisdictions in which We operate — *If the PRC government chooses to extend the oversight and control over offerings that are conducted overseas and/or foreign investment in Mainland China-based issuers to Hong Kong-based issuers, such action may significantly limit or completely hinder our ability to offer or continue to offer Ordinary Shares to investors and cause the value of our Ordinary Shares to significantly decline or be worthless*" on page 21.

We are aware that recently, the PRC government initiated a series of regulatory actions and statements to regulate business operations in certain areas in Mainland China, including cracking down on illegal activities in the securities market, enhancing supervision over China-based companies listed overseas using a variable interest entity structure, adopting new measures to extend the scope of cybersecurity reviews, and expanding the efforts in anti-monopoly enforcement. See "Prospectus Summary — Regulatory Development in the PRC" beginning on page 10. On August 20, 2021, the 30<sup>th</sup> meeting of the Standing Committee of the 13<sup>th</sup> National People's Congress voted and passed the "Personal Information Protection Law of the People's Republic of China," or "PRC Personal Information Protection Law," which became effective on November 1, 2021. The PRC Personal Information Protection Law applies to the processing of personal information of natural persons within the territory of Mainland China that is carried out outside of Mainland China where (1) such processing is for the purpose of providing products or services for natural persons within Mainland China, (2) such processing is to analyze or evaluate the behavior of natural persons within Mainland China, or (3) there are any other circumstances stipulated by related laws and administrative regulations. On December 24, 2021, the China Securities Regulatory Commission ("CSRC"), together with other relevant government authorities in Mainland China issued the Provisions of the State Council on the Administration of Overseas Securities Offering and Listing by Domestic Companies (Draft for Comments) and the Measures for the Filing of Overseas Securities Offering and Listing by Domestic Companies (Draft for Comments) ("Draft Overseas Listing Regulations"). The Draft Overseas Listing Regulations require that a Mainland China domestic enterprise seeking to issue and list its shares overseas ("Overseas Issuance and Listing") shall complete the filing procedures of and submit the relevant information to the CSRC. The Overseas Issuance and Listing include direct and indirect issuance and listing. Where an enterprise whose principal business activities are conducted in Mainland China seeks to issue and list its shares in the name of an overseas enterprise ("Overseas Issuer") on the basis of the equity, assets, income or other similar rights and interests of the relevant Mainland China domestic enterprise, such activities shall be deemed an indirect overseas issuance and listing ("Indirect Overseas Issuance and Listing") under the Draft Overseas Listing Regulations. On December 28, 2021, the Cyberspace Administration of China (the "CAC") jointly with the relevant authorities formally published the Measures for Cybersecurity Review (2021) which took effect on February 15, 2022 and replaced the former Measures for Cybersecurity Review (2020) issued on July 10, 2021. The Measures for Cybersecurity Review (2021) provide that operators of critical information infrastructure purchasing network products and services, and online platform operators carrying out data processing activities that affect or may affect national security (together with the operators of critical information infrastructure, the "Operators"), shall conduct a cybersecurity review and that any online platform operator who controls more than one million users' personal information must go through a cybersecurity review by the cybersecurity review office if it seeks to be listed in a foreign country. On February 17, 2023, the CSRC released the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies, or the Trial Administrative Measures, and five supporting guidelines, which came into effect on March 31, 2023. The Trial Administrative Measures further stipulate the rules and requirements for overseas offering and listing conducted by PRC domestic companies. The Trial Administrative Measures further clarified and emphasized that the comprehensive determination of the "indirect overseas offering and listing by PRC domestic companies" shall comply with the principle of "substance over form" and particularly, an issuer will be required to go through the filing procedures under the Trial Administrative Measures if the following criteria are met at the same time: a) 50% or more of the issuer's operating revenue, total profits, total assets or net assets as documented in its audited consolidated financial statements for the most recent accounting year are accounted for by PRC domestic companies, and b) the main parts of the issuer's business activities are conducted in mainland China, or its main places of business are located in Mainland China, or the senior managers in charge of its business operation and management are mostly Chinese citizens or domiciled in Mainland China. Furthermore, the Trial Administrative Measures and its supporting guidelines provide a negative list of types of issuers banned from listing overseas, the issuers' obligation to comply with national security measures and the personal data protection laws, and certain other matters such as the requirements that an issuer (i) file with the CSRC within three business days after it submits an application for initial public offering to the competent overseas regulator and (ii) file subsequent reports with the CSRC on material events, including change of control and voluntary or forced delisting, after its overseas offering and listing.

The management understands that as of the date of this prospectus, on the basis that: (i) we do not, directly or indirectly, own or control any entity or subsidiary in Mainland China, nor is it controlled by any Mainland Chinese company or individual directly or indirectly; (ii) we and our subsidiary do not have any operations in Mainland China; (iii) we do not have or intend to set up any subsidiary or enter into any contractual arrangements to establish a VIE structure with any entity in Mainland China; (iv) we are headquartered in Hong Kong with our officers and all members of the board of directors based in Hong Kong and all of our revenues and profits are generated by our subsidiary in Hong Kong and we have not generated revenues or profits from Mainland China in the most recent accounting year accounts for more than 50% of the corresponding figure in our audited consolidated financial statements for the same period; (v) although our Hong Kong Operating Subsidiary may collect and store certain data (including certain personal information) from our clients, some of whom may be individuals in Mainland China, in connection with our business and operations for "Know Your Customers" purposes (to combat money laundering), we believe that we and our Operating Subsidiary will not be deemed to be an "Operator" or a "data processor" that are required to file for cybersecurity review by the CAC before listing in the United States, given that: (a) as of the date of this prospectus, our Operating Subsidiary has in aggregate collected and stored the personal information of less than one thousand individuals in Mainland China and we have acquired the clients' separate consents for collecting and storing of their personal information and data; (b) we do not place any reliance on collection and processing of any personal information to maintain our business operation; (c) data processed in our business should not have a bearing on national security nor affect or may affect national security; (d) all of the data our Operating Subsidiary have collected is stored in servers located in Hong Kong; and (e) as of the date of this prospectus, neither of our Operating Subsidiary has been informed by any PRC governmental authority of being classified as an "Operator" or a "data processor" that is subject to CAC cybersecurity review or a CSRC review; and (v) pursuant to the Basic Law of the Hong Kong Special Administrative Region of the PRC, or the Basic Law, PRC laws and regulations shall not be applied in Hong Kong except for those listed in Annex III of the Basic Law (which is confined to laws relating to national defense, foreign affairs and other matters that are not within the scope of autonomy). Based on PRC laws and regulations effective as of the date of this prospectus and subject to interpretations of these laws and regulations that may be adopted by Mainland China authorities, we are currently not subject to the PRC government's direct influence or discretion over the manner in which we conduct our business activities outside of Mainland China, and the Measures for Cybersecurity Review (2021), the PRC Personal Information Protection Law, the Draft Overseas Listing Regulations, and the Trial Administrative Measures will not have an impact on our business, operations or this offering, nor do we or our Operating Subsidiary are covered by permission requirements from any PRC authorities, including CAC and CSRC, that is required for our operations or list on the U.S. exchanges and offer securities. The Management understands that neither we nor our Operating Subsidiary are currently required to obtain any permission or approval from the PRC authorities, including the CSRC and CAC, to operate our business and offer the securities being registered to foreign investors.

However, since these laws, regulations and regulatory actions are new, it is highly uncertain how soon the legislative or administrative regulation making bodies will respond and what existing or new laws or regulations or detailed implementations and interpretations will be modified or promulgated, if any. It is also highly uncertain what the potential impact such modified or new laws and regulations will have on our Operating Subsidiary's daily business operation and the listing of our Ordinary Shares on the United States or other foreign exchanges. If the Trial Administrative Measures was newly promulgated, its interpretation, application and enforcement remain unclear and there also remains significant uncertainty as to the enactment, interpretation and implementation of other regulatory requirements related to overseas securities offerings and other capital markets activities. If Trial Administrative Measures become applicable to us or our Operating Subsidiary in Hong Kong, or if we or our Operating Subsidiary is subject to cybersecurity review, or if the Measures for Cybersecurity Review (2021) or the PRC Personal Information Protection Law become applicable to our Operating Subsidiary in Hong Kong, the business operation of our Operating Subsidiary and the listing of our Ordinary Shares in the United States could be subject to the CAC or the CSRC review in the future. If the applicable laws, regulations, or interpretations change and our Operating Subsidiary become subject to the CAC or CSRC review, we cannot assure you that our Operating Subsidiary will be able to comply with the regulatory requirements in all respects and our current practice of collecting and processing personal information may be ordered to be rectified or terminated by regulatory authorities. If we were required to obtain such permissions or approvals in the future in connection with the listing or continued listing of our securities on a stock exchange outside of the PRC, it is uncertain how long it will take for us to obtain such approval, and, even if we obtain such approval, the approval could be rescinded. Any failure to obtain or a delay in obtaining the necessary permissions from the PRC authorities to conduct offerings or list outside of the PRC may subject us to sanctions imposed by the PRC regulatory authorities, which could include fines and penalties, proceedings against us, and other forms of sanctions, and our ability to conduct our business, invest into the Mainland China as foreign investments or accept foreign investments, ability to offer or continue to offer Ordinary Shares to investors or list on the U.S. or other overseas exchange may be restricted, and the value of our Ordinary Shares may significantly decline or be worthless, our business, reputation, financial condition, and results of operations may be materially and adversely affected. See "Risk Factors — Risks Relating to Doing Business in the Jurisdictions in which we Operate — *If the PRC government chooses to extend the oversight and control over offerings that are conducted overseas and/or foreign investment in Mainland China-based issuers to Hong Kong-based issuers, such action may significantly limit or completely hinder our ability to offer or continue to offer Ordinary Shares to investors and cause the value of our Ordinary Shares to significantly decline or be worthless*." on page 21.

Our Ordinary Shares may be prohibited from trading on a national exchange or "over-the-counter" markets under the Holding Foreign Companies Accountable Act (the "HFCAA") if the Public Company Accounting Oversight Board ("PCAOB") determines that it is unable to inspect or fully investigate our auditor and as a result the exchange where our securities are traded may delist our securities. Furthermore, on June 22, 2021, the U.S. Senate passed the Accelerating Holding Foreign Companies Accountable Act (the "AHFCAA"), which was signed into law on December 29, 2022, amending the HFCAA and requiring the Securities and Exchange Commission ("SEC") to prohibit an issuer's securities from trading on any U.S. stock exchange if its auditor is not subject to PCAOB inspections for two consecutive years instead of three consecutive years. Pursuant to the HFCAA, the PCAOB issued a Determination Report on December 16, 2021, which found that the PCAOB was unable to inspect or investigate completely certain named registered public accounting firms headquartered in Mainland China and Hong Kong (the "2021 Determination Report").

Our auditor, SRCO Professional Corporation Chartered Professional Accountants, the independent registered public accounting firm that issues the audit report included elsewhere in this prospectus, as an auditor of companies that are traded publicly in the United States and a firm registered with the PCAOB, is headquartered in Richmond Hill, Canada and subject to laws in the United States pursuant to which the PCAOB conducts regular inspections to assess its compliance with the applicable professional standards. Our auditor is currently subject to PCAOB inspections and the PCAOB is able to inspect our auditor, with the last inspection having occurred in 2023. Our auditor is not affected by and not subject to the determinations announced by the PCAOB on December 16, 2021. On August 26, 2022, the SEC issued a statement announcing that the PCAOB signed a Statement of Protocol ("SOP") with the CSRC and the Ministry of Finance of the PRC governing inspections and investigations of audit firms based in Mainland China and Hong Kong, jointly agreeing on the need for a framework. On December 15, 2022, the PCAOB announced that it has secured complete access to inspect and investigate registered public accounting firms headquartered in Mainland China and Hong Kong and voted to vacate the previous 2021 Determination Report to the contrary.

However, whether the PCAOB will continue to be able to satisfactorily conduct inspections of PCAOB-registered public accounting firms headquartered in Mainland China and Hong Kong is subject to uncertainty and depends on a number of factors out of our, and our auditor's, control. The PCAOB is continuing to demand complete access in Mainland China and Hong Kong moving forward and is already making plans to resume regular inspections in early 2023 and beyond, as well as to continue pursuing ongoing investigations and initiate new investigations as needed. The PCAOB has indicated that it will act immediately to consider the need to issue new determinations with the HFCAA if needed. If the PCAOB in the future again determines that it is unable to inspect and investigate completely auditors in Mainland China and Hong Kong, then the companies audited by those auditors would be subject to a trading prohibition on U.S. markets pursuant to the HFCAA and/or AHFCAA. These recent developments could also add uncertainties to this Offering and we cannot assure you that the Nasdaq Capital Market or regulatory authorities would not apply additional or more stringent criteria to us after considering the effectiveness of our auditor's audit procedures and quality control procedures, adequacy of personnel and training, or sufficiency of resources, geographic reach or experience as it relates to the audit of our financial statements. See "Risk Factors — Risks Related to Our Ordinary Shares and This Offering **—** *Our Ordinary Shares may be prohibited from being traded on a national exchange under the Holding Foreign Companies Accountable Act if the PCAOB is unable to inspect our auditors. The delisting of our Ordinary Shares, or the threat of their being delisted, may materially and adversely affect the value of your investment. Furthermore, on June 22, 2021, the U.S. Senate passed the Accelerating Holding Foreign Companies Accountable Act, which was signed into law on December 29, 2022, amending the HFCAA to require the SEC to prohibit an issuer's securities from trading on any U.S. stock exchanges if its auditor is not subject to PCAOB inspections for two consecutive years instead of three."* on page 38.

We are an exempted company incorporated in the Cayman Islands as a holding company, and we rely on dividends and other distributions on equity paid by our subsidiary for our cash and financing requirements, including the funds necessary to pay dividends and other cash distributions to our shareholders and service any debt we may incur. If our subsidiary incurs debt on its own behalf in the future, the instruments governing the debt may restrict its ability to pay dividends or make other distributions to us.

Under the current practice of the Inland Revenue Department of Hong Kong, no tax is payable in Hong Kong in respect of dividends paid by us. The PRC laws and regulations do not currently have any material impact on transfers of cash from Keystone Global to our subsidiary or from our subsidiary to Keystone Global, our shareholders and U.S. investors. However, the Chinese government may, in the future, impose restrictions or limitations on our ability to transfer money out of Hong Kong, to distribute earnings and pay dividends to and from the other entities within our organization, or to reinvest in our business outside of Hong Kong. Such restrictions and limitations, if imposed in the future, may delay or hinder the expansion of our business to outside of Hong Kong and may affect our ability to receive funds from our subsidiary in Hong Kong. The promulgation of new laws or regulations, or the new interpretation of existing laws and regulations, in each case, that restrict or otherwise unfavorably impact the ability or way we conduct our business, could require us to change certain aspects of our business to ensure compliance, which could decrease demand for our services, reduce revenues, increase costs, require us to obtain more licenses, permits, approvals or certificates, or subject us to additional liabilities. To the extent any new or more stringent measures are required to be implemented, our business, financial condition and results of operations could be adversely affected and such measures could materially decrease the value of our Ordinary Shares, potentially rendering them worthless.

Keystone Global is a Cayman Islands company and its subsidiary, Keystone Capital, is a Hong Kong company. There are no restrictions on foreign exchange and there are no limitations on the abilities of Keystone Global to transfer cash to or from Keystone Capital, or to investors under Hong Kong law. There are no restrictions or limitations under the laws of Hong Kong imposed on the conversion of HK dollar into foreign currencies and the remittance of currencies out of Hong Kong, nor there is any restriction on foreign exchange to transfer cash between Keystone Global and its subsidiary, across borders and to U.S investors, nor there is any restrictions and limitations to distribute earnings from our business and subsidiary, to Keystone Global and U.S. investors and amounts owed. Since the only transfer of cash between Keystone Global and Keystone Capital were in the form of dividends and there are no limitations on the abilities of Keystone Global to transfer cash to or from its subsidiary or to investors under Hong Kong law, Keystone Global has not established cash management policies that dictate how funds are transferred.

On August 4, 2025 and June 24, 2024, Keystone Capital declared a cash dividend of HK$2.5 million (approximately US$318,475) and HK$0.5 million (approximately US$64,078) to its then shareholders, respectively. Save as disclosed above, for the years ended December 31, 2024 and 2023 and as of the date of this prospectus, neither Keystone Global nor the Operating Subsidiary have declared or made any dividend or contribution to their respective shareholders.

We do not have any present plan to declare or pay any dividends on our Ordinary Shares in the foreseeable future. We currently intend to retain all available funds and future earnings, if any, for the operation and expansion of our business and do not anticipate declaring or paying any dividends in the foreseeable future. Any future determination related to our dividend policy will be made at the discretion of our board of directors after considering our financial condition, results of operations, capital requirements, contractual requirements, business prospects and other factors the board of directors deems relevant, and subject to the restrictions contained in any future financing instruments.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Per Share** | | **Total<sup>(4)</sup>** |
| Offering price<sup>(1)</sup> | US$ | 5.00 | US$ | 6250000 |
| Underwriting discounts<sup>(2)</sup> | US$ | 0.35 | US$ | 437500 |
| Proceeds to the company before expenses<sup>(3)</sup> | US$ | 4.65 | US$ | 5812500 |

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(1) Offering price per share is assumed as US$5 which is the midpoint
of the range set forth on the cover page of this prospectus.

(2) We have agreed to pay the underwriters a discount equal to 7.0%
of the gross proceeds of the Offering. For a description of the other compensation to be received by the underwriters, see "Underwriting"
beginning on page 119.

(3) Excludes fees and expenses payable to the underwriters.

(4) Assumes that the underwriters do not exercise any portion of
their over-allotment option.

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

This Offering is being conducted on a firm commitment basis. The underwriters are obligated to take and pay for all of the shares offered by the Company if any such shares are taken. We have granted the underwriters an option, exercisable one or more times in whole or in part, to purchase up to 187,500 additional Ordinary Shares from us at the offering price, less underwriting discounts, within 45 days after the closing of this Offering to cover over-allotments, if any. If the underwriters exercise the option in full, assuming the offering price per share is US$5.00 (the midpoint of the price set forth on the cover pages of this prospectus), the total underwriting discounts payable will be US$503,125 and the total proceeds to us, before expenses, will be US$6,684,375.

We expect our total cash expenses for this Offering to be approximately US$1,600,000, including expenses payable to the underwriters for their reasonable out-of-pocket expenses and non-accountable expense allowance, exclusive of the above discounts.

If we complete this Offering, net proceeds will be delivered to us on the closing date.

The underwriters expect to deliver the Ordinary Shares against payment as set forth under "Underwriting" on or about [\*], 2025.

![](image_010.jpg)

**The date of this prospectus is [**\***], 2025**

**TABLE OF CONTENTS**

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| | |
|:---|:---|
|  | **Page** |
| [PROSPECTUS SUMMARY](#a_001) | &nbsp;&nbsp;&nbsp;1 |
| [RISK FACTORS](#a_002) | &nbsp;&nbsp;&nbsp;16 |
| [SPECIAL NOTES REGARDING FORWARD-LOOKING STATEMENTS](#a_003) | &nbsp;&nbsp;&nbsp;45 |
| [USE OF PROCEEDS](#a_004) | &nbsp;&nbsp;&nbsp;46 |
| [DIVIDEND POLICY](#a_005) | &nbsp;&nbsp;&nbsp;46 |
| [CAPITALIZATION](#a_006) | &nbsp;&nbsp;&nbsp;47 |
| [DILUTION](#a_007) | &nbsp;&nbsp;&nbsp;48 |
| [CORPORATE HISTORY AND STRUCTURE](#a_008) | &nbsp;&nbsp;&nbsp;49 |
| [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#a_009) | &nbsp;&nbsp;&nbsp;51 |
| [INDUSTRY](#a_010) | &nbsp;&nbsp;&nbsp;67 |
| [BUSINESS](#a_011) | &nbsp;&nbsp;&nbsp;75 |
| [REGULATIONS](#a_012) | &nbsp;&nbsp;&nbsp;83 |
| [MANAGEMENT](#a_013) | &nbsp;&nbsp;&nbsp;91 |
| [RELATED PARTY TRANSACTIONS](#a_014) | &nbsp;&nbsp;&nbsp;97 |
| [PRINCIPAL SHAREHOLDERS](#a_015) | &nbsp;&nbsp;&nbsp;101 |
| [DESCRIPTION OF SHARE CAPITAL](#a_016) | &nbsp;&nbsp;&nbsp;102 |
| [SHARES ELIGIBLE FOR FUTURE SALE](#a_017) | &nbsp;&nbsp;&nbsp;110 |
| [TAXATION](#a_018) | &nbsp;&nbsp;&nbsp;111 |
| [ENFORCEABILITY OF CIVIL LIABILITIES](#a_019) | &nbsp;&nbsp;&nbsp;118 |
| [UNDERWRITING](#a_020) | &nbsp;&nbsp;&nbsp;119 |
| [EXPENSES RELATING TO THIS OFFERING](#a_021) | &nbsp;&nbsp;&nbsp;124 |
| [LEGAL MATTERS](#a_022) | &nbsp;&nbsp;&nbsp;124 |
| [EXPERTS](#a_023) | &nbsp;&nbsp;&nbsp;124 |
| [WHERE YOU CAN FIND ADDITIONAL INFORMATION](#a_024) | &nbsp;&nbsp;&nbsp;124 |
| [INDEX TO CONSOLIDATED FINANCIAL STATEMENTS](#a_025) | &nbsp;&nbsp;&nbsp;F-1 |

---

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We and the underwriters have not authorized anyone to provide any information or to make any representations other than those contained in this prospectus or in any free writing prospectuses prepared by us or on our behalf or to which we have referred you. We and the underwriters take no responsibility for and can provide no assurance as to the reliability of, any other information that others may give you. This prospectus is an offer to sell only the Ordinary Shares offered hereby, but only under circumstances and in jurisdictions where it is lawful to do so. We and the underwriters are not making an offer to sell these securities in any jurisdiction where the offer or sale is not permitted or where the person making the offer or sale is not qualified to do so or to any person to whom it is not permitted to make such offer or sale. For the avoidance of doubt, no offer or invitation to subscribe for Ordinary Shares is made to the public in the Cayman Islands. You should not rely upon any information about us that is not contained in this prospectus or in one of our public reports filed with the U.S. Securities and Exchange Commission ("SEC") and incorporated into this prospectus. The information in this registration statement is not complete and is subject to change. No person should rely on the information contained in this document for any purpose other than participating in our proposed Offering, and only the prospectus dated hereof, is authorized by us to be used in connection with our proposed Offering. Our business, financial condition, results of operations, and prospects may have changed since that date.

Neither we nor the underwriters have taken any action to permit a public offering of the Ordinary Shares outside the United States or to permit the possession or distribution of this prospectus or any filed free-writing prospectus outside the United States. Persons outside the United States who come into possession of this prospectus or any filed free writing prospectus must inform themselves about and observe any restrictions relating to the Offering of the Ordinary Shares and the distribution of this prospectus or any filed free-writing prospectus outside the United States.

Keystone Global is an exempted company incorporated under the laws of the Cayman Islands with limited liability. The majority of our outstanding securities are owned by non-U.S. residents. Under the rules of the SEC, we currently qualify for treatment as a "foreign private issuer." As a foreign private issuer, we will not be required to file periodic reports and financial statements with the SEC, as frequently or as promptly as domestic registrants whose securities are registered under the Securities Exchange Act of 1934, as amended, or the Exchange Act.

**Through and including ________, 2025 (the 25<sup>th</sup> day after the date of this prospectus), all dealers effecting transactions in these securities, whether or not participating in this Offering, may be required to deliver a prospectus. This is in addition to a dealer's obligation to deliver a prospectus when acting as an underwriter and with respect to an unsold allotment or subscription.**

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**PROSPECTUS SUMMARY**

 

*This summary highlights information contained in greater detail elsewhere in this prospectus. This summary is not complete and does not contain all of the information you should consider in making your investment decision. You should read the entire prospectus carefully before making an investment in our Ordinary Shares. You should carefully consider, among other things, our consolidated financial statements and the related notes and the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" included elsewhere in this prospectus.*

**Prospectus Conventions**

Except where the context otherwise requires and for purposes of this prospectus only, references to:

● "Amended and Restated Memorandum and Articles of Association" are to the amended and restated memorandum and articles of association of the Company adopted by a special resolution passed on September 16, 2025 and filed with the Registrar of Companies of the Cayman Islands on September 19, 2025;

● "Companies Act" are to the Cayman Islands Companies Act (Revised), as amended, supplemented or otherwise modified from time to time;

● "BVI" are to the British Virgin Islands;

● "CAGR" are to compounded annual growth rate, the year-on-year growth rate over a specific period of time;

● "China" or the "PRC" are to the People's Republic of China, including Hong Kong and Macau;

● "Code of Conduct" are to the Code of Conduct for Persons Licensed by or Registered with the Securities and Futures Commission of Hong Kong;

● "Exchange Act" are to the Securities Exchange Act of 1934;

● "FRR" are to the Securities and Futures (Financial Resources) Rules (Chapter 571N of the Laws of Hong Kong), as amended, supplemented or otherwise modified from time to time;

● "HKD," "HK Dollar," or "HK$" are to the legal currency of Hong Kong;

● "HKSFC" are to the Securities and Futures Commission of Hong Kong;

● "Industry Report" or "CRI Report" are to the market research report commissioned by us and prepared by CRI on the overview of the industry in which we operate;

● "Keystone Global," "Company," and "Registrant" are to Keystone Global Financial Group, a Cayman Islands company, unless otherwise indicated or the context otherwise requires;

● "Licensed Representative(s)" are to an individual who is granted a license under section 120(1) or 121(1) of the SFO to carry on one or more than one regulated activities;

● "Mainland China" are to the mainland of the People's Republic of China; excluding Taiwan, Hong Kong and Macau for the purposes of this prospectus only;

● "Macau" are to the Macau Special Administrative Regions of the People's Republic of China;

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● "CRI" are to China Research and Intelligence Co., Ltd., an industry research consultancy firm, an independent third-party;

● "Operating Subsidiary" and "Keystone Capital" are to Keystone Capital Limited, a company with limited liability incorporated under the laws of Hong Kong, and a direct wholly-owned subsidiary of Keystone Global;

● "Responsible Officer(s)" or "RO" are to a Licensed Representative who is also approved as a responsible officer under section 126 of the SFO to supervise one or more than one regulated activity of the licensed corporation to which he/she is accredited;

● "SFO" are to the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong), as amended, supplemented or otherwise modified from time to time;

● "US$," "$,""dollars" or "U.S. dollars" are to the legal currency of the United States;

● "U.S. GAAP" are to generally accepted accounting principles in the United States; and

● "We," "Group," "us," or "our" are to Keystone Global and its subsidiary, as the context may require.

Keystone Global is a holding company that does not have any material operations of its own, with its operations conducted in Hong Kong through its Operating Subsidiary, Keystone Capital, using Hong Kong dollars. The reporting currency of Keystone Capital is Hong Kong dollars. This prospectus contains translations of certain foreign currency amounts into U.S. dollars for the convenience of the reader. The assets and liabilities are translated into U.S. dollars from Hong Kong dollars at the year-end exchange rate. Its revenues and expenses are translated at the average exchange rate during the year. Capital accounts are translated at their historical exchange rates when the capital transactions occurred. The year-end and year-average exchange rates are as follows:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2024** | **2024** | **2024** | **2024** | **2023** | **2023** | **2023** | **2023** |
|  | **Year-end** | **Year-end** | **Year-average** | **Year-average** | **Year-end** | **Year-end** | **Year-average** | **Year-average** |
| U.S. dollars: Hong Kong dollars |  | 7.8000 |  | 7.8000 |  | 7.8000 |  | 7.8000 |

---

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

This prospectus contains information derived from various public sources and certain information from an industry report commissioned by us and prepared by China Research and Intelligence Co., Ltd., or "CRI," a third-party industry research consultancy firm, to provide information regarding our industry and market position. Industry data, projections, and estimates are subject to inherent uncertainty as they necessarily require certain assumptions and judgments. If any one or more of the assumptions underlying the market data turns out to be incorrect, actual results may differ from the projections based on these assumptions. While we generally believe the information contained in such report to be accurate and reliable, we have not independently verified the accuracy or completeness of the data contained in these industry publications and reports.

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**Overview**

Headquartered in Hong Kong, we are a boutique financial firm which focuses on providing quality asset management services to clients. We conduct our business through our direct wholly-owned Operating Subsidiary, Keystone Capital, a licensed corporation under the SFO to engage in Type 1 (dealing in securities), Type 4 (advising on securities) and Type 9 (asset management) regulated activities in Hong Kong.

Keystone Capital provides discretionary accounts services to manage clients' funds. Keystone Capital specializes in designing investment portfolios to meet the needs of investors with different risk tolerance and investment preferences and to preserve and enhance the value of their assets. Keystone Capital provides asset management services for its clients by applying different investment strategies to optimize their asset allocation. Through its discretionary account services, Keystone Capital helps clients to invest in equities, fixed income products, private equity funds and other asset classes. Keystone Capital provides client referral services to financial institutions pursuant to referral agreements. Under such arrangements, Keystone Capital introduces its clients to financial institutions and, in return, receives a fixed percentage point on the amount of transactions executed between the referees and the financial institutions to whom the referees are referred. Keystone Capital's role under the referral agreements is limited to client introduction; it does not manage or administer the client assets maintained with the financial institutions, nor does it participate in or influence the clients' investment decisions.

**Competitive Strengths**

We believe our main competitive strengths are as follows:

● High client satisfaction and client retention

● Carefully selected financial institutions partners for introduction to our clients

● Effective risk management and internal control system

● First-mover advantage in the external asset management (EAM) sector with strategic foresight

● Experienced management team

**Growth Strategies**

We are committed to further develop into a well-rounded asset management service provider in Hong Kong. The following initiatives outline our primary growth strategies:

● Continue to expand our discretionary accounts services business

● Expanding our client network

● Strengthening our research capabilities

● Build up our presence as investment manager of fund

● Expanding our financial institutions partners

● Enhancing our IT infrastructure and developing our own mobile application

● To promote and enhance our brand

**Corporate History and Structure**

Keystone Global Financial Group is a holding company with no operations of its own. We conduct our operations in Hong Kong primarily through Keystone Capital, our Operating Subsidiary in Hong Kong. Keystone Capital was incorporated under the laws of Hong Kong on December 3, 2015 and commenced business in June 2016. The Ordinary Shares offered in this prospectus are those of Keystone Global Financial Group instead of shares of our Operating Subsidiary.

As of the date of the incorporation of Keystone Global Financial Group, it was initially owned as to one (1) Ordinary Share held by Ogier Global Subscriber (Cayman) Limited. On May 13, 2025, Ogier Global Subscriber (Cayman) Limited transferred one (1) Ordinary Share to Shui Yuet, LAM for consideration of US$0.0001. That same day, Keystone Global Financial Group issued 720, 7,200, 11,789, 900, 11,790, 900, 900 and 1,800 Ordinary Shares to each of Ying King, LAU, Wing Leung, SIU, Shui Yuet, LAM, Chun Heung, LAU, Tak Chiu, CHAN, Kit Ying Kitty, KWONG, Cheuk Ning, LEW and Nga Sze, IP, respectively, at a consideration of US$0.072, US$0.72, US$1.1789, US$0.09, US$1.179, US$0.09, US$0.09 and US$0.18, respectively, with reference to the nominal value of such Ordinary Shares. Immediately after the aforesaid transfer and issuance, Keystone Global Financial Group was owned as to 720, 7,200, 11,790, 900, 11,790, 900, 900 and 1,800 Ordinary Shares, respectively, by Ying King, LAU, Wing Leung, SIU, Shui Yuet, LAM, Chun Heung, LAU, Tak Chiu, CHAN, Kit Ying Kitty, KWONG, Cheuk Ning, LEW and Nga Sze, IP.

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On August 11, 2025, Keystone Global Financial Group acquired the entire issued share capital of the Operating Subsidiary from Keystone Holdings Worldwide Limited, a company incorporated in the BVI, which is owned as to 720, 7,200, 11,790, 900, 11,790, 900, 900 and 1,800 Ordinary Shares by Ying King, LAU, Wing Leung, SIU, Shui Yuet, LAM, Chun Heung, LAU, Tak Chiu, CHAN, Kit Ying Kitty, KWONG, Cheuk Ning, LEW and Nga Sze, IP, respectively, at a consideration of HK$1.00. Immediately before and after the aforesaid acquisition, the shareholdings in Keystone Global Financial Group and Keystone Holdings Worldwide Limited are identical.

Immediately subsequent to the acquisition, the Operating Subsidiary becomes a direct wholly-owned subsidiary of Keystone Global Financial Group.

On September 16, 2025, in contemplation of the Offering, the Company further issued 11,214,000 Ordinary Shares in aggregate to its shareholders at par value, on a pro rata basis proportional to the shareholders' existing equity interests (collectively refers as the "**Pro Rata Share Issuance**"). All references to the number of ordinary shares and per-share data in the accompanying consolidated financial statements have been retroactively adjusted to reflect such issuance of shares. After the Pro Rata Share Issuance, 11,250,000 Ordinary Shares are issued and outstanding. The following table sets forth the breakdown of the Pro Rata Share Issuance to each shareholder:

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| | | |
|:---|:---|:---|
| **Shareholders** | **Number of Ordinary Shares Issued** | **Number of Ordinary Shares Issued** |
| Ying King, LAU |  | 224280 |
| Wing Leung, SIU |  | 2242800 |
| Shui Yuet, LAM |  | 3672585 |
| Chun Heung, LAU |  | 280350 |
| Tak Chiu, CHAN |  | 3672585 |
| Kit Ying Kitty, KWONG |  | 280350 |
| Cheuk Ning, LEW |  | 280350 |
| Nga Sze, IP |  | 560700 |

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The following table sets forth the breakdown of equity ownership of the Company upon the completion of the Pro Rata Share Issuances and as of the date of this prospectus:

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| | | |
|:---|:---|:---|
| **Shareholders** | **Number of Ordinary Shares Owned** | **Percentage of** <br> **Ordinary** <br> **Shares Owned** |
| Ying King, LAU | 225000 | 2.00% |
| Wing Leung, SIU | 2250000 | 20.00% |
| Shui Yuet, LAM | 3684375 | 32.75% |
| Chun Heung, LAU | 281250 | 2.50% |
| Tak Chiu, CHAN | 3684375 | 32.75% |
| Kit Ying Kitty, KWONG | 281250 | 2.50% |
| Cheuk Ning, LEW | 281250 | 2.50% |
| Nga Sze, IP | 562500 | 5.00% |

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The following diagram illustrates our corporate structure, including our significant subsidiary and consolidated affiliated entities, as of the date of this prospectus and after the initial public offering:

![](image_001.jpg)

(1) As of the date of the prospectus, there are four 4 shareholders
of record that have shareholding less than 5%.

(2) Keystone Global is a holding company with no operation of its
own. The Ordinary Shares offered in this prospectus are those of Keystone Global.

(3) Keystone Global conducts all its operation through Keystone
Capital, its Hong Kong Operating subsidiary.

Keystone Capital was incorporated under the laws of Hong Kong on December 3, 2015. Keystone Capital is a limited liability corporation licensed with the HKSFC to undertake Type 1 (dealing in securities), Type 4 (advising on securities) and Type 9 (asset management) regulated activities. Keystone Capital is the main operating entity and is wholly owned by Keystone Global Financial Group.

**Transfers of Cash to and from our Subsidiary**

Keystone Global is a holding company with no operations of its own. It conducts its operation in Hong Kong through its Hong Kong subsidiary, Keystone Capital. Keystone Global relies on dividends or payments to be paid by its Hong Kong subsidiary (i.e. Keystone Capital), to fund its cash and financing requirements, including the funds necessary to pay dividends and other cash distributions to our shareholders and U.S. investors, to service any debt we may incur and to pay our operating expenses.

Keystone Global is permitted under the laws of Cayman Islands to provide funding to its subsidiary in Hong Kong (i.e. Keystone Capital) through loans and/or capital contributions without restrictions on the amount of the funds. Keystone Capital is also permitted under the laws of Hong Kong to provide funding to Keystone Global, through dividend distributions or payments, without restrictions on the amount of the funds. There are no restrictions or limitation on our ability to distribute earnings by dividends from our subsidiary, to Keystone Global and our shareholders and U.S. investors, provided that the entity remains solvent after such distribution. Subject to the Companies Act and our Amended and Restated Memorandum and Articles of Association, our board of directors may, by resolution of directors, authorize and declare a dividend to shareholders at such time and in such amount as they think fit provided always that in no circumstances may a dividend be paid if this would result in our company being unable to pay its debts as they fall due in the ordinary course of business. According to the Companies Ordinance of Hong Kong (Chapter 622 of the Laws of Hong Kong), a Hong Kong company may only make a distribution out of profits available for distribution. We did not adopt or maintain any cash management policies and procedures as of the date of this prospectus. There is no further Cayman Islands or Hong Kong statutory restriction on the amount of funds which may be distributed by us by dividend. Under the current practice of the Inland Revenue Department of Hong Kong, no withholding tax is payable in Hong Kong in respect of dividends paid by our Hong Kong Operating Subsidiary to us.

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Keystone Global is a Cayman Islands company, and Keystone Capital is a Hong Kong company. There are no restrictions on foreign exchange and there are no limitations on the abilities of Keystone Global to transfer cash to or from Keystone Capital, or to investors under Hong Kong law. There are no restrictions or limitations under the laws of Hong Kong imposed on the conversion of HK dollar into foreign currencies and the remittance of currencies out of Hong Kong, nor there is any restriction on foreign exchange to transfer cash between Keystone Global and its subsidiary, across borders and to U.S investors, nor there is any restrictions and limitations to distribute earnings from our business and subsidiary to Keystone Global and U.S. investors and amounts owed. Since the only transfer of cash between Keystone Global and Keystone Capital were in the form of dividends and there are no limitations on the abilities of Keystone Global to transfer cash to or from its subsidiary or to investors under Hong Kong law, Keystone Global has not established cash management policies that dictate how funds are transferred.

On August 4, 2025 and June 24, 2024, Keystone Capital declared a cash dividend of HK$2.5 million (approximately US$318,475) and HK$0.5 million (approximately US$64,078) to its then shareholders, respectively. Save as disclosed above, for the years ended December 31, 2024 and 2023 and as of the date of this prospectus, neither Keystone Global nor the Operating Subsidiary have declared or made any dividend or contribution to their respective shareholders.

We do not have any present plan to declare or pay any dividends on our Ordinary Shares in the foreseeable future. We currently intend to retain all available funds and future earnings, if any, for the operation and expansion of our business and do not anticipate declaring or paying any dividends in the foreseeable future. Any future determination related to our dividend policy will be made at the discretion of our board of directors after considering our financial condition, results of operations, capital requirements, contractual requirements, business prospects and other factors the board of directors deems relevant, and subject to the restrictions contained in any future financing instruments. See "*Risk Factors — Risks related to our Corporate Structure — We rely on dividends and other distributions on equity paid by our subsidiary to fund any cash and financing requirements we may have. In the future, funds may not be available to fund operations or for other uses outside of Hong Kong, due to interventions in, or the imposition of restrictions and limitations on, our ability or our subsidiary by the PRC government to transfer cash. Any limitation on the ability of our subsidiary to make payments to us could have a material adverse effect on our ability to conduct our business and might materially decrease the value of our Ordinary Shares or cause them to be worthless*" on page 35, and the audited combined financial statements and the accompanying footnotes beginning on F-1 of this prospectus, for more information.

**Risk Factors Summary**

We face risks and uncertainties relating to our business and operation, including, but not limited to the following:

 ****

***Risks Relating to Doing Business in the Jurisdictions in which we Operate***

● All of our operations are in Hong Kong. However, due to the long-arm application of the current PRC laws and regulations, the PRC government may exercise significant direct oversight and discretion over the conduct of our business and may intervene or influence our operations, which could result in a material change in our operations and/or the value of our Ordinary Shares. Our subsidiary in Hong Kong may be subject to laws and regulations of Mainland China, which may impair our ability to operate profitably and result in a material negative impact on our operations and/or the value of our Ordinary Shares. Furthermore, the changes in the policies, regulations, rules, and the enforcement of laws of Mainland China may also occur quickly with little advance notice and our assertions and beliefs of the risk imposed by the Mainland China legal and regulatory system cannot be certain.

● There remain some uncertainties as to whether we will be required to obtain approvals from the PRC authorities to list on a U.S. exchange and offer securities in the future, and if required, we cannot assure you that we will be able to obtain such approval. We may become subject to a variety of PRC laws and other obligations regarding data security in relation to offerings that are conducted overseas, and any failure to comply with applicable laws and obligations could have a material and adverse effect on our business, financial condition and results of operations and may hinder our ability to offer or continue to offer Ordinary Shares to investors and cause the value of our Ordinary Shares to significantly decline or be worthless.

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

● If the PRC government chooses to extend the oversight and control over offerings that are conducted overseas and/or foreign investment in Mainland China-based issuers to Hong Kong-based issuers, such action may significantly limit or completely hinder our ability to offer or continue to offer Ordinary Shares to investors and cause the value of our Ordinary Shares to significantly decline or be worthless.

● The enactment of the law of the PRC on Safeguarding National Security in the Hong Kong Special Administrative Region (the "Hong Kong National Security Law") could impact our Hong Kong Operating Subsidiary, which represent substantially all of our business.

● The enforcement of laws and rules and regulations in the PRC can change quickly with little or no advance notice. Additionally, the PRC laws and regulations and the enforcement of such that apply or are to be applied to Hong Kong can change quickly with little or no advance notice. As a result, the Hong Kong legal system embodies uncertainties which could limit the availability of legal protections, which could result in a material change in our Operating Subsidiary's operations and/or the value of the securities we are offering.

● There are political risks associated with conducting business in Hong Kong.

● The Hong Kong regulatory requirement of prior approval for the transfer of shares in excess of a certain threshold may restrict future takeovers and other transactions.

● Because our business is conducted in Hong Kong dollars and the price of our Ordinary Shares is quoted in United States dollars, changes in currency conversion rates may affect the value of your investments.

For a detailed description of the risks above, please refer to pages 16 to 23.

 ****

***Risks relating to the Industry in which we Operate***

● Our operations are concentrated in Hong Kong. Our business performance is highly influenced by the conditions of financial market in Hong Kong. Unfavorable market and economic conditions and the material deterioration of the political and regulatory environment in Hong Kong, Mainland China, and elsewhere in the world could materially and adversely affect our business, financial condition, prospects, and results of operations.

● The asset management services industry in Hong Kong is fiercely competitive, and we may lose our competitiveness to our competitors.

● We are subject to extensive and evolving regulatory requirements, the non-compliance with which may result in penalties, limitations, and prohibitions on our future business activities or suspension or revocation of our licenses, and consequently may materially and adversely affect our business, financial condition, and results of operations. In addition, we may, from time to time, be subject to regulatory inquiries and investigations by relevant regulatory authorities or government agencies in Hong Kong or other applicable jurisdictions.

For a detailed description of the risks above, please refer to pages 24 to 26.

 ****

***Risks Relating to our Business and Operation***

● We, through our Hong Kong subsidiary, have a relatively short operating history compared to some of our established competitors and face significant risks and challenges in a rapidly evolving market, which makes it difficult to effectively assess our future prospects.

● Our reliance on a limited number of financial institutions for retrocession fees exposes us to significant concentration risk.

● We may face actual or perceived conflicts of interest as a result of our dependence on retrocession fees, which may adversely affect our business, reputation, and client trust.

● A portion of our clients are based in Mainland China, and any adverse changes in the regulatory or economic environment in Mainland China could affect our client relationships and business development efforts.

● For our business activities, we are required to comply with regulatory capital requirements and to maintain a high level of funds and liquidity. Failure to comply with these regulatory capital requirements could materially and negatively affect our business operation and overall performance.

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● Our revenue and profitability are highly unpredictable, since the size of funds placed under our management is prone to significant fluctuations and is difficult to predict.

● Our businesses depend on our key management and professional staff, and our business may suffer if we are unable to recruit and retain them.

● Where one or more of the regulated activities of our Operating Subsidiary has less than two responsible officers, our Operating Subsidiary will be in breach of the relevant licensing requirements which could adversely affect our licensing status which may jeopardize our business operation.

● We may not be able to implement our business strategies and future plans successfully.

● We may undertake acquisitions, investments, joint ventures, or other strategic alliances, which could present unforeseen integration difficulties or costs and may not enhance our business as we expect.

● We may not be able to obtain additional capital when desired, on favorable terms, or at all. If we fail to meet the capital requirement pursuant to the FRR, our business operations and performance will be adversely affected.

● Our failure to appropriately identify and address conflicts of interest could materially and adversely affect our business.

● We may be subject to litigation, arbitration, regulatory proceedings, or other legal proceeding risks, in particular, we may be subject to various professional liabilities and claims.

● Illegal or improper activities, violation of professional standards, and the misconduct of our personnel or third parties could harm our reputation and businesses and are difficult to detect or deter.

● If Keystone Capital is unable to retain existing customers or attract new customers, or if it fails to offer services to address the needs of its customers as they evolve, the Company's business and results of operations may be materially and adversely affected.

● Our business and prospects may be materially and adversely affected if our risk management and internal control systems are ineffective or inadequate. We may fail to update our risk management policies and procedures as needed and such policies and procedures may otherwise be ineffective, which may expose us to unidentified or unexpected risks.

● We may not be able to grow our fund management business as expected.

● We may incur losses or experience disruption of our operations as a result of unforeseen or catastrophic events, including pandemics, terrorist attacks, or natural disasters.

● We are exposed to risks associated with retention and recruitment of licensed and/or qualified personnel.

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

● We may face intellectual property infringement claims, which could be time-consuming and costly to defend and may result in the loss of significant rights by us.

● Our business is subject to various cyber-security risks and other operational risks, such as the failure or malfunction of our information technology infrastructure and the failure to maintaining relationships with our vendors, which may cause disruptions to our business operation and tarnish our reputation.

● Failure to comply with data privacy, data protection, or any other laws and regulations related to data privacy and security, or the failure to protect client data or prevent breaches of our information systems, could expose us to liability or reputational damage and materially and adversely affect our business, financial condition, and results of operations.

For a detailed description of the risks above, please refer to pages 27 to 35.

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***Risks Related to Our Corporate Structure***

● We rely on dividends and other distributions on equity paid by our subsidiary to fund any cash and financing requirements we may have. In the future, funds may not be available to fund operations or for other uses outside of Hong Kong, due to interventions in, or the imposition of restrictions and limitations on, our ability or our subsidiary by the PRC government to transfer cash. Any limitation on the ability of our subsidiary to make payments to us could have a material adverse effect on our ability to conduct our business and might materially decrease the value of our Ordinary Shares or cause them to be worthless.

● Our corporate actions will be substantially controlled by Mr. Tak Chiu, CHAN (our Director, Chief Executive Officer and the Chairman of the Board), and his mother, Ms. Shui Yuet, LAM, who will have the ability to control or exert significant influence over important corporate matters that require approval of shareholders, which may deprive you of an opportunity to receive a premium for your Ordinary Shares and materially reduce the value of your investment. Additionally, we may be deemed to be a "controlled company and may follow certain exemptions from certain corporate governance requirements that could adversely affect our public shareholders in the future.

● You may face difficulties in protecting your interests, and your ability to protect your rights through U.S. courts may be limited, because we are incorporated in the Cayman Islands and all of our directors and officers reside outside the U.S.

● The laws of the Cayman Islands provide limited protections for minority shareholders, so minority shareholders will not have the same options as to recourse in comparison to the U.S if the shareholders are dissatisfied with the conduct of our affairs.

For a detailed description of the risks above, please refer to pages 35 to 37.

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***Risks Relating to Our Ordinary Shares and This Offering***

● Our Ordinary Shares may be prohibited from being traded on a national exchange under the Holding Foreign Companies Accountable Act if the PCAOB is unable to inspect our auditors. The delisting of our Ordinary Shares, or the threat of their being delisted, may materially and adversely affect the value of your investment. Furthermore, on June 22, 2021, the U.S. Senate passed the Accelerating Holding Foreign Companies Accountable Act, which was signed into law on December 29, 2022, amending the HFCAA to require the SEC to prohibit an issuer's securities from trading on any U.S. stock exchanges if its auditor is not subject to PCAOB inspections for two consecutive years instead of three.

● There has been no public market for our Ordinary Shares prior to this Offering, and you may not be able to resell our Ordinary Shares at or above the price you paid, or at all.

● We may experience extreme stock price volatility unrelated to our actual or expected operating performance, financial condition or prospects, making it difficult for prospective investors to assess the rapidly changing value of our Ordinary Shares.

● Our Ordinary Shares may be thinly traded and you may be unable to sell at or near ask prices or at all if you need to sell your shares to raise money or otherwise desire to liquidate your shares.

● Our existing shareholders that are not included in this registration statement will be able to sell their Ordinary Shares after completion of this Offering subject to restrictions under the Rule 144.

● You will experience immediate and substantial dilution in the net tangible book value of Ordinary Shares purchased.

● If we fail to meet applicable listing requirements, Nasdaq may delist our Ordinary Shares from trading, in which case the liquidity and market price of our Ordinary Shares could decline.

● The sale or availability for sale of substantial amounts of our Ordinary Shares in the public market could adversely affect the market price of our Ordinary Shares.

● Because the amount, timing, and whether or not we distribute dividends at all is entirely at the discretion of our board of directors, you must rely on price appreciation of our Ordinary Shares for return on your investment.

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

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● As a foreign private issuer, 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 corporate governance listing standards.

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

● Potential changes to SEC foreign private issuer rules may subject us to more stringent U.S. reporting requirements.

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

● We will incur increased costs as a result of being a public company, particularly after we cease to qualify as an emerging growth company.

● We are an "emerging growth company," and the reduced disclosure requirements applicable to emerging growth companies may make our Ordinary Shares less attractive to investors.

For a detailed description of the risks above, please refer to pages 38 to 44.

**Permission Required from the Hong Kong Authorities**

Due to the licensing requirements of the HKSFC, Keystone Capital is required to obtain necessary licenses to conduct its business in Hong Kong and its business and responsible personnel are subject to the relevant laws and regulations and the respective rules of the HKSFC. Keystone Capital currently holds a Type 1 license (dealing in securities), a Type 4 license (advising on securities) and a Type 9 license (asset management). These licenses have no expiration date and will remain valid unless they are suspended, revoked, or cancelled by the HKSFC. We pay standard annual fees to the HKSFC and are subject to continuing regulatory obligations and requirements, including the maintenance of minimum paid-up share capital and liquid capital, maintenance of segregated accounts, and submission of audited accounts and other required documents, among others. See "Regulation — Licensing and Registration under the SFO Administered by the HKSFC" on page 83.

In the opinion of our Hong Kong counsel, David Fong & Co., as of the date of this prospectus, neither we nor Keystone Capital are required to obtain permission or approval from Hong Kong authorities to offer the securities being registered to foreign investors. Should there be any change in applicable laws, regulations, or interpretations, and we or our subsidiary are required to obtain such permissions or approvals in the future, we will strive to comply with the then applicable laws, regulations, or interpretations.

**Regulatory Development in the PRC**

Hong Kong is a special administrative region of the PRC and the basic policies of the PRC regarding Hong Kong are reflected in the Basic Law, which is a national law of the PRC and the constitutional document for Hong Kong. The Basic Law provides Hong Kong with a high degree of autonomy and executive, legislative and independent judicial powers, including that of final adjudication under the principle of "one country, two systems." Pursuant to the Basic Law, PRC laws and regulations shall not be applied in Hong Kong except for those listed in Annex III of the Basic Law. Accordingly, the management believes the PRC laws and regulations do not currently have any material impact on our business, financial condition or results of operations. However, there is no assurance that there will not be any changes in the economic, political and legal environment in Hong Kong in the future. If there is a significant change to current political arrangements between Mainland China and Hong Kong, companies operating in Hong Kong may face similar regulatory risks as those operated in Mainland China, including their ability to offer securities to investors, list their securities on a U.S. or other foreign exchange, and conduct their business or accept foreign investment. In light of the current environment in China and Hong Kong, there are risks and uncertainties which we cannot foresee for the time being, and rules, regulations and the enforcement of laws in China can change quickly with little or no advance notice. The PRC government may intervene or influence the current and future operations in Hong Kong at any time or may exert more oversight and control over offerings conducted overseas and/or foreign investment in issuers like us.

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We are aware that, recently, the PRC government initiated a series of regulatory actions and statements to regulate business operations in certain areas in Mainland China with little advance notice, including cracking down on illegal activities in the securities market, enhancing supervision over Mainland China-based companies listed overseas using a variable interest entity structure, adopting new measures to extend the scope of cybersecurity reviews, and expanding the efforts in anti-monopoly enforcement. For example, on June 10, 2021, the Standing Committee of the National People's Congress enacted the PRC Data Security Law, which took effect on September 1, 2021. The law requires data collection to be conducted in a legitimate and proper manner, and stipulates that, for the purpose of data protection, data processing activities must be conducted based on data classification and hierarchical protection system for data security. On July 6, 2021, the General Office of the Communist Party of China Central Committee and the General Office of the State Council jointly issued a document to crack down on illegal activities in the securities market and promote the high-quality development of the capital market, which, among other things, requires the relevant governmental authorities to strengthen cross-border oversight of law-enforcement and judicial cooperation, to enhance supervision over Mainland China-based companies listed overseas, and to establish and improve the system of extraterritorial application of the PRC securities laws. On August 20, 2021, the 30<sup>th</sup> meeting of the Standing Committee of the 13<sup>th</sup> National People's Congress voted and passed the "Personal Information Protection Law of the People's Republic of China," or "PRC Personal Information Protection Law," which became effective on November 1, 2021. The PRC Personal Information Protection Law applies to the processing of personal information of natural persons within the territory of Mainland China that is carried out outside of Mainland China where (1) such processing is for the purpose of providing products or services for natural persons within Mainland China, (2) such processing is to analyze or evaluate the behavior of natural persons within Mainland China, or (3) there are any other circumstances stipulated by related laws and administrative regulations. On December 24, 2021, the CSRC, together with other relevant government authorities in Mainland China issued the Provisions of the State Council on the Administration of Overseas Securities Offering and Listing by Domestic Companies (Draft for Comments) and the Measures for the Filing of Overseas Securities Offering and Listing by Domestic Companies (Draft for Comments) (collectively to be referred as the "Draft Overseas Listing Regulations"). The Draft Overseas Listing Regulations require that a Mainland China domestic enterprise seeking to issue and list its shares overseas ("Overseas Issuance and Listing") shall complete the filing procedures of and submit the relevant information to CSRC. The Overseas Issuance and Listing include direct and indirect issuance and listing. Where an enterprise whose principal business activities are conducted in Mainland China seeks to issue and list its shares in the name of an overseas enterprise ("Overseas Issuer") on the basis of the equity, assets, income or other similar rights and interests of the relevant Mainland China domestic enterprise, such activities shall be deemed an indirect overseas issuance and listing ("Indirect Overseas Issuance and Listing") under the Draft Overseas Listing Regulations. On December 28, 2021, the CAC jointly with the relevant authorities formally published the Measures for Cybersecurity Review (2021) which took effect on February 15, 2022 and replace the former Measures for Cybersecurity Review (2020) issued on July 10, 2021. The Measures for Cybersecurity Review (2021) provide that operators of critical information infrastructure purchasing network products and services, and online platform operators (together with the operators of critical information infrastructure, the "Operators") carrying out data processing activities that affect or may affect national security, shall conduct a cybersecurity review, any online platform operator who controls more than one million users' personal information must go through a cybersecurity review by the cybersecurity review office if it seeks to be listed in a foreign country.

Keystone Global is a holding company incorporated in the Cayman Islands with operating entity solely based in Hong Kong, and it does not have any subsidiary or VIE in Mainland China or intend to acquire any equity interest in any domestic companies within Mainland China, nor is it controlled by any companies or individuals of Mainland China. Further, we are headquartered in Hong Kong with all of our officers and members of the board of directors based in Hong Kong, and all of our revenues and profits are generated by our Operating Subsidiary in Hong Kong. As such, we do not believe we would be subject to PRC law and regulation, or would be required to file with the CSRC if the Draft Rules on Overseas Listing were to be fully enacted in the future.

Furthermore, although our Operating Subsidiary may collect and store certain data (including certain personal information) from our clients, some of whom may be individuals in Mainland China, in connection with our business, operations, and for "Know Your Customers" purposes (to combat money laundering), we do not currently expect the Measures for Cybersecurity Review (2021), PRC Data Security Law, the PRC Personal Information Protection Law and the Draft Overseas Listing Regulations to have an impact on our business, operations or this Offering, and we expect that nor do we or our Hong Kong subsidiary are covered by permission requirements from the CAC that is required to approve our Hong Kong subsidiary' operations, as our Hong Kong subsidiary will not be deemed to be an "Operator" or a "data processor" that are required to file for cybersecurity review before listing in the United States. Because: (i) our Hong Kong subsidiary was incorporated in Hong Kong and operate only in Hong Kong without any subsidiary or VIE structure in Mainland China and each of the Measures for Cybersecurity Review (2021), the PRC Personal Information Protection Law and the Draft Overseas Listing Regulations do not clearly provide whether it shall be applied to a company based in Hong Kong or an offering by a company like ours; (ii) as of date of this prospectus, our Operating Subsidiary has in aggregate collected and stored the personal information of approximately less than one thousand Mainland China individuals and has acquired the clients' separate consents; (iii) all of the data our Operating Subsidiary has collected is stored in servers located in Hong Kong; and (iv) as of the date of this prospectus, our Operating Subsidiary has not been informed by any PRC governmental authority of any requirement that it files for a cybersecurity review or a CSRC review. Moreover, in the opinion of David Fong & Co., pursuant to the Basic Law of the Hong Kong Special Administrative Region, or the Basic Law, PRC laws and regulations shall not currently be applied in Hong Kong except for those listed in Annex III of the Basic Law (which is confined to laws relating to national defense, foreign affairs and other matters that are not within the scope of autonomy). Based on PRC laws and regulations effective as of the date of this prospectus and subject to interpretations of these laws and regulations that may be adopted by Mainland China authorities, the Management understands that neither we nor our Operating Subsidiary in Hong Kong, are currently required to obtain any permission or approval from the Mainland China authorities, including the CSRC and CAC, to operate our business or to offer the securities being registered to foreign investors. Additionally, neither we nor our subsidiary are required to obtain CSRC or CAC approval prior to its listing on an exchange in the U.S. Hence, as of the date of this prospectus, neither we nor our Operating Subsidiary have ever applied for any such permission or approval.

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However, given the uncertainties arising from the legal system in Mainland China and Hong Kong, including uncertainties regarding the interpretation and enforcement of PRC laws and regulations and the significant authority of the PRC government to intervene or influence the offshore holding company headquartered in Hong Kong, there remains significant uncertainty in the interpretation and enforcement of Draft Overseas Listing Regulations, relevant Mainland China data privacy, cybersecurity laws and other regulations. If the Draft Overseas Listing Regulations are adopted into law in the future and become applicable to our Operating Subsidiary in Hong Kong, if our Operating Subsidiary is deemed to be an "Operator," or if the Measures for Cybersecurity Review (2021) or the PRC Personal Information Protection Law become applicable to our Operating Subsidiary in Hong Kong, the business operation of our Operating Subsidiary and the listing of our Ordinary Shares in the United States could be subject to the CAC's cybersecurity review or the CSRC Overseas Issuance and Listing review in the future. If the applicable laws, regulations, or interpretations change and our Operating Subsidiary become subject to the CAC or CSRC review, we cannot assure you that our Operating Subsidiary will be able to comply with the regulatory requirements in all respects and our current practice of collecting and processing personal information may be ordered to be rectified or terminated by regulatory authorities. Moreover, if there is a significant change to the current political arrangements between Mainland China and Hong Kong, or the applicable laws, regulations, or interpretations change, and/or if we were required to obtain such permissions or approvals in the future in connection with the listing or continued listing of our securities on a stock exchange outside of the PRC, it is uncertain how long it will take for us to obtain such approval, and, even if we obtain such approval, the approval could be rescinded. Any failure to obtain or a delay in obtaining the necessary permissions from the PRC authorities to conduct offerings or list outside of the PRC may subject us to sanctions imposed by the PRC regulatory authorities, which could include fines and penalties, proceedings against us, and other forms of sanctions, and our ability to conduct our business, invest into the Mainland China as foreign investments or accept foreign investments, ability to offer or continue to offer Ordinary Shares to investors or list on the U.S. or other overseas exchange may be restricted, and the value of our Ordinary Shares may significantly decline or be worthless, our business, reputation, financial condition, and results of operations may be materially and adversely affected. See Risk Factors — Risks Relating to Doing Business in the Jurisdictions in which we Operate — "*If the PRC government chooses to extend the oversight and control over offerings that are conducted overseas and/or foreign investment in Mainland China-based issuers to Hong Kong-based issuers, such action may significantly limit or completely hinder our ability to offer or continue to offer Ordinary Shares to investors and cause the value of our Ordinary Shares to significantly decline or be worthless*." On page 21, and "*There remain some uncertainties as to whether we will be required to obtain approvals from the PRC authorities to list on a U.S. exchange and offer securities in the future, and if required, we cannot assure you that we will be able to obtain such approval. We may become subject to a variety of PRC laws and other obligations regarding data security in relation to offerings that are conducted overseas and/or foreign investment in Mainland China-based issuers, and any failure to comply with applicable laws and obligations could have a material and adverse effect on our business, financial condition and results of operations and may hinder our ability to offer or continue to offer Ordinary Shares to investors and cause the value of our Ordinary Shares to significantly decline or be worthless.*" on page 17.

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

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

● may present only two years of audited financial statements and only two years of related Management's Discussion and Analysis of Financial Condition and Results of Operations, or "MD&A";

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

● 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 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 chief executive officer pay ratio disclosure;

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

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

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.

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We will remain an emerging growth company until the earliest of (i) the last day of the fiscal year during which we have total annual gross revenues of at least US$1.235 billion; (ii) the last day of our fiscal year following the fifth anniversary of the completion of this Offering; (iii) the date on which we have, during the preceding three-year period, issued more than US$1.0 billion in non-convertible debt; or (iv) the date on which we are deemed to be a "large accelerated filer" under the Securities Exchange Act of 1934, as amended, or the Exchange Act, which would occur if the market value of our Ordinary Shares that are held by non-affiliates exceeds US$700.0 million as of the last business day of our most recently completed second fiscal quarter. Once we cease to be an emerging growth company, we will not be entitled to the exemptions provided in the JOBS Act discussed above.

**Implication of Being a Foreign Private Issuer**

We are a foreign private issuer within the meaning of the rules under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). As such, we are exempt from certain provisions applicable to United States domestic public companies. For example:

● we are not required to provide as many 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

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

**Implications of Being a Controlled Company**

Controlled companies are exempt from the majority of independent director requirements. Controlled companies are subject to an exemption from Nasdaq standards requiring that the board of a listed company consist of a majority of independent directors within one year of the listing date.

Public companies that qualify as a "Controlled Company" with securities listed on the Nasdaq Stock Market, must comply with the exchange's continued listing standards to maintain their listings. Nasdaq has adopted qualitative listing standards. Companies that do not comply with these corporate governance requirements may lose their listing status. Under the Nasdaq rules, a "controlled company" is a company with more than 50% of its voting power held by a single person, entity or group. Under Nasdaq rules, a controlled company is exempt from certain corporate governance requirements including:

● the requirement that a majority of the board of directors consist of independent directors;

● the requirement that a listed company have a nominating and governance committee that is composed entirely of independent directors with a written charter addressing the committee's purpose and responsibilities;

● the requirement that a listed company have a compensation committee that is composed entirely of independent directors with a written charter addressing the committee's purpose and responsibilities; and

● the requirement for an annual performance evaluation of the nominating and governance committee and compensation committee.

Controlled companies must still comply with the exchange's other corporate governance standards. These include having an audit committee and the special meetings of independent or non-management directors.

Upon the completion of this Offering, Mr. Tak Chiu, CHAN (our Director, Chief Executive Officer, and the Chairman of the Board of Directors), and his mother, Ms. Shui Yuet, LAM, will together own 58.95% of our total issued and outstanding Ordinary Shares, representing 58.95% of the total voting power, assuming that the underwriters do not exercise their over-allotment option, or 58.08% of our total issued and outstanding Ordinary Shares, representing 58.08% of the total voting power, assuming that the over-allotment option is exercised in full. As a result, we will be a "controlled company" as defined under Nasdaq Listing Rule 5615(c) because Mr. Chan, and his mother Ms. Lam, will together hold more than 50% of the voting power for the election of directors.

As a "controlled company," we are permitted to elect not to comply with certain corporate governance requirements. Although we do not intend to rely on the controlled company exemptions under the Nasdaq listing standards even if we are deemed a controlled company, we could elect to rely on one or more of these exemptions in the future, and if so, you would not have the same protection afforded to shareholders of companies that are subject to all of the corporate governance requirements of the Nasdaq Capital Market.

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**Holding Foreign Companies Accountable Act**

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

On March 24, 2021, the SEC adopted interim final rules relating to the implementation of certain disclosure and documentation requirements of the HFCA. A company will be required to comply with these rules if the SEC identifies it as having a "non-inspection" year under a process to be subsequently established by the SEC. The SEC is assessing how to implement other requirements of the HFCA, including the listing and trading prohibition requirements described above. Furthermore, on June 22, 2021, the U.S. Senate passed the Accelerating Holding Foreign Companies Accountable Act, which was signed into law on December 29, 2022, amending the HFCAA and requiring the SEC to prohibit an issuer's securities from trading on any U.S. stock exchange if its auditor is not subject to PCAOB inspections for two consecutive years instead of three consecutive years. On September 22, 2021, the PCAOB adopted a final rule implementing the HFCAA, which provides a framework for the PCAOB to use when determining, as contemplated under the HFCAA, whether the PCAOB is unable to inspect or investigate completely registered public accounting firms located in a foreign jurisdiction because of a position taken by one or more authorities in that jurisdiction. On December 2, 2021, the SEC issued amendments to finalize rules implementing the submission and disclosure requirements in the HFCA. The rules apply to registrants that the SEC identifies as having filed an annual report with an audit report issued by a registered public accounting firm that is located in a foreign jurisdiction and that PCAOB is unable to inspect or investigate completely because of a position taken by an authority in foreign jurisdictions. On December 16, 2021, the PCAOB issued a Determination Report which found that the PCAOB is unable to inspect or investigate completely registered public accounting firms headquartered in: (i) China, and (ii) Hong Kong.

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

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

Our auditor, SRCO Professional Corporation Chartered Professional Accountants, the independent registered public accounting firm that issues the audit report included elsewhere in this prospectus, as a firm headquartered in Richmond Hill, Canada and registered with the PCAOB, is subject to laws in the United States pursuant to which the PCAOB conducts regular inspections to assess our auditor's compliance with the applicable professional standards with the last inspection in 2023.

However, in the event it is later determined that the PCAOB is unable to inspect or investigate completely the auditor because of a position taken by an authority in a foreign jurisdiction, such as the PRC authorities, then such lack of inspection could cause trading in the Company's securities to be prohibited under the HFCAA, and ultimately result in a determination by a securities exchange to delist the Company's securities. Furthermore, as more stringent criteria have been imposed by the SEC and the PCAOB, recently, which would add uncertainties to our Offering, and we cannot assure you whether Nasdaq or regulatory authorities would apply additional and more stringent criteria to us after considering the effectiveness of our auditor's audit procedures and quality control procedures, adequacy of personnel and training, or sufficiency of resources, geographic reach or experience as it relates to the audit of our financial statements. See "Risk Factors — Risks Relating to our Ordinary Shares and this Offering *— Our Ordinary Shares may be prohibited from being traded on a national exchange under the Holding Foreign Companies Accountable Act if the PCAOB is unable to inspect our auditors. The delisting of our Ordinary Shares, or the threat of their being delisted, may materially and adversely affect the value of your investment. Furthermore, on June 22, 2021, the U.S. Senate passed the Accelerating Holding Foreign Companies Accountable Act, which was signed into law on December 29, 2022, amending the HFCAA to require the SEC to prohibit an issuer's securities from trading on any U.S. stock exchanges if its auditor is not subject to PCAOB inspections for two consecutive years instead of three.*" on page 38.

**Corporate Information**

Our principal executive offices are located at 1902-3A, 19/F, FWD Financial Centre, 308-320 Des Voeux Raod Central, Sheung Wan, Hong Kong. Our registered office in the Cayman Islands is at Ogier Global (Cayman) Limited, 89 Nexus Way, Camana Bay, Grand Cayman, KY1-9009, Cayman Islands. We maintain a website at *https://www.kstonecapital.com/.* The information contained on our website is not a part of this prospectus. Our agent for service of process in the United States is Cogency Global Inc. located at 122 East 42nd Street, 18th Floor, New York, NY 10168.

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**THE OFFERING**

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| | |
|:---|:---|
| Issuer: | Keystone Global Financial Group |
| Securities being Offered: | 1,250,000 Ordinary Shares, or 1,437,500 Ordinary Shares if the underwriters exercise the over-allotment option in full. |
| Ordinary Shares Outstanding Prior to Completion of this Offering: | 11,250,000 Ordinary Shares |
| Ordinary Shares Outstanding Immediately after this Offering: | 12,500,000 Ordinary Shares, or 12,687,500 Ordinary Shares if the underwriters exercise the over-allotment option in full. |
| Assumed Initial Public Offering Price per Share: | US$5.00, the midpoint of the price range provided on the cover page of this prospectus. |
| Over-allotment Option: | We have granted the underwriters an option for a period of 45 days after the closing of this Offering to purchase up to 15% of the total number of Ordinary Shares to be offered by us pursuant to this Offering, solely for the purpose of covering over-allotments, at the public offering price less the underwriting discounts. |
| Lock-up: | Each of our directors, executive officers and shareholders holding 5% or more of the Company's securities, including warrants, options, convertible securities, and Ordinary Shares, will enter into a lock-up agreement with the Underwriters not to sell, transfer or dispose of any securities for a period of six months from the date of this prospectus. See "Shares Eligible for Future Sale" and "Underwriting."<br>We have agreed not to sell, transfer or dispose of any shares of capital stock or any securities convertible into or exercisable or exchangeable for shares of capital stock of us; or file or cause to be filed any registration statement with the SEC relating to the offering of any shares of capital stock of the Company or any securities convertible into or exercisable or exchangeable for shares of capital stock of the Company, subject to customary exemptions, for a period of six months from the closing of this Offering. |
| Listing: | We plan to list our Ordinary Shares on the Nasdaq Capital Market and this Offering is contingent on such listing application being approved by Nasdaq. However, there is no assurance that such application will be approved, and if our application is not approved by Nasdaq, this Offering will not be completed. |
| Proposed Nasdaq Capital Market Symbol: | KCG |
| Transfer Agent: | VStock Transfer, LLC |
| Risk Factors: | See "Risk Factors" beginning on page 16 for a discussion of risks you should carefully consider before investing in our Ordinary Shares. |
| Use of Proceeds: | We estimate that the net proceeds to us from this Offering will be approximately US$5.0 million or approximately US$5.9 million if the underwriters exercise their over-allotment option to purchase additional Ordinary Shares in full, assuming an offering price of US$5 per share, after deducting underwriting discounts, accountable expense allowance, the non-accountable expense allowance and other estimated offering expenses payable by us, including cash expenses payable to the underwriters for their reasonable out-of-pocket expenses.<br>We intend to use the net proceeds of this Offering primarily for strengthening our asset management business, increasing our liquid capital and general working capital and corporate purposes. See "Use of Proceeds" on page 46 for additional information. |

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**RISK FACTORS**

 

*An investment in our Ordinary Shares involves a high degree of risk. Before deciding whether to invest in our Ordinary Shares, you should consider carefully the risks described below, together with all of the other information set forth in this prospectus, including the section titled "Management's Discussion and Analysis of Financial Condition and Results of Operation" and our consolidated financial statements and related notes. If any of these risks actually occurs, our business, financial condition, results of operations or cash flow could be materially and adversely affected, which could cause the trading price of our Ordinary Shares to decline, resulting in a loss of all or part of your investment.*

**Risks Relating to Doing Business in the Jurisdictions in which we Operate**

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***All of our operations are in Hong Kong. However, due to the long-arm application of the current PRC laws and regulations, the PRC government may exercise significant direct oversight and discretion over the conduct of our business and may intervene or influence our operations, which could result in a material change in our operations and/or the value of our Ordinary Shares. Our subsidiary in Hong Kong may be subject to laws and regulations of Mainland China, which may impair our ability to operate profitably and result in a material negative impact on our operations and/or the value of our Ordinary Shares. Furthermore, the changes in the policies, regulations, rules, and the enforcement of laws of Mainland China may also occur quickly with little advance notice and our assertions and beliefs of the risk imposed by the Mainland China legal and regulatory system cannot be certain.***

Our Operating Subsidiary is located and operate its business in Hong Kong, a special administrative region of the PRC. Although some of our clients are individuals from Mainland China or companies that have shareholders and directors that are individuals from Mainland China, our Operating Subsidiary does not have operations in Mainland China, nor is it regulated by any regulator in Mainland China. Furthermore, pursuant to the Basic Law of Hong Kong, national laws of Mainland China do not apply in Hong Kong unless they are listed in Annex III of the Basic Law and applied locally by promulgation or local legislation. National laws that may be listed in Annex III are currently limited under the Basic Law to those which fall within the scope of defense and foreign affairs as well as other matters outside the limits of the autonomy of Hong Kong. National laws and regulations relating to data protection, cybersecurity and anti-monopoly have not been listed in Annex III and so do not apply directly to Hong Kong.

However, due to long-arm provisions under the current PRC laws and regulations, there remains regulatory and legal uncertainty with respect to the implementation of laws and regulations of Mainland China to Hong Kong. As a result, there is no guarantee that the PRC government may not choose to implement the laws of Mainland China to Hong Kong and exercise significant direct influence and discretion over the operation of our Operating Subsidiary in the future and, it will not have a material adverse impact on our business, financial condition and results of operations, due to changes in laws, political environment or other unforeseeable reasons.

In the event that we or our Hong Kong Operating Subsidiary were to become subject to the laws and regulations of Mainland China, the legal and operational risks associated in Mainland China may also apply to our operations in Hong Kong, and we face the risks and uncertainties associated with the legal system in the Mainland China, complex and evolving PRC laws and regulation, and as to whether and how the recent PRC government statements and regulatory developments, such as those relating to data and cyberspace security and anti-monopoly concerns, would be applicable to companies like our Operating Subsidiary and us, given the substantial operations of our Operating Subsidiary in Hong Kong and the Chinese government may exercise significant oversight over the conduct of business in Hong Kong.

The laws and regulations in Mainland China are evolving, and their enactment timetable, interpretation, enforcement, and implementation involve significant uncertainties and may change quickly with little advance notice, along with the risk that the PRC government may intervene or influence our Operating Subsidiary's operations at any time could result in a material change in our operations and/or the value of our securities. Moreover, there are substantial uncertainties regarding the interpretation and application of PRC laws and regulations including, but not limited to, the laws and regulations related to our business and the enforcement and performance of our arrangements with clients in certain circumstances. The laws and regulations are sometimes vague and may be subject to future changes, and their official interpretation and enforcement may involve substantial uncertainty. The effectiveness and interpretation of newly enacted laws or regulations, including amendments to existing laws and regulations, may be delayed, and our business may be affected if we rely on laws and regulations which are subsequently adopted or interpreted in a manner different from our understanding of these laws and regulations. New laws and regulations that affect existing and proposed future businesses may also be applied retroactively. We cannot predict what effect the interpretation of existing or new PRC laws or regulations may have on our business.

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The laws, regulations, and other government directives in Mainland China may also be costly to comply with, and such compliance or any associated inquiries or investigations or any other government actions may:

● delay or impede our development;

● result in negative publicity or increase our operating costs;

● require significant management time and attention;

● cause devaluation of our securities or delisting; and,

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

We are aware that recently the PRC government initiated a series of regulatory actions and statements to regulate business operations in certain areas in Mainland China with little advance notice, including cracking down on illegal activities in the securities market, enhancing supervision over Mainland China-based companies listed overseas using a variable interest entity structure, adopting new measures to extend the scope of cybersecurity reviews, and expanding the efforts in anti-monopoly enforcement. We have no operations in Mainland China. Our Operating Subsidiary is located, and operates, in Hong Kong, a special administrative region of the PRC. Based on our understanding of the PRC laws and regulations currently in effect as of the date of this prospectus, as our Operating Subsidiary is located in Hong Kong, we are not currently required to obtain permission from the PRC government to list on a U.S. securities exchange and consummate this Offering. However, there is no guarantee that this will continue to be the case in the future in relation to the continued listing of our securities on a securities exchange outside of the PRC, or even when such permission is obtained, it will not be subsequently denied or rescinded. The PRC government may intervene or influence our operations at any time or may exert control over offerings conducted overseas and foreign investment in Hong Kong-based issuers, which may result in a material change in our operations and/or the value of our Ordinary Shares. For example, there is currently no restriction or limitation under the laws of Hong Kong on the conversion of HK dollar into foreign currencies and the transfer of currencies out of Hong Kong and the laws and regulations of the PRC on currency conversion control do not currently have any material impact on the transfer of cash between the ultimate holding company and the Operating Subsidiary in Hong Kong. However, the Chinese government may, in the future, impose restrictions or limitations on our ability to move money out of Hong Kong to distribute earnings and pay dividends to and from the other entities within our organization or to reinvest in our business outside of Hong Kong. Such restrictions and limitations, if imposed in the future, may delay or hinder the expansion of our business to outside of Hong Kong and may affect our ability to receive funds from our Operating Subsidiary in Hong Kong. The promulgation of new laws or regulations, or the new interpretation of existing laws and regulations, in each case, that restrict or otherwise unfavorably impact the ability or way we conduct our business, could require us to change certain aspects of our business to ensure compliance, which could decrease demand for our services, reduce revenues, increase costs, require us to obtain more licenses, permits, approvals or certificates, or subject us to additional liabilities. To the extent any new or more stringent measures are required to be implemented, our business, financial condition and results of operations could be adversely affected and such measured could materially decrease the value of our Ordinary Shares, potentially rendering it worthless.

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***There remain some uncertainties as to whether we will be required to obtain approvals from the PRC authorities to list on the U.S. exchanges and offer securities in the future, and if required, we cannot assure you that we will be able to obtain such approval. We may become subject to a variety of PRC laws and other obligations regarding data security in relation to offerings that are conducted overseas, and any failure to comply with applicable laws and obligations could have a material and adverse effect on our business, financial condition and results of operations and may hinder our ability to offer or continue to offer Ordinary Shares to investors and cause the value of our Ordinary Shares to significantly decline or be worthless.***

On June 10, 2021, the Standing Committee of the National People's Congress enacted the PRC Data Security Law, which took effect on September 1, 2021. The law requires data collection to be conducted in a legitimate and proper manner, and stipulates that, for the purpose of data protection, data processing activities must be conducted based on data classification and hierarchical protection system for data security.

On July 6, 2021, the General Office of the Communist Party of China Central Committee and the General Office of the State Council jointly issued a document to crack down on illegal activities in the securities market and promote the high-quality development of the capital market, which, among other things, requires the relevant governmental authorities to strengthen cross-border oversight of law-enforcement and judicial cooperation, to enhance supervision over China-based companies listed overseas, and to establish and improve the system of extraterritorial application of the PRC securities laws.

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On August 20, 2021, the 30<sup>th</sup> meeting of the Standing Committee of the 13<sup>th</sup> National People's Congress voted and passed the "Personal Information Protection Law of the People's Republic of China", or "PRC Personal Information Protection Law," or the "PIPL," which became effective on November 1, 2021. The PRC Personal Information Protection Law applies to the processing of personal information of natural persons within the territory of China that is carried out outside of China where (1) such processing is for the purpose of providing products or services for natural persons within China, (2) such processing is to analyze or evaluate the behavior of natural persons within China, or (3) there are any other circumstances stipulated by related laws and administrative regulations. Pursuant to the PIPL, personal data processors ("data processors") shall meet one of the conditions in order to transmit personal information overseas for their business operations: (i) passing the security evaluation organized by the CAC; (ii) acquiring personal information protection certification from the professional organizations regulated by the CAC; (iii) adopting the standard contract forms stipulated by the CAC when entering into contracts with overseas information receivers, setting forth the rights and obligations of the parties; and (iv) other conditions regulated by laws, regulations and the CAC. Prior to the cross-border provision of personal information of the natural persons, personal information processors shall obtain the approval of the corresponding natural persons and advise them of the overseas receiver's name, contact information, processing purpose and methods, classification of personal information and information reception procedures, etc.

On December 28, 2021, the CAC jointly with the relevant authorities formally published Measures for Cybersecurity Review (2021) which took effect on February 15, 2022 and replace the former Measures for Cybersecurity Review (2020) issued on July 10, 2021. Measures for Cybersecurity Review (2021) stipulates that in addition to "operator of critical information infrastructure," any "data processor" carrying out data processing activities that affect or may affect national security should also be subject to cybersecurity review, and further elaborated the factors to be considered when assessing the national security risks of the relevant activities, including, among others, (i) the risk of core data, important data or a large amount of personal information being stolen, leaked, destroyed, and illegally used or transferred outside the country; and (ii) the risk of critical information infrastructure, core data, important data or a large amount of personal information being affected, controlled, or maliciously used by foreign governments after listing abroad. CAC has said that under the proposed rules companies holding data on more than one million users must apply for cybersecurity approval when seeking listings in other nations because of the risk that such data and personal information could be "affected, controlled, and maliciously exploited by foreign governments." The cybersecurity review will also investigate the potential national security risks from overseas IPOs.

On December 24, 2021, the CSRC, together with other relevant government authorities in China issued the Draft Overseas Listing Regulations. The Draft Overseas Listing Regulations requires that a PRC domestic enterprise seeking to Overseas Issuance and Listing shall complete the filing procedures of and submit the relevant information to CSRC. The Overseas Issuance and Listing includes direct and indirect issuance and listing.

Where an Overseas Issuer on the basis of the equity, assets, income or other similar rights and interests of the relevant PRC domestic enterprise, such activities shall be deemed an Indirect Overseas Issuance and Listing under the Draft Overseas Listing Regulations.

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On February 17, 2023, the CSRC promulgated the Trial Administrative Measures, which came into effect on March 31, 2023. Compared to the Draft Overseas Listing Regulations, the Trial Administrative Measures further clarified and emphasized that the comprehensive determination of the "indirect overseas offering and listing by PRC domestic companies" shall comply with the principle of "substance over form" and particularly, an issuer will be required to go through the filing procedures under the Trial Administrative Measures if the following criteria are met at the same time: a) 50% or more of the issuer's operating revenue, total profits, total assets or net assets as documented in its audited consolidated financial statements for the most recent accounting year are accounted for by PRC domestic companies, and b) the main parts of the issuer's business activities are conducted in Mainland China, or its main places of business are located in Mainland China, or the senior managers in charge of its business operation and management are mostly Chinese citizens or domiciled in Mainland China. On the same day, the CSRC held a press conference for the release of the Trial Administrative Measures and issued the Notice on Administration for the Filing of Overseas Offering and Listing by Domestic Companies, which, among others, provided the exemption from immediate filings for issuers that a) have been listed or have been registered but not yet listed in foreign securities markets, including U.S. markets, prior to the effective date of the Trial Administrative Measures, b) are not required to re-perform the regulatory procedures with the relevant overseas regulatory authority or the overseas stock exchange, and c) will complete the overseas securities offering and listing before September 30, 2023. Nonetheless, such issuers shall carry out the filing procedures as required if they subsequently conduct refinancing or are involved in other circumstances that require filings with the CSRC. Furthermore, the Trial Administrative Measures and its supporting guidelines provide a negative list of types of issuers banned from listing overseas, the issuers' obligation to comply with national security measures and the personal data protection laws, and certain other matters such as the requirements that an issuer (i) file with the CSRC within three business days after it submits an application for initial public offering to the competent overseas regulator and (ii) file subsequent reports with the CSRC on material events, including change of control and voluntary or forced delisting, after its overseas offering and listing.

Although our Operating Subsidiary in Hong Kong may collect and store certain data (including certain personal information) from our clients, some of whom may be individuals in Mainland China, in connection with our business and operations for "Know Your Customers" purpose, we believe that we and our Operating Subsidiary will not be deemed to be an "operator of critical information infrastructure," any "data processor" carrying out data processing activities, and we are not subject to cybersecurity review by the CAC for this Offering or required to obtain regulatory approval from the CAC nor any other PRC authorities for our and our subsidiary's operations in Hong Kong, since (i) our Operating Subsidiary is incorporated and operating in Hong Kong only without any subsidiary or variable interest entity structure in Mainland China, and it is unclear whether the Measures for Cybersecurity Review (2021) shall be applied to a Hong Kong company; (ii) as of date of this prospectus, our Operating Subsidiary has in aggregate collected and stored the personal information of less than one thousand individuals in Mainland China only and we have acquired the clients' separate consents for collecting and storing of their personal information and data; (iii) we do not place any reliance on collection and processing of any personal information to maintain our business operation; (iv) data processed in our business should not have a bearing on national security nor affect or may affect national security; (v) all of the data our Operating Subsidiary have collected is stored in servers located in Hong Kong; and (vi) as of the date of this prospectus, neither we nor our Operating Subsidiary have been informed by any PRC governmental authority of being classified as "operator of critical information infrastructure" or "data processor" that is subject to CAC cybersecurity review or a CSRC review.

Furthermore, based on laws and regulations currently in effect in the PRC as of the date of this prospectus, the Management is of the view we are not required to obtain regulatory approval from the CSRC or go through the filing procedures under the Trial Administrative Measures before our Ordinary Shares can be listed or offered in the U.S since neither we nor our subsidiary are "PRC domestic companies" which subject to the Trial Administrative Measure, because (i) we are headquartered in Hong Kong, with our officers and all members of the board of directors based in Hong Kong who are not Mainland China citizens; (ii) we do not, directly or indirectly, own or control any entity or subsidiary in Mainland China, nor is it controlled by any Mainland Chinese company or individual directly or indirectly; (iii) we only operate in Hong Kong, all of our revenues and profits are generated by our Operating Subsidiary in Hong Kong, none of our business activities are conducted in Mainland China, and we have not generated revenues or profits from Mainland China in the most recent accounting year accounts for more than 50% of the corresponding figure in our audited consolidated financial statements for the same period; (iv) we do not have or intend to set up any subsidiary or enter into any contractual arrangements to establish a variable interest entity structure with any entity in Mainland China; (v) pursuant to the Basic Law of Hong Kong, or the Basic Law, PRC laws and regulations shall not be applied in Hong Kong except for those listed in Annex III of the Basic Law (which is confined to laws relating to national defense, foreign affairs and other matters that are not within the scope of autonomy).

However, given the uncertainties arising from the legal system in Mainland China and Hong Kong, including uncertainties regarding the interpretation and enforcement of the PRC laws and regulations and the significant authority of the PRC government to intervene or influence the offshore holding company headquartered in Hong Kong, there remains significant uncertainty in the interpretation and enforcement of the Trial Administrative Measures, PIPL, relevant Mainland China data privacy, cybersecurity laws and other regulations. It is highly uncertain how soon the legislative or administrative regulation-making bodies will respond and what existing or new laws or regulations or detailed implementations and interpretations will be modified or promulgated, if any. It is also highly uncertain what the potential impact such modified or new laws and regulations will have on the daily business operations of our Operating Subsidiary and the listing of our Ordinary Shares on the U.S. or other foreign exchanges. As the Trial Administrative Measures are newly issued, there remains uncertainty as to how it will be interpreted or implemented. Therefore, we cannot assure you that when and whether we will be subject to such filing requirements or will be able to get clearance from the CSRC in a timely manner, or at all, even though we believe that none of the situations that would clearly prohibit overseas listing and offering applies to us.

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Although we are currently not required to obtain approvals from the PRC authorities to operate our business or list on the U.S. exchanges and offer securities, specifically, we are currently not required to obtain any permission or approval from the CSRC, the CAC or any other PRC governmental authority to operate our business or to list our securities on a U.S. securities exchange or issue securities to foreign investors, we cannot assure you that PRC regulatory agencies, including the CAC, would take the same view as we do, and there is no assurance that we can fully or timely comply with such laws. There remains uncertainty as to how the Measures for Cybersecurity Review (2021) will be interpreted or implemented and the relevant PRC governmental authority may not take a view that is consistent with ours. Also, significant uncertainty exists in relation to the interpretation and enforcement of relevant PRC cybersecurity laws and regulations. If we were deemed to be an "operator of critical information infrastructure" or a "data processor" controlling personal information of no less than one million users under the Measures for Cybersecurity Review (2021), or if other regulations promulgated in relation to the Measures for Cybersecurity Review (2021) are deemed to apply to us, our business operations and the listing of our Ordinary Shares in the U.S. could be subject to cybersecurity review by the CAC, in the future. In the event that we are subject to any mandatory cybersecurity review and other specific actions required by the CAC, we face uncertainty as to whether any clearance or other required actions can be completed in a timely fashion or at all. Given such uncertainty, we may be further required to suspend our relevant business, shut down our website, or face other penalties which could materially and adversely affect our business, financial condition, and results of operations.

Furthermore, if the Trial Administrative Measures, Measures for Cybersecurity Review (2021), the PIPL, become applicable to us or our Operating Subsidiary in Hong Kong, our operation and the listing of our Ordinary Shares in the United States could be subject to the CAC's cybersecurity review or the CSRC Overseas Issuance and Listing review in the future. If the applicable laws, regulations, or interpretations change and our Operating Subsidiary become subject to the CAC or CSRC review, we cannot assure you that our Operating Subsidiary will be able to comply with the regulatory requirements in all respects and our current practice of collecting and processing personal information may be ordered to be rectified or terminated by regulatory authorities. Compliance with these laws and regulations could significantly increase the cost to us of providing our service offerings, require significant changes to our operations or even prevent us from providing certain service offerings in jurisdictions in which we currently operate or in which we may operate in the future. If there is a significant change to the current political arrangements between Mainland China and Hong Kong, or the applicable laws, regulations, or interpretations change, and/or if we were required to obtain such permissions or approvals in the future in connection with the listing or continued listing of our securities on a stock exchange outside of the PRC, it is uncertain how long it will take for us to obtain such approval, and, even if we obtain such approval, the approval could be rescinded. Any failure to obtain or a delay in obtaining the necessary permissions from the PRC authorities to conduct offerings or list outside of the PRC may subject us to sanctions imposed by the CSRC, CAC, or other PRC regulatory authorities. It could include fines and penalties, proceedings against us, and other forms of sanctions, and our ability to conduct our business, invest into Mainland China as foreign investments or accept foreign investments, ability to offer or continue to offer Ordinary Shares to investors or list on the U.S. or other overseas exchange may be restricted, and the value of our Ordinary Shares may significantly decline or be worthless, our business, reputation, financial condition, and results of operations may be materially and adversely affected. The CSRC, the CAC, or other PRC regulatory agencies also may take actions requiring us, or making it advisable for us, to halt this Offering before settlement and delivery of our Ordinary Shares. In addition, if the CSRC, the CAC, or other regulatory PRC agencies later promulgate new rules requiring that we obtain their approvals for this Offering, we may be unable to obtain a waiver of such approval requirements, if and when procedures are established to obtain such a waiver. Any uncertainties and/or negative publicity regarding such an approval requirement could have a material adverse effect on the trading price of our securities.

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

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

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

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

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***If the PRC government chooses to extend the oversight and control over offerings that are conducted overseas and/or foreign investment in Mainland China-based issuers to Hong Kong-based issuers, such action may significantly limit or completely hinder our ability to offer or continue to offer Ordinary Shares to investors and cause the value of our Ordinary Shares to significantly decline or be worthless.***

Recent statements, laws and regulations by the PRC government, including the Measures for Cybersecurity Review (2021), the PRC Personal Information Protection Law and the Draft Rules on Overseas Listing published by CSRC on December 24, 2021 also have indicated an intent to exert more oversight and control over offerings that are conducted overseas and/or foreign investments in Mainland China-based issuers. It remains uncertain as to the enactment, interpretation and implementation of regulatory requirements related to overseas securities offering and other capital markets activities and due to the possibility that laws, regulations, or policies in the PRC could change rapidly in the future.

It remains uncertain whether the PRC government will adopt additional requirements or extend the existing requirements to apply to our Operating Subsidiary located in Hong Kong. It is also uncertain whether the Hong Kong government will be mandated by the PRC government, despite the constitutional constraints of the Basic Law, to control over offerings conducted overseas and/or foreign investment of entities in Hong Kong, including our Operating Subsidiary. Any actions by the PRC government to exert more oversight and control over offerings (including of businesses whose primary operations are in Hong Kong) that are conducted overseas and/or foreign investments in Hong Kong-based issuers could significantly limit or completely hinder our ability to offer or continue to offer securities to investors. If there is significant change to current political arrangements between Mainland China and Hong Kong, or the applicable laws, regulations, or interpretations change, and, in such event, if we are required to obtain such approvals in the future and we do not receive or maintain the approvals or is denied permission from Mainland China or Hong Kong authorities, we will not be able to list our Ordinary Shares on a U.S. exchange, or continue to offer securities to investors, which would materially affect the interests of the investors and cause significant the value of our Ordinary Shares significantly decline or be worthless.

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***The enactment of the law of the PRC on Safeguarding National Security in the Hong Kong Special Administrative Region (the "Hong Kong National Security Law") could impact our Hong Kong Operating Subsidiary, which represent substantially all of our business.***

On June 30, 2020, the Standing Committee of the PRC National People's Congress adopted the Hong Kong National Security Law. This law defines the duties and government bodies of the Hong Kong National Security Law for safeguarding national security and four categories of offenses — secession, subversion, terrorist activities, and collusion with a foreign country or external elements to endanger national security — and their corresponding penalties. On July 14, 2020, then U.S. President Donald Trump signed the Hong Kong Autonomy Act, or HKAA, into law, authorizing the U.S. administration to impose blocking sanctions against individuals and entities determined to have materially contributed to the erosion of Hong Kong's autonomy. On August 7, 2020, the U.S. government imposed HKAA-authorized sanctions on eleven individuals, including former and current Chief Executives of HKSAR, Carrie Lam and John Lee, respectively. On October 14, 2020, the U.S. State Department submitted to relevant committees of Congress the report required under HKAA, identifying persons materially contributing to "the failure of the Government of China to meet its obligations under the Joint Declaration or the Basic Law." The HKAA further authorizes secondary sanctions, including the imposition of blocking sanctions, against foreign financial institutions that knowingly conduct a significant transaction with foreign persons sanctioned under this authority. The imposition of sanctions may directly affect foreign financial institutions and any third parties or clients dealing with any foreign financial institution that is targeted. It is difficult to predict the full impact of the Hong Kong National Security Law and HKAA on Hong Kong and companies located in Hong Kong. If our Hong Kong Operating Subsidiary, which represent substantially all of our business, are determined to be in violation of the Hong Kong National Security Law or the HKAA by competent authorities, our business operations, financial position and results of operations could be materially and adversely affected.

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***The enforcement of laws and rules and regulations in the PRC can change quickly with little or no advance notice. Additionally, the PRC laws and regulations and the enforcement of such that apply or are to be applied to Hong Kong can change quickly with little or no advance notice. As a result, the Hong Kong legal system embodies uncertainties which could limit the availability of legal protections, which could result in a material change in our Operating Subsidiary's operations and/or the value of the securities we are offering.***

As one of the conditions for the handover of the sovereignty of Hong Kong to the PRC, the PRC accepted conditions such as Hong Kong's Basic Law. According to Article 18 of the Basic Law, national laws of the PRC shall not be applied in Hong Kong, except for those listed in Annex III to the Basic Law, such as the laws relating to the national flag, national anthem, and diplomatic privileges and immunities. The Basic Law guaranteed a high degree of autonomy for Hong Kong which ensured Hong Kong will retain its currency (the Hong Kong Dollar), legal system, parliamentary system, and people's rights and freedom for fifty years from 1997. This agreement has given Hong Kong the freedom to function with a high degree of autonomy. The Special Administrative Region of Hong Kong is responsible for its domestic affairs, including, but not limited to, the judiciary and courts of last resort, immigration, and customs, public finance, currencies, and extradition. Hong Kong continues using the English common law system. However, if there are any changes in relation to the political arrangements which allows Hong Kong to function autonomously, this could potentially impact Hong Kong's common law legal system and may in turn bring about uncertainty in, for example, the enforcement of our contractual rights. This could, in turn, materially and adversely affect our Operating Subsidiary's business and operations. Accordingly, we cannot predict the effect of future developments in the Hong Kong legal system, including the promulgation of new laws, changes to existing laws or the interpretation or enforcement thereof, or the pre-emption of local regulations by national laws. These uncertainties could limit the legal protections available to us, including the ability to enforce agreements with our customers.

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***There are political risks associated with conducting business in Hong Kong.***

All of our operations are in Hong Kong. During the period covered by the financial information included or incorporated by reference into this prospectus, we derive all of our revenue from operations in Hong Kong. Accordingly, the business operations and financial conditions of our Operating Subsidiary will be affected by the political and legal developments in Hong Kong. Any adverse economic, social and/or political conditions, material social unrest, strike, riot, civil disturbance or disobedience, as well as significant natural disasters, may affect the market and may adversely affect our operations. Given the relatively small geographical size of Hong Kong, any of such incidents may have a widespread effect on our business operations, which could in turn adversely and materially affect our business, results of operations and financial condition.

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Hong Kong is a special administrative region of the PRC and the basic policies of the PRC regarding Hong Kong are reflected in the Basic Law, namely, Hong Kong's constitutional document, which provides Hong Kong with a high degree of autonomy and executive, legislative and independent judicial powers, including that of final adjudication under the principle of "one country, two systems." However, there is no assurance that there will not be any changes in the political arrangement between the PRC and Hong Kong and the economic, political and legal environment in Hong Kong in the future. Since all of our operations are based in Hong Kong, any change of such political arrangements may pose an adverse impact to the stability of the economy in Hong Kong, thereby directly and adversely affecting our results of operations and financial positions.

Based on certain recent development including the Hong Kong National Security Law that was passed in June 2020, the U.S. State Department has indicated that the United States no longer considers Hong Kong to have significant autonomy from China and the then President Trump issued an executive order and signed into law the HKAA, to remove Hong Kong's preferential trade status and to authorize the U.S. administration to impose blocking sanctions against individuals and entities who are determined to have materially contributed to the erosion of Hong Kong's autonomy. The United States may impose the same tariffs and other trade restrictions on exports from Hong Kong that it places on goods from Mainland China. These and other recent actions may represent an escalation in political and trade tensions involving the U.S, Mainland China, and Hong Kong, which could potentially harm our business. It is difficult to predict the full impact of the HKAA on Hong Kong and companies with operations in Hong Kong like us. Furthermore, legislative or administrative actions in respect of China-U.S. relations could cause investor uncertainty for affected issuers, including us, and the market price of our Ordinary Shares could be adversely affected.

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***The Hong Kong regulatory requirement of prior approval for the transfer of shares in excess of a certain threshold may restrict future takeovers and other transactions.***

Section 132 of the Securities and Futures Ordinance (Chapter 157 of the Laws of Hong Kong) (the "SFO") requires prior approval from the HKSFC for any company or individual to become a substantial shareholder of a HKSFC-licensed corporation in Hong Kong. Under the SFO, a person will be a "substantial shareholder" of a licensed company if such person, either alone or with associates, has an interest in, or is entitled to control the exercise of, the voting power of more than 10% of the total number of issued shares of the licensed corporation, or exercises control of 35% or more of the voting power of a company that controls more than 10% of the voting power of the licensed company. Further, all potential parties who will become the new substantial shareholder(s) of our HKSFC-licensed subsidiary, Keystone Capital, are required to seek prior approval from the HKSFC. This regulatory requirement may discourage, delay or prevent a change in control of the Company, which could deprive the holders of our Ordinary Shares of the opportunity to receive a premium for their Ordinary Shares as part of a future sale and may reduce the price of our Ordinary Shares upon the consummation of a future proposed business combination.

***Because our business is conducted in Hong Kong dollars and the price of our Ordinary Shares is quoted in United States dollars, changes in currency conversion rates may affect the value of your investments.***

Since our business is conducted in Hong Kong, our books and records are maintained in Hong Kong dollars, which is the currency of Hong Kong, and the financial statements that we file with the SEC and provide to our shareholders are presented in United States dollars. Changes in the exchange rate between the Hong Kong dollar and U.S. dollar affect the value of our assets and the results of our operations in United States dollars. The value of the Hong Kong dollar against the United States dollar and other currencies may fluctuate and is affected by, among other things, changes in the Hong Kong's political and economic conditions and perceived changes in the economy of Hong Kong and the United States. Any significant revaluation of the Hong Kong dollar may materially and adversely affect our cash flows, revenue and financial condition. Further, our Ordinary Shares offered by this prospectus are denominated in United States dollars, we will need to convert the net proceeds we receive into Hong Kong dollar in order to use the funds for our business. Changes in the conversion rate between the United States dollar and the Hong Kong dollar will affect that amount of proceeds we will have available for our business.

Since 1983, Hong Kong dollars have been pegged to the U.S. dollars at the rate of approximately HK$7.80 to US$1.00. We cannot assure you that this policy will not be changed in the future. If the pegging system collapses and Hong Kong dollars suffer devaluation, the Hong Kong dollar cost of our expenditures denominated in foreign currency may increase. This would in turn adversely affect the operations and profitability of our business.

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**Risks relating to the Industry in which we Operate**

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***Our operations are concentrated in Hong Kong. Our business performance is highly influenced by the conditions of financial market in Hong Kong. Unfavorable market and economic conditions and the material deterioration of the political and regulatory environment in Hong Kong, Mainland China, and elsewhere in the world could materially and adversely affect our business, financial condition, prospects, and results of operations.***

All our business operations were carried out in Hong Kong, and as the financial service provider for the asset management sector of Hong Kong. Our results of operations and prospects are highly susceptible to any development of change in government policies, as well as economic, social, political and legal development in Hong Kong. Events with adverse impacts on investors' confidence and risk appetites, such as riots or mass civil disobedience movements and general deterioration of the local economy, may lead to a reduction in investment or trading activities and in turn our business performance. Any change in the Hong Kong local economic, social and political environment, all of which are beyond our control, may lead to a prolonged period of sluggish market activities which would in turn have material adverse impact on our business.

The financial market and the economic conditions in general of Hong Kong are highly sensitive to conditions of the capital markets, political, social and economic conditions in Mainland China and globally. When there are unfavorable changes to the global or local market conditions, the financial market and the economy in Hong Kong may experience negative fluctuations in its performance. Any prolonged slowdown in the global or Chinese economy may affect potential clients' confidence in the financial market as a whole and have a negative impact on our business as a whole, the demand for our services, our pricing strategies, the level of our business activities and consequently our revenue derived therefrom. This may materially and adversely affect our financial condition and the results of operations. Additionally, continued turbulence in the international financial markets may adversely affect our ability to access the capital markets to meet liquidity needs. Financial markets and economic conditions could be negatively impacted by many factors, both economically and politically, beyond our control, such as the inability to access capital markets, control of the foreign exchange, changes in exchange rates, rising interest rates or inflation, slowing or negative growth rate, government involvement in the allocation of resources, inability to meet financial commitments in a timely manner, terrorism, pandemics such as the Covid-19 pandemic, political uncertainty, the Russia — Ukraine war, the outcome of the Sino — U.S. trade dispute, civil unrest, fiscal or other economic policy of Hong Kong or other governments, and the timing and nature of any regulatory reform.

The current heightened tensions in international economic relations, such as the one between the United States and China, may also give rise to uncertainties in global economic conditions and adversely affect the capital market of Hong Kong. Amid these tensions, the U.S. government has imposed and may impose additional measures on entities in China, including sanctions. The U.S. government has imposed and has continued to propose to impose additional, new, or higher tariffs on certain products imported from China to penalize China for what it characterizes as unfair trade practices. China has responded by imposing, and proposing to impose additional, new, or higher tariffs on certain products imported from the United States. Unfavorable financial market and economic conditions in Hong Kong, Mainland China, and elsewhere in the world, and the escalations of the tensions that affect trade relations may lead to slower growth in the global economy in general, could negatively affect our clients' business and materially reduce demand for our services and increase price competition among financial services firms seeking such engagements, and thus could materially and adversely affect our business, financial condition, and results of operations. In addition, our profitability could be adversely affected due to our fixed costs and the possibility that we would be unable to reduce our variable costs without reducing revenues or within a timeframe sufficient to offset any decreases in revenues relating to changes in the market and economic conditions.

Given the close tie between Hong Kong and Mainland China, the stability of the Hong Kong economy and domestic market is susceptible to the general economic, political and regulatory environment in Mainland China. For the years ended December 31, 2024 and 2023, a minor portion of our revenue is derived from retrocession fees earned by facilitating business from Mainland China-based clients to financial institutions in Hong Kong. The economy of Mainland China differs from the economies of most developed countries in a number of aspects, such as the extent of government intervention, growth rate, and control of the foreign exchange. In particular, the PRC government exerts substantial control over the growth of the domestic economy by means of, among others, resource allocation as well as setting policy on foreign exchange. There is no assurance that the PRC government will not implement reforms or policies which may drastically (i) restrict Mainland China investors from investing abroad and in Hong Kong; and/or (ii) restrict Mainland China companies and businesses to participate in the capital market in Hong Kong. Such intervention or policies changes may potentially affect the attractiveness of Hong Kong as an alternative venue for Mainland China individuals to conduct investment or portfolio management in Hong Kong, or reduce the willingness of Mainland China investors to trade securities, or otherwise diminish the securities and financial market of Hong Kong, given the substantial reliance of Hong Kong financial and securities on the business and companies based in Mainland China. If China implements market-oriented reforms involving unprecedented or experimental revision of its economic reform measures, there is no guarantee that adjustments to its policies will not negatively affect our operations and business development.

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Furthermore, the outbreak of war in Ukraine has already affected global economic markets, and the uncertain resolution of this conflict could result in protracted and/or severe damage to the global economy. Russia's military action in Ukraine have led to, and may lead to, additional sanctions being levied by the United States, European Union and other countries against Russia. Russia's military incursion and the resulting sanctions could adversely affect global energy and financial markets and thus could affect our client's wealth and our business, even though we do not have any direct exposure to Russia or the adjoining geographic regions. The extent and duration of the military action, sanctions, and resulting market disruptions are impossible to predict but could be substantial. Any such disruptions caused by Russian military action or resulting sanctions may magnify the impact of other risks described in this section. We are currently actively monitoring the situation in Ukraine, however, we cannot predict the progress or outcome of the situation in Ukraine, as the conflict and governmental reactions are rapidly developing and beyond their control. Prolonged unrest intensified military activities, or more extensive sanctions impacting the region could have a material adverse effect on the global economy, and such effect could in turn have a material adverse effect on the operations, results of operations, financial condition, liquidity and business outlook of our business.

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***The asset management services industry in Hong Kong is fiercely competitive, and we may lose our competitiveness to our competitors.***

The financial and securities services industry in Hong Kong is highly competitive due to the vast number of market players in providing asset management services similar to ours. Our competitors may have longer operating history, better brand recognition and reputation, proven track record, operations in more geographic locations, stronger human and financial resources, wider range of services and stronger shareholders' background than us. We expect that there will be more market players entering into the market and competition will be intensified. New participants may enter into the market insofar as they have engaged appropriate qualified professionals and obtained the requisite regulatory licenses and permits. Given the keen competition, we cannot assure that we will be able to maintain our competitive edge in response to the fast-changing business environment. In addition, competition creates an unfavorable pricing environment in the market in which we operate. Intensified competition may cause us to reduce our fees in order to compete with other market players, which could place significant pressure on our ability to maintain gross margins and is particularly acute during market slowdowns, and will in turn materially and adversely affect our market share, financial condition and results of operations.

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***We are subject to extensive and evolving regulatory requirements, the non-compliance with which may result in penalties, limitations, and prohibitions on our future business activities or suspension or revocation of our licenses, and consequently may materially and adversely affect our business, financial condition, and results of operations. In addition, we may, from time to time, be subject to regulatory inquiries and investigations by relevant regulatory authorities or government agencies in Hong Kong or other applicable jurisdictions.***

The Hong Kong financial market and asset management services industry in which we operate are highly regulated. Our business operations are subject to applicable laws, regulations, guidelines, circulars, and other regulatory guidance, and many aspects of our businesses depend on obtaining and maintaining approvals, licenses, permits, or qualifications from the relevant regulators. Serious non-compliance with regulatory requirements could result in investigations and regulatory actions, which may lead to penalties, including reprimands, fines, limitations, or prohibitions on our future business activities or, if significant, suspension or revocation of our licenses. Failure to comply with these regulatory requirements could limit the scope of businesses in which we are permitted to engage.

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Furthermore, additional regulatory approvals, licenses, permits, or qualifications may be required by relevant regulators in the future, and some of our current approvals, licenses, permits, or qualifications are subject to periodic renewal. Although our Operating Subsidiary, Keystone Capital, was not subject to any public disciplinary actions by the HKSFC for the last five years, any such public disciplinary actions may affect our ability to conduct business, harm our reputation and, consequently, materially and adversely affect our business, financial condition, results of operations, and prospects.

Our Operating Subsidiary, Keystone Capital, is an HKSFC-licensed corporation that is subject to various requirements, such as remaining fit and proper at all times, minimum liquid and paid-up capital requirements, notification requirements, submission of audited accounts, submission of financial resources returns and annual returns, continuous professional training, under the SFO of Hong Kong and its subsidiary legislation and the codes and the guidelines issued by the HKSFC from time to time. If Keystone Capital fails to meet the regulatory capital requirements in Hong Kong, the local regulatory authorities may impose penalties on us or limit the scope of our business, which could, in turn, have a material adverse effect on our financial condition and the results of operations. Moreover, the relevant capital requirements may be changed over time or subject to different interpretations by relevant governmental authorities, all of which are out of our control. Any increase in the relevant capital requirements or stricter enforcement or interpretation of the same may adversely affect our business activities. Any non-compliance with applicable laws, regulations, guidance or codes or any negative findings made by the regulators may result in (i) fines, deterrent penalties, or disciplinary actions against us, our responsible officers, licensed representatives or any of our personnel; or (ii) suspension or revocation of some or all of (a) our registrations or licenses for carrying on our business activities; or (b) the approvals or licenses granted to our personnel enabling them to carry out their responsibilities in our Group. For instance, conditions may be imposed on our licenses restricting us from carrying on our business, or our responsible officers or licensed representatives may be banned from the industry for a specific period of time. Accordingly, our business operation, reputation, financial condition, and results of operations might be materially and adversely affected.

Furthermore, any material changes to the laws and regulations applicable to us could significantly affect our operations. We cannot assure you that the business model and operations we currently have in place would be in compliance with any changes or updates to the regulatory requirements. Costs of compliance could increase and our fee structure may have to be adjusted. For instance, we may need to increase our headcounts if requirements over sponsor work become more stringent or obtain more licenses if the licensing requirements change. The sanctions imposed by the HKSFC against large sponsor firms for substandard due diligence in several recent widely-publicized cases demonstrate that the HKSFC expects high standards of sponsor's conduct and we will need to continue to enhance our internal controls and systems in respect of our sponsor work in accordance with new regulatory requirements or guidance.

From time to time, Keystone Capital may be subject to or required to assist in inquiries or investigations by relevant regulatory authorities or government agencies in Hong Kong, including the HKSFC or other jurisdictions, relating to its own activities or activities of third parties such as its clients. The HKSFC conducts on-site reviews and off-site monitoring to ascertain and supervise our business conduct and compliance with relevant regulatory requirements and to assess and monitor, among other things, our financial soundness. We, our directors, or our employees, may be subject to such regulatory inquiries and investigations from time to time, regardless of whether we are the target of such regulatory inquiries and investigations. If any misconduct is identified as a result of inquiries, reviews or investigations, the HKSFC may take disciplinary actions that would lead to revocation or suspension of licenses, public or private reprimand or imposition of pecuniary penalties against us, our responsible officers, licensed representatives, directors, or other officers. Any such disciplinary actions taken against us, our responsible officers, licensed representatives, directors, or other officers may have a material and adverse impact on our business operations and financial results. In addition, we are subject to statutory secrecy obligations under the SFO of Hong Kong whereby we may not be permitted to disclose details on any HKSFC inquiries, reviews or investigations without the consent of the HKSFC. For further details, see "Regulation — Disciplinary Power of the HKSFC."

Our business is also subject to regulation by various other governmental agencies in Hong Kong, in addition to the HKSFC, including agencies responsible for monitoring and enforcing compliance with various legal obligations, such as privacy and data protection-related laws and regulations, intellectual property laws, employment and labor laws, workplace safety, trade laws, anti-corruption and anti-bribery laws, and tax laws and regulations. Non-compliance with applicable regulations or requirements could subject us to investigations, enforcement actions, sanctions, disgorgement of profits, fines, civil and criminal penalties or injunctions, termination of contracts, and/or claims for damages by our clients or professional party partners. If any governmental sanctions are imposed, or if we do not prevail in any possible civil or criminal litigation, our business, results of operations, and financial condition could be adversely affected.

In addition, responding to any action will likely result in a significant diversion of our management's attention and resources and an increase in professional fees. Enforcement actions and sanctions could materially harm our business, results of operations, and financial condition.

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**Risks Relating to our Business and Operation**

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***We, through our Hong Kong subsidiary, have a relatively short operating history compared to some of our established competitors and face significant risks and challenges in a rapidly evolving market, which makes it difficult to effectively assess our future prospects.***

We have a relatively short operating history compared to some of our established competitors. Our Operating Subsidiary, Keystone Capital, started to provide asset management services in 2016. We only have a limited operating history with regard to such business upon which an evaluation of our prospects can be based. Our future revenues and cash flows may fluctuate significantly given our short operating history, rendering it difficult to predict our results of operations and prospects.

There is no assurance that we will sustain profitability or positive cash flow from our existing operations or from any expanded or new operations, nor that we will be able, upon the completion of the Offering, to expand operations beyond our current level. You should consider our business and prospects in light of the risks and challenges we encounter or may encounter given the rapidly evolving market in which we operate and our relatively short operating history. These risks and challenges include our ability to, among other things:

● build a well-recognized "Keystone" brand;

● maintain and expand our client base;

● ensure that the quality of our services meets client expectations

● maintain and enhance our relationships with our partners;

● attract, retain, and motivate qualified employees;

● anticipate and adapt to changing market conditions and a competitive landscape;

● respond effectively to technological changes and advancements in our industry;

● mitigate potential cybersecurity threats and protect sensitive client and company data;

● manage our future growth;

● ensure that the performance of our services meets client expectations;

● maintain or improve our operational efficiency;

● navigate a complex and evolving regulatory environment; and

● defend ourselves in any legal or regulatory actions against us.

If we fail to address any or all of these risks and challenges, our business may be materially and adversely affected. As our business develops and as we respond to competition, we may continue to introduce new service offerings, make adjustments to our existing services, or make adjustments to our business operations in general. There is no assurance that we will sustain profitability or positive cash flow from our existing operations or from any expanded or new operations, nor that we will be able, upon the completion of the Offering, to expand operations beyond our current level. Any significant change to our business model that does not achieve expected results could have a material and adverse impact on our financial condition and results of operations. It is therefore difficult to effectively assess our future prospects.

***Our reliance on a limited number of financial institutions for retrocession fees exposes us to significant concentration risk.***

For the years ended December 31, 2024 and 2023, the retrocession fees from our top five financial institutions partners accounted for 99.8% and 100.0% of our total revenues, respectively, and the retrocession fees from our largest partner accounted for 42.1% and 48.8% of our total revenue, respectively. Our revenue base is fairly concentrated, as we rely on a limited number of financial institutions for retrocession fees. Also, we currently do not have any binding long-term contractual obligations or exclusivity arrangements with any of our key financial institution partners. As a result, these financial institution partners may unilaterally choose to reduce or terminate their business relationships with us at any time, with or without prior notice, and are under no obligation to continue providing retrocession fees. If we lose any of these key financial institution partners, or if they decide to terminate or reduce their engagements with us, our revenue could be materially and adversely affected. In addition, the loss of any such relationships could negatively impact client confidence, limit our access to preferred investment channels and could impair our ability to effectively invest our clients' funds in optimal investment products or strategies, which could in turn materially and adversely affect our business, financial condition, and results of operations.

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Since retrocession fees in the asset management industry typically depends on the ongoing relationship and volume of engagements with financial institutions, there is no assurance that we can continue to secure engagements for our financial institution partners at levels comparable to those in previous years. If our financial institution partners decide to change their strategic focus, or face financial or regulatory challenges, they may discontinue or reduce their engagements with us, impacting our revenue streams. In addition, there are risks inherent in a large portion of our receivables being concentrated among a limited number of financial institutions partners. If one or more financial institutions partners owing a large portion of our receivable experience financial difficulties and be unable to pay us timely, our revenues and operating results will be adversely affected. Further, we may experience pressure on our retrocession fees or fee rates as financial institutions may make their offers less favourable than previously. We believe that any downward pressure on retrocession fees or fee rates would lower our revenues, which in turn would adversely affect our profitability. While we aim to diversify our revenue sources and expand our network of financial institution partners, there is no guarantee that we will be successful in reducing our concentration risk. If we are unable to secure new partners to replace any lost engagements, our business, financial condition, and cash flow may be materially and adversely affected.

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***We may face actual or perceived conflicts of interest as a result of our dependence on retrocession fees, which may adversely affect our business, reputation, and client trust.***

All of our revenue is derived from retrocession fees paid to us by financial institutions to which we introduce our clients. These fees are earned for facilitating account openings, placing funds under custody, and enabling clients to purchase investment products and services. The retrocession fees are determined based on a pre-agreed mechanism outlined in the respective external asset management agreements with our financial institution partners. As such, we may have an incentive to recommend or maintain client placements with financial institutions that offer higher retrocession fee arrangements, rather than those that may be most suitable for our clients based on their individual investment objectives and best interests.

This dependence on retrocession fees creates actual or perceived conflicts of interest between our interests and those of our clients. Although we are subject to applicable regulations and internal policies that require us to act in the best interests of our clients, and we disclose the nature of our fee arrangements to them, clients may nonetheless view our recommendations as conflicted. Any perception that our recommendations are influenced by compensation arrangements may adversely affect our reputation and client trust, result in the loss of existing clients, limit our ability to attract new clients, and could lead to regulatory scrutiny or enforcement actions.

Furthermore, if Hong Kong regulators impose restrictions on retrocession fee arrangements or require increased transparency and disclosure, our ability to maintain such revenue streams may be impaired. Any such developments could materially and adversely affect our business, financial condition, and results of operations.

***A portion of our clients are based in Mainland China, and any adverse changes in the regulatory or economic environment in Mainland China could affect our client relationships and business development efforts.***

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While the majority of our operations and client base are in Hong Kong, a portion of our clients are based in Mainland China. In 2023 and 2024, clients located in Mainland China represented approximately 20% and 22% of our total client base, respectively. All client accounts are opened and maintained in Hong Kong under our management, and all our investment transactions and order executions are conducted in Hong Kong. We do not maintain any offices, conduct any sales or marketing activities, or operate in any form within Mainland China. We do not have, nor do we currently intend to establish, any subsidiary in Mainland China or set up any establishment in Mainland China. We do not plan to enter into any contractual arrangements to establish a VIE structure with any entity in Mainland China, and our subsidiary does not directly or indirectly holds any interests in any enterprises in Mainland China. Our Operating Subsidiary is subject to taxation in Hong Kong, and has duly and timely paid its profit tax in Hong Kong. Based on the above factors, in the opinion of our Hong Kong counsel, David Fong & Co., as of the date of this prospectus, neither the Company, nor its subsidiary, are subject to regulatory oversight of the PRC authorities in providing asset management services to Mainland China-based individuals. This is supported by the fact that pursuant to the Basic Law of Hong Kong, national laws of Mainland China do not apply in Hong Kong unless they are listed in Annex III of the Basic Law and applied locally by promulgation or local legislation. National laws that may be listed in Annex III are currently limited under the Basic Law to those which fall within the scope of defense and foreign affairs as well as other matters outside the limits of the autonomy of Hong Kong.

Although our services are provided entirely from Hong Kong, our ability to maintain and grow relationships with Mainland China-based clients may still be influenced by changes in cross-border regulatory policies, macroeconomic conditions in Mainland China and geopolitical developments. Any adverse changes in Mainland China including but not limited to economic downturns, regulatory changes, political instability, trade restrictions, currency devaluation, or shifts in government policies could significantly impact the willingness or ability of such clients to maintain or expand their relationship with us, and in turn, could have a negative impact on our business development efforts and revenue potential both in the short term and long term.

***For our business activities, we are required to comply with regulatory capital requirements and to maintain a high level of funds and liquidity. Failure to comply with these regulatory capital requirements could materially and negatively affect our business operation and overall performance.***

As the corporation licensed with the HKSFC to carry on regulated activities, Keystone Capital, our Operating Subsidiary, is required under the SFO and Securities and Futures (Financial Resources) Rules (Chapter 571N of the Laws of Hong Kong) (the "FRR") to maintain a minimum amount of paid-up share capital and liquid capital. See "Regulations." As of the date of this prospectus, our Operating Subsidiary is in compliance with the respective regulatory capital requirements. However, there is no assurance that such failure will not happen in the future. Our liquid capital may be tightened when we commence our underwriting and placing services or carry out our proposed expansion plans. Failure to meet the above requirement may cause the HKSFC to suspend our licenses, impose conditions in relation to our regulated activities, or take other appropriate disciplinary actions against us, which may adversely affect our business operations and financial performance. Failure to meet the above requirement could also affect client confidence, our ability to grow, our costs of funds, our ability to pay dividends on Ordinary Shares, our ability to make acquisitions, and in turn, our business, results of operations, and financial condition.

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***Our revenue and profitability are highly unpredictable, since the size of funds placed under our management is prone to significant fluctuations and is difficult to predict.***

Our revenues and profitability depend in part on the size of clients' funds placed under our management, which are often affected by factors beyond our control, including economic and political conditions, and broad trends in business and finance and changes in the markets. Weaknesses in the markets in which the clients' fund were invested, including economic slowdowns, have historically resulted in reduced assets under management for us. Declines in assets under management generally result in lower revenues from retrocession arrangements with our financial institutions partners. This factor could have a material adverse effect on our business, financial condition, results of operations and cash flows.

Our business is also subject to general economic and political conditions, in particular the economic and political conditions in Hong Kong and worldwide, such as macroeconomic and monetary policies, legislation and regulations affecting the financial and securities industries, upward and downward trends in the business and financial sectors, inflation, currency fluctuations, availability of short-term and long-term funding sources, cost of funding and the level and volatility of interest rates. As a result of these risks, our income and operating results may be subject to significant fluctuations.

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***Our businesses depend on our key management and professional staff, and our business may suffer if we are unable to recruit and retain them.***

Our businesses depend on the skills, reputation, and professional experience of our key management executives, the network of resources and relationships they generate during the normal course of their activities, and the synergies among the diverse fields of expertise and knowledge held by our senior professionals. Therefore, the success of our business depends on the continued services of these individuals. If we lose their services, we may not be able to execute our existing business strategy effectively, and we may have to change our current business direction. These disruptions to our business may take up significant energy and resources of our company, and materially and adversely affect our future prospects.

Moreover, our business operations depend on our professional staff, our most valuable asset. Their skills, reputation, professional experience, and client relationships are critical elements in providing quality services to clients, managing our compliance and risk, and obtaining and executing client engagements. We devote considerable resources and incentives to recruiting and retaining these personnel. However, the market for quality professional staff is increasingly competitive. Loss of our professional staff and failure to recruit replacement will materially and adversely affect our business operations. We expect to face significant competition in hiring such personnel. Additionally, as we mature, the current compensation scheme designed to attract employees may not be as effective as it was in the past. The intense competition may require us to offer more competitive compensation and other incentives to our talent, which could materially and adversely affect our financial condition and the results of operations. As a result, we may find it difficult to retain and motivate these employees, and this could affect their decisions about whether they continue to work for us. If we do not succeed in attracting, hiring, and integrating quality professional staff, or retaining and motivating existing personnel, we may be unable to grow effectively.

***Where one or more of the regulated activities of our Operating Subsidiary has less than two responsible officers, our Operating Subsidiary will be in breach of the relevant licensing requirements which could adversely affect our licensing status which may jeopardize our business operation.***

Under the licensing requirements of the SFO, our licensed corporation, which is also our Operating Subsidiary, Keystone Capital, must have at all times at least two responsible officers to directly supervise the business of each of our regulated activities. At the date of this prospectus, Keystone Capital has four responsible officers for Type 1 (dealing in securities), Type 4 (advising on securities) and/or Type 9 (asset management) regulated activities under the SFO.

In the event such number of our responsible officers resign, become disqualified or otherwise ineligible to continue their role as responsible officer, and at the same time the void created as a result thereof is without immediate and adequate replacement, this may result in a situation where one or more of the two regulated activities of our Operating Subsidiary have fewer than two responsible officers. In this case, we will be exposed to operational disruption, and thus may result in a breach of the relevant licensing requirement, which may subsequently result in the suspension of our HKSFC licenses and jeopardize our business operations and financial performance.

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***We may not be able to implement our business strategies and future plans successfully.***

Our business strategies and future plans are set out in the paragraph headed "Growth Strategies'' under the section headed "Business'' and in the "Use of Proceeds'' section in this prospectus. However, the successful implementation of these strategies and plans depends on a number of factors including but not limited to the following:

● our ability to recruit and retain qualified and experienced professional staff;

● our ability to cope with increased exposure to financial risk, operational risk, market risk, and credit risk arising from our expanded scope of business;

● our ability to comply with all regulatory requirements and maintain/obtain the qualifications on the range of financial services we provide or intend to provide to our clients;

● our ability to secure sufficient financial resources;

● clients' acceptance and demand for our services and our ability to compete with our competitors; and

● our ability to adapt to the changes in the market and government policies.

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Many of these factors are beyond our control and by nature, are subject to uncertainty. As such, there is no assurance that our business strategies and future plans can be implemented successfully or may be materialized in accordance with our expected timetable, or at all, despite our capital commitments and investments into the same. Any failure or delay in the implementation of any or all of these strategies and plans may have a material adverse effect on our profitability and prospects.

In addition, our future plans may place substantial demands on our managerial, operational, technological, financial, and other resources. To manage and support our growth, we may need to improve our existing operational and administrative systems, improve our financial and management controls, and enhance our ability to recruit, train and retain existing and/or additional qualified personnel and staff. All of these endeavors will require substantial attention and time from management and significant additional expenditures. We cannot assure you that we will be able to manage any future growth effectively and efficiently, and our ability to capitalize on new business opportunities may be materially and adversely affected if we fail to do so, which could in turn materially and adversely affect our business, results of operations, financial condition, and prospects.

***We may undertake acquisitions, investments, joint ventures, or other strategic alliances, which could present unforeseen integration difficulties or costs and may not enhance our business as we expect.***

Our strategy includes plans to grow both organically and through possible acquisitions, joint ventures, or other strategic alliances. Joint ventures and strategic alliances may expose us to new operational, regulatory, and market risks, as well as risks associated with additional capital requirements. We may not be able, however, to identify suitable future acquisition targets or alliance partners. Even if we identify suitable targets or partners, the evaluation, negotiation, and monitoring of the transactions could require significant management attention and internal resources and we may be unable to complete an acquisition or alliance on terms commercially acceptable to us. The costs of completing an acquisition or alliance may be costly and we may not be able to access funding sources on terms commercially acceptable to us. Even when acquisitions are completed, we may encounter difficulties in integrating the acquired entities and businesses, such as difficulties in retention of clients and personnel, challenge of integration and effective deployment of operations or technologies, and assumption of unforeseen or hidden material liabilities or regulatory non-compliance issues. Any of these events could disrupt our business plans and strategies, which in turn could have a material adverse effect on our financial condition and results of operations. Such risks could also result in our failure to derive the intended benefits of the acquisitions, strategic investments, joint ventures, or strategic alliances, and we may be unable to recover our investment in such initiatives. We cannot assure you that we could successfully mitigate or overcome these risks.

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***We may not be able to obtain additional capital when desired, on favorable terms, or at all. If we fail to meet the capital requirement pursuant to the FRR, our business operations and performance will be adversely affected.***

We may require additional funding for further growth and development of our business, including any investments or acquisitions we may decide to pursue. Due to the unpredictable nature of the capital markets and our industry, we cannot assure you that we will be able to raise additional capital on terms favorable to us, or at all, if and when required, especially if we experience disappointing operating results. If adequate capital is not available to us as required, our ability to fund our operations, take advantage of unanticipated opportunities, develop or enhance our technology platforms and operational capabilities or respond to competitive pressures could be significantly limited, which would adversely affect our business, financial condition and results of operations. If our existing resources are insufficient to satisfy our requirements, we may seek to issue additional equity or debt securities or obtain new or expanded credit facilities. Our ability to obtain external financing in the future is subject to a variety of uncertainties, including our future financial condition, results of operations, cash flows, share price performance, liquidity of international capital and lending markets, and the Hong Kong financial industry. If we do raise additional funds through the issuance of equity or convertible debt securities, the ownership interests of our shareholders could be significantly diluted. These newly issued securities may have rights, preferences or privileges senior to those of existing shareholders. In addition, our HKSFC-licensed Operating Subsidiary is required under the FRR to maintain certain levels of liquid capital. If they fail to maintain the required levels of liquid capital, the HKSFC may take regulatory actions against our operating subsidiary, which would adversely affect our business and results of operations.

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***Our failure to appropriately identify and address conflicts of interest could materially and adversely affect our business.***

As we expand the scope of our business and our client base, it is critical for us to be able to address actual, potential, or even perceived conflicts of interest, including situations where we may encounter conflicts of interest arising among: (i) our clients and us, (ii) our various clients, (iii) our employees and us or (iv) our clients and our employees.

In light of the complexity and difficulty in appropriately identifying and dealing with potential conflicts of interest, our internal control procedures that are designed to identify and address conflicts of interest may not be sufficient. Our failure to manage conflicts of interest could harm our reputation and erode client confidence in us. In addition, potential or perceived conflicts of interest may also give rise to litigation or regulatory actions. The occurrence of any of the foregoing events could materially and adversely affect our business, results of operations and reputation.

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***We may be subject to litigation, arbitration, regulatory proceedings, or other legal proceeding risks, in particular, we may be subject to various professional liabilities and claims.***

In the ordinary course of our business, we provide professional asset management services and provide information in relation to securities transactions to our clients. If our clients rely on such service or information and incur losses as a result, we could be subject to claims in legal and regulatory proceedings for compensation and/or other relief for negligence, provision of false or misleading information, breach of fiduciary duties or employee misconduct. Although we have adopted relevant internal control measures, we cannot assure that such measures currently in place or as updated from time to time can completely eliminate the aforesaid risks of liabilities and claims. Any claims or lawsuits against us arising from professional negligence and/or employee misconduct and claims from indemnified persons that result in substantial amounts of compensation may have a material and adverse impact on our business activities, reputation, results of operations, and financial conditions.

We and our directors and officers may from time to time become subject to or involved in various claims, controversies, lawsuits, and regulatory/legal proceedings. Claims, lawsuits, and litigations are subject to inherent uncertainties, and we are uncertain whether the foregoing claim would develop into a lawsuit. Lawsuits and litigations may cause us to incur defense costs, utilize a significant portion of our resources and divert management's attention from our day-to-day operations, any of which could harm our business. Any settlements or judgments against us could have a material adverse impact on our financial condition, results of operations and cash flows. In addition, negative publicity regarding claims or judgments made against us may damage our reputation and may result in a material adverse impact on us.

***Illegal or improper activities, violation of professional standards, and the misconduct of our personnel or third parties could harm our reputation and businesses and are difficult to detect or deter.***

We are subject to the risk of fraud, illegal act or misconduct committed by our directors, licensed employees, agents, clients or other third parties. Misconduct includes entering into unauthorized transaction, improperly using or divulging inside information, recommending transactions not suitable for our clients, engaging in fraudulent activities, or engaging in improper or illegal activities. There is no assurance that our directors, employees, agents, clients or other third parties would not commit incidents of fraud or other misconduct in the future, and we cannot assure that our procedures and policies would fully prevent or detect illegal or improper activities in our business operations. Such incidents may result in investigation and regulatory sanction against us and cause us to suffer financial loss and reputational harm. We may also need to incur costs to commence and participate into any legal proceedings against them to recover our loss. The potential harm to our reputation and to our business caused by such fraud or misconduct is impossible to quantify.

We are also subject to a number of obligations and standards arising from our business. The violation of these obligations and standards by any of our directors, officers, employees, agents, clients, or other third parties could materially and adversely affect us and our investors. For example, we are required to properly handle confidential information. If our directors, officers, employees, agents, clients, or other third parties were to improperly use or disclose confidential information, we could suffer serious harm to our reputation, financial position, and existing and future business relationships.

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***If Keystone Capital is unable to retain existing customers or attract new customers, or if it fails to offer services to address the needs of its customers as they evolve, the Company's business and results of operations may be materially and adversely affected.***

Keystone Capital does not charge performance fees or management fees on its discretionary account service clients, and it generates its income through retrocession fees from financial institutions. The retrocession fees are determined based on a pre-agreed mechanism outlined in the respective external asset management agreements with our financial institution partners. Although our clients do not directly pay us performance fees or management fees for our services, they remain to be the ultimate source of our income as the retrocession fees paid to us by financial institutions were originated from them. If there is insufficient demand for our asset management services, Keystone Capital might not be able to maintain and increase its revenue as it expects, and its business and results of operations may be adversely affected.

Keystone Capital's success depends largely on its ability to retain existing customers. Keystone Capital's clients may not continue to engage it to management their assets if it cannot deliver satisfactory returns. Failure to deliver satisfactory returns will cause our clients to lose confidence in us and reduce or entirely withdraw the funds placed under our management, which in turn will materially and adversely affect our business. Even if Keystone Capital is able to provide satisfactory return to its clients, we cannot assure you that it will be able to retain existing clients due to reasons out of its control, such as its customers' personal financial reasons or the deterioration of the capital markets condition.

Keystone Capital must stay abreast of the needs and preferences of its clients to serve their evolving trading needs as their investment demands change. If it fails to retain its existing clients by offering services that cater to their evolving investment needs, Keystone Capital may not be able to maintain and continue to grow the size of assets under management, and our business and results of operations may be adversely affected.

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Keystone Capital cannot guarantee the profitability or return on the client's assets under its management. The profitability or return of its clients' investment is directly affected by elements beyond our control, such as economic and political conditions, and broad trends in business and finance. Although our engagements with clients contain prominent disclaimers, our clients may seek to hold us responsible when they rely on our asset management services and suffer financial loss, or if their investments are not as profitable as they have expected.

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***Our business and prospects may be materially and adversely affected if our risk management and internal control systems are ineffective or inadequate. We may fail to update our risk management policies and procedures as needed and such policies and procedures may otherwise be ineffective, which may expose us to unidentified or unexpected risks.***

We are dependent on our risk management and internal control policies and procedures and the adherence to such policies and procedures by our risk management and other staff to manage the risks inherent in our business. Any deficiencies in our internal control systems could (i) adversely affect our ability to timely and accurately record, process, summarize and report financial or other data; and (ii) adversely affect our operational efficiency and increase the potential likelihood of making financial reporting errors and/or lead to non-compliance with rules and regulations. Our policies, procedures and practices used to identify, monitor and control a variety of risks are carried out by the corresponding departments. However, some of our methods for managing risks are discretionary by nature and are based on internally developed controls and observed historical market behavior, and also involve reliance on standard industry practices. These methods may not adequately prevent losses, particularly as they relate to extreme market movements, which may be significantly greater than historical fluctuations in the market. There is no assurance that our internal control policies in place could or would be properly implemented, or be strictly adhered to, or are adequate or effective under the continuously changing business environment in which we operate. In addition, we may fail to update our risk management system as needed and the system may fail to effectively function, thus exposing us to unidentified or unexpected risks.

***We may not be able to grow our fund management business as expected.***

Our ability to grow our fund management business depends on various factors, some of which are beyond our control. While we have recently launched Keystone Multi Strategy OFC and our Operating Subsidiary serves as its investment manager, our success in expanding this business segment relies on our ability to attract and retain investors, introduce new sub-funds, and effectively manage assets under management. Market conditions, investor sentiment, regulatory developments, and competition in the asset management industry may adversely impact our ability to scale our fund management operations. Additionally, as a relatively new participant in the fund management sector, we may face challenges in building a strong track record, establishing relationships with institutional and high-net-worth investors, and maintaining consistent investment performance. If we are unable to successfully expand our fund management business, generate sufficient fee income, or compete effectively in the market, our growth prospects and financial performance may be adversely affected.

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***We may incur losses or experience disruption of our operations as a result of unforeseen or catastrophic events, including pandemics, terrorist attacks, or natural disasters.***

An outbreak and prevalence of pandemic such as COVID-19 would adversely impact economic activities and conditions worldwide and led to significant volatility and disruption to financial markets. On March 11, 2020, the World Health Organization declared COVID-19 a pandemic, which had spread throughout the world and had resulted in the implementation of stringent governmental measures, including lockdowns, closures, quarantines, and travel bans or restrictions, temporary closure of businesses, intended to control the spread of the virus by different countries.

Though the impact of outbreaks of pandemic such as COVID-19 is temporary and not permanent, the frequent outbreak of different kinds of epidemics and pandemics including the new or more severe strains of the virus and their variants are highly uncertain and unpredictable, and the resultant anti-pandemic measures would inevitably result in slowdown of economic activities and volatility of financial and securities markets in both Hong Kong and worldwide which, in totality, may adversely affect or delay our potential clients' plans to invest and/or conduct portfolio management.

In addition, our business could also be materially and adversely affected by catastrophic events or other business continuity problems, such as natural or man-made disasters, fire, floods, typhoons, earthquakes, power loss, telecommunications failures, break-ins, war, riots, political unrest, terrorist attacks or similar events may give rise to server interruptions, breakdowns, system failures, technology platform failures or Internet failures, which could cause the loss or corruption of data or malfunctions of software or hardware as well as adversely affect our ability to operate, including communicating with clients and the relevant listing authorities. Moreover, besides COVID-19, our business and ability to operate could also be adversely affected by Ebola virus disease, Zika virus disease, H1N1 flu, H5N1 flu, H7N9 flu, avian flu, Swine flu, SARS or other epidemics.

Our headquarters are located in Hong Kong, where our directors, management and employees currently reside. Consequently, we are highly susceptible to factors adversely affecting Hong Kong. A disaster or a disruption in the infrastructure that supports our businesses, a disruption involving electronic communications or other services used by us or third parties with whom we conduct business, or a disruption that directly affects our headquarters, could have a material adverse impact on our ability to continue to operate our business without interruption. Our business could also be adversely affected if our employees are affected by pandemics. In addition, our results of operations could be adversely affected to the extent that any pandemic harms the Chinese or Hong Kong economy in general. The incidence and severity of disasters or other business continuity problems are unpredictable, and our inability to timely and successfully recover could materially disrupt our businesses and cause material financial loss, regulatory actions, reputational harm, or legal liability.

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***We are exposed to risks associated with retention and recruitment of licensed and/or qualified personnel.***

We rely heavily on human resources for the provision of asset management services. Should the pace of business growth lag behind the pace of increase in headcount, there may be negative impact on our financial results and business performance. In addition, benefits to be generated from the enhancement of human resources may not be as significant as expected due to factors beyond our control, such as the general market conditions, labor market, competition for talents against other financial services providers, geopolitical tensions, remote work preferences, and evolving workplace expectations, travel restrictions and border control that maybe token by the government to control any possible future pandemic, and the economic and political environment in Hong Kong and overseas. Such factors may cause a delay in realizing our business growth and our expansion plan and hence, our financial results, in particular our profitability, may be adversely affected. There is also no assurance that we can employ sufficient number of suitable and competent staff to implement our growth strategies.

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

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

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***We may face intellectual property infringement claims, which could be time-consuming and costly to defend and may result in the loss of significant rights by us.***

Although we have not been subject to any litigation, pending or threatened, alleging infringement of third parties' intellectual property rights, we cannot assure you that such infringement claims will not be asserted against us in the future. Third parties may own copyrights, trademarks, trade secrets, ticker symbols, internet content, and other intellectual properties that are similar to ours in jurisdictions where we currently have no active operations. If we expand our business to or engage in other commercial activities in those jurisdictions using our own copyrights, trademarks, trade secrets, and internet content, we may not be able to use these intellectual properties or face potential lawsuits from those third parties and incur substantial losses if we fail to defend ourselves in those lawsuits.

Intellectual property litigation is expensive and time-consuming and could divert resources and management attention from the operation of our business. If there is a successful claim of infringement, we may be required to alter our services, cease certain activities, pay substantial royalties and damages to, and obtain one or more licenses from third parties. We may not be able to obtain those licenses on commercially acceptable terms, or at all. Any of those consequences could cause us to lose revenues, impair our client relationships and harm our reputation.

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***Our business is subject to various cyber-security risks and other operational risks, such as the failure or malfunction of our information technology infrastructure and the failure to maintaining relationships with our vendors, which may cause disruptions to our business operation and tarnish our reputation.***

As a financial services company, our Operating Subsidiary faces various cyber-security and other operational risks relating to our businesses on a daily basis. Their operations depend upon the secured processing, storage and transmission of confidential and other information in their information technology infrastructure and they are vulnerable to unauthorized access such as cyber-attacks, distributed denial of service attacks and ransomware attacks, malicious code and computer viruses by activists, hackers, organized crime, foreign state actors and other third parties, or other events that could lead to a security breach. They may also be subject to cyber-attacks involving the leak and destruction of sensitive and confidential client information and our proprietary information, which could result from an employee's or agent's failure to follow data security procedures or as a result of actions by third parties, including actions by government authorities. As the breadth and complexity of our information technology infrastructure continue to grow, the potential risk of security breaches and cyber-attacks increases. Developing and enhancing new products and services, which is necessary for us to remain competitive, may involve the use or creation of new technologies, which further exposes us to cybersecurity and privacy risks that cannot be completely anticipated and increase the risk of security breaches and cyber-attacks.

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While we have adopted various means to safeguard the integrity of our computer system and information technology infrastructure, these systems and infrastructure may fail to operate properly or become disabled as a result of events which are beyond our control, events such as human error, natural disasters, power failures, client misuse, computer viruses, cyber-attacks, spam attacks, unauthorized access and data loss or leakage. All of which may cause shutdown or disruption of operations (including data loss or corruption, interruption to our data storage system, delay or cessation in the services provided through our securities dealing and brokerage system and our online trading platform), account takeovers and unauthorized gathering, monitoring, misuse, loss, total destruction and disclosure of data and confidential information of ours, our clients, our employees or other third parties, or otherwise materially disrupt our or our clients' or other third parties' network access or business operations. The occurrence of one or more of such events could jeopardize the confidentiality of information processed, stored and transmitted through our computer systems and networks or otherwise disrupt our operations, which could result in reputational damage, disputes with clients and relevant parties, and financial losses.

Our Operating Subsidiary also depends on various third-party software and platforms as well as other information technology systems provided by our information technology vendor in our business operations. These systems, including third-party systems, may fail to operate properly or become disabled as a result of tampering or a breach of our network security systems or otherwise, including for reasons beyond our control. Any interruption or deterioration in the performance of these third parties or failures of their information systems and technology could impair our operations, affect our reputation, and adversely affect our businesses. There is no guarantee that we are able to maintain our existing relationship with the information technology vendor of our software system or information technology infrastructure. In the event that any vendor is unable or unwilling to continue to provide existing services to our Operating Subsidiary, our Operating Subsidiary may not be able to replace them with service providers of equivalent expertise in a timely manner and thus resulting in disruption to our business operations.

The occurrence of any disruption to our computer system and/or other information technology infrastructure may render us unable to meet client requirements in a timely and efficient manner, and/or lead to unauthorized disclosure of personal information or any other unexpected associated losses and damages. As a result, our reputation may be tarnished and we may also face complaints, disciplinary action by regulatory authorities, and legal proceedings being brought against us (which can be costly and time-consuming to defend and which may significantly divert the efforts and resources of our management personnel away from our usual business operations) and may potentially result in us having to pay damages. This could materially and adversely affect our financial condition, prospects, and results of operations.

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***Failure to comply with data privacy, data protection, or any other laws and regulations related to data privacy and security, or the failure to protect client data or prevent breaches of our information systems, could expose us to liability or reputational damage and materially and adversely affect our business, financial condition, and results of operations.***

As a financial services company, in providing our services to clients, we manage, utilize and store sensitive and confidential client data, including personal data. As a result, we may be subject to a variety of data privacy, data protection, cybersecurity, and other laws and regulations related to data, including those relating to the collection, use, sharing, retention, security, disclosure, and transfer of confidential and private information, such as personal information and other data. These laws and regulations may apply not only to third-party transactions, but also to transfers of information within our organization, which relates to our investors, employees, contractors and other counterparties. These laws and regulations may restrict our business activities and require us to incur increased costs and efforts to comply, and any breach or non-compliance may subject us to proceedings against us, damage our reputation, or result in penalties and other significant legal liabilities, and thus may materially and adversely affect our business, financial condition, and results of operations.

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If any person, including any of our employees, negligently disregards or intentionally breaches our established controls with respect to client data, or otherwise mismanages or misappropriates that data, we could be subject to significant monetary damages, regulatory enforcement actions, fines and/or criminal prosecution. Unauthorized disclosure of sensitive or confidential client data, whether through systems failure, employee negligence, fraud or misappropriation, could damage our reputation and cause us to lose clients. In addition, vulnerabilities of our external service providers and other third parties could also pose security risks to client information and data. Although we have taken steps to reduce the risk of such threats, our risk and exposure to a cyber-attack or related breach remains heightened due to the evolving nature of these threats, our routine transmission of sensitive information to third parties, the current global economic and political environment, external extremist parties and other developing factors. Similarly, unauthorized access to or through our information systems, whether by our employees or third parties, including a cyber-attack by third parties who may deploy viruses, worms or other malicious software programs, could result in negative publicity, significant remediation costs, legal liability, regulatory fines, and damage to our reputation and could have adverse effects on our results of operations. Any actual or perceived breach of the security of our technology, or media reports of perceived security vulnerabilities of our systems or the systems of our third-party service providers, could damage our reputation, expose us to the risk of litigation and liability, disrupt our operations, increase our costs with respect to investigations and remediation, reduce our revenues as a result of the theft of intellectual property, and otherwise adversely affect our business. Further, any actual or perceived security breach or cyber-attack directed at other financial institutions or financial services companies, whether or not we are impacted, could lead to a general loss of client confidence in the use of technology to conduct financial transactions, which could negatively impact us. The occurrence of any of these events could have adverse effects on our business and results of operations.

**Risks Related to our Corporate Structure**

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***We rely on dividends and other distributions on equity paid by our subsidiary to fund any cash and financing requirements we may have. In the future, funds may not be available to fund operations or for other uses outside of Hong Kong, due to interventions in, or the imposition of restrictions and limitations on, our ability or our subsidiary by the PRC government to transfer cash. Any limitation on the ability of our subsidiary to make payments to us could have a material adverse effect on our ability to conduct our business and might materially decrease the value of our Ordinary Shares or cause them to be worthless.***

Keystone Global is an exempted company incorporated in the Cayman Islands as a holding company, and we rely on dividends and other distributions on equity paid by our Operating Subsidiary for our cash and financing requirements, including the funds necessary to pay dividends and other cash distributions to our shareholders and service any debt we may incur. We do not expect to pay cash dividends in the foreseeable future. If our subsidiary incurs debt on its own behalf in the future, the instruments governing the debt may restrict its ability to pay dividends or make other distributions to us.

Under the current practice of the Inland Revenue Department of Hong Kong, no tax is payable in Hong Kong in respect of dividends paid by us. There are no restrictions or limitations under the laws of Hong Kong imposed on the conversion of Hong Kong dollar into foreign currencies and the remittance of currencies out of Hong Kong, nor is there any restriction on any foreign exchange to transfer cash between Keystone Global and its subsidiary, across borders and to U.S. investors, nor there is any restrictions and limitations to distribute earnings from the subsidiary, to Keystone Global and U.S. investors and amounts owed.

Currently, the PRC law and regulations and foreign currency control in Mainland China do not have any material impact on the transfer of cash between Keystone Global and our Operating Subsidiary, or vice versa. However, the PRC government may, in the future, impose restrictions or limitations on our ability to transfer money out of Hong Kong, to distribute earnings and pay dividends to and from the other entities within our organization, or to reinvest in our business outside of Hong Kong. Such restrictions and limitations, if imposed in the future, may delay or hinder the expansion of our business to outside of Hong Kong and may affect our ability to receive funds from our Operating Subsidiary in Hong Kong. The promulgation of new laws or regulations, or the new interpretation of existing laws and regulations, in each case, that restrict or otherwise unfavorably impact the ability or way we conduct our business, could require us to change certain aspects of our business to ensure compliance, which could decrease demand for our services, reduce revenues, increase costs, require us to obtain more licenses, permits, approvals or certificates, or subject us to additional liabilities. To the extent any new or more stringent measures are required to be implemented, our business, financial condition and results of operations could be adversely affected and such measured could materially decrease the value of our Ordinary Shares, potentially rendering them worthless. Further, any limitation on the ability of our subsidiary to pay dividends or make other distributions to us could materially and adversely limit our ability to grow, make investments or acquisitions that could be beneficial to our business, pay dividends, or otherwise fund and conduct our business.

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***Our corporate actions will be substantially controlled by Mr. Tak Chiu, CHAN (our Director, Chief Executive Officer and the Chairman of the Board) and his mother Ms. Shui Yuet, LAM, who will have the ability to control or exert significant influence over important corporate matters that require the approval of shareholders, which may deprive you of an opportunity to receive a premium for your Ordinary Shares and materially reduce the value of your investment. Additionally, we may be deemed to be a "controlled company" and may follow certain exemptions from certain corporate governance requirements that could adversely affect our public shareholders in the future.***

As of the date of this prospectus, Mr. Tak Chiu, CHAN (our Director, Chief Executive Officer and the Chairman of the Board), and his mother, Ms. Shui Yuet, LAM, together own 65.5% of the issued share capital of the Company. Immediately following this Offering, Mr. Chan, and his mother, Ms. Lam, will together beneficially own 58.95% of our total issued and outstanding Ordinary Shares, representing 58.95% of the total voting power, assuming that the underwriters do not exercise their over-allotment option, or 58.08% of our total issued and outstanding Ordinary Shares, representing 58.08% of the total voting power, assuming that the over-allotment option is exercised in full. Mr. Chan and his mother, Ms. Lam, by acting together, will be able to control the management and affairs of the Company. Accordingly, Mr. Chan and his mother, Ms. Lam will have a significant influence in determining the outcome of any corporate transaction or other matter submitted to the shareholders for approval, including mergers, consolidations, election of directors and other significant corporate actions.

The interests of Mr. Chan and/or his mother, Ms. Lam may differ from the interests of our other shareholders. The concentration of ownership may also discourage, delay or prevent a change in control of our company, which could deprive our shareholders of an opportunity to receive a premium for their shares as part of a sale of our company and might reduce the price of our Ordinary Shares. These actions may be taken even if they are opposed by our other shareholders, including those who purchase Ordinary Shares in this Offering. Without the consent of Mr. Chan and/or his mother, Ms. Lam, we may be prevented from entering into transactions that could be beneficial to us or our other shareholders. The concentration in the ownership of our shares may cause a material decline in the value of our shares. For more information regarding our principal shareholders and their affiliated entities, see "*Principal Shareholders.*"

Under the Nasdaq listing rules, a company of which more than 50% of the voting power is held by an individual, group, or another company is a "controlled company" and is permitted to elect to rely, and may rely, on certain exemptions from the obligation to comply with certain corporate governance requirements, including:

● the requirement that our director nominees must be selected or recommended solely by independent directors; and

● the requirement that we have a corporate governance and nominating committee that is composed entirely of independent directors with a written charter addressing the committee's purpose and responsibilities.

Although we do not intend to rely on the "controlled company" exemptions under the Nasdaq listing rules even if we are deemed to be a "controlled company," we could elect to rely on these exemptions in the future. If we were to elect to rely on the "controlled company" exemptions, a majority of the members of our board of directors might not be independent directors and our nominating and corporate governance and compensation committees might not consist entirely of independent directors. Accordingly, if we rely on the exemptions, during the period we remain a controlled company and during any transition period following a time when we are no longer a controlled company, you would not have the same protections afforded to shareholders of companies that are subject to all of the corporate governance requirements of Nasdaq.

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***You may face difficulties in protecting your interests, and your ability to protect your rights through U.S. courts may be limited, because we are incorporated in the Cayman Islands and all of our directors and officers reside outside the U.S.***

We are an exempted company incorporated under the laws of the Cayman Islands and all of our officers and directors reside outside the U.S. Moreover, all of our directors and officers are residents of Hong Kong and do not have significant assets in the United States. As a result, it may be difficult or impossible to effect service of process within the United States upon these persons, or to recover against us or them on judgments of U.S. courts, including judgments predicated upon the civil liability provisions of the U.S. federal securities laws.

Additionally, shareholders may experience difficulties in enforcing any civil judgments, including judgments under the securities laws, against our officers and directors who are residents of Hong Kong. There is uncertainty as to whether the courts of Hong Kong would recognize or enforce judgments of U.S. courts obtained in actions against our directors and officers predicated upon the civil liability provisions of the U.S. federal securities laws. Similar, the same difficulties exist since there is uncertainty as to whether the courts of the Cayman Islands would recognize or enforce judgments of U.S. courts obtained in actions against us or our directors and officers predicated upon the civil liability provisions of the U.S. federal securities laws, or entertain original actions brought in the Cayman Islands against us or our directors and officers predicated solely upon U.S. federal securities laws. Further, there is no treaty in effect between the United States and the Cayman Islands providing for the enforcement of judgments of U.S. courts in civil and commercial matters, and there is no statutory enforcement in the Cayman Islands of judgments obtained in the United States. Similarly, there are currently no treaties or other arrangements providing for reciprocal enforcement of foreign judgments between Hong Kong and the United States. Some remedies available under the laws of U.S. jurisdictions, including remedies available under the U.S. federal securities laws, may not be allowed in the Cayman Islands or Hong Kong courts if contrary to public policy in the Cayman Islands or Hong Kong. As a result of all of the above, it may be difficult for you to recover against us or our directors and officers based upon such judgments.

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There is also uncertainty as to whether the courts of Hong Kong would (i) recognize or enforce judgments of the U.S. courts obtained against us or our directors or officers predicated upon the civil liability provisions of the securities laws of the U.S. or any state in the U.S. or (ii) entertain original actions brought in Hong Kong against us or our directors or officers predicated upon the securities laws of the U.S. or any state in the U.S.

A judgment of a court in the U.S. predicated upon U.S. federal or state securities laws may be enforced in Hong Kong at common law by bringing an action in a Hong Kong court on that judgment for the amount due thereunder, and then seeking summary judgment on the strength of the foreign judgment, provided that the foreign judgment, among other things, is (1) for a debt or a definite sum of money (not being taxes or similar charges to a foreign government taxing authority or a fine or other penalty) and (2) final and conclusive on the merits of the claim, but not otherwise. Such a judgment may not, in any event, be so enforced in Hong Kong if (a) it was obtained by fraud; (b) the proceedings in which the judgment was obtained were opposed to natural justice; (c) its enforcement or recognition would be contrary to the public policy of Hong Kong; (d) the court of the U.S. was not jurisdictionally competent; or (e) the judgment was in conflict with a prior Hong Kong judgment.

Hong Kong has no arrangement for the reciprocal enforcement of judgments with the U.S. As a result, there is uncertainty as to the enforceability in Hong Kong, in original actions or in actions for enforcement, of judgments of the U.S. courts of civil liabilities predicated solely upon the federal securities laws of the U.S. or the securities laws of any state or territory within the U.S. You may incur additional costs and procedural obstacles in effecting service of legal process, enforcing foreign judgments or bringing actions in Hong Kong against us or our management named in the prospectus, as judgments entered in the U.S. can be enforced in Hong Kong only at common law. For more information regarding the relevant laws of the Cayman Islands and Hong Kong, see "*Enforceability of Civil Liabilities*."

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***The laws of Cayman Islands provide limited protections for minority shareholders, so minority shareholders will not have the same options as to recourse in comparison to the U.S if the shareholders are dissatisfied with the conduct of our affairs.***

Our corporate affairs are governed by our memorandum and articles of association as amended from time to time, and by the Cayman Islands Companies Act (Revised) and common law of Cayman Islands. The rights of shareholders to take action against our directors, action by minority shareholders and the fiduciary responsibilities of our directors to us under Cayman Islands law are to a large extent governed by the common law of the Cayman Islands. The common law of the Cayman Islands is derived in part from comparatively limited judicial precedent in the Cayman Islands as well as from English common law, the decisions of whose courts are of persuasive authority, but are not binding, on a court in the Cayman Islands.

The laws of the Cayman Islands relating to the protection of the interests of minority shareholders differ in certain respects from those established under statutes or judicial precedent in existence in the United States and other jurisdictions. Such differences may mean that the remedies available to our minority shareholders may be different from those they would have under the laws of other jurisdictions, including the United States. Potential investors should be aware that there is a risk that provisions of the Companies Act may not offer the same protection as the relevant laws and regulations in the United States may offer, and should consider obtaining independent legal advice on the implications of investing in foreign-incorporated companies.

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**Risks Relating to Our Ordinary Shares and This Offering**

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***Our Ordinary Shares may be prohibited from being traded on a national exchange under the Holding Foreign Companies Accountable Act if the PCAOB is unable to inspect our auditors. The delisting of our Ordinary Shares, or the threat of their being delisted, may materially and adversely affect the value of your investment. Furthermore, on June 22, 2021, the U.S. Senate passed the Accelerating Holding Foreign Companies Accountable Act, which was signed into law on December 29, 2022, amending the HFCAA to require the SEC to prohibit an issuer's securities from trading on any U.S. stock exchanges if its auditor is not subject to PCAOB inspections for two consecutive years instead of three.***

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

On March 24, 2021, the SEC adopted interim final rules relating to the implementation of certain disclosure and documentation requirements of the HFCA Act. A company will be required to comply with these rules if the SEC identifies it as having a "non-inspection" year under a process to be subsequently established by the SEC.

Furthermore, on June 22, 2021, the U.S. Senate passed the AHFCAA, which was signed into law on December 29, 2022, amending the HFCAA and requiring the SEC to prohibit an issuer's securities from trading on any U.S. stock exchange if its auditor is not subject to PCAOB inspections for two consecutive years instead of three consecutive years. On September 22, 2021, the PCAOB adopted a final rule implementing the HFCAA, which provides a framework for the PCAOB to use when determining, as contemplated under the HFCAA, whether the PCAOB is unable to inspect or investigate completely registered public accounting firms located in a foreign jurisdiction because of a position taken by one or more authorities in that jurisdiction. On December 2, 2021, the SEC issued amendments to finalize rules implementing the submission and disclosure requirements in the HFCAA. The rules apply to registrants that the SEC identifies as having filed an annual report with an audit report issued by a registered public accounting firm that is located in a foreign jurisdiction and that PCAOB is unable to inspect or investigate completely because of a position taken by an authority in foreign jurisdictions. On December 16, 2021, the PCAOB issued a Determination Report which found that the PCAOB is unable to inspect or investigate completely registered public accounting firms headquartered in: (i) China, and (ii) Hong Kong.

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

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

Our auditor, SRCO Professional Corporation Chartered Professional Accountants, the independent registered public accounting firm that issues the audit report included elsewhere in this prospectus, as a firm headquartered in Richmond Hill, Canada and registered with the PCAOB, is subject to laws in the United States pursuant to which the PCAOB conducts regular inspections to assess our auditor's compliance with the applicable professional standards with the last inspection in 2023, and as of the date of this prospectus, our auditor is not subject to and not affected by to the PCAOB's Determination Report. However, in the event it is later determined that the PCAOB is unable to inspect or investigate completely the auditor because of a position taken by an authority in a foreign jurisdiction, such as the PRC authorities, then such lack of inspection could cause trading in the Company's securities to be prohibited under the HFCAA, and ultimately result in a determination by a securities exchange to delist the Company's securities.

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

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

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

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

Prior to this Offering, there has been no public market for our Ordinary Shares. Although we have applied to have our Ordinary Shares listed on the Nasdaq Capital Market, we cannot assure you that a liquid public market for our Ordinary Shares will develop. If an active public market for our Ordinary Shares does not develop following the completion of this Offering, the market price of our Ordinary Shares may decline and the liquidity of our Ordinary Shares may decrease significantly.

The initial public offering price for our Ordinary Shares will be determined by negotiation between us and the underwriters and may vary from the market price of our Ordinary Shares following our initial public offering. We cannot assure you that the price at which the Ordinary Shares are traded after this Offering will not decline below the initial public offering price. If you purchase our Ordinary Shares in our initial public offering, you may not be able to resell those shares at or above the initial public offering price. We cannot assure you that the initial public offering price of our Ordinary Shares, or the market price following our initial public offering, will equal or exceed prices in privately negotiated transactions of our shares that have occurred from time to time prior to our initial public offering. As a result, investors in our Ordinary Shares may experience a significant decrease in the value of their Ordinary Shares due to insufficient or a lack of market liquidity of our Ordinary Shares.

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***We may experience extreme stock price volatility unrelated to our actual or expected operating performance, financial condition or prospects, making it difficult for prospective investors to assess the rapidly changing value of our Ordinary Shares.***

The trading prices of our Ordinary Shares are likely to be highly volatile and could fluctuate widely due to factors beyond our control. This may happen due to broad market and industry factors, such as performance and fluctuation in the market prices or underperformance or deteriorating financial results of other listed companies based in Hong Kong and China. The securities of some of these companies have experienced significant volatility since their initial public offerings, including, in some cases, substantial price declines in the trading prices of their securities. The trading performances of other Hong Kong and Chinese companies' securities after their offerings may affect the attitudes of investors towards Hong Kong-based U.S.–listed companies, which consequently may affect the trading performance of our Ordinary Shares, regardless of our actual operating performance. In addition, any negative news or perceptions about inadequate corporate governance practices or fraudulent accounting, corporate structure or matters of other Hong Kong and Mainland Chinese companies may also negatively affect the attitudes of investors towards Hong Kong and Mainland Chinese companies in general, including us, regardless of whether we have conducted any inappropriate activities. Furthermore, securities markets may from time to time experience significant price and volume fluctuations that are not related to our operating performance, which may have a material and adverse effect on the trading price of our Ordinary Shares.

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

● regulatory developments affecting us or our industry;

● variations in our revenues, profit, and cash flow;

● the general market reactions and financial market fluctuation due to the continuous Russian-Ukraine conflicts;

● changes in the economic performance or market valuations of other financial services firms; political, social and economic conditions in Mainland China and Hong Kong;

● actual or anticipated fluctuations in our quarterly results of operations and changes or revisions of our expected results;

● fluctuations of exchange rates among Hong Kong dollar, Renminbi, and the U.S. dollar;

● changes in financial estimates by securities research analysts;

● detrimental negative publicity about us, our services, our officers, directors, controlling shareholder, other beneficial owners, professional parties we partner with, or our industry;

● announcements by us or our competitors of new service offerings, acquisitions, strategic relationships, joint ventures, capital raisings or capital commitments;

● additions to or departures of our senior management;

● litigation or regulatory proceedings involving us, our officers, directors, or major shareholders;

● release or expiry of lock-up or other transfer restrictions on our outstanding Ordinary Shares; and

● sales or perceived potential sales of additional Ordinary Shares.

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

Recently, there have been instances of extreme stock price run-ups followed by rapid price declines and strong stock price volatility with a number of recent initial public offerings, especially among companies with relatively smaller public floats. As a relatively small-capitalization company with relatively small public float, we may experience greater stock price volatility, extreme price run-ups, lower trading volume and less liquidity than large-capitalization companies. In particular, our Ordinary Shares may be subject to rapid and substantial price volatility, low volumes of trades and large spreads in bid and ask prices. Such volatility, including any stock-run up, may be unrelated to our actual or expected operating performance, financial condition or prospects, making it difficult for prospective investors to assess the rapidly changing value of our Ordinary Shares.

In addition, if the trading volumes of our Ordinary Shares are low, persons buying or selling in relatively small quantities may easily influence prices of our Ordinary Shares. This low volume of trades could also cause the price of our Ordinary Shares to fluctuate greatly, with large percentage changes in price occurring in any trading day session. Holders of our Ordinary Shares may also not be able to readily liquidate their investment or may be forced to sell at depressed prices due to low volume trading. Broad market fluctuations and general economic and political conditions may also adversely affect the market price of our Ordinary Shares. As a result of this volatility, investors may experience losses on their investment in our Ordinary Shares. A decline in the market price of our Ordinary Shares also could adversely affect our ability to issue additional shares of Ordinary Shares or other securities and our ability to obtain additional financing in the future. No assurance can be given that an active market in our Ordinary Shares will develop or be sustained. If an active market does not develop, holders of our Ordinary Shares may be unable to readily sell the shares they hold or may not be able to sell their shares at all.

In the past, shareholders of public companies have often brought securities class action suits against those companies following periods of instability in the market price of their securities. If we were involved in a class action suit, it could divert a significant amount of our management's attention and other resources from our business and operations and require us to incur significant expenses to defend the suit, which could harm our results of operations. Any such class action suit, whether or not successful, could harm our reputation and restrict our ability to raise capital in the future. In addition, if a claim is successfully made against us, we may be required to pay significant damages, which could have a material adverse effect on our financial condition and results of operations.

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***Our Ordinary Shares may be thinly traded and you may be unable to sell at or near ask prices or at all if you need to sell your shares to raise money or otherwise desire to liquidate your shares.***

Assuming our Ordinary Shares begin trading on the Nasdaq Capital Market, our Ordinary Shares may be "thinly-traded," meaning that the number of persons interested in purchasing our Ordinary Shares at or near bid prices at any given time may be relatively small or non-existent. This situation may be attributable to a number of factors, including the fact that we are relatively unknown to stock analysts, stock brokers, institutional investors and others in the investment community that generate or influence sales volume, and that even if we come to the attention of such persons, they tend to be risk-averse and might be reluctant to follow an unproven company such as ours or purchase or recommend the purchase of our shares until such time as we became more seasoned. As a consequence, there may be periods of several days or more when trading activity in our shares is minimal or non-existent, as compared to a seasoned issuer which has a large and steady volume of trading activity that will generally support continuous sales without an adverse effect on share price. A broad or active public trading market for our Ordinary Shares may not develop or be sustained.

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***Our existing shareholders that are not included in this registration statement will be able to sell their Ordinary Shares after completion of this Offering subject to restrictions under the Rule 144.***

Immediately following this Offering, Mr. Tak Chiu, CHAN (our Director, Chief Executive Officer and the Chairman of the Board), and his mother, Ms. Shui Yuet, LAM, will together beneficially own 58.95% of our total issued and outstanding Ordinary Shares and other existing shareholders will own 31.05% in aggregate of the issued share capital of the Company.

Mr. Tak Chiu, CHAN, Ms. Shui Yuet, LAM or our other existing shareholders may be able to sell their Ordinary Shares under Rule 144 after completion of this Offering. Because these shareholders have paid a lower price per Ordinary Share than participants in this Offering, when they are able to sell their pre-offering shares under Rule 144, they may be more willing to accept a lower sales price than the offering price. This fact could impact the trading price of our Ordinary Shares following completion of the Offering, to the detriment of participants in this Offering. Any significant selling by these shareholders could potentially drive down the price of the shares sold to investors in this Offering. Under rule 144, before our existing shareholders can sell their Ordinary Shares, in addition to meeting other requirements, they must meet the required holding period. We do not expect any of such Ordinary Shares to be sold pursuant to Rule 144 during the pendency of this Offering.

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***You will experience immediate and substantial dilution in the net tangible book value of Ordinary Shares purchased.***

The offering price of our Ordinary Shares is substantially higher than the (pro forma) net tangible book value per share of our Ordinary Shares. Consequently, when you purchase our Ordinary Shares in the Offering and upon completion of the Offering, you will incur immediate dilution of US$4.34 per share, assuming an offering price of US$5, which is the midpoint of the price range as set forth on the cover page of this prospectus. See "Dilution." In addition, you may experience further dilution to the extent that additional Ordinary Shares are issued upon exercise of outstanding options we may grant from time to time.

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***If we fail to meet applicable listing requirements, Nasdaq may delist our Ordinary Shares from trading, in which case the liquidity and market price of our Ordinary Shares could decline.***

Assuming our shares are listed on Nasdaq, we cannot assure you that we will be able to meet the continued listing standards of Nasdaq in the future. If we fail to comply with the applicable listing standards and Nasdaq delists our Ordinary Shares, we and our shareholders could face significant material adverse consequences, including**:**

● a limited availability of market quotations for our Ordinary Shares;

● reduced liquidity for our Ordinary Shares;

● a determination that our Ordinary Shares are "penny stock," which would require brokers trading in our Ordinary Shares to adhere to more stringent rules and possibly result in a reduced level of trading activity in the secondary trading market for our Ordinary Shares;

● a limited amount of news about us and analyst coverage of us; and

● a decreased ability for us to issue additional equity securities or obtain additional equity or debt financing in the future.

The National Securities Markets Improvement Act of 1996, which is a federal statute, prevents or preempts the states from regulating the sale of certain securities, which are referred to as "covered securities." Because we expect that our shares will be listed on Nasdaq, such securities will be covered securities. Although the states are preempted from regulating the sale of our securities, the federal statute does allow the states to investigate companies if there is a suspicion of fraud, and, if there is a finding of fraudulent activity, then the states can regulate or bar the sale of covered securities in a particular case. Further, if we were no longer listed on Nasdaq, our securities would not be covered securities and we would be subject to regulations in each state in which we offer our securities.

As of the date of this prospectus, we do not currently meet the initial listing requirements of the Nasdaq Capital Market and hence, there is a risk that our application or listing may not be approved, which could adversely affect the liquidity and marketability of our securities and limit our access to capital markets. However, we believe that upon completion of this offering, we will satisfy the initial listing requirements on a post-offering basis.

The Nasdaq Capital Market provides three alternative standards for initial listing under Nasdaq Listing Rule 5505(b): (i) the equity standard; (ii) the market value of listed securities standard; and (iii) the net income standard. We currently rely on the net income standard as the applicable basis for our listing eligibility. While we have achieved the requisite level of net income to satisfy this standard, our stockholders' equity as of the date of this prospectus does not meet the minimum threshold of US$4 million as required under such standard.

Based on consultations with Nasdaq, we understand that we will be able to satisfy the applicable requirements of the Net Income Standard on a post-offering basis, as the net proceeds from this offering are expected to significantly strengthen our balance sheet and improve our stockholders' equity position. However, there can be no assurance that Nasdaq will not revise or re-interpret its standards or its application of such standards to companies like us, or that Nasdaq will not impose additional conditions on our listing.

In addition, recent proposals by Nasdaq to amend its listing standards may impose additional hurdles for companies operating principally in China, including Hong Kong and Macau. These proposed changes include, among others, a heightened minimum initial public offering size of US$25 million and increased public float requirements for companies seeking to list on the Nasdaq Capital Market, aimed at enhancing investor protection and market stability. If implemented, these rules could significantly raise the threshold for initial and continued listing eligibility for issuers like us. If we fail to meet the revised listing requirements, or if Nasdaq alters its interpretation of the existing rules in a manner adverse to us, we may be unable to list or maintain our listing on the Nasdaq Capital Market, which could materially and adversely affect the liquidity, visibility, and overall marketability of our Shares.

***The sale or availability for sale of substantial amounts of our Ordinary Shares in the public market could adversely affect the market price of our Ordinary Shares.***

Sales of substantial amounts of our Ordinary Shares in the public market after the completion of this Offering, or the perception that these sales could occur, could adversely affect the market price of our Ordinary Shares and could materially impair our ability to raise capital through equity offerings in the future. The Ordinary Shares sold in this Offering will be freely tradable without restriction or further registration under the Securities Act, and shares held by our existing shareholders may also be sold in the public market in the future, subject to the restrictions in Rule 144 and Rule 701 under the Securities Act and the applicable lock-up agreements.

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There will be 12,500,000 Ordinary Shares outstanding immediately after this Offering, or 12,687,500 Ordinary Shares if the underwriters exercise their option to purchase additional Ordinary Shares in full. In connection with this Offering, we, our officers, directors, and shareholders holding 5% or more of the issued and outstanding Ordinary Shares have agreed not to sell any of our Ordinary Shares or are otherwise subject to similar lockup restrictions for six months after the date of this prospectus without the prior written consent of the Representatives of the underwriters, subject to certain exceptions. However, the underwriters may release these securities from these restrictions at any time, subject to applicable regulations of the Financial Industry Regulatory Authority, Inc. We cannot predict what effect, if any, market sales of securities held by our significant shareholders or any other shareholder or the availability of these securities for future sale will have on the market price of our Ordinary Shares. See "Underwriting" for a more detailed description of the restrictions on selling our securities after this Offering.

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***Because the amount, timing, and whether or not we distribute dividends at all is entirely at the discretion of our board of directors, you must rely on price appreciation of our Ordinary Shares for return on your investment.***

Our board of directors has complete discretion as to whether to distribute dividends. In addition, our shareholders may by ordinary resolution declare a dividend, but no dividend may exceed the amount recommended by our board of directors. In either case, all dividends are subject to certain restrictions under the Cayman Islands law, namely the Company may pay a dividend out of either profit or share premium account; provided that in no circumstances may a dividend be paid out of our share premium if this would result in our company being unable to pay its debts as they fall due in the ordinary course of business.

We currently intend to retain all remaining funds and future earnings, if any, for the operation and expansion of our business and do not anticipate declaring or paying any further dividends in the foreseeable future. Any future determination related to our dividend policy will be made at the discretion of our board of directors after considering our financial condition, results of operations, capital requirements, contractual requirements, business prospects and other factors the board of directors deems relevant, and will be subject to the restrictions contained in any future financing instruments.

Even if our board of directors decides to declare and pay dividends, the timing, amount and form of future dividends, if any, will depend on, among other things, our future results of operations and cash flow, our capital requirements and surplus, the amount of distributions, if any, received by us from our subsidiary, our financial condition, contractual restrictions and other factors deemed relevant by our board of directors. Accordingly, the return on your investment in our Ordinary Shares will likely depend entirely upon any future price appreciation of our Ordinary Shares. We cannot assure you that our Ordinary Shares will appreciate in value after this Offering or even maintain the price at which you purchased the Ordinary Shares. You may not realize a return on your investment in our Ordinary Shares and you may even lose your entire investment in our Ordinary Shares. See "Dividend Policy" section for more information.

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

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

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

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

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

● the selective disclosure rules by issuers of material nonpublic information under Regulation FD.

We will be required to file an annual report on Form 20-F within four months of the end of each fiscal year. In addition, we intend to publish our results on a quarterly basis as press releases, distributed pursuant to the rules and regulations of Nasdaq Capital Market. Press releases relating to financial results and material events will also be furnished to the SEC on Form 6-K. However, the information we are required to file with or furnish to the SEC will be less extensive and less timely compared to that required to be filed with the SEC by U.S. domestic issuers. In addition, our officers, directors and principal shareholders are exempt from the reporting and short-swing profit recovery provisions of Section 16 of the Exchange Act and the rules under the Exchange Act with respect to their purchases and sales of our securities. As a result, you may not be afforded the same protections or information that would be made available to you were you investing in a U.S. domestic issuer.

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***As a foreign private issuer, 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 corporate governance listing standards.***

As a foreign private issuer, we are permitted to take advantage of certain provisions in the Nasdaq rules that allow us to follow our home country law for certain governance matters. Certain corporate governance practices in our home country, the Cayman Islands, may differ significantly from corporate governance listing standards. Currently, we have no plan to rely on our home country practices with respect to our corporate governance after we complete this Offering. However, if we choose to follow our home country practices in the future, our shareholders may be afforded less protection than they would otherwise enjoy under the Nasdaq corporate governance listing standards applicable to U.S. domestic issuers.

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

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. The determination of foreign private issuer status is made annually on the last business day of an issuer's most recently completed second fiscal quarter. We would lose our foreign private issuer status if, for example, more than 50% of our Ordinary Shares are directly or indirectly held by residents of the United States and we fail to meet additional requirements necessary to maintain our foreign private issuer status. If we lose our foreign private issuer status on this date, 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 Nasdaq rules. 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, and accounting, reporting and other expenses in order to maintain a listing on a U.S. securities exchange.

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***Potential changes to SEC foreign private issuer rules may subject us to more stringent U.S. reporting requirements.***

The SEC is currently reviewing the definition of "foreign private issuer" and may impose additional requirements, including foreign trading volume thresholds, major foreign exchange listing requirements, or enhanced regulatory assessments. If implemented, these changes could result in us losing our FPI status, which would require us to comply with more stringent U.S. domestic issuer reporting requirements, including quarterly reporting, shorter filing deadlines, U.S. GAAP financial statements, and additional disclosure obligations. Loss of FPI status would significantly increase our compliance costs and administrative burden and could adversely affect our business operations and financial condition. We are currently evaluating and monitoring developments with respect to these rules and regulations, and we cannot predict or estimate with any degree of certainty the amount of additional costs we may incur or the timing of such costs.

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

We will be classified as a passive foreign investment company, or PFIC, for any taxable year if either (i) 75% or more of our gross income for such year consists of certain types of "passive" income, or (ii) 50% or more of the value of our assets (determined on the basis of a quarterly average) during such year produce or are held for the production of passive income (the "asset test"). Based upon our current and expected income and assets, including goodwill and (taking into account the expected proceeds from this Offering) the value of the assets held by our strategic investment business, the expected proceeds from this Offering as well as projections as to the market price of our Ordinary Shares immediately following the completion of this Offering, we do not presently expect to be classified as a PFIC for the current taxable year or the foreseeable future.

While we do not expect to be a PFIC, because the value of our assets, for purposes of the asset test, may be determined by reference to the market price of our Ordinary Shares, fluctuations in the market price of our Ordinary Shares may cause us to become a PFIC classification for the current or subsequent taxable years. The determination of whether we will be or become a PFIC will also depend, in part, on the composition and classification of our income, including the relative amounts of income generated by and the value of assets of our strategic investment business as compared to our other businesses. Because there are uncertainties in the application of the relevant rules, it is possible that the U.S. Internal Revenue Service, or IRS, may challenge our classification of certain income and assets as non-passive which may result in our being or becoming a PFIC in the current or subsequent years. In addition, the composition of our income and assets will also be affected by how, and how quickly, we use our liquid assets and the cash raised in this Offering. If we determine not to deploy significant amounts of cash for active purposes, our risk of being a PFIC may substantially increase. Because there are uncertainties in the application of the relevant rules and PFIC status is a factual determination made annually after the close of each taxable year, there can be no assurance that we will not be a PFIC for the current taxable year or any future taxable year.

If we are a PFIC in any taxable year, a U.S. Holder (as defined in "Taxation — United States Federal Income Tax Considerations") may incur significantly increased United States income tax on gain recognized on the sale or other disposition of our Ordinary Shares and on the receipt of distributions on our Ordinary Shares to the extent such gain or distribution is treated as an "excess distribution" under the United States federal income tax rules, and such holder may be subject to burdensome reporting requirements. Further, if we are a PFIC for any year during which a U.S. Holder holds our Ordinary Shares, we will generally continue to be treated as a PFIC for all succeeding years during which such U.S. Holder holds our Ordinary Shares. For more information see "Taxation — United States Federal Income Tax Considerations — Passive Foreign Investment Company Rules".

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***We will incur increased costs as a result of being a public company, particularly after we cease to qualify as an emerging growth company.***

Upon completion of this Offering, we will become a public company and expect to incur significant legal, accounting and other expenses that we did not incur as a private company. The Sarbanes-Oxley Act of 2002 and the rules subsequently implemented by the SEC and the New York Stock Exchange detailed requirements concerning corporate governance practices of public companies. As a company with less than US$1.235 billion in net revenues for our last fiscal year, we qualify as an "emerging growth company" pursuant to the JOBS Act. An emerging growth company may take advantage of specified reduced reporting and other requirements that are otherwise applicable generally to public companies. These provisions include exemption from the auditor attestation requirement under Section 404 of the Sarbanes-Oxley Act of 2012 relating to internal controls over financial reporting.

We expect these rules and regulations to increase our legal and financial compliance costs and to make some corporate activities more time-consuming and costly. After we are no longer an "emerging growth company," we expect to incur significant expenses and devote substantial management effort toward ensuring compliance with the requirements of Section 404 of the Sarbanes-Oxley Act of 2002 and the other time and attention to our public company reporting obligations and other compliance matters. For example, as a result of becoming a public company, we will need to increase the number of independent directors and adopt policies regarding internal controls and disclosure controls and procedures. We also expect that operating as a public company will make it more difficult and more expensive for us to obtain director and officer liability insurance, and we may be required to accept reduced policy limits and coverage or incur substantially higher costs to obtain the same or similar coverage. In addition, we will incur additional costs associated with our public company reporting requirements. It may also be more difficult for us to find qualified persons to serve on our board of directors or as executive officers. We are currently evaluating and monitoring developments with respect to these rules and regulations, and we cannot predict or estimate with any degree of certainty the amount of additional costs we may incur or the timing of such costs.

***We are an "emerging growth company," and the reduced disclosure requirements applicable to emerging growth companies may make our Ordinary Shares less attractive to investors.***

We are an "emerging growth company," as defined in the JOBS Act. For so long as we remain an emerging growth company, we are permitted and intend to rely on exemptions from certain disclosure requirements that are applicable to other public companies that are not emerging growth companies. These exemptions include:

● being permitted to provide only two years of audited financial statements, in addition to any required unaudited interim financial statements, with correspondingly reduced "Management's Discussion and Analysis of Financial Condition and Results of Operations" disclosure;

● not being required to comply with the auditor attestation requirements in the assessment of our internal control over financial reporting of Section 404(b) of the Sarbanes-Oxley Act;

● not being required to comply with any requirement that may be adopted by the Public Company Accounting Oversight Board regarding mandatory audit firm rotation or a supplement to the auditor's report providing additional information about the audit and the financial statements;

● reduced disclosure obligations regarding executive compensation; 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.

We have taken advantage of reduced reporting burdens in this prospectus. In particular, in this prospectus, we have only provided two years of audited financial statements and have not included all the executive compensation related information that would be required if we were not an emerging growth company. In addition, the JOBS Act provides that an emerging growth company can take advantage of an extended transition period for complying with new or revised accounting standards. This allows an emerging growth company to delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We are choosing to take advantage of the extended transition period for complying with new or revised accounting standards.

We cannot predict whether investors will find our Ordinary Shares less attractive if we rely on these exemptions. If some investors find our Ordinary Shares less attractive as a result, there may be a less active trading market for our Ordinary Shares and our share price may be more volatile.

We will remain an emerging growth company until the earliest of (i) the date on which we are deemed to be a "large accelerated filer" under the Exchange Act, which would occur if the market value of our Ordinary Shares that are held by non-affiliates exceeds US$700 million as of the last business day of our most recently completed second fiscal quarter. (ii) the end of the fiscal year during which we have total annual gross revenues of US$1.235 billion or more, (iii) the date on which we have, during the preceding three-year period, issued more than US$1.0 billion in non-convertible debt, or (iv) the last day of our fiscal year following the fifth anniversary of the completion of this Offering.

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**SPECIAL NOTES REGARDING FORWARD-LOOKING STATEMENTS**

This prospectus contains forward-looking statements that involve substantial risks and uncertainties. In some cases, you can identify forward-looking statements by the words "may," "might," "will," "could," "would," "should," "expect," "intend," "plan," "goal," "objective," "anticipate," "believe," "estimate," "predict," "potential," "continue" and "ongoing," or the negative of these terms, or other comparable terminology intended to identify statements about the future. These statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, levels of activity, performance or achievements to be materially different from the information expressed or implied by these forward-looking statements. The forward-looking statements and opinions contained in this prospectus are based upon information available to us as of the date of this prospectus and, while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. Factors that could cause actual results to differ from those discussed in the forward-looking statements include, but are not limited to:

● future financial and operating results, including revenues, income, expenditures, cash balances and other financial items;

● our ability to execute our growth, expansion and acquisition strategies, including our ability to meet our growth strategies;

● current and future economic and political conditions;

● expected changes in our revenues, costs or expenditures;

● our expectations regarding demand for and market acceptance of our services;

● our expectations regarding our client base;

● our ability to obtain, maintain or procure all necessary government certifications, approvals, and/or licenses to conduct our business, and in the relevant jurisdictions in which we operate;

● competition in our industry;

● relevant government policies and regulations relating to our industry;

● our capital requirements and our ability to raise any additional financing which we may require;

● our ability to hire and retain qualified management personnel and key employees in order to enable us to develop our business;

● overall industry, economic and market performance;

● other assumptions described in this prospectus underlying or relating to any forward-looking statements.

You should refer to the section titled "Risk Factors" for a discussion of important factors that may cause our actual results to differ materially from those expressed or implied by our forward-looking statements. As a result of these factors, we cannot assure you that the forward-looking statements in this prospectus will prove to be accurate. Furthermore, if our forward-looking statements prove to be inaccurate, the inaccuracy may be material. In light of the significant uncertainties in these forward-looking statements, you should not regard these statements as a representation or warranty by us or any other person that we will achieve our objectives and plans in any specified time frame, or at all. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

You should read this prospectus and the documents that we reference in this prospectus and have filed as exhibits to the registration statement, of which this prospectus forms a part, completely and with the understanding that our actual future results may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements.

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**USE OF PROCEEDS**

Based upon an assumed initial public offering price of US$5.00 per Ordinary Share (the mid-point of the range set forth on the cover page of this prospectus), we estimate that we will receive net proceeds from this Offering, after deducting the underwriting discounts, accountable expense allowance, non-accountable expense allowance and other estimated offering expenses payable by us, of approximately US$5.0 million, assuming the underwriters do not exercise their over-allotment option.

We plan to use the net proceeds we will receive from this Offering as follows:

● Approximately US$2.0 million or 40% for recruitment of talent.

● Approximately US$1.0 million or 20% for improvement of research infrastructures;

● Approximately US$1.0 million or 20% for marketing and public relation activities; and

● The balance of US$1.0 million or 20% for general working capital and corporate purposes.

The foregoing represents our current intentions based upon our present plans and business conditions to use and allocate the net proceeds of this Offering. Our management, 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 imminently used for the above purposes, we intend to invest in short-term, interest-bearing bank deposits or debt instruments.

**DIVIDEND POLICY**

On August 4, 2025 and June 24, 2024, Keystone Capital declared a cash dividend of HK$2.5 million (approximately US$318,475) and HK$0.5 million (approximately US$64,078) to its then shareholders, respectively. Other than this, for the years ended December 31, 2024 and 2023 and as of the date of this prospectus, neither Keystone Global nor the Operating Subsidiary have declared or made any dividend or contribution to their respective shareholders. Except as disclosed above, we have never declared or paid any cash dividends on our Ordinary Shares.

We anticipate that we will retain any earnings to support operations and to finance the growth and development of our business. Therefore, we do not expect to pay cash dividends in the foreseeable future.

Subject to the Companies Act and our Amended and Restated Memorandum and Articles of Association, our board of directors may, by resolution of directors, authorize and declare a dividend to our shareholders at such time and of such an amount as they think fit provided always that in no circumstances may a dividend be paid if this would result in our company being unable to pay its debts as they fall due in the ordinary course of business.

As we are a holding company, we rely on dividends paid to us by our Operating Subsidiary for our cash requirements, including funds to pay any dividends and other cash distributions to our shareholders, service any debt we may incur and pay our operating expenses. Our ability to pay dividends to our shareholders will depend on, among other things, the availability of dividends from our Hong Kong subsidiary, Keystone Capital.

Under Cayman Islands law, our board of directors may authorize payment of a dividend to shareholders at such time and of such an amount out of profits or our share premium account, if shares have been issued at a premium. No dividend may be paid out of our share premium account unless immediately following the payment we are able to pay our debts as they fall due in the ordinary course of business. Subject to compliance with applicable solvency requirements, there is no further Cayman Islands statutory restriction on the amount of funds which may be distributed by us by dividend.

As an exempted company, we are not subject to any income, withholding or capital gains taxes in the Cayman Islands. Our shareholders will not be subject to any income, withholding or capital gains taxes in the Cayman Islands with respect to their shares and dividends received on those shares, nor will they be subject to any estate or inheritance taxes in the Cayman Islands.

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**CAPITALIZATION**

The following table sets forth our capitalization as of June 30, 2025 on (i) an actual basis, and (ii) a pro forma as adjusted basis giving effect to the sale of 1,250,000 Ordinary Shares in this Offering at an assumed initial public offering price of US$5.00 per share and to reflect the application of the proceeds after deducting the underwriting discounts, accountable expense allowance, non-accountable expense allowance and other estimated offering expenses payable by us. You should read this table in conjunction with our financial statements and related notes appearing elsewhere in this prospectus and "Use of Proceeds" and "Description of Share Capital."

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| | | | |
|:---|:---|:---|:---|
|  | **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** |
|  | **Actual** | **As Adjusted,<br> assuming no<br> exercise of the<br> over-allotment<br> option** | **As adjusted, <br> assuming full <br> exercise of the <br> over-allotment <br> option** |
|  | **(in US$)** | **(in US$)** | **(in US$)** |
| Indebtedness: |  |  |  |
| Operating lease liabilities, current portion | 75727 | 75727 | 75727 |
| Due to directors | 138477 | 138477 | 138477 |
| Operating lease liabilities, net of current portion | 75653 | 75653 | 75653 |
| &nbsp;&nbsp;&nbsp;Subtotal | 289857 | 289857 | 289857 |
| **Equity:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Ordinary shares, par value $0.0001 per share, 500,000,000 shares authorized; 11,250,000 shares issued and outstanding as of June 30, 2025, on an actual basis; 12,500,000 shares issued and outstanding on a pro forma as adjusted basis (assuming no exercise of the over-allotment option); and 12,687,500 shares outstanding on an as adjusted basis (assuming full exercise of the over-allotment option) | 1125 | 1250 | 1269 |
| Additional paid-in capital<sup>(1)</sup> | 1024963 | 5748518 | 6610999 |
| Retained earnings | 1855179 | 1855179 | 1855179 |
| Accumulated comprehensive loss | (19199) | (19199) | (19199) |
| Total Shareholders' Equity | 2862068 | 7585748 | 8448248 |
| Total capitalization | 3151925 | 7875605 | 8738105 |

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(1) Gives effect to the sale of 1,250,000 Ordinary Shares in this Offering at
an assumed Offering Price of US$5.00 per share and reflects the application of the proceeds after deducting the underwriting discounts,
accountable expense allowance, non-accountable expense allowance and other estimated offering expenses.

Each US$1.00 increase (decrease) in the assumed initial public offering price of US$5.00 per Ordinary Share would increase (decrease) the pro forma as adjusted amount of total capitalization by US$1.1 million, assuming that the number of Ordinary Shares offered by us, as set forth on the cover page of this prospectus, remains the same, and after deducting underwriting discounts, accountable expense allowance, non-accountable expense allowance and other estimated offering expenses payable by us. An increase (decrease) of one million in the number of Ordinary Shares offered by us, as set forth on the cover page of this prospectus, would increase (decrease) the pro forma as adjusted amount of total capitalization by US$5 million, assuming no change in the assumed initial public offering price per Ordinary Share as set forth on the cover page of this prospectus.

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**DILUTION**

If you invest in our Ordinary Shares in this Offering, your interest will be immediately diluted to the extent of the difference between the initial public offering price per Ordinary Share in this Offering and the net tangible book value per Ordinary Share after this Offering. Dilution results from the fact that the initial public offering price per Ordinary Share is substantially in excess of the net tangible book value per Ordinary Share.

As of June 30, 2025, we had a historical net tangible book value of approximately US$3.6 million, or US$0.32 per Ordinary Share. Our net tangible book value per share represents total tangible assets less total liabilities, divided by the number of Ordinary Shares outstanding on June 30, 2025.

The calculation in this section assumes that 1,250,000 Ordinary Shares were issued and outstanding as of June 30, 2025. After giving effect to the sale of Ordinary Shares in this Offering at the assumed initial public offering price of US$5.00 per Ordinary Share and after deducting the underwriting discounts, accountable expense allowance, non-accountable expense allowance and other estimated offering expenses payable by us, our pro forma as adjusted net tangible book value at June 30, 2025 would have been US$8.3 million, or US$0.66 per Ordinary Share. This represents an immediate increase in pro forma as adjusted net tangible book value of US$4.7 million per Ordinary Share to existing investors and immediate dilution of $4.34 per Ordinary Share to new investors. The following table illustrates this dilution to new investors purchasing Ordinary Share in this Offering:

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| | | |
|:---|:---|:---|
|  | **Offering <br> without <br> Over-allotment <br> Option** | **Offering <br> with Full <br> Exercise of <br> Over-allotment <br> Option** |
| Assumed initial public offering price per Ordinary Share | $5.00 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00 |
| &nbsp;&nbsp;&nbsp;Net tangible book value per Ordinary Share as of June 30, 2025 | $0.32 | $0.32 |
| Increase in pro forma as adjusted net tangible book value per Ordinary Share attributable to new investors purchasing Ordinary Shares in this Offering | $0.34 | $0.40 |
| Pro forma as adjusted net tangible book value per Ordinary Share after this Offering | $0.66 | $0.72 |
| Dilution per Ordinary Share to new investors in this Offering | $4.34 | $4.28 |

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Each US$1.00 increase (decrease) in the assumed initial public offering price of US$5.00 per Ordinary Share would increase (decrease) our pro forma as adjusted net tangible book value as of June 30, 2025, after this Offering by approximately US$0.10 per Ordinary Share, and would increase (decrease) dilution to new investors by US$0.90 per Ordinary Share, assuming that the number of Ordinary Shares offered by us, as set forth on the cover page of this prospectus, remains the same, and after deducting the underwriting discounts, accountable expense allowance, non-accountable expense allowance and other estimated offering expenses payable by us.

An increase (decrease) of one million in the number of Ordinary Shares we are offering would increase (decrease) our pro forma as adjusted net tangible book value as of June 30, 2025 after this Offering by approximately US$0.30 per Ordinary Share, and would decrease (increase) dilution to new investors by approximately US$0.30 per Ordinary Share, assuming the assumed initial public offering price per Ordinary Share, as set forth on the cover page of this prospectus remains the same, and after deducting the estimate underwriting discounts, accountable expense allowance, non-accountable expense allowance and other estimated offering expenses payable by us. The pro forma as adjusted information is illustrative only, and we will adjust this information based on the actual initial public offering price and other terms of this Offering determined at pricing.

If the underwriters exercise their over-allotment option in full, the pro forma as adjusted net tangible book value per Ordinary Share after the Offering would be US$0.72, the increase in net tangible book value per Ordinary Share to existing shareholders would be US$0.40, and the immediate dilution in net tangible book value per Ordinary Share to new investors in this Offering would be US$4.28.

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The following table summarizes, on a pro forma as adjusted basis as of June 30, 2025, the differences between existing shareholders and the new investors with respect to the number of Ordinary Shares purchased from us, the total consideration paid and the average price per Ordinary Share before deducting the estimated discounts to the underwriters, accountable expense allowance, non-accountable expense allowance and other estimated offering expenses payable by us.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Ordinary Shares purchased** | **Ordinary Shares purchased** | **Total consideration** | **Total consideration** | |
|  | **Number** | **Percent** | **Amount** | **Percent** | **Average price<br> per Ordinary**<br>**Share** |
| Existing shareholders | 11250000 | 90.00% | $1125 | 0.02% | $0.0001 |
| New investors<sup>(1)</sup> | 1250000 | 10.00% | $6250000 | 99.98% | $5.0000 |
| Total | 12500000 | 100.00% | $6251125 | 100.0% | $0.5001 |

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____________

(1) Not including over-allotment shares.

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

**CORPORATE HISTORY AND STRUCTURE**

Keystone Global Financial Group is an exempted company with limited liability incorporated under the laws of the Cayman Islands on April 3, 2025. It is a holding company with no operations of its own. We conduct our operations in Hong Kong primarily through, Keystone Capital, our Operating Subsidiary in Hong Kong. Keystone Capital commenced business in June 2016. The Ordinary Shares offered in this prospectus are those of Keystone Global Financial Group.

As of the date of the incorporation of Keystone Global Financial Group, it was initially owned as to one (1) Ordinary Share held by Ogier Global Subscriber (Cayman) Limited. On May 13, 2025, Ogier Global Subscriber (Cayman) Limited transferred one (1) Ordinary Share to Shui Yuet, LAM for consideration of US$0.0001. That same day, Keystone Global Financial Group issued 720, 7,200, 11,789, 900, 11,790, 900, 900 and 1,800 Ordinary Shares to each of Ying King, LAU, Wing Leung, SIU, Shui Yuet, LAM, Chun Heung, LAU, Tak Chiu, CHAN, Kit Ying Kitty, KWONG, Cheuk Ning, LEW and Nga Sze, IP, respectively, at a consideration of US$0.072, US$0.72, US$1.1789, US$0.09, US$1.179, US$0.09, US$0.09 and US$0.18, respectively, with reference to the nominal value of such Ordinary Shares. Immediately after the aforesaid transfer and issuance, Keystone Global Financial Group was owned as to 720, 7,200, 11,790, 900, 11,790, 900, 900 and 1,800 Ordinary Shares, respectively, by Ying King, LAU, Wing Leung, SIU, Shui Yuet, LAM, Chun Heung, LAU, Tak Chiu, CHAN, Kit Ying Kitty, KWONG, Cheuk Ning, LEW and Nga Sze, IP.

On August 11, 2025, Keystone Global Financial Group acquired the entire issued share capital of the Operating Subsidiary from Keystone Holdings Worldwide Limited, a company incorporated in the BVI, which is owned as to 720, 7,200, 11,790, 900, 11,790, 900, 900 and 1,800 Ordinary Shares by Ying King, LAU, Wing Leung, SIU, Shui Yuet, LAM, Chun Heung, LAU, Tak Chiu, CHAN, Kit Ying Kitty, KWONG, Cheuk Ning, LEW and Nga Sze, IP, respectively, for consideration of HK$1.00. Immediately before and after the aforesaid acquisition, the shareholdings in Keystone Global Financial Group and Keystone Holdings Worldwide Limited are identical.

Immediately subsequent to the acquisition, the Operating Subsidiary is a direct wholly-owned subsidiary of Keystone Global Financial Group.

On September 16, 2025, in contemplation of the Offering, the Company further issued 11,214,000 Ordinary Shares in aggregate to its shareholders at par value, on a pro rata basis proportional to the shareholders' existing equity interests (collectively refers as the "**Pro Rata Share Issuance**"). All references to the number of ordinary shares and per-share data in the accompanying consolidated financial statements have been retroactively adjusted to reflect such issuance of shares. After the Pro Rata Share Issuance, 11,250,000 Ordinary Shares are issued and outstanding. The following table sets forth the breakdown of the Pro Rata Share Issuance to each shareholder:

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| | | |
|:---|:---|:---|
| **Shareholders** | **Number of Ordinary Shares Issued** | **Number of Ordinary Shares Issued** |
| Ying King, LAU |  | 224280 |
| Wing Leung, SIU |  | 2242800 |
| Shui Yuet, LAM |  | 3672585 |
| Chun Heung, LAU |  | 280350 |
| Tak Chiu, CHAN |  | 3672585 |
| Kit Ying Kitty, KWONG |  | 280350 |
| Cheuk Ning, LEW |  | 280350 |
| Nga Sze, IP |  | 560700 |

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The following table sets forth the breakdown of equity ownership of the Company upon the completion of the Pro Rata Share Issuances and as of the date of this prospectus:

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| | | |
|:---|:---|:---|
| **Shareholders** | **Number of Ordinary Shares Owned** | **Percentage of** <br> **Ordinary** <br> **Shares Owned** |
| Ying King, LAU | 225000 | 2.00% |
| Wing Leung, SIU | 2250000 | 20.00% |
| Shui Yuet, LAM | 3684375 | 32.75% |
| Chun Heung, LAU | 281250 | 2.50% |
| Tak Chiu, CHAN | 3684375 | 32.75% |
| Kit Ying Kitty, KWONG | 281250 | 2.50% |
| Cheuk Ning, LEW | 281250 | 2.50% |
| Nga Sze, IP | 562500 | 5.00% |

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The following diagram illustrates our corporate structure, including our significant subsidiary and consolidated affiliated entities, as of the date of this prospectus and after the initial public offering:

![](image_002.jpg)

(1) As of the date of the prospectus, there are four 4 shareholders
of record that have shareholding less than 5%.

(2) Keystone Global is a holding company with no operation of its
own. The Ordinary Shares offered in this prospectus are those of Keystone Global.

(3) Keystone Global conducts all its operation through Keystone
Capital, its Hong Kong Operating Subsidiary.

Keystone Capital Limited was incorporated under the laws of Hong Kong on December 3, 2015. Keystone Capital Limited is a limited liability corporation licensed with the HKSFC to undertake Type 1 (dealing in securities), Type 4 (advising on securities) and Type 9 (asset management) regulated activities. Keystone Capital Limited is the main operating entity and is wholly owned by Keystone Global Financial Group.

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

*The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our financial statements and the related notes thereto and other financial information, which are included elsewhere in this prospectus. This discussion contains forward-looking statements. These forward-looking statements are subject to various factors, risks and uncertainties that could cause actual results to differ materially from those reflected in these forward-looking statements. Further, a result of these factors, risks and uncertainties, the forward-looking events may not occur. Relevant factors, risks and uncertainties include, but are not limited to, those discussed in the section entitled "Business," "Risk Factors" and elsewhere in this prospectus. Readers are cautioned not to place undue reliance on forward-looking statements, which reflect management's beliefs and opinions as of the date of this prospectus. We are not obligated to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. See "Cautionary Note Regarding Forward-Looking Statements."*

**Overview**

Keystone Global is an exempted company incorporated as a holding company under the laws of the Cayman Islands. As a holding company with no material direct operations of our own, we conduct our operations through our direct wholly-owned Operating Subsidiary, Keystone Capital, a licensed corporation under the SFO to engage in Type 1 (dealing in securities), Type 4 (advising on securities) and Type 9 (asset management) regulated activities in Hong Kong.

Founded in December 2015, Keystone Capital provides discretionary accounts services to manage its clients' funds. Keystone Capital specializes in designing investment portfolios to meet the needs of investors with different risk tolerance and investment preferences and to preserve and enhance the value of their assets. Keystone Capital provides asset management services for its clients by applying different investment strategies to optimize their asset allocation. Through its discretionary account services, Keystone Capital helps clients to invest in equities, fixed income products, private equity funds and other asset classes.

For the six months ended June 30, 2025 and 2024, our total revenue was US$2,335,896 and US$930,105, respectively. For the six months ended June 30, 2025, our income from operations and net income were US$578,592 and US$484,694, respectively, as compared to our income from operations and net income of US$331,163 and US$327,199, respectively, for the six months ended June 30, 2024. For the years ended December 31, 2024 and 2023, our total revenue was US$2,146,888 and US$1,119,128, respectively. For the year ended December 31, 2024, our income from operations and net income were US$795,699 and US$804,077, respectively, as compared to our loss from operations and net income of US$54,579 and US$16,606, respectively, for the year ended December 31, 2023.

**Basis of Presentation and Consolidation**

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and pursuant to the rules and regulations of the SEC.

Keystone Global and its subsidiary resulting from group reorganization ("Reorganization") has always been under the common control of the same controlling shareholder before and after the Reorganization. The consolidation of Keystone Global and its subsidiary has been accounted for at historical cost and prepared on the basis as if the transactions had become effective as of the beginning of the first period presented in the accompanying consolidated financial statements. Results of operations for the periods presented comprise those of the previously separate entities combined from the beginning of the period to the end of the period, eliminating the effects of intra-entity transactions.

The consolidated financial statements include the financial statements of Keystone Global and its wholly owned subsidiary. All intercompany transactions and balances among Keystone Global and its subsidiary have been eliminated upon consolidation.

Please also refer to the crucial accounting policies, judgments and estimates adopted by our Company discussed in Note 2 to the consolidated financial statements.

**Accounting Policies in relation to Revenue recognition**

***Revenue Recognition***

Revenue is recognized to depict the transfer of promised services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those services. The following five steps are applied to achieve that core principle:

Step 1: Identify the contract with the customer

Step 2: Identify the performance obligations in the contract

Step 3: Determine the transaction price

Step 4: Allocate the transaction price to the performance obligations in the contract

Step 5: Recognize revenue when the company satisfies a performance obligation.

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The Company enters into agreements with clients that create enforceable rights and obligations and for which it is probable that the Company will collect the consideration to which it will be entitled as services transfer to the customer. It is customary practice for the Company to have the agreements with its customers in writing, orally, or in accordance with other customary business practices. The Company recognizes revenue when (or as) a performance obligation is satisfied, i.e. when "control" of the services underlying the particular performance obligation is transferred to customers**.**

Control of the service may be transferred over time or at a point in time. Control of the service is transferred over time if one of the following criteria is met:

● the customer simultaneously receives and consumes the benefits provided by the Company's performance as the Company performs;

● the Company's performance creates and enhances an asset that the customer controls as the Company performs; 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.

If the control of the service transfers over time, revenue is recognized over the period of the contract by reference to the progress towards complete satisfaction of the relevant performance obligation. Otherwise, revenue is recognized at a point in time when customer obtains control of the distinct service.

Revenue is measured based on the consideration specified in a contract with a customer. The Company recognizes revenue when it transfers control of service to a customer.

*Asset management and advisory services*

Revenue from asset management and advisory services is primarily in connection with services as an investment manager or an advisor from funds or investments. The Company rendered asset management and advisory services to individual customers as a principal which are recorded over the period of service provided. The asset management and advisory services involve a series of distinct tasks that collectively meet the criteria for recognizing revenue over time. The Company provides discretionary accounts services to manage external customer funds placed at certain financial institutions (i.e. banks and securities firms). The Company develops tailored investment strategies for customers based on their individual risk tolerance and investment preferences. Through its discretionary account services, the Company helps customers invest in Hong Kong and U.S. equities, fixed income investments, structured products and other asset classes. Consequently, the services are considered substantially similar and result in the transfer of substantially similar benefits to the client. Based on this assessment, the Company concludes that the services provided satisfy the requirements of ASC 606-10-25-14(b) to be accounted for as a single performance obligation.

 ****

The Company recognizes revenues from asset management and advisory services based on the output methods on a quarterly basis when it satisfies its performance obligations throughout the contract terms. The Company acts as a principal to provide these investment and advisory services to individual clients and manage the external clients' funds placed at certain banks and securities firms.

Instead of charging its clients directly, retrocession fee is charged by the Company to the clients by sharing of the net fee income generated and received by these banks and securities firms from the Company's clients quarterly in accordance with the external asset management agreements entered with these banks and securities firms. Under the external asset management agreements, the Company is entitled to receive between 25% and 65% of the net fee income generated and received by these banks and securities firms from the Company's clients after deducting any commission, fees or charges that these banks and securities firms may have to pay to any third party. The net fee income mainly includes custody fees, fund trailer fees, commission income from securities brokerage transactions of the clients, subscription fees and management fees from fund dealing transactions of the clients, and transaction spreads charged for executing bond trades on behalf of the clients.

i) Retrocession income from sales and purchase of investment products and services

The retrocession income from sales and purchase of investment products and services represents the Company's share of the net fee income received by the banks and securities firms in connection with their execution of investment activities on behalf of clients. Such retrocession income is derived from a sharing of net fee income from commission income from securities brokerage transactions of the clients, subscription fees and management fees from fund dealing transactions of the clients, and transaction spreads charged for executing bond trades on behalf of the clients.

ii) Retrocession income from funds under custody

The retrocession income from funds under custody represents the Company's share of the net fee income received by the banks and securities firms in connection with the clients' funds placed at the banks and securities firms, charged on the asset value under management with range from 0.1 to 0.2% by the banks and securities firms. Such retrocession income is derived from a sharing of net fee income from custody fees and fund trailer fees.

The Company's entitlement to the above retrocession income from sales and purchase of investment products and services and funds under custody is based on a fixed percentage of the net fee income generated by the banks and securities firms, as specified in external asset management agreements. The fee components of sales and purchase of investment products and services, and funds under custody charged by banks and securities firms respectively are not related to or impacted by the other as they are determined by banks and securities firms separately.

Since the asset values of the funds under custody are changing from time to time, there is variable consideration in the transaction price of the retrocession income from funds under custody if the fee is charged at a fixed percentage of asset values of the funds under custody. The Company estimates this variable consideration in the transaction price based on the quarter or semi-annual average asset value under management of the clients at a fixed percentage and subsequently confirmed by banks and securities firms. The fee is due and paid within the specified terms of payment.

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

*Commission income*

The Company derives commission income from the introduction of customers to other financial institutions. The Company enters into distinct agreements with these financial institutions in relation to the introduction and referral services rendered. Under this referral agreements, the performance obligation is that the Company introduces the referred parties to the financial institutions and the referred parties execute a transaction with the financial institutions. The Company shall be entitled a commission income based on a fixed percentage point on the amount of transactions executed between the referred parties and the financial institutions to whom the referred parties are referred. The Company's performance obligation is completed at the point when the referred parties execute a transaction with these parties.

The Company is not subject to any minimum referral numbers, any committed targets or any other obligations once the referral is made. No claw back or adjustments to the income are allowed under these agreements. Revenue from referral services is recognized at a point in time when the transaction and the performance is completed.

**Summary of Results of Operations**

The following discussion is based on our Group's historical results of operations and may not be indicative of our Group's future operating performance.

**Comparison of Six Months Ended June 30, 2025 and 2024**

The following table sets forth key components of our results of operations for the six months ended June 30, 2025 and 2024. The historical results presented below are not necessarily indicative of the results that may be expected for any future period.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Changes** | **Changes** |
|  | **2025** | **2024** | **Amount** | **%** |
|  | *US$* | *US$* | *US$* |  |
| Revenue | 2335896 | 930105 | 1405791 | 151.1 |
| **Operating expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Compensation and benefits | (193576) | (63516) | (130060) | 204.8 |
| &nbsp;&nbsp;&nbsp;Commission expense | (902738) | (227680) | (675058) | 296.5 |
| &nbsp;&nbsp;&nbsp;Director's emoluments - related party | (253995) | (128550) | (125445) | 97.6 |
| &nbsp;&nbsp;&nbsp;Depreciation | (707) | (11681) | 10974 | (93.9) |
| &nbsp;&nbsp;&nbsp;Lease expenses | (41493) | (33618) | (7875) | 23.4 |
| &nbsp;&nbsp;&nbsp;Other general and administrative expenses | (364795) | (133897) | (230898) | 172.4 |
| **Total operating expenses** | (1757304) | (598942) | (1158362) | 193.4 |
| **Income from operations** | 578592 | 331163 | 247429 | 74.7 |
| **Other income (expense)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Other income | 12494 | 13460 | (966) | (7.2) |
| &nbsp;&nbsp;&nbsp;Other income, net - related party | 19251 | 19134 | 117 | 0.6 |
| **Total other income (expense), net** | 31745 | 32594 | (849) | (2.6) |
| **Income before provision for income taxes** | 610337 | 363757 | 246580 | 67.8 |
| Income tax expense | (125643) | (36558) | (89085) | 243.7 |
| **Net income** | 484694 | 327199 | 157495 | 48.1 |
| **Other comprehensive income** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency translation adjustment | (28791) | 1900 | (30691) | (1615.3) |
| **Comprehensive income** | 455903 | 329099 | 126804 | 38.5 |

---

***Revenue***

As set forth in the following table, during the six months ended June 30, 2025 and 2024, our revenue was derived from asset management and advisory services:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2025** | **2024** | **2024** |
|  | ***US$*** | *%*** | ***US$*** | *%*** |
| **Revenue** |  |  |  |  |
| Retrocession income from sales and purchase of investment products and services | $1441941 | 61.7 | $835920 | 89.9 |
| Retrocession income from funds under custody | 71821 | 3.1 | 60413 | 6.5 |
| Commission income from referral services | 822134 | 35.2 | 33772 | 3.6 |
|  | $2335896 | 100.0 | $930105 | 100.0 |

---

*Retrocession income*

We generate our income through retrocession fees from financial institutions. These fees are earned for facilitating account openings, placing funds under custody, and enabling clients to sales and purchase investment products and services. The retrocession fees are determined based on a pre-agreed mechanism outlined in the respective external asset management ("EAM") agreements with our financial institution partners.

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

Our retrocession income increased by US$617,429, or 68.9%, to US$1,513,762 for the six months ended June 30, 2025, compared to US$896,333 for the six months ended June 30, 2024. This growth was primarily driven by our cooperation with a new business partner. In October 2023, we commenced this business cooperation by entering into a contractual agreement with a financial institution, a unique financial products B2B wholesale fintech platform provider. The material terms of the agreement with the financial products B2B wholesale fintech platform provider are summarized as follows:

---

| | |
|:---|:---|
| **Principal terms** | **Descriptions** |
| Scope of service: | Provision of access to a specified fintech platform and the functionality available on such platform.<br>|
| Term of the contract: | The contract remains in effect until termination.<br>|
| Service fees to the platform provider: | A fixed access fee per calendar year, which fee was mutually agreed to be waived during the six months ended June 30, 2025 and 2024.<br>Additional arranger fee of a specified percentage per trade, based on the trade notional value, which is directly chargeable to the end clients.<br>|
| Retrocession fees to the Company: | Depends on the transaction fee chargeable to the sales and purchase of different investment products and services in each transactions.<br>The retrocession income from sales and purchase of investment products and services received from this financial institution amounted to US$401,334 and US$295,487 for the six months ended June 30, 2025 and 2024, respectively. No retrocession income from funds under custody was received from this financial institution for the six months ended June 30, 2025 and 2024. |
| Termination provision: | The parties are entitled to terminate the agreement at any time after two calendar years from the effective date of the agreement by giving a 90-day prior written notice to the other party. |

---

Our engagement with this fintech platform is non-exclusive, and the terms and conditions of the arrangement are negotiated with the platform provider on a case-by-case basis. The retrocession income from sales and purchase of investment products and services from this financial institution increased significantly from US$295,487 for the six months ended June 30, 2024 to US$401,334 for the six months ended June 30, 2025. As this is a non-exclusive platform arrangement, our competitors can similarly access and use this platform. Therefore, we cannot guarantee that this growth is sustainable, as increased competition on the platform may impact our future revenue from this source.

Also, we experienced an increase in the assets under management ("AUM") during the six months ended June 30, 2025. The AUM increased from HK$2.5 billion (equivalent to approximately US$318.08 million) as of June 30, 2024 to HK$3.2 billion (equivalent to approximately US$410.47 million) as of June 30, 2025. Below is the movement of the AUM in Hong Kong dollars during the six months ended June 30, 2025.

---

| | | |
|:---|:---|:---|
| | **For the six months ended<br> June 30,** | **For the six months ended<br> June 30,** |
| <br>***Movement of AUM*** | **2025** | **2024** |
|  | *HK$million* | *HK$million* |
| **AUM at beginning of the year** | $3088.5 | $2608.6 |
| Net inflows | 33.8 | (106.9) |
| Market appreciation | 99.9 | (20.7) |
| **AUM as at end of the year** | $3222.2 | $2481.0 |

---

The increase in AUM during the six months ended June 30, 2025 was in line with the increase in retrocession income from funds under custody, which retrocession income from funds under custody is primarily based on the AUM that the Company managed in certain financial institutions, which is a variable consideration charged at a fixed percentage of asset values of the funds under custody. The custody rate ranged from 0.1 to 0.2%, depending on the types of investment products under custody during the quarter/half year. The Company estimates this retrocession income from funds under custody based on the quarter or semi-annual average asset value under management of the clients at a fixed percentage.

In addition, improved market conditions and customized advisory services led to a substantial rise in transaction volumes and the value of assets placed by our clients with financial institutions. The commission rate by trading of investment product has no change during the six months ended June 30, 2025 and 2024. The transaction volumes during the year increased significantly from 820 for the six months ended June 30, 2024 to 1,435 for the six months ended June 30, 2025. Additionally, we benefited from improved retrocession fees generated from the sale of US stocks, structured products and fixed-income instruments, which appeal to clients seeking more stable returns amidst uncertain market conditions. There was a significant increase in number of transactions for US stocks, fixed income and structured products by 216.3%, 90.2% and 80.7%, respectively, during the six months ended June 30, 2025. Both fixed income and structured products transactions offer higher commission rates to the Company. Below is a commission rate and number of transactions by investment product during the six months ended June 30, 2025 and 2024.

***Commission rate by trading of investment product***

---

| | |
|:---|:---|
| HK stocks | 0.2% - 0.25% |
| US stocks | 0.3% - 0.5% |
| FX products | 0.2% - 0.5% |
| Fixed income | 0.5% - 1% |
| Fund | 1% |
| Structured products | 1.5% - 2% |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six months ended June 30,** | **Six months ended June 30,** | **Changes** | **Changes** |
| <br>***Number of transactions by investment product*** | **2025** | **2024** | **Amount** | **%** |
| HK stocks | 270 | 200 | 70 | 35.0 |
| US stocks | 291 | 92 | 199 | 216.3 |
| FX products | 150 | 134 | 16 | 11.9 |
| Fixed income | 272 | 143 | 129 | 90.2 |
| Fund | 11 | 7 | 4 | 57.1 |
| Structured products | 441 | 244 | 197 | 80.7 |
| **Total** | **1435** | **820** | 615 | 75.0 |

---

*Commission income from referral services*

We, through our Operating Subsidiary, derive commission income from the introduction of customers to other financial institutions. We charge a commission income based on a fixed percentage point on the amount of transactions executed between the referees and the financial institutions to whom the referees are referred. Under the agreements we have in place, we are not subject to any minimum referral numbers, any committed targets nor any other obligations once the referral is made. No claw back or adjustments to the income are allowed under these agreements. Commission income accounted for 35.2% and 3.6% of total revenues for the six months ended June 30, 2025 and 2024, respectively.

A significant increase of US$788,362 of commission income was noted during the six months ended June 30, 2025. This growth was primarily driven by the recovery of the Hong Kong and U.S. stock markets, which led to a notable rise in trading activity by referees. In particular, the increase was amplified by higher trading volumes generated through the new brokerage firm engaged since July 2023. Based on the broker agreement, the Company is entitled to a monthly commission income equal to 50% of the brokerage fees generated by this brokerage firm from the referees referred by the Company. The commission income from this brokerage firm was US$624,223 and US$7,118 during the six months ended June 30, 2025 and 2024, respectively.

***Operating expenses***

The following table sets forth the breakdown of our operating expenses for the six months ended June 30, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** |
|  | **2025** | **2025** | **2024** | **2024** |
|  | ***US$*** | *%*** | ***US$*** | *%*** |
| **Operating expenses** |  |  |  |  |
| Compensation and benefits | $447571 | 25.5 | $192066 | 32.0 |
| Commission expense | 902738 | 51.3 | 227680 | 38.0 |
| Depreciation | 707 | 0.0 | 11681 | 2.0 |
| Lease expenses | 41493 | 2.4 | 33618 | 5.6 |
| Other general and administrative expenses | 364795 | 20.8 | 133897 | 22.4 |
| **Total** | $1757304 | 100.0 | $598942 | 100.0 |

---

 

*Compensation and benefits and director's emoluments - related party*

Compensation and benefits and director's emoluments - related party represent the salaries, performance based discretionary bonuses and contribution to mandatory provident fund paid for the Company's staff. Compensation increased from US$192,066 for the six months ended June 30, 2024 to US$447,571 for the six months ended June 30, 2025 due to i) higher overall staff compensation and bonuses, reflecting the significant increase in revenue during the six months ended June 30, 2025; and ii) the addition of two new employees to support the Company's expansion plan.

*Commission expense*

Commission expenses represent the commission to our account executives. Account executives are individuals who are licensed by the SFC to perform regulated activities for a licensed financial institution. The account executives are required to apply for approval from the SFC as a licensed representative accredited to the licensed financial institution and the account executives can only work under one licensed financial institution at the same time. Therefore, the account executives are exclusive such that they cannot provide the same or similar services for another company at the same time. Our Group has four account executives as of June 30, 2025 and 2024.

All account executives have contractual arrangements with our Group. Contractual arrangements for account executives do not have a fixed term and they govern the executives' compensation arrangements until such contractual arrangements are terminated. The contractual arrangements with our account executives may be terminated by either party by giving advance notice as required by each specific agreement. All account executives are independent third parties to the Group. The commissions payable to our account executives are based on the associated retrocession revenue and commission income included in other income generated by the Company from those investors procured by those account executives, the retrocession income and commission income generated from asset management income are subjected to the commission to our account executives. The Company settles the commission to the account executives quarterly. We believe that the account executives will be able to continue to procure investments for us, and we therefore generally expect the commission expense to continue in future.

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

The commission formulas applied for revenue from each of the discretionary accounts remained the same for the six months ended June 30, 2025 and 2024. For the six months ended June 30, 2025 and 2024, the commission rates paid varied according to the underlying investment product types.

Pursuant to the formula for commission rates, the commission rates are generally 60% - 70% for revenue generated from discretionary accounts. The commission rates shall be revised at the discretion of the Company from time to time. For the six months ended June 30, 2025 and 2024, there was no change to the formula for the commission rates. Although the Company has the discretion to amend the commission rates from time to time, the commission rates are infrequently revised and are not expected to change regularly in order to retain and incentivize the account executives.

Commission increased from US$227,680 for the six months ended June 30, 2024 to US$902,738 for the six months ended June 30, 2025, which is in line with the increase in revenue during the six months ended June 30, 2025. Also, our significant increase of commission income is arising from the effort of our account executives. Therefore, more commission expense is paid to these account executives during the six months ended June 30, 2025.

*Depreciation*

The depreciation represents the depreciation arising from the furniture, fixture and equipment, office equipment, computer and leasehold improvement of the Company. The depreciation decreased from US$11,681 for the six months ended June 30, 2024, to US$707 for the six months ended June 30, 2025, due to the fully deprecation of its leasehold improvement.

*Lease expenses*

The lease expenses represent the expense paid for the operating lease right-of-use assets of the Company. The lease expenses increased from US$33,618 for the six months ended June 30, 2024, to US$41,493 for the six months ended June 30, 2025, due to the waiver of lease expenses in June 2024.

*Other general and administrative expenses*

The following table sets forth the breakdown of our other general and administrative expenses for the six months ended June 30, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** |
|  | **2025** | **2025** | **2024** | **2024** |
|  | ***US$*** | *%*** | ***US$*** | *%*** |
| Entertainment expenses | $33095 | 9.1 | $10842 | 8.1 |
| Building management fee | 10816 | 3.0 | 10782 | 8.1 |
| Legal and professional fees | 307940 | 84.3 | 90437 | 67.5 |
| IT expense | 2030 | 0.6 | 4894 | 3.7 |
| Office supplies | 4652 | 1.3 | 7147 | 5.3 |
| Other miscellaneous administrative expenses | 6262 | 1.7 | 9795 | 7.3 |
| **Total** | $364795 | 100.0 | $133897 | 100.0 |

---

General and administrative expenses include entertainment expenses, building management fee, legal and professional fees, IT expense, office supplies and other miscellaneous administrative expenses. The general and administrative expenses increased from US$133,897 for the six months ended June 30, 2024, to US$364,795 for the six months ended June 30, 2025 due to the increase of legal and professional fees incurred from US$90,437 for the six months ended June 30, 2024, to US$307,940 for the six months ended June 30, 2025. The significant increase was arising from the audit fee paid to our auditor amounted to US$280,000, which is partially offset by legal and professional fee paid for the setting up of the Keystone Multi Strategy OFC, a Hong Kong private umbrella open-ended fund registered with the SFC, which was launched in January 2025 for subscription.

Our entertainment expenses increased from US$10,842 for the six months ended June 30, 2024, to US$33,095 for the six months ended June 30, 2025, due to the recovery of the Hong Kong and U.S. stock markets in 2025, the Company incurred more entertainment expenses in order to attract more new clients.

Our building management fee represented building management fee paid to the landlord for our principal executive office, which remained stable at US$10,816 and US$10,782 for the six months ended June 30, 2025 and 2024, respectively.

Our legal and professional fees increased from US$90,437 for the six months ended June 30, 2024, to US$307,940 for the six months ended June 30, 2025, due to the audit fee paid to our auditor amounted to US$280,000, which is partially offset by the legal fee incurred for setting up of the Keystone Multi Strategy OFC, a Hong Kong private umbrella open-ended fund registered with the SFC, which was launched in January 2025 for subscription.

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

Our IT expense represented the monthly storage fee, email storage fee and website subscription fee. The IT expense decreased from US$4,894 for the six months ended June 30, 2024, to US$2,030 for the six months ended June 30, 2025, due to additional email storage fee paid in 2024.

Our office supplies decreased from US$7,147 for the six months ended June 30, 2024, to US$4,652 for the six months ended June 30, 2025.

Other miscellaneous administrative expenses mainly represented the insurance expense, telephone and internet expense, travelling expense, utilities expenses and exchange difference. The other miscellaneous administrative expenses decreased from US$9,795 for the six months ended June 30, 2024, to US$6,262 for the six months ended June 30, 2025, due to the increase in exchange gain, which offset the increase of other miscellaneous administrative expenses.

***Income from operations***

Our income from operations was US$578,592 and US$331,163 for the for the six months ended June 30, 2025 and 2024, respectively. Our income from operations increased during the six months ended June 30, 2025, mainly due to the increase of retrocession fee income and commission income, which is partially offset by the increase of compensation and benefits, commission expense and audit fee paid to our auditor during the six months ended June 30, 2025.

***Other Income (Expense), Net***

The following table sets forth the breakdown of our other income (expense) for the six months ended June 30, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** |
|  | **2025** | **2025** | **2024** | **2024** |
|  | ***US$*** | *%*** | ***US$*** | *%*** |
| Subletting income - related party | $19251 | 60.6 | $19134 | 58.7 |
| Bank interest income | 12494 | 39.4 | 11395 | 35.0 |
| Sundry income |  |  | 2065 | 6.3 |
| **Total** | $31745 | 100.0 | $32594 | 100.0 |

---

Our other income (expense), net was US$31,745 and US$32,594 for the six months ended June 30, 2025 and 2024, respectively.

Our other income represents subletting income to a related party and bank interest income, which remained stable for the six months ended June 30, 2025 and 2024.

***Income Tax Expenses***

The Company was incorporated in the Cayman Islands. Pursuant to the current rules and regulations, the Cayman Islands currently levy no taxes on individuals or corporations based upon profits, income, gains or appreciations and there is no taxation in the nature of inheritance tax or estate duty. Therefore, the Company is not subject to any income tax in the Cayman Islands.

Our wholly-owned subsidiary, Keystone Capital, is subject to income tax within Hong Kong at the applicable tax rate on taxable income. Hong Kong profit tax rates are 8.25% on assessable profits up to HK$2,000,000 (US$257,476), and 16.5% on any part of assessable profits over HK$2,000,000 (US$257,476). For the six months ended June 30, 2025 and 2024, our Group had assessable profits in Hong Kong and a provision for paying the Hong Kong profits tax has been made accordingly.

We incurred income tax expenses of US$125,643 for the six months ended June 30, 2025, compared to US$36,558 for the six months ended June 30, 2024, an increase of US$89,085, mainly due to the significant increase of assessable profit during the six months ended June 30, 2025. The assessable profit is subject to a 2-tier tax rate (i.e. 8.25% on assessable profits up to HK$2,000,000 and 16.5% on any part of assessable profits over HK$2,000,000), which resulted in an increase of income tax expense. Our effective tax rate was approximately 20.9% for the six months ended June 30, 2025 and approximately 10.1% for the six months ended June 30, 2024.

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

***Net profit***

As a result of the foregoing, our net profit for the six months ended June 30, 2025 and 2024 was US$484,694 and US$327,199, respectively.

**Comparison of Years Ended December 31, 2024 and 2023**

The following table sets forth key components of our results of operations for the years ended December 31, 2024 and 2023. The historical results presented below are not necessarily indicative of the results that may be expected for any future period.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Changes** | **Changes** |
|  | **2024** | **2023** | **Amount** | **%** |
|  | *US$* | *US$* | *US$* |  |
| Revenue | 2146888 | 1119128 | 1027760 | 91.8 |
| **Operating expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Compensation and benefits | (110717) | (100450) | (10267) | 10.2 |
| &nbsp;&nbsp;&nbsp;Commission expense | (723482) | (378616) | (344866) | 91.1 |
| &nbsp;&nbsp;&nbsp;Director's emoluments - related party | (269282) | (471572) | 202290 | (42.9) |
| &nbsp;&nbsp;&nbsp;Depreciation | (13096) | (26231) | 13135 | (50.1) |
| &nbsp;&nbsp;&nbsp;Lease expenses | (61397) | (80789) | 19392 | (24.0) |
| &nbsp;&nbsp;&nbsp;Other general and administrative expenses | (173215) | (116049) | (57166) | 49.3 |
| **Total operating expenses** | (1351189) | (1173707) | (177482) | 15.1 |
| **Income (loss) from operations** | 795699 | (54579) | 850278 | (1557.9) |
| **Other income (expense)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Other income | 94190 | 28471 | 65719 | 230.8 |
| &nbsp;&nbsp;&nbsp;Other income, net - related party | 39524 | 39238 | 286 | 0.7 |
| **Total other income (expense), net** | 133714 | 67709 | 66005 | 97.5 |
| **Income before provision for income taxes** | 929413 | 13130 | 916283 | 6978.5 |
| Income tax (expense) credit | (125336) | 3476 | (128812) | (3705.8) |
| **Net income** | **804077** | **16606** | 787471 | 4742.1 |
| **Other comprehensive income** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency translation adjustment | 12556 | (1933) | 14489 | (749.6) |
| **Comprehensive income** | **816633** | **14673** | 801960 | 5465.5 |

---

***Revenue***

As set forth in the following table, during the years ended December 31, 2024 and 2023, our revenue was derived from asset management and advisory services:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2024** | **2024** | **2023** | **2023** |
|  | ***US$*** | *%*** | ***US$*** | *%*** |
| **Revenue** |  |  |  |  |
| Retrocession income from sales and purchase of investment products and services | $1755055 | 81.8 | $919158 | 82.1 |
| Retrocession income from funds under custody | 141801 | 6.6 | 127406 | 11.4 |
| Commission income from referral services | 250032 | 11.6 | 72564 | 6.5 |
|  | $2146888 | 100.0 | $1119128 | 100.0 |

---

*Retrocession income*

We generate our income through retrocession fees from financial institutions. These fees are earned for facilitating account openings, placing funds under custody, and enabling clients to sales and purchase investment products and services. The retrocession fees are determined based on a pre-agreed mechanism outlined in the respective external asset management ("EAM") agreements with our financial institution partners.

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

Our retrocession income increased by US$850,292, or 81.2%, to US$1,896,856 for the year ended December 31, 2024, compared to US$1,046,564 for the year ended December 31, 2023. This growth was primarily driven by our cooperation with a new business partner. In October 2023, we commenced this business cooperation by entering into a contractual agreement with a financial institution, a unique financial products B2B wholesale fintech platform provider. The material terms of the agreement with the financial products B2B wholesale fintech platform provider are summarized as follows:

---

| | |
|:---|:---|
| **Principal terms** | **Descriptions** |
| Scope of service: | Provision of access to a specified fintech platform and the functionality available on such platform.<br>|
| Term of the contract: | The contract remains in effect until termination.<br>|
| Service fees to the platform provider: | A fixed access fee per calendar year, which fee was mutually agreed to be waived during the years ended December 31, 2024 and 2023.<br>Additional arranger fee of a specified percentage per trade, based on the trade notional value, which is directly chargeable to the end clients.<br>|
| Retrocession fees to the Company: | Depends on the transaction fee chargeable to the sales and purchase of different investment products and services in each transactions.<br>The retrocession income from sales and purchase of investment products and services received from this financial institution amounted to US$514,279 and US$36,115 for the years ended December 31, 2024 and 2023, respectively. No retrocession income from funds under custody was received from this financial institution for the years ended December 31, 2024 and 2023. |
| Termination provision: | The parties are entitled to terminate the agreement at any time after two calendar years from the effective date of the agreement by giving a 90-day prior written notice to the other party. |

---

Our engagement with this fintech platform is non-exclusive, and the terms and conditions of the arrangement are negotiated with the platform provider on a case-by-case basis. The retrocession income from sales and purchase of investment products and services from this financial institution increased significantly from US$36,115 for the year ended December 31, 2023 to US$514,279 for the year ended December 31, 2024. As this is a non-exclusive platform arrangement, our competitors can similarly access and use this platform. Therefore, we cannot guarantee that this growth is sustainable, as increased competition on the platform may impact our future revenue from this source.

Also, we experienced an increase in the assets under management ("AUM") during the year ended December 31, 2024. The AUM increased from HK$2.6 billion (equivalent to approximately US$333.33 million) as of December 31, 2023 to HK$3.1 billion (equivalent to approximately US$397.44 million) as of December 31, 2024. Below is the movement of the AUM in Hong Kong dollars during the years ended December 31, 2024 and 2023.

---

| | | |
|:---|:---|:---|
| | **For the years ended <br> December 31,** | **For the years ended <br> December 31,** |
| <br>***Movement of AUM*** | **2024** | **2023** |
|  | *HK$million* | *HK$million* |
| **AUM at beginning of the year** | $2608.6 | $2605.3 |
| Net inflows | 360.3 | 0.3 |
| Market appreciation | 119.6 | 3.0 |
| **AUM as at end of the year** | $3088.5 | $2608.6 |

---

The increase in AUM during the year ended December 31, 2024 was in line with the increase in retrocession income from funds under custody, which retrocession income from funds under custody is primarily based on the AUM that the Company managed in certain financial institutions, which is a variable consideration charged at a fixed percentage of asset values of the funds under custody. The custody rate ranged from 0.1 to 0.2%, depending on the types of investment products under custody during the quarter/half year. The Company estimates this retrocession income from funds under custody based on the quarter or semi-annual average asset value under management of the clients at a fixed percentage.

In addition, improved market conditions and customized advisory services led to a substantial rise in transaction volumes and the value of assets placed by our clients with financial institutions. The commission rate by trading of investment product has no change during the years ended December 31, 2024 and 2023. The transaction volumes during the year increased significantly from 1,156 for the year ended December 31, 2023 to 1,576 for the year ended December 31, 2024. Additionally, we benefited from improved retrocession fees generated from the sale of structured products and fixed-income instruments, which appeal to clients seeking more stable returns amidst uncertain market conditions. There was a significant increase in number of transactions for fixed income and structured products by 34.2% and 536.4%, respectively, during the year ended December 31, 2024. Both fixed income and structured products transactions offer higher commission rates to the Company. Below is a commission rate and number of transactions by investment product during the years ended December 31, 2024 and 2023.

***Commission rate by trading of investment product***

---

| | |
|:---|:---|
| HK stocks | 0.2% - 0.25% |
| US stocks | 0.3% - 0.5% |
| FX products | 0.2% - 0.5% |
| Fixed income | 0.5% - 1% |
| Fund | 1% |
| Structured products | 1.5% - 2% |

---

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

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Years Ended December 31,** | **Years Ended December 31,** | **Changes** | **Changes** |
| <br>***Number of transactions by investment product*** | **2024** | **2023** | **Amount** | **%** |
| HK stocks | 377 | 363 | 14 | 3.9 |
| US stocks | 212 | 165 | 47 | 28.5 |
| FX products | 258 | 332 | (74) | (22.3) |
| Fixed income | 298 | 222 | 76 | 34.2 |
| Fund | 11 | 8 | 3 | 37.5 |
| Structured products | 420 | 66 | 354 | 536.4 |
| **Total** | **1576** | **1156** | 420 | 36.3 |

---

*Commission income from referral services*

We, through our Operating Subsidiary, derive commission income from the introduction of customers to other financial institutions. We charge a commission income based on a fixed percentage point on the amount of transactions executed between the referees and the financial institutions to whom the referees are referred. Under the agreements we have in place, we are not subject to any minimum referral numbers, any committed targets nor any other obligations once the referral is made. No claw back or adjustments to the income are allowed under these agreements. Commission income accounted for 11.6% and 6.5% of total revenues for the years ended December 31, 2024 and 2023, respectively.

An increase of US$177,468 of commission income was noted during the year ended December 31, 2024. The increase of commission is mainly arising from the new broker agreement signed with a brokerage firm in July 2023. Based on the broker agreement, the Company is entitled to a monthly commission income equal to 50% of the brokerage fees generated by this brokerage firm from the referees referred by the Company. The commission income from this brokerage firm was US$158,021 and US$nil during the years ended December 31, 2024 and 2023, respectively.

***Operating expenses***

The following table sets forth the breakdown of our operating expenses for the years ended December 31, 2024 and 2023:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2024** | **2024** | **2023** | **2023** |
|  | ***US$*** | *%*** | ***US$*** | *%*** |
| **Operating expenses** |  |  |  |  |
| Compensation and benefits | $379999 | 28.1 | $572022 | 48.7 |
| Commission expense | 723482 | 53.5 | 378616 | 32.3 |
| Depreciation | 13096 | 1 | 26231 | 2.2 |
| Lease expenses | 61397 | 4.6 | 80789 | 6.9 |
| Other general and administrative expenses | 173215 | 12.8 | 116049 | 9.9 |
| **Total** | $1351189 | 100 | $1173707 | 100 |

---

 

*Compensation and benefits and director's emoluments - related party*

Compensation and benefits and director's emoluments - related party represent the salaries, performance based discretionary bonuses and contribution to mandatory provident fund paid for the Company's staff. Compensation decreased from US$572,022 for the year ended December 31, 2023 to US$379,999 for the year ended December 31, 2024 due to the decrease of overall compensation and benefits of the two directors of Keystone Capital, Mr. Tak Chiu, CHAN and Mr. Wing Kin, SIU during the year ended December 31, 2024 as Keystone Capital would like to retain more profit for future business development.

*Commission expense*

Commission expenses represent the commission to our account executives. Account executives are individuals who are licensed by the SFC to perform regulated activities for a licensed financial institution. The account executives are required to apply for approval from the SFC as a licensed representative accredited to the licensed financial institution and the account executives can only work under one licensed financial institution at the same time. Therefore, the account executives are exclusive such that they cannot provide the same or similar services for another company at the same time. Our Group has four account executives as of December 31, 2024 and 2023.

All account executives have contractual arrangements with our Group. Contractual arrangements for account executives do not have a fixed term and they govern the executives' compensation arrangements until such contractual arrangements are terminated. The contractual arrangements with our account executives may be terminated by either party by giving advance notice as required by each specific agreement. All account executives are independent third parties to the Group. The commissions payable to our account executives are based on the associated retrocession revenue and commission income included in other income generated by the Company from those investors procured by those account executives, the retrocession income and commission income generated from asset management income are subjected to the commission to our account executives. The Company settles the commission to the account executives quarterly. We believe that the account executives will be able to continue to procure investments for us, and we therefore generally expect the commission expense to continue in future.

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

The commission formulas applied for revenue from each of the discretionary accounts remained the same for the years ended December 31, 2024 and 2023. For the years ended December 31, 2024 and 2023, the commission rates paid varied according to the underlying investment product types.

Pursuant to the formula for commission rates, the commission rates are generally 60% - 70% for revenue generated from discretionary accounts. The commission rates shall be revised at the discretion of the Company from time to time. For the years ended December 31, 2024 and 2023, there was no change to the formula for the commission rates. Although the Company has the discretion to amend the commission rates from time to time, the commission rates are infrequently revised and are not expected to change regularly in order to retain and incentivize the account executives.

Commission increased from US$378,616 for the year ended December 31, 2023 to US$723,482 for the year ended December 31, 2024, which is in line with the increase in revenue during the year ended December 31, 2024.

*Depreciation*

The depreciation represents the depreciation arising from the furniture, fixture and equipment, office equipment, computer and leasehold improvement of the Company. The depreciation decreased from US$26,231 for the year ended December 31, 2023, to US$13,096 for the year ended December 31, 2024, due to the fully deprecation of its leasehold improvement.

*Lease expenses*

The lease expenses represent the expense paid for the operating lease right-of-use assets of the Company. The lease expenses decreased from US$80,789 for the year ended December 31, 2023, to US$61,397 for the year ended December 31, 2024, due to the decrease of monthly rent after the renewal of the office.

*Other general and administrative expenses*

The following table sets forth the breakdown of our other general and administrative expenses for the years ended December 31, 2024 and 2023:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2024** | **2024** | **2023** | **2023** |
|  | ***US$*** | *%*** | ***US$*** | *%*** |
| Entertainment expenses | $10893 | 6.3 | $53384 | 46.0 |
| Building management fee | 21875 | 12.6 | 21140 | 18.2 |
| Legal and professional fees | 94446 | 54.5 | 14046 | 12.1 |
| IT expense | 11584 | 6.7 | 4115 | 3.5 |
| Office supplies | 12870 | 7.4 | 7158 | 6.2 |
| Other miscellaneous administrative expenses | 21547 | 12.5 | 16206 | 14.0 |
| **Total** | $173215 | 100.0 | $116049 | 100.0 |

---

General and administrative expenses include entertainment expenses, building management fee, legal and professional fees, IT expense, office supplies and other miscellaneous administrative expenses. The general and administrative expenses increased from US$116,049 for the year ended December 31, 2023, to US$173,215 for the year ended December 31, 2024 due to the increase of legal and professional fees incurred from US$14,046 for the year ended December 31, 2023, to US$94,446 for the year ended December 31, 2024. The increase was arising from the setting up of the Keystone Multi Strategy OFC, a Hong Kong private umbrella open-ended fund registered with the SFC, which was launched in January 2025 for subscription.

Our entertainment expenses decreased from US$53,384 for the year ended December 31, 2023, to US$10,893 for the year ended December 31, 2024, due to the unstable economic environment in early 2024, the Company tightening cost control measures for entertainment expenses.

Our building management fee represented building management fee paid to the landlord for our principal executive office, which remained stable at US$21,875 and US$21,140 for the years ended December 31, 2024 and 2023, respectively.

Our legal and professional fees increased from US$14,046 for the year ended December 31, 2023, to US$94,446 for the year ended December 31, 2024, due to the legal fee incurred for setting up of the Keystone Multi Strategy OFC, a Hong Kong private umbrella open-ended fund registered with the SFC, which was launched in January 2025 for subscription.

Our IT expense represented the monthly storage fee, email storage fee and website subscription fee. The IT expense increased from US$4,115 for the year ended December 31, 2023, to US$11,584 for the year ended December 31, 2024, due to the additional email storage fee paid in 2024.

Our office supplies increased from US$7,158 for the year ended December 31, 2023, to US$12,870 for the year ended December 31, 2024, due to the increase of operational demands and activities, which is consistent with the increase of revenue.

Other miscellaneous administrative expenses mainly represented the insurance expense, telephone and internet expense, travelling expense and utilities expenses. The other miscellaneous administrative expenses increased from US$16,206 for the year ended December 31, 2023, to US$21,547 for the year ended December 31, 2024, due to the increase in insurance expense.

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

***Income (loss) from operations***

Our income (loss) from operations was US$545,667 and loss of US$127,143 for the years ended December 31, 2024 and 2023, respectively. Our income from operations increased during the year ended December 31, 2024, mainly due to the increase of retrocession fee income and the decrease of compensation and benefits during the years ended December 31, 2024.

***Other Income (Expense), Net***

The following table sets forth the breakdown of our other income (expense) for the years ended December 31, 2024 and 2023:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2024** | **2024** | **2023** | **2023** |
|  | ***US$*** | *%*** | ***US$*** | *%*** |
| Government subsidies | $59809 | 44.7 | $— |  |
| Subletting income - related party | 38447 | 28.8 | 38318 | 56.6 |
| Bank interest income | 26058 | 19.5 | 27431 | 40.5 |
| Loan interest income - related party | 1077 | 0.8 | 920 | 1.4 |
| Sundry income | 8323 | 6.2 | 1040 | 1.5 |
| **Total** | $133714 | 100.0 | $67709 | 100.0 |

---

Our other income (expense), net was US$133,714 and US$67,709 for the years ended December 31, 2024 and 2023, respectively.

An increase in other income (expense), net by US$66,005 or 97.5%, for the year ended December 31, 2024, compared to the year ended December 31, 2023, was primarily attributable to the increase of US$59,809 of government subsidies received for setting up of Keystone Multi Strategy OFC during the year ended December 31, 2024.

***Income Tax Expenses***

The Company was incorporated in the Cayman Islands. Pursuant to the current rules and regulations, the Cayman Islands currently levy no taxes on individuals or corporations based upon profits, income, gains or appreciations and there is no taxation in the nature of inheritance tax or estate duty. Therefore, the Company is not subject to any income tax in the Cayman Islands.

Our wholly-owned subsidiary, Keystone Capital, is subject to income tax within Hong Kong at the applicable tax rate on taxable income. Hong Kong profit tax rates are 8.25% on assessable profits up to HK$2,000,000 (US$257,476), and 16.5% on any part of assessable profits over HK$2,000,000 (US$257,476). For the years ended December 31, 2024 and 2023, our Group had assessable profits in Hong Kong and a provision for paying the Hong Kong profits tax has been made accordingly.

We incurred income tax expenses of US$125,336 for the year ended December 31, 2024, compared to income tax credit of US$3,476 for the year ended December 31, 2023, an increase of US$128,812, mainly due to the significant increase of assessable profit during the year ended December 31, 2024. The assessable profit is subject to a 2-tier tax rate (i.e. 8.25% on assessable profits up to HK$2,000,000 and 16.5% on any part of assessable profits over HK$2,000,000), which resulted in an increase of income tax expense. Our effective tax rate was approximately 13.5% for the year ended December 31, 2024 and approximately 26.5% for the year ended December 31, 2023.

***Net profit***

As a result of the foregoing, our net profit for the years ended December 31, 2024 and 2023 was US$804,077 and US$16,606, respectively.

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

**Discussion of Certain Balance Sheet Items**

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| | | | |
|:---|:---|:---|:---|
|  | **As of <br> June 30, <br> 2025** | **As of <br> December 31, <br> 2024** | **As of <br> December 31, <br> 2023** |
|  | **(Audited)** | **(Audited)** | **(Audited)** |
|  | *US$* | *US$* | *US$* |
| **ASSETS** |  |  |  |
| **Current assets:** |  |  |  |
| Cash and cash equivalents | 2083870 | 538741 | 665079 |
| Time deposits | 135307 | 303982 |  |
| Accounts receivable, net | 1158687 | 522787 | 321317 |
| Prepayments and other assets | 12942 | 17760 | 39470 |
| Due from related parties | 7036 | 1030017 | 942718 |
| Due from shareholders |  | 489205 |  |
| Income tax recoverable |  |  | 40 |
| **Total current assets** | 3397842 | 2902492 | 1968624 |
| **Non-current assets:** |  |  |  |
| Property, plant and equipment, net | 1569 | 2196 | 14754 |
| Operating lease right-of-use assets, net | 151912 | 191457 | 33597 |
| Prepayments and other assets | 26900 | 26529 |  |
| Deferred tax assets | 9431 | 9685 | 7778 |
| Deferred offering costs | 274207 |  |  |
| **TOTAL ASSETS** | 3861861 | 3132359 | 2024753 |
| **LIABILITIES** |  |  |  |
| **Current liabilities:** |  |  |  |
| Operating lease liabilities, current portion | 75727 | 82137 | 33021 |
| Accrued expenses and other current liabilities | 458947 | 250871 | 119125 |
| Due to a related party |  | 3197 |  |
| Due to directors | 138477 | 150752 | 218997 |
| Income tax payable | 250989 | 127769 |  |
| **Total current liabilities** | 924140 | 614726 | 371143 |
| **Non-current liabilities:** |  |  |  |
| Operating lease liabilities, net of current portion | 75653 | 111468 |  |
| **TOTAL LIABILITIES** | 999793 | 726194 | 371143 |

---

***Cash and cash equivalents***

Our cash and cash equivalents decreased from US$665,079 as of December 31, 2023 to US$538,741 as of December 31, 2024, and increased to US$2,083,870 as of June 30, 2025. The decrease as of December 31, 2024 mainly resulted from placement of time deposits of US$303,982 and the payment of dividends of US$64,078, which is partially offset by the significant increase in net income during the year ended December 31, 2024. The increase as of June 30, 2025 mainly resulted from the repayment from related parties and shareholders, and the net income during the six months ended June 30, 2025.

***Accounts receivable, net***

Our accounts receivable, net increased from US$321,317 as of December 31, 2023 to US$522,787 as of December 31, 2024, and increased to US$1,158,687 as of June 30, 2025, which was mainly due to an increase of retrocession fee receivable and commission income receivables from banks and securities firms in the fourth quarter during the year ended December 31, 2024, and is further increased in the second quarter during the six months ended June 30, 2025.

***Operating lease right-of-use assets***

Our operating lease right-of-use ("ROU") assets increased from US$33,597 as of December 31, 2023 to US$191,457 as of December 31, 2024, and decreased to US$151,912 as of June 30, 2025 as a result of lease modification of its principal executive office during the year ended December 31, 2024 and the amortization of operating lease ROU assets during the six months ended June 30, 2025.

***Accrued expenses and other current liabilities***

Our accrued expenses and other current liabilities are mainly comprised of commission payables to our employees and accounts executives and accruals for operating expenses. Our accrued expenses and other current liabilities increased from US$119,125 as of December 31, 2023 to US$250,871 as of December 31, 2024, and increased to US$458,947 as of June 30, 2025, mainly due to the increase of commission payables, which is consistent to the increase of retrocession fee during the year ended December 31, 2024 and the six months ended June 30, 2025.

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

***Operating lease liabilities***

As of December 31, 2023, December 31, 2024 and June 30, 2025, we had operating lease liabilities of US$33,021, US$193,605 and US$151,380, respectively. The increase in our operating lease liabilities as of December 31, 2024 was mainly due to lease modification of its principal executive office during the year ended December 31, 2024. The increase in our operating lease liabilities as of June 30, 2025 was mainly due to repayment of operating lease liabilities during the six months ended June 30, 2025.

**Liquidity and Capital Resources**

Our liquidity and working capital requirements primarily related to finance our working capital needs and fund our capital expenditures and the growth of our operations. Historically, we have met our working capital and other liquidity requirements primarily through our equity capital and cash generated from our operations. Going forward, we expect to fund our working capital and other liquidity requirements from various sources, including but not limited to cash generated from our operations, the net proceeds from this Offering and other equity and debt financings as and when appropriate.

As of June 30, 2025, we had US$2,083,870 in cash. Our working capital requirements are influenced by the size of our operations, the progress of execution on our services, and the timing for collecting accounts receivable, and repayment of accrued expenses and other current liabilities. We believe our cash will be sufficient to meet our current and anticipated needs for general corporate purposes for the next 12 months. We may, however, need additional cash resources in the future if we experience changes in business conditions or other developments. We may also need additional cash resources in the future if we find and wish to pursue opportunities for investment, acquisition, capital expenditure or similar actions. If we determine that our cash requirements exceed the amount of cash we have on hand, we may seek to issue equity or equity linked securities or obtain debt financing. The issuance and sale of additional equity would result in further dilution to the Company's shareholders. The incurrence of indebtedness would result in increased fixed obligations and could result in operating covenants that would restrict our operations. We cannot assure you that financing will be available in amounts or on terms acceptable to us, if at all.

As of June 30, 2025, December 31, 2024 and 2023 and up to the date of this prospectus, we had no outstanding bank borrowings and bank facilities and have not entered into any borrowing agreements with any banking institutions.

**Regulatory Capital Requirements**

Subject to certain exemptions specified under the Securities and Futures (Financial Resources) Rules of Hong Kong (the "HK Financial Resources Rules"), as our wholly owned Hong Kong subsidiary, Keystone Capital is a company registered to carry out Type 1 (dealing in securities), Type 4 (advising on securities) and Type 9 (asset management) regulated activities with the Securities and Futures Commission of Hong Kong, an independent statutory body set up in accordance with the SFO, and Keystone Capital is required to maintain minimum paid-up share capital and required liquid capital in accordance with the HK Financial Resources Rules to ensure an adequate amount of liquidity while conducting regulated activities business. The following table sets forth a summary of the requirements under the HK Financial Resources Rules that are applicable to Keystone Capital and its actual liquid capital as of June 30, 2025, December 31, 2024 and 2023 respectively:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **As at June 30, 2025** | **As at June 30, 2025** | **As at June 30, 2025** | **As at June 30, 2025** |
|  | **Minimum<br> regulatory<br> capital<br> requirement** | **Capital<br> levels<br> maintained** | **Excess net<br> capital** | **Percent of<br> requirement<br> maintained** |
| Keystone Capital | $382170 | $2529450 | $2147280 | 662% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As at December 31, 2024** | **As at December 31, 2024** | **As at December 31, 2024** | **As at December 31, 2024** |
|  | **Minimum<br> regulatory<br> capital<br> requirement** | **Capital<br> levels<br> maintained** | **Excess net<br> capital** | **Percent of<br> requirement<br> maintained** |
| Keystone Capital | $386215 | $775715 | $389500 | 201% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As at December 31, 2023** | **As at December 31, 2023** | **As at December 31, 2023** | **As at December 31, 2023** |
|  | **Minimum<br> regulatory<br> capital<br> requirement** | **Capital<br> levels<br> maintained** | **Excess net<br> capital** | **Percent of<br> requirement<br> maintained** |
| Keystone Capital | $384079 | $603919 | $219840 | 157% |

---

The paid-up capital is not defined under the SFO, but it generically refers to the actual paid-up share capital of a company by its shareholders. The liquid capital of the Company is determined based on its liquid assets minus its liquid liabilities, as defined in accordance with the relevant rules of the SFO. As of June 30, 2025, December 31, 2024 and 2023, Keystone Capital has exceeded the required regulatory capital requirements and was in compliance with its respective regulatory capital requirements.

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

**Cash flows**

The following tables set forth a summary of our cash flows information for the periods/years indicated:

---

| | | |
|:---|:---|:---|
|  | **For the Six months ended<br> June 30,** | **For the Six months ended<br> June 30,** |
|  | **2025** | **2024** |
|  | *US$* | *US$* |
| **Cash and cash equivalents at beginning of the period** | $538741 | $665079 |
| Net cash provided by operating activities | 182721 | 107747 |
| Net cash provided by (used in) investing activities | 1680762 | (43360) |
| Net cash used in financing activities | (289679) | (171134) |
| Foreign currency translation adjustment | (28675) | 2053 |
| **Cash and cash equivalents as at end of the period** | $2083870 | $560385 |

---

---

| | | |
|:---|:---|:---|
|  | **For the years ended <br> December 31,** | **For the years ended <br> December 31,** |
|  | **2024** | **2023** |
|  | *US$* | *US$* |
| **Cash and cash equivalents at beginning of the year** | $665079 | $298265 |
| Net cash provided by operating activities | 872213 | 36963 |
| Net cash (used in) provided by investing activities | (879625) | 267089 |
| Net cash (used in) provided by financing activities | (129126) | 62608 |
| Foreign currency translation adjustment | 10200 | 154 |
| **Cash and cash equivalents as at end of the year** | $538741 | $665079 |

---

***Cash flows from operating activities***

Cash provided by operating activities was US$2,083,870 for the six months ended June 30, 2025, mainly derived from (i) net income of US$452,207 for the six months ended June 30, 2025; (ii) the increase in accrued expenses and other current liabilities by US$208,076; and (iii) the increase in income tax payable by US$123,220, which is partially offset by the increase in accounts receivable, net by US$635,900.

Cash provided by operating activities was US$872,213 for the year ended December 31, 2024, mainly derived from (i) net income of US$804,077 for the year ended December 31, 2024; (ii) the increase in accrued expenses and other current liabilities by US$131,746; and (iii) the increase in income tax payable by US$127,769, which is partially offset by (i) the increase in accounts receivable, net by US$201,470; and (ii) the increase in prepayments and other assets by US$4,819.

Cash provided by operating activities was US$36,963 for the year ended December 31, 2023, mainly derived from net income of US$16,606 for the year ended December 31, 2023.

***Cash flows from investing activities***

Cash provided by investing activities was US$1,680,762 for the six months ended June 30, 2025, mainly derived from (i) repayment from related parties of US$1,022,981; (ii) repayment from shareholders of US$489,205; and (iii) withdrawal of time deposits of US$168,675.

Cash used in investing activities was US$879,625 for the year ended December 31, 2024, mainly derived from (i) placement of time deposits of US$302,608; (ii) purchase of property, plant and equipment of US$513; (iii) advance to related companies of US$87,299; and (iv) advance to shareholders of US$489,205.

Cash provided by investing activities was US$267,089 for the year ended December 31, 2023, mainly derived from withdrawal of time deposits of US$467,440, which is partially offset by advance to related companies of US$200,351.

***Cash flows from financing activities***

Cash used in financing activities was US$289,679 for the six months ended June 30, 2025, which was (i) payment of offering costs of US$274,207; (ii) repayment to directors of US$12,275; and (iii) repayment to related companies of US$3,197.

Cash used in financing activities was US$129,126 for the year ended December 31, 2024, which was (i) dividend paid of US$64,078; and (ii) repayment to directors of US$68,245, which is partially offset by advance from related companies of US$3,197.

Cash provided by financing activities was US$62,608 for the year ended December 31, 2023, which was advance from directors of US$62,608.

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

**Capital Expenditures**

We did not incur any capital expenditure for the six months ended June 30, 2025 and 2024 and years ended December 31, 2024 and 2023.

**Commitments and Contingencies**

In the normal course of business, we are subject to loss contingencies, such as legal proceedings and claims arising out of our business, that cover a wide range of matters, including, among others, government investigations and tax matters. In accordance with ASC No. 450-20, "Loss Contingencies," we will record accruals for such loss contingencies when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated.

The following table summarizes our contractual obligations as of June 30, 2025:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Payments due by period** | **Payments due by period** | **Payments due by period** | **Payments due by period** | **Payments due by period** |
| <br>**Contractual obligations** | **Total** | **Less than<br> 1 year** | **1 – 3<br> years** | **3 – 5<br> years** | **More than<br> 5 years** |
|  | *US$* | *US$* | *US$* | *US$* | *US$* |
| Operating lease<sup>(1)</sup> | $157346 | $80378 | $76968 | $— | $— |

---

____________

(1) We lease offices which are classified as operating leases in accordance
with Topic 842. As of June 30, 2025, our future lease payments totalled US$157,346.

**Off-Balance Sheet Transactions**

For the periods presented, we did not have, and we do not currently have, any off-balance sheet financing arrangements or any relationships with unconsolidated entities or financial partnerships, including entities sometimes referred to as structured finance or special purpose entities, that were established for the purpose of facilitating off-balance sheet arrangements or for some other contractually narrow or limited purpose.

**Recent Accounting Pronouncements**

See the discussion of the recent accounting pronouncements contained in Note 2 "Summary of Significant Accounting Policies" to the financial statements.

**Quantitative and Qualitative Disclosures about Market Risk**

***Credit Risk***

For the credit risk related to accounts receivable, we perform periodic credit evaluations of the financial condition of the financial institutions and generally does not require collateral. We establish an allowance for credit losses based upon estimates, factors surrounding the credit risk of specific clients and other information. No allowance for credit losses was recognized as at June 30, 2025, December 31, 2024 and 2023. Our management believes its contract acceptance, billing, and collection policies are adequate to minimize credit risk. Application for progress payment of contract works is made on a regular basis. We seek to maintain strict control over our outstanding receivables. Overdue balances are reviewed regularly by the management.

***Liquidity Risk***

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

Based on the above considerations, management is of the opinion that we have sufficient funds to meet our working capital requirements and debt obligations, for at least the next 12 months. There are several factors that could potentially arise that could undermine our plans, such as changes in the demand for our services, economic conditions, our operating results continuing to deteriorate and our shareholders unable to provide continued financial support.

We maintain sufficient cash and bank balances, and internally generated cash flows to finance the activities and management is satisfied that funds are available to finance the operations.

***Foreign Exchange Risk***

Our reporting currency is the U.S. dollar, and all of our consolidated revenues and consolidated costs and expenses are denominated in Hong Kong Dollars ("HKD"). Our assets are denominated primarily in HKD. As a result, we are exposed to foreign exchange risk as our revenues and results of operations may be affected by fluctuations in the exchange rate between the US$ and HKD. If the HKD depreciates against the US$, the value of our HKD revenues, earnings and assets as expressed in our US$ financial statements will decline. We have not entered into any hedging transactions in an effort to reduce our exposure to foreign exchange risk.

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**INDUSTRY**

*The information presented in this section has been derived from an industry report commissioned by us and prepared by China Research and Intelligence Co., Ltd., an independent research firm, regarding our industry and our market position in Hong Kong. We believe that the sources of such information are appropriate, and we have taken reasonable care in extracting and reproducing such information. We have no reason to believe that such information is false or misleading in any material respect or that any fact has been omitted that would render such information false or misleading in any material respect. However, neither we nor any other party involved in this offering have independently verified such information. Forecasts and other forward-looking information obtained from these sources are subject to the same qualifications and uncertainties as the other forward-looking statements in this prospectus, and to risks due to a variety of factors, including those described under "Risk Factors." These and other factors could cause results to differ materially from those expressed in these forecasts and other forward-looking information.*

**OVERVIEW OF EXTERNAL ASSET MANAGEMENT (EAM)**

External Asset Management (EAM) is a financial service provided by independent professionals or firms that manage investment portfolios on behalf of clients without holding custody of the assets. Clients requiring EAM services are mainly divided into high-net-worth individuals, family offices that specialize in managing the assets and affairs of ultra-high net worth families and are responsible for entrusting family funds to external asset managers for global portfolio management, risk control and long-term wealth succession ("Family Offices") and institutional investors.

Independence from financial institutions, high degree of customization, safe and transparent assets, and diversified regions and investment channels are the unique advantages of the EAM industry, which are also important features that distinguish it from private banks.

![](image_003.jpg)

*Sources: CRI Report*

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The upstream of External Asset Management (EAM) chain mainly includes key data information and technology providers, such as financial technology companies, custodian banks and data information service providers. The midstream is mainly external asset management (EAM) institutions. The downstream is mainly high-net-worth individuals, Family Offices and institutional investors.

*The Value Industry Chain of External Asset Management*![](image_004.jpg)

*Sources: CRI Report*

**OVERVIEW OF DEVELOPMENT ENVIRONMENT IN HONG KONG AND MAINLAND CHINA**

***Hong Kong's Status as an International Financial Center and Economic Foundation***

With its strengths in banking, capital markets and asset management, Hong Kong provides a comprehensive and high-quality financial platform for investors, financiers, asset managers, funds and financial institutions from all over the world. According to the latest Global Financial Centers Index, Hong Kong maintains its position as Asia's largest financial center and ranks third in the world.

Additionally, Hong Kong maintains a free, open-market economy and upholds an independent, impartial legal-supervision framework. It features low tax rates and an unrestricted foreign-exchange regime. Moreover, its banking sector, securities market, insurance industry, and asset-management institutions consistently rank among the foremost all over world.

***Financial Support Policies of the Hong Kong SAR Government***

*No Intervention in Financial Market Operations.* The Hong Kong Special Administrative Region Government (SAR) adheres to the principle of not interfering in the operation of the financial market as much as possible and strives to provide a business-friendly environment.

*Foreign Exchange Policy and Capital flow.* Hong Kong implements a free capital flow policy and has no foreign exchange controls, attracting international investors. Using the foreign exchange fund and linked exchange rate mechanism to maintain the stability and international competitiveness of the financial market.

*Payment System and Market Infrastructure.* It has built an advanced interbank offered rate market and Hong Kong dollar real-time payment system (RTGS), and has successively launched USD, EUR and CNY settlement systems. It ensures market liquidity and cross-border transaction efficiency, and supports the sound operation of the financial market.

*Low-Tax Policy and Simple Tax System.* The government implements a low-tax policy and promotes a simple tax system. Exemption of stamp duty on transfer of real estate investment trust (REIT) units and securities distribution business of option makers.

*Optimize Financial Markets and Promote Market Liquidity.* Simplify and speed up listing procedures, optimize the review process, and attract more international and mainland companies to choose to list in Hong Kong. Promote financial innovation projects such as offshore CNY business, green bonds and international gold markets, and enhance international market connectivity.

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***High Net Worth Individuals in Mainland China***

The term "high net worth individuals," or HNWIs, in Mainland China refers to people who own individual investable assets including financial assets and investment property with total value over CNY10 million (USD 1.37 million).

The number of high-net-worth individuals in mainland China is showing a trend of sustained growth. In 2016, the number of high-net-worth individuals in mainland China was 1.58 million, and in 2018 it increased by 25% to 1.97 million. In 2020, the number of high-net-worth individuals continued to rise to 2.62 million, with an average annual compound growth rate of 15%. In 2022, the number of high-net-worth individuals reached 3.16 million, an increase of about 540,000 compared with 2020. In 2024, the number exceeded 3.9 million, approaching about 4 million.

The strict capital control measures in mainland China and the gradual narrowing of domestic investment channels have forced the wealthy groups in the mainland to seek cross-border investment channels. Hong Kong, with its international market environment, has become the preferred destination for high-net-worth clients in the mainland to conduct asset allocation and wealth management. In the long run, with the changes in the global political and economic environment and the further concentration of wealth among high-net-worth people in the mainland, their demand for overseas asset allocation and risk diversification will be further strengthened, thereby promoting the continued growth and transformation and upgrading of Hong Kong's asset management business.

*The Population and Invest Assets of High-Net-Worth Individuals in Mainland China*

![](image_005.jpg)

*Sources: China Merchants Bank's "China Private Wealth Report 2023" and Bain & Company's high net worth population income-wealth distribution model*

***Deepening Economic Ties between Hong Kong and Mainland China***

The financial interconnectivity between Mainland China and Hong Kong has been significantly deepening over the past decade, and this strategic integration is reshaping the external asset management (EAM) landscape in Hong Kong.

Initiatives such as the (i) stock connect program, which is a cross-border stock trading program that allows investors in Mainland China and Hong Kong to trade eligible shares listed on each other's stock exchanges through local brokers ("Stock Connect"); (ii) bond connect program, which enable overseas investors to access China's interbank bond market and allows Mainland China investors to buy offshore bonds ("Bond Connect"); and (iii) wealth management connect program, which allow individual investors in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) to buy wealth management products across the border ("Wealth Management Connect"), have facilitated greater capital mobility and cross-border financial integration, allowing both institutional and high-net-worth clients in Mainland China to access global investment products through Hong Kong's open financial architecture.

The construction of the Guangdong-Hong Kong-Macao Greater Bay Area has further deepened the cooperation among Guangdong, Hong Kong and Macao, and promoted the deep integration of Hong Kong and the mainland. For external asset managers, this has led to an expansion of their client base.

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**OVERVIEW OF EXTERNAL ASSET MANAGEMENT MARKETS IN HONG KONG**

***The Number of Licensed Corporations of External Asset Management (EAM)***

In the past three years, the number of licensed corporations of external asset management has continued to grow in Hong Kong. In 2022, there were only 112 licensed corporations in Hong Kong. In the following years, the number of licensed corporations of external asset management in Hong Kong increased year by year. In 2023, the number of licensed corporations increased by 3.6% year-on-year to 116. In 2024, the number of licensed corporations continued to grow to more than 120, a year-on-year increase of 4%.

This upward trend underscores Hong Kong's continued consolidation of its position as an international financial center, driven by growing demand for external asset management services from both local and overseas investors.

***The Asset Under Management (AUM) of EAM Institutions***

In the past three years, the asset under management of Hong Kong's external assets management has continued to expand, and maintained a relatively fast growth rate. The AUM of external asset management (EAM) institutions in Hong Kong saw a slight contraction to HK$234 billion in 2022, reflecting a year-on-year decline of 0.43%. However, the market rebounded strongly in 2023, increasing by 10.68% to reach HK$259 billion, and maintained its upward trajectory in 2024, climbing to HK$289 billion with an 11.58% year-on-year growth.

This resurgence can be attributed to improving global market sentiment, the gradual easing of pandemic-related disruptions, and Hong Kong's enduring appeal as an international financial hub. Hong Kong's external asset management sector is poised to sustain its momentum, supported by robust financial infrastructure, regulatory clarity, and ongoing policy support for cross-border capital flows.

The asset under management (AUM) of Hong Kong's external asset management (EAM) industry is expected to grow rapidly from 2025 to 2034, reaching HK$866 billion by 2034, with a compound annual growth rate (CAGR) of 12%.

*The Asset Under Management and Growth Rate of EAM Institutions, 2022-2034*

![](image_006.jpg)

*Sources: SFC(HK) and CRI Report* 

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***The Structure of Client Group***

From 2022 to 2024, the client structure of external asset management in Hong Kong showed a gradual increase in high-net-worth individuals, a slight shrinkage in Family Offices, and a stable but slightly declining trend in institutional investors.

The proportion of high-net-worth individuals in the overall client structure has increased year by year, from 32.95% in 2022 to 34.29% in 2024. This shows that high net worth individuals have a growing demand for professional asset management. At the same time, high net worth individuals are still gradually favoring Hong Kong as a wealth management center.

Institutional investors remain the main force in Hong Kong's external asset management. Although the proportion of institutional investors has slightly decreased, they still account for about half of the market share. In addition, the proportion of Family Offices in the overall customer structure showed a slight decline, from 16.95% in 2022 to 16.03% in 2024.

*The Structure of Client Group of External Asset Management in Hong Kong in 2024*

![](image_007.jpg)

*Sources: CRI Report*

***Asset Under Management (AUM) of Different Client Type***

From 2022 to 2024, all three client categories in Hong Kong's external asset management experienced growth in asset under management. HNWIs had the highest relative growth, indicating a shift toward more personalized, wealth-driven financial services. Institutional Investors remain the largest client segment by asset size, sustaining solid momentum due to consistent fund flows and long-term investment mandates. Family Offices, while growing at a slower pace, show stable advancement reflective of a maturing market segment.

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Assets managed for Family Offices have increased gradually from HK$40 billion in 2022 to HK$46 billion in 2024, representing a total growth of 15%. HNWIs show a strong and consistent increase in managed assets, with a cumulative growth of approximately 28.6% over three years. The compound annual growth rate (CAGR) of high-net-worth individuals were 13% from 2022 to 2024. Institutional Investors continue to dominate in terms of absolute asset size, rising from HK$117 billion in 2022 to HK$143 billion in 2024 (a total growth of 22.22%).

*The Asset Under Management of Different Client Type in Hong Kong, 2022-2024*

![](image_008.jpg)

*Sources: CRI Report*

***Main Driving Factors and Opportunities of External Asset Management (EAM)***

*Global Wealth Growth.* The growth of global wealth is accompanied by the diversification of investor needs. Investors are no longer satisfied with traditional investment products, but seek a wider range of asset classes and investment strategies, such as alternative investments and sustainable investments. As an international financial center, Hong Kong has a rich product line and professional asset management services that can meet the personalized needs of different investors and attract global investors to allocate assets through Hong Kong.

*Technological Advancements.* The application of financial technology has significantly improved the efficiency and accuracy of asset management. Artificial intelligence can quickly analyze massive amounts of data and provide a scientific basis for investment decisions. Big data analysis can provide a deep understanding of market trends and optimize investment portfolios. In addition, technological progress has promoted the innovation of asset management service models, such as the emergence of new service models such as digital wealth management platforms and smart investment advisors.

*Clustering of Family Offices.* The concentration of Family Offices has become an important factor in promoting cross-border wealth management. Hong Kong has attracted a large number of Family Offices with its mature financial market, low tax system and sound legal system. This has largely promoted the cross-border expansion of external asset management business.

*Overflow of Mainland HNWIs.* With the rapid development of the mainland economy, the number of high-net-worth individuals is increasing, and their demand for wealth management is also growing. With its international financial market, rich investment products and professional asset management services, Hong Kong is becoming one of the first choices for mainland high-net-worth individuals to allocate overseas assets. The interconnection mechanism between Hong Kong and the Mainland continues to deepen, such as the Shanghai-Hong Kong Stock Connect, Shenzhen-Hong Kong Stock Connect, and Bond Connect, which provide convenient channels for Mainland investors to invest in the Hong Kong market.

**COMPETITIVE LANDSCAPE OF EXTERNAL ASSET MANAGEMENT MARKETS IN HONG KONG**

***Entry Barriers for External Asset Management Market in Hong Kong***

*License and Regulatory Compliance Requirements.* External asset management firms must obtain a Type 9 licenses (Asset Management) from the Hong Kong Securities and Futures Commission (SFC). The responsible officers (ROs) with proven industry experience, typically requiring at least five years of relevant asset management experience, of which two must be in a supervisory role. In addition, it is required to have at least one representative office in Hong Kong.

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*Capital Thresholds*. The Hong Kong Securities and Futures Commission (SFC) requires asset management firms to maintain a minimum share recognizance of HK$1 million for Type 9 licensees (asset management), alongside maintaining liquid capital thresholds to ensure ongoing operational viability.

*Technological Thresholds*. Today's EAM firms must offer secure, real-time portfolio management platforms, digital reporting dashboards, and mobile-accessible performance analytics. These demand substantial investments in fintech infrastructure, including client relationship management (CRM) systems, automated risk monitoring, compliance and trade surveillance tools, and cybersecurity frameworks.

*Costs of Building Brand and Client Trust*. In the highly competitive and reputation-sensitive landscape of Hong Kong's external asset management (EAM) industry, building brand recognition and client trust is one of the most challenging and resource-intensive components for new entrants and emerging firms. Unlike traditional financial institutions backed by well-established names, independent EAMs must invest heavily in credibility cultivation, often requiring a multi-year horizon to establish a reliable and recognized market presence.

***Market Concentration***

In Hong Kong, the traditional asset management sector has long been dominated by a few large financial institutions (including international banks and multinational asset management companies), but in the field of external asset management, the market is relatively fragmented, with a large number of independent and hybrid competitors.

Although Hong Kong's independent asset management companies (such as Value Partners etc.) are generally small in scale, they have formed a certain market share among high-net-worth individuals and Family Offices by focusing on personalized services and regional market experience.

***Key Competitor Categories***

● *Independent professional competitors* 

These companies usually operate in an "independent asset management" model, emphasizing long-term and highly customized relationships with clients. Independent asset managers are usually not restricted by the bank's internal product lines or conflicts of interest, and can provide more flexible and personalized investment advice to high-net-worth clients or institutional clients.

● *Traditional Securities Firms Internal Wealth Management Departments* 

The wealth management departments within traditional securities companies usually undertake the tasks of internal asset management and financial product sales. In many cases, the product lines and risk control systems of such departments are relatively mature, and they compete with independent external asset management companies.

● *Hybrid and Outsourced Models (OCIO)* 

In response to increasing complexity in investment management, many institutional investors have turned to outsourcing models. External asset managers serve as outsourced CIOs, taking on full or partial responsibility for asset allocation, manager selection, and risk oversight.

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***Top 5 External (Independent) Asset Management Companies in Hong Kong***

External (independent) asset management companies are independent third-party asset management institutions utilizing the EAM model which are not affiliated with any large bank, securities firm or financial institution system.

Participants of external asset management industry in Hong Kong mainly include Hong Kong local independent asset management companies, local private wealth management companies and international asset management companies.

According to the CRI report, based on Asset Under Management (AUM) of external asset management in 2024, we are the fifth largest external (independent) asset management service provider in Hong Kong focusing on serving high net worth and ultra-high net worth clients, with a market share of approximately 1.07% of the external asset management services market.

The following table shows the market share and information of the top five external (independent) asset management service providers in Hong Kong based on Asset Under Management (AUM) in 2024.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Rank** | **Name** | **Head office** | **Main Business** | **AUM (USD Million)** | **Market Share** |
| 1 | Value Partners Group Limited | Hong Kong | ●Asset Management <br> ●Wealth Management Services<br> ●Multi-Strategy Investment  | 5110 | 13.72% |
| 2 | DL Holdings Group | Hong Kong | ⮚Financial Services of Licensed Business<br> ⮚Family Office Services  | 3500 | 9.40% |
| 3 | Azimut Investment Management (Hong Kong) | Milan, Italy | ●Equity Funds<br> ●Allocation & Multi Asset<br> ●Alternative Investments<br> ●Discretionary Mandates | 2283 | 6.13% |
| 4 | Blackhorn Wealth Management | Hong Kong | ⮚Investment Advisory<br> ⮚Asset Management<br> ⮚Legacy & Estate Planning<br> ⮚Customized Solutions | 1000 | 2.68% |
| 5 | Keystone Capital | Hong Kong | ●Investment Management<br> ●External Asset Management<br> ●Private Markets | 397.44 | 1.07% |

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*Sources: CRI Report*

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**BUSINESS**

**Overview**

Headquartered in Hong Kong, we are a boutique financial firm which focuses on providing quality asset management services to clients. We conduct our business through our direct wholly-owned Operating Subsidiary, Keystone Capital, a licensed corporation under the SFO to engage in Type 1 (dealing in securities), Type 4 (advising on securities) and Type 9 (asset management) regulated activities in Hong Kong.

Keystone Capital provides discretionary accounts services to manage clients' funds. Keystone Capital specializes in designing investment portfolios to meet the needs of investors with different risk tolerance and investment preferences and to preserve and enhance the value of their assets. Keystone Capital provides asset management services for its clients by applying different investment strategies to optimize their asset allocation. Through its discretionary account services, Keystone Capital helps clients to invest in equities, fixed income products, private equity funds and other asset classes. Keystone Capital provides client referral services to financial institutions pursuant to referral agreements. Under such arrangements, Keystone Capital introduces its clients to financial institutions and, in return, receives a fixed percentage point on the amount of transactions executed between the referees and the financial institutions to whom the referees are referred. Keystone Capital's role under the referral agreements is limited to client introduction; it does not manage or administer the client assets maintained with the financial institutions, nor does it participate in or influence the clients' investment decisions.

In recognition of its commitment to excellence, in recent years, Keystone Capital was awarded with Performance Award for Corporate – Sustainability Impact (2025) for SDGs by United Nations Global Leadership & ESG Programme, SDG Impact and Sustainable Development Goals, Best Discretionary Portfolio Manager – Bonds (2022) by iFAST Wealth Advisers Awards 2022 and Hong Kong's Most Outstanding Services Awards 2021 by HKMOS.

Leveraging its track record and expertise in discretionary services, Keystone Capital has recently expanded into the field of fund management. Keystone Multi Strategy OFC, a Hong Kong private umbrella open-ended fund registered with the SFC, was launched in January 2025 for subscription. Keystone Capital was appointed and serves as the investment manager of Keystone Multi Strategy OFC. We expect our fund management will start generating income, in terms of management fees, to Keystone Capital during the year ending December 31, 2025.

Our clients are primarily high net worth individuals, Family Offices and institutional investors in Hong Kong. Word-of-mouth is currently one of the most effective marketing tools for our business and a majority of Keystone Capital's clients have come through referrals from existing clients. Keystone Capital is also actively expanding its client referral network by actively maintaining client relationship, seeking referrals from existing clients, and expanding its business network. For the years ended December 31, 2024 and 2023, Keystone Capital provided asset management services to 73 and 79 clients, respectively. The AUM of Keystone Capital was HK$3.1 billion (equivalent to approximately US$397.44 million) and HK$2.6 billion (equivalent to approximately US$333.33 million), as of December 31, 2024 and 2023, respectively. We believe that the quality of Keystone Capital's services and its client-centric culture have contributed to a generally steady client base.

Keystone Capital does not hold client's assets or funds, which are instead placed under the custody of different financial institutions. Keystone Capital has entered into external asset management agreements with financial institutions and receives retrocession fees for facilitating its clients in opening accounts, placing funds under custody and purchasing investment products or services at these institutions. As Keystone Capital derives income from its financial institution partners, it did not charge clients any performance fees or management fees. For the years ended December 31, 2024 and 2023, Keystone Capital received retrocession fees from seven and five financial institutions, respectively.

Attributable mainly to the increase of an increase in the assets under management during the year ended December 31, 2024, our revenue increased from approximately US$1.0 million for the year ended December 31, 2023 to approximately US$1.9 million for the year ended December 31, 2024; while our profit before tax increased from approximately US$13,000 to approximately US$0.9 million in the corresponding periods.

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**Awards and Recognitions**

Over the years, we have established ourselves as a trusted name in asset management industry. Our commitment to excellence is reflected in the numerous awards and accolades we have received. Below is a selection of our recent notable achievements.

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| | | |
|:---|:---|:---|
| **Award** | **Issuing organization** | **Year** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Performance Award for Corporate – Sustainability Impact for SDGs<br>| United Nations Global Leadership & ESG Programme, SDG Impact and Sustainable Development Goals | 2025 |
| Best Discretionary Portfolio Manager – Bonds | iFAST Wealth Advisers Awards 2022 | 2022<br>|
| Hong Kong's Most Outstanding Services Awards 2021 | HKMOS | 2021 |

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Keystone Capital has actively participated in various investment-related forums and seminars. Mr. Tak Chiu, CHAN, the chief executive officer, director and the Chair of the board of directors of the Company, was a guest speaker at the first ESG and Green Finance Forum cum Recognition Ceremony in 2021, co-hosted by HKET and Excellent ESG Recognition Scheme. Mr. Chan was also a speaker at an investment banking related seminar (2021) held by HKUSPACE Financial Planning Alumni Society, an investment forum related to carbon neutrality (2021), hosted by The Chinese Manufacturers' Association of Hong Kong, and a lecture on family office and trust planning (2023), co-hosted by AIA and Keystone Capital.

**Competitive Strengths**

***High client satisfaction and client retention***

We serve a diverse and solid base of customers. Our clients are primarily high net worth individuals, Family Offices and institutional investors in Hong Kong. For the years ended December 31, 2024 and 2023, we served 73 and 79 clients, respectively. A diversified and solid customer base will help mitigate the negative effect caused by fluctuations in market conditions. We believe that Keystone Capital has a reputable brand image among our clients. As an asset management services provider, through our Operating Subsidiary, we focus on the quality of services and maintain a loyal client base. Our Operating Subsidiary measure client satisfaction by conducting client satisfaction surveys mostly via telephone calls, instant messaging or in-person meetings to collect accurate feedbacks about our services from clients. For the years ended December 31, 2024, Keystone Capital recorded a client retention rate of over 85%. The number of clients who have engaged Keystone Capital continuously reflects the level of client retention in our business. To this end, Keystone Capital strives to explore its clients' needs and offer its clients with best suited products or services, so that it can build longer-term and more stable relationships with clients. We believe that Keystone Capital has been successful at leveraging the influence and network of its existing clients to grow its client base.

***Carefully selected financial institutions partners for introduction to our clients***

With respect to our discretionary account services, Keystone Capital carefully selects and introduces to its clients highly desirable financial institutions that not only act as external custodian of the clients' funds and assets, but also offer a diverse range of investment products designed to meet the needs of different investors. Keystone Capital has adopted specific criteria in selecting the financial institutions that it partners with and perform rigorous due diligence before it makes recommendation to its clients. Our selection process is guided by a commitment to ensuring that clients have access to reputable and reliable financial institutions that align with their investment objectives and risk profiles. Keystone Capital evaluates potential partners based on several key factors, including their financial stability, regulatory compliance, breadth of investment offerings, technological infrastructure, and service quality. We are dedicated to fostering long-term relationships with our financial institutions partners, ensuring that our clients benefit from a well-curated selection of investment products and services.

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***Effective risk management and internal control system***

We have maintained effective risk management systems and internal control systems, enabling us to identify, evaluate, mitigate and manage credit, market and operational risks in our business. Our risk management structure, which encompasses our directors, our compliance officer and responsible officer has established a risk management system which enable us to conduct real-time monitoring of potential risks. In addition, pursuant to our stringent risk management policies in place, we regularly perform sensitivity analysis and stress testing procedures for various risk across our business lines to assist us in optimizing our asset allocation and mitigating risks. Our compliance officer regularly reviews our internal control system to identify and rectify any internal control deficiencies in a timely manner to ensure the stable growth of business. Based on our internal control system, we follow a thorough review and approval process with respect to each client and the launching of each project.

***First-mover advantage in the external asset management (EAM) sector with strategic foresight***

Our management team has been actively involved in the external asset management (EAM) business since as early as 2016, during the formative stage of the EAM market in Hong Kong. As one of the early entrants in the industry, we have accumulated years of experience and deep market insights in navigating the EAM model, which positions us ahead of many peers who entered the sector later. This first-mover advantage has enabled us to establish robust operational practices, build long-standing relationships with financial institutions, and develop a client-centric service model tailored to our clients. Our early strategic positioning in the EAM sector reflects the foresight of our management and underscores our commitment to adapting to evolving client needs and global wealth management trends.

***Experienced management team***

We are led by a team of experienced professionals who formulate investment strategies, monitor compliance and financial performance, and manage daily operations with an aim to provide quality services to our clients in a reliable, efficient and professional manner. In particular, both Mr. Tak Chiu, CHAN and Mr. Wing Kin, SIU, being directors, each have around 20 years of experience in the financial services industry. With their expertise and knowledge, we believe that we will be able to respond and cope with the rapidly evolving and fluctuating market environment.

**Growth Strategies**

Our principal business objective is to further develop into a well-rounded asset management service provider in Hong Kong. We intend to achieve our plan by adopting the following key strategies:

***Continue to expand our discretionary accounts services business***

Throughout our operating history, discretionary accounts services business has been our core income generating source and we have experienced tremendous growth in our client base since our establishment. We believe it is vital for us to strive to strengthen our competitiveness and expand our market share. We intend to strengthen our manpower by recruiting additional account executives. We intend to recruit talents from the financial industry to provide quality services to clients. We believe that by investing in our human resources we would be able to increase our work capacity and maintain the consistency in our service quality.

***Expanding our client network***

While maintaining a loyal and diverse customer base is crucial for Keystone Capital to sustain its business in this competitive industry, attracting new clients is equally important for Keystone Capital to maintain growth. Keystone Capital intends to target high net worth customers by providing quality asset management services to manage their investment and wealth. It plans to expand its client base by (i) enhancing Keystone Capital's reputation through listing on Nasdaq; (ii) extending and enhancing our sales and marketing capabilities with new full-time hires focusing on business development, preferably with extensive experience in the industry; and (iii) increasing its exposure by more active contact with professional parties and existing clients to strengthen business relationships.

***Strengthening our research capabilities***

Keystone Capital plans to enhance its research capabilities to improve its asset management services by continuously recruiting and employing talented analysts from different industry background and capital market exposure. It will expand the breadth and depth of research of different types of securities, including equities, fixed income products, private equity funds and other asset classes, to increase its investment pool, creating quality research for our internal use and ultimately increasing our investment return of its asset under management. The Company believes that by creating strong returns for Keystone Capital's clients, it can build a successful track record to attract more funds from its existing or potential clients.

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***Build up our presence as investment manager of fund***

Leveraging its track record and expertise in discretionary accounts services, Keystone Capital has recently expanded into the field of fund management. Keystone Multi Strategy OFC, a Hong Kong private umbrella open-ended fund registered with the SFC, was launched in January 2025 for subscription. Keystone Capital was appointed and serves as the investment manager of Keystone Multi Strategy OFC.

Set forth below are details of Keystone Multi Strategy OFC:

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| | | |
|:---|:---|:---|
| Management fees | : | 0.7% of the net asset value on a quarterly basis |
| Performance fees | : | Not applicable |
| Amount of AUM | : | Approximately US$3 million as at March 31, 2025 |
| Composition of the fund | : (a)  | Not less than 50% of the gross asset value in fixed income assets with an investment grade not lower than BBB- or an equivalent grade, as credited by an international rating agency; |
|  | (b) | Not more than 30% of the gross asset value in assets with no investment grade credited by an international credit rating agency; and |
|  | (c) | Not more than 10% of the gross asset value in non-financial or other less comment asset class(es). |

---

We expect our fund management will start generating income, in terms of management fees, to Keystone Capital during the year ending December 31, 2025. Going forward, Keystone Capital aims to expand its fund management business by introducing additional sub-funds under Keystone Multi Strategy OFC, diversifying investment strategies, and/or securing additional engagement as investment manage with other funds. We plan to leverage our expertise to attract institutional and high-net-worth investors while enhancing our research capabilities and investment processes to align with market trends. Additionally, we will strengthen our operational infrastructure to support business growth and ensure efficient fund management. Through these initiatives, we seek to solidify our position as a reputable investment manager and generate sustainable revenue from management fees.

***Expanding our financial institutions partners***

To further enhance the breadth and flexibility of investment solutions available to our clients, we intend to expand our network of financial institution partners. Keystone Capital has adopted a rigorous selection and due diligence process to ensure our partners meet high standards in terms of financial stability, product offerings, regulatory compliance, and client servicing capabilities. By forging new relationships with reputable financial institutions in Hong Kong and overseas markets, we aim to (i) increase the variety of custodial and investment product options available to our clients; (ii) optimize retrocession fee arrangements; and (iii) diversify counterparty exposure and operational resilience. Strengthening our institutional network will also allow us to better match clients with platforms that align with their specific investment preferences and needs, thereby enhancing our overall service proposition and client satisfaction.

***Enhancing our IT infrastructure and developing our own mobile application***

 ****

As part of our strategy to elevate the client experience and improve internal operational efficiency, we plan to enhance our technology infrastructure and develop a proprietary mobile application. The proposed mobile application will serve as a centralized platform for client interaction, enabling clients to view investment portfolios, receive customized reports, access market insights, and communicate securely with their designated account executives. Internally, we will leverage upgraded systems to streamline compliance monitoring, risk management, and portfolio management processes. These technological upgrades are expected to increase service efficiency, support scalability, and strengthen our positioning as a modern and tech-enabled asset management firm.

***To promote and enhance our brand***

We believe that our market reputation and clients' confidence in our brand are essential to our success. As such, we intend to enhance our corporate image and industry position by conducting additional marketing and public relation activities, such as participating in additional industry events and marketing activities in Hong Kong. Leveraging our established reputation in Hong Kong, we believe by enhancing our brand image we will be able to broaden our client base.

**Our Services**

*(i) Discretionary accounts services*

Keystone Capital manages discretionary accounts for its clients. Discretionary account services refer to an investment management arrangement where clients entrust an external asset manager, such as Keystone Capital, with the authority to manage their investment portfolios on their behalf. Under this arrangement, Keystone Capital exercises investment discretion based on the client's predefined objectives, risk tolerance, and financial goals, without requiring prior approval for each individual transaction. Keystone Capital's responsible officers review and assess the approved pool of securities, allocation and concentration risks of the discretionary account on a regular basis. Its compliance team monitors the trade executed and the security portfolio of the discretionary account on a daily basis to ensure that the investments fall within the investment objective and strategies of the customer.

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By leveraging Keystone Capital's expertise, clients benefit from professional portfolio management that is tailored to their specific needs. This includes asset allocation, security selection, risk management, and continuous portfolio rebalancing to optimize returns while mitigating risks. Our investment decisions are guided by a disciplined approach that incorporates market analysis, due diligence, and an understanding of our clients' financial aspirations.

*Pre-engagement assessment*

For potential client that intends to authorize Keystone Capital to manage his/her account, we conduct the client acceptance procedure, including due diligence on the client's background and sources of funds, and risk assessment by our compliance team.

*Structure and governance of discretionary accounts*

To formalize the engagement, the clients enter into discretionary asset management agreements with Keystone Capital, authorizing us to execute investment decisions on their behalf. The clients, upon our recommendation, will also open account with custodian — typically reputable financial institutions in Hong Kong or Singapore, and place their assets in the account under their ownership. In parallel, Keystone Capital enters into external asset management agreements with the custodians. These institutions provide safekeeping of clients' funds and assets while facilitating the execution of investment transactions.

While delegating investment authority, clients retain full ownership of their assets and maintain the ultimate right to terminate our appointment at their discretion. This ensures a structured yet flexible investment framework, allowing clients to benefit from professional management while preserving their financial autonomy.

By offering discretionary account services, Keystone Capital provides clients with a professionally managed investment experience that is designed to optimize capital growth, enhance portfolio diversification, and ensure strategic asset allocation, all while maintaining full regulatory compliance and the highest fiduciary standards.

*(ii) Investment manager of fund*

Leveraging its track record and expertise in discretionary accounts services, Keystone Capital has recently expanded into the field of fund management. Keystone Multi Strategy OFC, a Hong Kong private umbrella open-ended fund registered with the SFC, was launched in January 2025 for subscription. Keystone Capital was appointed and serves as the investment manager of Keystone Multi Strategy OFC. Under the engagement, Keystone Capital provides asset management services by acting as investment manager for the fund. Keystone Capital enters into an investment management agreement with the fund to act as the investment manager, to invest and re-invest the assets of the fund in accordance with the fund's investment strategy. In return for these services, Keystone Capital will receive a management fee. The assets of the fund are held and maintained by an external custodian, which is a trustee company operated by an established bank in Hong Kong. Each investor of the fund retains the beneficial ownership and control over their shares / interests in the fund, while they shall not be involved in the day-to-day management of their shares / interests.

In connection with the launch of Keystone Multi Strategy OFC, Keystone Capital applied for and received a government grant under the Hong Kong government's Grant Scheme for Open-ended Fund Companies and Real Estate Investment Trusts (the "Grant Scheme"). The Grant Scheme is designed to subsidize eligible establishment costs incurred in setting up private OFCs, covering up to 70% of such costs and subject to a cap of HK$500,000 per fund. During the year ended December 31, 2024, the Company recognized approximately US$59,809 in government grants as other income. This one-time grant supported the initial establishment of the fund but does not form a recurring component of our revenue model. Rather, it represents a supportive incentive from the Hong Kong government to encourage the development of the local fund industry and was aligned with our strategic move into the fund management sector.

Our fund management service did not generate any income to Keystone Capital during the two years ended December 31, 2024 and 2025. We expect our fund management service will start generating income, in terms of management fees, to Keystone Capital during the year ending December 31, 2025.

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*(iii) Introduction and referral*

 

By leveraging its network, Keystone Capital provides client referral services to financial institutions pursuant to referral agreements. Under such arrangements, Keystone Capital introduces its clients to financial institutions and, in return, receives a fixed percentage point, determined in accordance with the relevant referral agreement, on the amount of transactions executed between the referees and the financial institutions to whom the referees are referred. Keystone Capital's role under the referral agreements is limited to client introduction; it does not manage or administer the client assets maintained with the financial institutions. The material terms of the referral agreements are summarized as follows:

---

| | |
|:---|:---|
| **Principal terms** | **Descriptions** |
| Scope of service: | The Company introduces or refers clients to the financial institution.<br>|
| Term of the contract: | The contract remains in effect for an initial period of 12 months, as specified in the relevant agreement; or until terminated by either party in accordance with the termination provisions.<br>The term of each referral agreement may vary depending on the specific terms agreed with each financial institution.<br>|
| Introduction/ referral fee to the Company: | A percentage agreed with the financial institution of the transaction amount between the referees and the financial institutions to whom the referees are referred, as mutually agreed upon.<br>The applicable percentage of each referral agreement may vary depending on the specific terms agreed with each financial institution.<br>|
| Termination provision: | In general, the parties are entitled to terminate the agreement at any time from the effective date of the agreement by giving a prior 30- to 90-day written notice to the other party, while some agreements may specify a minimum effective period before termination is allowed.<br>The applicable notice period of each referral agreement may vary depending on the specific terms agreed with each financial institution. |

---

The Company recognizes commission income from the financial institutions when the transaction and the performance is completed. During the years ended December 31, 2024 and 2023, the Company recognized approximately US$250,032 and US$72,564 commission income from the financial institutions, respectively.

**Our Clients and Financial Institutions Partners**

Our clients are primarily high net worth individuals, Family Offices and institutional investors in Hong Kong. To formalize the engagements, the clients enter into discretionary asset management agreements with Keystone Capital, authorizing us to execute investment decisions on their behalf. For the years ended December 31, 2024 and 2023, we had provided discretionary account services to 73 and 79 clients, respectively. Set forth below is the geographical breakdown of our client base:

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| | | |
|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** |
| <br>**Region/ Country** | **2024** | **2023** |
| Hong Kong | 50 | 55 |
| Mainland China | 16 | 16 |
| Others*<sup>(Note)</sup>* | 7 | 8 |
| **Total** | **73** | **79** |

---

Note: Others including Macau, Canada and Germany.

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Under the terms of our agreements, Keystone Capital does not charge performance fees nor management fees for our discretionary account services. For the two years ended December 31, 2024 and as at date of prospectus, we did not generate revenue from performance fees or management fees under our discretionary account services. This decision reflects our commitment to offering cost-effective investment solutions while maintaining transparency in our fee structure.

Instead of charging clients directly, Keystone Capital generate its income through retrocession fees from financial institutions. These fees are earned for facilitating account openings, placing funds under custody, and enabling clients to purchase investment products and services. The retrocession fees are determined based on a pre-agreed mechanism outlined in the respective external asset management agreements with our financial institution partners. Under the external asset management agreements with our financial institution partners, Keystone Capital is entitled to receive between 25% and 65% of the net fee income generated and received by these partners from our clients after deducting any commission, fees or charges that our financial institution partners may have to pay to any third party ("Net Fee Income"). For the fiscal years ended December 31, 2024 and 2023, the median percentage that Keystone Capital was entitled to receive were 50% and 50%, respectively. The Net Fee Income would mainly include custody fees, fund trailer fees, commission income from securities broking transactions of our clients, subscription fees and management fees from fund dealing transactions of our clients and transaction spreads charged for executing bond trades on behalf of our clients. These retrocession fees are being paid to us on a monthly or quarterly basis and are not deducted from our clients' assets under management but are paid as a separate and additional fee by our financial institution partners. By adopting this approach, we ensure that our clients can benefit from professional discretionary account management without incurring additional direct fees to us.

We recorded revenue of 99.8% and 100.0% from our top five financial institutions partners for the years ended December 31, 2024 and 2023, respectively. The following table sets out the percentage of revenue generated from our financial institutions partners:

**For the year ended December 31, 2024:**

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| | | |
|:---|:---|:---|
|  | **Background** | **Revenue %** |
| Largest financial institution partner | A licensed bank incorporated in Hong Kong and a subsidiary of a bank headquartered in Singapore | 42.1 |
| 2<sup>nd</sup> largest financial institution partner | A corporation licensed to carry out type 1 (dealing in securities) and type 4 (advising on securities) regulated activities under the SFO | 27.3 |
| 3<sup>rd</sup> largest financial institution partner | A licensed bank incorporated in Hong Kong and a subsidiary of a U.K. corporation | 17.5 |
| 4<sup>th</sup> largest financial institution partner | A bank headquartered in Germany with branches worldwide | 8.2 |
| 5<sup>th</sup> largest financial institution partner | A bank headquartered in Switzerland with branches worldwide | 4.7 |
| Total |  | 99.8 |

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**For the year ended December 31, 2023:**

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| | | |
|:---|:---|:---|
|  | **Background** | **Revenue %** |
| Largest financial institution partner | A licensed bank incorporated in Hong Kong and a subsidiary of a bank headquartered in Singapore | 48.8 |
| 2<sup>nd</sup> largest financial institution partner | A licensed bank incorporated in Hong Kong and a subsidiary of a U.K. corporation | 21.8 |
| 3<sup>rd</sup> largest financial institution partner | A bank headquartered in Germany with branches worldwide | 19.2 |
| 4<sup>th</sup> largest financial institution partner | A bank headquartered in Switzerland with branches worldwide | 6.8 |
| 5<sup>th</sup> largest financial institution partner | A corporation licensed to carry out type 1 (dealing in securities) and type 4 (advising on securities) regulated activities under the SFO | 3.4 |
| Total |  | 100.0 |

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**Sales & Marketing**

Our sales and marketing function is primarily performed by our management and account executive team who are responsible for maintaining relationships with the management of existing clients, exploring sales lead from new clients. Our engagements generally originate from the networks of our management and our account executive team, referrals from existing clients and direct approaches by clients due to our market reputation. Our management will attend investment seminars and industry events, and as guest speakers to increase our exposure and be able to reach out to new potential clients directly. We maintain a company website which showcases our corporate profile.

**Licenses and Regulations**

The financial services market in Hong Kong is highly regulated. Our principal business and our responsible personnel are subject to a number of legislations and regulations and the rules of the HKSFC. In particular, due to the licensing requirements of the HKSFC, Keystone Capital, our Operating Subsidiary, is required to obtain necessary licenses to conduct its business in Hong Kong and its business and responsible personnel are subject to the relevant laws and regulations and the respective rules of the HKSFC.

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As of the date of this prospectus, Keystone Capital is currently licensed under the SFO to carry on Type 1 (dealing in securities) regulated activities in Hong Kong, Type 4 (advising on securities) and Type 9 (asset management) regulated activities in Hong Kong. See "Regulations — Licensing regime under the SFO." These licenses have no expiry date and will remain valid unless they are suspended, revoked or cancelled by the HKSFC. We are subject to continuing regulatory obligations and requirements. See "Regulations — Licensing requirements."

During the years ended December 31, 2024 and 2023, and up to the date of this prospectus, we had obtained all requisite licenses, permits, and certificates necessary to conduct our operations as set out in this prospectus and we had complied with all applicable laws, regulations, rules, codes, and guidelines in Hong Kong in connection with our business and operation in all material respects.

**Insurance**

We maintain employees' compensation insurance for our directors and employees at our office, which covers liabilities arising from death, injury, or disability of employees under the Employees' Compensation Ordinance (Chapter 282 of the Laws of Hong Kong) and at common law for work-related injuries. In addition, we provide medical insurance for eligible employees, covering outpatient consultations, hospitalization, and other medical expenses, as part of our commitment to employee welfare.

Furthermore, we maintain office insurance to protect against potential risks associated with our business operations, including coverage for office premises, equipment, and liabilities arising from unforeseen incidents such as property damage, fire, or theft. We believe that our current insurance policies provide adequate protection for our employees and operations.

**Properties**

As of the date of this prospectus, we do not own any real property and we are party to the following lease agreement:

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| | | |
|:---|:---|:---|
| **Location** | **Term of Lease** | **Usage** |
| 1902-3A, 19/F, FWD Financial Centre, 308-320 Des Voeux Raod Central, Sheung Wan, Hong Kong | 17 September 2024 to 16 May 2027 | Office |

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**Our Employees and Account Executives**

We had four full-time employees and one part-time, four full-time employees, and four full-time employee as of December 31, 2024, 2023 and 2022, respectively. All of our employees are stationed in Hong Kong. The following table sets forth the number of our full-time employees categorized by function as of December 31, 2024:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2023** | **As of December 31, 2023** | **As of December 31, 2022** | **As of December 31, 2022** |
| <br>**Function** | **Number of full-time<br> Employees** | **Number of part-time<br> Employee** | **Number of full-time<br> Employees** | **Number of part-time<br> Employee** | **Number of full-time<br> Employees** | **Number of part-time<br> Employee** |
| Management | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |  |
| Business operation | 1 |  | 1 |  | 1 |  |
| Administrative | 1 | 1 | 1 |  | 1 |  |
| **Total** | **4** | **1** | **4** |  | **4** |  |

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We consider that we have maintained a good relationship with our employees and have not experienced any significant disputes with our employees or any disruption to our operations due to any labor disputes. In addition, we have not experienced any difficulties in the recruitment and retention of experienced core staff or skilled personnel.

Our remuneration package for employees includes salary and discretionary bonuses. In general, we determine employees' salaries based on their qualifications, position and seniority. In order to attract and retain valuable employees, we review the performance of our employees annually which will be taken into account in annual salary review and promotion appraisal. We provide a defined contribution to the Mandatory Provident Fund as required under the Mandatory Provident Fund Schemes Ordinance (Chapter 485 of the Laws of Hong Kong) for our eligible employees in Hong Kong.

Account executives are independent licensed professionals who work under contract with Keystone Capital and serve to source clients and client relationships for it. Account executives are individuals who are licensed by the SFC to perform regulated activities for a licensed financial institution. The account executives are required to apply for approval from the SFC as a licensed representative accredited to the licensed financial institution and the account executives can only work under one licensed financial institution at the same time. Therefore, the account executives are exclusive such that they cannot provide the same or similar services for another company at the same time. Keystone Capital has four account executives as of December 31, 2023 and 2024.

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All account executives have contractual arrangements with Keystone Capital. Contractual arrangements for account executives do not have a fixed term. The contractual arrangements with our account executives may be terminated by either party by giving advance notice as required by each specific agreement. All account executives are independent third parties to Keystone Capital. The commissions payable to our account executives are based on the associated revenue generated by Keystone Capital from those clients procured by those account executives. Keystone Capital settles the commission to the account executives quarterly.

**Intellectual Property**

We are the registered owner of the domain name *https://www.kstonecapital.com/*. As of the date of this prospectus, we have not registered any trademark, design and patent.

**Seasonality**

Up to the date of this prospectus, we have not experienced any pronounced seasonality.

**Legal Proceedings**

As of the date of this prospectus, we had not been involved in any legal proceedings, investigations, claims nor had we been aware of any pending or threatened litigation, arbitration or other claims which would have a material adverse impact on the operations, financial position and reputation of our Group.

**REGULATIONS**

**Overview**

Our operations are subject to various laws and regulations in Hong Kong where we operate. This section sets out summaries of certain aspects of Hong Kong laws and regulations which are relevant to our Group's operations and business.

**Licensing regime under the SFO**

***Licensing and Registration under the SFO Administered by the HKSFC***

The HKSFC is an independent statutory body set up in 1989 to regulate Hong Kong's securities and futures markets. It operates independently of the Government of Hong Kong, and is funded mainly by transaction levies and licensing fees.

The HKSFC derives its investigative, remedial and disciplinary powers from the SFO and the subsidiary legislations thereunder. The SFO, in particular, vested the HKSFC with multiple roles and sets out its regulatory objectives, including:

&nbsp;&nbsp;&nbsp;&nbsp;i. to maintain and promote the fairness, efficiency, competitiveness,
transparency and orderliness of the securities and futures industry;

&nbsp;&nbsp;&nbsp;&nbsp;ii. to promote understanding by the public of financial services
including the operation and functioning of the securities and futures industry;

&nbsp;&nbsp;&nbsp;&nbsp;iii. to provide protection for members of the public investing in
or holding financial products;

&nbsp;&nbsp;&nbsp;&nbsp;iv. to minimize crime and misconduct in the securities and futures
industry;

&nbsp;&nbsp;&nbsp;&nbsp;v. to reduce systemic risks in the securities and futures industry;
and

&nbsp;&nbsp;&nbsp;&nbsp;vi. to assist the Financial Secretary of Hong Kong in maintaining
the financial stability of Hong Kong by taking appropriate steps in relation to the securities and futures industry.

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***Overview of licensing regime***

Generally, the SFO provides that a corporation which is not an authorized financial institution and is (i) carrying on a business in a regulated activity (or holding out as carrying on a business in a regulated activity); or (ii) actively marketing (whether in Hong Kong or from a place outside Hong Kong) to the public any services it provides, which would constitute a regulated activity if provided in Hong Kong, has to be licensed by the HKSFC to carry out that regulated activity, unless one of the exemptions under the SFO applies.

In addition, an individual performing a regulated function (meaning any function performed for or on behalf of or by arrangement with the person relating to the regulated activity, other than work ordinarily performed by an accountant, clerk or cashier) for the principal which is a licensed corporation in relation to a regulated activity carried on as a business has to be licensed separately under the SFO as a Licensed Representative accredited to the principal.

For each regulated activity conducted by a licensed corporation, it must appoint no less than two Responsible Officers, at least one of them must be an executive director, to supervise the business of such regulated activity. As defined in section 113(1) of the SFO, "executive director'', in relation to a licensed corporation, means a director of the corporation who (i) actively participates in; or (ii) is responsible for directly supervising the business of a regulated activity for which the corporation is licensed. All the executive director(s) must seek the HKSFC's approval as Responsible Officer(s) accredited to the licensed corporation.

The same individual could apply to be a Responsible Officer for more than one regulated activity simultaneously provided that he/she meets the fit and proper (including competence) requirements for the regulated activity concerned, and demonstrate that there is no conflict of interest for he/she to carry on the regulated activities concurrently. In addition, the same individual could apply to be a Responsible Officer for more than one licensed corporation simultaneously provided that he/she can demonstrate there is no conflict of interest.

It is an offence for a person to conduct any regulated activity without the required license.

***Types of regulated activities***

Schedule 5 to the SFO stipulates 10 types of regulated activities, namely:

● Type 1: Dealing in securities

● Type 2: Dealing in futures contracts

● Type 3: Leveraged foreign exchange trading

● Type 4: Advising on securities

● Type 5: Advising on futures contracts

● Type 6: Advising on corporate finance

● Type 7: Providing automated trading services

● Type 8: Securities margin financing

● Type 9: Asset management

● Type 10: Providing credit rating services

As of the date of this prospectus, we are licensed for and carried on Type 1, Type 4 and Type 9 of the above regulated activities. The foregoing licenses of our Group have no expiry date and remain in force until suspended or revoked, subject to certain continuing obligations, such as payment of annual fee and submission of annual return.

***Licensed corporation***

For application as a licensed corporation, the applicant has to be incorporated and the licensed corporation has to satisfy the HKSFC that it has proper business structure, good internal control systems and qualified personnel to ensure the proper management of risks that it will encounter in carrying on the proposed regulated business as detailed in the business plan submitted to the HKSFC.

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***Responsible Officer***

A Licensed Representative who is also approved as a Responsible Officer under section 126 of the SFO to supervise the regulated activity of the licensed corporation to which he/she is accredited.

***Licensed representative***

An individual who is granted a license under section 120(1) of the SFO to carry on one or more regulated activities for a licensed corporation to which he/she is accredited.

***Licensing requirements***

*Fit and proper requirements*

Section 116(3) of the SFO provides that the HKSFC shall refuse to grant a license to carry on a regulated activity unless the applicant for license satisfies the HKSFC that, inter alia, the applicant is a fit and proper person to be licensed for the regulated activity. The applicant must remain fit and proper at all times after the grant of such licenses by the HKSFC.

In simple terms, a fit and proper person means one who is financially sound, competent, honest, reputable and reliable. Pursuant to section 129(1) of the SFO, in considering whether a person, an individual, corporation or institution, is fit and proper for the purpose of licensing or registration, the HKSFC shall, in addition to any other matter that the HKSFC may consider relevant, have regard to the following:

● financial status or solvency;

● educational or other qualifications or experience having regard to the nature of the functions to be performed;

● ability to carry on the regulated activity concerned competently, honestly and fairly; and

● reputation, character, reliability and financial integrity of the applicant and other relevant persons as appropriate.

The above fit and proper criteria serve as the fundamental basis when the HKSFC considers each license or registration application. Detailed guidelines are contained in the Fit and Proper Guidelines, the Licensing Handbook and the Guidelines on Competence issued by the HKSFC.

*Licensed corporation*

For application as a licensed corporation, the applicant has to be incorporated in Hong Kong or an overseas company registered with the Companies Registry of Hong Kong and the licensed corporation has to satisfy the HKSFC that it has proper business structure, good internal control systems and qualified personnel to ensure the proper management of risks that it will encounter in carrying on the proposed regulated business as detailed in the business plan submitted to the HKSFC. Detailed guidelines to meet the requirements and expectations of the HKSFC are contained in the following documents issued by the HKSFC:

● the Guidelines on Competence;

● the Code of Conduct;

● Management, Supervision and Internal Control Guidelines for Persons Licensed by or Registered with the HKSFC;

● the Fit and Proper Guidelines;

● the Corporate Finance Adviser Code of Conduct published by the HKSFC in October 2013 (the "CFA Code"); and

● the Fund Manager Code of Conduct published by the HKSFC in November 2018.

*Responsible Officer*

A person who intends to apply to be a Responsible Officer must demonstrate that he/she fulfils the requirements on both competence and sufficient authority. An applicant should possess appropriate ability, skills, knowledge and experience to properly manage and supervise the corporation's regulated activity(ies). Accordingly, the applicant has to fulfil certain requirements on academic or professional qualifications, industry experience, management experience and regulatory knowledge as stipulated by the HKSFC.

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***Key ongoing obligations***

*Remaining fit and proper*

Licensed corporations, Licensed Representatives, Responsible Officers and registered institutions must remain fit and proper as defined under the SFO at all times. They are required to comply with all applicable provisions of the SFO and its subsidiary legislations as well as the codes and guidelines issued by the HKSFC.

*Minimum capital requirements*

Section 145 of the SFO provides that depending on the types of regulated activity a licensed corporation conducts, a licensed corporation is required to maintain at all times paid-up share capital and liquid capital not less than the specified amounts in the FRR. The following table summarizes the minimum paid-up capital and liquid capital that a licensed corporation is required to maintain for Type 1 (dealing in securities), Type 4 (advising on securities) and Type 9 (asset management) regulated activities:

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| | | |
|:---|:---|:---|
|  | **Minimum <br> paid-up <br> share capital <br> (HK$)** | **Minimum <br> liquid capital <br> (HK$)** |
| Regulated activity |  |  |
| Type 1 (dealing in securities) |  |  |
| (a) in the case where the corporation is an approved introducing agent or a trader | N/A | 500000 |
| (b) in the case where the corporation provides securities margin financing or acts as a custodian of a private Open-ended Fund Companies | 10000000 | 3000000 |
| (c) in any other case | 5000000 | 3000000 |
| Type 4 (advising on securities) |  |  |
| the case where the corporation is subject to the licensing condition that it shall not hold customer assets | N/A | 100000 |
| any other case | 5000000 | 3000000 |
| Type 9 (asset management) |  |  |
| the case where the corporation is subject to the licensing condition that it shall not hold customer assets | N/A | 100000 |
| any other case | 5000000 | 3000000 |

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Pursuant to the FRR, if the licensed corporation is licensed for more than one regulated activity, the minimum paid-up share capital and liquid capital that the corporation should maintain shall be the highest amount required among those regulated activities.

Further, pursuant to the FRR, liquid capital is the amount by which a licensed corporation's liquid assets exceeds its ranking liabilities where (i) liquid assets are the amount of assets held by the licensed corporation, adjusted for such factors to take into account liquidity of certain assets as well as credit risks; and (ii) ranking liabilities are the sum of liabilities on the balance sheet of the licensed corporation (including, without limitation, any amounts payable by it in respect of any overdraft or loan, any accrued interest payable to any other person, accrued expenses, taxes and provisions for contingent liabilities), adjusted for such factors to take into account market risks and contingency. The method of calculating liquid assets and ranking liabilities is set out in Divisions 3 and 4 of the FRR respectively.

The FRR stipulates that a licensed corporation shall maintain minimum liquid capital at all times which shall be the higher of the amount of (a) and (b) below (as applicable to our Group):

&nbsp;&nbsp;&nbsp;&nbsp;(a) the amount of minimum liquid capital as set out in the table
above; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) its variable required liquid capital, meaning the basic amount
which is 5% of the aggregate of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. the licensed corporation's on-balance sheet liabilities
including provisions made for liabilities already incurred or for contingent liabilities but excluding certain amounts stipulated in
the definition of "adjusted liabilities" under the SFO;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. the aggregate of the initial margin requirements in respect
of outstanding futures contracts and outstanding options contracts held by it on behalf of its customers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. the aggregate of the amounts of margin required to be deposited
in respect of outstanding futures contracts and outstanding options contracts held by it on behalf of its customers, to the extent that
such contracts are not subject to the requirement of payment of initial margin requirement.

If the licensed corporation applies for more than one type of regulated activity, the minimum paid-up share capital and liquid capital that the corporation should maintain shall be the higher or the highest amount required amongst those regulated activities applied for.

*Notification to the HKSFC of certain events and changes*

Pursuant to sections 123 and 135 of the SFO and the Securities and Futures (Licensing and Registration)(Information) Rules (Chapter 571S of the Laws of Hong Kong), licensed corporations, licensed individuals and registered institutions are required to notify the HKSFC within the specified time limit of certain events and changes in their particulars, which include, inter alia, any intended cessation to carry on any regulated activity for which he/she/it is licensed, any intended change of address at which it proposes to carry on the regulated activity for which it is licensed and any cessation to be a director of a licensed corporation.

*Submission of audited accounts*

Section 156(1) of the SFO provides that licensed corporations and associated entities of intermediaries (except those which are authorized financial institutions) shall submit their audited accounts and other required documents within four months after the end of each financial year.

If a licensed corporation ceases carrying on all of the regulated activities for which it is licensed, it should submit to the HKSFC its audited accounts and other required documents, made up to the date of cessation, not later than four months after the date of the cessation. The same requirement applies to an associated entity (which is not an authorized financial institution) of an intermediary upon its ceasing to be an associated entity of the intermediary under section 156(2) of the SFO.

*Submission of financial resources returns*

Licensed corporations are required to submit monthly financial resources returns to the HKSFC. However, pursuant to section 56 of the FRR, corporations that are licensed only for Type 4 (advising on securities), Type 5 (advising on futures contracts), Type 6 (advising on corporate finance), Type 9 (asset management) and/or Type 10 (providing credit rating services) regulated activities and whose licenses are subject to the condition that they shall not hold client assets, are only required to submit semi-annual financial resources returns.

As of the date of this prospectus, Grande Capital is subject to the condition that it shall not hold client assets.

*Payment of annual fees*

Sections 138(1) and (2) of the SFO provide that each licensed person or registered institution shall pay an annual fee to the HKSFC within one month after each anniversary date of his/her/its license or registration. Failure to make full payment of the annual fee before the due date will attract a surcharge on the outstanding amount and possible suspension and revocation of a license or registration under sections 138(3), 195(4)(a) and195(6) of the SFO.

*Submission of annual returns*

Section 138(4) of the SFO stipulates that each licensed corporation or licensed individual is required to submit an annual return to the HKSFC within one month after each anniversary date of his/her/its licenses. Failure to submit annual return before the due date could result in suspension and revocation of the license under sections 195(4)(b) and 195(6) of the SFO.

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*Continuous professional training ("CPT'')*

Licensed corporations and registered institutions are primarily responsible for designing and implementing a continuous education programme best suited to the training needs of the Licensed Representatives or relevant individuals they engage.

With effect from January 2022, licensed individuals and relevant individuals of registered institutions are required to complete 10 CPT hours per calendar year, regardless of the number and types of regulated activities he or she engages in. Five of these 10 CPT hours must be on topics directly relevant to the regulated activities for which he or she is licensed at the time the CPT hours are undertaken. Individuals who engage in the sponsor work or Codes on Takeovers transaction work for a firm are required to attend 2.5 CPT hours per calendar year on topics that are relevant to their sponsor work or Codes on Takeovers advisory work. Responsible officers and executive officers required to take two additional CPT hours per calendar year on regulatory compliance.

*Obligation for substantial shareholders*

Under section 132 of the SFO, a person (including a corporation) has to apply for the HKSFC's approval prior to becoming or continuing to be, as the case may be, a substantial shareholder of a corporation licensed undersection 116 of the SFO. A person who has become aware that he/she/it has become a substantial shareholder of a licensed corporation without the HKSFC's prior approval should, as soon as reasonably practicable and in any event within three business days after he/she/it becomes so aware, apply to the HKSFC for approval to continue to be a substantial shareholder of the licensed corporation.

*Variation of regulated activity specified in license or certificate of registration*

Under section 127(1) of the SFO, a licensed corporation may apply in the prescribed manner and payment of the prescribed fee to the HKSFC to vary the regulated activity specified in its license or certificate of registration. Prior approval would also need to be obtained from the HKSFC in cases such as addition or reduction of regulated activity, modification or waiver of licensing conditions and change of financial year end.

*Modification or waiver of licensing requirements*

Under the licensing requirements, a licensed corporation may apply in the prescribed manner and payment of the prescribed fee to the HKSFC for modification or waiver of the conditions imposed or certain other requirements specified in section 134 of the SFO.

*Other key ongoing obligations*

Outlined below are other key ongoing obligations of a licensed corporation relevant to our business:

● payment of the prescribed fees to the HKSFC as described in Schedule 1 to the Securities and Futures (Fees) Rules (Chapter 571AF of the Laws of Hong Kong);

● keep records in accordance with the requirements under the Securities and Futures (Keeping of Records) Rules (Chapter 571O of the Laws of Hong Kong);

● submission of audited accounts and other required documents in accordance with the requirements under the Securities and Futures (Accounts and Audit) Rules (Chapter 571P of the Laws of Hong Kong);

● exhibit the printed license or certificate of registration (as the case may be) in a prominent place at its principal place of business in accordance with the requirements under the Securities and Futures (Miscellaneous) Rules (Chapter 571U of the Laws of Hong Kong); and

● compliance with business conduct requirements under the Code of Conduct, the Management, Supervision and Internal Control Guidelines for Persons Licensed by or Registered with the HKSFC and other applicable codes and guidelines issued by the HKSFC.

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**Hong Kong Regulatory Requirements Relating to Retrocession Fees**

In Hong Kong, the receipt of retrocession fees — commissions or rebates received by licensed asset managers from third-party product providers in respect of client investments — is subject to regulatory oversight under the Code of Conduct, particularly when handling discretionary accounts.

Paragraph 7.2 of the Code of Conduct requires licensed corporations providing discretionary account management services to ensure that all fees, commissions, or other monetary benefits received from third parties in connection with transactions executed for clients' accounts are properly disclosed to clients. In particular, licensed firms are expected to disclose the existence, nature, and scope of such monetary benefits, and to avoid conflicts of interest by ensuring that such benefits do not impair their duty to act in the best interests of their clients. In addition, the HKSFC requires that disclosure must be made both at the inception of the client relationship and, where applicable on a regular or transactional basis.

In line with the regulatory requirements, Keystone Capital provides appropriate disclosure to its discretionary account clients regarding any retrocession fees received from third-party financial institutions. Such disclosures are communicated to clients at the outset of the engagement and, where applicable, on an ongoing basis. The content and manner of such disclosures are determined with reference to applicable regulatory requirements and are updated from time to time as necessary to reflect changes in arrangements or regulatory expectations.

All retrocession fees received by Keystone Capital are paid and received in Hong Kong. As of the date of this prospectus, Keystone Capital is not aware of any regulatory restrictions in Hong Kong that prohibit or materially limit the receipt of such retrocession fees, provided that appropriate disclosure and conflict management measures are in place.

**Provision of Asset Management Services in Hong Kong to Mainland-China Based Individuals**

All client accounts are opened and maintained in Hong Kong under our management, and all our investment transactions and order executions are conducted in Hong Kong. We do not maintain any offices, conduct any sales or marketing activities, or operate in any form within Mainland China. We do not have, nor do we currently intend to establish, any subsidiary in Mainland China or set up any establishment in Mainland China. We do not presently have any plan to enter into any contractual arrangements to establish a VIE structure with any entity in Mainland China, and our subsidiary does not directly or indirectly hold any interest in any enterprises in Mainland China. Our Operating Subsidiary is subject to taxation in Hong Kong and has duly and timely paid its profit tax in Hong Kong. Based on the above factors, in the opinion of our Hong Kong counsel, David Fong & Co., as of the date of this prospectus, neither the Company, nor its subsidiary, are subject to regulatory oversight of the PRC authorities in providing asset management services to Mainland China-based individuals. This is supported by the fact that pursuant to the Basic Law of Hong Kong, national laws of Mainland China do not apply in Hong Kong unless they are listed in Annex III of the Basic Law and applied locally by promulgation or local legislation. National laws that may be listed in Annex III are currently limited under the Basic Law to those which fall within the scope of defense and foreign affairs as well as other matters outside the limits of the autonomy of Hong Kong.

In addition, in the opinion of our Hong Kong counsel, David Fong & Co., as of the date of this prospectus, there are no applicable Hong Kong laws, regulations, or regulatory directives that restrict or prohibit Hong Kong licensed asset management firms from providing asset management services in Hong Kong to Mainland China-based individuals, provided that such services are conducted entirely within the jurisdiction of Hong Kong and in compliance with applicable Hong Kong laws and regulations.

**Anti-Money Laundering and Terrorist Financing**

Licensed corporations are required to comply with the applicable anti-money laundering and counter-terrorist financing laws and regulations in Hong Kong as well as the Guideline on Anti-Money Laundering and Counter-Financing of Terrorism (For Licensed Corporations) published by the HKSFC.

In Hong Kong, legislation dealing with money laundering and terrorist financing includes the following:

&nbsp;&nbsp;&nbsp;&nbsp;(i) the Anti-Money Laundering and Counter-Terrorist Financing Ordinance
(Chapter 615 of the Laws of Hong Kong) ("AMLO'') The AMLO imposes requirements relating to client
due diligence and record-keeping and provides regulatory authorities with the powers to supervise compliance with the requirements under
the AMLO.

&nbsp;&nbsp;&nbsp;&nbsp;(ii) Drug Trafficking (Recovery of Proceeds) Ordinance (Chapter 405
of the Laws of Hong Kong) ("DTROP'') It is an offence under the DTROP if a person deals with any property
knowing or having reasonable grounds to believe it in whole or in part directly or indirectly represents the proceeds of drug trafficking.
The DTROP requires a person to report to an authorized officer if he/she knows or suspects that any property (directly or indirectly)
represents the proceeds of drug trafficking or is intended to be used or was used in connection with drug trafficking. Failure to make
such disclosure constitutes an offence under the DTROP.

&nbsp;&nbsp;&nbsp;&nbsp;(iii) Organized and Serious Crimes Ordinance (Chapter 455 of
the Laws of Hong Kong) ("OSCO'') The OSCO empowers officers of the Hong Kong Police Force and the
Hong Kong Customs and Excise Department to investigate organized crime and triad activities, and it gives the courts jurisdiction
to confiscate the proceeds of organized and serious crimes, to issue restraint orders and charging orders in relation to the property
of defendants of specified offences. The OSCO extends the money laundering offence to cover the proceeds of all indictable offences in
addition to drug trafficking.

&nbsp;&nbsp;&nbsp;&nbsp;(iv) United Nations (Anti-Terrorism Measures) Ordinance (Chapter 575
of the Laws of Hong Kong) ("UNATMO'') The UNATMO provides that it would be a criminal offence to: (i) provide
or collect funds (by any means, directly or indirectly) with the intention or knowledge that the funds will be used to commit, in whole
or in part, one or more terrorist acts; or (ii) make any funds or financial (or related)services available, directly or indirectly,
to or for the benefit of a person knowing that, or being reckless as to whether, such person is a terrorist or terrorist associate. The
UNATMO also requires a person to report his knowledge or suspicion of terrorist property to an authorized officer, and failure to make
such disclosure constitutes an offence under the UNATMO.

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&nbsp;&nbsp;&nbsp;&nbsp;(v) United Nations Sanctions Ordinance (Chapter 537 of the
Laws of Hong Kong) ("UNSO'') The UNSO implements in Hong Kong the United Nations Security Council
resolutions to impose targeted sanctions against certain jurisdictions as instructed by the Ministry of Foreign Affairs of the PRC. As
at December 31, 2022, such sanctions cover jurisdictions such as Lebanon, Libya, Afghanistan, Democratic People's Republic
of Korea and the Democratic Republic of the Congo. There are prohibitions against trade-related activities, which include making available
to, or for the benefit of, certain persons or entities, any funds or other financial assets or economic resources, or dealing with funds
or other financial assets or economic resources of certain persons or entities from the above jurisdictions.

&nbsp;&nbsp;&nbsp;&nbsp;(vi) Weapons of Mass Destruction (Control of Provision of Services)
Ordinance (Chapter 526 of the Laws of Hong Kong) ("WMDO") The WMDO provides that it is a criminal offence for a
person to provide services to another person where the first-mentioned person believes or suspects, on reasonable grounds, that the services
will or may assist the development, production, acquisition or stockpiling of weapons of mass destruction. The provision of services
for the purposes of the WMDO covers a wide range of activities. The WMDO also provides for the criminal liability of the director, manager,
secretary or other similar officer of a body corporate for offences committed by the body corporate with the consent and connivance of
such officials.

Further, the Anti-Money Laundering Guideline sets out the anti-money laundering and counter-financing of terrorism statutory and regulatory requirements, and the anti-money laundering and counter-financing of terrorism standards which licensed corporations should meet in order to comply with the statutory requirements. It also provides practical guidance to assist licensed corporations and their senior management in designing and implementing their own anti-money laundering and counter-terrorist financing policies, procedures and controls in order to meet the relevant legal and regulatory requirements in Hong Kong.

**Employee Dealings**

As mentioned in the Code of Conduct, a licensed or registered person should have a policy which has been communicated to employees (including directors other than non-executive directors) in writing on whether employees are permitted to deal or trade for their own accounts in securities, futures contracts or leveraged foreign exchange contracts. In the event that employees of a licensed or registered person are permitted to deal or trade for their own accounts in securities, futures contracts or leveraged foreign exchange contracts:

● the written policy should specify the conditions on which employees may deal for their own accounts;

● employees should be required to identify all related accounts (including accounts of their minor children and accounts in which the employees hold beneficial interests) and report them to senior management;

● employees should generally be required to deal through the licensed or registered person or its affiliates;

● if the licensed or registered person provides services in securities listed or traded on one of the Hong Kong exchanges or in derivatives, including over-the-counter derivatives written over such securities, and its employees are permitted to deal through another dealer, in those securities, the licensed or registered person and employee should arrange for duplicate trade confirmations and statements of account to be provided to senior management of the licensed or registered person;

● any transactions for employees' accounts and related accounts should be separately recorded and clearly identified in the records of the licensed or registered person; and

● transactions of employees' accounts and related accounts should be reported to and actively and monitored by senior management of the licensed or registered person who should not have any beneficial or other interest in the transactions and who should maintain procedures to detect irregularities and ensure that the handling by the licensed or registered person of these transactions or orders is not prejudiced to the interests of the licensed or registered person's other customers.

A licensed or registered person should not knowingly deal in securities for another licensed or registered person's employee unless it has received written consent from that licensed or registered person.

**Supervision By the HKSFC**

The HKSFC supervises licensed corporations and intermediaries operating in the market. The HKSFC conducts on-site inspections and off-site monitoring to ascertain and supervise intermediaries' business conduct and compliance with relevant regulatory requirements, as well as to assess and monitor the financial soundness of intermediaries.

**Disciplinary power of the HKSFC**

Under Part IX of the SFO, subject to the due process for exercising disciplinary powers laid down in section 198 of the SFO, the HKSFC may exercise any of the following disciplinary actions against a regulated person (including a licensed person or a registered institution) if that person is found to be guilty of misconduct or not fit and proper to be or remain the same type of regulated person (sections 194 and 196 of the SFO):

● revocation or suspension of all or part of a license or registration in relation to any of the regulated activities for which a regulated person is licensed or registered;

● revocation or suspension of the approval granted to a Responsible Officer;

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● prohibition of a regulated person from applying to be licensed or registered or to be approved as a Responsible Officer;

● public or private reprimand on a regulated person;

● prohibition of a regulated person from, among others, applying to be licensed, registered or approved as a Responsible Officer in relation to such regulated activity(ies), for such period as the HKSFC may specify; and

● pecuniary penalty of the greater of an amount not exceeding HK$10 million or three times the profit gained or loss avoided as a result of the conduct in question.

**Compliance with the Relevant Requirements**

We confirmed that we have obtained all relevant licenses and certificates for our existing operations in Hong Kong and that we complied with all applicable laws, regulations, rules, codes and guidelines in Hong Kong in connection with our business and operations in all material respects during the year ended December 31, 2024 and 2023.

**MANAGEMENT**

---

| | | |
|:---|:---|:---|
| **Directors and Executive officers** | **Age** | **Position** |
| Tak Chiu, CHAN | 48 | Chief Executive Officer, Chair of the board, and Director |
| Wing Kin, SIU | 58 | Chief Financial Officer and Director |
| Kai Hing, WONG | 50 | Independent Director nominee<sup>(1)</sup> |
| Oi Fat, CHAN | 46 | Independent Director nominee<sup>(1)</sup> |
| Yin Kuen, NG | 45 | Independent Director nominee<sup>(1)</sup> |

---

____________

(1) The appointment of the independent director nominees will become
effective upon the effectiveness of the registration statement of which this prospectus forms a part.

**Tak Chiu, CHAN** is the chief executive officer, director and the Chair of the board of directors of the Company and is responsible for our Group's overall management, strategic planning and business development. Mr. Chan is a founder of Keystone Capital and has served as its managing director until October 2016. Mr. Chan subsequently re-joined Keystone Capital in February 2021 and has served as its chief executive officer since then. Mr. Chan has around 20 years of experience in asset management, advising on securities and business administration. From February 2011 to August 2015, Mr. Chan served as a director of Bank of China International Ltd. From October 2016 to August 2020, Mr. Chan served as the managing director of China Industrial Securities International Limited. From August 2020 to February 2021, Mr. Chan worked at CMBC Capital Holdings Limited as the head of private client department. Mr. Chan obtained a Bachelor of Computer Studies from the City University of Hong Kong in 2001 and a Master of Science (E-Commerce) from the Chinese University of Hong Kong in 2005.

**Wing Kin, SIU** is the chief financial officer and a director of the Company. Mr. Siu is responsible for our Group's overall management, overseeing our financial reporting procedures, internal control and supervising all regulated activities. Mr. Siu joined Keystone Capital in November 2016 and has served as its management director since then. Mr. Siu has over 20 years of experience in asset management securities and banking industry. From September 2009 to April 2013, Mr. Siu worked as a head of branch of Bank of Communications HK Ltd. From April 2013 to July 2014, Mr. Siu served a private banker and securities director of Bank of China International Ltd. From August 2014 to October 2016, Mr. Siu served as the managing director of Keera Capital Limited, an asset management firm. Mr. Siu obtained a bachelor's degree in business and management from the University of Portsmouth in 2002 and a master's degree in finance from the Hong Kong Polytechnic University in 2009.

**Kai Hing, WONG** will be appointed as an independent director and will be the chairman of the audit committee and the member of the compensation committee and the nominating committee, effective upon the effectiveness of the registration statement of which this prospectus forms a part. Mr. Wong has over 20 years of experience in accounting, auditing, and company secretarial practices in Hong Kong, with a career spanning more than two decades across a range of industries and publicly listed companies. From September 1997 to April 2001, Mr. Wong worked at KPMG with his last position as an assistant manager. From April 2001 to December 2002, he worked as a Financial Analyst at Shun Tak Holdings Ltd. (stock code: 0242.HK). He later joined Kwonnie Electrical Products Ltd. as an accountant from May 2004 to June 2005, followed by a role as Assistant Finance Manager in the PRC Finance Department at Tse Sui Luen Jewellery Company Limited (stock code: 0417.HK) from June 2005 to May 2007.

Between May 2007 and March 2012, Mr. Wong served as accounting manager in the Finance and accounts department at ITC Properties Group Limited (stock code: 0199.HK). He then took on multiple leadership roles at China Modern Dairy Holdings Ltd. (stock code: 1117.HK) from April 2012 to October 2015, including financial controller, investor relations director, and company secretary. From November 2015 to October 2019, he concurrently held the positions of chief financial officer and company secretary at both Xiwang Special Steel Company Limited (stock code: 1266.HK) and Xiwang Property Holdings Company Limited (stock code: 2088.HK). From November 2019 to June 2022, Mr. Wong served as the financial controller and company secretary of E-Star Commercial Management Company Limited (stock code: 6668.HK). Most recently, from September 2023 to August 2024, he was the financial controller and company secretary of Gome Finance Technology Co., Ltd. (stock code: 0628.HK).

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Mr. Wong has also served as an independent non-Executive director for several listed companies, including Tempus Holdings Limited (stock code: 6880.HK) from November 2019 to July 2023, Hon Corporation Limited (stock code: 8259.HK) from January 2022 to May 2022, and Xiwang Property Holdings Company Limited (stock code: 2088.HK) from February 2022 to July 2025. Currently, Mr. Wong serves as an independent non-executive director of Grown Up Group Investment Holdings Limited (stock code: 1842.HK) since April 2021, and as an independent director of Roma Green Finance Limited (NASDAQ: ROMA) since December 2023.

Mr. Wong holds a bachelor's degree in accounting and a master's degree in business administration from the Chinese University of Hong Kong, earned in 1997 and 2006 respectively. Mr. Wong is a member of the Hong Kong Institute of Certified Public Accountants and a Chartered Financial Analyst (CFA).

**Oi Fat, CHAN** will be appointed as an independent director and will be the chairman of the compensation committee and the member of the audit committee and the nominating committee, effective upon the effectiveness of the registration statement of which this prospectus forms a part. Mr. Chan has over 20 years of experience in financial management. Mr. Chan has worked in the audit department of Deloitte Touche Tohmatsu from September 2000 to January 2008, with his last position prior to his departure as a manager. Mr. Chan was then employed by Ta Yang Group Holdings Limited, a company listed on the Main Board of the Stock Exchange (stock code: 1991.HK), as company secretary and qualified accountant in January 2008 and resigned as company secretary in February 2017 but remained as the group's financial controller until March 2018. Since February 2018, Mr. Chan has been the company secretary of China Leon Inspection Holding Limited, a company listed on the Main Board of the Stock Exchange (stock code: 1586.HK). Since November 2020, Mr. Chan has been the company secretary of Raily Aesthetic Medicine International Holdings Limited, a company listed on the Main Board of the Stock Exchange (stock code: 2135.HK).

Mr. Chan has been an independent non-executive director of China Saftower International Holding Group Limited (stock code: 8623.HK), from June 2020 to December 2023. Mr. Chan has also been an independent non-executive director of Shanghai Prime Machinery Company Limited (former stock Code: 2345.HK) from June 2014 to January 202 which withdrew listing by way of privatisation in January 2021. Mr. Chan has been an independent director of FiEE Inc (NASDAQ: FIEE) since April 2025. Mr Chan was also appointed as an independent non-executive director of Huajin International Holdings Limited (stock code: 2738.HK) and UBoT Holding Limited (stock code: 8529.HK) since March 2025 and May 2024, respectively.

Mr. Chan graduated from the City University of Hong Kong with a bachelor's degree of business administration (honours) in accountancy in November 2000. Mr. Chan has been a member of the Association of Chartered Certified Accountants since December 2003 and a member of the Hong Kong Institute of Certified Public Accountants since October 2004.

**Yin Kuen, NG** will be appointed as an independent director and will be the chairman of the nominating committee and the member of the audit committee and the compensation committee, effective upon the effectiveness of the registration statement of which this prospectus forms a part.

Ms. Ng has over 15 years of experience in the banking and finance sector. From 2008 to 2010, Ms. Ng worked as a personal financial manager at Standard Chartered Bank (HK) Ltd. From 2010 to 2018, Ms. Ng served as a relationship director at The Hongkong and Shanghai Banking Corporation Limited. Ms. Ng has been a vice president at China Industrial Securities International Brokerage Limited since 2018.

Ms. Ng obtained a bachelor's degree in business and management from Brunel University of London in 2006.

**Family Relationships**

None of the directors or executive officers have a family relationship as defined in Item 401 of Regulation S-K.

**Chinese Communist Party Affiliations**

None of the members of our board of directors or the boards of our consolidated foreign operating entities are officials of the Chinese Communist Party ("CCP"). None of the members of our board of directors or the boards of our consolidated foreign operating entities are or were members of, or affiliated with the CCP.

**Involvement in Certain Legal Proceedings**

To the best of our knowledge, none of our directors or executive officers has, during the past 10 years, been involved in any legal proceedings described in subparagraph (f) of Item 401 of Regulation S-K.

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**Terms of Directors**

Pursuant to our Amended and Restated Memorandum and Articles of Association, a director may be appointed by ordinary resolution or by the directors. Any appointment may be to fill a vacancy or as an additional director. An appointment of a director may be on terms that the director shall automatically retire from office (unless he has sooner vacated office) at the next or a subsequent annual general meeting or upon any specified event or after any specified period in a written agreement between our company and the director, if any; but no such term shall be implied in the absence of express provision. If no term is fixed on the appointment of a director, the director serves indefinitely until his/her earlier death, resignation or removal.

**Election of Officers**

Our executive officers are appointed by, and serve at the discretion of, our board of directors.

**Board of Directors**

Our board of directors will consist of five directors, comprising two executive directors and three independent directors, upon the SEC's declaration of effectiveness of our registration statement on Form F-1, of which this prospectus is a part. A director is not required to hold any shares in our Company to qualify to serve as a director.

Subject to the rules of the Nasdaq Capital Market and disqualification by the chairman of the relevant board meeting, a director may vote in respect of any contract or transaction or proposed contract or transaction notwithstanding that he may be interested therein provided the director discloses to his fellow directors the nature and extent of any material interests in respect of any contract or transaction or proposed contract or transaction and if he does so his vote shall be counted and he may be counted in the quorum at any meeting of the directors at which any such contract or transaction or proposed contract or transaction shall come before the meeting for consideration. A general notice or disclosure to the board of directors or otherwise contained in the minutes of a meeting or a written resolution of the board of directors or any committee of the board of directors that a director is a shareholder, director, officer or trustee of any specified firm or company and is to be regarded as interested in any transaction with such firm or company will be sufficient disclosure.

***Board Committees***

We will establish three committees under the board of directors immediately upon effectiveness: of an audit committee, a compensation committee and a nominating committee. Even though we are exempted from certain of the corporate governance standards because we are a foreign private issuer and a "controlled company," we have voluntarily adopted a charter for each of the three committees. Each committee's members and functions are described below.

*Audit Committee.* Our audit committee will consist of Kai Hing, WONG, Oi Fat, CHAN and Yin Kuen, NG upon the effectiveness of their appointments. Kai Hing, WONG will be the chair of our audit committee. We have determined that Kai Hing, WONG satisfy the requirements of Rule 5605(a)(2) of the Listing Rules of the Nasdaq and meet the independence standards under Rule 10A-3 under the Exchange Act. We have determined that Kai Hing, WONG qualifies as an "audit committee financial expert." The audit committee will oversee our accounting and financial reporting processes and the audits of the financial statements of our company. The audit committee will be responsible for, among other things:

● appointing the independent auditors and pre-approving all auditing and non-auditing services permitted to be performed by the independent auditors;

● reviewing with the independent auditors any audit problems or difficulties and management's response;

● discussing the annual audited financial statements with management and the independent auditors;

● reviewing the adequacy and effectiveness of our accounting and internal control policies and procedures and any steps taken to monitor and control major financial risk exposures;

● reviewing and approving all proposed related party transactions;

● meeting separately and periodically with management and the independent auditors; and

● monitoring compliance with our code of business conduct and ethics, including reviewing the adequacy and effectiveness of our procedures to ensure proper compliance.

*Compensation Committee.* Our compensation committee will consist of Kai Hing, WONG, Oi Fat, CHAN and Yin Kuen, NG, upon the effectiveness of their appointments. Oi Fat, CHAN will be the chair of our compensation committee. The compensation committee will be responsible for, among other things:

● reviewing and approving, or recommending to the board for its approval, the compensation for our chief executive officer and other executive officers;

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● reviewing and recommending to the shareholders for determination with respect to the compensation of our directors;

● reviewing periodically and approving any incentive compensation or equity plans, programs or similar arrangements; and

● selecting compensation consultant, legal counsel or other adviser only after taking into consideration all factors relevant to that person's independence from management.

 

*Nominating Committee.* Our nominating committee will consist of Kai Hing, WONG, Oi Fat, CHAN, and Yin Kuen, NG, upon the effectiveness of their appointments. Yin Kuen, NG will be the chair of our nominating committee. We have determined that Kai Hing, WONG, Oi Fat, CHAN, and Yin Kuen, NG satisfy the "independence" requirements under Nasdaq Rule 5605. The nominating committee will assist the board of directors in selecting individuals qualified to become our directors and in determining the composition of the board of directors and its committees. The nominating committee will be responsible for, among other things:

● selecting and recommending to the board nominees for election by the shareholders or appointment by the board;

● reviewing annually with the board the current composition of the board with regards to characteristics such as independence, knowledge, skills, experience and diversity;

● making recommendations on the frequency and structure of board meetings and monitoring the functioning of the committees of the board; and

● advising the board periodically with regards to significant developments in the law and practice of corporate governance as well as our compliance with applicable laws and regulations, and making recommendations to the board on all matters of corporate governance and on any remedial action to be taken.

**Duties of Directors**

Under Cayman Islands law, our directors owe fiduciary duties to our company. These include, among others (i) duty to act in good faith in what the director believes to be in the best interests of the company as a whole; (ii) duty to exercise powers for the purposes for which those powers were conferred and not for a collateral purpose; (iii) directors should not improperly fetter the exercise of future discretion; (iv) duty not to put themselves in a position in which there is a conflict between their duty to the company and their personal interests; and (v) duty to exercise independent judgment. In addition to the above, our directors also owe a duty to act with skill, care and diligence. This duty has been defined as a requirement to act as a reasonably diligent person having both the general knowledge, skill and experience that may reasonably be expected of a person carrying out the same functions as are carried out by that director in relation to the company and the general knowledge skill and experience which that director has.

Our board of directors has all the powers necessary for managing, and for directing and supervising, our business affairs. The functions and powers of our board of directors include, among others:

● convening shareholders' annual and extraordinary general meetings and reporting its work to shareholders at such meetings;

● declaring dividends and distributions;

● appointing officers and determining the term of office of the officers;

● exercising the borrowing powers of our company and mortgaging the property of our company; and

● approving the transfer of shares in our company, including the registration of such shares in our register of members.

**Remuneration**

The directors may receive such remuneration as our board of directors may determine from time to time. The compensation committee will assist the directors in reviewing and approving the compensation structure for the directors.

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**Qualification**

There are no membership qualifications for directors. Further, there are no share ownership qualifications for directors. There are no other arrangements or understandings pursuant to which our directors are selected or nominated.

**Meetings of directors**

Our business and affairs are managed by our board of directors, who will make decisions by voting on resolutions of directors. Our directors are free to meet at such times and in such manner and places within or outside the Cayman Islands as the directors determine to be necessary or desirable. Notice of a board meeting may be given to a director personally or by word of mouth or given in writing or by electronic communications at such address as he may from time to time specify for this purpose (or, if he does not specify an address, at his last known address). A director may waive his right to receive notice of any meeting either prospectively or retrospectively. At any meeting of directors, a quorum will be present if two directors are present unless the directors fix some other number. An action that may be taken by the directors at a meeting may also be taken by a resolution of directors consented to in writing by a all of the directors.

**Foreign Private Issuer Exemption**

We are a "foreign private issuer," as defined by the SEC. As a result, in accordance with the rules and regulations of Nasdaq, we may choose to comply with home country governance requirements and certain exemptions thereunder rather than complying with Nasdaq corporate governance standards. We may choose to take advantage of the following exemptions afforded to foreign private issuers:

● Exemption from filing quarterly reports on Form 10-Q, from filing proxy solicitation materials on Schedule 14A or 14C in connection with annual or special meetings of shareholders, from providing current reports on Form 8-K disclosing significant events within four days of their occurrence, and from the disclosure requirements of Regulation FD.

● Exemption from Section 16 rules regarding sales of Ordinary Shares by insiders, which will provide less data in this regard than shareholders of U.S. companies that are subject to the Exchange Act.

● Exemption from the Nasdaq rules applicable to domestic issuers requiring disclosure within four business days of any determination to grant a waiver of the code of business conduct and ethics to directors and officers. Although we will require board approval of any such waiver, we may choose not to disclose the waiver in the manner set forth in the Nasdaq rules, as permitted by the foreign private issuer exemption.

● Exemption from the requirement that our board of directors have a compensation committee that is composed entirely of independent directors with a written charter addressing the committee's purpose and responsibilities.

● Exemption from the requirements that director nominees are selected, or recommended for selection by our board of directors, either by (1) independent directors constituting a majority of our board of directors' independent directors in a vote in which only independent directors participate, or (2) a committee comprised solely of independent directors, and that a formal written charter or board resolution, as applicable, addressing the nominations process is adopted.

Furthermore, Nasdaq Rule 5615(a)(3) provides that a foreign private issuer, such as us, may rely on our home country corporate governance practices in lieu of certain of the rules in the Nasdaq Rule 5600 Series and Rule 5250(d), provided that we nevertheless comply with Nasdaq's Notification of Noncompliance requirement (Rule 5625), the Voting Rights requirement (Rule 5640) and that we have an audit committee that satisfies Rule 5605(c)(3), consisting of committee members that meet the independence requirements of Rule 5605(c)(2)(A)(ii). If we rely on our home country corporate governance practices in lieu of certain of the rules of Nasdaq, our shareholders may not have the same protections afforded to shareholders of companies that are subject to all of the corporate governance requirements of Nasdaq. If we choose to do so, we may utilize these exemptions for as long as we continue to qualify as a foreign private issuer.

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Although we are permitted to follow certain corporate governance rules that conform to Cayman Islands requirements in lieu of many of the Nasdaq corporate governance rules, we intend to comply with the Nasdaq corporate governance rules applicable to foreign private issuers, including the requirement to hold annual meetings of shareholders.

**Other Corporate Governance Matters**

The Sarbanes-Oxley Act of 2002, as well as related rules subsequently implemented by the SEC, requires foreign private issuers, including us, to comply with various corporate governance practices. In addition, Nasdaq rules provide that foreign private issuers may follow home country practices in lieu of the Nasdaq corporate governance standards, subject to certain exceptions and except to the extent that such exemptions would be contrary to U.S. federal securities laws.

Because we are a foreign private issuer, our members of our board of directors, executive board members and senior management are not subject to short-swing profit and insider trading reporting obligations under section 16 of the Exchange Act. They will, however, be subject to the obligations to report changes in share ownership under section 13 of the Exchange Act and related SEC rules.

**Code of Business Conduct and Ethics, Insider Trading Policy and Executive Compensation Recovery Policy**

Prior to the effectiveness of the registration statement of which this prospectus is a part, we intend to adopt (i) a written code of business conduct and ethics; (ii) Insider Trading Policy that applies to our directors, officers, and employees, including our chief executive officer, chief financial officer, principal accounting officer or controller or persons performing similar functions; and (iii) Executive Compensation Recovery Policy that applies to our officers, and employees, including our chief executive officer, chief financial officer, principal accounting officer or controller or persons performing similar functions, (collectively the "Policies"). We intend to disclose any amendments to the Policies, and any waivers of the Policies for our directors, executive officers and senior finance executives, on our website to the extent required by applicable U.S. federal securities laws and the corporate governance rules of Nasdaq.

**Agreements with Executive Officers and/or Directors**

We have entered into employment agreements with our senior executive officers and/or directors.

On September 12, 2025, Keystone Global Financial Group entered into separate employment agreements with: (a) Mr. Tak Chiu, CHAN, the Director, Chief Executive Officer, and the Chair of the Board of Directors; and (b) Mr. Wing Kin SIU, the Director and the Chief Financial Officer, respectively (collectively, the Directors and Officer Employment Agreements) (Mr. Chan and Mr. Siu are collectively referred as the Named Directors and Officers). Pursuant to the Directors and Officer Employment Agreements, the individuals agreed to serve as our executive officers from the commencement of trading of our Ordinary Shares on Nasdaq until the executive officer's successor is duly elected or appointed and qualified or until the executive officer's earlier death, disqualification, resignation or removal from office.

Pursuant to the Directors Employment Agreements, Mr. Chan and Mr. Siu will receive cash compensation of annual salary of HK$1,536,000 and HK$600,000, respectively from Keystone Capital Limited, the Operating Subsidiary, and nil and nil for Keystone Global Financial Group.

Each executive officer agreed to hold, both during and after the termination or expiry of his employment agreement, in strict confidence and not to use, except for use in the regular course of employment duties, any proprietary or confidential information acquired through their role, including customer lists, financial data, research, and trade secrets that are vital to the Company's competitive edge. The obligation to maintain confidentiality excludes information that becomes publicly available without the executive officer's disclosure or is required to be disclosed by law. Each executive officer acknowledged that all materials related to the Company's business remain the Company's property and must be returned upon termination of employment. This confidentiality obligation continues even after the employment ends, ensuring the protection of the Company's interests.

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The Named Directors and Officers will continue to receive cash compensation, in the form of salary from the Operating Subsidiary.

 ****

***Agreements with independent directors***

We will enter into director offer letters with each of our independent director nominees which agreements set forth the terms and provisions of their engagement.

**Compensation of Directors and Executive Officers**

For the years ended December 31, 2024 and 2023, we paid an aggregate of HK$2,101,193 (approximately US$269,282) and HK$3,692,040 (approximately US$471,572), respectively, as compensation to our directors and executive officers as well as an aggregate of HK$36,000 (approximately US$4,614) and HK$36,600 (approximately US$4,675), respectively, as contributions to the Mandatory Provident Fund ("MPF"), a statutory retirement scheme introduced after the enactment of the Mandatory Provident Fund Schemes Ordinance in Hong Kong.

As the appointments of our independent directors will only become effective upon the effectiveness of the registration statement of which this prospectus forma a part, for the fiscal year ended December 31, 2024, we did not have any non-executive directors and therefore have not paid any compensation to any non-executive directors.

Except our contribution to the MPF, we have not set aside or accrued any amount to provide pension, retirement, or other similar benefits to our directors and executive officers. We do not have any equity incentive plan in place as of the date of this prospectus.

**Equity Compensation Plan Information**

We have not adopted any equity compensation plans.

**Outstanding Equity Awards at Fiscal Year-End**

As of December 31, 2024 and 2023, we had no outstanding equity awards.

**RELATED PARTY TRANSACTIONS**

In the ordinary course of business, from time to time, we carry out transactions and enter into arrangements with related parties. Our policy is to enter into transactions with related parties on terms that, on the whole, are no more favorable, or no less favorable, than those available from unaffiliated third parties. Based on our experience in the business sectors in which we operate and the terms of our transactions with unaffiliated third parties, we believe that all of the transactions described below met this policy standard at the time they occurred. The following is a description of material transactions, or series of related material transactions since January 1, 2022, to which we were or will be a party and in which the other parties included or will include our directors, director nominees, executive officers, holders of more than 5% of our voting securities, or any member of the immediate family of any of the foregoing persons.

**Employment Agreements**

See "Management — Agreements with Executive Officers and/or Directors" on page 96.

**Private Placements:** 

During the past three years, we have issued the following securities without registering the securities under the Securities Act. We believe that each of the following issuances was exempt from registration under the Securities Act in reliance on Regulation S under the Securities Act regarding sales by an issuer in offshore transactions or pursuant to Section 4(a)(2) of the Securities Act regarding transactions not involving a public offering and/or Rule 701 of the Securities Act. None of the transactions involved an underwriter.

As of the date of the incorporation of Keystone Global Financial Group, it was initially owned as to one (1) Ordinary Share held by Ogier Global Subscriber (Cayman) Limited. On May 13, 2025, Ogier Global Subscriber (Cayman) Limited transferred one (1) Ordinary Share to Shui Yuet, LAM for consideration of US$0.0001. That same day, Keystone Global Financial Group issued 720, 7,200, 11,789, 900, 11,790, 900, 900 and 1,800 Ordinary Shares to each of Ying King, LAU, Wing Leung, SIU, Shui Yuet, LAM, Chun Heung, LAU, Tak Chiu, CHAN, Kit Ying Kitty, KWONG, Cheuk Ning, LEW and Nga Sze, IP, respectively, at a consideration of US$0.072, US$0.72, US$1.1789, US$0.09, US$1.179, US$0.09, US$0.09 and US$0.18, respectively, with reference to the nominal value of such Ordinary Shares. Immediately after the aforesaid transfer and issuance, Keystone Global Financial Group was owned as to 720, 7,200, 11,790, 900, 11,790, 900, 900 and 1,800 Ordinary Shares, respectively, by Ying King, LAU, Wing Leung, SIU, Shui Yuet, LAM, Chun Heung, LAU, Tak Chiu, CHAN, Kit Ying Kitty, KWONG, Cheuk Ning, LEW and Nga Sze, IP.

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On September 16, 2025, in contemplation of the Offering, the Company further issued 11,214,000 Ordinary Shares in aggregate to its shareholders at par value, on a pro rata basis proportional to the shareholders' existing equity interests (collectively refers as the "**Pro Rata Share Issuance**"). All references to the number of ordinary shares and per-share data in the accompanying consolidated financial statements have been retroactively adjusted to reflect such issuance of shares. After the Pro Rata Share Issuance, 11,250,000 Ordinary Shares are issued and outstanding. The following table sets forth the breakdown of the Pro Rata Share Issuance to each shareholder:

---

| | | |
|:---|:---|:---|
| **Shareholders** | **Number of Ordinary Shares Issued** | **Number of Ordinary Shares Issued** |
| Ying King, LAU |  | 224280 |
| Wing Leung, SIU |  | 2242800 |
| Shui Yuet, LAM |  | 3672585 |
| Chun Heung, LAU |  | 280350 |
| Tak Chiu, CHAN |  | 3672585 |
| Kit Ying Kitty, KWONG |  | 280350 |
| Cheuk Ning, LEW |  | 280350 |
| Nga Sze, IP |  | 560700 |

---

The following table sets forth the breakdown of equity ownership of the Company upon the completion of the Pro Rata Share Issuances and as of the date of this prospectus:

---

| | | |
|:---|:---|:---|
| **Shareholders** | **Number of Ordinary Shares Owned** | **Percentage of** <br> **Ordinary** <br> **Shares Owned** |
| Ying King, LAU | 225000 | 2.00% |
| Wing Leung, SIU | 2250000 | 20.00% |
| Shui Yuet, LAM | 3684375 | 32.75% |
| Chun Heung, LAU | 281250 | 2.50% |
| Tak Chiu, CHAN | 3684375 | 32.75% |
| Kit Ying Kitty, KWONG | 281250 | 2.50% |
| Cheuk Ning, LEW | 281250 | 2.50% |
| Nga Sze, IP | 562500 | 5.00% |

---

**Other Transactions with Related Parties**

The following is a list of related parties which the Company has transactions with:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Ying King, LAU, a shareholder of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Wing Leung, SIU, a shareholder of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Keystone Holdings Worldwide Limited, controlled by Wing Leung, SIU, a shareholder of the Company and Ying King, LAU, a shareholder of the Company

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&nbsp;&nbsp;&nbsp;&nbsp;(d) Keystone Capital (Singapore) Pte Ltd, controlled by Ying King, LAU, a shareholder of the Company

&nbsp;&nbsp;&nbsp;&nbsp;(e) Keystone Finance Limited, controlled by Ying King, LAU, a shareholder of the Company

 ****

&nbsp;&nbsp;&nbsp;&nbsp;(f) Tak Chiu, CHAN, a director of the Company

&nbsp;&nbsp;&nbsp;&nbsp;(g) Wing Kin, SIU, a director of the Company

&nbsp;&nbsp;&nbsp;&nbsp;(h) Keystone Multi
 Strategy OFC, the Company is its investment manager

&nbsp;&nbsp;&nbsp;&nbsp;(i) Nga
Sze, IP, a shareholder of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;(j) Chun
Heung, LAU, a shareholder of the Company.

***a. Due from shareholders***

As of August 31, 2025, December 31, 2024, 2023 and 2022, the balances of due from shareholders were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | | **As of December 31,** | **As of December 31,** | **As of December 31,** |
|  | **As of <br> August 31,**<br>**2025** | **2024** | **2023** | **2022** |
| Ying King, LAU (a) <sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $437710 | $— | $— |
| Wing Leung, SIU (b) <sup>(1)</sup> |  | 51495 |  |  |
|  | $— | $489205 | $— | $— |

---

(1) The balances represented the advances to shareholders. The amounts
 were unsecured, interest-free and repayable on demand. Subsequent to the year end, the entire amount has been fully settled.

***b. Due from related parties***

As of August 31, 2025, December 31, 2024, 2023 and 2022, the balances of due from related parties were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | | **As of December 31,** | **As of December 31,** | **As of December 31,** |
|  | **As of <br> August 31,**<br>**2025** | **2024** | **2023** | **2022** |
| Keystone Holdings Worldwide Limited (c) <sup>(1)</sup> | $— | $985901 | 896424 | 671180 |
| Keystone Capital (Singapore) Pte Ltd (d) <sup>(1)</sup> |  | 44116 | 43093 | 42346 |
| Keystone Finance Limited (e) <sup>(3)</sup> |  |  | 3201 | 28841 |
| Keystone Multi Strategy OFC (h) <sup>(2)</sup> | 3879 |  |  |  |
|  | $3879 | $1030017 | $924718 | $742367 |

---

(1) The balances represented the advances to related parties. The amounts
 were unsecured, interest-free and repayable on demand. Subsequent to the year end, the entire amount has been fully settled.

 ****

&nbsp;&nbsp;&nbsp;&nbsp;(2) The balances represented the expenses paid on behalf of the related party. The
 amount was unsecured, interest-free and repayable on demand.

 ****

&nbsp;&nbsp;&nbsp;&nbsp;(3) The balances represented the advances to related parties. The amount was unsecured, interest-free and repayable on demand.

 ****

***c. Due to a related party***

As of August 31, 2025, December 31, 2024, 2023 and 2022, the balances of due to a related company were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | | **As of December 31,** | **As of December 31,** | **As of December 31,** |
|  | **As of <br> August 31,**<br>**2025** | **2024** | **2023** | **2022** |
| Keystone Finance Limited (e) <sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;— | $3197 | $— | $— |

---

(1) The balances represented the advances from a related party. The
 amounts were unsecured, interest-free and repayable on demand.

 ****

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***d. Due to directors***

As of August 31, 2025, December 31, 2024, 2023 and 2022, the balances of due to directors were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | | **As of December 31,** | **As of December 31,** | **As of December 31,** |
|  | **As of <br> August 31,**<br>**2025** | **2024** | **2023** | **2022** |
| Tak Chiu, CHAN (g) <sup>(1)</sup> | $— | $135607 | $193979 | $126576 |
| Wing Kin, SIU (f) <sup>(1)</sup> |  | 15145 | 25018 | 29813 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $150752 | $218997 | $156389 |

---

(1) The balances represented the directors' emoluments payable to directors. The amounts were unsecured, interest-free and repayable on demand.

 ****

***e. Due to shareholders***

As of August 31, 2025, December 31, 2024, 2023 and 2022, the balances of due to shareholders were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | | **As of December 31,** | **As of December 31,** | **As of December 31,** |
|  | **As of <br> August 31,**<br>**2025** | **2024** | **2023** | **2022** |
| Nga Sze, IP (i) <sup>(1)</sup> | $16036 | $— | $— | $— |
| Chun Heung, LAU (j) <sup>(1)</sup> | 8018 |  |  |  |
|  | $24054 | $— | $— | $— |

---

(1) The
balances represented the dividend payables to shareholders. The amounts were unsecured, interest-free and repayable on October 31, 2025.

 ****

***f. Transactions with a related company***

In addition to the transactions and balances detailed elsewhere in these consolidated financial statements, the Company had the following transactions with related parties for the eight months ended August 31, 2025, the years ended December 31, 2024, 2023 and 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **Eight months ended <br> August 31,**<br>**2025** | **2024** | **2023** | **2022** |
| Subletting income from Keystone Finance Limited <sup>(1)</sup> | $25629 | $38447 | 38318 | 38311 |
| Loan interest income from Keystone Finance Limited <sup>(2)</sup> |  | 1077 | 920 | 2707 |
| Director's emoluments to Tak Chiu, CHAN <sup>(3)</sup> | (80957) | (161947) | (355174) | (354904) |
| Director's emoluments to Wing Kin, SIU <sup>(3)</sup> | (180721) | (107335) | (116398) | (106957) |

---

(1) The transactions represented the income received from subletting
part of its principal office to Keystone Finance Limited. The total amount of the subletting income as of the date when the transaction
was entered into were US$25,629, US$38,447, US$38,318 and US$38,311 for the eight months ended August 31, 2025, years ended December
31, 2024, 2023 and 2022, respectively, as the subletting contract is renewed annually.

(2) The transactions represented the interest income received
from short-term loan provided to Keystone Finance Limited. The total amount of the loan interest income as of the date when the transaction
was entered into were US$nil, US$1,077, US$920 and US$2,707 for the eight months ended August 31, 2025, years ended December 31, 2024,
2023 and 2022, respectively, as the short-term loans were less than 1 year and were repaid before each year end date.

(3) The remuneration shown above reflects payments for services
rendered as senior management of our operating subsidiary, and not compensation paid for service on the board of directors of Keystone
Global Financial Group.

Our director, Tak Chiu, CHAN, currently serves under an Employment Agreement and an Employment Bonus Agreement with Keystone Capital Limited dated February 8, 2021. Tak Chiu, CHAN's monthly salary under the current agreement is HK$15,000 (US$1,923) plus discretionary bonuses to be paid based on the employee's performance, the Company's financial performance, market conditions and any other factors the Company deems relevant. The agreement is terminable upon one month' notice.

Our director, Wing Kin, SIU, currently serves under an Employment Agreement and an Employment Bonus Agreement with Keystone Capital Limited dated October 7, 2016. Wing Kin, SIU's monthly salary under the current agreement is HK$15,000 (US$1,923) plus discretionary bonuses to be paid based on the employee's performance, the Company's financial performance, market conditions and any other factors the Company deems relevant. The agreement is terminable upon one month' notice.

Upon effectiveness of our registration statement on Form F-1, a compensation committee will be established. Our compensation committee will consist of the 3 independent non-executive directors, Kai Hing, WONG, Oi Fat, CHAN and Yin Kuen, NG. The Compensation Committee is appointed by the Board of Directors (the "**Board**") of the Company for the purposes of, among other things, (a) discharging the Board's responsibilities relating to the compensation of the Company's chief executive officer and other executive officers of the Company, (b) administering or delegating the power to administer the Company's incentive compensation and equity-based compensation plans, and (c) if required by applicable rules and regulations, issuing a "Compensation Committee Report" (if necessary) to be included in the Company's annual report on Form 20-F or proxy statement, as applicable.

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**PRINCIPAL SHAREHOLDERS**

The following table sets forth information regarding the beneficial ownership of our Ordinary Shares as of the date of this prospectus by our officers, directors, and 5% or greater beneficial owners of Ordinary Shares. There is no other person or group of affiliated persons known by us to beneficially own more than 5% of our Ordinary Shares. The following table assumes that none of our officers, directors or 5% or greater beneficial owners of our Ordinary Shares will purchase shares in this Offering. In addition, the following table assumes that the over-allotment option has not been exercised. Holders of our Ordinary Shares are entitled to one (1) vote per share and vote on all matters submitted to a vote of our shareholders, except as may otherwise be required by law.

The total number of shares outstanding prior to this offering is 11,250,000 Ordinary Shares. The total number of shares outstanding immediately after the completion of this offering is 12,500,000 Ordinary Shares, assuming the underwriters do not exercise their over-allotment option and assuming the initial public offering price is US$5.00 per Ordinary Share, the midpoint of the estimated range of the initial public offering price shown on the front cover of this prospectus.

We have determined beneficial ownership in accordance with the rules of the SEC. These rules generally attribute beneficial ownership of securities to persons who possess sole or shared voting power or investment power with respect to those securities. The person is also deemed to be a beneficial owner of any security of which that person has a right to acquire beneficial ownership within 60 days. Unless otherwise indicated, the person identified in this table has sole voting and investment power with respect to all shares shown as beneficially owned by him, subject to applicable community property laws.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Ordinary Shares <br> beneficially owned <br> prior to this Offering** | **Ordinary Shares <br> beneficially owned <br> prior to this Offering** | **Ordinary Shares <br> beneficially held immediately <br> after this Offering** | **Ordinary Shares <br> beneficially held immediately <br> after this Offering** |
| <br>**Name of Beneficial Owner** | **Number of <br> Ordinary <br> Shares** | **Approximate <br> percentage of <br> outstanding <br> Ordinary <br> Shares\*** | **Number of <br> Ordinary <br> Shares** | **Approximate <br> percentage of <br> outstanding <br> Ordinary <br> Shares^** |
| **Directors, Director Nominees and Named Executive Officers: †** |  |  |  |  |
| Tak Chiu, CHAN | 3684375 | 32.75% | 3684375 | 29.48% |
| Wing Kin, SIU |  |  |  |  |
| Kai Hing, WONG |  |  |  |  |
| Oi Fat, CHAN |  |  |  |  |
| Yin Kuen, NG |  |  |  |  |
| *All Directors and Executive Officers as a Group* | 3684375 | 32.75% | 3684375 | 29.48% |
| **5% or Greater Shareholders:** |  |  |  |  |
| Shui Yuet, LAM*<sup>(1)</sup>* | 3684375 | 32.75% | 3684375 | 29.48% |
| Wing Leung, SIU*<sup>(2)</sup>* | 2250000 | 20% | 2250000 | 18.00% |
| Nga Sze, IP*<sup>(3)</sup>* | 562500 | 5% | 562500 | 4.50% |

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| | |
|:---|:---|
| \* | Applicable percentage of ownership is calculated by dividing the number of shares beneficially owned by such person or group by the sum of 11,250,000, being the number of Ordinary Shares outstanding as of the date of this prospectus. |
| ^ | Applicable percentage of ownership is calculated by dividing the number of shares beneficially owned by such person or group by the sum of 12,500,000, being the number of Ordinary Shares outstanding immediately after the Offering, assuming no exercise of the underwriters' over-allotment option. |
| **†** | The address of our directors and executive officers is 1902-3A, 19/F, FWD Financial Centre, 308-320 Des Voeux Road Central, Sheung Wan, Hong Kong. |
| (1) | The address of Shui Yuet, LAM is Flat A, 30/F, Tower 1, 8 King Ling Road, Metro Town, Tseung Kwan O, New Territories, Hong Kong |
| (2) | The address of Wing Leung, SIU is Flat H, 27/F., Block 2, Tierra Verde, Tsing Yi, New Territories, Hong Kong |
| (3) | The address of Nga Sze, IP is Flat D, 10/F, Block 10, The Palazzo, 28 Lok King Street, Shatin, New Territories, Hong Kong |

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**DESCRIPTION OF SHARE CAPITAL**

We are a Cayman Islands exempted company and our affairs are governed by our Amended and Restated Memorandum and Articles of Association, as amended from time to time, and the Companies Act (As Revised) of the Cayman Islands, which we refer to as the Companies Act below, and the common law of Cayman Islands.

As of the date of this prospectus, our authorized share capital is US$50,000, divided into 500,000,000 Ordinary Shares with a par value of US$0.0001 each. All of our shares to be issued in the offering will be issued as fully paid.

**Ordinary Shares**

As of the date of this prospectus, there are 11,250,000 Ordinary Shares issued and outstanding.

As of the date of this prospectus, the Company has no outstanding options, warrants and other convertible securities.

***Listing***

We have applied to list our Ordinary Shares on the Nasdaq Capital Market under the symbol "KCG" We cannot guarantee that we will be successful in listing on Nasdaq; however, we will not complete this Offering unless we receive a conditional approval letter from Nasdaq.

***Transfer Agent and Registrar***

The transfer agent and registrar for the Ordinary Shares is VStock Transfer, LLC.

***Dividends***

The holders of our Ordinary Shares are entitled to such dividends as may be declared by our board of directors, subject to the Companies Act. Our Amended and Restated Memorandum and Articles of Association provide that the directors may from time to time declare dividends (including interim dividends) and other distributions on shares of the Company in issue and authorize payment of the same out of the funds of our Company lawfully available therefor. No dividend shall be paid otherwise than out of profits or, subject to the restrictions of the Companies Act, the share premium account. Under the laws of the Cayman Islands, our Company may pay a dividend if the board of directors are satisfied, on reasonable grounds that, immediately after the distribution, we will be able to pay our debts as they fall due in the ordinary course of business. Our shareholders may by ordinary resolution declare dividends in accordance with the respective rights of the shareholders but no dividend shall exceed the amount recommended by the directors.

***Voting Rights***

Any action required or permitted to be taken must be effected at a duly called general meeting by the shareholders entitled to vote on such action or may be effected by a resolution of members in writing, each in accordance with the Amended and Restated Memorandum and Articles of Association. Each Ordinary Share shall be entitled to one (1) vote on all matters subject to a vote at general meetings of our company. At any meeting a resolution put to the vote of the meeting shall be decided on a poll. At each meeting of shareholders, each shareholder who is present in person or by proxy (or, in the case of a shareholder being a corporation, by its duly authorized representative) will have the corresponding vote(s) for the shares that such shareholder holds.

***Cumulative Voting***

Delaware law permits cumulative voting for the election of directors only if expressly authorized in the certificate of incorporation. There are no prohibitions in relation to cumulative voting under the laws of the Cayman Islands but our Amended and Restated Memorandum and Articles of Association do not provide for cumulative voting.

***Transfer of Ordinary Shares***

Subject to the restrictions contained in our Amended and Restated Memorandum and Articles of Association, the lock-up agreements as described in below, applicable securities laws and the rules of the Nasdaq Capital Market, a shareholder may freely transfer ordinary shares to another person by completing an instrument of transfer in a common form or in a form prescribed by the Nasdaq Capital Market (if the ordinary shares are so listed) or in any other form approved by the directors, executed: (i) where the ordinary shares are fully paid, by or on behalf of that shareholder; and (ii) where the ordinary shares are partly paid, by or on behalf of that shareholder and the transferee. The transferor shall be deemed to remain the holder of an ordinary share until the name of the transferee is entered into our register of members.

Where the ordinary shares in question are not listed on or subject to the rules of the Nasdaq Capital Market, our board of directors may, in its absolute discretion, decline to register any transfer of any ordinary share that has not been fully paid up or is subject to a company lien. Our board of directors may also decline to register any transfer of such ordinary share unless: (i) the instrument of transfer is lodged with us, accompanied by the certificate for the ordinary shares to which it relates and such other evidence as our board of directors may reasonably require to show the right of the transferor to make the transfer; (ii) the instrument of transfer is in respect of only one class of ordinary shares; (iii) the instrument of transfer is properly stamped, if required; (iv) the ordinary share transferred is fully paid and free of any lien in favor of us; (v) any fee related to the transfer has been paid to us; and (vi) the transfer is not more than four joint holders. If the Directors refuse to register a transfer they shall, within one (1) month after the date on which the instrument of transfer was lodged, send to each of the transferor and the transferee notice of such refusal.

The registration of transfers may, on 14 clear days' notice being given by advertisement in such one or more newspapers or by electronic means, be suspended and our register of members closed at such times and for such periods as our board of directors may, in their absolute discretion, from time to time determine. The registration of transfers, however, may not be suspended, and the register may not be closed, for more than 30 clear days in any year.

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***Liquidation***

If we are wound up, the shareholders may, subject to the Amended and Restated Memorandum and Articles of Association and any other sanction required by the Companies Act, pass a special resolution allowing the liquidator to do either or both of the following:

● to divide in specie among the shareholders the whole or any part of our assets and, for that purpose, to value any assets and to determine how the division shall be carried out as between the shareholders or different classes of shareholders; and

● to vest the whole or any part of the assets in trustees for the benefit of shareholders and those liable to contribute to the winding up.

***Pre-emptive Rights***

There are no pre-emptive rights applicable to the issue by us of Ordinary Shares under our Amended and Restated Memorandum and Articles of Association.

**Our Amended and Restated Memorandum and Articles of Association**

We by special resolutions adopted our Amended and Restated Memorandum and Articles of Association on September 16, 2025. The following are summaries of the material provisions of our Amended and Restated Memorandum and Articles of Association and the Companies Act, insofar as they relate to the material terms of our Ordinary Shares. They do not purport to be complete. Reference is made to our Amended and Restated Memorandum and Articles of Association, copies of which is filed as an exhibit to the registration statement of which this prospectus is a part (and which is referred to in this section as, respectively, the "memorandum" and the "articles").

***General Meetings***

As a Cayman Islands exempted company, we are not obligated by the Companies Act to call shareholders' annual general meetings; accordingly, we may, but shall not be obliged to, in each year hold a general meeting as an annual general meeting. Any annual general meeting held shall be held at such time and place as may be determined by our board of directors. All general meetings other than annual general meetings shall be called extraordinary general meetings.

The directors may convene general meetings whenever they think fit. General meetings shall also be convened on the written requisition of one or more of the shareholders entitled to attend and vote at our general meetings who (together) hold not less than ten percent of the rights to vote at such general meeting in accordance with the notice provisions in the articles, specifying the purpose of the meeting and signed by each of the shareholders making the requisition. If the directors do not convene such meeting within 21 clear days' from the date of receipt of the written requisition, those shareholders who requested the meeting or any of them may convene the general meeting themselves within three months after the end of such period of 21 clear days in which case reasonable expenses incurred by them as a result of the directors failing to convene a meeting shall be reimbursed by us.

At least 5 clear days' notice must be given to members for any general meeting. Notice of a general meeting shall specify each of the following:

● the place, the date and the hour of the meeting;

● whether the meeting will be held virtually, at a physical place or both;

● if the meeting is to be held in any part at a physical place, the address of such place;

● if the meeting is to be held in two or more places, or in any part virtually, the electronic communication facilities that will be used to facilitate the meeting, including the procedures to be followed by any member or other participant of the meeting who wishes to utilise such electronic communication facilities for the purposes of attending and participating in such meeting;

● subject to the below paragraph and the requirements of (to the extent applicable) the listing rules of the Nasdaq Capital Market, the general nature of the business to be transacted; and

● if a resolution is proposed as a special resolution, the text of that resolution.

Notice of every general meeting shall also be given to the directors and our auditors.

Subject to the Companies Act and with the consent of the shareholders who, individually or collectively, hold at least 90 percent of the voting rights of all those who have a right to vote at a general meeting, a general meeting may be convened on shorter notice.

A quorum shall consist of the presence (whether in person or represented by proxy) of one or more shareholders holding shares that represent not less than one-third of the outstanding shares carrying the right to vote at such general meeting.

If, within 15 minutes from the time appointed for the general meeting, or at any time during the meeting, a quorum is not present, the meeting, if convened upon the requisition of shareholders, shall be cancelled. In any other case it shall stand adjourned to the same time and place seven days hence or to such other time or place as is determined by the directors.

The chairman may, with the consent of a meeting at which a quorum is present, adjourn the meeting. When a meeting is adjourned for more than seven clear days, notice of the adjourned meeting shall be given in accordance with the articles.

At any general meeting a resolution put to the vote of the meeting shall be decided on a poll. A poll shall be taken in such manner as the chairman directs. He may appoint scrutineers (who need not be shareholders) and fix a place and time for declaring the result of the poll.

In the case of an equality of votes, the chairman of the meeting shall be entitled to a second or casting vote.

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A corporation that is a shareholder shall be deemed for the purpose of our Amended and Restated Memorandum and Articles of Association to be present at a general meeting in person if represented by its duly authorized representative. This duly authorized representative shall be entitled to exercise the same powers on behalf of the corporation which he represents as that corporation could exercise if it were our individual shareholder.

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***Meetings of Directors***

The business of our company is managed by the directors. Our directors are free to meet at such times and in such manner and places within or outside the Cayman Islands as the directors determine to be necessary or desirable. The quorum necessary for the transaction of the business of the directors shall be two directors unless the directors fix some other number. An action that may be taken by the directors at a meeting may also be taken by a resolution of directors consented to in writing by all of the directors.

**Calls on Ordinary Shares and forfeiture of Ordinary Shares**

Our board of directors may from time to time make calls upon shareholders for any amounts unpaid on their Ordinary Shares in a written notice served to such shareholders at least fourteen (14) days prior to the specified time of payment. The Ordinary Shares that have been called upon and remain unpaid are subject to forfeiture.

**Redemption, Repurchase and Surrender of Ordinary Shares**

Subject to the Companies Act and any rights for the time being conferred on the shareholders holding a particular class of shares, we may by action of our directors:

● issue shares that are to be redeemed or liable to be redeemed, at our option or at the option of the shareholders holding those redeemable shares, on the terms and in the manner our directors determine before the issue of those shares;

● with the consent by special resolution of the shareholders holding shares of a particular class, vary the rights attaching to that class of shares so as to provide that those shares are to be redeemed or are liable to be redeemed at our option on the terms and in the manner which the directors determine at the time of such variation; and

● purchase all or any of our own shares of any class including any redeemable shares on the terms and in the manner which the directors determine at the time of such purchase.

We may make a payment in respect of the redemption or purchase of our own shares in any manner authorized by the Companies Act, including out of any combination of capital, our profits and the proceeds of a fresh issue of shares.

When making a payment in respect of the redemption or purchase of shares, the directors may make the payment in cash or in specie (or partly in one and partly in the other) if so authorized by the terms of the allotment of those shares or by the terms applying to those shares, or otherwise by agreement with the shareholder holding those shares.

**Variations of Rights of Shares**

If our share capital is divided into different classes of shares then, unless the terms on which a class of shares was issued state otherwise, the rights attaching to a class of shares may only be varied if one of the following applies:

&nbsp;&nbsp;&nbsp;&nbsp;(a) the shareholders holding not less than two-thirds of the
issued shares of that class consent in writing to the variation; or

&nbsp;&nbsp;&nbsp;&nbsp;(b) the variation is made with the sanction of a special resolution passed at a separate general meeting of
the shareholders holding the issued shares of that class.

**Changes in Capital**

We may from time to time by an ordinary resolution of our shareholders:

● increase our share capital by new shares of the amount fixed by that ordinary resolution and with the attached rights, priorities and privileges set out in that ordinary resolution;

● consolidate and divide all or any of our share capital into shares of larger amount than its existing shares;

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● convert all or any of our paid up shares into stock, and reconvert that stock into paid up shares of any denomination;

● subdivide our existing shares, or any of them, into shares of a smaller amount provided that in the subdivision the proportion between the amount paid and the amount, if any, unpaid on each reduced share shall be the same as it was in case of the share from which the reduced share is derived; and

● cancel any shares that, at the date of the passing of the resolution, have not been taken or agreed to be taken by any person and diminish the amount of our share capital by the amount of the shares so cancelled.

Our shareholders may by special resolution, subject to confirmation by the Grand Court of the Cayman Islands on an application by our company for an order confirming such reduction, reduce our share capital and any capital redemption reserve in any manner authorized by the Companies Act.

**Inspection of Books and Records**

Holders of our Ordinary Shares will have no general right under Cayman Islands law to inspect or obtain copies of our list of shareholders or our corporate records. However, our shareholders may receive our annual audited financial statements. See "Where You Can Find Additional Information."

**Rights of Non-Resident or Foreign Shareholders**

There are no limitations imposed by our Amended and Restated Memorandum and Articles of Association on the rights of non-resident or foreign shareholders to hold or exercise voting rights on our shares. In addition, there are no provisions in our Amended and Restated Memorandum and Articles of Association governing the ownership threshold above which shareholder ownership must be disclosed.

**History of Securities Issuances**

During the past three years, we have issued the following securities without registering the securities under the Securities Act. We believe that each of the following issuances was exempt from registration under the Securities Act in reliance on Regulation S under the Securities Act regarding sales by an issuer in offshore transactions or pursuant to Section 4(a)(2) of the Securities Act regarding transactions not involving a public offering and/or Rule 701 of the Securities Act. None of the transactions involved an underwriter.

As of the date of the incorporation of Keystone Global Financial Group, it was owned as to 720, 7,200, 11,790, 900, 11,790, 900, 900 and 1,800 Ordinary Shares by Ying King, LAU, Wing Leung, SIU, Shui Yuet, LAM, Chun Heung, LAU, Tak Chiu, CHAN, Kit Ying Kitty, KWONG, Cheuk Ning, LEW and Nga Sze, IP, respectively.

On September 16, 2025, in contemplation of the Offering, the Company further issued 11,214,000 Ordinary Shares in aggregate to its shareholders at par value, on a pro rata basis proportional to the shareholders' existing equity interests (collectively refers as the "**Pro Rata Share Issuance**"). All references to the number of ordinary shares and per-share data in the accompanying consolidated financial statements have been retroactively adjusted to reflect such issuance of shares. After the Pro Rata Share Issuance, 11,250,000 Ordinary Shares are issued and outstanding. The following table sets forth the breakdown of the Pro Rata Share Issuance to each shareholder:

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| | | |
|:---|:---|:---|
| **Shareholders** | **Number of Ordinary Shares Issued** | **Number of Ordinary Shares Issued** |
| Ying King, LAU |  | 224280 |
| Wing Leung, SIU |  | 2242800 |
| Shui Yuet, LAM |  | 3672585 |
| Chun Heung, LAU |  | 280350 |
| Tak Chiu, CHAN |  | 3672585 |
| Kit Ying Kitty, KWONG |  | 280350 |
| Cheuk Ning, LEW |  | 280350 |
| Nga Sze, IP |  | 560700 |

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The following table sets forth the breakdown of equity ownership of the Company upon the completion of the Pro Rata Share Issuances and as of the date of this prospectus:

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| | | |
|:---|:---|:---|
| **Shareholders** | **Number of Ordinary Shares Owned** | **Percentage of** <br> **Ordinary** <br> **Shares Owned** |
| Ying King, LAU | 225000 | 2.00% |
| Wing Leung, SIU | 2250000 | 20.00% |
| Shui Yuet, LAM | 3684375 | 32.75% |
| Chun Heung, LAU | 281250 | 2.50% |
| Tak Chiu, CHAN | 3684375 | 32.75% |
| Kit Ying Kitty, KWONG | 281250 | 2.50% |
| Cheuk Ning, LEW | 281250 | 2.50% |
| Nga Sze, IP | 562500 | 5.00% |

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**Issuance of additional Ordinary Shares**

Our Amended and Restated Memorandum and Articles of Association authorizes our board of directors to issue additional Ordinary Shares from authorized but unissued shares, to the extent available, from time to time as our board of directors shall determine.

"Limited liability" means that the liability of each shareholder is limited to the amount unpaid by the shareholder on the shares of the company.

**Differences in Corporate Law**

The Companies Act is derived, to a large extent, from the older Companies Acts of England but does not follow recent English statutory enactments. Accordingly, there are significant differences between the Companies Act and the current Companies Act of England. In addition, the Companies Act differs from laws applicable to U.S. corporations and their shareholders. Set forth below is a summary of certain significant differences between the provisions of the Companies Act applicable to us and the laws applicable to companies incorporated in the State of Delaware in the United States and their shareholders.

***Mergers and Similar Arrangements***

The Companies Act permits mergers and consolidations between Cayman Islands companies and between Cayman Islands companies and non-Cayman Islands companies. For these purposes, (a) "merger" means the merging of two or more constituent companies and the vesting of their undertaking, property and liabilities in one of such companies as the surviving company, and (b) a "consolidation" means the combination of two or more constituent companies into a consolidated company and the vesting of the undertaking, property and liabilities of such companies to the consolidated company. In order to effect such a merger or consolidation, the directors of each constituent company must approve a written plan of merger or consolidation, which must then be authorized by (a) a special resolution of the of each constituent company, and (b) such other authorization, if any, as may be specified in such constituent company's articles of association. The plan must be filed with the Registrar of Companies of the Cayman Islands together with, *inter alia*, a declaration as to the solvency of the consolidated or surviving company, a list of the assets and liabilities of each constituent company and an undertaking that a copy of the certificate of merger or consolidation will be given to the members and creditors of each constituent company and that notification of the merger or consolidation will be published in the Cayman Islands Gazette. Court approval is not required for a merger or consolidation which is effected in compliance with these statutory procedures.

A merger between a Cayman parent company and its Cayman subsidiary or subsidiaries does not require authorization by a resolution of that Cayman subsidiary if a copy of the plan of merger is given to every member of that Cayman subsidiary to be merged unless that member agrees otherwise. For this purpose, a company is a "parent" of a subsidiary if it holds issued shares that together represent at least ninety percent (90%) of the votes at a general meeting of the subsidiary.

The consent of each holder of a fixed or floating security interest over a constituent company is required unless this requirement is waived by a court in the Cayman Islands.

Save in certain limited circumstances, a shareholder of a Cayman constituent company who dissents from the merger or consolidation is entitled to payment of the fair value of his shares (which, if not agreed between the parties, will be determined by the Cayman Islands court) upon dissenting to the merger or consolidation, provided the dissenting shareholder complies strictly with the procedures set out in the Companies Act. The exercise of dissenter rights will preclude the exercise by the dissenting shareholder of any other rights to which he or she might otherwise be entitled by virtue of holding shares, save for the right to seek relief on the grounds that the merger or consolidation is void or unlawful.

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Separate from the statutory provisions relating to mergers and consolidations, the Companies Act also contains statutory provisions that facilitate the reconstruction and amalgamation of companies by way of schemes of arrangement, provided that the arrangement is approved by seventy-five per cent in value of the members or class of members, as the case may be, with whom the arrangement is to be made and a majority in number of each class of creditors with whom the arrangement is to be made, and who must in addition represent seventy-five per cent in value of each such class of creditors, as the case may be, that are present and voting either in person or by proxy at a meeting, or meetings, convened for that purpose. The convening of the meetings and subsequently the arrangement must be sanctioned by the Grand Court of the Cayman Islands. While a dissenting shareholder has the right to express to the court the view that the transaction ought not to be approved, the court can be expected to approve the arrangement if it determines that:

● the statutory provisions as to the required majority vote have been met;

● the shareholders have been fairly represented at the meeting in question and the statutory majority are acting bona fide without coercion of the minority to promote interests adverse to those of the class;

● the arrangement is such that may be reasonably approved by an intelligent and honest man of that class acting in respect of his interest; and

● the arrangement is not one that would more properly be sanctioned under some other provision of the Companies Act.

The Companies Act also contains a statutory power of compulsory acquisition which may facilitate the "squeeze out" of a dissentient minority shareholder upon a tender offer. When a tender offer is made and accepted by holders of 90% of the shares affected within four months, the offeror may, within a two-month period commencing on the expiration of such four-month period, require the holders of the remaining shares to transfer such shares to the offeror on the terms of the offer. An objection can be made to the Grand Court of the Cayman Islands but this is unlikely to succeed in the case of an offer which has been so approved unless there is evidence of fraud, bad faith or collusion.

If an arrangement and reconstruction by way of scheme of arrangement is thus approved and sanctioned, or if a tender offer is made and accepted, in accordance with the foregoing statutory procedures, a dissenting shareholder would have no rights comparable to appraisal rights, save that objectors to a takeover offer may apply to the Grand Court of the Cayman Islands for various orders that the Grand Court of the Cayman Islands has a broad discretion to make, which would otherwise ordinarily be available to dissenting shareholders of Delaware corporations, providing rights to receive payment in cash for the judicially determined value of the shares.

The Companies Act also contains statutory provisions which provide that a company may present a petition to the Grand Court of the Cayman Islands for the appointment of a restructuring officer on the grounds that the company (a) is or is likely to become unable to pay its debts within the meaning of section 93 of the Companies Act; and (b) intends to present a compromise or arrangement to its creditors (or classes thereof) either, pursuant to the Companies Act, the law of a foreign country or by way of a consensual restructuring. The petition may be presented by a company acting by its directors, without a resolution of its members or an express power in its articles of association. On hearing such a petition, the Cayman Islands court may, among other things, make an order appointing a restructuring officer or make any other order as the court thinks fit.

***Shareholders' Suits***

In principle, we will normally be the proper plaintiff and as a general rule a derivative action may not be brought by a minority shareholder. However, based on English authorities, which would in all likelihood be of persuasive authority in the Cayman Islands, the Cayman Islands courts can be expected to follow and apply the common law principles (namely the rule in *Foss v. Harbottle* and the exceptions thereto) so that a non-controlling shareholder may be permitted to commence an action against or derivative actions in the name of the company to challenge actions where:

● a company acts or proposes to act illegally or ultra vires;

● the act complained of, although not ultra vires, could only be effected duly if authorized by more than a simple majority vote that has not been obtained; and

● those who control the company are perpetrating a "fraud on the minority."

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***Indemnification of Directors and Executive Officers and Limitation of Liability***

Cayman Islands law does not limit the extent to which a company's memorandum and articles of association may provide for indemnification of officers and directors, except to the extent any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against civil fraud or the consequences of committing a crime. Our articles provide that to the extent permitted by law, our Company shall indemnify each existing or former director (including alternate director), secretary and other officer of the Company (including an investment adviser or an administrator or liquidator) and their personal representatives against:

&nbsp;&nbsp;&nbsp;&nbsp;(a) all actions, proceedings, costs, charges, expenses, losses, damages
or liabilities incurred or sustained by the existing or former director (including alternate director), secretary or officer in or about
the conduct of the Company's business or affairs or in the execution or discharge of the existing or former director's (including alternate
director's), secretary's or officer's duties, powers, authorities or discretions; and

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&nbsp;&nbsp;&nbsp;&nbsp;(b) without limitation to paragraph (a), all costs, expenses, losses or liabilities incurred by the existing
or former director (including alternate director), secretary or officer in defending (whether successfully or otherwise) any civil, criminal,
administrative or investigative proceedings (whether threatened, pending or completed) concerning the Company or our affairs in any court
or tribunal, whether in the Cayman Islands or elsewhere.

No such existing or former director (including alternate director), secretary or officer, however, shall be indemnified in respect of any matter arising out of his own dishonesty.

To the extent permitted by the Companies Act, our Company may make a payment, or agree to make a payment, whether by way of advance, loan or otherwise, for any legal costs incurred by an existing or former director (including alternate director), secretary or officer of the Company in respect of any matter identified in articles on condition that the director (including alternate director), secretary or officer must repay the amount paid by us to the extent that we are ultimately found not liable to indemnify the director (including alternate director), secretary or that officer for those legal costs. This standard of conduct is generally the same as permitted under the Delaware General Corporation Law for a Delaware corporation.

In addition, we have entered into indemnification agreements with our directors and executive officers that provide such persons with additional indemnification beyond that provided in our articles.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to our directors, officers or persons controlling us under the foregoing provisions, we have been informed that in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

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***Directors' Fiduciary Duties***

Under Delaware corporate law, a director of a Delaware corporation has a fiduciary duty to the corporation and its shareholders. This duty has two components: the duty of care and the duty of loyalty. The duty of care requires that a director act in good faith, with the care that an ordinarily prudent person would exercise under similar circumstances. Under this duty, a director must inform himself of, and disclose to shareholders, all material information reasonably available regarding a significant transaction. The duty of loyalty requires that a director acts in a manner he reasonably believes to be in the best interests of the corporation. He must not use his corporate position for personal gain or advantage. This duty prohibits self-dealing by a director and mandates that the best interest of the corporation and its shareholders take precedence over any interest possessed by a director, officer or controlling shareholder and not shared by the shareholders generally. In general, actions of a director are presumed to have been made on an informed basis, in good faith and in the honest belief that the action taken was in the best interests of the corporation. However, this presumption may be rebutted by evidence of a breach of one of the fiduciary duties. Should such evidence be presented concerning a transaction by a director, the director must prove the procedural fairness of the transaction, and that the transaction was of fair value to the corporation.

As a matter of Cayman Islands law, a director of a Cayman Islands company is in the position of a fiduciary with respect to the company and therefore it is considered that he owes the following duties to the company — a duty to act in good faith in the best interests of the company, a duty not to make a personal profit based on his position as director (unless the company permits him to do so), a duty not to put himself in a position where the interests of the company conflict with his personal interest or his duty to a third party and a duty to exercise powers for the purpose for which such powers were intended. The common law duties owed by a director are those to act with skill, care and diligence that may reasonably be expected of a person carrying out the same functions as are carried out by that director in relation to the company and, also, to act with the skill, care and diligence in keeping with a standard of care commensurate with any particular skill they have which enables them to meet a higher standard than a director without those skills. In fulfilling their duty of care to us, our directors must ensure compliance with our articles, as amended and restated from time to time. We have the right to seek damages where certain duties owed by any of our directors are breached.

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***Shareholder Action by Written Consent***

Under the Delaware General Corporation Law, a corporation may eliminate the right of shareholders to act by written consent by amendment to its certificate of incorporation. Cayman Islands law permits us to eliminate the right of shareholders to act by written consent and our articles provide that any action required or permitted to be taken at any annual or extraordinary general meetings may be taken upon the vote of shareholders at an annual or extraordinary general meeting duly noticed and convened in accordance with our articles and the Companies Act and may also be taken by written consent of the shareholders without a meeting.

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***Shareholder Proposals***

Under the Delaware General Corporation Law, a shareholder has the right to put any proposal before the annual meeting of shareholders, provided it complies with the notice provisions in the governing documents. A special meeting may be called by the board of directors or any other person authorized to do so in the governing documents, but shareholders may be precluded from calling special meetings. The Companies Act does not provide shareholders with any right to requisition a general meeting or to put any proposal before a general meeting. Our articles provide that one or more shareholders who together hold at least ten per cent of the rights to vote at such general meeting may requisite a general meeting in writing. As an exempted Cayman Islands company, we are not obliged by law to call shareholders' annual general meetings.

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***Cumulative Voting***

Under the Delaware General Corporation Law, cumulative voting for elections of directors is not permitted unless the corporation's certificate of incorporation specifically provides for it. Cumulative voting potentially facilitates the representation of minority shareholders on a board of directors since it permits the minority shareholder to cast all the votes to which the shareholder is entitled on a single director, which increases the shareholder's voting power with respect to electing such director. There are no prohibitions in relation to cumulative voting under the laws of the Cayman Islands but our articles do not provide for cumulative voting. As a result, our shareholders are not afforded any less protections or rights on this issue than shareholders of a Delaware corporation

***Removal of Directors***

Under the Delaware General Corporation Law, a director of a corporation with a classified board may be removed only for cause with the approval of a majority of the outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise. Under our articles, subject to certain restrictions as contained therein, directors may be removed with or without cause, by an ordinary resolution of our shareholders. An appointment of a director may be on terms that the director shall automatically retire from office (unless he has sooner vacated office) at the next or a subsequent annual general meeting or upon any specified event or after any specified period in a written agreement between the company and the director, if any; but no such term shall be implied in the absence of express provision. Under our articles, a director's office shall be vacated if the director (i) becomes bankrupt or has a receiving order made against him or suspends payment or compounds with his creditors; (ii) becomes of unsound mind or dies; (iii) resigns his office by notice in writing to the company; (iv) without special leave of absence from our board of directors, is absent meetings of the board for a continuous period of six months and the board resolves that his office be vacated; (v) is prohibited by law from being a director or; (vi) is removed from office pursuant to the laws of the Cayman Islands or any other provisions of our articles.

 

*Transactions with Interested Shareholders*

The Delaware General Corporation Law contains a business combination statute applicable to Delaware corporations whereby, unless the corporation has specifically elected not to be governed by such statute by amendment to its certificate of incorporation, it is prohibited from engaging in certain business combinations with an "interested shareholder" for three years following the date that such person becomes an interested shareholder. An interested shareholder generally is a person or a group who or which owns or owned 15% or more of the target's outstanding voting share within the past three years. This has the effect of limiting the ability of a potential acquirer to make a two-tiered bid for the target in which all shareholders would not be treated equally. The statute does not apply if, among other things, prior to the date on which such shareholder becomes an interested shareholder, the board of directors approves either the business combination or the transaction which resulted in the person becoming an interested shareholder. This encourages any potential acquirer of a Delaware corporation to negotiate the terms of any acquisition transaction with the target's board of directors.

Cayman Islands law has no comparable statute. As a result, we cannot avail ourselves of the types of protections afforded by the Delaware business combination statute. However, although Cayman Islands law does not regulate transactions between a company and its significant shareholders, it does provide that such transactions must be entered into bona fide in the best interests of the company and not with the effect of constituting a fraud on the minority shareholders.

 

*Dissolution; Winding up*

Under the Delaware General Corporation Law, unless the board of directors approves the proposal to dissolve, dissolution must be approved by shareholders holding 100% of the total voting power of the corporation. Only if the dissolution is initiated by the board of directors may it be approved by a simple majority of the corporation's outstanding shares. Delaware law allows a Delaware corporation to include in its certificate of incorporation a supermajority voting requirement in connection with dissolutions initiated by the board.

Under Cayman Islands law, a company may be wound up by either an order of the courts of the Cayman Islands or by a special resolution of its members or, if the company is unable to pay its debts, by an ordinary resolution of its members. The court has authority to order winding up in a number of specified circumstances including where it is, in the opinion of the court, just and equitable to do so.

***Variation of Rights of Shares***

Under the Delaware General Corporation Law, a corporation may vary the rights of a class of shares with the approval of a majority of the outstanding shares of such class, unless the certificate of incorporation provides otherwise. Under our articles, if our share capital is divided into more than one class of shares, the rights attached to any such class may only be varied with the sanction of a special resolution passed at a separate general meeting of the holders of the shares of that class or by written consent by shareholders holding not less than two-thirds of the issued shares of that class.

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***Amendment of Governing Documents***

Under the Delaware General Corporation Law, a corporation's governing documents may be amended with the approval of a majority of the outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise. Under Cayman Islands law, our amended and restated memorandum and articles of association may only be amended with a special resolution of our shareholders

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***Rights of Non-resident or Foreign Shareholders***

There are no limitations imposed by our articles on the rights of non-resident or foreign shareholders to hold or exercise voting rights on our shares. In addition, there are no provisions in our articles governing the ownership threshold above which shareholder ownership must be disclosed

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**SHARES ELIGIBLE FOR FUTURE SALE**

Before this Offering, there has not been a public market for our Ordinary Shares, and while we plan to list our Ordinary Shares on Nasdaq, we cannot assure you that a significant public market for the Ordinary Shares will develop or be sustained after this Offering. Future sales of substantial amounts of our Ordinary Shares in the public markets after this Offering, or the perception that such sales may occur, could adversely affect market prices prevailing from time to time. As described below, only a limited number of our Ordinary Shares currently outstanding will be available for sale immediately after this Offering due to contractual and legal restrictions on resale. Nevertheless, after these restrictions lapse, future sales of substantial amounts of our Ordinary Share, including Ordinary Share issued upon exercise of outstanding options, in the public market in the United States, or the possibility of such sales, could negatively affect the market price in the United States of our Ordinary Share and our ability to raise equity capital in the future.

Upon the closing of the Offering, we will have outstanding 12,500,000 Ordinary Shares, assuming no exercise of the underwriters' over-allotment option. Of that amount, 1,250,000 Ordinary Shares will be publicly held by investors participating in this Offering, and 11,250,000 Ordinary Shares will be held by our existing shareholders, some of whom may be our "affiliates" as that term is defined in Rule 144 under the Securities Act. As defined in Rule 144, an "affiliate" of an issuer is a person that directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, the issuer.

All of the Ordinary Shares sold in the Offering by the Company will be freely transferable by persons other than our "affiliates" in the United States without restriction or further registration under the Securities Act. Ordinary Shares purchased by one of our "affiliates" may not be resold, except pursuant to an effective registration statement or an exemption from registration, including an exemption under Rule 144 under the Securities Act described below.

The Ordinary Shares held by existing shareholders are "restricted securities," as that term is defined in Rule 144 under the Securities Act. These restricted securities may be sold in the United States only if they are registered or if they qualify for an exemption from registration under Rule 144 or Rule 701 under the Securities Act. These rules are described below.

**Rule 144**

All of our Ordinary Shares outstanding prior to this Offering are "restricted securities" as that term is defined in Rule 144 under the Securities Act and may be sold publicly in the United States only if they are subject to an effective registration statement under the Securities Act or pursuant to an exemption from the registration requirement such as those provided by Rule 144 and Rule 701 promulgated under the Securities Act.

In general, under Rule 144 as currently in effect, beginning 90 days after the date of this prospectus, a person who is not deemed to have been our affiliate at any time during the three months preceding a sale and who has beneficially owned restricted securities within the meaning of Rule 144 for more than six months would be entitled to sell an unlimited number of those shares, subject only to the availability of current public information about us. A non-affiliate who has beneficially owned restricted securities for at least one year from the later of the date these shares were acquired from us or from our affiliate would be entitled to freely sell those shares.

A person who is deemed to be an affiliate of ours and who has beneficially owned "restricted securities" for at least six months would be entitled to sell, within any three-month period, a number of shares that is not more than the greater of:

● 1% of the number of Ordinary Shares then outstanding, in the form of Ordinary Share or otherwise, which will equal approximately shares immediately after this Offering; or

● the average weekly trading volume of the Ordinary Shares on Nasdaq during the four calendar weeks preceding the filing of a notice on Form 144 with respect to such sale.

Sales under Rule 144 by our affiliates or persons selling shares on behalf of our affiliates are also subject to certain manner of sale provisions and notice requirements and to the availability of current public information about us.

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**Rule 701**

In general, under Rule 701 of the Securities Act as currently in effect, each of our employees, consultants or advisors who purchases our Ordinary Shares from us in connection with a compensatory stock or option plan or other written agreement relating to compensation is eligible to resell such Ordinary Shares 90 days after we became a reporting company under the Exchange Act in reliance on Rule 144, but without compliance with some of the restrictions, including the holding period, contained in Rule 144.

**Regulation S**

Regulation S provides generally that sales made in offshore transactions are not subject to the registration or prospectus-delivery requirements of the Securities Act.

**Lock-up Agreements**

We have agreed, subject to certain exceptions, for a period of six (6) months from the closing of this Offering, not (a) offer, sell, or otherwise transfer or dispose of, directly or indirectly, any shares of capital stock of the Company or any securities convertible into or exercisable or exchangeable for shares of capital stock of the Company; or (b) file or cause to be filed any registration statement with the SEC relating to the offering of any shares of capital stock of the Company or any securities convertible into or exercisable or exchangeable for shares of capital stock of the Company.

Furthermore, each of our directors, executive officers and 5% or more shareholders have agreed, subject to limited exceptions, not to sell, transfer or dispose of, directly or indirectly, any securities for a period of six months from the date of this prospectus. See "Underwriting."

**TAXATION**

 

*The following summary of material Cayman Islands, Hong Kong, and United States federal income tax consequences of an investment in our Ordinary Shares is based upon laws and relevant interpretations thereof in effect as of the date of this prospectus, all of which are subject to change. This summary does not deal with all possible tax consequences relating to an investment in our Ordinary Shares, such as the tax consequences under state, local, and other tax laws.*

The following brief description applies only to U.S. Holders (defined below) that hold Ordinary Shares as capital assets and that have the U.S. dollar as their functional currency. This brief description is based on the tax laws of the United States in effect as of the date of this prospectus and on U.S. Treasury regulations in effect or, in some cases, proposed, as of the date of this prospectus, as well as judicial and administrative interpretations thereof available on or before such date. All of the foregoing authorities are subject to change, which change could apply retroactively and could affect the tax consequences described below.

The brief description below of the U.S. federal income tax consequences to "U.S. Holders" will apply to you if you are a beneficial owner of shares and you are, for U.S. federal income tax purposes:

● an individual who is a citizen or resident of the United States;

● a corporation (or other entity taxable as a corporation for U.S. federal income tax purposes) organized under the laws of the United States, any state thereof or the District of Columbia;

● an estate whose income is subject to U.S. federal income taxation regardless of its source; or

● a trust that (1) is subject to the primary supervision of a court within the United States and the control of one or more U.S. persons for all substantial decisions or (2) has a valid election in effect under applicable U.S. Treasury regulations to be treated as a U.S. person.

WE URGE POTENTIAL PURCHASERS OF OUR SHARES TO CONSULT THEIR OWN TAX ADVISORS CONCERNING THE U.S. FEDERAL, STATE, LOCAL AND NON-U.S. TAX CONSEQUENCES OF PURCHASING, OWNING AND DISPOSING OF OUR SHARES.

**United States Federal Income Tax Considerations**

The following discussion is a summary of United States federal income tax considerations relating to the ownership and disposition of our Ordinary Shares by a U.S. holder (as defined below) that 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 upon existing United States federal income tax law, which is subject to differing interpretations and may be changed, 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 (for example, banks or other financial institutions, insurance companies, broker-dealers, pension plans, cooperatives, traders in securities that have elected the mark-to-market method of accounting for their securities, partnerships and their partners, regulated investment companies, real estate investment trusts, and tax-exempt organizations (including private foundations)), holders who are not U.S. holders, holders who own (directly, indirectly, or constructively) 10% or more of our voting shares, holders who will hold their Ordinary Shares as part of a straddle, hedge, conversion, constructive sale, or other integrated transaction for United States federal income tax purposes, or investors that have a functional currency other than the United States dollar, all of whom may be subject to tax rules that differ significantly from those summarized below. In addition, this discussion does not discuss any non-United States, alternative minimum tax, state, or local tax considerations, or the Medicare tax on net investment income. Each U.S. holder is urged to consult its tax advisors regarding the United States federal, state, local, and non-United States income and other tax considerations with respect to the ownership and disposition of our Ordinary Shares.

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***General***

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 subject to United States federal income taxation 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 applicable United States Treasury regulations.

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 generally depend upon the status of the partner and the activities of the partnership. Partnerships holding our Ordinary Shares and partners in such partnerships are urged to consult their tax advisors as to the particular United States federal income tax consequences of an investment in our r Ordinary Shares.

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***Passive Foreign Investment Company Considerations***

A non-United States corporation, such as our company, will be a "passive foreign investment company," or "PFIC," for United States federal income tax purposes, if, in any particular taxable year, either (i) 75% or more of its gross income for such year consists of certain types of "passive" income or (ii) 50% or more of the average quarterly value of its assets (as determined on the basis of fair market value) during such year produce or are held for the production of passive income. For this purpose, cash is categorized as a passive asset and the company's unbooked intangibles associated with active business activities may generally be classified as active assets. Passive income generally includes, among other things, dividends, interest, rents, royalties, and gains from the disposition of passive assets. We will be treated as owning a proportionate share of the assets and earning a proportionate share of the income of any other corporation in which we own, directly or indirectly, at least 25% (by value) of the stock.

The discussion below under "Dividends" and "Sale or Other Disposition of Ordinary Shares" is written on the basis that we will not be or become a PFIC for United States federal income tax purposes. The United States federal income tax rules that apply if we are a PFIC for the current taxable year or any subsequent taxable year are generally discussed below under "Passive Foreign Investment Company Rules."

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***Dividends***

Subject to the PFIC rules discussed below, any cash distributions (including the amount of any tax withheld) paid on our Ordinary Shares out of our current or accumulated earnings and profits, as determined under United States federal income tax principles, will generally be includible in the gross income of a U.S. holder as dividend income on the day actually or constructively received by the U.S. holder. Because we do not intend to determine our earnings and profits on the basis of United States federal income tax principles, any distribution paid will generally be reported as a "dividend" for United States federal income tax purposes. A non-corporate recipient of dividend income will generally be subject to tax on dividend income from a "qualified foreign corporation" at a reduced United States federal tax rate rather than the marginal tax rates generally applicable to ordinary income provided that certain holding period requirements are met.

A non-United States corporation (other than a corporation that is a PFIC for the taxable year in which the dividend is paid or the preceding taxable year) will generally be considered to be a qualified foreign corporation (a) if it is eligible for the benefits of a comprehensive tax treaty with the United States which the Secretary of Treasury of the United States determines is satisfactory for purposes of this provision and which includes an exchange of information program, or (b) with respect to any dividend it pays on stock which is readily tradable on an established securities market in the United States. In the event we are deemed to be a resident enterprise under the PRC Enterprise Income Tax Law, we may be eligible for the benefits of the United States-PRC income tax treaty (which the U.S. Treasury Department has determined is satisfactory for this purpose) and in that case we would be treated as a qualified foreign corporation with respect to dividends paid on our Ordinary Shares. Each non-corporate U.S. holder is advised to consult its tax advisors regarding the availability of the reduced tax rate applicable to qualified dividend income for any dividends we pay with respect to our Ordinary Shares. Dividends received on the Ordinary Shares will not be eligible for the dividends received deduction allowed to corporations.

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Dividends will generally be treated as income from foreign sources for United States foreign tax credit purposes and will generally constitute passive category income. In the event that we are deemed to be a PRC "resident enterprise" under the Enterprise Income Tax Law, a U.S. holder may be subject to PRC withholding taxes on dividends paid on our Ordinary Shares. In that case, a U.S. holder may be eligible, subject to a number of complex limitations, to claim a foreign tax credit in respect of any foreign withholding taxes imposed on dividends received on Ordinary Shares. A U.S. holder who does not elect to claim a foreign tax credit for foreign tax withheld may instead claim a deduction, for United States federal income tax purposes, in respect of such withholdings, but only for a year in which such U.S. holder elects to do so for all creditable foreign income taxes. The rules governing the foreign tax credit are complex. U.S. holders are advised to consult their tax advisors regarding the availability of the foreign tax credit under their particular circumstances.

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***Sale or Other Disposition of Ordinary Shares***

Subject to the Passive Foreign Investment Company (PFIC) 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 treated as a 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 will be eligible for reduced tax rates. The deductibility of capital losses is subject to limitations. Any such gain or loss that you recognize will generally be treated as United States source income or loss for foreign tax credit limitation purposes.

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***Passive Foreign Investment Company Rules***

Based on our current and anticipated operations and the composition of our assets, we were not PFIC for U.S. federal income tax purposes for the taxable year ended December 31, 2024 and the taxable year ended December 31, 2024. 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 taxable year ending December 31, 2025 or for any subsequent year, more than 50% of our assets may be assets which produce passive income, in which case we would be deemed a PFIC, which could have adverse US federal income tax consequences for US taxpayers who are shareholders. We will make this determination following the end of any particular tax year. PFIC status is a factual determination for each taxable year which cannot be made until the close of the taxable year. A non-U.S. corporation is considered a PFIC, as defined in Section 1297(a) of the US Internal Revenue Code ("IRC"), for any taxable year if either:

● at least 75% of its gross income 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").

We will be treated as owning our proportionate share of the assets and earning our proportionate share of income of any other corporation in which we own, directly or indirectly, at least 25% (by value) of the stock.

We must make a separate determination each year as to whether we are a PFIC, however, and there can be no assurance with respect to our status as a PFIC for our current taxable year or any future taxable year. 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. In addition, because the value of our assets for purposes of the asset test will generally be determined based on the market price of our Ordinary 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 Ordinary Shares and the amount of cash we raise in this Offering. Accordingly, fluctuations in the market price of the Ordinary 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 Ordinary 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 Ordinary Shares, we will continue to be treated as a PFIC for all succeeding years during which you hold Ordinary Shares. If we cease to be a PFIC and you did not previously make a timely "mark-to-market" election as described below, you will continue to be treated as a PFIC, however, you may avoid some of the adverse effects of the PFIC regime by making a "purging election" (as described below) with respect to the Ordinary Shares.

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If we are a PFIC for any taxable year during which you hold Ordinary Shares, you will be subject to special tax rules with respect to any "excess distribution" that you receive and any gain you realize from a sale or other disposition (including a pledge) of the Ordinary Shares, unless you make a "mark-to-market" election as discussed below. Distributions you receive in a taxable year that are greater than 125% of the average annual distributions you received during the shorter of the three preceding taxable years or your holding period for the Ordinary Shares will be treated as an excess distribution. Under these special tax rules:

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

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

● the amount allocated to each other year 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, and

● An additional tax equal to the interest charge generally applicable to underpayments of tax will be imposed on the tax attributable to each prior taxable year, other than a pre-PFIC 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 Ordinary Shares cannot be treated as capital, even if you hold the Ordinary 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 Ordinary Shares, you will include in income each year an amount equal to the excess, if any, of the fair market value of the Ordinary Shares as of the close of your taxable year over your adjusted basis in such Ordinary Shares. You are allowed a deduction for the excess, if any, of the adjusted basis of the Ordinary Shares over their fair market value as of the close of the taxable year. However, deductions are allowable only to the extent of any net mark-to-market gains on the Ordinary Shares included in your income for prior taxable years. Amounts included in your income under a mark-to-market election, as well as gain on the actual sale or other disposition of the Ordinary Shares, are treated as ordinary income. Ordinary loss treatment also applies to the deductible portion of any mark-to-market loss on the Ordinary Shares, as well as to any loss realized on the actual sale or disposition of the Ordinary Shares, to the extent that the amount of such loss does not exceed the net mark-to-market gains previously included for such Ordinary Shares. Your basis in the Ordinary Shares will be adjusted to reflect any such income or loss amounts. If you make a 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 Ordinary 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), including the Nasdaq Capital Market. If the Ordinary Shares are regularly traded on the Nasdaq Capital Market and if you are a holder of Ordinary 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 Ordinary Shares in any year in which we are a PFIC, you will be required to file U.S. Internal Revenue Service Form 8621 regarding distributions received on the Ordinary Shares and any gain realized on the disposition of the Ordinary Shares.

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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 Ordinary Shares, then such Ordinary 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 Ordinary 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 Ordinary 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 Ordinary Shares for tax purposes.

IRC Section 1014(a) provides for a step-up in basis to the fair market value for our Ordinary Shares when inherited from a decedent that was previously a holder of our Ordinary Shares. However, if we are determined to be a PFIC and a decedent that was a U.S. Holder did not make either a timely qualified electing fund election for our first taxable year as a PFIC in which the U.S. Holder held (or was deemed to hold) our Ordinary Shares, or a mark-to-market election and ownership of those Ordinary Shares are inherited, a special provision in IRC Section 1291(e) provides that the new U.S. Holder's basis should be reduced by an amount equal to the IRC Section 1014 basis minus the decedent's adjusted basis just before death. As such if we are determined to be a PFIC at any time prior to a decedent's passing, the PFIC rules will cause any new U.S. Holder that inherits our Ordinary Shares from a U.S. Holder to not get a step-up in basis under IRC Section 1014 and instead will receive a carryover basis in those Ordinary Shares.

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

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***Information Reporting***

Dividend payments with respect to our Ordinary Shares and proceeds from the sale, exchange or redemption of our Ordinary Shares may be subject to information reporting to the U.S. Internal Revenue Service and possible U.S. backup withholding at a current rate of 24%. 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 U.S. Internal Revenue Service 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 U.S. Internal Revenue Service 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 U.S. Internal Revenue Service 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 Ordinary Shares, subject to certain exceptions (including an exception for Ordinary Shares held in accounts maintained by certain financial institutions), by attaching a complete Internal Revenue Service Form 8938, Statement of Specified Foreign Financial Assets, with their tax return for each year in which they hold Ordinary Shares. Failure to report the information could result in substantial penalties. You should consult your own tax advisor regarding your obligation to file Form 8938.

**Hong Kong Taxation**

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***Profits Tax***

No tax is imposed in Hong Kong in respect of capital gains from the sale of property, such as our Ordinary Shares. Generally, gains arising from disposal of the Ordinary Shares which are held more than two years are considered capital in nature. However, trading gains from the sale of property by persons carrying on a trade, profession or business in Hong Kong where such gains are derived from or arise in Hong Kong from such trade, profession or business will be chargeable to Hong Kong profit tax. Liability for Hong Kong profits tax would therefore arise in respect of trading gains from the sale of Ordinary Shares realized by persons in the course of carrying on a business of trading or dealing in securities in Hong Kong where the purchase or sale contracts are effected (being negotiated, concluded and/or executed) in Hong Kong. Effective from April 1, 2018, profits tax is levied on a two-tiered profits tax rate basis, with the first HK$2 million of profits being taxed at 8.25% for corporations and 7.5% for unincorporated businesses, and profits exceeding the first HK$2 million being taxed at 16.5% for corporations and 15% for unincorporated businesses. In addition, Hong Kong does not impose withholding tax on gains derived from the sale of stock in Hong Kong companies and does not impose withholding tax on dividends paid outside of Hong Kong by Hong Kong companies. Accordingly, investors will not be subject to Hong Kong withholding tax with respect to a disposition of their Ordinary Shares or with respect to the receipt of dividends on their Ordinary Shares, if any. No income tax treaty relevant to the acquiring, withholding or dealing in the Ordinary Shares exists between Hong Kong and the United States.

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***Stamp duty***

Hong Kong stamp duty is generally payable on the transfer of "Hong Kong stocks". The term "stocks" refers to shares in companies incorporated in Hong Kong, as widely defined under the Stamp Duty Ordinance (Cap. 117 of the laws of Hong Kong), or SDO, and includes shares. However, our Ordinary Shares are not considered "Hong Kong stocks" under the SDO since the transfer of the Ordinary Shares are not required to be registered in Hong Kong given that the books for the transfer of Ordinary Shares are located in the United States. The transfer of Ordinary Shares is therefore not subject to stamp duty in Hong Kong. If Hong Kong stamp duty applies, both the purchaser and the seller are liable for the stamp duty charged on each of the sold note and bought note at the ad valorem rate of 0.1% on the higher of the consideration stated on the contract notes or the fair market value of the shares transferred. In addition, a fixed duty, currently of HK$5.00, is payable on an instrument of transfer.

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***Estate Duty***

The Revenue (Abolition of Estate Duty) Ordinance 2005 came into effect on February 11, 2006 in Hong Kong. No Hong Kong estate duty is payable and no estate duty clearance papers are needed for an application for a grant of representation in respect of holders of Ordinary Shares whose death occurs on or after February 11, 2006.

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***Certain Mainland China Tax Laws and Regulations Consideration***

 

*The Arrangement between Mainland China and Hong Kong for the Avoidance of Double Taxation and Prevention of Fiscal Evasion with Respect to Taxes on Income ("Double Tax Avoidance Arrangement")*

The National People's Congress of the PRC enacted the Enterprise Income Tax Law, which became effective on January 1, 2008 and last amended on December 29, 2018. According to Enterprise Income Tax Law and the Regulation on the Implementation of the Enterprise Income Tax Law, or the Implementing Rules, which became effective on January 1, 2008 and further amended on April 23, 2019, dividends generated after January 1, 2008 and payable by a foreign-invested enterprise in Mainland China to its foreign enterprise investors are subject to a 10% withholding tax, unless any such foreign enterprise investor's jurisdiction of incorporation has a tax treaty with the PRC that provides for a preferential withholding arrangement. According to the Notice of the State Administration of Taxation ("**SAT**") on Negotiated Reduction of Dividends and Interest Rates issued on January 29, 2008, revised on February 29, 2008, and the Arrangement between Mainland China and Hong Kong for the Avoidance of Double Taxation and Prevention of Fiscal Evasion with Respect to Taxes on Income, or Double Tax Avoidance Arrangement, the withholding tax rate in respect of the payment of dividends by a Mainland China enterprise to a Hong Kong enterprise may be reduced to 5% from a standard rate of 10% if the Hong Kong enterprise directly holds at least 25% of the Mainland China enterprise and certain other conditions are met, including: (i) the Hong Kong enterprise must directly own the required percentage of equity interests and voting rights in the Mainland China resident enterprise; and (ii) the Hong Kong enterprise must have directly owned such required percentage in the Mainland China resident enterprise throughout the 12 months prior to receiving the dividends. However, based on the Circular on Certain Issues with Respect to the Enforcement of Dividend Provisions in Tax Treaties issued on February 20, 2009 by the SAT, if the relevant PRC tax authorities determine, in their discretion, that a company benefits from such reduced income tax rate due to a structure or arrangement that is primarily tax-driven, such Mainland China tax authorities may adjust the preferential tax treatment; and based on the Announcement on Certain Issues with Respect to the "Beneficial Owner" in Tax Treaties issued by the SAT on February 3, 2018 and effective from April 1, 2018, if an applicant's business activities do not constitute substantive business activities, it could result in the negative determination of the applicant's status as a "beneficial owner", and consequently, the applicant could be precluded from enjoying the above-mentioned reduced income tax rate of 5% under the Double Tax Avoidance Arrangement.

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We are an exempted company incorporated in the Cayman Islands as a holding company with all our operations conducted and all revenue generated by our Operating Subsidiary in Hong Kong. We do not have, nor do we currently intend to establish, any subsidiary in Mainland China or set up any establishment in Mainland China. We do not plan to enter into any contractual arrangements to establish a VIE structure with any entity in Mainland China, and none of our subsidiary directly or indirectly holds any interests in any enterprises in Mainland China. As confirmed by Company's PRC Counsel, China Commercial Law Firm, neither the Company, nor its subsidiary, are subject to Enterprise Income Tax Law, Double Tax Avoidance Arrangement or any Mainland Chinese taxation law and regulations, nor these law and regulations have any impact on our business, operations or this Offering.

 

*Enterprise Income Tax Law*

The Enterprise Income Tax Law and the Implementing Rules impose a uniform 25% enterprise income tax rate to both foreign invested enterprises and domestic enterprises in Mainland China, except where tax incentives are granted to special industries and projects. Under the Enterprise Income Tax Law, an enterprise established outside PRC with "de facto management bodies" within Mainland China is considered a "resident enterprise" for Mainland China enterprise income tax purposes and is generally subject to a uniform 25% enterprise income tax rate on its worldwide income. The Notice Regarding the Determination of Chinese-Controlled Offshore Incorporated Enterprises as PRC Tax Resident Enterprises on the Basis of De Facto Management Bodies promulgated by the SAT and last amended on December 29, 2017 and the Announcement of the State Administration of Taxation on Issues concerning the Determination of Resident Enterprises Based on the Standards of Actual Management Institutions promulgated by the SAT on January 29, 2014 set out the standards used to classify certain Chinese invested enterprises controlled by Mainland China enterprises or Mainland China enterprise groups and established outside of China as "resident enterprises", which also clarified that dividends and other income paid by such Mainland China "resident enterprises" will be considered Mainland China source income and subject to Mainland China withholding tax, currently at a rate of 10%, when paid to non-Mainland China enterprise shareholders. This notice also subjects such Mainland China "resident enterprises" to various reporting requirements with the Mainland China tax authorities. Under the Implementing Rules, a "de facto management body" is defined as a body that has material and overall management and control over the manufacturing and business operations, personnel and human resources, finances and properties of an enterprise.

On October 17, 2017, the SAT issued the Bulletin on Issues Concerning the Withholding of Non-PRC Resident Enterprise Income Tax at Source, or Bulletin 37, which replaced the Notice on Strengthening Administration of Enterprise Income Tax for Share Transfers by Non-PRC Resident Enterprises, issued by the SAT, on December 10, 2009, and partially replaced and supplemented by the rules under the Bulletin on Issues of Enterprise Income Tax on Indirect Transfers of Assets by Non-PRC Resident Enterprises, or Bulletin 7, issued by the SAT, on February 3, 2015. Under Bulletin 7, an "indirect transfer" of assets, including equity interests in a PRC resident enterprise, by non-PRC resident enterprises may be re-characterized and treated as a direct transfer of PRC taxable assets, if such arrangement does not have a reasonable commercial purpose and was established for the purpose of avoiding payment of PRC enterprise income tax. As a result, gains derived from such indirect transfer may be subject to PRC enterprise income tax. In respect of an indirect offshore transfer of assets of a Mainland China establishment, the relevant gain is to be regarded as effectively connected with the Mainland China establishment and therefore included in its enterprise income tax filing, and would consequently be subject to enterprise income tax at a rate of 25%. Where the underlying transfer relates to the immoveable properties in China or to equity investments in a PRC resident enterprise, which is not effectively connected to a Mainland China establishment of a non-resident enterprise, a PRC enterprise income tax at 10% would apply, subject to available preferential tax treatment under applicable tax treaties or similar arrangements, and the party who is obligated to make the transfer payments bears the withholding obligation. Pursuant to Bulletin 37, the withholding party shall declare and pay the withheld tax to the competent tax authority in the place where such withholding party is located within 7 days from the date of occurrence of the withholding obligation. Both Bulletin 37 and Bulletin 7 do not apply to transactions of sale of shares by investors through a public stock exchange where such shares were acquired from a transaction through a public stock exchange.

We are an exempted company incorporated in the Cayman Islands as a holding company with all our operations conducted and all revenue generated by our Operating Subsidiary in Hong Kong. All client accounts are opened and maintained in Hong Kong under our management, and all of our investment transactions and order executions are conducted in Hong Kong. We do not maintain any offices, conduct any sales or marketing activities, or operate in any form within Mainland China. We do not have, nor do we currently intend to establish, any subsidiary in Mainland China or set up any establishment in Mainland China. We do not plan to enter into any contractual arrangements to establish a VIE structure with any entity in Mainland China, and our subsidiary does not directly or indirectly hold any interest in any enterprises in Mainland China. Our Operating Subsidiary is subject to taxation in Hong Kong and has duly and timely paid its profit tax in Hong Kong. Based on the above factors, in the opinion of our Hong Kong counsel, David Fong & Co., neither the Company, nor its subsidiary, are subject to Enterprise Income Tax Law, Double Tax Avoidance Arrangement or any Mainland Chinese taxation law and regulations, nor these law and regulations have any impact on our business, operations or this Offering.

**Cayman Islands Taxation**

The following is a discussion on certain Cayman Islands income tax consequences of an investment in our securities. The discussion is a general summary of present law, which is subject to prospective and retroactive change. It is not intended as tax advice, does not consider any investor's particular circumstances, and does not consider tax consequences other than those arising under Cayman Islands law.

Payments of dividends and capital in respect of our securities will not be subject to taxation in the Cayman Islands and no withholding will be required on the payment of a dividend or capital to any holder of the securities nor will gains derived from the disposal of the securities be subject to Cayman Islands income or corporation tax.

The Cayman Islands currently levies no taxes on individuals or corporations based upon profits, income, gains or appreciation and there is no taxation in the nature of inheritance tax or estate duty. There are no other taxes likely to be material to us levied by the Government of the Cayman Islands except for stamp duties which may be applicable on instruments executed in, or brought within, the jurisdiction of the Cayman Islands. The Cayman Islands are a party to a double tax treaty entered into with the United Kingdom in 2010 but otherwise is not party to any double tax treaties.

No stamp duty is payable in the Cayman Islands on transfer of shares of Cayman Islands companies except those who hold interests in land in the Cayman Islands.

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**ENFORCEABILITY OF CIVIL LIABILITIES**

We are incorporated under the laws of the Cayman Islands. Service of process upon us and upon our directors and officers and the Cayman Islands experts named in this prospectus, many of whom reside outside of the United States, may be difficult to obtain within the United States. Furthermore, all of our operations are conducted in Hong Kong, and substantially all of our assets are located, outside the United States in Hong Kong. All our directors, officers and senior management are located in Hong Kong, and all or a substantial portion of their assets are located outside of the United States. As a result, it may be difficult or impossible for investors to effect service of process within the United States upon us or such persons or to enforce judgments obtained in United States courts against them or against us, including judgments predicated upon the civil liability provisions of the securities laws of the United States or any state thereof.

We have irrevocably appointed Cogency Global Inc. as our agent to receive service of process in any action against us in any U.S. federal or state court arising out of this Offering or any purchase or sale of securities in connection with this Offering. The address of our agent is 122 East 42nd Street, 18th Floor, New York, NY 10168.

**Cayman Islands**

Ogier ("Ogier"), our counsel as to Cayman Islands law, has advised us that there is uncertainty as to whether the courts of the Cayman Islands would (1) recognize or enforce judgments of U.S. courts obtained against us or our directors or officers that are predicated upon the civil liability provisions of the federal securities laws of the United States or the securities laws of any state in the United States, or (2) entertain original actions brought in the Cayman Islands against us or our directors or officers that are predicated upon the federal securities laws of the United States or the securities laws of any state in the United States.

Ogier has informed us that the uncertainty with regard to Cayman Islands law relates to whether a judgment obtained from the United States courts under the civil liability provisions of the securities laws will be determined by the courts of the Cayman Islands as penal or punitive in nature. If such a determination is made, the courts of the Cayman Islands will not recognize or enforce the judgment against a Cayman Islands company. Because the courts of the Cayman Islands have yet to rule on whether such judgments are penal or punitive in nature, it is uncertain whether they would be enforceable in the Cayman Islands. Ogier has further advised us that a final and conclusive judgment in the federal or state courts of the United States under which a sum of money is payable, other than a sum payable in respect of taxes, fines, penalties or similar charges, may be subject to enforcement proceedings as a debt in the courts of the Cayman Islands under the common law doctrine of obligation.

In addition, Ogier has advised us that there is no statutory recognition in the Cayman Islands of judgments obtained in the United States, although the courts of the Cayman Islands will in certain circumstances recognize and enforce a foreign judgment, without any re-examination or re-litigation of matters adjudicated upon, provided such judgment: (i) is given by a foreign court of competent jurisdiction; (ii) imposes on the judgment debtor a liability to pay a liquidated sum for which the judgment has been given;; (iii) is final; (iv) is not in respect of taxes, a fine or a penalty; (v) is not obtained by fraud; and; and (vi) is not of a kind the enforcement of which is contrary to natural justice or the public policy of the Cayman Islands.

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

**Hong Kong**

David Fong & Co., our counsel with respect to Hong Kong law, have advised us that judgment of United States courts will not be directly enforced in Hong Kong. There are currently no treaties or other arrangements providing for reciprocal enforcement of foreign judgments between Hong Kong and the United States. However, the common law permits an action to be brought upon a foreign judgment. That is to say, a foreign judgment itself may form the basis of a cause of action since the judgment may be regarded as creating a debt between the parties to it. In a common law action for enforcement of a foreign judgment in Hong Kong, the enforcement is subject to various conditions, including but not limited to, that the foreign judgment is a final judgment conclusive upon the merits of the claim, the judgment is for a liquidated amount in a civil matter and not in respect of taxes, fines, penalties, or similar charges, the proceedings in which the judgment was obtained were not contrary to natural justice, and the enforcement of the judgment is not contrary to public policy of Hong Kong. Such a judgment must be for a fixed sum and must also come from a "competent" court as determined by the private international law rules applied by the Hong Kong courts. The defenses that are available to a defendant in a common law action brought on the basis of a foreign judgment include lack of jurisdiction, breach of natural justice, fraud, and contrary to public policy. However, a separate legal action for debt must be commenced in Hong Kong in order to recover such debt from the judgment debtor.

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**UNDERWRITING**

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We will enter into an underwriting agreement with Pacific Century Securities, LLC to act as the representative of the underwriters named below (the "Representative"). Subject to the terms and conditions of the underwriting agreement, the underwriters named below have agreed to purchase, and we have agreed to sell to them, the number of our Ordinary Shares at the initial public offering price, less the underwriting discounts, as set forth on the cover page of this prospectus and as indicated below:

---

| | |
|:---|:---|
| **Name** | **Number of <br> Ordinary <br> Shares** |
| Pacific Century Securities, LLC | 1250000 |
| Total | 1250000 |

---

The underwriters are offering the shares subject to their acceptance of the Ordinary Shares from us and subject to prior sale. The underwriting agreement provides that the obligations of the underwriters to pay for and accept delivery of the Ordinary Shares offered by this prospectus are subject to the approval of certain legal matters by its counsel and to certain other conditions. The underwriters are obligated to take and pay for all of the Ordinary Shares offered by this prospectus if any such shares are taken. However, the underwriters are not required to take or pay for the shares covered by the underwriters' over-allotment option described below unless and until such time as it elects to exercise such option.

**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 underwriters to purchase a maximum of 187,500 Ordinary Shares (15% of the number of Ordinary Shares sold in this Offering) from us to cover over-allotments, if any. If the underwriters exercise all or part of this option, they will purchase Ordinary Shares covered by the option at the public offering price per Ordinary Share that appears on the cover page of this prospectus, less the underwriting discount.

**Underwriting Discounts and Expenses**

The underwriters will offer the Ordinary Shares to the public at the initial public offering price set forth on the cover page of this prospectus and to selected dealers at the initial public offering price less a selling concession not in excess of US$0.35 per Ordinary Share, assuming an initial public offering price of US$5.00 per Ordinary Share, which is the midpoint of the range set forth on the cover page of this prospectus. After this Offering, the initial public offering price, concession, and reallowance to dealers may be reduced by the Representative. No change in those terms will change the amount of proceeds to be received by us as set forth on the cover of this prospectus. The Ordinary Shares are offered by the underwriters as stated herein, subject to receipt and acceptance by them and subject to their right to reject any order in whole or in part.

The underwriting discount is equal to 7.0% of the public offering price on each Ordinary Share being offered. This amount does not include the non-accountable expense allowance of 1% of the gross proceeds of this Offering, payable to the underwriters and any reimbursable accountable expenses.

The table below shows the initial public offering price per Ordinary Share, underwriting discounts to be paid by us, and the proceeds before expenses to us.

---

| | | | |
|:---|:---|:---|:---|
|  | **Per <br> Ordinary <br> Share** | **Total<br> Without <br> Over-<br> Allotment <br> Option** | **Total <br> With Full <br> Over-<br> Allotment <br> Option** |
| Initial public offering price | $5.00 | $6250000 | $7187500 |
| Underwriting discounts<sup>(1)</sup> | $0.35 | $437500 | $503125 |
| Proceeds, before expenses, to us | $4.65 | $5812500 | $6684375 |

---

(1) Assumed at an initial offering price per Ordinary Share of US$5.00
which is set forth on the cover page of this prospectus. Represents an underwriting discount equal to 7.0% per Ordinary Share. The fees
do not include the expense reimbursement provisions described below or the 1% non-accountable expense allowance.

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We have agreed to reimburse the underwriters for all of their reasonable, out-of-pocket expenses (including, but not limited to, travel, due diligence expenses, reasonable fees and expenses of its legal counsel, roadshow and background check on the Company's principals) incurred by them up to an aggregate of $250,000. As of the date of this prospectus, we have paid an advance of $100,000 to the underwriters (the "Advance"), which will be applied against the out-of-pocket accountable expenses that will be reimbursed by us in connection with this Offering. Any portion of the Advance will be returned to us in the event it is not actually incurred in accordance with FINRA Rule 5110(g)(4).

We have also agreed to pay the Representative a non-accountable expense allowance in an amount equal to 1.0% of the gross proceeds of this Offering.

We estimate that expenses payable by us in connection with this Offering, other than the underwriting discounts referred to above and underwriter expense reimbursement, will be approximately US$5.8 million or approximately US$6.7 million in the case the underwriter exercise its over-allotment option.

**Right of First Refusal**

We have agreed to provide the Representative a right of first refusal ("ROFR") for 12 months from the date of closing of this Offering, which ROFR will allow the Representative to provide investment banking services to us on an exclusive basis and on terms that are the same or more favorable to us as compared to terms offered by other underwriters/placement agents. For these purposes, the investment banking service includes, without limitation, (a) acting as leading manager for any underwritten public offering; and (b) acting as exclusive placement agent, initial purchaser in connection with any private offering of our securities. The ROFR is exercisable by the Representative in its sole discretion. In compliance with FINRA Rule 5110(g)(5)(B), the Representative's ROFR will no longer be effective if we terminate the Representative's engagement for "cause" (as defined in the engagement agreement between us and the Representative).

**Lock-Up Agreements**

Each of our officers, directors, and shareholders owning 5% or more of our securities, including warrants, options, convertible securities, and Ordinary Shares, have agreed, in favor of the underwriters, 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 securities, or other securities convertible into or exercisable or exchangeable for Ordinary Shares for a period of six (6) months from the date of this prospectus without the prior written consent of the Representative.

Each of the Company and any successors of the Company will agree, for a period of six (6) months from the closing of this Offering, that each will not (a) offer, sell, or otherwise transfer or dispose of, directly or indirectly, any shares of capital stock of the Company or any securities convertible into or exercisable or exchangeable for shares of capital stock of the Company; or (b) file or cause to be filed any registration statement with the SEC relating to the offering of any shares of capital stock of the Company or any securities convertible into or exercisable or exchangeable for shares of capital stock of the Company.

**Pricing of the Offering**

 ****

Prior to this Offering, there has been no public market for the Ordinary Shares of the Company. The initial public offering price will be determined by negotiations between us, and the underwriters. The principal factors to be considered in determining the initial public offering price include, but not limited to:

● the information set forth in this prospectus and otherwise available to the underwriters;

● our prospects and the history and prospects for the industry in which we compete;

● an assessment of our management;

● our prospects for future earnings;

● the general condition of the securities markets at the time of this Offering;

● the recent market prices of, and demand for, publicly traded securities of generally comparable companies; and

● other factors deemed relevant by the underwriters and us.

The estimated initial public offering price range set forth on the cover page of this prospectus is subject to change due to market conditions and other factors. Neither the underwriters, nor we can assure investors that an active trading market will develop for our Ordinary Shares or that the shares will trade in the public market at or above the initial public offering price.

**Indemnification**

We have agreed to indemnify the underwriters against certain liabilities, including liabilities under the Securities Act and liabilities arising from breaches of representations and warranties contained in the underwriting agreement, or to contribute to payments that the underwriters may be required to make in respect of those liabilities.

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**Listing**

We have applied to list our Ordinary Shares on the Nasdaq Capital Market under the symbol "KCG." We make no representation that such application will be approved or that our Ordinary Shares will trade on such market either now or at any time in the future; notwithstanding the foregoing, we will not close this Offering unless such Ordinary Shares will be so listed at completion of this Offering.

**Electronic Distribution**

A prospectus in electronic format may be made available on websites or through other online services maintained by the Representative or by its affiliates. Other than the prospectus in electronic format, the information on the Representative's website and any information contained in any other website maintained by it is not part of the Public Offering Prospectus or the registration statement of which this prospectus forms a part, has not been approved and/or endorsed by us or the Representative in its capacity as an underwriter, and should not be relied upon by investors. The Ordinary Shares to be sold pursuant to internet distributions will be allocated on the same basis as other allocations.

**No Prior Public Market**

Prior to this Offering, there has been no public market for our securities and the public offering price for our Ordinary Shares will be determined through negotiations between us, and the Representative. Among the factors to be considered in these negotiations will be prevailing market conditions, our financial information, market valuations of other companies that we and the Representative believe to be comparable to us, estimates of our business potential, the present state of our development and other factors deemed relevant. The offering price for our Ordinary Shares in this Offering has been arbitrarily determined by the Company in its negotiations with the underwriters and does not necessarily bear any direct relationship to the assets, operations, book or other established criteria of value of the Company.

**Price Stabilization, Short Positions, and Penalty Bids**

In connection with the Offering, the underwriters may engage in stabilizing transactions, over-allotment transactions, syndicate covering transactions, and penalty bids in accordance with Regulation M under the Exchange Act:

● Stabilizing transactions permit bids to purchase the underlying Ordinary Shares so long as the stabilizing bids do not exceed a specified maximum, and are engaged in for the purpose of preventing or retarding a decline in the market price of the Ordinary Shares while the offering is in progress.

● Over-allotment transactions involve sales by the underwriters of Ordinary Shares in excess of the number of Ordinary Shares the underwriters are obligated to purchase, which creates a syndicate short position. The short position may be either a covered short position or a naked short position. In a covered short position, the number of Ordinary Shares over-allotted by the underwriters is not greater than the number of Ordinary Shares that it may purchase in the over-allotment option. In a naked short position, the number of Ordinary Shares involved is greater than the number of Ordinary Shares in the over-allotment option. The underwriters may close out any covered short position by either exercising an over-allotment option and/or purchasing Ordinary Shares in the open market.

● Syndicates covering transactions involve purchases of Ordinary Shares in the open market after the distribution has been completed in order to cover syndicate short positions. In determining the source of Ordinary Shares to close out the short position, the underwriters will consider, among other things, the price of Ordinary Shares available for purchase in the open market as compared to the price at which they may purchase through the over-allotment option. If the underwriters sell more Ordinary Shares than could be covered by the over-allotment option, a naked short position, the position can only be closed out by buying Ordinary Shares in the open market. A naked short position is more likely to be created if the underwriters are concerned that there could be downward pressure on the price of the Ordinary Shares in the open market after pricing that could adversely affect investors who purchase in the Offering.

● Penalty bids permit the Representative to reclaim a selling concession from a syndicate member when the Ordinary Shares originally sold by the syndicate member are purchased in a stabilizing or syndicate covering transaction to cover syndicate short positions.

These stabilizing transactions, over-allotment transactions, syndicate covering transactions, and penalty bids may have the effect of raising or maintaining the market price of the Ordinary Shares or preventing or retarding a decline in the market price of the Ordinary Shares. As a result, the price of the Ordinary Shares may be higher than the price that might otherwise exist in the open market. Neither we nor the underwriters make any representation or prediction as to the direction or magnitude of any effect that the transactions described above may have on the price of the Ordinary Shares. In addition, neither we nor the underwriters make any representations that the underwriters will engage in these stabilizing transactions or that any transaction, once commenced, will not be discontinued without notice.

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**Affiliations**

The underwriters and their respective affiliates are full service financial institutions engaged in various activities, which may include securities trading, commercial and investment banking, financial advisory, investment management, investment research, principal investment, hedging, financing and brokerage activities. The underwriters and their affiliates may from time to time in the future engage with us and perform services for us or in the ordinary course of their business for which they will receive customary fees and expenses. In the ordinary course of their various business activities, the underwriters and their respective 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, and such investment and securities activities may involve securities and/or instruments of us. The underwriters and their respective affiliates may also make investment recommendations and/or publish or express independent research views in respect of these securities or instruments and may at any time hold, or recommend to clients that they acquire, long and/or short positions in these securities and instruments.

**Selling Restrictions Outside the United States**

Other than in the United States, no action has been taken by us or the underwriters that would permit a public offering of the Ordinary Shares offered by this prospectus in any jurisdiction where action for that purpose is required. The Ordinary Shares offered by this prospectus may not be offered or sold, directly or indirectly, nor may this prospectus or any other offering material or advertisements in connection with the offer and sale of any such Ordinary Shares be distributed or published in any jurisdiction, except under circumstances that will result in compliance with the applicable rules and regulations of that jurisdiction. Persons into whose possession this prospectus comes are advised to inform themselves about and to observe any restrictions relating to the Offering and the distribution of this prospectus. This prospectus does not constitute an offer to sell or a solicitation of an offer to buy any Ordinary Shares offered by this prospectus in any jurisdiction in which such an offer or a solicitation is unlawful.

**Selling Restrictions**

No action may be taken in any jurisdiction (except in the United States) that would permit a public offering of the Ordinary Shares, or the possession, circulation or distribution of this prospectus in any jurisdiction where action for that purpose is required. Accordingly, the Ordinary Shares may not be offered or sold, directly or indirectly, and neither this prospectus nor any other offering material or advertisements in connection with the Ordinary Shares may be distributed or published, in or from any country or jurisdiction except under circumstances that will result in compliance with any applicable laws, rules and regulations of any such country or jurisdiction.

In addition to the public offering of the Ordinary Shares in the United States, the underwriters may, subject to applicable foreign laws, also offer the Ordinary Shares in certain countries and regions.

***Canada.*** The ordinary shares may not be offered, sold or distributed, directly or indirectly, in any province or territory of Canada other than the provinces of Ontario and Quebec or to or for the benefit of any resident of any province or territory of Canada other than the provinces of Ontario and Quebec, and only on a basis that is pursuant to an exemption from the requirement to file a prospectus in such province, and only through a dealer duly registered under the applicable securities laws of such province or in accordance with an exemption from the applicable registered dealer requirements.

***British Virgin Islands.*** This prospectus does not constitute a public offer of the ordinary shares, whether by way of sale or subscription, in the British Virgin Islands. Each underwriter has represented and agreed that it has not offered or sold, and will not offer or sell, directly or indirectly, any ordinary shares to any member of the public in the British Virgin Islands.

***Cayman Islands.*** This prospectus does not constitute a public offer of the ordinary shares, whether by way of sale or subscription, in the Cayman Islands. Each underwriter has represented and agreed that it has not offered or sold, and will not offer or sell, directly or indirectly, any ordinary shares to any member of the public in the Cayman Islands.

***European Economic Area.*** In relation to each Member State of the European Economic Area that has implemented the Prospectus Directive, or a Relevant Member State, from and including the date on which the Prospectus Directive is implemented in that Relevant Member State, or the Relevant Implementation Date, an offer of the ordinary shares to the public may not be made in that Relevant Member State prior to the publication of a prospectus in relation to the ordinary shares that has been approved by the competent authority in that Relevant Member State or, where appropriate, approved in another Relevant Member State and the competent authority in that Relevant Member State has been notified, all in accordance with the Prospectus Directive, except that it may, with effect from and including the Relevant Implementation Date, make an offer of the ordinary shares to the public in that Relevant Member State at any time,

● to legal entities that are authorized or regulated to operate in the financial markets or, if not so authorized or regulated, whose corporate purpose is solely to invest in securities;

● to any legal entity that has two or more of (1) an average of at least 250 employees during the last financial year, (2) a total balance sheet of more than €43,000,000, and (3) an annual net turnover of more than €50,000,000, as shown in its last annual or consolidated accounts;

● to fewer than 100 natural or legal persons (other than qualified investors as defined in the Prospectus Directive; or

● in any other circumstances that do not require the publication by the company of a prospectus pursuant to Article 3 of the Prospectus Directive;

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provided that no such offer of ordinary shares shall result in a requirement for the publication by the company of a prospectus pursuant to Article 3 of the Prospectus Directive.

For purposes of the above provision, the expression "an offer of ordinary shares to the public" in any Relevant Member State means the communication in any form and by any means of sufficient information on the terms of the offer and the ordinary shares to be offered so as to enable an investor to decide to purchase or subscribe the ordinary shares, as the same may be varied in that Member State by any measure implementing the Prospectus Directive in that Member State, and the expression "Prospectus Directive" means Directive 2003/71/EC and includes any relevant implementing measure in each Relevant Member State.

***Hong Kong.*** The ordinary shares may not be offered or sold by means of this document or any other document other than (i) in circumstances that do not constitute an offer or invitation to the public within the meaning of the Companies Ordinance (Cap. 32, Laws of Hong Kong) or the Securities and Futures Ordinance (Cap. 571, Laws of Hong Kong), or (ii) to "professional investors" within the meaning of the Securities and Futures Ordinance (Cap. 571, Laws of Hong Kong) and any rules made thereunder, or (iii) in other circumstances that do not result in the document being a "prospectus" within the meaning of the Companies Ordinance (Cap. 32, Laws of Hong Kong), and no advertisement, invitation or document relating to the ordinary shares may be issued or may be in the possession of any person for the purpose of issue (in each case whether in Hong Kong or elsewhere), that is directed at, or the contents of which are likely to be accessed or read by, the public in Hong Kong (except if permitted to do so under the laws of Hong Kong) other than with respect to ordinary shares which are or are intended to be disposed of only to persons outside Hong Kong or only to "professional investors" within the meaning of the Securities and Futures Ordinance (Cap. 571, Laws of Hong Kong) and any rules made thereunder.

***Japan.*** Ordinary shares 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 to, or for the benefit of any Japanese person or to others, for re-offering or re-sale directly or indirectly in Japan or to any Japanese person, except in each case pursuant to an exemption from the registration requirements of, and otherwise in compliance with, the Securities and Exchange Law of Japan and any other applicable laws, rules and regulations of Japan. For purposes of this paragraph, "Japanese person" means any person resident in Japan, including any corporation or other entity organized under the laws of Japan.

***People's Republic of China.*** This prospectus may not be circulated or distributed in the PRC and the ordinary shares may not be offered or sold, and will not offer or sell to any person for re-offering or resale directly or indirectly to any resident of the PRC except pursuant to applicable laws and regulations of the PRC. For the purpose of this paragraph, PRC does not include Taiwan and the special administrative regions of Hong Kong and Macau.

***Taiwan.*** The ordinary shares have not been and will not be registered with the Financial Supervisory Commission of Taiwan pursuant to relevant securities laws and regulations and may not be sold, issued or offered within Taiwan through a public offering or in circumstances which constitutes an offer within the meaning of the Securities and Exchange Act of Taiwan that requires a registration or approval of the Financial Supervisory Commission of Taiwan. No person or entity in Taiwan has been authorized to offer, sell, give advice regarding or otherwise intermediate the offering and sale of the ordinary shares in Taiwan.

***United Kingdom.*** An offer of the ordinary shares may not be made to the public in the United Kingdom within the meaning of Section 102B of the Financial Services and Markets Act 2000, as amended, or the FSMA, except to legal entities that are authorized or regulated to operate in the financial markets or, if not so authorized or regulated, whose corporate purpose is solely to invest in securities or otherwise in circumstances that do not require the publication by the company of a prospectus pursuant to the Prospectus Rules of the Financial Services Authority, or the FSA.

An invitation or inducement to engage in investment activity (within the meaning of Section 21 of FSMA) may only be communicated to persons who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 or in circumstances in which Section 21 of FSMA does not apply to the company.

All applicable provisions of the FSMA with respect to anything done by the underwriters in relation to the ordinary shares must be complied with in, from or otherwise involving the United Kingdom.

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**EXPENSES RELATING TO THIS OFFERING**

Set forth below is an itemization of the total expenses, excluding the underwriting discounts, accountable expense allowance and non-accountable expense allowance, that we expect to incur in connection with this Offering. With the exception of the SEC registration fee, the FINRA filing fee and the Nasdaq listing fee, all amounts are estimates.

---

| | |
|:---|:---|
| Securities and Exchange Commission Registration Fee | $1320 |
| The Nasdaq Capital Market Listing Fee | 75000 |
| FINRA Filing Fee | 5000 |
| Legal Fees and Expenses | 320000 |
| Accounting Fees and Expenses | 93000 |
| Printing Expenses | 18000 |
| Miscellaneous Expenses | 264000 |
| Total Expenses | $776320 |

---

These expenses will be borne by us. Underwriting discounts, accountable expense allowance and non-accountable expense allowance will be borne by us in proportion to the numbers of Ordinary Shares sold in this Offering.

**LEGAL MATTERS**

The validity of the Ordinary Shares offered hereby and certain legal matters as to Cayman Islands law will be passed upon for us by Ogier. Loeb & Loeb LLP is acting as counsel to our company regarding U.S. securities law matters. Certain legal matters as to Hong Kong law will be passed upon for us by David Fong & Co. Loeb & Loeb LLP may rely upon David Fong & Co., with respect to matters governed by Hong Kong law. The underwriters are being represented by Dorsey & Whitney LLP with respect to certain legal matters as to United States federal securities law.

**EXPERTS**

The consolidated financial statements as of and for the years ended December 31, 2024 and 2023 as set forth in this prospectus and elsewhere in the registration statement have been so included in reliance on the report of SRCO Professional Corporation Chartered Professional Accountants, an independent registered public accounting firm, given on their authority as experts in accounting and auditing. The current address of SRCO Professional Corporation Chartered Professional Accountants is Park Place Corporate Centre, 15 Wertheim Court, Suite 409, Richmond Hill, ON L4B 3H7.

**WHERE YOU CAN FIND ADDITIONAL INFORMATION**

We have filed with the SEC a registration statement on Form F-1 (including amendments and exhibits to the registration statement) under the Securities Act with respect to the Ordinary Shares offered hereby. This prospectus, which constitutes a part of the registration statement, does not contain all of the information set forth in the registration statement or the exhibits filed therewith. For further information about us and the Ordinary Shares offered hereby, reference is made to the registration statement and the exhibits filed therewith. Statements contained in this prospectus regarding the contents of any contract or any other document that is filed as an exhibit to the registration statement are not necessarily complete, and in each instance we refer you to the copy of such contract or other document filed as an exhibit to the registration statement. However, statements in the prospectus contain the material provisions of such contracts, agreements and other documents. We currently do not file periodic reports with the SEC. Upon the closing of our initial public offering, we will be required to file periodic reports and other information with the SEC pursuant to the Exchange Act, as applicable to foreign private issuers. As we are a foreign private issuer, we are exempt from some of the Exchange Act reporting requirements, the rules prescribing the furnishing and content of proxy statements to shareholders, and Section 16 short swing profit reporting for our officers and directors and for holders of more than 10% of our shares. In addition, we will not be required under the Exchange Act to file periodic reports and financial statements with the SEC as frequently or as promptly as U.S. companies whose securities are registered under the Exchange Act.

The SEC maintains a website that contains reports, information statements and other information regarding registrants that file electronically with the SEC. The address of the website is *www.sec.gov*.

We maintain a website at *https://www.kstonecapital.com/.* Information contained on, or that can be accessed through, our website is not a part of, and shall not be incorporated by reference into, this prospectus.

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

**KEYSTONE GLOBAL FINANCIAL GROUP AND ITS SUBSIDIARY**

**INDEX TO CONSOLIDATED FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
|  | **Page** |
| [Unaudited Interim Condensed Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024](#p_001) | F-2 |
| [Unaudited Interim Condensed Consolidated Statements of Operations and Comprehensive Income for the Six Months Ended June 30, 2025 and 2024](#p_002) | F-3 |
| [Unaudited Interim Condensed Consolidated Statements of Shareholders' Equity for the Six Months Ended June 30, 2025 and 2024](#p_003) | F-4 |
| [Unaudited Interim Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2025 and 2024](#p_004) | F-5 |
| [Notes to the Unaudited Interim Condensed Consolidated Financial Statements](#p_005) | F-6 |
| [Report of Independent Registered Public Accounting Firm (PCAOB 5828)](#f_001) | F-24 |
| [Consolidated Balance Sheets as of December 31, 2024 and 2023](#f_002) | F-25 |
| [Consolidated Statements of Operations and Comprehensive Income for the Years Ended December 31, 2024 and 2023](#f_003) | F-26 |
| [Consolidated Statements of Shareholders' Equity for the Years Ended December 31, 2024 and 2023](#f_004) | F-27 |
| [Consolidated Statements of Cash Flows for the Years Ended December 31, 2024 and 2023](#f_005) | F-28 |
| [Notes to Consolidated Financial Statements](#f_006) | F-29 |
| Schedule I — Parent Only Financial Information |  |

---

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**KEYSTONE GLOBAL FINANCIAL GROUP AND ITS SUBSIDIARY<br> Unaudited Interim Condensed Consolidated Balance Sheets<br> As of June 30, 2025 and December 31, 2024<br> (Expressed in United States Dollars ("US$"))**

---

| | | |
|:---|:---|:---|
|  | **June 30, <br> 2025** | **December 31,<br> 2024** |
|  | **(Unaudited)** | **(Audited)** |
| **ASSETS** | | |
| **Current assets:** | | |
| Cash and cash equivalents | 2083870 | 538741 |
| Time deposits | 135307 | 303982 |
| Accounts receivable, net (Note 3) | 1158687 | 522787 |
| Prepayments and other assets (Note 4) | 12942 | 17760 |
| Due from related parties (Note 10) | 7036 | 1030017 |
| Due from shareholders (Note 10) |  | 489205 |
| **Total current assets** | 3397842 | 2902492 |
| **Non-current assets:** |  |  |
| Property, plant and equipment, net (Note 5) | 1569 | 2196 |
| Operating lease right-of-use assets, net (Note 6) | 151912 | 191457 |
| Prepayments and other assets (Note 4) | 26900 | 26529 |
| Deferred tax assets (Note 9) | 9431 | 9685 |
| Deferred offering costs (Note 7) | 274207 |  |
| **TOTAL ASSETS** | $3861861 | $3132359 |
| **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |
| **Current liabilities:** |  |  |
| Operating lease liabilities, current portion (Note 6) | 75727 | 82137 |
| Accrued expenses and other current liabilities (Note 8) | 458947 | 250871 |
| Due to a related party (Note 10) |  | 3197 |
| Due to directors (Note 10) | 138477 | 150752 |
| Income tax payable (Note 9) | 250989 | 127769 |
| **Total current liabilities** | 924140 | 614726 |
| **Non-current liabilities:** |  |  |
| Operating lease liabilities, net of current portion (Note 6) | 75653 | 111468 |
| **TOTAL LIABILITIES** | 999793 | 726194 |
| **SHAREHOLDERS' EQUITY** |  |  |
| Ordinary shares, 500,000,000 shares authorized, par value US$0.0001 each, 11,250,000 ordinary shares issued and outstanding as of June 30, 2025 and December 31, 2024\* (Note 12) | 1125 | 1125 |
| Additional paid-in capital | 1024963 | 1024963 |
| Retained earnings | 1855179 | 1370485 |
| Accumulated other comprehensive (loss) income | (19199) | 9592 |
| **Total shareholders' equity** | 2862068 | 2406165 |
| **TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY** | $3861861 | $3132359 |
| Commitments and contingencies (Note 14) |  |  |
| Subsequent Events (Note 16) |  |  |

---

\* Retrospectively restated for effect of share reorganization (Note 1 and 12)

 ****

*See accompanying notes to unaudited interim condensed consolidated financial statements.*

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

**KEYSTONE GLOBAL FINANCIAL GROUP AND ITS SUBSIDIARY<br> Unaudited Interim Condensed Consolidated Statements of Operations and Comprehensive Income<br> For the Six Months Ended June 30, 2025 and 2024<br> (Expressed in United States Dollars ("US$"), unless otherwise stated)**

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| | | |
|:---|:---|:---|
|  | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** |
| **Revenues** | $2335896 | $930105 |
| **Operating expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;Compensation and benefits | (193576) | (63516) |
| &nbsp;&nbsp;&nbsp;Commission expense | (902738) | (227680) |
| &nbsp;&nbsp;&nbsp;Director's emoluments - related party (Note 10) | (253995) | (128550) |
| &nbsp;&nbsp;&nbsp;Depreciation | (707) | (11681) |
| &nbsp;&nbsp;&nbsp;Lease expenses | (41493) | (33618) |
| &nbsp;&nbsp;&nbsp;Other general and administrative expenses | (364795) | (133897) |
| **Total operating expenses** | (1757304) | (598942) |
| **Income from operations** | 578592 | 331163 |
| **Other income** |  |  |
| &nbsp;&nbsp;&nbsp;Other income, net | 12494 | 13460 |
| &nbsp;&nbsp;&nbsp;Other income, net - related party (Note 10) | 19251 | 19134 |
| **Total other income, net** | 31745 | 32594 |
| **Income before income taxes** | 610337 | 363757 |
| Income tax expense (Note 9) | (125643) | (36558) |
| **Net income** | $484694 | $327199 |
| **Other comprehensive income** |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency translation adjustment | (28791) | 1900 |
| **Comprehensive income** | $455903 | $329099 |
| Earnings per share – Basic and Diluted | $0.043 | $0.029 |
| Weighted average shares outstanding – Basic and Diluted\* | 11250000 | 11250000 |

---

\* Retrospectively restated for effect of share reorganization (Note 1 and 12)

*See accompanying notes to unaudited interim condensed consolidated financial statements.*

 

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

 

**KEYSTONE GLOBAL FINANCIAL GROUP AND ITS SUBSIDIARY<br> Unaudited Interim Condensed Consolidated Statements of Shareholders' Equity<br> For the Six Months Ended June 30, 2025 and 2024<br> (Expressed in United States Dollars ("US$"), unless otherwise stated)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ordinary<br> Shares** | **Ordinary<br> Shares** | | | | |
|  | **No. of<br> shares** | **Amount** | **Additional**<br>**paid-in-<br> capital** | **Accumulated<br> other**<br>**comprehensive<br> income (loss)** |<br>**Retained<br> earnings** |<br>**Total** |
| Balance as of January 1, 2025 (audited) | 11250000 | $1125 | $1024963 | $9592 | $1370485 | $2406165 |
| Net income |  |  |  |  | 484694 | 484694 |
| Foreign currency translation adjustment |  |  |  | (28791) |  | (28791) |
| Balance as of June 30, 2025 (unaudited) | 11250000 | $1125 | $1024963 | $(19199) | $1855179 | $2862068 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ordinary<br> Shares** | **Ordinary<br> Shares** | | | | |
|  | **No. of<br> shares** | **Amount** | **Additional**<br>**paid-in-<br> capital** | **Accumulated<br> other**<br>**comprehensive<br> loss** |<br>**Retained<br> earnings** |<br>**Total** |
| Balance as of January 1, 2024 (audited) | 11250000 | $1125 | $1024963 | $(2964) | $630486 | $1653610 |
| Net income |  |  |  |  | 327199 | 327199 |
| Foreign currency translation adjustment |  |  |  | 1900 |  | 1900 |
| Dividend paid |  |  |  |  | (64078) | (64078) |
| Balance as of June 30, 2024 (unaudited) | 11250000 | $1125 | $1024963 | $(1064) | $893607 | $1918631 |

---

\* Retrospectively restated for effect of share reorganization (Note 1 and 12)

*See accompanying notes to unaudited interim condensed consolidated financial statements.*

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

**KEYSTONE GLOBAL FINANCIAL GROUP AND ITS SUBSIDIARY<br> Unaudited Interim Condensed Consolidated Statements of Cash Flows<br> For the Six Months Ended June 30, 2025 and 2024<br> (Expressed in United States Dollars ("US$"))**

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** |
| **Cash flows from operating activities:** |  |  |
| Net income | 484694 | 327199 |
| Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization (Note 5 and 6) | 38528 | 45155 |
| &nbsp;&nbsp;&nbsp;Deferred income taxes | 154 | (2193) |
| Change in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Accounts receivable | (635900) | (320847) |
| &nbsp;&nbsp;&nbsp;Prepayments and other assets | 4447 | (4819) |
| &nbsp;&nbsp;&nbsp;Income tax recoverable |  | 40 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities | 208076 | 57328 |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities | (40498) | (33021) |
| &nbsp;&nbsp;&nbsp;Income tax payables | 123220 | 38905 |
| **Net cash provided by operating activities** | 182721 | 107747 |
| **Cash flows from investing activities:** |  |  |
| Purchase of property, plant and equipment | (99) |  |
| Repayment from related companies | 1022981 | 7868 |
| Repayment from (advance to) shareholders | 489205 | (51228) |
| Withdrawal of time deposits | 303982 |  |
| Placement of time deposits | (135307) |  |
| **Net cash provided by (used in) investing activities** | 1680762 | (43360) |
| **Cash flows from financing activities:** |  |  |
| Dividend paid |  | (64078) |
| Payment of offering costs | (274207) |  |
| Repayment to directors | (12275) | (107056) |
| Repayment to related companies | (3197) |  |
| **Net cash used in financing activities** | (289679) | (171134) |
| Foreign currency translation adjustment | (28675) | 2053 |
| Net change in cash and cash equivalents | 1545129 | (104694) |
| **CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD** | 538741 | 665079 |
| **CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD** | 2083870 | 560385 |
| **Supplemental cash flow information:** |  |  |
| Cash received for interest income | 12494 | 11395 |
| Cash refund for income tax expense |  | 40 |

---

*See accompanying notes to unaudited interim condensed consolidated financial statements.*

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**KEYSTONE GLOBAL FINANCIAL GROUP AND ITS SUBSIDIARY<br> Notes to Unaudited Interim Condensed Consolidated Financial Statements<br> For the Six Months Ended June 30, 2025 and 2024<br> (Expressed in United States Dollars ("US$"))**

**1. Organization and Business Description**

 ****

***Organization and Nature of Operations***

Keystone Global Financial Group ("Keystone Global") (collectively, the "Company") was incorporated under the laws of the Cayman Islands as an exempted company with limited liability on April 3, 2025. It is a holding company with no business operation.

After the group reorganization (the "Reorganization") (see below), the Company conducts its primary operations through its wholly-owned subsidiary, Keystone Capital Limited ("Keystone Capital"), which is incorporated and domiciled in Hong Kong SAR. Keystone Capital is licensed with the Securities and Futures Commission of Hong Kong (the "SFC") to carry out Type 1 (dealing in Securities), Type 4 (advising on securities) and Type 9 (asset management) regulated activities in Hong Kong and mainly offer asset management and advisory services to customers.

The accompanying consolidated financial statements reflect the activities of the Company and the following entities:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Parent and subsidiary** | **Date of <br> Incorporation** | **Jurisdiction of <br> Formation** | **Percentage of <br> direct/indirect <br> Economic <br> Ownership** | **Principal <br> Activities** |
| Keystone Global | April 3, 2025 | Cayman Islands | Parent | Investment holding |
| Keystone Capital | December 3, 2015 | Hong Kong | 100% | Asset management |

---

***Reorganization and Share Issuance***

The Company is an exempted company with limited liability incorporated under the law of the Cayman Islands on April 3, 2025. The authorized share capital of the Company is US$50,000, divided into 500,000,000 Ordinary Shares with a par value of US$0.0001. As of the date of the incorporation of Keystone Global Financial Group, it was initially owned as to one (1) Ordinary Share held by Ogier Global Subscriber (Cayman) Limited. On May 13, 2025, Ogier Global Subscriber (Cayman) Limited transferred one (1) Ordinary Share to Shui Yuet, LAM for consideration of US$0.0001. That same day, Keystone Global Financial Group issued 720, 7,200, 11,789, 900, 11,790, 900, 900 and 1,800 Ordinary Shares to each of Ying King, LAU, Wing Leung, SIU, Shui Yuet, LAM, Chun Heung, LAU, Tak Chiu, CHAN, Kit Ying Kitty, KWONG, Cheuk Ning, LEW and Nga Sze, IP, respectively, at a consideration of US$0.072, US$0.72, US$1.1789, US$0.09, US$1.179, US$0.09, US$0.09 and US$0.18, respectively, with reference to the nominal value of such Ordinary Shares. Immediately after the aforesaid transfer and issuance, Keystone Global Financial Group was owned as to 720, 7,200, 11,790, 900, 11,790, 900, 900 and 1,800 Ordinary Shares, respectively, by Ying King, LAU, Wing Leung, SIU, Shui Yuet, LAM, Chun Heung, LAU, Tak Chiu, CHAN, Kit Ying Kitty, KWONG, Cheuk Ning, LEW and Nga Sze, IP.

On August 11, 2025, Keystone Global Financial Group acquired the entire issued share capital of the Operating Subsidiary from Keystone Holdings Worldwide Limited, a company incorporated in the BVI, which is owned as to 720, 7,200, 11,790, 900, 11,790, 900, 900 and 1,800 Ordinary Shares by Ying King, LAU, Wing Leung, SIU, Shui Yuet, LAM, Chun Heung, LAU, Tak Chiu, CHAN, Kit Ying Kitty, KWONG, Cheuk Ning, LEW and Nga Sze, IP, respectively, at a consideration of HK$1.00. Immediately before and after the aforesaid acquisition, the shareholdings in Keystone Global Financial Group and Keystone Holdings Worldwide Limited are identical.

Immediately subsequent to the acquisition, the Operating Subsidiary is a direct wholly-owned subsidiary of Keystone Group Financial Group.

On September 16, 2025, in contemplation of the Offering, the Company further issued 11,214,000 Ordinary Shares in aggregate to its shareholders at par value, on a pro rata basis proportional to the shareholders' existing equity interests (collectively refers as the "**Pro Rata Share Issuance**"). All references to the number of ordinary shares and per-share data in the accompanying consolidated financial statements have been retroactively adjusted to reflect such issuance of shares. After the Pro Rata Share Issuance, 11,250,000 Ordinary Shares are issued and outstanding. The following table sets forth the breakdown of the Pro Rata Share Issuance to each shareholder:

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| | | |
|:---|:---|:---|
| **Shareholders** | **Number of <br> Ordinary <br> Shares <br> Issued** | **Number of <br> Ordinary <br> Shares <br> Issued** |
| Ying King, LAU |  | 224280 |
| Wing Leung, SIU |  | 2242800 |
| Shui Yuet, LAM |  | 3672585 |
| Chun Heung, LAU |  | 280350 |
| Tak Chiu, CHAN |  | 3672585 |
| Kit Ying Kitty, KWONG |  | 280350 |
| Cheuk Ning, LEW |  | 280350 |
| Nga Sze, IP |  | 560700 |

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

**KEYSTONE GLOBAL FINANCIAL GROUP AND ITS SUBSIDIARY<br> Notes to Unaudited Interim Condensed Consolidated Financial Statements<br> For the Six Months Ended June 30, 2025 and 2024<br> (Expressed in United States Dollars ("US$"))**

**1. Organization and Business Description** (cont.)

The following table sets forth the breakdown of equity ownership of the Company upon the completion of the Pro Rata Share Issuances and as of the date of this report:

---

| | | |
|:---|:---|:---|
| **Shareholders** | **Number of <br> Ordinary <br> Shares <br> Owned** | **Percentage<br> of Ordinary <br> Shares <br> Owned** |
| Ying King, LAU | 225000 | 2.00% |
| Wing Leung, SIU | 2250000 | 20.00% |
| Shui Yuet, LAM | 3684375 | 32.75% |
| Chun Heung, LAU | 281250 | 2.50% |
| Tak Chiu, CHAN | 3684375 | 32.75% |
| Kit Ying Kitty, KWONG | 281250 | 2.50% |
| Cheuk Ning, LEW | 281250 | 2.50% |
| Nga Sze, IP | 562500 | 5.00% |

---

**2. Summary of Significant Accounting Policies**

 ****

***Basis of Presentation and Consolidation***

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and pursuant to the rules and regulations of the Securities Exchange Commission ("SEC").

Keystone Global and its subsidiary resulting from Reorganization has always been under the common control of the same controlling shareholder before and after the Reorganization. The consolidation of Keystone Global and its subsidiary has been accounted for at historical cost and prepared on the basis as if the transactions had become effective as of the beginning of the first period presented in the accompanying consolidated financial statements. Results of operations for the periods presented comprise those of the previously separate entities combined from the beginning of the period to the end of the period, eliminating the effects of intra-entity transactions.

The consolidated financial statements include the financial statements of Keystone Global and its wholly owned subsidiary. All intercompany transactions and balances among Keystone Global and its subsidiary have been eliminated upon consolidation.

 ****

***Use of Estimates and Assumptions***

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates and judgments are based on historical information, information that is currently available to the Company and on various other assumptions that the Company believes to be reasonable under the circumstances. Significant estimates required to be made by management, include, but are not limited to, the expected credit loss provision, the determination of the useful lives of property, plant and equipment, impairment of long-lived assets, right-of-use assets, net, operating lease liabilities, incremented borrowing rate for lease, valuation allowing for deferred tax asset, revenue recognition and contingencies. Actual results could differ from those estimates. The Company evaluates these estimates on an ongoing basis and revises estimates as circumstances change. The Company bases its estimates on historical experience, anticipated results, trends, and other various assumptions that it believes are reasonable.

***Foreign Currency Translation and transaction***

The Company's principal country of operations is Hong Kong. The consolidated financial position and results of its operations are determined using Hong Kong Dollars ("HK$"), the local currency, as the functional currency of Keystone Global and Keystone Capital. The Company's consolidated financial statements are reported using the U.S. Dollars ("US$" or "$"). The results of operations and the consolidated statements of cash flows denominated in foreign currency are translated at the average rate of exchange during the reporting period. Assets and liabilities denominated in foreign currencies at the consolidated balance sheet date are translated at the applicable rates of exchange in effect at that date. The equity denominated in the functional currency is translated at the historical rate of exchange at the time of capital contribution. Because cash flows are translated based on the average translation rate, amounts related to assets and liabilities reported on the consolidated statements of cash flows will not necessarily agree with changes in the corresponding balances on the consolidated balance sheets. Translation adjustments arising from the use of different exchange rates from period to period are included as a separate component of accumulated other comprehensive income (loss) included in consolidated statements of shareholders' equity. Gains and losses from foreign currency transactions are included in the Company's consolidated statements of operations and comprehensive income (loss).

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

**KEYSTONE GLOBAL FINANCIAL GROUP AND ITS SUBSIDIARY<br> Notes to Unaudited Interim Condensed Consolidated Financial Statements<br> For the Six Months Ended June 30, 2025 and 2024<br> (Expressed in United States Dollars ("US$"))**

**2. Summary of Significant Accounting Policies** (cont.)

The following table outlines the currency exchange rates that were used in preparing the consolidated financial statements:

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| | | |
|:---|:---|:---|
|  | **June 30, <br> 2025** | **June 30, <br> 2024** |
| Period-end spot rate | $1 = HK$7.850 | $1 = HK$7.808 |
| Average rate | $1 = HK$7.792 | $1 = HK$7.823 |

---

 ****

***Fair Value of Financial Instruments***

The fair value of a financial instrument is defined as the exchange price that would be received from an asset or paid to transfer a liability (as exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. The carrying amounts of financial assets and liabilities, such as cash and cash equivalents, time deposits, accounts receivable, other assets, due from related parties, due from shareholders, operating lease liabilities, current portion, accrued expenses and other current liabilities and due to a related party, approximate their fair values because of the short maturity of these instruments and market rates of interest.

ASC 825-10 requires certain disclosures regarding the fair value of financial instruments. Fair value is defined as 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. A three-level fair value hierarchy prioritizes the inputs used to measure fair value. The hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:

Level 1 — Quoted prices in active markets for identical assets and liabilities.

Level 2 — Quoted prices in active markets for similar assets and liabilities, or other inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.

Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.

Categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The carrying amounts of the Company's cash and cash equivalents, time deposits, accounts receivable, other assets, due from related parties, due from shareholders, operating lease liabilities, accrued expenses and other current liabilities and due to a related party approximated their fair values as of June 30, 2025 and December 31, 2024 due to their short-term nature.

 ****

***Cash and cash equivalents and time deposits***

Cash and cash equivalents consist of petty cash on hand, cash held in banks and time deposits in original maturities of three months or less, which are highly liquid and have original maturities of three months or less and are unrestricted as to withdrawal or use. The Company maintains all bank accounts in domestic banks of Hong Kong.

Time deposits represent time deposits placed with banks in Hong Kong in original maturities of three months or more. The time deposits carry fixed interest per annum for the years presented. As at June 30, 2025, the time deposits carried interests at 3.80% with original maturities of 94 days. As at December 31, 2024, the time deposits carried interests ranged from 4.00% to 4.28% with original maturities of 94 days.

Cash balances and time deposits in bank accounts in Hong Kong are protected under Deposit Protection Scheme in accordance with the Deposit Protection Scheme Ordinance (Chapter 581 of the laws of Hong Kong). The maximum protection was up to HK$500,000 (approximately US$64,369) and has been raised to HK$800,000 (approximately US$102,991) from October 1, 2024 per depositor per Scheme member, including both principal and interest.

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**KEYSTONE GLOBAL FINANCIAL GROUP AND ITS SUBSIDIARY<br> Notes to Unaudited Interim Condensed Consolidated Financial Statements<br> For the Six Months Ended June 30, 2025 and 2024<br> (Expressed in United States Dollars ("US$"))**

**2. Summary of Significant Accounting Policies** (cont.)

***Accounts Receivable, net***

Accounts receivable, net consist of balances receivable from financial institutions in the normal course of business and generally are settled within 30 days or less. The Company maintains an allowance for expected credit losses ("ECLs") to provide for the estimated number of receivables that will not be collected. The Company applies a simplified approach in calculating ECLs. The Company provides an allowance for uncollectable accounts using an ECLs model which represents the estimate of ECLs over the lifetime of the asset. 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. The receivables are written off after all collection efforts have ceased. As of June 30, 2025 and December 31, 2024, no allowance for doubtful accounts was recognized, as management determined that expected credit losses were not material based on historical collection experience and other relevant factors.

 ****

***Prepayments***

Prepayments represent advance payments made to the service providers for future services. Prepayments are short-term in nature and are reviewed periodically to determine whether their carrying value has become impaired. The Company considers the assets to be impaired if the realizability of the prepayments becomes doubtful. As of June 30, 2025 and December 31, 2024, there was nil allowance recorded as the Company considers all of the prepayments recoverable.

 ****

***Property, plant and Equipment, net***

Property, plant and equipment are stated at cost, net of accumulated depreciation and amortization. Depreciation and amortization are provided for on a straight-line basis over the estimated useful lives of the related assets as follows:

---

| | |
|:---|:---|
| Furniture, Fixture & Equipment | 5 years |
| Office Equipment | 3 years |
| Computer | 3.33 years |
| Leasehold improvements | Over the lease terms |

---

Expenditures for maintenance and repairs, which do not materially extend the useful lives of the assets, are charged to expense as incurred. Expenditures for major renewals and betterments which substantially extend the useful life of assets are capitalized. The cost and related accumulated depreciation of assets retired or sold are removed from the respective accounts, and any gain or loss is recognized in the consolidated statements of operations and comprehensive income (loss) in other income or expenses.

The Company also re-evaluates the periods of depreciation to determine whether subsequent events and circumstances warrant revised estimates of useful lives.

 ****

***Impairment of Long-Lived Assets***

The Company reviews the recoverability of its long-lived assets, such as property, plant and equipment and right-of-use assets, whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use of the assets) indicate that the carrying amount of an asset may no longer be recoverable. When these events occur, the Company measures impairment by comparing the carrying value of the long-lived assets to the estimated undiscounted future cash flows expected to result from the use of the assets and their eventual disposition. If the sum of the expected undiscounted cash flow is less than the carrying amount of the assets, the Company would recognize an impairment loss, which is the excess of carrying amount over the fair value of the assets, using the expected future discounted cash flows. There were no impairment losses on long-lived assets for the six months ended June 30, 2025 and 2024.

***Deferred offering costs***

Deferred offering costs consist primarily of legal, accounting, and other professional fees incurred in connection with the Company's planned initial public offering (IPO). These costs are included as Deferred IPO Costs on the consolidated balance sheet as non-current assets. Upon the successful completion of the IPO, these costs will be reclassified as a reduction of in shareholders' equity. If the IPO is not consummated, the deferred offering costs will be expensed in the period when the offering is abandoned.

***Lease***

The Company applies the provisions of ASC Topic 842, *Leases* which requires lessees to recognize lease assets and lease liabilities on the consolidated balance sheet. The Company determines whether a contract is or contains a lease at inception of the contract and whether that lease meets the classification criteria of a finance or operating lease. When available, the Company uses the rate implicit in the lease to discount lease payments to present value; however, most of the Company's leases do not provide a readily determinable implicit rate. Therefore, the Company must discount lease payments based on an estimate of its incremental borrowing rate.

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

**KEYSTONE GLOBAL FINANCIAL GROUP AND ITS SUBSIDIARY<br> Notes to Unaudited Interim Condensed Consolidated Financial Statements<br> For the Six Months Ended June 30, 2025 and 2024<br> (Expressed in United States Dollars ("US$"))**

**2. Summary of Significant Accounting Policies** (cont.)

 ****

***Right-of-use Assets***

The Company's right-of-use assets consist of leased assets recognized in accordance with ASC 842, Leases, which requires lessees to recognize a lease liability and a corresponding lease asset for virtually all lease contracts. Right-of-use assets represent the Company's right to use an underlying asset for the lease term and lease liability represents the Company's obligation to make lease payments arising from the lease, both of which are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. Leases with a lease term of 12 months or less at inception are not recorded on the consolidated balance sheet and are expensed on a straight-line basis over the lease term in the consolidated statements of operations and comprehensive loss. The Company determines the lease term by agreement with lessor. In cases where the lease does not provide an implicit interest rate, the Company uses the Company's incremental borrowing rate based on the information available at commencement date in determining the present value of future payments.

 ****

***Revenue Recognition***

Revenue is recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The following five steps are applied to achieve that core principle:

Step 1: Identify the contract with the customer

Step 2: Identify the performance obligations in the contract

Step 3: Determine the transaction price

Step 4: Allocate the transaction price to the performance obligations in the contract

Step 5: Recognize revenue when the company satisfies a performance obligation.

The Company enters into agreements with clients that create enforceable rights and obligations and for which it is probable that the Company will collect the consideration to which it will be entitled as services transfer to the customer. It is customary practice for the Company to have the agreements with its customers in writing, orally, or in accordance with other customary business practices. The Company recognizes revenue when (or as) a performance obligation is satisfied, i.e. when "control" of the goods or services underlying the particular performance obligation is transferred to customers.

Control of the good or service may be transferred over time or at a point in time. Control of the good or service is transferred over time if one of the following criteria is met:

● the customer simultaneously receives and consumes the benefits provided by the Company's performance as the Company performs;

● the Company's performance creates and enhances an asset that the customer controls as the Company performs; 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.

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

**KEYSTONE GLOBAL FINANCIAL GROUP AND ITS SUBSIDIARY<br> Notes to Unaudited Interim Condensed Consolidated Financial Statements<br> For the Six Months Ended June 30, 2025 and 2024<br> (Expressed in United States Dollars ("US$"))**

**2. Summary of Significant Accounting Policies** (cont.)

If the control of the good or service transfers over time, revenue is recognized over the period of the contract by reference to the progress towards complete satisfaction of the relevant performance obligation. Otherwise, revenue is recognized at a point in time when customer obtains control of the distinct good or service.

Revenue is measured based on the consideration specified in a contract with a customer. The Company recognizes revenue when it transfers control of service to a customer.

*Asset management and advisory services*

Revenue from asset management and advisory services is primarily in connection with services as an investment manager or an advisor from funds or investments. The Company rendered asset management and advisory services to individual customers as a principal which are recorded over the period of service provided. The asset management and advisory services involve a series of distinct tasks that collectively meet the criteria for recognizing revenue over time. The Company provides discretionary accounts services to manage external customer funds placed at certain financial institutions (i.e. banks and securities firms). The Company develops tailored investment strategies for customers based on their individual risk tolerance and investment preferences. Through its discretionary account services, the Company helps customers invest in Hong Kong and U.S. equities, fixed income investments, structured products and other asset classes. Consequently, the services are considered substantially similar and result in the transfer of substantially similar benefits to the client. Based on this assessment, the Company concludes that the services provided satisfy the requirements of ASC 606-10-25-14(b) to be accounted for as a single performance obligation.

 ****

The Company recognizes revenues from asset management and advisory services based on the output methods on a quarterly basis when it satisfies its performance obligations throughout the contract terms. The Company acts as a principal to provide these investment and advisory services to individual clients and manage the external clients' funds placed at certain banks and securities firms.

Instead of charging its clients directly, retrocession fee is charged by the Company to the clients by sharing of the net fee income generated and received by these banks and securities firms from the Company's clients quarterly in accordance with the external asset management agreements entered with these banks and securities firms. Under the external asset management agreements, the Company is entitled to receive between 25% and 65% of the net fee income generated and received by these banks and securities firms from the Company's clients after deducting any commission, fees or charges that these banks and securities firms may have to pay to any third party. The net fee income mainly includes custody fees, fund trailer fees, commission income from securities brokerage transactions of the clients, subscription fees and management fees from fund dealing transactions of the clients, and transaction spreads charged for executing bond trades on behalf of the clients.

i) Retrocession income from sales and purchase of investment products and services

The retrocession income from sales and purchase of investment products and services represents the Company's share of the net fee income received by the banks and securities firms in connection with their execution of investment activities on behalf of clients. Such retrocession income is derived from a sharing of net fee income from commission income from securities brokerage transactions of the clients, subscription fees and management fees from fund dealing transactions of the clients, and transaction spreads charged for executing bond trades on behalf of the clients

ii) Retrocession income from funds under custody

The retrocession income from funds under custody represents the Company's share of the net fee income received by the banks and securities firms in connection with the clients' funds placed at the banks and securities firms, charged on the asset value under management with range from 0.1 to 0.2% by the banks and securities firms. Such retrocession income is derived from a sharing of net fee income from custody fees and fund trailer fees.

The Company's entitlement to the above retrocession income from sales and purchase of investment products and services and funds under custody is based on a fixed percentage of the net fee income generated by the banks and securities firms, as specified in external asset management agreements. The fee components of sales and purchase of investment products and services, and funds under custody charged by banks and securities firms respectively are not related to or impacted by the other as they are determined by banks and securities firms separately.

Since the asset values of the funds under custody are changing from time to time, there is variable consideration in the transaction price of the retrocession income from funds under custody if the fee is charged at a fixed percentage of asset values of the funds under custody. The Company estimates this variable consideration in the transaction price based on the quarter or semi-annual average asset value under management of the clients at a fixed percentage and subsequently confirmed by banks and securities firms. The fee is due and paid within the specified terms of payment.

 ****

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

**KEYSTONE GLOBAL FINANCIAL GROUP AND ITS SUBSIDIARY<br> Notes to Unaudited Interim Condensed Consolidated Financial Statements<br> For the Six Months Ended June 30, 2025 and 2024<br> (Expressed in United States Dollars ("US$"))**

**2. Summary of Significant Accounting Policies** (cont.)

*Commission income*

The Company derives commission income from the introduction of customers to other financial institutions. The Company enters into distinct agreements with these financial institutions in relation to the introduction and referral services rendered. Under this referral agreements, the performance obligation is that the Company introduces the referred parties to the financial institutions and the referred parties execute a transaction with the financial institutions. The Company shall be entitled a commission income based on a fixed percentage point on the amount of transactions executed between the referred parties and the financial institutions to whom the referred parties are referred. The Company's performance obligation is completed at the point when the referred parties execute a transaction with these parties.

The Company is not subject to any minimum referral numbers, any committed targets or any other obligations once the referral is made. No claw back or adjustments to the income are allowed under these agreements. Revenue from referral services is recognized at a point in time when the transaction and the performance is completed.

 ****

Revenue disaggregated by nature of revenue for the six months ended June 30, 2025 and 2024 is disclosed in the table below:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Retrocession income from sales and purchase of investment products and services | $1441941 | $835920 |
| Retrocession income from funds under custody | 71821 | 60413 |
| Commission income from referral services | 822134 | 33772 |
|  | $2335896 | $930105 |

---

Revenue disaggregated by timing of revenue recognition for the six months ended June 30, 2025 and 2024 is disclosed in the table below:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Revenue – Over time | $1513762 | $896333 |
| Revenue – At a point in time | 822134 | 33772 |
|  | $2335896 | $930105 |

---

***Other income***

 ****

Interest income is mainly generated from savings and time deposits and is recognized on an accrual basis using the effective interest method.

 ****

***Employee Benefit Plan***

Employees of the Company located in Hong Kong participate in a compulsory saving scheme (pension fund) for the retirement of residents in Hong Kong. Employees are required to contribute monthly to mandatory provident fund schemes provided by approved private organizations, according to their salaries and the period of employment.

The Company is required to contribute to the plan based on certain percentages of the employees' salaries, up to a maximum amount specified by the local government. Total expenses for the plan were US$4,955 and US$4,362 for the six months ended June 30, 2025 and 2024, respectively.

 ****

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

**KEYSTONE GLOBAL FINANCIAL GROUP AND ITS SUBSIDIARY<br> Notes to Unaudited Interim Condensed Consolidated Financial Statements<br> For the Six Months Ended June 30, 2025 and 2024<br> (Expressed in United States Dollars ("US$"))**

**2. Summary of Significant Accounting Policies** (cont.)

***Income Taxes***

The Company accounts for income taxes under ASC 740. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax bases.

Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period including the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.

The Company believes there were no uncertain tax positions at June 30, 2025 and December 31, 2024, respectively. The Company does not expect that its assessment regarding unrecognized tax positions will materially change over the next 12 months. The Company is not currently under examination by an income tax authority, nor has been notified that an examination is contemplated.

 ****

***Earnings Per Share***

The Company computes earnings per share ("EPS") in accordance with ASC 260, "Earnings per Share" ("ASC 260"). ASC 260 requires companies with complex capital structures to present basic and diluted EPS. Basic EPS are computed by dividing income available to ordinary shareholders of the Company by the weighted average ordinary shares outstanding during the period. Diluted EPS takes into account the potential dilution that could occur if securities or other contracts to issue ordinary shares were exercised and converted into ordinary shares. As of June 30, 2025 and December 31, 2024, there were no dilutive shares.

 ****

***Comprehensive Income (Loss)***

Comprehensive income (loss) consists of two components, net income (loss) and other comprehensive income (loss). Other comprehensive income (loss) refers to revenue, expenses, gains and losses that under U.S. GAAP are recorded as an element of shareholders' equity but are excluded from net income. Other comprehensive income (loss) consists of foreign currency translation adjustment resulting from the Company translating its consolidated financial statements from functional currency into reporting currency.

 ****

***Commitments and Contingencies***

In the normal course of business, the Company is subject to contingencies, such as legal proceedings and claims arising out of its business, which cover a wide range of matters. Liabilities for contingencies are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated.

As of June 30, 2025 and December 31, 2024, the Company had no outstanding lawsuits nor claims.

If the assessment of a contingency indicates that it is probable that a material loss is incurred and the amount of the liability can be estimated, then the estimated liability is accrued in the Company's consolidated financial statements. If the assessment indicates that a potentially material loss contingency is not probable, but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, together with an estimate of the range of possible loss, if determinable and material, would be disclosed.

Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the nature of the guarantee would be disclosed.

 ****

***Related parties***

Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence, such as a family member or relative, shareholder, or a related corporation.

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

**KEYSTONE GLOBAL FINANCIAL GROUP AND ITS SUBSIDIARY<br> Notes to Unaudited Interim Condensed Consolidated Financial Statements<br> For the Six Months Ended June 30, 2025 and 2024<br> (Expressed in United States Dollars ("US$"))**

**2. Summary of Significant Accounting Policies** (cont.)

***Financial Instruments Risks***

 

*Currency Risk*

The Group's operating activities are transacted in HK$. Foreign exchange risk arises from future commercial transactions, recognized assets and liabilities and net investments in foreign operations. The Group considers the foreign exchange risk in relation to transactions denominated in HK$ with respect to US$ is not significant as HK$ is pegged to US$.

 

*Concentration and Credit Risk*

Assets that potentially subject the Group to a significant concentration of credit risk primarily consist of cash and cash equivalents, time deposits, accounts receivable and other assets. The Company believes that there is no significant credit risk associated with cash and cash equivalents and time deposits, which were held by reputable financial institutions in the jurisdictions where the Company and its subsidiary are located. The Hong Kong Deposit Protection Board pays compensation up to a limit of HK$800,000 (approximately US$102,991) as at June 30, 2025 and December 31, 2024, if the bank with which an individual/a company hold its eligible fails. As of June 30, 2025 and December 31, 2024, cash and cash equivalents and time deposits balance of US$2,217,049 and US$840,436 respectively were at financial institutions in Hong Kong and approximately US$2,013,225 and US$634,454 were not covered by the Hong Kong Deposit Protection Board. The Company has designed their credit policies with an objective to minimize their exposure to credit risk. The Company's accounts receivable is short term in nature and the associated risk is minimal. The Company conducts credit evaluations on its clients and generally does not require collateral or other security from such clients. The Company periodically evaluates the creditworthiness of the existing clients in determining an allowance for doubtful accounts primarily based upon the age of the receivables and factors surrounding the credit risk of specific clients.

Financial instruments that potentially subject the Company to the concentration of credit risks consist of cash and cash equivalents, time deposits and accounts receivable. The Company's credit risk with respect to cash and cash equivalents and time deposits is discussed under "Cash and cash equivalents and time deposits" in this section.

For the six months ended June 30, 2025, 4 financial institutions partners accounted for 27.4%, 26.7%, 17.2% and 12.3% of the Company's total revenues. For the six months ended June 30, 2024, 3 financial institutions partners accounted for 31.8%, 24.4% and 24.4% of the Company's total revenues.

As of June 30, 2025, 4 accounts receivable accounted for 33.4%, 24.2%, 18.8% and 11.3%, respectively, of the Company's total accounts receivable. As of December 31, 2024, 3 accounts receivable accounted for 50.6%, 16.2% and 15.4%, respectively, of the Company's total accounts receivable.

 

*Interest rate risk*

The Company is exposed to interest rate risk through the changes in interest rates related mainly to the Company's variable-rates line of credit and bank balances, which was considered minimal as the bank balances are only in current accounts and saving accounts.

The Company currently does not have any hedging policy in relation to interest rate risk. The directors monitor the Company's exposures on an ongoing basis and will consider hedging the interest rate should the need arise.

 

*Liquidity risk*

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Company's approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company's reputation.

Typically, the Company ensures that it has sufficient cash on demand to meet expected operational expenses for a period of 30 days, including the servicing of financial obligations; this excludes the potential impact of extreme circumstances that cannot reasonably be predicted, such as natural disasters.

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

**KEYSTONE GLOBAL FINANCIAL GROUP AND ITS SUBSIDIARY<br> Notes to Unaudited Interim Condensed Consolidated Financial Statements<br> For the Six Months Ended June 30, 2025 and 2024<br> (Expressed in United States Dollars ("US$"))**

**2. Summary of Significant Accounting Policies** (cont.)

***Recently Accounting Pronouncements***

In November 2023, the FASB issued ASU 2023-07, which is an update to Topic 280, Segment Reporting. The amendments in this Update improve financial reporting by requiring disclosure of incremental segment information on an annual and interim basis for all public entities to enable investors to develop more decision-useful financial analyses.

The amendments in this update: (1) require that a public entity disclose, on an annual and interim basis, significant segment expenses that are regularly provided to the chief operating decision maker (CODM) and included within each reported measure of segment profit or loss (collectively referred to as the "significant expense principle"), (2) Require that a public entity disclose, on an annual and interim basis, an amount for other segment items by reportable segment and a description of its composition. The other segment items category is the difference between segment revenue less the segment expenses disclosed under the significant expense principle and each reported measure of segment profit or loss, (3) Require that a public entity provide all annual disclosures about a reportable segment's profit or loss and assets currently required by Topic 280 in interim periods, and (4) Clarify that if the CODM uses more than one measure of a segment's profit or loss in assessing segment performance and deciding how to allocate resources, a public entity may report one or more of those additional measures of segment profit. However, at least one of the reported segment profit or loss measures (or the single reported measure, if only one is disclosed) should be the measure that is most consistent with the measurement principles used in measuring the corresponding amounts in the public entity's unaudited interim condensed consolidated financial statements. In other words, in addition to the measure that is most consistent with the measurement principles under generally accepted accounting principles (GAAP), a public entity is not precluded from reporting additional measures of a segment's profit or loss that are used by the CODM in assessing segment performance and deciding how to allocate resources, (5) Require that a public entity disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources, and (6) Require that a public entity that has a single reportable segment provide all the disclosures required by the amendments in this Update and all existing segment disclosures in Topic 280. The amendments in this Update also do not change how a public entity identifies its operating segments, aggregates those operating segments, or applies the quantitative thresholds to determine its reportable segments. The amendments in this Update are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. A public entity should apply the amendments in this Update retrospectively to all prior periods presented in the financial statements. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. We have evaluated the effect of this guidance and determined the impact to be insignificant.

In December 2023, the FASB issued ASU 2023-09, which is an update to Topic 740, Income Taxes. The amendments in this update related to the rate reconciliation and income taxes paid disclosures improve the transparency of income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. The amendments allow investors to better assess, in their capital allocation decisions, how an entity's worldwide operations and related tax risks and tax planning and operational opportunities affect its income tax rate and prospects for future cash flows. 5 The other amendments in this Update improve the effectiveness and comparability of disclosures by (1) adding disclosures of pretax income (or loss) and income tax expense (or benefit) to be consistent with U.S. Securities and Exchange Commission (SEC) Regulation S-X 210.4-08(h), Rules of General Application — General Notes to Financial Statements: Income Tax Expense, and (2) removing disclosures that no longer are considered cost beneficial or relevant. For public business entities, the amendments in this Update are effective for annual periods beginning after December 15, 2024. For entities other than public business entities, the amendments are effective for annual periods beginning after December 15, 2025. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments in this Update should be applied on a prospective basis. Retrospective application is permitted. We are evaluating the effect this guidance will have on our tax disclosures.

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

**KEYSTONE GLOBAL FINANCIAL GROUP AND ITS SUBSIDIARY<br> Notes to Unaudited Interim Condensed Consolidated Financial Statements<br> For the Six Months Ended June 30, 2025 and 2024<br> (Expressed in United States Dollars ("US$"))**

**2. Summary of Significant Accounting Policies** (cont.)

Except for the above-mentioned pronouncements, there are no new recent issued accounting standards that will have material impact on the consolidated balance sheets, statements of operations and comprehensive income and cash flows.

**3. Accounts Receivable, net**

Accounts receivable, net consisted of the following at June 30, 2025 and December 31, 2024:

---

| | | |
|:---|:---|:---|
|  | **June 30, <br> 2025** | **December 31, <br> 2024** |
| Accounts receivable | $1158687 | $522787 |
| Less: allowance for credit losses |  |  |
| Accounts receivable, net | $1158687 | $522787 |

---

As of June 30, 2025 and December 31, 2024, no receivables are past due or delinquent based on the repayment history of the debtors.

**4. Prepayments and Other Assets**

Prepayments and other assets consisted of the following at June 30, 2025 and December 31, 2024:

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| | | |
|:---|:---|:---|
|  | **June 30,<br> 2025** | **December 31,<br> 2024** |
| Prepayments | $12942 | $17103 |
| Rental and utility deposits | 26900 | 27186 |
|  | $39842 | $44289 |
| Less: amount classified as non-current assets | (26900) | (26529) |
| Amount classified as current assets | $12942 | $17760 |

---

**5. Property, Plant and Equipment, net**

Property, plant and equipment, stated at cost less accumulated depreciation and amortization, consisted of the following as of June 30, 2025 and December 31, 2024:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br> 2025** | **December 31,<br> 2024** |
| Furniture, Fixture & Equipment | $5627 | $5686 |
| Office Equipment | 21903 | 22036 |
| Computer | 6021 | 6085 |
| Leasehold improvements | 69309 | 70042 |
| Less: accumulated depreciation | (101291) | (101653) |
| Property, plant and equipment, net | $1569 | $2196 |

---

Depreciation expenses of property, plant and equipment totalled US$707 and US$11,681 for the six months ended June 30, 2025 and 2024, respectively.

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**KEYSTONE GLOBAL FINANCIAL GROUP AND ITS SUBSIDIARY<br> Notes to Unaudited Interim Condensed Consolidated Financial Statements<br> For the Six Months Ended June 30, 2025 and 2024<br> (Expressed in United States Dollars ("US$"))**

**6. Leases**

<u>Operating leases as lessee</u>

As of June 30, 2025 and December 31, 2024, the Company had property operating leases recorded on its consolidated balance sheets. The Company does not have options to extend or cancel the existing lease agreements for its existing facilities prior to their respective expiration dates. When determining the lease term, at lease commence date, the Company considers options to extend or terminate the lease when it is reasonably certain that it will exercise or not exercise that option. The Company's lease arrangements may contain both lease and non-lease components. The Company has separately accounted for lease and non-lease components based on their nature. Payments under the Company's lease arrangement are fixed.

The following table shows operating lease right-of-use assets, net and operating lease liabilities, and the associated consolidated financial statement line items as of June 30, 2025 and December 31, 2024:

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| | | |
|:---|:---|:---|
|  | **June 30, <br> 2025** | **December, 31,<br> 2024** |
| **Operating lease right-of-use assets** | | |
| Beginning balance | $191457 | $33597 |
| New leases |  | 215286 |
| Amortization | (37821) | (58325) |
| Exchange difference | (1724) | 899 |
| Ending balance | $151912 | $191457 |

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| | | |
|:---|:---|:---|
|  | **June 30, <br> 2025** | **December, 31,<br> 2024** |
| **Operating lease liabilities** | | |
| Beginning balance at December 31 | $193605 | $33021 |
| New leases |  | 215286 |
| Repayment and interest accretion | (40498) | (55609) |
| Exchange difference | (1727) | 907 |
| Ending balance at December 31 | $151380 | $193605 |
| Operating lease liabilities, current portion | $75727 | $82137 |
| Operating lease liabilities, net of current portion | $75653 | $111468 |
| Weighted average remaining lease term (in years) | 1.87 | 2.37 |
| Weighted average discount rate (%) | 4.35% | 4.35% |

---

The operating lease expense was US$41,493 and US$33,618 for the six months ended June 30, 2025 and 2024, respectively, and included in the operating expenses.

Maturities of lease liabilities were as follows:

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| | |
|:---|:---|
| **For the period ending June 30,** | |
| 2026 | $80378 |
| 2027 | 76968 |
| Total lease payments | $157346 |
| Less: imputed interest | (5966) |
| Operating lease obligation, net | $151380 |

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**KEYSTONE GLOBAL FINANCIAL GROUP AND ITS SUBSIDIARY<br> Notes to Unaudited Interim Condensed Consolidated Financial Statements<br> For the Six Months Ended June 30, 2025 and 2024<br> (Expressed in United States Dollars ("US$"))**

**7. Deferred offering costs**

The Company has capitalized deferred offering costs which consist primarily of legal, accounting, and other professional fees incurred in connection with the Company's planned initial public offering (IPO). These costs are included as deferred offering costs on the consolidated balance sheet as non-current assets. Upon the successful completion of the IPO, these costs will be reclassified as a reduction of in shareholders' equity. If the IPO is not consummated, the deferred offering costs will be expensed in the period when the offering is abandoned. As of June 30, 2025 and December 31, 2024, deferred offering costs were US$274,207 and nil, respectively.

**8. Accrued Expenses and Other Current Liabilities**

Components of accrued expenses and other current liabilities are as follows as of June 30, 2025 and December 31, 2024:

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| | | |
|:---|:---|:---|
|  | **June 30,<br> 2025** | **December, 31, <br> 2024** |
| Commission payables to employees | $456864 | $248914 |
| Accruals for operating expenses | 2083 | 1957 |
| Total | $458947 | $250871 |

---

**9. Income Taxes**

 

*Hong Kong*

In accordance with the relevant tax laws and regulations of Hong Kong, a company registered in Hong Kong is subject to income taxes within Hong Kong at the applicable tax rate on taxable income. Hong Kong profit tax rates are 8.25% on assessable profits up to US$257,476 (HK$2,000,000), and 16.5% on any part of assessable profits over US$257,476 (HK$2,000,000).

The components of the income tax expense are as follows:

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** |
| **Current** |  |  |
| Hong Kong | $125489 | $38751 |
| **Deferred** |  |  |
| Hong Kong | 154 | (2193) |
| **Provision for income taxes** | $125643 | 36558 |

---

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

**KEYSTONE GLOBAL FINANCIAL GROUP AND ITS SUBSIDIARY<br> Notes to Unaudited Interim Condensed Consolidated Financial Statements<br> For the Six Months Ended June 30, 2025 and 2024<br> (Expressed in United States Dollars ("US$"))**

**9. Income Taxes** (cont.)

The following table reconciles Hong Kong statutory rates to the Company's effective tax:

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** |
| Profit before income taxes | $610337 | $363757 |
| Hong Kong Profits Tax rate | 16.5% | 16.5% |
| Income taxes computed at Hong Kong Profits Tax rate | 100706 | 60020 |
| **Reconciling items:** |  |  |
| Tax effect of income that is not taxable\* | (2062) | (1880) |
| Tax effect of expenses that are not deductible | 48617 |  |
| Utilization of deductible temporary differences previously not recognized | (442) | (439) |
| Statutory tax deduction# |  | (96) |
| Effect of two-tier tax rate | (21176) | (21047) |
| **Income tax expense** | $125643 | $36558 |

---

\* Income that is not taxable mainly consisted of the bank interest income, which is non-taxable under Hong Kong income tax law.

# It represents a reduction granted by the Hong Kong SAR Government of 100% of the tax payable subject to a maximum reduction of Nil and HK$1,500 (approximately US$383) for each business during the six months ended June 30, 2025 and 2024, respectively.

The Company measures deferred tax assets and liabilities based on the difference between carrying amount of assets and liabilities and their respective tax bases at the applicable tax rates. Components of the Company's deferred tax asset and liability are as follows as of June 30, 2025 and December 31, 2024:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br> 2025** | **December 31, <br> 2024** |
| **Deferred tax assets:** | | |
| Property, plant and equipment, net | $9431 | $9685 |
| Less: valuation allowance |  |  |
| **Deferred tax assets, net** | $9431 | $9685 |

---

Income tax payable consist of the following as of June 30, 2025 and December 31, 2024:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br> 2025** | **December 31, <br> 2024** |
| Income tax payable | $250989 | $127769 |

---

*<u>Uncertain tax positions</u>*

The Company evaluates each uncertain tax position (including the potential application of interest and penalties) based on the technical merits, and measures the unrecognized benefits associated with the tax positions. As of June 30, 2025 and December 31, 2024, the Company did not have any significant unrecognized uncertain tax positions. The Company did not incur any interest and penalties related to potential underpaid income taxes for the six months ended June 30, 2025 and 2024. The Company also does not anticipate any significant increases or decreases in unrecognized tax benefits in the next 12 months from June 30, 2025.

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

**KEYSTONE GLOBAL FINANCIAL GROUP AND ITS SUBSIDIARY<br> Notes to Unaudited Interim Condensed Consolidated Financial Statements<br> For the Six Months Ended June 30, 2025 and 2024<br> (Expressed in United States Dollars ("US$"))**

**10. Related Party Balance and Transactions**

The following is a list of related parties which the Company has transactions with:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Ying King, LAU, a shareholder of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Wing Leung, SIU, a shareholder of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Keystone Holdings Worldwide Limited, controlled by Wing Leung,
SIU, a shareholder of the Company and Ying King, LAU, a shareholder of the Company

&nbsp;&nbsp;&nbsp;&nbsp;(d) Keystone Capital (Singapore) Pte Ltd, controlled by Ying
King, LAU, a shareholder of the Company

&nbsp;&nbsp;&nbsp;&nbsp;(e) Keystone Finance Limited, controlled by Ying King, LAU, a
shareholder of the Company

 ****

&nbsp;&nbsp;&nbsp;&nbsp;(f) Tak Chiu, CHAN, a director of the Company

&nbsp;&nbsp;&nbsp;&nbsp;(g) Wing Kin, SIU, a director of the Company

&nbsp;&nbsp;&nbsp;&nbsp;(h) Keystone Multi Strategy OFC, the Company is its investment
manager

 ****

***a. Due from shareholders***

As of June 30, 2025 and December 31, 2024, the balances of due from shareholders were as follows:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br> 2025** | **December 31, <br> 2024** |
| **Due from shareholders** | | |
| Ying King, LAU (a) <sup>(1)</sup> | $— | $437710 |
| Wing Leung, SIU (b) <sup>(1)</sup> |  | 51495 |
|  | $— | $489205 |

---

(1) The balances represented the advances to shareholders. The
amounts were unsecured, interest-free and repayable on demand. The entire amount has been fully settled during the six months ended June
30, 2025.

 ****

***b. Due from related parties***

As of June 30, 2025 and December 31, 2024, the balances of due from related parties were as follows:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br> 2025** | **December 31, <br> 2024** |
| **Due from related parties** | | |
| Keystone Holdings Worldwide Limited (c) <sup>(1)</sup> | $— | $985901 |
| Keystone Capital (Singapore) Pte Ltd (d) <sup>(1)</sup> |  | 44116 |
| Keystone Finance Limited (e) <sup>(2)</sup> | 3185 |  |
| Keystone Multi Strategy OFC (h) <sup>(3)</sup> | 3851 |  |
|  | $7036 | $1030017 |

---

(1) The balances represented the advances to related parties.
The amounts were unsecured, interest-free and repayable on demand. The entire amount has been fully settled during the six months ended
June 30, 2025.

 ****

(2) The balances represented the subletting income receivable
from the related party. The amount was unsecured, interest-free and repayable on demand.

(3) The balances represented the expenses paid on behalf of the
related party. The amount was unsecured, interest-free and repayable on demand.

 ****

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

**KEYSTONE GLOBAL FINANCIAL GROUP AND ITS SUBSIDIARY<br> Notes to Unaudited Interim Condensed Consolidated Financial Statements<br> For the Six Months Ended June 30, 2025 and 2024<br> (Expressed in United States Dollars ("US$"))**

**10. Related Party Balance and Transactions** (cont.)

 ****

***c. Due to a related party***

As of June 30, 2025 and December 31, 2024, the balances of due to a related company were as follows:

---

| | | |
|:---|:---|:---|
|  | **June 30, <br> 2025** | **December 31,<br> 2024** |
| **Due to a related party** | | |
| Keystone Finance Limited (e) <sup>(1)</sup> | $— | $3197 |

---

(1) The balances represented the advances from a related party.
The amounts were unsecured, interest-free and repayable on demand.

***d. Due to directors***

As of June 30, 2025 and December 31, 2024, the balances of due to directors were as follows:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br> 2025** | **December 31, <br> 2024** |
| **Due to directors** | | |
| Tak Chiu, CHAN (f) <sup>(1)</sup> | $30279 | $135607 |
| Wing Kin, SIU (g) <sup>(1)</sup> | 108198 | 15145 |
|  | $138477 | $150752 |

---

(1) The balances represented the directors' emoluments
payable to directors. The amounts were unsecured, interest-free and repayable on demand.

***e. Transactions with a related company***

In addition to the transactions and balances detailed elsewhere in these consolidated financial statements, the Company had the following transactions with related parties:

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** |
| Subletting income from Keystone Finance Limited <sup>(1)</sup> | $19251 | $19134 |
| Director's emoluments to Tak Chiu, CHAN <sup>(2)</sup> | (77039) | (41006) |
| Director's emoluments to Wing Kin, SIU <sup>(2)</sup> | (176956) | (87544) |

---

(1) The transactions represented the income received from subletting
part of its principal office to Keystone Finance Limited. The subletting contract is renewed annually.

(2) The remuneration shown above reflects payments for services
rendered as senior management of our operating subsidiary, and not compensation paid for service on the board of directors of Keystone
Global Financial Group.

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

**KEYSTONE GLOBAL FINANCIAL GROUP AND ITS SUBSIDIARY<br> Notes to Unaudited Interim Condensed Consolidated Financial Statements<br> For the Six Months Ended June 30, 2025 and 2024<br> (Expressed in United States Dollars ("US$"))**

**11. Regulatory Requirement**

The following table illustrates the minimum regulatory capital as established by the SFC that the Company is required to maintain as of June 30, 2025 and December 31, 2024 and the actual amounts of capital based on its liquid assets minus its liquid liabilities that were maintained:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As at June 30, 2025** | **As at June 30, 2025** | **As at June 30, 2025** | **As at June 30, 2025** |
|  | **Minimum<br> regulatory<br> capital<br> requirement** | **Capital<br> levels<br> maintained** | **Excess net<br> capital** | **Percent of<br> requirement<br> maintained** |
| Keystone Capital Limited | $382170 | $2529450 | $2147280 | 662% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As at December 31, 2024** | **As at December 31, 2024** | **As at December 31, 2024** | **As at December 31, 2024** |
|  | **Minimum<br> regulatory<br> capital<br> requirement** | **Capital<br> levels<br> maintained** | **Excess net<br> capital** | **Percent of<br> requirement<br> maintained** |
| Keystone Capital Limited | $386215 | $775715 | $389500 | 201% |

---

**12. Shareholders' Equity**

 

*Ordinary shares*

The Company is an exempted company with limited liability incorporated under the law of the Cayman Islands on April 3, 2025. The authorized share capital of the Company is US$50,000, divided into 500,000,000 Ordinary Shares with a par value of US$0.0001. As of the date of the incorporation of Keystone Global Financial Group, it was initially owned as to one (1) Ordinary Share held by Ogier Global Subscriber (Cayman) Limited. On May 13, 2025, Ogier Global Subscriber (Cayman) Limited transferred one (1) Ordinary Share to Shui Yuet, LAM for consideration of US$0.0001. That same day, Keystone Global Financial Group issued 720, 7,200, 11,789, 900, 11,790, 900, 900 and 1,800 Ordinary Shares to each of Ying King, LAU, Wing Leung, SIU, Shui Yuet, LAM, Chun Heung, LAU, Tak Chiu, CHAN, Kit Ying Kitty, KWONG, Cheuk Ning, LEW and Nga Sze, IP, respectively, at a consideration of US$0.072, US$0.72, US$1.1789, US$0.09, US$1.179, US$0.09, US$0.09 and US$0.18, respectively, with reference to the nominal value of such Ordinary Shares. Immediately after the aforesaid transfer and issuance, Keystone Global Financial Group was owned as to 720, 7,200, 11,790, 900, 11,790, 900, 900 and 1,800 Ordinary Shares, respectively, by Ying King, LAU, Wing Leung, SIU, Shui Yuet, LAM, Chun Heung, LAU, Tak Chiu, CHAN, Kit Ying Kitty, KWONG, Cheuk Ning, LEW and Nga Sze, IP.

On September 16, 2025, in contemplation of the Offering, the Company further issued 11,214,000 Ordinary Shares in aggregate to its shareholders at par value, on a pro rata basis proportional to the shareholders' existing equity interests (collectively refers as the "**Pro Rata Share Issuance**"). All references to the number of ordinary shares and per-share data in the accompanying consolidated financial statements have been retroactively adjusted to reflect such issuance of shares. After the Pro Rata Share Issuance, 11,250,000 Ordinary Shares are issued and outstanding. The following table sets forth the breakdown of the Pro Rata Share Issuance to each shareholder:

---

| | | |
|:---|:---|:---|
| **Shareholders** | **Number of <br> Ordinary <br> Shares <br> Issued** | **Number of <br> Ordinary <br> Shares <br> Issued** |
| Ying King, LAU |  | 224280 |
| Wing Leung, SIU |  | 2242800 |
| Shui Yuet, LAM |  | 3672585 |
| Chun Heung, LAU |  | 280350 |
| Tak Chiu, CHAN |  | 3672585 |
| Kit Ying Kitty, KWONG |  | 280350 |
| Cheuk Ning, LEW |  | 280350 |
| Nga Sze, IP |  | 560700 |

---

*Dividends*

The holders of our Ordinary Shares are entitled to such dividends as may be declared by our board of directors, subject to the Companies Act. Our Amended and Restated Memorandum and Articles of Association provide that the directors may from time to time declare dividends (including interim dividends) and other distributions on shares of the Company in issue and authorize payment of the same out of the funds of our Company lawfully available therefor. No dividend shall be paid otherwise than out of profits or, subject to the restrictions of the Companies Act, the share premium account. Under the laws of the Cayman Islands, our Company may pay a dividend if we are able to pay our debts as they fall due in the ordinary course of business. 

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

**KEYSTONE GLOBAL FINANCIAL GROUP AND ITS SUBSIDIARY<br> Notes to Unaudited Interim Condensed Consolidated Financial Statements<br> For the Six Months Ended June 30, 2025 and 2024<br> (Expressed in United States Dollars ("US$"))**

**12. Shareholders' Equity** (cont.)

*Voting rights*

Any action required or permitted to be taken must be effected at a duly called general meeting by the shareholders entitled to vote on such action or may be effected by a resolution of members in writing, each in accordance with the Amended and Restated Memorandum and Articles of Association. Each Ordinary Share shall be entitled to one (1) vote on all matters subject to a vote at general meetings of our company. At any meeting a resolution put to the vote of the meeting shall be decided on a poll. At each general meeting, each shareholder who is present in person or by proxy (or, in the case of a shareholder being a corporation, by its duly authorized representative) will have the corresponding vote(s) for the shares that such shareholder holds.

 ****

***Cash dividend***

On June 24, 2024, Keystone Capital declared and paid an interim dividend of HK$500,000 (equivalent to US$64,078) to the sole shareholder of the Company.

**13. Employee Benefit Plans**

 

*HK SAR*

Employees of the Company located in Hong Kong participate in a compulsory saving scheme (pension fund) for the retirement of residents in Hong Kong. Employees are required to contribute monthly to mandatory provident fund schemes provided by approved private organizations, according to their salaries and the period of employment. The Group has a defined contribution pension scheme for its qualifying employees. The scheme assets are held under a provident fund managed by an independent fund manager. The Company and its employees are each required to make contributions to the scheme calculated at 5% of the employees' basic salaries on monthly basis. Total expenses for the plan were US$4,955 and US$4,362 for the six months ended June 30, 2025 and 2024, respectively.

**14. Commitments and Contingencies**

 

*Commitments*

As at June 30, 2025 and December 31, 2024, the Company did not have any significant capital and other commitments.

 

*Contingencies*

In the ordinary course of business, the Company may be subject to legal proceedings regarding contractual and employment relationships and a variety of other matters. The Company records contingent liabilities resulting from such claims, when a loss is assessed to be probable, and the amount of the loss is reasonably estimable. In the opinion of management, there were no pending or threatened claims and litigation as of June 30, 2025 and through the issuance date of these consolidated financial statements.

**15. Segment Reporting**

For the six months ended June 30, 2025 and 2024 and as of June 30, 2025, the Company operated in Hong Kong, through its subsidiary, which primarily engaged in the provision of asset management and advisory services.

Management determined that the Company functions as a single operating segment and thus reports as a single reportable segment. This determination is based on rules prescribed by GAAP applied to the manner in which management operates the Company. The chief operating decision maker ("CODM"), Tak Chiu, CHAN (a director of the Company), is responsible for allocating resources to its operations and assessing performance and obtains financial information, being the consolidated balance sheets, consolidated statements of operations, and consolidated statements of cash flows, about the Company as a whole.

The CODM reviews financial information on a consolidated basis and uses the consolidated net income, as reported on the consolidated statements of operations and comprehensive income, to assess performance of the Company and to allocate resources as part of the annual reporting process and to assess the performance of the Company's single reportable segment, primarily by monitoring actual results versus the plan.

The significant expenses reviewed by the CODM are consolidated operating expenses, as presented in the consolidated statement of operations and comprehensive income. Consolidated operating expenses include compensation and benefits, commission expense, depreciation, lease expenses and other general and administrative expenses. Depreciation includes depreciation of property, plant and equipment, which is disclosed in Note 5, "Property, Plant and Equipment, net". Lease expenses include amortization of operating lease right-of-use assets, which is disclosed in Note 6, "Lease".

Other segment items for the six months ended June 30, 2025 and 2024, totaled US$31,745 and US$32,594, respectively, and consisted of:

Other income, net of $31,745 and $32,594, respectively, primarily related to subletting income to a related party and bank interest income.

The CODM does not utilize consolidated balance sheet information when evaluating performance or allocating resources.

**16. Subsequent Events**

The Company has assessed all events from June 30, 2025, up through the date that these consolidated financial statements are available to be issued, unless as disclosed below, there are no other material subsequent events that require recognition or disclosure in these consolidated financial statements.

On August 4, 2025, the Company declared an interim dividend of HK$2,500,000 (equivalent to US$318,475) to the shareholders of the Company.

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

![](image_009.jpg)

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Board of Directors and Shareholders of Keystone Global Financial Group

**Opinion on the Consolidated Financial Statements**

We have audited the accompanying consolidated balance sheets of Keystone Global Financial Group and its subsidiary (collectively referred to as the "Group") as of December 31, 2024 and 2023, and the related consolidated statements of operations and comprehensive income, changes in shareholders' equity, and cash flows for each of the years in the two-year period ended December 31, 2024, and related notes (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Group as of December 31, 2024 and 2023 and the results of its operations and its cash flows for each of the years in the two-year period ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

**Restatement of the Previously Issued Consolidated Financial Statements**

As discussed in Note 2 to the consolidated financial statements, the accompanying consolidated financial statements have been restated to correct a misstatement.

**Basis for Opinion**

These consolidated financial statements are the responsibility of the Group's management. Our responsibility is to express an opinion on the Group's consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Group in accordance with the U.S. federal securities laws and the applicable rules and regulations of the United States Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Group 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 Group'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 consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

---

| | |
|:---|:---|
|  | */s/ SRCO Professional Corporation* |
| We have served as the Group's auditor since 2025. | CHARTERED PROFESSIONAL ACCOUNTANTS |
| Richmond Hill, Ontario, Canada | Authorized to practice public accounting by the |
| October 9, 2025 | Chartered Professional Accountants of Ontario |

---

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

**KEYSTONE GLOBAL FINANCIAL GROUP AND ITS SUBSIDIARY Consolidated Balance Sheets As of December 31, 2024 and 2023 (Expressed in United States Dollars ("US$"))**

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2024** | **2023** |
|  | **As restated** | **As restated** |
| **ASSETS** |  |  |
| **Current assets:** |  |  |
| Cash and cash equivalents | 538741 | 665079 |
| Time deposits | 303982 |  |
| Accounts receivable, net (Note 3) | 522787 | 321317 |
| Prepayments and other assets (Note 4) | 17760 | 39470 |
| Due from related parties (Note 9) | 1030017 | 942718 |
| Due from shareholders (Note 9) | 489205 |  |
| Income tax recoverable (Note 8) |  | 40 |
| **Total current assets** | 2902492 | 1968624 |
| **Non-current assets:** |  |  |
| Property, plant and equipment, net (Note 5) | 2196 | 14754 |
| Operating lease right-of-use assets, net (Note 6) | 191457 | 33597 |
| Prepayments and other assets (Note 4) | 26529 |  |
| Deferred tax assets (Note 8) | 9685 | 7778 |
| **TOTAL ASSETS** | $3132359 | $2024753 |
| **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |
| **Current liabilities:** |  |  |
| Operating lease liabilities, current portion (Note 6) | 82137 | 33021 |
| Accrued expenses and other current liabilities (Note 7) | 250871 | 119125 |
| Due to a related party (Note 9) | 3197 |  |
| Due to directors (Note 9) | 150752 | 218997 |
| Income tax payable (Note 8) | 127769 |  |
| **Total current liabilities** | 614726 | 371143 |
| **Non-current liabilities:** |  |  |
| Operating lease liabilities, net of current portion (Note 6) | 111468 |  |
| **TOTAL LIABILITIES** | 726194 | 371143 |
| **SHAREHOLDERS' EQUITY** |  |  |
| Ordinary shares, 500,000,000 shares authorized, par value US$0.0001 each, 11,250,000 ordinary shares issued and outstanding as of December 31, 2024 and 2023 (Note 1 and 11)\* | 1125 | 1125 |
| Additional paid-in capital | 1024963 | 1024963 |
| Retained earnings | 1370485 | 630486 |
| Accumulated other comprehensive income (loss) | 9592 | (2964) |
| **Total shareholders' equity** | 2406165 | 1653610 |
| **TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY** | $3132359 | $2024753 |
| Commitments and contingencies (Note 13) |  |  |
| Subsequent Events (Note 16) |  |  |

---

\* Retrospectively restated for effect of share reorganization (Note 1 and 11)

 ****

*See accompanying notes to consolidated financial statements.*

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

**KEYSTONE GLOBAL FINANCIAL GROUP AND ITS SUBSIDIARY Consolidated Statements of Operations and Comprehensive Income For the Years Ended December 31, 2024 and 2023 (Expressed in United States Dollars ("US$"), unless otherwise stated)**

---

| | | |
|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2024** | **2023** |
|  | **As restated** | **As restated** |
| **Revenues** | $2146888 | $1119128 |
| **Operating expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;Compensation and benefits | (110717) | (100450) |
| &nbsp;&nbsp;&nbsp;Commission expense | (723482) | (378616) |
| &nbsp;&nbsp;&nbsp;Director's emoluments - related party (Note 9) | (269282) | (471572) |
| &nbsp;&nbsp;&nbsp;Depreciation | (13096) | (26231) |
| &nbsp;&nbsp;&nbsp;Lease expenses | (61397) | (80789) |
| &nbsp;&nbsp;&nbsp;Other general and administrative expenses | (173215) | (116049) |
| **Total operating expenses** | (1351189) | (1173707) |
| **Income (loss) from operations** | 795699 | (54579) |
| **Other income/(expense)** |  |  |
| &nbsp;&nbsp;&nbsp;Other income, net | 94190 | 28471 |
| &nbsp;&nbsp;&nbsp;Other income, net - related party (Note 9) | 39524 | 39238 |
| **Total other income/(expense), net** | 133714 | 67709 |
| **Income before income taxes** | 929413 | 13130 |
| Income tax (expense) credit (Note 8) | (125336) | 3476 |
| **Net income** | $804077 | $16606 |
| **Other comprehensive income** |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency translation adjustment | 12556 | (1933) |
| **Comprehensive income** | $816633 | $14673 |
| Earnings per share – Basic and Diluted | $0.071 | $0.001 |
| Weighted average shares outstanding – Basic and Diluted\* | 11250000 | 11250000 |

---

\* Retrospectively restated for effect of share reorganization (Note 1 and 11)

*See accompanying notes to consolidated financial statements.*

 

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

 

**KEYSTONE GLOBAL FINANCIAL GROUP AND ITS SUBSIDIARY Consolidated Statements of Shareholders' Equity For the Years Ended December 31, 2024 and 2023 (Expressed in United States Dollars ("US$"), unless otherwise stated)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ordinary<br> Shares** | **Ordinary<br> Shares** | | | | |
|  | **No. of<br> shares** | **Amount** | **Additional**<br>**paid-in-<br> capital** | **Accumulated<br> other**<br>**comprehensive<br> income** |<br>**Retained<br> earnings** |<br>**Total** |
| Balance as of January 1, 2023 | 11250000 | $1125 | $1024963 | $(1031) | $613880 | $1638937 |
| Net income |  |  |  |  | 16606 | 16606 |
| Foreign currency translation adjustment |  |  |  | (1933) |  | (1933) |
| Balance as of December 31, 2023 | 11250000 | 1125 | 1024963 | (2964) | 630486 | 1653610 |
| Net income |  |  |  |  | 804077 | 804077 |
| Foreign currency translation adjustment |  |  |  | 12556 |  | 12556 |
| Dividend paid |  |  |  |  | (64078) | (64078) |
| Balance as of December 31, 2024 | 11250000 | $1125 | $1024963 | $9592 | $1370485 | $2406165 |

---

*See accompanying notes to consolidated financial statements.*

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

**KEYSTONE GLOBAL FINANCIAL GROUP AND ITS SUBSIDIARY Consolidated Statements of Cash Flows For the Years Ended December 31, 2024 and 2023 (Expressed in United States Dollars ("US$"))**

---

| | | |
|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2024** | **2023** |
|  | **As restated** | **As restated** |
| **Cash flows from operating activities:** |  |  |
| Net income | 804077 | 16606 |
| Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 13096 | 26231 |
| &nbsp;&nbsp;&nbsp;Deferred income taxes | (1849) | (3476) |
| Change in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Accounts receivable | (201470) | (4262) |
| &nbsp;&nbsp;&nbsp;Prepayments and other assets | (4819) | (7804) |
| &nbsp;&nbsp;&nbsp;Income tax recoverable | 40 | 13365 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities | 131746 | 3775 |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities | 3623 | (7472) |
| &nbsp;&nbsp;&nbsp;Income tax payables | 127769 |  |
| **Net cash provided by operating activities** | 872213 | 36963 |
| **Cash flows from investing activities:** |  |  |
| Purchase of property, plant and equipment | (513) |  |
| Advance to related companies | (87299) | (200351) |
| Advance to shareholders | (489205) |  |
| Withdrawal of time deposits |  | 467440 |
| Placement of time deposits | (302608) |  |
| **Net cash (used in) provided by investing activities** | (879625) | 267089 |
| **Cash flows from financing activities:** |  |  |
| Dividend paid | (64078) |  |
| (Repayment to) advance from directors | (68245) | 62608 |
| Advance from related companies | 3197 |  |
| **Net cash (used in) provided by financing activities** | (129126) | 62608 |
| Foreign currency translation adjustment | 10200 | 154 |
| Net change in cash and cash equivalents | (126338) | 366814 |
| **CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR** | 665079 | 298265 |
| **CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR** | 538741 | 665079 |

---

 

*See accompanying notes to consolidated financial statements.*

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

**KEYSTONE GLOBAL FINANCIAL GROUP AND ITS SUBSIDIARY Notes to Consolidated Financial Statements For the Years Ended December 31, 2024 and 2023 (Expressed in United States Dollars ("US$"))**

**1. Organization and Business Description**

 ****

***Organization and Nature of Operations***

Keystone Global Financial Group ("Keystone Global") (collectively, the "Company") was incorporated under the laws of the Cayman Islands as an exempted company with limited liability on April 3, 2025. It is a holding company with no business operation.

After the group reorganization (the "Reorganization") (see below), the Company conducts its primary operations through its wholly-owned subsidiary, Keystone Capital Limited ("Keystone Capital"), which is incorporated and domiciled in Hong Kong SAR. Keystone Capital is licensed with the Securities and Futures Commission of Hong Kong (the "SFC") to carry out Type 1 (dealing in Securities), Type 4 (advising on securities) and Type 9 (asset management) regulated activities in Hong Kong and mainly offer asset management and advisory services to customers.

The accompanying consolidated financial statements reflect the activities of the Company and the following entities:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Parent and subsidiary** | **Date of <br> Incorporation** | **Jurisdiction of <br> Formation** | **Percentage of <br> direct/indirect <br> Economic <br> Ownership** | **Principal <br> Activities** |
| Keystone Global | April 3, 2025 | Cayman Islands | Parent | Investment holding |
| Keystone Capital | December 3, 2015 | Hong Kong | 100% | Asset management |

---

***Reorganization and Share Issuance***

The Company is an exempted company with limited liability incorporated under the law of the Cayman Islands on April 3, 2025. The authorized share capital of the Company is US$50,000, divided into 500,000,000 Ordinary Shares with a par value of US$0.0001. As of the date of the incorporation of Keystone Global Financial Group, it was initially owned as to one (1) Ordinary Share held by Ogier Global Subscriber (Cayman) Limited. On May 13, 2025, Ogier Global Subscriber (Cayman) Limited transferred one (1) Ordinary Share to Shui Yuet, LAM for consideration of US$0.0001. That same day, Keystone Global Financial Group issued 720, 7,200, 11,789, 900, 11,790, 900, 900 and 1,800 Ordinary Shares to each of Ying King, LAU, Wing Leung, SIU, Shui Yuet, LAM, Chun Heung, LAU, Tak Chiu, CHAN, Kit Ying Kitty, KWONG, Cheuk Ning, LEW and Nga Sze, IP, respectively, at a consideration of US$0.072, US$0.72, US$1.1789, US$0.09, US$1.179, US$0.09, US$0.09 and US$0.18, respectively, with reference to the nominal value of such Ordinary Shares. Immediately after the aforesaid transfer and issuance, Keystone Global Financial Group was owned as to 720, 7,200, 11,790, 900, 11,790, 900, 900 and 1,800 Ordinary Shares, respectively, by Ying King, LAU, Wing Leung, SIU, Shui Yuet, LAM, Chun Heung, LAU, Tak Chiu, CHAN, Kit Ying Kitty, KWONG, Cheuk Ning, LEW and Nga Sze, IP.

On August 11, 2025, Keystone Global Financial Group acquired the entire issued share capital of the Operating Subsidiary from Keystone Holdings Worldwide Limited, a company incorporated in the BVI, which is owned as to 720, 7,200, 11,790, 900, 11,790, 900, 900 and 1,800 Ordinary Shares by Ying King, LAU, Wing Leung, SIU, Shui Yuet, LAM, Chun Heung, LAU, Tak Chiu, CHAN, Kit Ying Kitty, KWONG, Cheuk Ning, LEW and Nga Sze, IP, respectively, at a consideration of HK$1.00. Immediately before and after the aforesaid acquisition, the shareholdings in Keystone Global Financial Group and Keystone Holdings Worldwide Limited are identical.

Immediately subsequent to the acquisition, the Operating Subsidiary is a direct wholly-owned subsidiary of Keystone Group Financial Group.

On September 16, 2025, in contemplation of the Offering, the Company further issued 11,214,000 Ordinary Shares in aggregate to its shareholders at par value, on a pro rata basis proportional to the shareholders' existing equity interests (collectively refers as the "**Pro Rata Share Issuance**"). All references to the number of ordinary shares and per-share data in the accompanying consolidated financial statements have been retroactively adjusted to reflect such issuance of shares. After the Pro Rata Share Issuance, 11,250,000 Ordinary Shares are issued and outstanding. The following table sets forth the breakdown of the Pro Rata Share Issuance to each shareholder:

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| | | |
|:---|:---|:---|
| **Shareholders** | **Number of <br> Ordinary <br> Shares <br> Issued** | **Number of <br> Ordinary <br> Shares <br> Issued** |
| Ying King, LAU |  | 224280 |
| Wing Leung, SIU |  | 2242800 |
| Shui Yuet, LAM |  | 3672585 |
| Chun Heung, LAU |  | 280350 |
| Tak Chiu, CHAN |  | 3672585 |
| Kit Ying Kitty, KWONG |  | 280350 |
| Cheuk Ning, LEW |  | 280350 |
| Nga Sze, IP |  | 560700 |

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

**KEYSTONE GLOBAL FINANCIAL GROUP AND ITS SUBSIDIARY Notes to Consolidated Financial Statements For the Years Ended December 31, 2024 and 2023 (Expressed in United States Dollars ("US$"))**

**1. Organization and Business Description** (cont.)

The following table sets forth the breakdown of equity ownership of the Company upon the completion of the Pro Rata Share Issuances and as of the date of this report:

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| | | |
|:---|:---|:---|
| **Shareholders** | **Number of <br> Ordinary <br> Shares <br> Owned** | **Percentage<br> of Ordinary <br> Shares <br> Owned** |
| Ying King, LAU | 225000 | 2.00% |
| Wing Leung, SIU | 2250000 | 20.00% |
| Shui Yuet, LAM | 3684375 | 32.75% |
| Chun Heung, LAU | 281250 | 2.50% |
| Tak Chiu, CHAN | 3684375 | 32.75% |
| Kit Ying Kitty, KWONG | 281250 | 2.50% |
| Cheuk Ning, LEW | 281250 | 2.50% |
| Nga Sze, IP | 562500 | 5.00% |

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**2. Summary of Significant Accounting Policies**

 ****

***Basis of Presentation and Consolidation***

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and pursuant to the rules and regulations of the Securities Exchange Commission ("SEC").

Keystone Global and its subsidiary resulting from Reorganization has always been under the common control of the same controlling shareholder before and after the Reorganization. The consolidation of Keystone Global and its subsidiary has been accounted for at historical cost and prepared on the basis as if the transactions had become effective as of the beginning of the first period presented in the accompanying consolidated financial statements. Results of operations for the periods presented comprise those of the previously separate entities combined from the beginning of the period to the end of the period, eliminating the effects of intra-entity transactions.

The consolidated financial statements include the financial statements of Keystone Global and its wholly owned subsidiary. All intercompany transactions and balances among Keystone Global and its subsidiary have been eliminated upon consolidation.

 ****

***Use of Estimates and Assumptions***

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates and judgments are based on historical information, information that is currently available to the Company and on various other assumptions that the Company believes to be reasonable under the circumstances. Significant estimates required to be made by management, include, but are not limited to, the expected credit loss provision, the determination of the useful lives of property, plant and equipment, impairment of long-lived assets, right-of-use assets, net, operating lease liabilities, incremented borrowing rate for lease, valuation allowing for deferred tax asset, revenue recognition and contingencies. Actual results could differ from those estimates. The Company evaluates these estimates on an ongoing basis and revises estimates as circumstances change. The Company bases its estimates on historical experience, anticipated results, trends, and other various assumptions that it believes are reasonable.

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

**KEYSTONE GLOBAL FINANCIAL GROUP AND ITS SUBSIDIARY Notes to Consolidated Financial Statements For the Years Ended December 31, 2024 and 2023 (Expressed in United States Dollars ("US$"))**

**2. Summary of Significant Accounting Policies** (cont.)

***Foreign Currency Translation and transaction***

The Company's principal country of operations is Hong Kong. The consolidated financial position and results of its operations are determined using Hong Kong Dollars ("HK$"), the local currency, as the functional currency of Keystone Global and Keystone Capital. The Company's consolidated financial statements are reported using the U.S. Dollars ("US$" or "$"). The results of operations and the consolidated statements of cash flows denominated in foreign currency are translated at the average rate of exchange during the reporting period. Assets and liabilities denominated in foreign currencies at the consolidated balance sheet date are translated at the applicable rates of exchange in effect at that date. The equity denominated in the functional currency is translated at the historical rate of exchange at the time of capital contribution. Because cash flows are translated based on the average translation rate, amounts related to assets and liabilities reported on the consolidated statements of cash flows will not necessarily agree with changes in the corresponding balances on the consolidated balance sheets. Translation adjustments arising from the use of different exchange rates from period to period are included as a separate component of accumulated other comprehensive income (loss) included in consolidated statements of shareholders' equity. Gains and losses from foreign currency transactions are included in the Company's consolidated statements of operations and comprehensive income (loss).

The following table outlines the currency exchange rates that were used in preparing the consolidated financial statements:

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| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
| Year-end spot rate | $1 = HK$7.768 | $1 = HK$7.811 |
| Average rate | $1 = HK$7.803 | $1 = HK$7.829 |

---

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***Fair Value of Financial Instruments***

The fair value of a financial instrument is defined as the exchange price that would be received from an asset or paid to transfer a liability (as exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. The carrying amounts of financial assets and liabilities, such as cash and cash equivalents, time deposits, accounts receivable, other assets, due from related parties, due from shareholders, operating lease liabilities, current portion, accrued expenses and other current liabilities and due to a related party, approximate their fair values because of the short maturity of these instruments and market rates of interest.

ASC 825-10 requires certain disclosures regarding the fair value of financial instruments. Fair value is defined as 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. A three-level fair value hierarchy prioritizes the inputs used to measure fair value. The hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:

Level 1 — Quoted prices in active markets for identical assets and liabilities.

Level 2 — Quoted prices in active markets for similar assets and liabilities, or other inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.

Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.

Categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The carrying amounts of the Company's cash and cash equivalents, time deposits, accounts receivable, other assets, due from related parties, due from shareholders, operating lease liabilities, accrued expenses and other current liabilities and due to a related party approximated their fair values as of December 31, 2024 and 2023 due to their short-term nature.

 ****

***Cash and cash equivalents and time deposits***

Cash and cash equivalents consist of petty cash on hand, cash held in banks and time deposits in original maturities of three months or less, which are highly liquid and have original maturities of three months or less and are unrestricted as to withdrawal or use. The Company maintains all bank accounts in domestic banks of Hong Kong.

Time deposits represent time deposits placed with banks in Hong Kong in original maturities of three months or more. The time deposits carry fixed interest per annum for the years presented. As at December 31, 2024, the time deposits carried interests ranged from 4.00% to 4.28% with original maturities of 94 days.

Cash balances and time deposits in bank accounts in Hong Kong are protected under Deposit Protection Scheme in accordance with the Deposit Protection Scheme Ordinance (Chapter 581 of the laws of Hong Kong). The maximum protection was up to HK$500,000 (approximately US$64,369) and has been raised to HK$800,000 (approximately US$102,991) from October 1, 2024 per depositor per Scheme member, including both principal and interest.

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

**KEYSTONE GLOBAL FINANCIAL GROUP AND ITS SUBSIDIARY Notes to Consolidated Financial Statements For the Years Ended December 31, 2024 and 2023 (Expressed in United States Dollars ("US$"))**

**2. Summary of Significant Accounting Policies** (cont.)

***Accounts Receivable, net***

Accounts receivable, net consist of balances receivable from financial institutions in the normal course of business and generally are settled within 30 days or less. The Company maintains an allowance for expected credit losses ("ECLs") to provide for the estimated number of receivables that will not be collected. The Company applies a simplified approach in calculating ECLs. The Company provides an allowance for uncollectable accounts using an ECLs model which represents the estimate of ECLs over the lifetime of the asset. 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. The receivables are written off after all collection efforts have ceased. As of December 31, 2024 and 2023, no allowance for doubtful accounts was recognized, as management determined that expected credit losses were not material based on historical collection experience and other relevant factors.

 ****

***Prepayments***

Prepayments represent advance payments made to the service providers for future services. Prepayments are short-term in nature and are reviewed periodically to determine whether their carrying value has become impaired. The Company considers the assets to be impaired if the realizability of the prepayments becomes doubtful. As of December 31, 2024 and 2023, there was nil allowance recorded as the Company considers all of the prepayments recoverable.

 ****

***Property, plant and Equipment, net***

Property, plant and equipment are stated at cost, net of accumulated depreciation and amortization. Depreciation and amortization are provided for on a straight-line basis over the estimated useful lives of the related assets as follows:

---

| | |
|:---|:---|
| Furniture, Fixture & Equipment | 5 years |
| Office Equipment | 3 years |
| Computer | 3.33 years |
| Leasehold improvements | Over the lease terms |

---

Expenditures for maintenance and repairs, which do not materially extend the useful lives of the assets, are charged to expense as incurred. Expenditures for major renewals and betterments which substantially extend the useful life of assets are capitalized. The cost and related accumulated depreciation of assets retired or sold are removed from the respective accounts, and any gain or loss is recognized in the consolidated statements of operations and comprehensive income (loss) in other income or expenses.

The Company also re-evaluates the periods of depreciation to determine whether subsequent events and circumstances warrant revised estimates of useful lives.

 ****

***Impairment of Long-Lived Assets***

The Company reviews the recoverability of its long-lived assets, such as property, plant and equipment and right-of-use assets, whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use of the assets) indicate that the carrying amount of an asset may no longer be recoverable. When these events occur, the Company measures impairment by comparing the carrying value of the long-lived assets to the estimated undiscounted future cash flows expected to result from the use of the assets and their eventual disposition. If the sum of the expected undiscounted cash flow is less than the carrying amount of the assets, the Company would recognize an impairment loss, which is the excess of carrying amount over the fair value of the assets, using the expected future discounted cash flows. There were no impairment losses on long-lived assets for the years ended December 31, 2024 and 2023.

***Lease***

The Company applies the provisions of ASC Topic 842, *Leases* which requires lessees to recognize lease assets and lease liabilities on the consolidated balance sheet. The Company determines whether a contract is or contains a lease at inception of the contract and whether that lease meets the classification criteria of a finance or operating lease. When available, the Company uses the rate implicit in the lease to discount lease payments to present value; however, most of the Company's leases do not provide a readily determinable implicit rate. Therefore, the Company must discount lease payments based on an estimate of its incremental borrowing rate.

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

**KEYSTONE GLOBAL FINANCIAL GROUP AND ITS SUBSIDIARY Notes to Consolidated Financial Statements For the Years Ended December 31, 2024 and 2023 (Expressed in United States Dollars ("US$"))**

**2. Summary of Significant Accounting Policies** (cont.)

 ****

***Right-of-use Assets***

The Company's right-of-use assets consist of leased assets recognized in accordance with ASC 842, Leases, which requires lessees to recognize a lease liability and a corresponding lease asset for virtually all lease contracts. Right-of-use assets represent the Company's right to use an underlying asset for the lease term and lease liability represents the Company's obligation to make lease payments arising from the lease, both of which are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. Leases with a lease term of 12 months or less at inception are not recorded on the consolidated balance sheet and are expensed on a straight-line basis over the lease term in the consolidated statements of operations and comprehensive loss. The Company determines the lease term by agreement with lessor. In cases where the lease does not provide an implicit interest rate, the Company uses the Company's incremental borrowing rate based on the information available at commencement date in determining the present value of future payments.

 ****

***Revenue Recognition***

Revenue is recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The following five steps are applied to achieve that core principle:

Step 1: Identify the contract with the customer

Step 2: Identify the performance obligations in the contract

Step 3: Determine the transaction price

Step 4: Allocate the transaction price to the performance obligations in the contract

Step 5: Recognize revenue when the company satisfies a performance obligation.

The Company enters into agreements with clients that create enforceable rights and obligations and for which it is probable that the Company will collect the consideration to which it will be entitled as services transfer to the customer. It is customary practice for the Company to have the agreements with its customers in writing, orally, or in accordance with other customary business practices. The Company recognizes revenue when (or as) a performance obligation is satisfied, i.e. when "control" of the goods or services underlying the particular performance obligation is transferred to customers.

Control of the good or service may be transferred over time or at a point in time. Control of the good or service is transferred over time if one of the following criteria is met:

● the customer simultaneously receives and consumes the benefits provided by the Company's performance as the Company performs;

● the Company's performance creates and enhances an asset that the customer controls as the Company performs; 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.

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

**KEYSTONE GLOBAL FINANCIAL GROUP AND ITS SUBSIDIARY Notes to Consolidated Financial Statements For the Years Ended December 31, 2024 and 2023 (Expressed in United States Dollars ("US$"))**

**2. Summary of Significant Accounting Policies** (cont.)

If the control of the good or service transfers over time, revenue is recognized over the period of the contract by reference to the progress towards complete satisfaction of the relevant performance obligation. Otherwise, revenue is recognized at a point in time when customer obtains control of the distinct good or service.

Revenue is measured based on the consideration specified in a contract with a customer. The Company recognizes revenue when it transfers control of service to a customer.

*Asset management and advisory services*

Revenue from asset management and advisory services is primarily in connection with services as an investment manager or an advisor from funds or investments. The Company rendered asset management and advisory services to individual clients as a principal which are recorded over the period of service provided. The asset management and advisory services involve a series of distinct tasks that collectively meet the criteria for recognizing revenue over time. The Company provides discretionary accounts services to manage external customer funds placed at certain financial institutions (i.e. banks and securities firms). The Company develops tailored investment strategies for clients based on their individual risk tolerance and investment preferences. Through its discretionary account services, the Company helps clients invest in Hong Kong and U.S. equities, fixed income investments, structured products and other asset classes. Consequently, the services are considered substantially similar and result in the transfer of substantially similar benefits to the client. Based on this assessment, the Company concludes that the services provided satisfy the requirements of ASC 606-10-25-14(b) to be accounted for as a single performance obligation.

 ****

The Company recognizes revenues from asset management and advisory services based on the output methods on a quarterly basis when it satisfies its performance obligations throughout the contract terms. The Company acts as a principal to provide these investment and advisory services to individual clients and manage the external clients' funds placed at certain banks and securities firms.

Instead of charging its clients directly, retrocession fee is charged by the Company to the clients by sharing of the net fee income generated and received by these banks and securities firms from the Company's clients quarterly in accordance with the external asset management agreements entered with these banks and securities firms. Under the external asset management agreements, the Company is entitled to receive between 25% and 65% of the net fee income generated and received by these banks and securities firms from the Company's clients after deducting any commission, fees or charges that these banks and securities firms may have to pay to any third party. The net fee income mainly includes custody fees, fund trailer fees, commission income from securities brokerage transactions of the clients, subscription fees and management fees from fund dealing transactions of the clients, and transaction spreads charged for executing bond trades on behalf of the clients.

i) Retrocession income from sales and purchase of investment products and services

The retrocession income from sales and purchase of investment products and services represents the Company's share of the net fee income received by the banks and securities firms in connection with their execution of investment activities on behalf of clients. Such retrocession income is derived from a sharing of net fee income from commission income from securities brokerage transactions of the clients, subscription fees and management fees from fund dealing transactions of the clients, and transaction spreads charged for executing bond trades on behalf of the clients.

ii) Retrocession income from funds under custody

The retrocession income from funds under custody represents the Company's share of the net fee income received by the banks and securities firms in connection with the clients' funds placed at the banks and securities firms, charged on the asset value under management with range from 0.1 to 0.2% by the banks and securities firms. Such retrocession income is derived from a sharing of net fee income from custody fees and fund trailer fees.

The Company's entitlement to the above retrocession income from sales and purchase of investment products and services and funds under custody is based on a fixed percentage of the net fee income generated by the banks and securities firms, as specified in external asset management agreements. The fee components of sales and purchase of investment products and services, and funds under custody charged by banks and securities firms respectively are not related to or impacted by the other as they are determined by banks and securities firms separately.

Since the asset values of the funds under custody are changing from time to time, there is variable consideration in the transaction price of the retrocession income from funds under custody if the fee is charged at a fixed percentage of asset values of the funds under custody. The Company estimates this variable consideration in the transaction price based on the quarter or semi-annual average asset value under management of the clients at a fixed percentage and subsequently confirmed by banks and securities firms. The fee is due and paid within the specified terms of payment.

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

**KEYSTONE GLOBAL FINANCIAL GROUP AND ITS SUBSIDIARY Notes to Consolidated Financial Statements For the Years Ended December 31, 2024 and 2023 (Expressed in United States Dollars ("US$"))**

**2. Summary of Significant Accounting Policies** (cont.)

*Commission income*

The Company derives commission income from the introduction of clients to other financial institutions. The Company enters into distinct agreements with these financial institutions in relation to the introduction and referral services rendered. Under this referral agreements, the performance obligation is that the Company introduces the referred parties to the financial institutions and the referred parties execute a transaction with the financial institutions. The Company shall be entitled a commission income based on a fixed percentage point on the amount of transactions executed between the referred parties and the financial institutions to whom the referred parties are referred. The Company's performance obligation is completed at the point when the referred parties execute a transaction with these parties.

The Company is not subject to any minimum referral numbers, any committed targets or any other obligations once the referral is made. No claw back or adjustments to the income are allowed under these agreements. Revenue from referral services is recognized at a point in time when the transaction and the performance is completed.

 ****

Revenue disaggregated by nature of revenue for the years ended December 31, 2024 and 2023 is disclosed in the table below:

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| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  | **As restated** | **As restated** |
| Retrocession income from sales and purchase of investment products and services | $1755055 | $919158 |
| Retrocession income from funds under custody | 141801 | 127406 |
| Commission income from referral services | 250032 | 72564 |
|  | $2146888 | $1119128 |

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Revenue disaggregated by timing of revenue recognition for the years ended December 31, 2024 and 2023 is disclosed in the table below:

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| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
| Revenue – Over time | $1896856 | $1046564 |
| Revenue – At a point in time | 250032 | 72564 |
|  | $2146888 | $1119128 |

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 **

***Other income***

 **

Interest income is mainly generated from savings and time deposits and is recognized on an accrual basis using the effective interest method.

***Government grants***

Government grants are not recognized until there is a reasonable assurance that the Company will comply with the conditions attached to them and the grants will be received.

Government grants are recognized in the consolidated statements of operations and comprehensive income on a systematic basis over the periods in which the Company recognizes as expenses the related costs for which the grants are intended to compensate.

Government grants related to income that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the Company with no future related costs are recognized in the consolidated statements of operations and comprehensive income in the period in which they become receivable. Such grants are presented under other income.

During the years ended December 31, 2024 and 2023, the Company recognized government grants of approximately US$59,809 and US$nil, respectively, in other income. This amount relates to a grant received under the Hong Kong government's Grant Scheme for Open-ended Fund Companies and Real Estate Investment Trusts (the "Grant Scheme"), which subsidizes up to 70% of eligible establishment costs, capped at HK$500,000 per private fund.

The grant is subject to certain conditions, including a potential clawback if the Company is terminated within two years of incorporation. Management evaluated this condition and determined that the risk of clawback is remote as of the reporting date.

 ****

***Employee Benefit Plan***

Employees of the Company located in Hong Kong participate in a compulsory saving scheme (pension fund) for the retirement of residents in Hong Kong. Employees are required to contribute monthly to mandatory provident fund schemes provided by approved private organizations, according to their salaries and the period of employment.

The Company is required to contribute to the plan based on certain percentages of the employees' salaries, up to a maximum amount specified by the local government. Total expenses for the plan were US$8,766 and US$8,882 for the years ended December 31, 2024 and 2023, respectively.

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

**KEYSTONE GLOBAL FINANCIAL GROUP AND ITS SUBSIDIARY Notes to Consolidated Financial Statements For the Years Ended December 31, 2024 and 2023 (Expressed in United States Dollars ("US$"))**

**2. Summary of Significant Accounting Policies** (cont.)

***Income Taxes***

The Company accounts for income taxes under ASC 740. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax bases.

Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period including the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.

The Company believes there were no uncertain tax positions at December 31, 2024 and 2023, respectively. The Company does not expect that its assessment regarding unrecognized tax positions will materially change over the next 12 months. The Company is not currently under examination by an income tax authority, nor has been notified that an examination is contemplated.

 ****

***Earnings Per Share***

The Company computes earnings per share ("EPS") in accordance with ASC 260, "Earnings per Share" ("ASC 260"). ASC 260 requires companies with complex capital structures to present basic and diluted EPS. Basic EPS are computed by dividing income available to ordinary shareholders of the Company by the weighted average ordinary shares outstanding during the period. Diluted EPS takes into account the potential dilution that could occur if securities or other contracts to issue ordinary shares were exercised and converted into ordinary shares. As of December 31, 2024 and 2023, there were no dilutive shares.

 ****

***Comprehensive Income (Loss)***

Comprehensive income (loss) consists of two components, net income (loss) and other comprehensive income (loss). Other comprehensive income (loss) refers to revenue, expenses, gains and losses that under U.S. GAAP are recorded as an element of shareholders' equity but are excluded from net income. Other comprehensive income (loss) consists of foreign currency translation adjustment resulting from the Company translating its consolidated financial statements from functional currency into reporting currency.

 ****

***Commitments and Contingencies***

In the normal course of business, the Company is subject to contingencies, such as legal proceedings and claims arising out of its business, which cover a wide range of matters. Liabilities for contingencies are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated.

As of December 31, 2024 and 2023, the Company had no outstanding lawsuits nor claims.

If the assessment of a contingency indicates that it is probable that a material loss is incurred and the amount of the liability can be estimated, then the estimated liability is accrued in the Company's consolidated financial statements. If the assessment indicates that a potentially material loss contingency is not probable, but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, together with an estimate of the range of possible loss, if determinable and material, would be disclosed.

Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the nature of the guarantee would be disclosed.

 ****

***Related parties***

Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence, such as a family member or relative, shareholder, or a related corporation.

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

**KEYSTONE GLOBAL FINANCIAL GROUP AND ITS SUBSIDIARY Notes to Consolidated Financial Statements For the Years Ended December 31, 2024 and 2023 (Expressed in United States Dollars ("US$"))**

**2. Summary of Significant Accounting Policies** (cont.)

***Financial Instruments Risks***

 

*Currency Risk*

The Group's operating activities are transacted in HK$. Foreign exchange risk arises from future commercial transactions, recognized assets and liabilities and net investments in foreign operations. The Group considers the foreign exchange risk in relation to transactions denominated in HK$ with respect to US$ is not significant as HK$ is pegged to US$.

 

*Concentration and Credit Risk*

Assets that potentially subject the Group to a significant concentration of credit risk primarily consist of cash and cash equivalents, time deposits, accounts receivable and other assets. The Company believes that there is no significant credit risk associated with cash and cash equivalents and time deposits, which were held by reputable financial institutions in the jurisdictions where the Company and its subsidiary are located. The Hong Kong Deposit Protection Board pays compensation up to a limit of HK$800,000 (approximately US$102,991) and HK$500,000 (approximately US$64,013) as at December 31, 2024 and 2023, respectively, if the bank with which an individual/a company hold its eligible fails. As of December 31, 2024, and 2023, cash and cash equivalents and time deposits balance of US$840,436 and US$662,872 respectively were at financial institutions in Hong Kong and approximately US$634,454 and US$598,859 were not covered by the Hong Kong Deposit Protection Board. The Company has designed their credit policies with an objective to minimize their exposure to credit risk. The Company's accounts receivable is short term in nature and the associated risk is minimal. The Company conducts credit evaluations on its clients and generally does not require collateral or other security from such clients. The Company periodically evaluates the creditworthiness of the existing clients in determining an allowance for doubtful accounts primarily based upon the age of the receivables and factors surrounding the credit risk of specific clients.

Financial instruments that potentially subject the Company to the concentration of credit risks consist of cash and cash equivalents, time deposits and accounts receivable. The Company's credit risk with respect to cash and cash equivalents and time deposits is discussed under "Cash and cash equivalents and time deposits" in this section.

For the year ended December 31, 2024, three financial institutions partners accounted for 32.6%, 24.0% and 15.3% of the Company's total revenues. For the year ended December 31, 2023, three financial institutions partners accounted for 36.1%, 20.5% and 18.1% of the Company's total revenues.

As of December 31, 2024, 3 accounts receivable accounted for 50.6%, 16.2% and 15.4%, respectively, of the Company's total accounts receivable. As of December 31, 2023, 5 accounts receivable accounted for 40.1%, 15.8%, 11.8%, 11.3% and 10.0%, respectively, of the Company's total accounts receivable.

 

*Interest rate risk*

The Company is exposed to interest rate risk through the changes in interest rates related mainly to the Company's variable-rates line of credit and bank balances, which was considered minimal as the bank balances are only in current accounts and saving accounts.

The Company currently does not have any hedging policy in relation to interest rate risk. The directors monitor the Company's exposures on an ongoing basis and will consider hedging the interest rate should the need arise.

 

*Liquidity risk*

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Company's approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company's reputation.

Typically, the Company ensures that it has sufficient cash on demand to meet expected operational expenses for a period of 30 days, including the servicing of financial obligations; this excludes the potential impact of extreme circumstances that cannot reasonably be predicted, such as natural disasters.

***Restatement of previously issued consolidated financial statements***

Subsequent to the confidential submission of the Company's initial draft registration statement, and following the SEC's review process, the Company identified several classification and presentation errors in the consolidated balance sheets as at December 31, 2024 and 2023 and the consolidated statements of operations and comprehensive income and consolidated statements of cash flows for the years ended December 31, 2024 and 2023.

The Company had previously misclassified i) commission receivables as prepayments and other assets, instead of accounts receivable, net; ii) commission income as other income, instead of revenue; and iii) related party balances as operating activities, instead of investing or financing activities.

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

**KEYSTONE GLOBAL FINANCIAL GROUP AND ITS SUBSIDIARY Notes to Consolidated Financial Statements For the Years Ended December 31, 2024 and 2023 (Expressed in United States Dollars ("US$"))**

**2. Summary of Significant Accounting Policies** (cont.)

As a result, the Company has restated the consolidated balance sheets, consolidated statements of operations and comprehensive income and consolidated statements of cash flows. These restatements do not impact the Company's net income, cash flows, or overall financial position.

**Consolidated Balance Sheets**

---

| | | | |
|:---|:---|:---|:---|
|  | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Previously<br> reported** | **Restatements** | **As restated** |
| **Current assets:** | | | |
| Accounts receivable, net | $431994 | $90793 | $522787 |
| Prepayments and other assets | 108553 | (90793) | 17760 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **As of December 31, 2023** | **As of December 31, 2023** | **As of December 31, 2023** |
|  | **Previously<br> reported** | **Restatements** | **As restated** |
| **Current assets:** | | | |
| Accounts receivable, net | $306670 | $14647 | $321317 |
| Prepayments and other assets | 54117 | (14647) | 39470 |

---

**Consolidated Statements of Operations and Comprehensive Income**

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** |
|  | **Previously<br> reported** | **Restatements** | **As restated** |
| Revenues | $1896856 | $250032 | $2146888 |
| Other income, net | 344222 | (250032) | 94190 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31, 2023** | **Year Ended December 31, 2023** | **Year Ended December 31, 2023** |
|  | **Previously<br> reported** | **Restatements** | **As restated** |
| Revenues | $1046564 | $72564 | $1119128 |
| Other income, net | 101035 | (72564) | 28471 |

---

**Consolidated Statements of Cash Flows**

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** |
|  | **Previously<br> reported** | **Restatements** | **As restated** |
| **Cash flows from operating activities:** | | | |
| Change in operating assets and liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;Due from related parties | $(87299) | $87299 | $— |
| &nbsp;&nbsp;&nbsp;Due from shareholders | (489205) | 489205 |  |
| &nbsp;&nbsp;&nbsp;Due to a related party | 3197 | (3197) |  |
| &nbsp;&nbsp;&nbsp;Due to directors | (68245) | 68245 |  |
| **Net cash provided by operating activities** | 230661 | 641552 | 872213 |
| **Cash flows from investing activities:** |  |  |  |
| Advance to related companies |  | (87299) | (87299) |
| Advance to shareholders |  | (489205) | (489205) |
| **Net cash used in investing activities** | (303121) | (576504) | (879625) |
| **Cash flows from financing activities:** |  |  |  |
| Repayment to directors |  | (68245) | (68245) |
| Advance from related companies |  | 3197 | 3197 |
| **Net cash used in financing activities** | (64078) | (65048) | (129126) |

---

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

**KEYSTONE GLOBAL FINANCIAL GROUP AND ITS SUBSIDIARY Notes to Consolidated Financial Statements For the Years Ended December 31, 2024 and 2023 (Expressed in United States Dollars ("US$"))**

**2. Summary of Significant Accounting Policies** (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31, 2023** | **Year Ended December 31, 2023** | **Year Ended December 31, 2023** |
|  | **Previously<br> reported** | **Restatements** | **As restated** |
| **Cash flows from operating activities:** | | | |
| Change in operating assets and liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;Due from related parties | $(200351) | $200351 | $— |
| &nbsp;&nbsp;&nbsp;Due from shareholders | (3) | 3 |  |
| &nbsp;&nbsp;&nbsp;Due to directors | 62608 | (62608) |  |
| **Net cash (used in) provided by operating activities** | (100783) | 137746 | 36963 |
| **Cash flows from investing activities:** |  |  |  |
| Advance to related companies |  | (200351) | (200351) |
| **Net cash used in investing activities** | 467440 | (200351) | 267089 |
| **Cash flows from financing activities:** |  |  |  |
| Advance from directors |  | 62608 | 62608 |
| **Net cash provided by financing activities** |  | 62608 | 62608 |
| Foreign currency translation adjustment | 157 | (3) | 154 |

---

***Recently Accounting Pronouncements***

In November 2023, the FASB issued ASU 2023-07, which is an update to Topic 280, Segment Reporting. The amendments in this Update improve financial reporting by requiring disclosure of incremental segment information on an annual and interim basis for all public entities to enable investors to develop more decision-useful financial analyses.

The amendments in this update: (1) require that a public entity disclose, on an annual and interim basis, significant segment expenses that are regularly provided to the chief operating decision maker (CODM) and included within each reported measure of segment profit or loss (collectively referred to as the "significant expense principle"), (2) Require that a public entity disclose, on an annual and interim basis, an amount for other segment items by reportable segment and a description of its composition. The other segment items category is the difference between segment revenue less the segment expenses disclosed under the significant expense principle and each reported measure of segment profit or loss, (3) Require that a public entity provide all annual disclosures about a reportable segment's profit or loss and assets currently required by Topic 280 in interim periods, and (4) Clarify that if the CODM uses more than one measure of a segment's profit or loss in assessing segment performance and deciding how to allocate resources, a public entity may report one or more of those additional measures of segment profit. However, at least one of the reported segment profit or loss measures (or the single reported measure, if only one is disclosed) should be the measure that is most consistent with the measurement principles used in measuring the corresponding amounts in the public entity's unaudited interim condensed consolidated financial statements. In other words, in addition to the measure that is most consistent with the measurement principles under generally accepted accounting principles (GAAP), a public entity is not precluded from reporting additional measures of a segment's profit or loss that are used by the CODM in assessing segment performance and deciding how to allocate resources, (5) Require that a public entity disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources, and (6) Require that a public entity that has a single reportable segment provide all the disclosures required by the amendments in this Update and all existing segment disclosures in Topic 280. The amendments in this Update also do not change how a public entity identifies its operating segments, aggregates those operating segments, or applies the quantitative thresholds to determine its reportable segments. The amendments in this Update are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. A public entity should apply the amendments in this Update retrospectively to all prior periods presented in the financial statements. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. We have evaluated the effect of this guidance and determined the impact to be insignificant.

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

**KEYSTONE GLOBAL FINANCIAL GROUP AND ITS SUBSIDIARY Notes to Consolidated Financial Statements For the Years Ended December 31, 2024 and 2023 (Expressed in United States Dollars ("US$"))**

**2. Summary of Significant Accounting Policies** (cont.)

In December 2023, the FASB issued ASU 2023-09, which is an update to Topic 740, Income Taxes. The amendments in this update related to the rate reconciliation and income taxes paid disclosures improve the transparency of income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. The amendments allow investors to better assess, in their capital allocation decisions, how an entity's worldwide operations and related tax risks and tax planning and operational opportunities affect its income tax rate and prospects for future cash flows. 5 The other amendments in this Update improve the effectiveness and comparability of disclosures by (1) adding disclosures of pretax income (or loss) and income tax expense (or benefit) to be consistent with U.S. Securities and Exchange Commission (SEC) Regulation S-X 210.4-08(h), Rules of General Application — General Notes to Financial Statements: Income Tax Expense, and (2) removing disclosures that no longer are considered cost beneficial or relevant. For public business entities, the amendments in this Update are effective for annual periods beginning after December 15, 2024. For entities other than public business entities, the amendments are effective for annual periods beginning after December 15, 2025. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments in this Update should be applied on a prospective basis. Retrospective application is permitted. We are evaluating the effect this guidance will have on our tax disclosures.

Except for the above-mentioned pronouncements, there are no new recent issued accounting standards that will have material impact on the consolidated balance sheets, statements of operations and comprehensive income and cash flows.

**3. Accounts Receivable, net**

Accounts receivable, net consisted of the following at December 31:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  | **As restated** | **As restated** |
| Accounts receivable | $522787 | $321317 |
| Less: allowance for credit losses |  |  |
| Accounts receivable, net | $522787 | $321317 |

---

As of December 31, 2024 and 2023, no receivables are past due or delinquent based on the repayment history of the debtors.

**4. Prepayments and Other Assets**

Prepayments and other assets consisted of the following at December 31:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  | **As restated** | **As restated** |
| Prepayments | $17103 | $7975 |
| Rental and utility deposits | 27186 | 31495 |
|  | $44289 | $39470 |
| Less: amount classified as non-current assets | (26529) |  |
| Amount classified as current assets | $17760 | $39470 |

---

**5. Property, Plant and Equipment, net**

Property, plant and equipment, stated at cost less accumulated depreciation and amortization, consisted of the following as of December 31:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
| Furniture, Fixture & Equipment | $5686 | $5655 |
| Office Equipment | 22036 | 21401 |
| Computer | 6085 | 6052 |
| Leasehold improvements | 70042 | 69655 |
| Less: accumulated depreciation | (101653) | (88009) |
| Property, plant and equipment, net | $2196 | $14754 |

---

Depreciation expenses of property, plant and equipment totalled US$13,096 and US$26,231 for the years ended December 31, 2024 and 2023, respectively.

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

**KEYSTONE GLOBAL FINANCIAL GROUP AND ITS SUBSIDIARY Notes to Consolidated Financial Statements For the Years Ended December 31, 2024 and 2023 (Expressed in United States Dollars ("US$"))**

**6. Leases**

<u>Operating leases as lessee</u>

As of December 31, 2024 and 2023, the Company had property operating leases recorded on its consolidated balance sheets. The Company does not have options to extend or cancel the existing lease agreements for its existing facilities prior to their respective expiration dates. When determining the lease term, at lease commence date, the Company considers options to extend or terminate the lease when it is reasonably certain that it will exercise or not exercise that option. The Company's lease arrangements may contain both lease and non-lease components. The Company has separately accounted for lease and non-lease components based on their nature. Payments under the Company's lease arrangement are fixed.

The following table shows operating lease right-of-use assets, net and operating lease liabilities, and the associated consolidated financial statement line items as of December 31:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
| **Operating lease right-of-use assets** |  |  |
| Beginning balance at December 31 | $33597 | $112584 |
| New leases | 215286 |  |
| Amortization | (58325) | (78668) |
| Exchange difference | 899 | (319) |
| Ending balance at December 31 | $191457 | $33597 |

---

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
| **Operating lease liabilities** |  |  |
| Beginning balance at December 31 | $33021 | $119161 |
| New leases | 215286 |  |
| Repayment and interest accretion | (55609) | (85796) |
| Exchange difference | 907 | (344) |
| Ending balance at December 31 | $193605 | $33021 |
| Operating lease liabilities, current portion | $82137 | $33021 |
| Operating lease liabilities, net of current portion | $111468 | $— |
| Weighted average remaining lease term (in years) | 2.37 | 0.37 |
| Weighted average discount rate (%) | 4.35% | 2.93% |

---

The operating lease expense was US$61,397 and US$80,789 for the years ended December 31, 2024 and 2023, respectively, and included in the operating expenses.

Maturities of lease liabilities were as follows:

---

| | |
|:---|:---|
| **For the year ending December 31,** | |
| 2025 | $88613 |
| 2026 | 81229 |
| 2027 | 33476 |
| Total lease payments | $203318 |
| Less: imputed interest | (9713) |
| Operating lease obligation, net | $193605 |

---

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

**KEYSTONE GLOBAL FINANCIAL GROUP AND ITS SUBSIDIARY Notes to Consolidated Financial Statements For the Years Ended December 31, 2024 and 2023 (Expressed in United States Dollars ("US$"))**

**7. Accrued Expenses and Other Current Liabilities**

Components of accrued expenses and other current liabilities are as follows as of December 31:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
| Commission payables to employees | $248914 | $113505 |
| Accruals for operating expenses | 1957 | 5620 |
| Total | $250871 | $119125 |

---

**8. Income Taxes**

 

*Hong Kong*

In accordance with the relevant tax laws and regulations of Hong Kong, a company registered in Hong Kong is subject to income taxes within Hong Kong at the applicable tax rate on taxable income. Hong Kong profit tax rates are 8.25% on assessable profits up to US$257,476 (HK$2,000,000), and 16.5% on any part of assessable profits over US$257,476 (HK$2,000,000).

The components of the income tax expense are as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2024** | **2023** |
| **Current** |  |  |
| Hong Kong | $127185 | $— |
| **Deferred** |  |  |
| Hong Kong | (1849) | (3476) |
| **Provision for income taxes** | $125336 | (3476) |

---

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

**KEYSTONE GLOBAL FINANCIAL GROUP AND ITS SUBSIDIARY Notes to Consolidated Financial Statements For the Years Ended December 31, 2024 and 2023 (Expressed in United States Dollars ("US$"))**

**8. Income Taxes** (cont.)

The following table reconciles Hong Kong statutory rates to the Company's effective tax:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
| Profit before income taxes | $929413 | $13130 |
| Hong Kong Profits Tax rate | 16.5% | 16.5% |
| Income taxes computed at Hong Kong Profits Tax rate | 153353 | 2166 |
| **Reconciling items:** |  |  |
| Tax effect of income that is not taxable\* | (4300) | (4526) |
| Utilization of deductible temporary differences previously not recognized | (684) | (880) |
| Statutory tax deduction# | (384) | (118) |
| Effect of two-tier tax rate | (21146) | (118) |
| Others | (1503) |  |
| **Income tax expense (credit)** | $125336 | $(3476) |

---

\* Income that is not taxable mainly consisted of the bank interest income, which is non-taxable under Hong Kong income tax law.

# It represents a reduction granted by the Hong Kong SAR Government of 100% of the tax payable subject to a maximum reduction of HK$1,500 (approximately US$192) and HK$3,000 (approximately US$383) for each business during the years ended December 31, 2024 and 2023, respectively.

The Company measures deferred tax assets and liabilities based on the difference between carrying amount of assets and liabilities and their respective tax bases at the applicable tax rates. Components of the Company's deferred tax asset and liability are as follows as of December 31:

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2024** | **2023** |
| **Deferred tax assets:** |  |  |
| Property, plant and equipment, net | $9685 | $7778 |
| Less: valuation allowance |  |  |
| **Deferred tax assets, net** | $9685 | $7778 |

---

Income tax recoverable (payable) consist of the following as of December 31:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
| Income tax recoverable (payable) | $(127769) | $40 |

---

 

*<u>Uncertain tax positions</u>*

The Company evaluates each uncertain tax position (including the potential application of interest and penalties) based on the technical merits, and measures the unrecognized benefits associated with the tax positions. As of December 31, 2024 and 2023, the Company did not have any significant unrecognized uncertain tax positions. The Company did not incur any interest and penalties related to potential underpaid income taxes for the years ended December 31, 2024 and 2023. The Company also does not anticipate any significant increases or decreases in unrecognized tax benefits in the next 12 months from December 31, 2024.

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

**KEYSTONE GLOBAL FINANCIAL GROUP AND ITS SUBSIDIARY Notes to Consolidated Financial Statements For the Years Ended December 31, 2024 and 2023 (Expressed in United States Dollars ("US$"))**

**9. Related Party Balance and Transactions**

The following is a list of related parties which the Company has transactions with:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Ying King, LAU, a shareholder of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Wing Leung, SIU, a shareholder of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Keystone Holdings Worldwide Limited, controlled by Wing Leung, SIU, a shareholder of the Company and Ying King, LAU, a shareholder of the Company

&nbsp;&nbsp;&nbsp;&nbsp;(d) Keystone Capital (Singapore) Pte Ltd, controlled by Ying King, LAU, a shareholder of the Company

&nbsp;&nbsp;&nbsp;&nbsp;(e) Keystone Finance Limited, controlled by Ying King, LAU, a shareholder of the Company

 ****

&nbsp;&nbsp;&nbsp;&nbsp;(f) Tak Chiu, CHAN, a director of the Company

&nbsp;&nbsp;&nbsp;&nbsp;(g) Wing Kin, SIU, a director of the Company

***a. Due from shareholders***

As of December 31, 2024 and 2023, the balances of due from shareholders were as follows:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
| **Due from shareholders** |  |  |
| Ying King, LAU (a) <sup>(1)</sup> | $437710 | $— |
| Wing Leung, SIU (b) <sup>(1)</sup> | 51495 |  |
|  | $489205 | $— |

---

(1) The balances represented
 the advances to shareholders. The amounts were unsecured, interest-free and repayable on
 demand. Subsequent to the year end, the entire amount has been fully settled.

 ****

***b. Due from related parties***

As of December 31, 2024 and 2023, the balances of due from related parties were as follows:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
| **Due from related parties** |  |  |
| Keystone Holdings Worldwide Limited (c) <sup>(1)</sup> | $985901 | $896424 |
| Keystone Capital (Singapore) Pte Ltd (d) <sup>(1)</sup> | 44116 | 43093 |
| Keystone Finance Limited (e) <sup>(1)</sup> |  | 3201 |
|  | $1030017 | $942718 |

---

(1) The balances represented
 the advances to related parties. The amounts were unsecured, interest-free and repayable
 on demand. Subsequent to the year end, the entire amount has been fully settled.

 ****

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

**KEYSTONE GLOBAL FINANCIAL GROUP AND ITS SUBSIDIARY Notes to Consolidated Financial Statements For the Years Ended December 31, 2024 and 2023 (Expressed in United States Dollars ("US$"))**

**9. Related Party Balance and Transactions** (cont.)

 ****

***c. Due to a related party***

As of December 31, 2024 and 2023, the balances of due to a related company were as follows:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
| **Due to a related party** |  |  |
| Keystone Finance Limited (e) <sup>(1)</sup> | $3197 | $— |

---

(1) The balances represented
 the advances from a related party. The amounts were unsecured, interest-free and repayable
 on demand.

***d. Due to directors***

As of December 31, 2024 and 2023, the balances of due to directors were as follows:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
| **Due to directors** |  |  |
| Tak Chiu, CHAN (f) <sup>(1)</sup> | $135607 | $193979 |
| Wing Kin, SIU (g) <sup>(1)</sup> | 15145 | 25018 |
|  | $150752 | $218997 |

---

(1) The balances represented the directors' emoluments payable to directors. The amounts were unsecured, interest-free and repayable on demand.

***e. Transactions with a related company***

In addition to the transactions and balances detailed elsewhere in these consolidated financial statements, the Company had the following transactions with related parties:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
| Subletting income from Keystone Finance Limited <sup>(1)</sup> | $38447 | $38318 |
| Loan interest income from Keystone Finance Limited <sup>(2)</sup> | 1077 | 920 |
| Director's emoluments to Tak Chiu, CHAN <sup>(3)</sup> | (161947) | (355174) |
| Director's emoluments to Wing Kin, SIU <sup>(3)</sup> | (107335) | (116398) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The transactions represented the income received
 from subletting part of its principal office to Keystone Finance Limited. The subletting contract is renewed annually.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The transactions represented the interest income
 received from short-term loan provided to Keystone Finance Limited.

&nbsp;&nbsp;&nbsp;&nbsp;(3) The remuneration shown above reflects payments
 for services rendered as senior management of our operating subsidiary, and not compensation paid for service on the board of directors
 of Keystone Global Financial Group.

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

**KEYSTONE GLOBAL FINANCIAL GROUP AND ITS SUBSIDIARY Notes to Consolidated Financial Statements For the Years Ended December 31, 2024 and 2023 (Expressed in United States Dollars ("US$"))**

**10. Regulatory Requirement**

The following table illustrates the minimum regulatory capital as established by the SFC that the Company is required to maintain as of December 31, 2024 and December 31, 2023 and the actual amounts of capital based on its liquid assets minus its liquid liabilities that were maintained:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As at December 31, 2024** | **As at December 31, 2024** | **As at December 31, 2024** | **As at December 31, 2024** |
|  | **Minimum<br> regulatory<br> capital<br> requirement** | **Capital<br> levels<br> maintained** | **Excess net<br> capital** | **Percent of<br> requirement<br> maintained** |
| Keystone Capital Limited | $386215 | $775715 | $389500 | 201% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As at December 31, 2023** | **As at December 31, 2023** | **As at December 31, 2023** | **As at December 31, 2023** |
|  | **Minimum<br> regulatory<br> capital<br> requirement** | **Capital<br> levels<br> maintained** | **Excess net<br> capital** | **Percent of<br> requirement<br> maintained** |
| Keystone Capital Limited | $384079 | $603919 | $219840 | 157% |

---

**11. Shareholders' Equity**

 

*Ordinary shares*

The Company is an exempted company with limited liability incorporated under the law of the Cayman Islands on April 3, 2025. The authorized share capital of the Company is US$50,000, divided into 500,000,000 Ordinary Shares with a par value of US$0.0001. As of the date of the incorporation of Keystone Global Financial Group, it was initially owned as to one (1) Ordinary Share held by Ogier Global Subscriber (Cayman) Limited. On May 13, 2025, Ogier Global Subscriber (Cayman) Limited transferred one (1) Ordinary Share to Shui Yuet, LAM for consideration of US$0.0001. That same day, Keystone Global Financial Group issued 720, 7,200, 11,789, 900, 11,790, 900, 900 and 1,800 Ordinary Shares to each of Ying King, LAU, Wing Leung, SIU, Shui Yuet, LAM, Chun Heung, LAU, Tak Chiu, CHAN, Kit Ying Kitty, KWONG, Cheuk Ning, LEW and Nga Sze, IP, respectively, at a consideration of US$0.072, US$0.72, US$1.1789, US$0.09, US$1.179, US$0.09, US$0.09 and US$0.18, respectively, with reference to the nominal value of such Ordinary Shares. Immediately after the aforesaid transfer and issuance, Keystone Global Financial Group was owned as to 720, 7,200, 11,790, 900, 11,790, 900, 900 and 1,800 Ordinary Shares, respectively, by Ying King, LAU, Wing Leung, SIU, Shui Yuet, LAM, Chun Heung, LAU, Tak Chiu, CHAN, Kit Ying Kitty, KWONG, Cheuk Ning, LEW and Nga Sze, IP.

On September 16, 2025, in contemplation of the Offering, the Company further issued 11,214,000 Ordinary Shares in aggregate to its shareholders at par value, on a pro rata basis proportional to the shareholders' existing equity interests (collectively refers as the "**Pro Rata Share Issuance**"). All references to the number of ordinary shares and per-share data in the accompanying consolidated financial statements have been retroactively adjusted to reflect such issuance of shares. After the Pro Rata Share Issuance, 11,250,000 Ordinary Shares are issued and outstanding. The following table sets forth the breakdown of the Pro Rata Share Issuance to each shareholder:

---

| | | |
|:---|:---|:---|
| **Shareholders** | **Number of <br> Ordinary <br> Shares <br> Issued** | **Number of <br> Ordinary <br> Shares <br> Issued** |
| Ying King, LAU |  | 224280 |
| Wing Leung, SIU |  | 2242800 |
| Shui Yuet, LAM |  | 3672585 |
| Chun Heung, LAU |  | 280350 |
| Tak Chiu, CHAN |  | 3672585 |
| Kit Ying Kitty, KWONG |  | 280350 |
| Cheuk Ning, LEW |  | 280350 |
| Nga Sze, IP |  | 560700 |

---

*Dividends*

The holders of our Ordinary Shares are entitled to such dividends as may be declared by our board of directors, subject to the Companies Act. Our Amended and Restated Memorandum and Articles of Association provide that the directors may from time to time declare dividends (including interim dividends) and other distributions on shares of the Company in issue and authorize payment of the same out of the funds of our Company lawfully available therefor. No dividend shall be paid otherwise than out of profits or, subject to the restrictions of the Companies Act, the share premium account. Under the laws of the Cayman Islands, our Company may pay a dividend if we are able to pay our debts as they fall due in the ordinary course of business. 

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

**KEYSTONE GLOBAL FINANCIAL GROUP AND ITS SUBSIDIARY Notes to Consolidated Financial Statements For the Years Ended December 31, 2024 and 2023 (Expressed in United States Dollars ("US$"))**

**11. Shareholders' Equity** (cont.)

*Voting rights*

Any action required or permitted to be taken must be effected at a duly called general meeting by the shareholders entitled to vote on such action or may be effected by a resolution of members in writing, each in accordance with the Amended and Restated Memorandum and Articles of Association. Each Ordinary Share shall be entitled to one (1) vote on all matters subject to a vote at general meetings of our company. At any meeting a resolution put to the vote of the meeting shall be decided on a poll. At each general meeting, each shareholder who is present in person or by proxy (or, in the case of a shareholder being a corporation, by its duly authorized representative) will have the corresponding vote(s) for the shares that such shareholder holds.

 ****

***Cash dividend***

On June 24, 2024, Keystone Capital declared and paid an interim dividend of HK$500,000 (equivalent to US$64,078) to the sole shareholder of the Company.

**12. Employee Benefit Plans**

 

*HK SAR*

Employees of the Company located in Hong Kong participate in a compulsory saving scheme (pension fund) for the retirement of residents in Hong Kong. Employees are required to contribute monthly to mandatory provident fund schemes provided by approved private organizations, according to their salaries and the period of employment. The Group has a defined contribution pension scheme for its qualifying employees. The scheme assets are held under a provident fund managed by an independent fund manager. The Company and its employees are each required to make contributions to the scheme calculated at 5% of the employees' basic salaries on monthly basis. Total expenses for the plan were US$8,766 and US$8,882 for the years ended December 31, 2024 and 2023, respectively.

**13. Commitments and Contingencies**

 

*Commitments*

As at December 31, 2024 and 2023, the Company did not have any significant capital and other commitments.

 

*Contingencies*

In the ordinary course of business, the Company may be subject to legal proceedings regarding contractual and employment relationships and a variety of other matters. The Company records contingent liabilities resulting from such claims, when a loss is assessed to be probable, and the amount of the loss is reasonably estimable. In the opinion of management, there were no pending or threatened claims and litigation as of December 31, 2024 and through the issuance date of these consolidated financial statements.

**14. Segment Reporting**

For the years ended December 31, 2024 and 2023 and as of December 31, 2024, the Company operated in Hong Kong, through its subsidiary, which primarily engaged in the provision of asset management and advisory services.

Management determined that the Company functions as a single operating segment and thus reports as a single reportable segment. This determination is based on rules prescribed by GAAP applied to the manner in which management operates the Company. The chief operating decision maker is responsible for allocating resources to its operations and assessing performance and obtains financial information, being the consolidated balance sheets, consolidated statements of operations, and consolidated statements of cash flows, about the Company as a whole.

**15. Subsequent Events**

The Company has assessed all events from December 31, 2024, up through the date that these consolidated financial statements are available to be issued, unless as disclosed below, there are no other material subsequent events that require recognition or disclosure in these consolidated financial statements.

On August 4, 2025, the Company declared an interim dividend of HK$2,500,000 (equivalent to US$318,475) to the shareholders of the Company.

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

1,250,000 Ordinary Shares

**Keystone Global Financial Group**

**___________________**

**PROSPECTUS**

**___________________**

, 2025

**Until and including , 2025 (the 25th day after the date of this prospectus), all dealers that buy, sell or trade our Ordinary Shares, whether or not participating in this Offering, may be required to deliver a prospectus. This is in addition to the obligation of dealers to deliver a prospectus when acting as underwriters and with respect to their unsold allotments or subscriptions.**

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

**PART II — INFORMATION NOT REQUIRED IN THE PROSPECTUS**

**Item 6. Exculpation, Insurance, and Indemnification of Office Holders (Including Directors and Officers)**

Cayman Islands law does not limit the extent to which a company's articles of association may provide indemnification of officers and directors, except to the extent any such provision may be held by the Cayman Islands courts to be contrary to the public interest, such as providing indemnification against civil fraud or the consequences of committing a crime. Our articles of association provide that to the extent permitted by law, we shall indemnify each existing or former director (including alternate director), secretary and other officer of the Company (including an investment adviser or an administrator or liquidator) and their personal representatives against:

&nbsp;&nbsp;&nbsp;&nbsp;(a) all actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred or sustained
by the existing or former director (including alternate director), secretary or officer in or about the conduct of our Company's business
or affairs or in the execution or discharge of the existing or former director's (including alternate director's), secretary's or
officer's duties, powers, authorities or discretions; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) without limitation to paragraph (a), all costs, expenses, losses or liabilities incurred by the existing
or former director (including alternate director), secretary or officer in defending (whether successfully or otherwise) any civil, criminal,
administrative or investigative proceedings (whether threatened, pending or completed) concerning our Company or our affairs in any court
or tribunal, whether in the Cayman Islands or elsewhere.

To the extent permitted by the Companies Act, the Company may make a payment, or agree to make a payment, whether by way of advance, loan or otherwise, for any legal costs incurred by an existing or former director (including alternate director), secretary or officer of our Company in respect of any matter identified in the articles of association on condition that the director (including alternate director), secretary or officer must repay the amount paid by our Company to the extent that we are ultimately found not liable to indemnify the director (including alternate director), secretary or that officer for those legal costs.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling us under the foregoing provisions, we have been informed that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

**Item 7. Recent Sales of Unregistered Securities**

During the past three years, we have issued the following securities without registering the securities under the Securities Act. We believe that each of the following issuances was exempt from registration under the Securities Act in reliance on Regulation S under the Securities Act regarding sales by an issuer in offshore transactions or pursuant to Section 4(a)(2) of the Securities Act regarding transactions not involving a public offering and/or Rule 701 of the Securities Act. None of the transactions involved an underwriter.

As of the date of the incorporation of Keystone Global Financial Group, it was initially owned as to one (1) Ordinary Share held by Ogier Global Subscriber (Cayman) Limited. On May 13, 2025, Ogier Global Subscriber (Cayman) Limited transferred one (1) Ordinary Share to Shui Yuet, LAM for consideration of US$0.0001. That same day, Keystone Global Financial Group issued 720, 7,200, 11,789, 900, 11,790, 900, 900 and 1,800 Ordinary Shares to each of Ying King, LAU, Wing Leung, SIU, Shui Yuet, LAM, Chun Heung, LAU, Tak Chiu, CHAN, Kit Ying Kitty, KWONG, Cheuk Ning, LEW and Nga Sze, IP, respectively, at a consideration of US$0.072, US$0.72, US$1.1789, US$0.09, US$1.179, US$0.09, US$0.09 and US$0.18, respectively, with reference to the nominal value of such Ordinary Shares. Immediately after the aforesaid transfer and issuance, Keystone Global Financial Group was owned as to 720, 7,200, 11,790, 900, 11,790, 900, 900 and 1,800 Ordinary Shares, respectively, by Ying King, LAU, Wing Leung, SIU, Shui Yuet, LAM, Chun Heung, LAU, Tak Chiu, CHAN, Kit Ying Kitty, KWONG, Cheuk Ning, LEW and Nga Sze, IP.

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

On September 16, 2025, in contemplation of the Offering, the Company further issued 11,214,000 Ordinary Shares in aggregate to its shareholders at par value, on a pro rata basis proportional to the shareholders' existing equity interests (collectively refers as the "**Pro Rata Share Issuance**"). All references to the number of ordinary shares and per-share data in the accompanying consolidated financial statements have been retroactively adjusted to reflect such issuance of shares. After the Pro Rata Share Issuance, 11,250,000 Ordinary Shares are issued and outstanding. The following table sets forth the breakdown of the Pro Rata Share Issuance to each shareholder:

---

| | | |
|:---|:---|:---|
| **Shareholders** | **Number of Ordinary Shares Issued** | **Number of Ordinary Shares Issued** |
| Ying King, LAU |  | 224280 |
| Wing Leung, SIU |  | 2242800 |
| Shui Yuet, LAM |  | 3672585 |
| Chun Heung, LAU |  | 280350 |
| Tak Chiu, CHAN |  | 3672585 |
| Kit Ying Kitty, KWONG |  | 280350 |
| Cheuk Ning, LEW |  | 280350 |
| Nga Sze, IP |  | 560700 |

---

The following table sets forth the breakdown of equity ownership of the Company upon the completion of the Pro Rata Share Issuances and as of the date of this prospectus:

---

| | | |
|:---|:---|:---|
| **Shareholders** | **Number of Ordinary Shares Owned** | **Percentage of** <br> **Ordinary** <br> **Shares Owned** |
| Ying King, LAU | 225000 | 2.00% |
| Wing Leung, SIU | 2250000 | 20.00% |
| Shui Yuet, LAM | 3684375 | 32.75% |
| Chun Heung, LAU | 281250 | 2.50% |
| Tak Chiu, CHAN | 3684375 | 32.75% |
| Kit Ying Kitty, KWONG | 281250 | 2.50% |
| Cheuk Ning, LEW | 281250 | 2.50% |
| Nga Sze, IP | 562500 | 5.00% |

---

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

**Item 8. Exhibits and Financial Statement Schedules**

(a) Exhibits.

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 1.1\*\* | Form of Underwriting Agreement |
| 3.1\* | [Amended and Restated Memorandum and Articles of Association](keystoneex3-1.htm) |
| 4.1\* | [Specimen certificate evidencing Ordinary Shares](keystoneex4-1.htm) |
| 5.1\* | [Opinion of Ogier regarding the validity of the ordinary shares being registered and certain Cayman Islands tax matters](keystoneex5-1.htm) |
| 8.1\* | [Opinion of David Fong & Co., Solicitors regarding certain Hong Kong tax matters (included in Exhibit 99.1)](keystoneex99-1.htm) |
| 8.2\* | [Opinion of Ogier as to Cayman Islands tax matters (included in Exhibit 5.1)](keystoneex5-1.htm) |
| 10.1\* | [Form of Broker Agreement](keystoneex10-1.htm) |
| 10.2\* | [Form of External Asset Management Agreement](keystoneex10-2.htm) |
| 10.3\* | [Financial Services Agreement between Keystone Capital Limited and a financial products B2B wholesale fintech platform provider](keystoneex10-3.htm) |
| 10.4\* | [Form of Referral Agreement between Keystone Capital Limited and financial institutions](keystoneex10-4.htm) |
| 10.5\* | [Investment Management Agreement between Keystone Capital Limited and Keystone Multi Strategy OFC](keystoneex10-5.htm) |
| 10.6\* | [Employment Agreement between the Registrant and Mr. Tak Chiu, CHAN, Registrant's director and Chief Executive Officer and Chair of the Board, dated September 12, 2025](keystoneex10-6.htm) |
| 10.7\* | [Employment Agreement between the Registrant and Mr. Wing Kin, SIU, Registrant's director and Chief Financial Officer, dated September 12, 2025](keystoneex10-7.htm) |
| 10.8\* | [Licence Agreement of 1902-3A, 19/F, FWD Financial Centre, 308-320 Des Voeux Raod Central, Sheung Wan, Hong Kong, dated March 4, 2025](keystoneex10-8.htm) |
| 10.9\* | [Form of Independent Director Offer Letter](keystoneex10-9.htm) |
| 14.1\* | [Code of Business Conduct and Ethics](keystoneex14-1.htm) |
| 14.2\* | [Executive Compensation Recovery Policy](keystoneex14-2.htm) |
| 14.3\* | [Insider Trading Policy](keystoneex14-3.htm) |
| 21.1\* | [List of Subsidiaries](keystoneex21-1.htm) |
| 23.1\* | [Consent of SRCO Professional Corporation Chartered Professional Accountants](keystoneex23-1.htm) |
| 23.2\* | [Consent of Ogier (included in Exhibit 5.1)](keystoneex5-1.htm) |
| 23.3\* | [Consent of David Fong & Co., Hong Kong counsel to the Registrant (included in Exhibit 99.1)](keystoneex99-1.htm) |
| 23.4\* | [Consent of China Research and Intelligence Co., Ltd.](keystoneex23-4.htm) |
| 24.1 | [Power of Attorney (included in the signature page to the Form F-1)](#poa) |
| 99.1\* | [Opinion of David Fong & Co., Hong Kong counsel to the Registrant, regarding certain Hong Kong legal and tax matters](keystoneex99-1.htm) |
| 99.2\* | [Audit Committee Charter](keystoneex99-2.htm) |
| 99.3\* | [Compensation Committee Charter](keystoneex99-3.htm) |
| 99.4\* | [Nominating Committee Charter](keystoneex99-4.htm) |
| 99.5\* | [Consent of Kai Hing, WONG, Independent Director Nominee](keystoneex99-5.htm) |
| 99.6\* | [Consent of Oi Fat, CHAN, Independent Director Nominee](keystoneex99-6.htm) |
| 99.7\* | [Consent of Yin Kuen, NG, Independent Director Nominee](keystoneex99-7.htm) |
| 107\* | [Filing Fee Table](keystoneex-fee.htm) |

---

\* Filed herein

\*\* To be filed via amendment

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

**Item 9. Undertakings.**

(a) The
undersigned registrant hereby undertakes to provide to the underwriters at the closing specified in the underwriting agreements, certificates
in such denominations and registered in such names as required by the underwriters to permit prompt delivery to each purchaser.

(b) Insofar
as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling
persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of
the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable.
In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred
or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is
asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless
in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the
question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication
of such issue.

(c) The
undersigned registrant hereby undertakes that:

&nbsp;&nbsp;&nbsp;&nbsp;(1) For
purposes of determining any liability under the Securities Act of 1933, the information omitted from the form of prospectus
filed as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant
pursuant to Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration
statement as of the time it was declared effective.

&nbsp;&nbsp;&nbsp;&nbsp;(2) For
the purpose of determining any liability under the Securities Act of 1933, each post-effective amendment that contains a form
of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such
securities at that time shall be deemed to be the initial bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;(3) For
the purpose of determining liability under the Securities Act of 1933 to any purchaser, if the registrant is subject to Rule 430C,
each prospectus filed pursuant to Rule 424(b) as part of a registration statement relating to an offering, other than registration
statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and
included in the registration statement as of the date it is first used after effectiveness. Provided, however, that no statement made
in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated
by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a
time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus
that was part of the registration statement or made in any such document immediately prior to such date of first use.

&nbsp;&nbsp;&nbsp;&nbsp;(4) For
the purpose of determining liability of a registrant under the Securities Act of 1933 to any purchaser in the initial distribution
of the securities, the undersigned registrant undertakes that in a primary offering of securities of an 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;(i) Any
preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any
free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by an
undersigned registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The
portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant
or its securities provided by or on behalf of the undersigned registrant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Any
other communication that is an offer in the offering made by the undersigned registrant to the purchaser.

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

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form F-1 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Hong Kong on October 9, 2025.

---

| | |
|:---|:---|
| **Keystone Global Financial Group** | **Keystone Global Financial Group** |
| By: | */s/ Tak Chiu, CHAN* |
|  | Tak Chiu, CHAN |
|  | Chief Executive Officer and the Chair of the Board, |
|  | (Principal 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.

---

| | | |
|:---|:---|:---|
| **Name** | **Title** | **Date** |
| */s/ Tak Chiu, CHAN* | Chief Executive Officer and the Chair of the Board | October 9, 2025 |
| Tak Chiu, CHAN | (Principal Executive Officer) |  |
| */s/ Wing Kin, SIU* | Chief Financial Officer and Director | October 9, 2025 |
| Wing Kin, SIU | (Principal Financial and Accounting Officer) |  |

---

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

**SIGNATURE OF AUTHORIZED AGENT IN THE UNITED STATES**

Pursuant to the Securities Act of 1933 as amended, the undersigned, the duly authorized agent in the United States of America, has signed this registration statement thereto in New York, NY on October 9, 2025.

---

| | |
|:---|:---|
| **Authorized U.S. Representative** | **Authorized U.S. Representative** |
| **Cogency Global Inc.** | **Cogency Global Inc.** |
| By: | /s/ Colleen A. De Vries |
| Name: | Colleen A. De Vries |
| Title: | Senior Vice-President on behalf of |
|  | Cogency Global Inc. |

---

## Exhibit 3.1

**Exhibit 3.1**

---

| |
|:---|
| &nbsp;&nbsp; **Companies Act (Revised)**<br>**Company Limited by Shares**<br>&nbsp;&nbsp; **<br> Amended and Restated** <br> **Memorandum of Association** **<br> of<br> Keystone Global Financial Group**<br> **翹石國際金融集團**<br>|
| &nbsp;&nbsp; <br> (Adopted by special resolutions passed on 16 September 2025) |

---

![](ex3-1_001.jpg)

**Companies Act (Revised)**

**Company Limited by Shares**

**Amended and Restated**

**Memorandum of Association**

**of**

**Keystone Global Financial Group**

**翹石國際金融集團**

(Adopted by special resolutions passed on 16 September 2025)

---

| | |
|:---|:---|
| 1 | The name of the Company is **Keystone Global Financial Group 翹石國際金融集團**. |

---

2 The Company's registered office will be situated at the office of Ogier Global (Cayman) Limited, 89 Nexus Way, Camana Bay, Grand Cayman, KY1-9009, Cayman Islands or at such other place in the Cayman Islands as the directors may at any time decide.

3 The Company's objects are unrestricted. As provided by section 7(4) of the Companies Act (Revised), the Company has full power and authority to carry out any object not prohibited by any law of the Cayman Islands.

4 The Company has unrestricted corporate capacity. Without limitation to the foregoing, as provided by section 27 (2) of the Companies Act (Revised), the Company has and is capable of exercising all the functions of a natural person of full capacity irrespective of any question of corporate benefit.

5 Nothing in any of the preceding paragraphs permits the Company to carry on any of the following businesses without being duly licensed, namely:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the business of a bank or trust company without being licensed in that behalf under the Banks and Trust
Companies Act (Revised); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) insurance business from within the Cayman Islands or the business of an insurance manager, agent, sub-agent
or broker without being licensed in that behalf under the Insurance Act (Revised);or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the business of company management without being licensed in that behalf under the Companies Management
Act (Revised).

---

| | |
|:---|:---|
| 6 | Unless licensed to do so, the Company will not trade in the Cayman Islands with any person, firm or corporation except in furtherance of its business carried on outside the Cayman Islands. Despite this, the Company may effect and conclude contracts in the Cayman Islands and exercise in the Cayman Islands any of its powers necessary for the carrying on of its business outside the Cayman Islands. |

---

---

| | |
|:---|:---|
| 7 | The Company is a company limited by shares and accordingly the liability of each member is limited to the amount (if any) unpaid on that member's shares. |

---

---

| | |
|:---|:---|
| 8 | The share capital of the Company is US$50,000 divided into 500,000,000 Ordinary Shares of US$0.0001 each. Other than as set out in the preceding sentence, there is no limit on the number of shares of any class which the Company is authorised to issue. However, subject to the Companies Act (Revised) and the Company's articles of association, the Company has power to do any one or more of the following: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to redeem or repurchase any of its shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to increase or reduce its capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to issue any part of its capital (whether original, redeemed, increased or reduced):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with or without any preferential, deferred, qualified or special rights, privileges or conditions; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) subject to any limitations or restrictions

and unless the condition of issue expressly declares otherwise, every issue of shares (whether declared to be ordinary, preference or otherwise) is subject to this power; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to alter any of those rights, privileges, conditions, limitations or restrictions.

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

---

| |
|:---|
| &nbsp;&nbsp; **Companies Act (Revised)**<br>**Company Limited By Shares**<br>&nbsp;&nbsp; **Amended and Restated<br> Articles of Association<br> of<br> Keystone Global Financial Group**<br> **翹石國際金融集團**<br>|
| &nbsp;&nbsp; <br> (Adopted by special resolutions passed on 16 September 2025) |

---

![](ex3-1_001.jpg)

**Contents**

---

| | |
|:---|:---|
| **1 Definitions, interpretation and exclusion of Table A** | **1** |
| Definitions | 1 |
| Interpretation | 4 |
| Exclusion of Table A Articles | 5 |
| **2 Shares** | **5** |
| Power to issue Shares and options, with or without special rights | 5 |
| Power to issue fractions of a Share | 6 |
| Power to pay commissions and brokerage fees | 6 |
| Trusts not recognised | 6 |
| Security interests | 6 |
| Power to vary class rights | 6 |
| Effect of new Share issue on existing class rights | 7 |
| No bearer Shares or warrants | 7 |
| Treasury Shares | 7 |
| Rights attaching to Treasury Shares and related matters | 7 |
| Register of Members | 8 |
| Annual Return | 8 |
| **3 Share certificates** | **8** |
| Issue of share certificates | 8 |
| Renewal of lost or damaged share certificates | 9 |
| **4 Lien on Shares** | **9** |
| Nature and scope of lien | 9 |
| Company may sell Shares to satisfy lien | 10 |
| Authority to execute instrument of transfer | 10 |
| Consequences of sale of Shares to satisfy lien | 10 |
| Application of proceeds of sale | 11 |
| **5 Calls on Shares and forfeiture** | **11** |
| Power to make calls and effect of calls | 11 |
| Time when call made | 11 |
| Liability of joint holders | 12 |
| Interest on unpaid calls | 12 |
| Deemed calls | 12 |
| Power to accept early payment | 12 |
| Power to make different arrangements at time of issue of Shares | 12 |
| Notice of default | 12 |
| Forfeiture or surrender of Shares | 13 |
| Disposal of forfeited or surrendered Share and power to cancel forfeiture or surrender | 13 |
| Effect of forfeiture or surrender on former Member | 13 |
| Evidence of forfeiture or surrender | 14 |
| Sale of forfeited or surrendered Shares | 14 |
| **6 Transfer of Shares** | **14** |
| Form of Transfer | 14 |
| Power to refuse registration for Shares not listed on a Designated Stock Exchange | 14 |
| Suspension of transfers | 15 |
| Company may retain instrument of transfer | 15 |
| Notice of refusal to register | 15 |
| **7 Transmission of Shares** | **15** |
| Persons entitled on death of a Member | 15 |

---

i

---

| | |
|:---|:---|
| Registration of transfer of a Share following death or bankruptcy | 16 |
| Indemnity | 16 |
| Rights of person entitled to a Share following death or bankruptcy | 16 |
| **8 Alteration of capital** | **16** |
| Increasing, consolidating, converting, dividing and cancelling share capital | 16 |
| Dealing with fractions resulting from consolidation of Shares | 17 |
| Reducing share capital | 17 |
| **9 Redemption and purchase of own Shares** | **18** |
| Power to issue redeemable Shares and to purchase own Shares | 18 |
| Power to pay for redemption or purchase in cash or in specie | 18 |
| Effect of redemption or purchase of a Share | 18 |
| **10 Meetings of Members** | **19** |
| Annual and extraordinary general meetings | 19 |
| Power to call meetings | 19 |
| Content of notice | 20 |
| Period of notice | 20 |
| Persons entitled to receive notice | 21 |
| Accidental omission to give notice or non-receipt of notice | 21 |
| **11 Proceedings at meetings of Members** | **21** |
| Quorum | 21 |
| Lack of quorum | 22 |
| Chairman | 22 |
| Right of a Director to attend and speak | 22 |
| Accommodation of Members at Virtual Meeting | 22 |
| Security | 23 |
| Adjournment, postponement and cancellation | 23 |
| Method of voting | 23 |
| Taking of a poll | 23 |
| Chairman's casting vote | 24 |
| Written resolutions | 24 |
| Sole-Member Company | 25 |
| **12 Voting rights of Members** | **25** |
| Right to vote | 25 |
| Rights of joint holders | 26 |
| Representation of corporate Members | 26 |
| Member with mental disorder | 26 |
| Objections to admissibility of votes | 27 |
| Form of proxy | 27 |
| How and when proxy is to be delivered | 27 |
| Voting by proxy | 29 |
| **13 Number of Directors** | **29** |
| **14 Appointment, disqualification and removal of Directors** | **29** |
| First Directors | 29 |
| No age limit | 29 |
| Corporate Directors | 29 |
| No shareholding qualification | 29 |
| Appointment of Directors | 30 |
| Board's power to appoint Directors | 30 |
| Removal of Directors | 30 |
| Resignation of Directors | 30 |
| Termination of the office of Director | 30 |

---

ii

---

| | |
|:---|:---|
| **15 Alternate Directors** | **31** |
| Appointment and removal | 31 |
| Notices | 32 |
| Rights of alternate Director | 32 |
| Appointment ceases when the appointor ceases to be a Director | 32 |
| Status of alternate Director | 32 |
| Status of the Director making the appointment | 33 |
| **16 Powers of Directors** | **33** |
| Powers of Directors | 33 |
| Directors below the minimum number | 33 |
| Appointments to office | 33 |
| Provisions for employees | 34 |
| Exercise of voting rights | 34 |
| Remuneration | 34 |
| Disclosure of information | 35 |
| **17 Delegation of powers** | **35** |
| Power to delegate any of the Directors' powers to a committee | 35 |
| Local boards | 36 |
| Power to appoint an agent of the Company | 36 |
| Power to appoint an attorney or authorised signatory of the Company | 36 |
| Borrowing Powers | 37 |
| Corporate Governance | 37 |
| **18 Meetings of Directors** | **37** |
| Regulation of Directors' meetings | 37 |
| Calling meetings | 37 |
| Notice of meetings | 38 |
| Use of technology | 38 |
| Quorum | 38 |
| Chairman or deputy to preside | 38 |
| Voting | 38 |
| Recording of dissent | 38 |
| Written resolutions | 39 |
| Validity of acts of Directors in spite of formal defect | 39 |
| **19 Permissible Directors' interests and disclosure** | **39** |
| **20 Minutes** | **40** |
| **21 Accounts and audit** | **40** |
| Auditors | 40 |
| **22 Record dates** | **41** |
| **23 Dividends** | **41** |
| Source of dividends | 41 |
| Declaration of dividends by Members | 41 |
| Payment of interim dividends and declaration of final dividends by Directors | 41 |
| Apportionment of dividends | 42 |
| Right of set off | 42 |
| Power to pay other than in cash | 42 |
| How payments may be made | 43 |

---

iii

---

| | |
|:---|:---|
| Dividends or other monies not to bear interest in absence of special rights | 43 |
| Dividends unable to be paid or unclaimed | 43 |
| **24 Capitalisation of profits** | **44** |
| Capitalisation of profits or of any share premium account or capital redemption reserve; | 44 |
| Applying an amount for the benefit of Members | 44 |
| **25 Share Premium Account** | **44** |
| Directors to maintain share premium account | 44 |
| Debits to share premium account | 45 |
| **26 Seal** | **45** |
| Company seal | 45 |
| Duplicate seal | 45 |
| When and how seal is to be used | 45 |
| If no seal is adopted or used | 45 |
| Power to allow non-manual signatures and facsimile printing of seal | 46 |
| Validity of execution | 46 |
| **27 Indemnity** | **46** |
| Release | 47 |
| Insurance | 47 |
| **28 Notices** | **47** |
| Form of notices | 47 |
| Electronic communications | 47 |
| Persons entitled to notices | 48 |
| Persons authorised to give notices | 49 |
| Delivery of written notices | 49 |
| Joint holders | 49 |
| Signatures | 49 |
| Giving notice to a deceased or bankrupt Member | 49 |
| Date of giving notices | 50 |
| Saving provision | 50 |
| **29 Authentication of Electronic Records** | **50** |
| Application of Articles | 50 |
| Authentication of documents sent by Members by Electronic means | 50 |
| Authentication of document sent by the Secretary or Officers of the Company by Electronic means | 51 |
| Manner of signing | 51 |
| Saving provision | 52 |
| **30 Transfer by way of continuation** | **52** |
| **31 Winding up** | **52** |
| Distribution of assets in specie | 52 |
| No obligation to accept liability | 53 |
| **32 Amendment of Memorandum and Articles** | **53** |
| Power to change name or amend Memorandum | 53 |
| Power to amend these Articles | 53 |

---

iv

**Companies Act (Revised)**

**Company Limited by Shares**

**Amended and Restated<br> Articles of Association**

**of**

**Keystone Global Financial Group** 

**翹石國際金融集團**

(Adopted by special resolutions passed on 16 September 2025)

1 Definitions, interpretation and exclusion of Table A

**Definitions**

1.1 In these Articles, the following definitions apply:

**Act** means the Companies Act (Revised) of the Cayman Islands, including any statutory modification or re-enactment thereof for the time being in force;

**Articles** means, as appropriate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) these articles of association as amended from time to time: or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) two or more particular articles of these Articles;

and **Article** refers to a particular article of these Articles;

**Auditors** means the auditor or auditors for the time being of the Company;

**Board** means the board of Directors from time to time;

**Business Day** means a day when banks in Grand Cayman, the Cayman Islands are open for the transaction of normal banking business and for the avoidance of doubt, shall not include a Saturday, Sunday or public holiday in the Cayman Islands;

**Cayman Islands** means the British Overseas Territory of the Cayman Islands;

**Clear Days**, in relation to a period of notice, means that period of calendar days excluding:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the calendar day when the notice is given or deemed to be given; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the calendar day for which it is given or on which it is to take effect;

**Commission** means Securities and Exchange Commission of the United States of America or other federal agency for the time being administering the U.S. Securities Act;

**Company** means the above-named company;

**Default Rate** means ten per cent per annum;

**Designated Stock Exchanges** means The Nasdaq Capital Market in the United States of America for so long as the Company's Shares are there listed and any other stock exchange on which the Company's Shares are listed for trading;

**Designated Stock Exchange Rules** means the relevant code, rules and regulations, as amended, from time to time, applicable as a result of the original and continued listing of any Shares on the Designated Stock Exchanges;

**Directors** means the directors for the time being of the Company and the expression Director shall be construed accordingly;

**Electronic** has the meaning given to that term in the Electronic Transactions Act (Revised) of the Cayman Islands;

**Electronic Communication Facilities** means video, video-conferencing, internet or online conferencing applications, telephone or tele-conferencing and/or any other video-communications, internet or online conferencing application or telecommunications facilities by means of which all persons participating in a meeting are capable of hearing and being heard by each other;

**Electronic Record** has the meaning given to that term in the Electronic Transactions Act (Revised) of the Cayman Islands;

**Electronic Signature** has the meaning given to that term in the Electronic Transactions Act (Revised) of the Cayman Islands;

**Fully Paid Up** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in relation to a Share with par value, means that the par value for that Share and any premium payable
in respect of the issue of that Share, has been fully paid or credited as paid in money or money's worth; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in relation to a Share without par value, means that the agreed issue price for that Share has been fully
paid or credited as paid in money or money's worth;

**general meeting** means a general meeting of the Company duly constituted in accordance with the Articles;

**Independent Director** means a Director who is an independent director as defined in the Designated Stock Exchange Rules as determined by the Board;

**Member** means any person or persons entered on the register of Members from time to time as the holder of a Share;

**Memorandum** means the memorandum of association of the Company as amended from time to time;

**month** means a calendar month;

**Officer** means a person appointed to hold an office in the Company including a Director, alternate Director or liquidator and excluding the Secretary;

**Ordinary Resolution** means a resolution of a general meeting passed by a simple majority of the votes by Members who (being entitled to do so) vote in person or by proxy or, in the case of corporations, by their duly authorised representatives, at that meeting. The expression includes a written resolution signed by the requisite majority in accordance with Article 11.14;

**Ordinary Share** means an ordinary share in the capital of the Company; having the rights set out in these Articles;

**Partly Paid Up** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in relation to a Share with par value, that the par value for that Share and any premium payable in respect
of the issue of that Share, has not been fully paid or credited as paid in money or money's worth; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in relation to a Share without par value, means that the agreed issue price for that Share has not been
fully paid or credited as paid in money or money's worth;

**Secretary** means a person appointed to perform the duties of the secretary of the Company, including a joint, assistant or deputy secretary;

**Share** means a share in the share capital of the Company and the expression:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) includes stock (except where a distinction between shares and stock is expressed or implied); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) where the context permits, also includes a fraction of a Share;

**Special Resolution** means a resolution of a general meeting or a resolution of a meeting of the holders of any class of Shares in a class meeting duly constituted in accordance with the Articles in each case passed by a majority of not less than two-thirds of the votes by Members who (being entitled to do so) vote in person or by proxy at that meeting. The expression includes a unanimous written resolution signed by all of the Members entitled to vote at such meeting;

**Treasury Shares** means Shares held in treasury pursuant to the Act and Article 2.14;

**U.S. Securities Act** means the Securities Act of 1933 of the United States of America, as amended, or any similar federal statute and the rules and regulations of the Commission thereunder, all as the same shall be in effect at the time; and

**Virtual Meeting** means any general meeting of the Members at which the Members (and any other permitted participants of such meeting, including without limitation the chairman of the meeting and any Directors) are permitted to attend and participate solely by means of Electronic Communication Facilities.

**Interpretation**

1.2 In the interpretation of these Articles, the following provisions apply unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A reference in these Articles to a statute is a reference to a statute of the Cayman Islands as known
by its short title, and includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any statutory modification, amendment or re-enactment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any subordinate legislation or regulations issued under that statute.

Without limitation to the preceding sentence, a reference to a revised Act of the Cayman Islands is taken to be a reference to the revision of that Act in force from time to time as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Headings are inserted for convenience only and do not affect the interpretation of these Articles, unless
there is ambiguity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If a day on which any act, matter or thing is to be done under these Articles is not a Business Day, the
act, matter or thing must be done on the next Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A word which denotes the singular also denotes the plural, a word which denotes the plural also denotes
the singular, and a reference to any gender also denotes the other genders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) A reference to a **person** includes, as appropriate, a company, trust, partnership, joint venture,
association, body corporate or government agency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Where a word or phrase is given a defined meaning another part of speech or grammatical form in respect
to that word or phrase has a corresponding meaning.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) All references to time are to be calculated by reference to time in the place where the Company's
registered office is located.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The words **written** and **in writing** include all modes of representing or reproducing words
in a visible form, but do not include an Electronic Record where the distinction between a document in writing and an Electronic Record
is expressed or implied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The words **including**, **include** and **in particular** or any similar expression are to be
construed without limitation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The term "**present**" means, in respect of any person attending a meeting, such person's
presence at a general meeting of Members (or any meeting of the holders of any class of Shares), which may be satisfied by means of such
person or, if a corporation or other non-natural person, its duly authorized representative (or, in the case of any Member, a proxy which
has been validly appointed by such Member in accordance with these Articles), being: (a) physically present at the meeting; or (b) in
the case of any meeting at which Electronic Communication Facilities are permitted in accordance with these Articles, including any Virtual
Meeting, connected by means of the use of such Electronic Communication Facilities.

1.3 The headings in these Articles are intended for convenience only and shall not affect the interpretation
of these Articles.

**Exclusion of Table A Articles**

1.4 The regulations contained in Table A in the First Schedule of the Act and any other regulations contained
in any statute or subordinate legislation are expressly excluded and do not apply to the Company.

---

| | |
|:---|:---|
| 2 | Shares |

---

**Power to issue Shares and options, with or without special rights**

2.1 Subject to the provisions of the Act and these Articles about the redemption and purchase of the Shares,
the Directors have general and unconditional authority to allot (with or without confirming rights of renunciation), grant options over
or otherwise deal with any unissued Shares to such persons, at such times and on such terms and conditions as they may decide. No Share
may be issued at a discount except in accordance with the provisions of the Act.

2.2 Without limitation to the preceding Article, the Directors may so deal with the unissued Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) either at a premium or at par; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with or without preferred, deferred or other special rights or restrictions, whether in regard to dividend,
voting, return of capital or otherwise.

2.3 Without limitation to the two preceding Articles,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company may issue rights, options, warrants or convertible securities or securities of similar nature
conferring the right upon the holders thereof to subscribe for, purchase or receive any class of Shares or other securities in the Company
at such times and on such terms and conditions as the Directors may decide;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Directors may refuse to accept any application for Shares, and may accept any application in whole
or in part, for any reason or for no reason.

**Power to issue fractions of a Share**

2.4 Subject to the Act, the Company may issue fractions of a Share of any class. A fraction of a Share shall
be subject to and carry the corresponding fraction of liabilities (whether with respect to calls or otherwise), limitations, preferences,
privileges, qualifications, restrictions, rights and other attributes of a Share of that class of Shares.

**Power to pay commissions and brokerage fees**

2.5 The Company may pay a commission to any person in consideration of that person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) subscribing or agreeing to subscribe, whether absolutely or conditionally; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) procuring or agreeing to procure subscriptions, whether absolute or conditional,

for any Shares. That commission may be satisfied by the payment of cash or the allotment of Fully Paid Up or Partly Paid Up Shares or partly in one way and partly in another.

2.6 The Company may employ a broker in the issue of its capital and pay him any proper commission or brokerage.

**Trusts not recognised**

2.7 Except as required by Act:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) no person shall be recognised by the Company as holding any Share on any trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no person other than the Member shall be recognised by the Company as having any right in a Share.

**Security interests**

2.8 Notwithstanding the preceding Article, the Company may (but shall not be obliged to) recognise a security
interest of which it has actual notice over shares. The Company shall not be treated as having recognised any such security interest unless
it has so agreed in writing with the secured party.

**Power to vary class rights**

2.9 If the share capital is divided into different classes of Shares then, unless the terms on which a class
of Shares was issued state otherwise, the rights attaching to a class of Shares may only be varied if one of the following applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Members holding not less than two-thirds of the issued Shares of that class consent in writing to
the variation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the variation is made with the sanction of a Special Resolution passed at a separate general meeting of
the Members holding the issued Shares of that class.

2.10 For the purpose of Article 2.9(b), all the provisions of these Articles relating to general meetings apply,
mutatis mutandis, to every such separate meeting except that the necessary quorum shall be one or more persons holding, or representing
by proxy, not less than one third of the issued Shares of the class.

2.11 For the purposes of a separate class meeting, the Directors may treat two or more or all the classes of
Shares as forming one class of Shares if the Directors consider that such classes of Shares would be affected in the same way by the proposals
under consideration, but in any other case shall treat them as separate classes of Shares.

**Effect of new Share issue on existing class rights**

2.12 Unless the terms on which a class of Shares was issued state otherwise, the rights conferred on the Member
holding Shares of any class shall not be deemed to be varied by the creation or issue of further Shares ranking *pari passu* with
the existing Shares of that class.

**No bearer Shares or warrants**

2.13 The Company shall not issue Shares or warrants to bearers.

**Treasury Shares**

2.14 Shares that the Company purchases, redeems or acquires by way of surrender in accordance with the Act
shall be held as Treasury Shares and not treated as cancelled if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Directors so determine prior to the purchase, redemption or surrender of those shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the relevant provisions of the Memorandum and Articles and the Act are otherwise complied with.

**Rights attaching to Treasury Shares and related matters**

2.15 No dividend may be declared or paid, and no other distribution (whether in cash or otherwise) of the Company's
assets (including any distribution of assets to Members on a winding up) may be made to the Company in respect of a Treasury Share.

2.16 The Company shall be entered in the register of Members as the holder of the Treasury Shares. However:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company shall not be treated as a Member for any purpose and shall not exercise any right in respect
of the Treasury Shares, and any purported exercise of such a right shall be void; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a Treasury Share shall not be voted, directly or indirectly, at any meeting of the Company and shall not
be counted in determining the total number of issued shares at any given time, whether for the purposes of these Articles or the Act.

2.17 Nothing in Article 2.16 prevents an allotment of Shares as Fully Paid Up bonus shares in respect of a
Treasury Share and Shares allotted as Fully Paid Up bonus shares in respect of a Treasury Share shall be treated as Treasury Shares.

2.18 Treasury Shares may be disposed of by the Company in accordance with the Act and otherwise on such terms
and conditions as the Directors determine.

**Register of Members**

2.19 The Directors shall keep or cause to be kept a register of Members as required by the Act and may cause
the Company to maintain one or more branch registers as contemplated by the Act, provided that where the Company is maintaining one or
more branch registers, the Directors shall ensure that a duplicate of each branch register is kept with the Company's principal register
of Members and updated within such number of days of any amendment having been made to such branch register as may be required by the
Act.

2.20 The title to Shares listed on a Designated Stock Exchange may be evidenced and transferred in accordance
with the laws applicable to the rules and regulations of the Designated Stock Exchange and, for these purposes, the register of Members
may be maintained in accordance with section 40B of the Act.

**Annual Return**

2.21 The Directors in each calendar year shall prepare or cause to be prepared an annual return and declaration
setting forth the particulars required by the Act and shall deliver a copy thereof to the registrar of companies for the Cayman Islands.

3 Share certificates

**Issue of share certificates**

3.1 A Member shall only be entitled to a share certificate if the Directors resolve that share certificates
shall be issued. Share certificates representing Shares, if any, shall be in such form as the Directors may determine. If the Directors
resolve that share certificates shall be issued, upon being entered in the register of Members as the holder of a Share, the Directors
may issue to any Member:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) without payment, one certificate for all the Shares of each class held by that Member (and, upon transferring
a part of the Member's holding of Shares of any class, to a certificate for the balance of that holding); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) upon payment of such reasonable sum as the Directors may determine for every certificate after the first,
several certificates each for one or more of that Member's Shares.

3.2 Every certificate shall specify the number, class and distinguishing numbers (if any) of the Shares to
which it relates and whether they are Fully Paid Up or Partly Paid Up. A certificate may be executed under seal or executed in such other
manner as the Directors determine.

3.3 Every certificate shall bear legends required under the applicable laws, including the U.S. Securities
Act (to the extent applicable).

3.4 The Company shall not be bound to issue more than one certificate for Shares held jointly by several persons
and delivery of a certificate for a Share to one joint holder shall be a sufficient delivery to all of them.

**Renewal of lost or damaged share certificates**

3.5 If a share certificate is defaced, worn-out, lost or destroyed, it may be renewed on such terms (if any)
as to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) evidence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) indemnity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) payment of the expenses reasonably incurred by the Company in investigating the evidence; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) payment of a reasonable fee, if any for issuing a replacement share certificate,

as the Directors may determine, and (in the case of defacement or wearing-out) on delivery to the Company of the old certificate.

4 Lien on Shares

**Nature and scope of lien**

4.1 The Company has a first and paramount lien on all Shares (whether Fully Paid Up or not) registered in
the name of a Member (whether solely or jointly with others). The lien is for all monies payable to the Company by the Member or the Member's
estate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) either alone or jointly with any other person, whether or not that other person is a Member; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) whether or not those monies are presently payable.

4.2 At any time the Board may declare any Share to be wholly or partly exempt from the provisions of this
Article.

**Company may sell Shares to satisfy lien**

4.3 The Company may sell any Shares over which it has a lien if all of the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the sum in respect of which the lien exists is presently payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Company gives notice to the Member holding the Share (or to the person entitled to it in consequence
of the death or bankruptcy of that Member) demanding payment and stating that if the notice is not complied with the Shares may be sold;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) that sum is not paid within fourteen Clear Days after that notice is deemed to be given under these Articles,

and Shares to which this Article 4.3 applies shall be referred to as Lien Default Shares.

4.4 The Lien Default Shares may be sold in such manner as the Board determines.

4.5 To the maximum extent permitted by law, the Directors shall incur no personal liability to the Member
concerned in respect of the sale.

**Authority to execute instrument of transfer**

4.6 To give effect to a sale, the Directors may authorise any person to execute an instrument of transfer
of the Lien Default Shares sold to, or in accordance with the directions of, the purchaser.

4.7 The title of the transferee of the Lien Default Shares shall
not be affected by any irregularity or invalidity in the proceedings in respect of the sale.

**Consequences of sale of Shares to satisfy lien**

4.8 On a sale pursuant to the preceding Articles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the name of the Member concerned shall be removed from the register of Members as the holder of those
Lien Default Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that person shall deliver to the Company for cancellation the certificate (if any) for those Lien Default
Shares.

4.9 Notwithstanding the provisions of Article 4.8, such person shall remain liable to the Company for all
monies which, at the date of sale, were presently payable by him to the Company in respect of those Lien Default Shares. That person shall
also be liable to pay interest on those monies from the date of sale until payment at the rate at which interest was payable before that
sale or, failing that, at the Default Rate. The Board may waive payment wholly or in part or enforce payment without any allowance for
the value of the Lien Default Shares at the time of sale or for any consideration received on their disposal.

**Application of proceeds of sale**

4.10 The net proceeds of the sale, after payment of the costs, shall be applied in payment of so much of the
sum for which the lien exists as is presently payable. Any residue shall be paid to the person whose Lien Default Shares have been sold:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if no certificate for the Lien Default Shares was issued, at the date of the sale; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if a certificate for the Lien Default Shares was issued, upon surrender to the Company of that certificate
for cancellation

but, in either case, subject to the Company retaining a like lien for all sums not presently payable as existed on the Lien Default Shares before the sale.

5 Calls on Shares and forfeiture

**Power to make calls and effect of calls**

5.1 Subject to the terms of allotment, the Board may make calls on the Members in respect of any monies unpaid
on their Shares including any premium. The call may provide for payment to be by instalments. Subject to receiving at least 14 Clear Days'
notice specifying when and where payment is to be made, each Member shall pay to the Company the amount called on his Shares as required
by the notice.

5.2 Before receipt by the Company of any sum due under a call, that call may be revoked in whole or in part
and payment of a call may be postponed in whole or in part. Where a call is to be paid in instalments, the Company may revoke the call
in respect of all or any remaining instalments in whole or in part and may postpone payment of all or any of the remaining instalments
in whole or in part.

5.3 A Member on whom a call is made shall remain liable for that call notwithstanding the subsequent transfer
of the Shares in respect of which the call was made. He shall not be liable for calls made after he is no longer registered as Member
in respect of those Shares.

**Time when call made**

5.4 A call shall be deemed to have been made at the time when the resolution of the Directors authorising
the call was passed.

**Liability of joint holders**

5.5 Members registered as the joint holders of a Share shall be jointly and severally liable to pay all calls
in respect of the Share.

**Interest on unpaid calls**

5.6 If a call remains unpaid after it has become due and payable the person from whom it is due and payable
shall pay interest on the amount unpaid from the day it became due and payable until it is paid:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at the rate fixed by the terms of allotment of the Share or in the notice of the call; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if no rate is fixed, at the Default Rate.

The Directors may waive payment of the interest wholly or in part.

**Deemed calls**

5.7 Any amount payable in respect of a Share, whether on allotment or on a fixed date or otherwise, shall
be deemed to be payable as a call. If the amount is not paid when due the provisions of these Articles shall apply as if the amount had
become due and payable by virtue of a call.

**Power to accept early payment**

5.8 The Company may accept from a Member the whole or a part of the amount remaining unpaid on Shares held
by him although no part of that amount has been called up.

**Power to make different arrangements at time of issue of Shares**

5.9 Subject to the terms of allotment, the Directors may make arrangements on the issue of Shares to distinguish
between Members in the amounts and times of payment of calls on their Shares.

**Notice of default**

5.10 If a call remains unpaid after it has become due and payable the Directors may give to the person from
whom it is due not less than 14 Clear Days' notice requiring payment of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the amount unpaid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any interest which may have accrued; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any expenses which have been incurred by the Company due to that person's default.

5.11 The notice shall state the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the place where payment is to be made; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a warning that if the notice is not complied with the Shares in respect of which the call is made will
be liable to be forfeited.

**Forfeiture or surrender of Shares**

5.12 If the notice given pursuant to Article 5.10 is not complied with, the Directors may, before the payment
required by the notice has been received, resolve that any Share the subject of that notice be forfeited. The forfeiture shall include
all dividends or other monies payable in respect of the forfeited Share and not paid before the forfeiture. Despite the foregoing, the
Board may determine that any Share the subject of that notice be accepted by the Company as surrendered by the Member holding that Share
in lieu of forfeiture.

**Disposal of forfeited or surrendered Share and power to cancel forfeiture or surrender**

5.13 A forfeited or surrendered Share may be sold, re-allotted or otherwise disposed of on such terms and in
such manner as the Board determine either to the former Member who held that Share or to any other person. The forfeiture or surrender
may be cancelled on such terms as the Directors think fit at any time before a sale, re-allotment or other disposition. Where, for the
purposes of its disposal, a forfeited or surrendered Share is to be transferred to any person, the Directors may authorise some person
to execute an instrument of transfer of the Share to the transferee.

**Effect of forfeiture or surrender on former Member**

5.14 On forfeiture or surrender:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the name of the Member concerned shall be removed from the register of Members as the holder of those
Shares and that person shall cease to be a Member in respect of those Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that person shall surrender to the Company for cancellation the certificate (if any) for the forfeited
or surrendered Shares.

5.15 Despite the forfeiture or surrender of his Shares, that person shall remain liable to the Company for
all monies which at the date of forfeiture or surrender were presently payable by him to the Company in respect of those Shares together
with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all expenses; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) interest from the date of forfeiture or surrender until payment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) at the rate of which interest was payable on those monies before forfeiture; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if no interest was so payable, at the Default Rate.

The Directors, however, may waive payment wholly or in part.

**Evidence of forfeiture or surrender**

5.16 A declaration, whether statutory or under oath, made by a Director or the Secretary shall be conclusive
evidence of the following matters stated in it as against all persons claiming to be entitled to forfeited Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that the person making the declaration is a Director or Secretary of the Company, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that the particular Shares have been forfeited or surrendered on a particular date.

Subject to the execution of an instrument of transfer, if necessary, the declaration shall constitute good title to the Shares.

**Sale of forfeited or surrendered Shares**

5.17 Any person to whom the forfeited or surrendered Shares are disposed of shall not be bound to see to the
application of the consideration, if any, of those Shares nor shall his title to the Shares be affected by any irregularity in, or invalidity
of the proceedings in respect of, the forfeiture, surrender or disposal of those Shares.

6 Transfer of Shares

**Form of Transfer**

6.1 Subject to the following Articles about the transfer of Shares, and provided that such transfer complies
with applicable rules of the Designated Stock Exchange, a Member may freely transfer Shares to another person by completing an instrument
of transfer in a common form or in a form prescribed by the Designated Stock Exchange (if such Shares are listed on the Designated Stock
Exchange) or in any other form approved by the Directors, executed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) where the Shares are Fully Paid, by or on behalf of that Member; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) where the Shares are partly paid, by or on behalf of that Member and the transferee.

6.2 The transferor shall be deemed to remain the holder of a Share until the name of the transferee is entered
into the register of Members.

**Power to refuse registration for Shares not listed on a Designated Stock Exchange**

6.3 Where the Shares in question are not listed on or subject to the rules of any Designated Stock Exchange,
the Directors may in their absolute discretion decline to register any transfer of such Shares which are not Fully Paid Up or on which
the Company has a lien. The Directors may also, but are not required to, decline to register any transfer of any such Share unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the instrument of transfer is lodged with the Company, accompanied by the certificate (if any) for the
Shares to which it relates and such other evidence as the Board may reasonably require to show the right of the transferor to make the
transfer;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the instrument of transfer is properly stamped, if required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) in the case of a transfer to joint holders, the number of joint holders to whom the Share is to be transferred
does not exceed four;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Shares transferred are Fully Paid Up and free of any lien in favour of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any applicable fee of such maximum sum as the Designated Stock Exchanges may determine to be payable,
or such lesser sum as the Board may from time to time require, related to the transfer is paid to the Company.

**Suspension of transfers**

6.4 The registration of transfers may, on 14 Clear Days' notice being given by advertisement in such
one or more newspapers or by electronic means, be suspended and the register of Members closed at such times and for such periods as the
Directors may, in their absolute discretion, from time to time determine, provided always that such registration of transfer shall not
be suspended nor the register of Members closed for more than 30 Clear Days in any year.

**Company may retain instrument of transfer**

6.5 All instruments of transfer that are registered shall be retained by the Company.

**Notice of refusal to register**

6.6 If the Directors refuse to register a transfer of any Shares not listed on a Designated Stock Exchange,
they shall within one month after the date on which the instrument of transfer was lodged with the Company send to each of the transferor
and the transferee notice of the refusal.

7 Transmission of Shares

**Persons entitled on death of a Member**

7.1 If a Member dies, the only persons recognised by the Company as having any title to the deceased Members'
interest are the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) where the deceased Member was a joint holder, the survivor or survivors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) where the deceased Member was a sole holder, that Member's personal representative or representatives.

7.2 Nothing in these Articles shall release the deceased Member's estate from any liability in respect
of any Share, whether the deceased was a sole holder or a joint holder.

**Registration of transfer of a Share following death or bankruptcy**

7.3 A person becoming entitled to a Share in consequence of the death or bankruptcy of a Member may elect
to do either of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to become the holder of the Share; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to transfer the Share to another person.

7.4 That person must produce such evidence of his entitlement as the Directors may properly require.

7.5 If the person elects to become the holder of the Share, he must give notice to the Company to that effect.
For the purposes of these Articles, that notice shall be treated as though it were an executed instrument of transfer.

7.6 If the person elects to transfer the Share to another person then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the Share is Fully Paid Up, the transferor must execute an instrument of transfer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the Share is nil or Partly Paid Up, the transferor and the transferee must execute an instrument of
transfer.

7.7 All the Articles relating to the transfer of Shares shall apply to the notice or, as appropriate, the
instrument of transfer.

**Indemnity**

7.8 A person registered as a Member by reason of the death or bankruptcy of another Member shall indemnify
the Company and the Directors against any loss or damage suffered by the Company or the Directors as a result of that registration.

**Rights of person entitled to a Share following death or bankruptcy**

7.9 A person becoming entitled to a Share by reason of the death or bankruptcy of a Member shall have the
rights to which he would be entitled if he were registered as the holder of the Share. But, until he is registered as Member in respect
of the Share, he shall not be entitled to attend or vote at any meeting of the Company or at any separate meeting of the holders of that
class of Shares.

8 Alteration of capital

**Increasing, consolidating, converting, dividing and cancelling share capital**

8.1 To the fullest extent permitted by the Act, the Company may by Ordinary Resolution do any of the following
and amend its Memorandum for that purpose:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) increase its share capital by new Shares of the amount fixed by that Ordinary Resolution and with the
attached rights, priorities and privileges set out in that Ordinary Resolution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) consolidate and divide all or any of its share capital into Shares of larger amount than its existing
Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) convert all or any of its Paid Up Shares into stock, and reconvert that stock into Paid Up Shares of any
denomination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) sub-divide its Shares or any of them into Shares of an amount smaller than that fixed by the Memorandum,
so, however, that in the sub-division, the proportion between the amount paid and the amount, if any, unpaid on each reduced Share shall
be the same as it was in case of the Share from which the reduced Share is derived; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) cancel Shares which, at the date of the passing of that Ordinary Resolution, have not been taken or agreed
to be taken by any person, and diminish the amount of its share capital by the amount of the Shares so cancelled or, in the case of Shares
without nominal par value, diminish the number of Shares into which its capital is divided.

**Dealing with fractions resulting from consolidation of Shares**

8.2 Whenever, as a result of a consolidation of Shares, any Members would become entitled to fractions of
a Share the Directors may on behalf of those Members deal with the fractions as it thinks fit, including (without limitation):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) either round up or down the fraction to the nearest whole number, such rounding to be determined by the
Directors acting in their sole discretion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) sell the Shares representing the fractions for the best price reasonably obtainable to any person (including,
subject to the provisions of the Act, the Company); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) distribute the net proceeds in due proportion among those Members.

8.3 For the purposes of Article 8.2, the Directors may authorise some person to execute an instrument of transfer
of the Shares to, in accordance with the directions of, the purchaser. The transferee shall not be bound to see to the application of
the purchase money nor shall the transferee's title to the Shares be affected by any irregularity in, or invalidity of, the proceedings
in respect of the sale.

**Reducing share capital**

8.4 Subject to the Act and to any rights for the time being conferred on the Members holding a particular
class of Shares, the Company may, by Special Resolution, reduce its share capital in any way.

9 Redemption and purchase of own Shares

**Power to issue redeemable Shares and to purchase own Shares**

9.1 Subject to the Act and to any rights for the time being conferred on the Members holding a particular
class of Shares, the Company may by its Directors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) issue Shares that are to be redeemed or liable to be redeemed, at the option of the Company or the Member
holding those redeemable Shares, on the terms and in the manner its Directors determine before the issue of those Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with the consent by Special Resolution of the Members holding Shares of a particular class, vary the rights
attaching to that class of Shares so as to provide that those Shares are to be redeemed or are liable to be redeemed at the option of
the Company on the terms and in the manner which the Directors determine at the time of such variation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) purchase all or any of its own Shares of any class including any redeemable Shares on the terms and in
the manner which the Directors determine at the time of such purchase.

The Company may make a payment in respect of the redemption or purchase of its own Shares in any manner authorised by the Act, including out of any combination of the following: capital, its profits and the proceeds of a fresh issue of Shares. No share may be redeemed or purchased unless it is Fully Paid Up.

**Power to pay for redemption or purchase in cash or in specie**

9.2 When making a payment in respect of the redemption or purchase of Shares, the Directors may make the payment
in cash or *in specie* (or partly in one and partly in the other) if so authorised by the terms of the allotment of those Shares
or by the terms applying to those Shares in accordance with Article 9.1, or otherwise by agreement with the Member holding those Shares.

**Effect of redemption or purchase of a Share**

9.3 Upon the date of redemption or purchase of a Share:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Member holding that Share shall cease to be entitled to any rights in respect of the Share other than
the right to receive:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the price for the Share; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any dividend declared in respect of the Share prior to the date of redemption or purchase;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Member's name shall be removed from the register of Members with respect to the Share; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Share shall be cancelled or held as a Treasury Share, as the Directors may determine.

9.4 For the purpose of Article 9.3, the date of redemption or purchase is the date when the Member's name
is removed from the register of Members with respect to the Shares the subject of the redemption or purchase.

10 Meetings of Members

**Annual and extraordinary general meetings**

10.1 The Company may, but shall not (unless required by the Designated Stock Exchange Rules) be obligated to,
in each year hold a general meeting as an annual general meeting, which, if held, shall be convened by the Board, in accordance with these
Articles.

10.2 All general meetings other than annual general meetings shall be called extraordinary general meetings.

**Power to call meetings**

10.3 The Directors may call a general meeting at any time.

10.4 If there are insufficient Directors to constitute a quorum and the remaining Directors are unable to agree
on the appointment of additional Directors, the Directors must call a general meeting for the purpose of appointing additional Directors.

10.5 The Directors must also call a general meeting if requisitioned in the manner set out in the next two
Articles.

10.6 The requisition must be in writing and given by one or more Members who together hold at least ten per
cent of the rights to vote at such general meeting.

10.7 The requisition must also:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) specify the purpose of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) be signed by or on behalf of each requisitioner (and for this purpose each joint holder shall be obliged
to sign). The requisition may consist of several documents in like form signed by one or more of the requisitioners; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) be delivered in accordance with the notice provisions.

10.8 Should the Directors fail to call a general meeting within 21 Clear Days' from the date of receipt
of a requisition, the requisitioners or any of them may call a general meeting within three months after the end of that period.

10.9 Without limitation to the foregoing, if there are insufficient Directors to constitute a quorum and the
remaining Directors are unable to agree on the appointment of additional Directors, any one or more Members who together hold at least
five per cent of the rights to vote at a general meeting may call a general meeting for the purpose of considering the business specified
in the notice of meeting which shall include as an item of business the appointment of additional Directors.

10.10 If the Members call a meeting under the above provisions, the Company shall reimburse their reasonable
expenses.

**Content of notice**

10.11 Notice of a general meeting shall specify each of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the place, the date and the hour of the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) whether the meeting will be held virtually, at a physical place or both;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if the meeting is to be held in any part at a physical place, the address of such place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if the meeting is to be held in two or more places, or in any part virtually, the Electronic Communication
Facilities that will be used to facilitate the meeting, including the procedures to be followed by any Member or other participant of
the meeting who wishes to utilise such Electronic Communication Facilities for the purposes of attending and participating in such meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) subject to paragraph (f) and the requirements of (to the extent applicable) the Designated Stock Exchange
Rules, the general nature of the business to be transacted; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) if a resolution is proposed as a Special Resolution, the text of that resolution.

10.12 In each notice there shall appear with reasonable prominence the following statements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that a Member who is entitled to attend and vote is entitled to appoint one or more proxies to attend
and vote instead of that Member; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that a proxyholder need not be a Member.

**Period of notice**

10.13 At least five Clear Days' notice must be given to Members for any general meeting.

10.14 Subject to the Act, a meeting may be convened on shorter notice, subject to the Act with the consent of
the Member or Members who, individually or collectively, hold at least ninety per cent of the voting rights of all those who have a right
to vote at that meeting.

**Persons entitled to receive notice**

10.15 Subject to the provisions of these Articles and to any restrictions imposed on any Shares, the notice
shall be given to the following people:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Members

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) persons entitled to a Share in consequence of the death or bankruptcy of a Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Auditors.

10.16 The Board may determine that the Members entitled to receive notice of, attend and vote at a meeting are
those persons entered on the register of Members at the close of business on a day determined by the Board.

**Accidental omission to give notice or non-receipt of notice**

10.17 Proceedings at a meeting shall not be invalidated by the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an accidental failure to give notice of the meeting to any person entitled to notice; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) non-receipt of notice of the meeting by any person entitled to notice.

10.18 In addition, where a notice of meeting is published on a website proceedings at the meeting shall not
be invalidated merely because it is accidentally published:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in a different place on the website; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for part only of the period from the date of the notification until the conclusion of the meeting to which
the notice relates.

11 Proceedings at meetings of Members

**Quorum**

11.1 Save as provided in the following Article, no business shall be transacted at any meeting unless a quorum
is present in person or by proxy at the meeting. A quorum is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the Company has only one Member: that Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the Company has more than one Member: one or more Members holding Shares that represent not less than
one-third of the outstanding Shares carrying the right to vote at such general meeting.

**Lack of quorum**

11.2 If a quorum is not present at the meeting within fifteen minutes of the time appointed for the meeting,
or if at any time during the meeting it becomes inquorate, then the following provisions apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the meeting was requisitioned by Members, it shall be cancelled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In any other case, the meeting shall stand adjourned to the same time and place seven days hence, or to
such other time or place as is determined by the Directors. If a quorum is not present at the meeting within fifteen minutes of the time
appointed for the adjourned meeting, then the Members present in person or by proxy at the meeting shall constitute a quorum.

**Chairman**

11.3 The chairman of a general meeting (including any Virtual Meeting) shall be the chairman of the Board or
such other Director as the Directors may determine. Absent any such person being present at the meeting within fifteen minutes of the
time appointed for the meeting, the Directors present shall elect one of their number to chair the meeting. The chairman of the meeting
shall be entitled to attend and participate at any such general meeting by means of Electronic Communication Facilities, and to act as
the chairman of such general meeting, in which event the chairman of the meeting shall be deemed to be present at the meeting.

11.4 If no Director is present within fifteen minutes of the time appointed for the meeting, or if no Director
is willing to act as chairman, the Members present in person or by proxy and entitled to vote shall choose one of their number to chair
the meeting.

**Right of a Director to attend and speak**

11.5 Even if a Director is not a Member, he shall be entitled to attend and speak at any general meeting and
at any separate meeting of Members holding a particular class of Shares.

**Accommodation of Members at Virtual Meeting**

11.6 A Member entitled to receive notice and attend a meeting will be deemed to be in attendance at such meeting
despite their attendance being virtual if adequate facilities are available to ensure that the Member is able to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to participate in the business for which the meeting has been convened; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to hear all that happens at the meeting.

Without limiting the generality of the foregoing, the Directors may determine that any general meeting may be held as a Virtual Meeting.

**Security**

11.7 In addition to any measures which the Board may be required to take due to the location or venue of the
meeting, the Board may make any arrangement and impose any restriction it considers appropriate and reasonable in the circumstances to
ensure the security of a meeting including, without limitation, the searching of any person attending the meeting and the imposing of
restrictions on the items of personal property that may be taken into the meeting place. The Board may refuse entry to, or eject from,
a meeting a person who refuses to comply with any such arrangements or restrictions.

**Adjournment, postponement and cancellation**

11.8 A meeting may be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) postponed or cancelled prior to the meeting at the discretion of the Directors by written notice provided
to all persons entitled to attend the meeting, unless the meeting was requisitioned by Members or otherwise called by Members pursuant
to Article 10; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) adjourned, with or without an appointed date for resumption, at any time during the meeting at the discretion
of the chairman with the consent of the Members constituting a quorum.

The chairman must adjourn the meeting if so directed by the Members constituting a quorum at the meeting. No business, however, can be transacted at an adjourned or postponed meeting other than business which might properly have been transacted at the original meeting.

11.9 Should a meeting be adjourned for more than seven Clear Days, whether because of a lack of quorum or otherwise,
Members shall be given at least seven Clear Days' notice of the date, time and place of the adjourned meeting and the general nature of
the business to be transacted. Otherwise it shall not be necessary to give any notice of the adjournment.

**Method of voting**

11.10 A resolution put to the vote of the meeting shall be decided on a poll.

**Taking of a poll**

11.11 A poll shall be taken in such manner as the chairman directs. He may appoint scrutineers (who need not
be Members) and fix a place and time for declaring the result of the poll. If, through the aid of technology, the meeting is held as a
Virtual Meeting or in more than one place, the chairman may appoint scrutineers virtually and in more than one place; but if he considers
that the poll cannot be effectively monitored at that meeting, the chairman shall adjourn the holding of the poll to a date, place and
time when that can occur.

**Chairman's casting vote**

11.12 In the case of an equality of votes, the Chairman of the meeting shall be entitled to a second or casting
vote.

**Written resolutions**

11.13 Without limitation to section 60(1) of the Act, Members may pass a Special Resolution in writing without
holding a meeting if the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all Members entitled to vote on the resolution are given notice of the resolution as if the same were
being proposed at a meeting of Members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all Members entitled so to vote;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) sign a document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) sign several documents in the like form each signed by one or more of those Members; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the signed document or documents is or are delivered to the Company, including, if the Company so nominates,
by delivery of an Electronic Record by Electronic means to the address specified for that purpose.

Such written resolution, which shall be as effective as if it had been passed at a meeting of the Members entitled to vote duly convened and held, is passed when all such Members have so signified their agreement to the resolution.

11.14 Members may pass an Ordinary Resolution in writing without holding a meeting if the following conditions
are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all Members entitled to vote on the resolution are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) given notice of the resolution as if the same were being proposed at a meeting of Members; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) notified in the same or an accompanying notice of the date by which the resolution must be passed if it
is not to lapse, being a period of 7 days beginning with the date that the notice is first given;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the required majority of the Members entitled so to vote:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) sign a document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) sign several documents in the like form each signed by one or more of those Members; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the signed document or documents is or are delivered to the Company, including, if the Company so nominates,
by delivery of an Electronic Record by Electronic means to the address specified for that purpose.

Such written resolution, which shall be as effective as if it had been passed at a meeting of the Members entitled to vote duly convened and held, is passed upon the later of these dates: (i) subject to the following Article, the date next immediately following the end of the period of 5 days beginning with the date that notice of the resolution is first given and (ii) the date when the required majority have so signified their agreement to the resolution. However, the proposed written resolution lapses if it is not passed before the end of the period of 7 days beginning with the date that notice of it is first given.

11.15 If all Members entitled to be given notice of the Ordinary Resolution consent, a written resolution may
be passed as soon as the required majority have signified their agreement to the resolution, without any minimum period of time having
first elapsed. Save that the consent of the majority may be incorporated in the written resolution, each consent shall be in writing or
given by Electronic Record and shall otherwise be given to the Company in accordance with Article 28 (*Notices*) prior to the written
resolution taking effect.

11.16 The Directors may determine the manner in which written resolutions shall be put to Members. In particular,
they may provide, in the form of any written resolution, for each Member to indicate, out of the number of votes the Member would have
been entitled to cast at a meeting to consider the resolution, how many votes he wishes to cast in favour of the resolution and how many
against the resolution or to be treated as abstentions. The result of any such written resolution shall be determined on the same basis
as on a poll.

11.17 If a written resolution is described as a Special Resolution or as an Ordinary Resolution, it has effect
accordingly.

**Sole-Member Company**

11.18 If the Company has only one Member, and the Member records in writing his decision on a question, that
record shall constitute both the passing of a resolution and the minute of it.

12 Voting rights of Members

**Right to vote**

12.1 Unless their Shares carry no right to vote, or unless a call or other amount presently payable has not
been paid, all Members are entitled to vote at a general meeting, and all Members holding Shares of a particular class of Shares are entitled
to vote at a meeting of the holders of that class of Shares.

12.2 Members may vote in person or by proxy.

12.3 On a poll a Member shall have one vote for each Share he holds, unless any Share carries special voting
rights.

12.4 No Member is bound to vote on his Shares or any of them; nor is he bound to vote each of his Shares in
the same way.

**Rights of joint holders**

12.5 If Shares are held jointly, only one of the joint holders may vote. If more than one of the joint holders
tenders a vote, the vote of the holder whose name in respect of those Shares appears first in the register of Members shall be accepted
to the exclusion of the votes of the other joint holder.

**Representation of corporate Members**

12.6 Save where otherwise provided, a corporate Member must act by a duly authorised representative.

12.7 A corporate Member wishing to act by a duly authorised representative must identify that person to the
Company by notice in writing.

12.8 The authorisation may be for any period of time, and must be delivered to the Company before the commencement
of the meeting at which it is first used.

12.9 The Directors of the Company may require the production of any evidence which they consider necessary
to determine the validity of the notice.

12.10 Where a duly authorised representative is present at a meeting that Member is deemed to be present in
person; and the acts of the duly authorised representative are personal acts of that Member.

12.11 A corporate Member may revoke the appointment of a duly authorised representative at any time by notice
to the Company; but such revocation will not affect the validity of any acts carried out by the duly authorised representative before
the Directors of the Company had actual notice of the revocation.

**Member with mental disorder**

12.12 A Member in respect of whom an order has been made by any court having jurisdiction (whether in the Cayman
Islands or elsewhere) in matters concerning mental disorder may vote, by that Member's receiver, *curator bonis* or other person
authorised in that behalf appointed by that court.

12.13 For the purpose of the preceding Article, evidence to the satisfaction of the Directors of the authority
of the person claiming to exercise the right to vote must be received not less than 24 hours before holding the relevant meeting or the
adjourned meeting in any manner specified for the delivery of forms of appointment of a proxy, whether in writing or by Electronic means.
In default, the right to vote shall not be exercisable.

**Objections to admissibility of votes**

12.14 An objection to the validity of a person's vote may only be raised at the meeting or at the adjourned
meeting at which the vote is sought to be tendered. Any objection duly made shall be referred to the chairman whose decision shall be
final and conclusive.

**Form of proxy**

12.15 An instrument appointing a proxy shall be in any common form or in any other form approved by the Directors.

12.16 The instrument must be in writing and signed in one of the following ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by the Member; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by the Member's authorised attorney; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if the Member is a corporation or other body corporate, under seal or signed by an authorised officer,
secretary or attorney.

If the Directors so resolve, the Company may accept an Electronic Record of that instrument delivered in the manner specified below and otherwise satisfying the Articles about authentication of Electronic Records.

12.17 The Directors may require the production of any evidence which they consider necessary to determine the
validity of any appointment of a proxy.

12.18 A Member may revoke the appointment of a proxy at any time by notice to the Company duly signed in accordance
with Article 12.16.

12.19 No revocation by a Member of the appointment of a proxy made in accordance with Article 12.18 will affect
the validity of any acts carried out by the relevant proxy before the Directors of the Company had actual notice of the revocation.

**How and when proxy is to be delivered**

12.20 Subject to the following Articles, the Directors may, in the notice convening any meeting or adjourned
meeting, or in an instrument of proxy sent out by the Company, specify the manner by which the instrument appointing a proxy shall be
deposited and the place and the time (being not later than the time appointed for the commencement of the meeting or adjourned meeting
to which the proxy relates) at which the instrument appointing a proxy shall be deposited. In the absence of any such direction from the
Directors in the notice convening any meeting or adjourned meeting or in an instrument of proxy sent out by the Company, the form of appointment
of a proxy and any authority under which it is signed (or a copy of the authority certified notarially or in any other way approved by
the Directors) must be delivered so that it is received by the Company before the time for holding the meeting or adjourned meeting at
which the person named in the form of appointment of proxy proposes to vote. They must be delivered in either of the following ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the case of an instrument in writing, it must be left at or sent by post:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to the registered office of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to such other place within the Cayman Islands specified in the notice convening the meeting or in any
form of appointment of proxy sent out by the Company in relation to the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If, pursuant to the notice provisions, a notice may be given to the Company in an Electronic Record, an
Electronic Record of an appointment of a proxy must be sent to the address specified pursuant to those provisions unless another address
for that purpose is specified:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in any invitation to appoint a proxy issued by the Company in relation to the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding Article 12.20(a) and Article 12.20(b), the chairman of the Company may, in any event at
his discretion, direct that an instrument of proxy shall be deemed to have been duly deposited.

12.21 If the form of appointment of proxy is not delivered on time, it is invalid.

12.22 When two or more valid but differing appointments of proxy are delivered or received in respect of the
same Share for use at the same meeting and in respect of the same matter, the one which is last validly delivered or received (regardless
of its date or of the date of its execution) shall be treated as replacing and revoking the other or others as regards that Share. lf
the Company is unable to determine which appointment was last validly delivered or received, none of them shall be treated as valid in
respect of that Share.

12.23 The Board may at the expense of the Company send forms of appointment of proxy to the Members by post
(that is to say, pre-paying and posting a letter), or by Electronic communication or otherwise (with or without provision for their return
by pre-paid post) for use at any general meeting or at any separate meeting of the holders of any class of Shares, either blank or nominating
as proxy in the alternative any one or more of the Directors or any other person. lf for the purpose of any meeting invitations to appoint
as proxy a person or one of a number of persons specified in the invitations are issued at the Company's expense, they shall be
issued to all (and not to some only) of the Members entitled to be sent notice of the meeting and to vote at it. The accidental omission
to send such a form of appointment or to give such an invitation to, or the non-receipt of such form of appointment by, any Member entitled
to attend and vote at a meeting shall not invalidate the proceedings at that meeting

**Voting by proxy**

12.24 A proxy shall have the same voting rights at a meeting or adjourned meeting as the Member would have had
except to the extent that the instrument appointing him limits those rights. Notwithstanding the appointment of a proxy, a Member may
attend and vote at a meeting or adjourned meeting. If a Member votes on any resolution a vote by his proxy on the same resolution, unless
in respect of different Shares, shall be invalid.

12.25 The instrument appointing a proxy to vote at a meeting shall not confer any further right to speak at
the meeting, except with the permission of the chairman of the meeting.

13 Number of Directors

13.1 There shall be a Board consisting of not less than one person provided however that the Company may by
Ordinary Resolution increase or reduce the limits in the number of Directors. Unless fixed by Ordinary Resolution, the maximum number
of Directors shall be unlimited.

14 Appointment, disqualification and removal of Directors

**First Directors**

14.1 The first Directors shall be appointed in writing by the subscriber or subscribers to the Memorandum,
or a majority of them.

**No age limit**

14.2 There is no age limit for Directors save that they must be at least eighteen years of age.

**Corporate Directors**

14.3 Unless prohibited by law, a body corporate may be a Director. If a body corporate is a Director, the Articles
about representation of corporate Members at general meetings apply, mutatis mutandis, to the Articles about Directors' meetings.

**No shareholding qualification**

14.4 Unless a shareholding qualification for Directors is fixed by Ordinary Resolution, no Director shall be
required to own Shares as a condition of his appointment.

**Appointment of Directors**

14.5 A Director may be appointed by Ordinary Resolution or by the Directors. Any appointment may be to fill
a vacancy or as an additional Director.

14.6 A remaining Director may appoint a Director even though there is not a quorum of Directors.

14.7 No appointment can cause the number of Directors to exceed the maximum (if one is set); and any such appointment
shall be invalid.

14.8 For so long as Shares are listed on a Designated Stock Exchange, the Directors shall include at least
such number of Independent Directors as applicable law, rules or regulations or the Designated Stock Exchange Rules require as determined
by the Board.

**Board's power to appoint Directors**

14.9 Without prejudice to the Company's power to appoint a person to be a Director pursuant to these
Articles, the Board shall have power at any time to appoint any person who is willing to act as a Director, either to fill a vacancy or
as an addition to the existing Board, subject to the total number of Directors not exceeding any maximum number fixed by or in accordance
with these Articles.

14.10 An appointment of a Director may be on terms that the Director shall automatically retire from office
(unless he has sooner vacated office) at the next or a subsequent annual general meeting or upon any specified event or after any specified
period in a written agreement between the Company and the Director, if any; but no such term shall be implied in the absence of express
provision. Each Director whose term of office expires shall be eligible for re-election at a meeting of the Members or re-appointment
by the Board.

**Removal of Directors**

14.11 A Director may be removed by Ordinary Resolution.

**Resignation of Directors**

14.12 A Director may at any time resign office by giving to the Company notice in writing or, if permitted pursuant
to the notice provisions, in an Electronic Record delivered in either case in accordance with those provisions.

14.13 Unless the notice specifies a different date, the Director shall be deemed to have resigned on the date
that the notice is delivered to the Company.

**Termination of the office of Director**

14.14 A Director may retire from office as a Director by giving notice in writing to that effect to the Company
at the registered office, which notice shall be effective upon such date as may be specified in the notice, failing which upon delivery
to the registered office.

14.15 Without prejudice to the provisions in these Articles for retirement (by rotation or otherwise), a Director's
office shall be terminated forthwith if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) he is prohibited by the law of the Cayman Islands from acting as a Director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) he is made bankrupt or makes an arrangement or composition with his creditors generally; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) he resigns his office by notice to the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) he only held office as a Director for a fixed term and such term expires; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) in the opinion of a registered medical practitioner by whom he is being treated he becomes physically
or mentally incapable of acting as a Director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) he is given notice by the majority of the other Directors (not being less than two in number) to vacate
office (without prejudice to any claim for damages for breach of any agreement relating to the provision of the services of such Director);
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) he is made subject to any law relating to mental health or incompetence, whether by court order or otherwise;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) without the consent of the other Directors, he is absent from meetings of Directors for a continuous period
of six months.

15 Alternate Directors

**Appointment and removal**

15.1 Any Director may appoint any other person, including another Director, to act in his place as an alternate
Director. No appointment shall take effect until the Director has given notice of the appointment to the Board.

15.2 A Director may revoke his appointment of an alternate at any time. No revocation shall take effect until
the Director has given notice of the revocation to the Board.

15.3 A notice of appointment or removal of an alternate Director shall be effective only if given to the Company
by one or more of the following methods:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by notice in writing in accordance with the notice provisions contained in these Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the Company has a facsimile address for the time being, by sending by facsimile transmission to that
facsimile address a facsimile copy or, otherwise, by sending by facsimile transmission to the facsimile address of the Company's registered
office a facsimile copy (in either case, the facsimile copy being deemed to be the notice unless Article 29.7 applies), in which event
notice shall be taken to be given on the date of an error-free transmission report from the sender's fax machine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if the Company has an email address for the time being, by emailing to that email address a scanned copy
of the notice as a PDF attachment or, otherwise, by emailing to the email address provided by the Company's registered office a scanned
copy of the notice as a PDF attachment (in either case, the PDF version being deemed to be the notice unless Article 29.7 applies), in
which event notice shall be taken to be given on the date of receipt by the Company or the Company's registered office (as appropriate)
in readable form; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if permitted pursuant to the notice provisions, in some other form of approved Electronic Record delivered
in accordance with those provisions in writing.

**Notices**

15.4 All notices of meetings of Directors shall continue to be given to the appointing Director and not to
the alternate.

**Rights of alternate Director**

15.5 An alternate Director shall be entitled to attend and vote at any Board meeting or meeting of a committee
of the Directors at which the appointing Director is not personally present, and generally to perform all the functions of the appointing
Director in his absence. An alternate Director, however, is not entitled to receive any remuneration from the Company for services rendered
as an alternate Director.

**Appointment ceases when the appointor ceases to be a Director**

15.6 An alternate Director shall cease to be an alternate Director if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Director who appointed him ceases to be a Director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Director who appointed him revokes his appointment by notice delivered to the Board or to the registered
office of the Company or in any other manner approved by the Board; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in any event happens in relation to him which, if he were a Director of the Company, would cause his office
as Director to be vacated.

**Status of alternate Director**

15.7 An alternate Director shall carry out all functions of the Director who made the appointment.

15.8 Save where otherwise expressed, an alternate Director shall be treated as a Director under these Articles.

15.9 An alternate Director is not the agent of the Director appointing him.

15.10 An alternate Director is not entitled to any remuneration for acting as alternate Director.

**Status of the Director making the appointment**

15.11 A Director who has appointed an alternate is not thereby relieved from the duties which he owes the Company.

16 Powers of Directors

**Powers of Directors**

16.1 Subject to the provisions of the Act, the Memorandum and these Articles the business of the Company shall
be managed by the Directors who may for that purpose exercise all the powers of the Company.

16.2 No prior act of the Directors shall be invalidated by any subsequent alteration of the Memorandum or these
Articles. However, to the extent allowed by the Act, Members may, by Special Resolution, validate any prior or future act of the Directors
which would otherwise be in breach of their duties.

**Directors below the minimum number**

16.3 lf the number of Directors is less than the minimum prescribed in accordance with these Articles, the
remaining Director or Directors shall act only for the purposes of appointing an additional Director or Directors to make up such minimum
or of convening a general meeting of the Company for the purpose of making such appointment. lf there are no Director or Directors able
or willing to act, any two Members may summon a general meeting for the purpose of appointing Directors. Any additional Director so appointed
shall hold office (subject to these Articles) only until the dissolution of the annual general meeting next following such appointment
unless he is re-elected during such meeting.

**Appointments to office**

16.4 The Directors may appoint a Director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as chairman of the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) as managing Director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to any other executive office,

for such period, and on such terms, including as to remuneration as they think fit.

16.5 The appointee must consent in writing to holding that office.

16.6 Where a chairman is appointed he shall, unless unable to do so, preside at every meeting of Directors.

16.7 If there is no chairman, or if the chairman is unable to preside at a meeting, that meeting may select
its own chairman; or the Directors may nominate one of their number to act in place of the chairman should he ever not be available.

16.8 Subject to the provisions of the Act, the Directors may also appoint and remove any person, who need not
be a Director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as Secretary; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to any office that may be required

for such period and on such terms, including as to remuneration, as they think fit. In the case of an Officer, that Officer may be given any title the Directors decide.

16.9 The Secretary or Officer must consent in writing to holding that office.

16.10 A Director, Secretary or other Officer of the Company may not the hold the office, or perform the services,
of auditor.

**Provisions for employees**

16.11 The Board may make provision for the benefit of any persons employed or formerly employed by the Company
or any of its subsidiary undertakings (or any member of his family or any person who is dependent on him) in connection with the cessation
or the transfer to any person of the whole or part of the undertaking of the Company or any of its subsidiary undertakings.

**Exercise of voting rights**

16.12 The Board may exercise the voting power conferred by the Shares in any body corporate held or owned by
the Company in such manner in all respects as it thinks fit (including, without limitation, the exercise of that power in favour of any
resolution appointing any Director as a Director of such body corporate, or voting or providing for the payment of remuneration to the
Directors of such body corporate).

**Remuneration**

16.13 Every Director may be remunerated by the Company for the services he provides for the benefit of the Company,
whether as Director, employee or otherwise, and shall be entitled to be paid for the expenses incurred in the Company's business
including attendance at Directors' meetings.

16.14 Until otherwise determined by the Company by Ordinary Resolution, the Directors (other than alternate
Directors) shall be entitled to such remuneration by way of fees for their services in the office of Director as the Directors may determine.

16.15 Remuneration may take any form and may include arrangements to pay pensions, health insurance, death or
sickness benefits, whether to the Director or to any other person connected to or related to him.

16.16 Unless his fellow Directors determine otherwise, a Director is not accountable to the Company for remuneration
or other benefits received from any other company which is in the same group as the Company or which has common shareholdings.

**Disclosure of information**

16.17 Subject to compliance with applicable laws, including the applicable federal securities laws of the United
States, the Directors may release or disclose to a third party any information regarding the affairs of the Company, including any information
contained in the register of Members relating to a Member, (and they may authorise any Director, Officer or other authorised agent of
the Company to release or disclose to a third party any such information in his possession) if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company or that person, as the case may be, is lawfully required to do so under the laws of any jurisdiction
to which the Company is subject; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such disclosure is in compliance with the Designated Stock Exchange Rules; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) such disclosure is in accordance with any contract entered into by the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Directors are of the opinion such disclosure would assist or facilitate the Company's operations.

17 Delegation of powers

**Power to delegate any of the Directors' powers to a committee**

17.1 The Directors may delegate any of their powers to any committee consisting of one or more persons who
need not be Members. Persons on the committee may include non-Directors so long as the majority of those persons are Directors. For so
long as Shares are listed on a Designated Stock Exchange, any such committee shall be made up of such number of Independent Directors
as required from time to time by the Designated Stock Exchange Rules or otherwise required by applicable law.

17.2 The delegation may be collateral with, or to the exclusion of, the Directors' own powers.

17.3 The delegation may be on such terms as the Directors think fit, including provision for the committee
itself to delegate to a sub-committee; save that any delegation must be capable of being revoked or altered by the Directors at will.

17.4 Unless otherwise permitted by the Directors, a committee must follow the procedures prescribed for the
taking of decisions by Directors.

17.5 For so long as the Shares are listed on a Designated Stock Exchange, the Board shall, if required by the
Designated Stock Exchange Rules, establish an audit committee, a compensation committee and a nominating and corporate governance committee.
Each of these committees shall be empowered to do all things necessary to exercise the rights of such committee set forth in these Articles.
Each of the audit committee, compensation committee and nominating and corporate governance committee shall consist of at least three
Directors (or such larger minimum number as may be required from time to time by the Designated Stock Exchange Rules). The committees
shall be made up of such number of Independent Directors as required from time to time by the Designated Stock Exchange Rules or otherwise
required by applicable law, subject to any exemptions permitted under the Designated Stock Exchange Rules and other applicable laws.

**Local boards**

17.6 The Board may establish any local or divisional board or agency for managing any of the affairs of the
Company whether in the Cayman Islands or elsewhere and may appoint any persons to be members of a local or divisional Board, or to be
managers or agents, and may fix their remuneration.

17.7 The Board may delegate to any local or divisional board, manager or agent any of its powers and authorities (with power to sub-delegate) and may authorise the members of any local or divisional board or any of them to fill any vacancies and to act notwithstanding vacancies.

17.8 Any appointment or delegation under this Article 17.8 may be made on such terms and subject to such conditions
as the Board thinks fit and the Board may remove any person so appointed, and may revoke or vary any delegation.

**Power to appoint an agent of the Company**

17.9 The Directors may appoint any person, either generally or in respect of any specific matter, to be the
agent of the Company with or without authority for that person to delegate all or any of that person's powers. The Directors may
make that appointment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by causing the Company to enter into a power of attorney or agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in any other manner they determine.

**Power to appoint an attorney or authorised signatory of the Company**

17.10 The Directors may appoint any person, whether nominated directly or indirectly by the Directors, to be
the attorney or the authorised signatory of the Company. The appointment may be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for any purpose;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with the powers, authorities and discretions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) for the period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) subject to such conditions

as they think fit. The powers, authorities and discretions, however, must not exceed those vested in, or exercisable, by the Directors under these Articles. The Directors may do so by power of attorney or any other manner they think fit.

17.11 Any power of attorney or other appointment may contain such provision for the protection and convenience
for persons dealing with the attorney or authorised signatory as the Directors think fit. Any power of attorney or other appointment may
also authorise the attorney or authorised signatory to delegate all or any of the powers, authorities and discretions vested in that person.

17.12 The Board may remove any person appointed under Article 17.10 and may revoke or vary the delegation.

**Borrowing Powers**

17.13 The Directors may exercise all the powers of the Company to borrow money and to mortgage or charge its
undertaking, property and assets both present and future and uncalled capital, or any part thereof, and to issue debentures and other
securities, whether outright or as collateral security for any debt, liability or obligation of the Company or its parent undertaking
(if any) or any subsidiary undertaking of the Company or of any third party.

**Corporate Governance**

17.14 The Board may, from time to time, and except as required by applicable law or the Designated Stock Exchange
Rules, adopt, institute, amend, modify or revoke the corporate governance policies or initiatives of the Company, which shall be intended
to set forth the guiding principles and policies of the Company and the Board on various corporate governance related matters as the Board
shall determine by resolution from time to time.

18 Meetings of Directors

**Regulation of Directors' meetings**

18.1 Subject to the provisions of these Articles, the Directors may regulate their proceedings as they think
fit.

**Calling meetings**

18.2 Any Director may call a meeting of Directors at any time. The Secretary must call a meeting of the Directors
if requested to do so by a Director.

**Notice of meetings**

18.3 Notice of a Board meeting may be given to a Director personally or by word of mouth or given in writing
or by Electronic communications at such address as he may from time to time specify for this purpose (or, if he does not specify an address,
at his last known address). A Director may waive his right to receive notice of any meeting either prospectively or retrospectively.

**Use of technology**

18.4 A Director may participate in a meeting of Directors through the medium of conference telephone, video
or any other form of communications equipment providing all persons participating in the meeting are able to hear and speak to each other
throughout the meeting.

18.5 A Director participating in this way is deemed to be present in person at the meeting.

**Quorum**

18.6 The quorum for the transaction of business at a meeting of Directors shall be two unless the Directors
fix some other number.

**Chairman or deputy to preside**

18.7 The Board may appoint a chairman and one or more deputy chairman or chairmen and may at any time revoke
any such appointment.

18.8 The chairman, or failing him any deputy chairman (the longest in office taking precedence if more than
one is present), shall preside at all Board meetings. If no chairman or deputy chairman has been appointed, or if he is not present within
five minutes after the time fixed for holding the meeting, or is unwilling to act as chairman of the meeting, the Directors present shall
choose one of their number to act as chairman of the meeting.

**Voting**

18.9 A question which arises at a Board meeting shall be decided by a majority of votes. If votes are equal
the chairman may, if he wishes, exercise a casting vote.

**Recording of dissent**

18.10 A Director present at a meeting of Directors shall be presumed to have assented to any action taken at
that meeting unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) his dissent is entered in the minutes of the meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) he has filed with the meeting before it is concluded signed dissent from that action; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) he has forwarded to the Company as soon as practical following the conclusion of that meeting signed dissent.

A Director who votes in favour of an action is not entitled to record his dissent to it.

**Written resolutions**

18.11 The Directors may pass a resolution in writing without holding a meeting if all Directors sign a document
or sign several documents in the like form each signed by one or more of those Directors.

18.12 A written resolution signed by a validly appointed alternate Director need not also be signed by the appointing
Director.

18.13 A written resolution signed personally by the appointing Director need not also be signed by his alternate.

18.14 A resolution in writing passed pursuant to Article 18.11, Article 18.12 and/or Article 18.13 shall be
as effective as if it had been passed at a meeting of the Directors duly convened and held; and it shall be treated as having been passed
on the day and at the time that the last Director signs (and for the avoidance of doubt, such day may or may not be a Business Day).

**Validity of acts of Directors in spite of formal defect**

18.15 All acts done by a meeting of the Board, or of a committee of the Board, or by any person acting as a
Director or an alternate Director, shall, notwithstanding that it is afterwards discovered that there was some defect in the appointment
of any Director or alternate Director or member of the committee, or that any of them were disqualified or had vacated office or were
not entitled to vote, be as valid as if every such person had been duly appointed and qualified and had continued to be a Director or
alternate Director and had been entitled to vote.

19 Permissible Directors' interests and disclosure

19.1 A Director who is in any way, whether directly or indirectly, interested in a contract or transaction
or proposed contract or transaction with the Company shall declare the nature of his interest at a meeting of the Directors. A general
notice given to the Directors by any Director to the effect that he is a member of any specified company or firm and is to be regarded
as interested in any contract or transaction which may thereafter be made with that company or firm shall be deemed a sufficient declaration
of interest in regard to any contract so made or transaction so consummated. Subject to the Designated Stock Exchange Rules and disqualification
by the chairman of the relevant Board meeting, a Director may vote in respect of any contract or transaction or proposed contract or transaction
notwithstanding that he may be interested therein provided the Director discloses to his fellow directors the nature and extent of any
material interests in respect of any contract or transaction or proposed contract or transaction and if he does so his vote shall be counted
and he may be counted in the quorum at any meeting of the Directors at which any such contract or transaction or proposed contract or
transaction shall come before the meeting for consideration.

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| | |
|:---|:---|
| 20 | Minutes |

---

20.1 The Company shall cause minutes to be made in books of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all appointments of Officers and committees made by the Board and of any such Officer's remuneration;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the names of Directors present at every meeting of the Directors, a committee of the Board, the Company
or the holders of any class of shares or debentures, and all orders, resolutions and proceedings of such meetings.

20.2 Any such minutes, if purporting to be signed by the chairman of the meeting at which the proceedings were
held or by the chairman of the next succeeding meeting or the Secretary, shall be prima facie evidence of the matters stated in them.

21 Accounts and audit

21.1 The Directors must ensure that proper accounting and other records are kept, and that accounts and associated
reports are distributed in accordance with the requirements of the Act.

21.2 The books of account shall be kept at the registered office of the Company and shall always be open to
inspection by the Directors. No Member (other than a Director) shall have any right of inspecting any account or book or document of the
Company except as conferred by the Act or as authorised by the Directors or by Ordinary Resolution.

21.3 Unless the Directors otherwise prescribe, the financial year of the Company shall end on 31 December in
each year and begin on 1 January in each year.

**Auditors**

21.4 The Directors may appoint an Auditor of the Company who shall hold office on such terms as the Directors
determine.

21.5 At any general meeting convened and held at any time in accordance with these Articles, the Members may,
by Ordinary Resolution, remove the Auditor before the expiration of his term of office. If they do so, the Members shall, by Ordinary
Resolution, at that meeting appoint another Auditor in his stead for the remainder of his term.

21.6 The Auditors shall examine such books, accounts and vouchers; as may be necessary for the performance
of their duties.

21.7 The Auditors shall, if so requested by the Directors, make a report on the accounts of the Company during
their tenure of office at the next annual general meeting following their appointment, and at any time during their term of office, upon
request of the Directors or any general meeting of the Company.

22 Record dates

22.1 Except to the extent of any conflicting rights attached to Shares, the resolution declaring a dividend
on Shares of any class, whether it be an Ordinary Resolution of the Members or a Director's resolution, may specify that the dividend
is payable or distributable to the persons registered as the holders of those Shares at the close of business on a particular date, notwithstanding
that the date may be a date prior to that on which the resolution is passed.

22.2 If the resolution does so specify, the dividend shall be payable or distributable to the persons registered
as the holders of those Shares at the close of business on the specified date in accordance with their respective holdings so registered,
but without prejudice to the rights *inter se* in respect of the dividend of transferors and transferees of any of those Shares.

22.3 The provisions of this Article apply, *mutatis mutandis*, to bonuses, capitalisation issues, distributions
of realised capital profits or offers or grants made by the Company to the Members.

23 Dividends

**Source of dividends**

23.1 Dividends may be declared and paid out of any funds of the Company lawfully available for distribution.

23.2 Subject to the requirements of the Act regarding the application of a company's Share premium account
and with the sanction of an Ordinary Resolution, dividends may also be declared and paid out of any share premium account.

**Declaration of dividends by Members**

23.3 Subject to the provisions of the Act, the Company may by Ordinary Resolution declare dividends in accordance
with the respective rights of the Members but no dividend shall exceed the amount recommended by the Directors.

**Payment of interim dividends and declaration of final dividends by Directors**

23.4 The Directors may declare and pay interim dividends or recommend final dividends in accordance with the
respective rights of the Members if it appears to them that they are justified by the financial position of the Company and that such
dividends may lawfully be paid.

23.5 Subject to the provisions of the Act, in relation to the distinction between interim dividends and final
dividends, the following applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon determination to pay a dividend or dividends described as interim by the Directors in the dividend

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon declaration of a dividend or dividends described as final by the Directors in the dividend resolution,
a debt shall be created immediately following the declaration, the due date to be the date the dividend is stated to be payable in the
resolution.

If the resolution fails to specify whether a dividend is final or interim, it shall be assumed to be interim.

23.6 In relation to Shares carrying differing rights to dividends or rights to dividends at a fixed rate, the
following applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the share capital is divided into different classes, the Directors may pay dividends on Shares which
confer deferred or non-preferred rights with regard to dividends as well as on Shares which confer preferential rights with regard to
dividends but no dividend shall be paid on Shares carrying deferred or non-preferred rights if, at the time of payment, any preferential
dividend is in arrears.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Directors may also pay, at intervals settled by them, any dividend payable at a fixed rate if it appears
to them that there are sufficient funds of the Company lawfully available for distribution to justify the payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Directors act in good faith, they shall not incur any liability to the Members holding Shares conferring
preferred rights for any loss those Members may suffer by the lawful payment of the dividend on any Shares having deferred or non-preferred
rights.

**Apportionment of dividends**

23.7 Except as otherwise provided by the rights attached to Shares all dividends shall be declared and paid
according to the amounts Paid Up on the Shares on which the dividend is paid. All dividends shall be apportioned and paid proportionately
to the amount Paid Up on the Shares during the time or part of the time in respect of which the dividend is paid. But if a Share is issued
on terms providing that it shall rank for dividend as from a particular date, that Share shall rank for dividend accordingly.

**Right of set off**

23.8 The Directors may deduct from a dividend or any other amount payable to a person in respect of a Share
any amount due by that person to the Company on a call or otherwise in relation to a Share.

**Power to pay other than in cash**

23.9 If the Directors so determine, any resolution declaring a dividend may direct that it shall be satisfied
wholly or partly by the distribution of assets. If a difficulty arises in relation to the distribution, the Directors may settle that
difficulty in any way they consider appropriate. For example, they may do any one or more of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) issue fractional Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) fix the value of assets for distribution and make cash payments to some Members on the footing of the
value so fixed in order to adjust the rights of Members; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) vest some assets in trustees.

**How payments may be made**

23.10 A dividend or other monies payable on or in respect of a Share may be paid in any of the following ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the Member holding that Share or other person entitled to that Share nominates a bank account for that
purpose - by wire transfer to that bank account; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by cheque or warrant sent by post to the registered address of the Member holding that Share or other
person entitled to that Share.

23.11 For the purposes of Article 23.10(a), the nomination may be in writing or in an Electronic Record and
the bank account nominated may be the bank account of another person. For the purposes of Article 23.10(b), subject to any applicable
law or regulation, the cheque or warrant shall be made to the order of the Member holding that Share or other person entitled to the Share
or to his nominee, whether nominated in writing or in an Electronic Record, and payment of the cheque or warrant shall be a good discharge
to the Company.

23.12 If two or more persons are registered as the holders of the Share or are jointly entitled to it by reason
of the death or bankruptcy of the registered holder (**Joint Holders**), a dividend (or other amount) payable on or in respect of that
Share may be paid as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to the registered address of the Joint Holder of the Share who is named first on the register of Members
or to the registered address of the deceased or bankrupt holder, as the case may be; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to the address or bank account of another person nominated by the Joint Holders, whether that nomination
is in writing or in an Electronic Record.

23.13 Any Joint Holder of a Share may give a valid receipt for a dividend (or other amount) payable in respect
of that Share.

**Dividends or other monies not to bear interest in absence of special rights**

23.14 Unless provided for by the rights attached to a Share, no dividend or other monies payable by the Company
in respect of a Share shall bear interest.

**Dividends unable to be paid or unclaimed**

23.15 If a dividend cannot be paid to a Member or remains unclaimed within six weeks after it was declared or
both, the Directors may pay it into a separate account in the Company's name. If a dividend is paid into a separate account, the
Company shall not be constituted trustee in respect of that account and the dividend shall remain a debt due to the Member.

23.16 A dividend that remains unclaimed for a period of six years after it became due for payment shall be forfeited
to, and shall cease to remain owing by, the Company.

24 Capitalisation of profits

**Capitalisation of profits or of any share premium account or capital redemption reserve;**

24.1 The Directors may resolve to capitalise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any part of the Company's profits not required for paying any preferential dividend (whether or
not those profits are available for distribution); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any sum standing to the credit of the Company's share premium account or capital redemption reserve, if
any.

24.2 The amount resolved to be capitalised must be appropriated to the Members who would have been entitled
to it had it been distributed by way of dividend and in the same proportions. The benefit to each Member so entitled must be given in
either or both of the following ways::

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by paying up the amounts unpaid on that Member's Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by issuing Fully Paid Up Shares, debentures or other securities of the Company to that Member or as that
Member directs. The Directors may resolve that any Shares issued to the Member in respect of Partly Paid Up Shares (**Original Shares**)
rank for dividend only to the extent that the Original Shares rank for dividend while those Original Shares remain Partly Paid Up.

**Applying an amount for the benefit of Members**

24.3 The amount capitalised must be applied to the benefit of Members in the proportions to which the Members
would have been entitled to dividends if the amount capitalised had been distributed as a dividend.

24.4 Subject to the Act, if a fraction of a Share, a debenture or other security is allocated to a Member,
the Directors may issue a fractional certificate to that Member or pay him the cash equivalent of the fraction.

25 Share Premium Account

**Directors to maintain share premium account**

25.1 The Directors shall establish a share premium account in accordance with the Act. They shall carry to
the credit of that account from time to time an amount equal to the amount or value of the premium paid on the issue of any Share or capital
contributed or such other amounts required by the Act.

**Debits to share premium account**

25.2 The following amounts shall be debited to any share premium account:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) on the redemption or purchase of a Share, the difference between the nominal value of that Share and the
redemption or purchase price; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any other amount paid out of a share premium account as permitted by the Act.

25.3 Notwithstanding the preceding Article, on the redemption or purchase of a Share, the Directors may pay
the difference between the nominal value of that Share and the redemption purchase price out of the profits of the Company or, as permitted
by the Act, out of capital.

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| | |
|:---|:---|
| 26 | Seal |

---

**Company seal**

26.1 The Company may have a seal if the Directors so determine.

**Duplicate seal**

26.2 Subject to the provisions of the Act, the Company may also have a duplicate seal or seals for use in any
place or places outside the Cayman Islands. Each duplicate seal shall be a facsimile of the original seal of the Company. However, if
the Directors so determine, a duplicate seal shall have added on its face the name of the place where it is to be used.

**When and how seal is to be used**

26.3 A seal may only be used by the authority of the Directors. Unless the Directors otherwise determine, a
document to which a seal is affixed must be signed in one of the following ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by a Director (or his alternate) and the Secretary; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by a single Director (or his alternate).

**If no seal is adopted or used**

26.4 If the Directors do not adopt a seal, or a seal is not used, a document may be executed in the following
manner:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by a Director (or his alternate) and the Secretary; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by a single Director (or his alternate); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in any other manner permitted by the Act.

**Power to allow non-manual signatures and facsimile printing of seal**

26.5 The Directors may determine that either or both of the following applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that the seal or a duplicate seal need not be affixed manually but may be affixed by some other method
or system of reproduction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that a signature required by these Articles need not be manual but may be a mechanical or Electronic Signature.

**Validity of execution**

26.6 If a document is duly executed and delivered by or on behalf of the Company, it shall not be regarded
as invalid merely because, at the date of the delivery, the Secretary, or the Director, or other Officer or person who signed the document
or affixed the seal for and on behalf of the Company ceased to be the Secretary or hold that office and authority on behalf of the Company.

27 Indemnity

27.1 To the extent permitted by law, the Company shall indemnify each existing or former Director (including
alternate Director), Secretary and other Officer of the Company (including an investment adviser or an administrator or liquidator) and
their personal representatives against:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred or sustained
by the existing or former Director (including alternate Director), Secretary or Officer in or about the conduct of the Company's business
or affairs or in the execution or discharge of the existing or former Director's (including alternate Director's), Secretary's or
Officer's duties, powers, authorities or discretions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) without limitation to paragraph (a), all costs, expenses, losses or liabilities incurred by the existing
or former Director (including alternate Director), Secretary or Officer in defending (whether successfully or otherwise) any civil, criminal,
administrative or investigative proceedings (whether threatened, pending or completed) concerning the Company or its affairs in any court
or tribunal, whether in the Cayman Islands or elsewhere.

No such existing or former Director (including alternate Director), Secretary or Officer, however, shall be indemnified in respect of any matter arising out of his own dishonesty.

27.2 To the extent permitted by Act, the Company may make a payment, or agree to make a payment, whether by
way of advance, loan or otherwise, for any legal costs incurred by an existing or former Director (including alternate Director), Secretary
or Officer of the Company in respect of any matter identified in Article 27.1 on condition that the Director (including alternate Director),
Secretary or Officer must repay the amount paid by the Company to the extent that it is ultimately found not liable to indemnify the Director
(including alternate Director), Secretary or that Officer for those legal costs.

**Release**

27.3 To the extent permitted by Act, the Company may by Special Resolution release any existing or former Director
(including alternate Director), Secretary or other Officer of the Company from liability for any loss or damage or right to compensation
which may arise out of or in connection with the execution or discharge of the duties, powers, authorities or discretions of his office;
but there may be no release from liability arising out of or in connection with that person's own dishonesty.

**Insurance**

27.4 To the extent permitted by Act, the Company may pay, or agree to pay, a premium in respect of a contract
insuring each of the following persons against risks determined by the Directors, other than liability arising out of that person's
own dishonesty:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an existing or former Director (including alternate Director), Secretary or Officer or auditor of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a company which is or was a subsidiary of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a company in which the Company has or had an interest (whether direct or indirect); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a trustee of an employee or retirement benefits scheme or other trust in which any of the persons referred
to in paragraph (a) is or was interested.

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| | |
|:---|:---|
| 28 | Notices |

---

**Form of notices**

28.1 Save where these Articles provide otherwise, and subject to the Designated Stock Exchange Rules, any notice
to be given to or by any person pursuant to these Articles shall be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in writing signed by or on behalf of the giver in the manner set out below for written notices; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) subject to the next Article, in an Electronic Record signed by or on behalf of the giver by Electronic
Signature and authenticated in accordance with Articles about authentication of Electronic Records; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) where these Articles expressly permit, by the Company by means of a website.

**Electronic communications**

28.2 A notice may only be given to the Company in an Electronic Record if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Directors so resolve or otherwise accept the notice; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Director or Officer provides the giver of the notice an electronic address to which the notice may
be sent and a notice is sent to that address within a reasonable period of time.

28.3 A notice may not be given by Electronic Record to a person other than the Company unless the recipient
has provided the giver of the notice with an Electronic address to which notice may be sent.

28.4 Subject to the Act, the Designated Stock Exchange Rules and to any other rules which the Company is bound
to follow, the Company may also send any notice or other document pursuant to these Articles to a Member by publishing that notice or
other document on a website where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company and the Member have agreed to his having access to the notice or document on a website (instead
of it being sent to him);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the notice or document is one to which that agreement applies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Member is notified (in accordance with any requirements laid down by the Act and, in a manner for
the time being agreed between him and the Company for the purpose) of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the publication of the notice or document on a website;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the address of that website; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the place on that website where the notice or document may be accessed, and how it may be accessed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the notice or document is published on that website throughout the publication period, provided that,
if the notice or document is published on that website for a part, but not all of, the publication period, the notice or document shall
be treated as being published throughout that period if the failure to publish that notice of document throughout that period is wholly
attributable to circumstances which it would not be reasonable to have expected the Company to prevent or avoid. For the purposes of this
Article 28.4 "publication period" means a period of not less than twenty-one days, beginning on the day on which the notification
referred to in Article 28.4(c) is deemed sent.

**Persons entitled to notices**

28.5 Any notice or other document to be given to a Member may be given by reference to the register of Members
as it stands at any time within the period of twenty-one days before the day that the notice is given or (where and as applicable) within
any other period permitted by, or in accordance with the requirements of, (to the extent applicable) the Designated Stock Exchange Rules
and/or the Designated Stock Exchanges. No change in the register of Members after that time shall invalidate the giving of such notice
or document or require the Company to give such item to any other person.

**Persons authorised to give notices**

28.6 A notice by either the Company or a Member pursuant to these Articles may be given on behalf of the Company
or a Member by a Director or company secretary of the Company or a Member.

**Delivery of written notices**

28.7 Save where these Articles provide otherwise, a notice in writing may be given personally to the recipient,
or left at (as appropriate) the Member's or Director's registered address or the Company's registered office, or posted
to that registered address or registered office.

**Joint holders**

28.8 Where Members are joint holders of a Share, all notices shall be given to the Member whose name first
appears in the register of Members.

**Signatures**

28.9 A written notice shall be signed when it is autographed by or on behalf of the giver, or is marked in
such a way as to indicate its execution or adoption by the giver.

28.10 An Electronic Record may be signed by an Electronic Signature.

**Evidence of transmission**

28.11 A notice given by Electronic Record shall be deemed sent if an Electronic Record is kept demonstrating
the time, date and content of the transmission, and if no notification of failure to transmit is received by the giver.

28.12 A notice given in writing shall be deemed sent if the giver can provide proof that the envelope containing
the notice was properly addressed, pre-paid and posted, or that the written notice was otherwise properly transmitted to the recipient.

28.13 A Member present, either in person or by proxy, at any meeting of the Company or of the holders of any
class of Shares shall be deemed to have received due notice of the meeting and, where requisite, of the purposes for which it was called.

**Giving notice to a deceased or bankrupt Member**

28.14 A notice may be given by the Company to the persons entitled to a Share in consequence of the death or
bankruptcy of a Member by sending or delivering it, in any manner authorised by these Articles for the giving of notice to a Member, addressed
to them by name, or by the title of representatives of the deceased, or trustee of the bankrupt or by any like description, at the address,
if any, supplied for that purpose by the persons claiming to be so entitled.

28.15 Until such an address has been supplied, a notice may be given
in any manner in which it might have been given if the death or bankruptcy had not occurred.

**Date of giving notices**

28.16 A notice is given on the date identified in the following table

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| | |
|:---|:---|
| &nbsp;&nbsp;**Method for giving notices** | &nbsp;&nbsp;**When taken to be given** |
| &nbsp;&nbsp;(A) Personally | &nbsp;&nbsp;At the time and date of delivery |
| &nbsp;&nbsp;(B) By leaving it at the Member's registered address | &nbsp;&nbsp;At the time and date it was left |
| &nbsp;&nbsp;(C) By posting it by prepaid post to the street or postal address of that recipient | &nbsp;&nbsp;48 hours after the date it was posted |
| &nbsp;&nbsp;(D) By Electronic Record (other than publication on a website), to recipient's Electronic address | &nbsp;&nbsp;48 hours after the date it was sent |
| &nbsp;&nbsp;(E) By publication on a website | &nbsp;&nbsp;24 hours after the date on which the Member is deemed to have been notified of the publication of the notice or document on the website |

---

**Saving provision**

28.17 None of the preceding notice provisions shall derogate from the Articles about the delivery of written
resolutions of Directors and written resolutions of Members.

29 Authentication of Electronic Records

**Application of Articles**

29.1 Without limitation to any other provision of these Articles, any notice, written resolution or other document
under these Articles that is sent by Electronic means by a Member, or by the Secretary, or by a Director or other Officer of the Company,
shall be deemed to be authentic if either Article 29.2 or Article 29.4 applies.

**Authentication of documents sent by Members by Electronic means**

29.2 An Electronic Record of a notice, written resolution or other document sent by Electronic means by or
on behalf of one or more Members shall be deemed to be authentic if the following conditions are satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Member or each Member, as the case may be, signed the original document, and for this purpose **Original Document** includes several documents in like form signed by one or more of those Members; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Electronic Record of the Original Document was sent by Electronic means by, or at the direction of,
that Member to an address specified in accordance with these Articles for the purpose for which it was sent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Article 29.7 does not apply.

29.3 For example, where a sole Member signs a resolution and sends the Electronic Record of the original resolution,
or causes it to be sent, by facsimile transmission to the address in these Articles specified for that purpose, the facsimile copy shall
be deemed to be the written resolution of that Member unless Article 29.7 applies.

**Authentication of document sent by the Secretary or Officers of the Company by Electronic means**

29.4 An Electronic Record of a notice, written resolution or other document sent by or on behalf of the Secretary
or an Officer or Officers of the Company shall be deemed to be authentic if the following conditions are satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Secretary or the Officer or each Officer, as the case may be, signed the original document, and for
this purpose **Original Document** includes several documents in like form signed by the Secretary or one or more of those Officers;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Electronic Record of the Original Document was sent by Electronic means by, or at the direction of,
the Secretary or that Officer to an address specified in accordance with these Articles for the purpose for which it was sent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Article 29.7 does not apply.

This Article 29.4 applies whether the document is sent by or on behalf of the Secretary or Officer in his own right or as a representative of the Company.

29.5 For example, where a sole Director signs a resolution and scans the resolution, or causes it to be scanned,
as a PDF version which is attached to an email sent to the address in these Articles specified for that purpose, the PDF version shall
be deemed to be the written resolution of that Director unless Article 29.7 applies.

**Manner of signing**

29.6 For the purposes of these Articles about the authentication of Electronic Records, a document will be
taken to be signed if it is signed manually or in any other manner permitted by these Articles.

**Saving provision**

29.7 A notice, written resolution or other document under these Articles will not be deemed to be authentic
if the recipient, acting reasonably:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) believes that the signature of the signatory has been altered after the signatory had signed the original
document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) believes that the original document, or the Electronic Record of it, was altered, without the approval
of the signatory, after the signatory signed the original document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) otherwise doubts the authenticity of the Electronic Record of the document

and the recipient promptly gives notice to the sender setting the grounds of its objection. If the recipient invokes this Article, the sender may seek to establish the authenticity of the Electronic Record in any way the sender thinks fit.

30 Transfer by way of continuation

30.1 The Company may, by Special Resolution, resolve to be registered by way of continuation in a jurisdiction
outside:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Cayman Islands; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such other jurisdiction in which it is, for the time being, incorporated, registered or existing.

30.2 To give effect to any resolution made pursuant to the preceding Article, the Directors may cause the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an application be made to the Registrar of Companies of the Cayman Islands to deregister the Company in
the Cayman Islands or in the other jurisdiction in which it is for the time being incorporated, registered or existing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all such further steps as they consider appropriate to be taken to effect the transfer by way of continuation
of the Company.

31 Winding up

**Distribution of assets in specie**

31.1 If the Company is wound up the Members may, subject to these Articles and any other sanction required
by the Act, pass a Special Resolution allowing the liquidator to do either or both of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to divide in specie among the Members the whole or any part of the assets of the Company and, for that
purpose, to value any assets and to determine how the division shall be carried out as between the Members or different classes of Members;
and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to vest the whole or any part of the assets in trustees for the benefit of Members and those liable to
contribute to the winding up.

**No obligation to accept liability**

31.2 No Member shall be compelled to accept any assets if an obligation attaches to them.

31.3 The Directors are authorised to present a winding up petition

31.4 The Directors have the authority to present a petition for the winding up of the Company to the Grand
Court of the Cayman Islands on behalf of the Company without the sanction of a resolution passed at a general meeting.

32 Amendment of Memorandum and Articles

**Power to change name or amend Memorandum**

32.1 Subject to the Act, the Company may, by Special Resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) change its name; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) change the provisions of its Memorandum with respect to its objects, powers or any other matter specified
in the Memorandum.

**Power to amend these Articles**

32.2 Subject to the Act and as provided in these Articles, the Company may, by Special Resolution, amend these
Articles in whole or in part.

## Exhibit 4.1

**Exhibit 4.1**

## Exhibit 5.1

**Exhibit 5.1**

![](ex5-1_001.jpg)

---

| | |
|:---|:---|
| **Keystone Global Financial Group** | **D +852 3656 6054** |
|  | **E nathan.powell@ogier.com** |
|  | Reference: NMP/JTC/512425.00001 |

---

9 October 2025

Dear Sirs

**Keystone Global Financial Group (the Company)**

We have acted as Cayman Islands counsel to the Company in connection with the Company's registration statement on Form F-1, including all amendments or supplements thereto (the **Registration Statement**), as filed with the United States Securities and Exchange Commission (the **Commission**) under the United States Securities Act of 1933, as amended (the **Securities Act**). The Registration Statement relates to the offering (the **Offering**) of 1,250,000 Ordinary Shares (as defined below) (the **Public Offering Shares**), together with an option for a period of 45 days from the date of the closing of the Offering for the representative of the underwriters of the Company to purchase up to 187,500 Ordinary Shares representing fifteen percent (15%) of the Public Offering Shares sold in the Offering (collectively, the **IPO Shares**).

We are furnishing this opinion as Exhibit 5.1, Exhibit 8.2 and Exhibit 23.2 to the Registration Statement.

Unless a contrary intention appears, all capitalised terms used in this opinion have the respective meanings set forth in the Documents (as defined in below). The headings herein are for convenience only and do not affect the construction of this opinion.

1 Documents examined

For the purposes of giving this opinion, we have examined originals, copies, or drafts of the following documents: (the **Documents**):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 certificate of incorporation of the Company dated 3 April 2025 issued by the Registrar of
 Companies of the Cayman Islands (the **Registrar**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 memorandum and articles of association of the Company as adopted at incorporation;

---

| | | | |
|:---|:---|:---|:---|
| **Ogier**<br> Providing advice on British Virgin Islands, <br> Cayman Islands and Guernsey laws<br>Floor 11 Central Tower<br> 28 Queen's Road Central<br> Central<br> Hong Kong<br>T +852 3656 6000<br> F +852 3656 6001<br> **ogier.com** | **Partners**<br> Nicholas Plowman<br> Nathan Powell<br> Anthony Oakes<br> Oliver Payne<br> Kate Hodson<br> David Nelson<br> Justin Davis<br> Joanne Collett<br> Dennis Li | Cecilia Li<br> Yuki Yan<br> David Lin<br> Alan Wong<br> Rachel Huang\*\*<br> Florence Chan\*‡<br> Richard Bennett\*\*‡<br> James Bergstrom‡ | \* admitted in New Zealand<br> \*\* admitted in England and Wales<br> ‡ not ordinarily resident in Hong Kong |

---

Page **2** of **4**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 amended and restated memorandum and articles of association of the Company as adopted by
 special resolutions passed on 16 September 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a
 certificate of good standing dated 15 September 2025 issued by the Registrar in respect of
 the Company (the **Good Standing Certificate**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the
 register of directors of the Company as provided to us on 12 September 2025 (the **Register of Directors**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the
 register of members of the Company as provided to us on 19 September 2025 (the **Register of Members**, together with the Register of Directors, the **Registers**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) a
 copy of the written resolutions of all of the directors of the Company dated 16 September
 2025 approving among others, the Company's filing of the Registration Statement and
 issuance of the IPO Shares (the **Board Resolutions**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) a
 certificate dated 9 October 2025 as to certain matters of fact signed by the sole director
 of the Company (the **Director's Certificate**); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Registration Statement.

2 Assumptions

In giving this opinion we have relied upon the assumptions set forth in this paragraph 2 without having carried out any independent investigation or verification in respect of those assumptions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all
 original documents examined by us are authentic and complete;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all
 copy documents examined by us (whether in facsimile, electronic or other form) conform to
 the originals and those originals are authentic and complete;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all
 signatures, seals, dates, stamps and markings (whether on original or copy documents) are
 genuine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) each
 of the Good Standing Certificate, the Director's Certificate and the Registers is accurate
 and complete as at the date of this opinion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the
 copies of memorandum and articles of association of the Company provided to us are in full
 force and effect at relevant time and have not been amended, varied, supplemented or revoked
 in any respect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) all
 copies of the Registration Statement are true and correct copies and the Registration Statement
 conform in every material respect to the latest drafts of the same produced to us and, where
 the Registration Statement has been provided to us in successive drafts marked-up to indicate
 changes to such documents, all such changes have been so indicated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the
 Board Resolutions remain in full force and effect and have not been, and will not be, rescinded
 or amended, and each of the directors of the Company has acted in good faith with a view
 to the best interests of the Company and has exercised the standard of care, diligence and
 skill that is required of him in approving the Offering and the transactions set out in the
 Board Resolutions and no director has a financial interest in or other relationship to a
 party of the transactions contemplated by the Offering and the Board Resolutions which has
 not been properly disclosed in the Board Resolutions;

Page **3** of **4**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) no
 invitation has been or will be made by or on behalf of the Company to the public in the Cayman
 Islands to subscribe for any shares of the Company and none of the shares have been offered
 or issued to residents of the Cayman Islands;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Company is, and after the allotment and issuance of the IPO Shares will be, able to pay its
 liabilities as they fall due; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) there
 is no provision of the law of any jurisdiction, other than the Cayman Islands, which would
 have any implication in relation to the opinions expressed herein.

---

| | |
|:---|:---|
| 3 | Opinions |

---

On the basis of the examinations and assumptions referred to above and subject to the limitations and qualifications set forth in paragraph 4 below, we are of the opinion that:

**Corporate status**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Company has been duly incorporated as an exempted company with limited liability and is validly
 existing and in good standing with the Registrar.

**Authorised Share capital**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 authorised share capital of the Company is US$50,000 divided into 500,000,000 ordinary shares
 of par value US$0.0001 each (the **Ordinary Shares**).

**Corporate Authorisation**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Company has taken all requisite corporate action to authorise the issuance and sale of the
 IPO Shares under the Registration Statement.

**Valid Issuance of IPO Shares**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 IPO Shares to be offered and issued by the Company as contemplated by the Registration Statement
 have been duly authorised for issue and when:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) issued
by the Company against payment in full of the consideration therefor in accordance with the terms set out in the Registration Statement
and the then effective memorandum and articles of association of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) such
 issuance of IPO Shares have been duly registered in the Company's register of members
 as fully paid shares,

will be validly issued, fully paid and non-assessable.

**Registration Statement - Taxation**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The
 statements contained in the Registration Statement in the section headed "*Cayman Islands Taxation* ", in so far as they purport to summarise the laws or regulations
 of the Cayman Islands, are accurate in all material respects and that such statements constitute
 our opinion.

Page **4** of **4**

4 Limitations and Qualifications

4.1 We
offer no opinion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as
 to any laws other than the laws of the Cayman Islands, and we have not, for the purposes
 of this opinion, made any investigation of the laws of any other jurisdiction, and we express
 no opinion as to the meaning, validity, or effect of references in the Documents to statutes,
 rules, regulations, codes or judicial authority of any jurisdiction other than the Cayman
 Islands; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) except
 to the extent that this opinion expressly provides otherwise, as to the commercial terms
 of, or the validity, enforceability or effect of the Registration Statement, the accuracy
 of representations, the fulfilment of warranties or conditions, the occurrence of events
 of default or terminating events or the existence of any conflicts or inconsistencies among
 the Registration Statement and any other agreements into which the Company may have entered
 or any other documents.

4.2 Under
the Companies Act (Revised) (**Companies Act**) of the Cayman Islands annual returns in respect of the Company must be filed with
the Registrar of Companies in the Cayman Islands, together with payment of annual filing fees. A failure to file annual returns and pay
annual filing fees may result in the Company being struck off the Register of Companies, following which its assets will be vest in the
Financial Secretary of the Cayman Islands and will be subject to disposition or retention for the benefit of the public of the Cayman
Islands.

4.3 In **good standing** means only that as of the date of this opinion the Company is up-to-date with the filing of its annual returns and
payment of annual fees with the Registrar of Companies. We have made no enquiries into the Company's good standing with respect
to any filings or payment of fees, or both, that it may be required to make under the laws of the Cayman Islands other than the Companies
Act.

5 Governing law of this opinion

5.1 This
opinion is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) governed
 by, and shall be construed in accordance with, the laws of the Cayman Islands;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) limited
 to the matters expressly stated in it; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) confined
 to, and given on the basis of, the laws and practice in the Cayman Islands at the date of
 this opinion.

5.2 Unless
otherwise indicated, a reference to any specific Cayman Islands legislation is a reference to that legislation as amended to, and as
in force at, the date of this opinion.

---

| | |
|:---|:---|
| 6 | Reliance |

---

We hereby consent to the filing of this opinion as an exhibit to the Registration Statement and to the reference to our firm under the headings "*Enforceability of Civil Liabilities*", "*Cayman Islands Taxation*" and "*Legal Matters*" of the Registration Statement. In giving such consent, we do not believe that we are "experts" within the meaning of such term used in the Securities Act or the rules and regulations of the Commission issued thereunder with respect to any part of the Registration Statement, including this opinion as an exhibit or otherwise.

This opinion may be used only in connection with the offer and sale of the IPO Shares and while the Registration Statement is effective.

Yours faithfully

![](ex5-1_002.jpg)

**Ogier**

## Exhibit 10.1

**Exhibit 10.1**

**THIS BROKER AGREEMENT** is made on the [ ]

BETWEEN:-

(1) **[Broker]**, a company registered under the laws of Hong Kong of [address] ("BROKER"); and

(2) **[Company]**, a company registered under the laws of Hong Kong of [address] ("COMPANY")

WHEREAS:-

(1) This Agreement sets out the terms and conditions of business between BROKER and COMPANY; and

(2) With effect from the Date of signing this Agreement, BROKER shall act as broker of COMPANY to effect transactions for the purpose of discretionary management services rendered by COMPANY to its clients ("Discretionary Management Services").

NOW IT IS AGREED as follows:

1. COMPANY hereby appoints and BROKER hereby agree to act as broker of COMPANY for the Discretionary Management Services in accordance with the terms and conditions of this Agreement.

2. COMPANY will procure its clients to open a cash/margin securities trading account with BROKER or any other designated service provider(s) referred by BROKER ("Trading Account(s)") for the purpose of provision of Discretionary Management Services.

3. COMPANY is authorized by its clients to operate the respective Trading Account(s) subject to the terms and conditions of the Discretionary Service Agreement, which is a separate agreement entered between COMPANY and its client(s) ("Terms and Conditions").

4. COMPANY agrees that the authorized representative(s) set forth in Schedule 1 hereof ("Authorized Persons") will be the person in charge and managing of the Discretionary Management Services.

5. By a Third Party Authorization given by client of COMPANY in respect of the Trading Account(s), BROKER will execute all transactions in accordance with the instructions of COMPANY. Instructions may be given in writing, by telephone, facsimile or email by the Authorized Persons. COMPANY undertakes to notify BROKER in writing immediately when there is any change in its Authorized Persons.

6. Notwithstanding herein contained in clause 5 of this Agreement, BROKER may, at its absolute discretion, refuse to act on any of the Authorized Persons' instruction and shall not be obliged to give any reason for such refusal. In particular, BROKER may refuse to act on an instruction of the Authorized Persons if at the time of such instruction, there are insufficient securities or, as the case may be, monies in the Trading Account(s)in order to effect settlement of the relevant transaction on the due settlement date.

7. All brokerage, commission, levy, stamp duty incurred in execution of the transactions in accordance with the instructions of COMPANY by BROKER will be charged or paid in accordance with the normal practice of the relevant markets and will be deducted from the Trading Account(s).

8. COMPANY undertakes that all transactions in securities made for the Trading Account(s) of its clients shall be transacted strictly in accordance with the Terms and Conditions, the relevant provisions of the constitution, rules, regulations, bylaws and customs, as amended from time to time, of the exchange(s) in the jurisdiction in which such transactions are effected, and in accordance with the laws of such country.

9. Allocation of executed transactions among the Trading Account(s) is the responsibility of COMPANY. In this regard, BROKER takes no part on it and only act and rely upon the written instruction given by the Authorized Persons.

10. BROKER shall not be liable nor be required to indemnify COMPANY or any of clients of COMPANY against any loss or liability arising out of COMPANY's breach or negligence, default, fraud or general wrongdoing in performing the Discretionary Management Services.

11. COMPANY undertakes to indemnify and keep indemnified BROKER in respect of any costs, claims, demands, damages and expenses whatsoever which may be reasonably and properly suffered or incurred by BROKER directly or indirectly arising out of or in connection with any transaction in the Trading Account(s) executed by BROKER pursuant to the instruction of COMPANY which BROKER reasonably believes to be from the Authorized Persons.

12. All transactions placed by COMPANY will be confirmed by phone or in writing and via electronic confirmation (e-mail, FAX or other means of communication agreed by the parties) directly following execution. COMPANY shall notify BROKER of any discrepancies immediately.

13. BROKER agrees with COMPANY to prepare and provide to COMPANY and the client of COMPANY with a copy of the contract note and/or account statement in respect of transactions executed in the trading account(s) maintained with BROKER no later than the end of the second business day. A monthly statement detailing investment holdings and account transactions will be delivered to COMPANY and the clients of COMPANY within 7 business days after the end of each month.

14. The parties hereto agree that the brokerage fees, the investment management fees and the performance fees will be calculated monthly and shared between BROKER and COMPANY in the form of rebate and in such proportion as listed in Schedule 2hereof.

15. Payment of investment management fees and performance fees for the Discretionary Management Services out of the Trading Account(s) to COMPANY shall be made on receipt of advice from COMPANY. BROKER will pay COMPANY pursuant to the advice14 days after the date on which the amount is debited from the relevant Trading Account(s).

16. This Agreement shall continue in effect until terminated by either party giving not less than one month prior written notice to the other. Termination of this Agreement shall not affect any legal rights or obligations which may already have arisen.

17. This Agreement will be governed by and construed in accordance with the laws of HKSAR and the relevant parties hereto, hereby submit to the non-exclusive jurisdiction of the Hong Kong Courts.

IN WITNESS whereof the parties hereto have executed this Agreement on the day and year first above written.

**<u>SCHEDULE 1</u>**

Details of the Authorized Person(s) referred to in Clause 4 hereof

Authorized Person 1:

Full Name:

HKID No:

Contact No:

Address:

Authorized Person 2:

Full Name:

HKID No:

Contact No:

Address:

Authorized Person 3:

Full Name:

HKID No:

Contact No:

Address:

Authorized Person 4:

Full Name:

HKID No:

Contact No:

Address:

**<u>SCHEDULE 2</u>**

1. COMPANY shall be entitled a monthly rebate equal to the percentage specified below:

---

| | |
|:---|:---|
| (a) Equity net brokerage | [\*]% |
| (b) Bond net spread | [\*]% |
| (c) Fund subscription (upfront fees) | [\*]% |
| (d) Structured products | [\*]% |

---

2. Brokerage rebate will be credited to the bank account of COMPANY in the following month;

3. For avoidance of doubt, the investment management fees and the performance fees shall be [\*]% retained by COMPANY in both cases.

## Exhibit 10.2

**Exhibit 10.2**

**EXTERNAL ASSET MANAGER AGREEMENT** 

This Agreement is made on [date] between:

1) **[Bank]**, a company registered in [place] and having its registered office [address] (the "Bank") and;

2) **[EAM]**, a company registered in [place] and having its registered office at [address] (the "EAM")

**BACKGROUND**

A. At the request of the EAM, the Bank has agreed to open and maintain private banking account(s), and to
make available from time to time, as requested, (i) in relation to investment products: transaction execution and custody services, (ii)
in relation to insurance products: advisory services by insurance specialists, and (iii) credit and/or lending facilities, (collectively,
the "Services") to clients of the EAM who qualify as high net worth clients (each, a "Client" or generally, "Clients").

B. it is intended that each Client open an account or accounts with the Bank and/or related booking centres
(each a "Booking Centre", together the "Booking Centres") for the purchase, holding and sale of investment products
and other incidental transactions. Each Client will execute a power of attorney ("Power of Attorney"), in form and substance
approved by the relevant Booking Centre, which will expressly authorize the EAM to manage and invest the assets of the Client in accordance
with the terms of such Power of Attorney.

**1.** **APPLICABLE LAWS** 

1.1 ln this Agreement: ~

**Applicable Laws** mean all relevant or applicable statutes, subsidiary legislation, laws, rules, regulations, directives and circulars (whether of a governmental body or authority or self-regulatory organisations in relation to which the EAM, the Bank, or any person associated or related to the Bank is a member, or otherwise), in the jurisdictions of the Bank, the Booking Centres, where the EAM operates under this Agreement, and where the Client is located. Applicable Laws include, but are not limited to, Applicable Laws relating to banking, securities, privacy, anti-money laundering, anti-bribery, anti-tax evasion or facilitation of tax evasion.

Without limiting the generality of the foregoing, where Clients have applied or opened accounts with Bank, the following Shall be included as Applicable Laws:

● Financial Advisers Act 2001;

● Securities and Futures Act 2001;

● Banking Act 1970;

● Corruption, Drug Trafficking and other Serious Crimes (Confiscation of Benefits) Act 1992; and

● all relevant notices and guidelines issued by the Monetary Authority of Singapore ("MAS").

Without limiting the generality of the foregoing, where Clients have applied or opened accounts with Bank, the following shall be included as Applicable Laws:

● Banking Ordinance (Cap 155);

● Securities and Futures Ordinance (Cap 571);

● Anti-Monetary Laundering and Counter-Terrorist Financing Ordinance (Cap 615)

● Drug Trafficking (Recovery of Proceeds) Ordinance (Cap 405);

● Organised and Serious Crimes Ordinance;

● Frequently Asked Questions in relation to Anti-Money Laundering and Counter-Financing of Terrorism (Developed by the Hong Kong Association of Banks)(as updated from time to time);

● all relevant circulars, notices and guidelines issued by the Hong Kong Monetary Authority ("HKMA") including the Guideline on Anti-Money Laundering and Counter-Financing of Terrorism (For Authorised Institution) issued in 2018 (as updated from time to time); and

● All relevant circulars, notices and guidelines issued by the Securities and Futures Commission ("SFC").

Without limiting the generality of the foregoing, where Clients have applied or opened accounts with Bank, the following shall be included as Applicable Laws:

● EU Legislation (information Accompanying Transfers of Funds) (Jersey) Regulations 2017

● Money Laundering and Weapons Development (Directions) (Jersey) Law 2012

● Proceeds of Crime (Jersey) Law 1999

● Money Laundering (Jersey) Order 2008

● Sanctions and Asset-Freezing (Jersey) Law 2019 ,

● Sanctions and Asset-Freezing (Implementation of External Sanctions) (Jersey) Order 2021

● Terrorism (Jersey) Law 2002

● Corruption (Jersey) Law 2006

● Interpretation (Jersey) Law 1954

● Proceeds of Crime (Jersey) Law 1999

● Proceeds of Crime and Terrorism (Tipping off - Exceptions) (Jersey) Regulations 2014

● All relevant notices and guidelines issued by the Jersey Financial Services Commission ("JFSC")

● The JFSC's AML/CFT/CPF Handbook

**2.** **SERVICES TO BE PROVIDED BY THE BANK TO THE CLIENTS** 

2.1 Subject to Clause 2.2, the Bank may, when requested to do so by the EAM, open accounts for and provide
the Services to the Clients. All such accounts established shall be subjected to the Bank's standard terms & conditions (which
may be amended by the Bank from time to time) for the provision of the Services.

2.2 The Bank reserves the right, in its absolute discretion, to refuse to open an account for, and/or to provide
any Services to, any Client, and/or to terminate any account opened for, and/or any Services offered to, any Client. The Bank shall inform
the EAM of any such refusal or termination but shall not be required to provide any reasons to the EAM.

**3.** **APPOINTMENT, RIGHTS AND OBLIGATIONS OF EAM** 

3.1 The EAM represents and warrants that each Client has duly appointed (or will appoint) the EAM to manage
and invest their assets in each account with the Bank and/or the relevant Booking Centre, and the EAM undertakes that it will do so subject
to the terms of this Agreement or any instructions communicated in writing by the Bank to the EAM from time to time, and subject to and
in accordance with the mandate given pursuant to the Power of Attorney.

3.2 The EAM undertakes to notify the Bank immediately if it ceases to act, or ceases to have the authority
to act, as an agent or EAM of the Client, whether by reason of death or mental incapacity of the Client, or revocation of the Power of
Attorney, or otherwise- For the avoidance of doubt and without prejudice to Clause 5.1, the Bank shall be entitled to act on and accept
instructions from the EAM and shall be under no obligation to ascertain or inquire into the authority of the EAM unless and until the
Bank has received notice in writing of the cessation of the EAM's authority to act by reason of death, mental incapacity of the
Client, revocation of the Power of Attorney by the Client or other reasons whatsoever and the EAM shall indemnify the Bank and/or the
relevant Booking Centres against all loss damages liabilities costs charges or expenses suffered or incurred by the Bank and/or the relevant
Booking Centres as a result of complying with the EAM's instructions for want of authority.

3.3 The EAM further represents and warrants that:

&nbsp;&nbsp;&nbsp;&nbsp;(a) it holds all applicable licences, permissions, authorisations and consents necessary to enable it to carry
out its duties as investment advisor and/or asset manager in the ordinary course of business and to perform its obligations and to receive
fees and payments under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;(b) its officers, employees and agents hold all applicable licences, permissions, authorisations and consents
necessary to enable such officers, employees and agents to carry out the EAM's duties as investment advisor and/or asset manager
in the ordinary course of business and to perform its obligations and to receive fees and payments under this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;(c) it has full legal powers and authority to enter into this Agreement.

In performing its obligations to the Client and under this Agreement, the EAM undertakes to comply and ensure its officers, employees and agents comply with the terms of all applicable licences, permissions, authorisations and consents necessary to enable it to perform such obligations at all times. The EAM will immediately notify the Bank should any such licence, permission, authorisation or consent cease or threaten to cease to be in full force and effect.

3.4 The EAM undertakes and agrees:

&nbsp;&nbsp;&nbsp;&nbsp;(a) in performing its obligations to the Client and under this Agreement, to comply at all times and ensure
its officers, employees, agents and subcontractors or any other persons providing services on its behalf under this Agreement comply at
all times with the Applicable Laws. The EAM undertakes to assist the Bank in taking such action as may be required or expedient for the
Bank to comply with the Applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;(b) that it has (or will put in place within 12 months of this Agreement) policies, procedures and controls
designed to ensure that it, its officers, employees, agents, subcontractors or any other persons providing services on its behalf under
this Agreement, comply with Applicable Laws relating to tax-related criminal offences or the facilitation of tax evasion, and has done
or will do periodic risk assessments of the same. The EAM will provide to the Bank an annual written statement of compliance to this effect.
The EAM will promptly inform the Bank if there are reasonable grounds to believe that it, its officers, employees, agents or subcontractors
have breached any Applicable Laws relating to tax-related criminal offences or the facilitation of tax evasion, except to the extent such
disclosure is prohibited under Applicable Laws.

3.5 The EAM agrees that it is an independent contractor under this Agreement and has no authority to act for
or represent the Bank in any way or otherwise be deemed an employee, agent or representative of the Bank, except as expressly provided
herein or as authorised from time to time by the Bank as the case may be. The EAM shall not at any time represent or warrant or otherwise
to hold itself out as being an agent of or acting for or representing the Bank in any way. The EAM shall not use the name of the Bank,
or any trademark of the Bank, in any manner or form, in particular in any press release, advertisement, public statement or public announcement
or communication, except as expressly authorised by the Bank. No temporary office space, secretarial facilities or business name cards
will be provided to the EAM.

3.6 The EAM shall, and shall ensure that each of its officers, employees and agents shall, (i) use its best
efforts and judgments in performing its duties and obligations under this Agreement, (ii) act honestly, in good faith and in the best
interest of the Clients, (iii) exercise the degree of care, diligence and skill that a professional investment asset manager would exercise
in similar circumstances, (iv) not act in any manner that conflicts with or adversely affect the Bank's interest and objectives
or negatively affect the reputation. of the Bank and immediately inform the Bank in writing upon receipt of any notice of regulatory investigation
which may affect the Bank or in relation to the Services or complaint from Client relating to the Bank and/or the EAM in relation to the
Services.

3.7 The Bank may conduct ongoing due diligence on the EAM with respect to EAM's obligations under this
Agreement and any other aspect of the EAM which the Bank deems necessary in relation to this Agreement, and the EAM must provide such
assistance, access, information and material requested by the Bank to satisfy the Bank's ongoing due diligence. The Bank may decline
to act on any instruction issued by the EAM on behalf of a Client or accept any other Client until such assistance, access, information
or material is provided to the Bank.

3.8 The EAM shall maintain records and supporting documentation in discharging its obligations under this
Agreement for such reasonable period as directed by the Bank or such longer period (if prescribed by the Applicable Laws).

3.9 The EAM shall inform the Bank forthwith in writing of any breach of any term of this Agreement by it of
any of its employees, partners, principals, officers, directors, agents or representatives. The EAM shall notify the Bank of all and any
matters affecting the EAM that may affect the relationship with the Bank that the Bank ought reasonably be aware of, including but not
limited to any breach of the above undertakings.

3.10 With respect to each Client that the EAM refers to the Bank for the purposes of purchasing insurance product(s),
the EAM further undertakes and agrees:

&nbsp;&nbsp;&nbsp;&nbsp;(a) to notify such Client that the EAM may receive, during the term of this Agreement, fees from the Bank
for referring such Client to the Bank;

&nbsp;&nbsp;&nbsp;&nbsp;(b) that the EAM will not, nor will purport to be able to, provide any kind of financial or investment
advice on behalf of the Bank;

&nbsp;&nbsp;&nbsp;&nbsp;(c) that the EAM shall not represent, directly or indirectly, that any insurance product or any service provided
by the EAM has been approved or endorsed by the Bank;

&nbsp;&nbsp;&nbsp;&nbsp;(d) that the EAM will not perform any activities on behalf of the Bank which are not authorised under this
Agreement without the prior written consent of the Bank;

&nbsp;&nbsp;&nbsp;&nbsp;(e) that the handling and maintenance of the relationship between the Bank and such Client shall be the Bank's
sole responsibility, upon such terms and conditions as may be agreed between the Bank and such Client;

&nbsp;&nbsp;&nbsp;&nbsp;(f) that the EAM shall not delegate or sub-contract his duties or obligations under this Agreement, and may
not assign or transfer the whole or any part of this Agreement to any other person or entity;

&nbsp;&nbsp;&nbsp;&nbsp;(g) that the EAM shall use the script on the necessary disclosures to be made to each Client, as provided
from time to time by the Bank; and

&nbsp;&nbsp;&nbsp;&nbsp;(h) that the EAM shall obtain consent from each Client on the referral, in the form provided from time to
time by the Bank.

**4.** **PROTECTION OF CLIENTS' INTERESTS AND EQUALITY OF TREATMENT** 

4.1 The EAM undertakes to the Bank that as an independent asset manager providing investment advice to Clients
and for transmitting transaction orders for and on behalf of Clients to the Bank, it shall, prior to the transmission of such orders and
at all times, fully observe and comply with all Applicable Laws relating to the conduct of investment or advisory businesses, including
(i) ensuring Clients' suitability for any financial products, and (ii) providing investment recommendations and providing product
information such as product features, risks and warning statements to Clients.

Without limiting the generality of the foregoing, the EAM agrees and confirms that:

&nbsp;&nbsp;&nbsp;&nbsp;(a) where the EAM is a regulated entity in a jurisdiction other than the jurisdiction of the applicable Booking
Centre, the EAM is responsible for complying with the applicable requirements of this non-Booking Centre jurisdiction before transmitting
Clients' orders to be executed;

&nbsp;&nbsp;&nbsp;&nbsp;(b) where the EAM is licensed by or registered with the regulator of the applicable Booking Centre, the EAM
is responsible for ensuring the suitability of transactions in complex products for Clients and providing sufficient product information
and warning statements in respect of the complex products to Clients before transmitting the Clients' orders to be executed; and

&nbsp;&nbsp;&nbsp;&nbsp;(c) the Bank is not responsible for ensuring suitability of the orders transmitted by the EAM or providing
product information and warning statements to the Clients.

4.2 Without limitation to Clause 4.1, the EAM acknowledges and agrees that current legislation and regulation,
as well as good practice generally, requires that the Clients be expressly informed of the risks inherent in transaction involving increased
risk or a complex risk profile.

4.3 The EAM agrees that in relation to any credit or lending facilities utilised by Clients, the EAM is responsible
for advising the Clients on the merits and risks of leverage. The EAM agrees and undertakes to communicate and relay any notification
by the Bank to the Client with regards to the Clients' margin positions. The EAM agrees and acknowledges that where the Client is
in margin shortfall, top-up or close-out positions, time would be of the essence.

4.4 The EAM warrants that all appropriate arrangements shall be made by it in respect of the EAM's potential
incapacity to act in any particular circumstances and/or to disclose to the Client all relevant conflicts to which it may be subject.

4.5 Where the Bank is able and willing to accept block orders, the EAM acknowledges that the principle of
equality of treatment of Clients requires it to make appropriate arrangements when issuing such block orders. In particular, the EAM undertakes
it shall notify the Bank of the specific allocations to individual Clients within 30 minutes (or such other time period as may be
agreed to by the Bank) of receipt of confirmation from the Bank of execution of a block order.

4.6 The EAM will declare transactions on its own account (i.e. proprietary trading) at the time any relevant
order or instruction is issued to the Bank.

4.7 Copies or full records of all relevant instructions given by the Clients to the EAM shall be retained
by the EAM and shall be provided to the Bank upon the EAM receiving direction from any Court or regulatory authority to do so, or promptly
upon request by the Bank where the Bank has received a direction or request from any Court or regulatory authority to do so or in the
event of a dispute between the Bank and the Client, provided that the Bank shall use such information in a manner consistent with such
direction or request or resolution of the dispute.

**5.** **LIMITATION ON RESPONSIBILITIES OF THE BANK** 

5.1 The EAM is fully responsible for (a) all investment advice given by the EAM to the Clients; (b) all investment
suitability and appropriateness checks on the Clients; and (c) all investment decisions taken by the EAM in relation to the management
of the assets deposited with the Bank by the Clients. The Bank accepts no responsibility whatsoever for any such investment advice, checks
or decisions and shall be under no obligation to perform any monitoring function or investment suitability or appropriateness checks with
regard to the transactions effected by the EAM on behalf of the Clients. The Bank shall be under no obligation to check whether the investment
products purchased by the EAM on behalf of the Clients are on the Bank's approved list(s) or whether the purchases are consistent
with the Bank's house views. The EAM shall ensure that the Clients are aware that the Bank accepts no such responsibility.

5.2 The EAM agrees that the Bank shall not be provided with copies of any agreements between the EAM and the
Clients for the provision of investment advice and, in particular, the EAM shall not inform the Bank of the EAM's investment strategy
for the Clients as a whole or for any individual Client. For the avoidance of doubt, save in respect of advisory services provided by
the Bank in respect of the purchase of insurance products, the Bank shall not be regarded as providing (and will not provide) investment
advice to any of the Clients.

5.3 The Bank, its officers, employees and agents shall not be liable to any Client in respect of the investment
of the Clients assets or in connection with any loss or damage that the Client may suffer as a result of the management or investment
of their assets by the EAM. The EAM shall remain fully liable for the same and hereby indemnifies and agrees to indemnify the Bank should
any action be brought against the Bank by the Client in connection with any loss or damage that the Client may suffer as a result of the
management or investment of the Client's assets by the EAM. This indemnity will not be applicable in the case of gross negligence,
misrepresentation or fraud by the Bank, its officers, employees and agents.

5.4 The Bank is not liable for any expenses incurred by the EAM, save where such expenses have been expressly
agreed in advance in writing by the Bank.

5.5 If the Bank receives any instruction, which it believes in good faith to be erroneous, ambiguous, incomplete,
not authentic or is or would be in violation of any Applicable Laws, the Bank may (but is not obliged to) decline to act on such instruction
until it is able to verify the content, authenticity or legality of such instruction (as the case may be).

**6.** **FINANCIAL ARRANGEMENTS** 

The parties agree to the financial arrangements as set out in Schedule 1 to this Agreement. The financial arrangements set out in Schedule 1 (including but not limited to the scope and calculation of the retrocession) may be changed by the Bank giving three (3) month's prior written notice to the EAM.

**7.** **NON-EXCLUSIVITY** 

7.1 The engagement of the EAM pursuant to this Agreement is not an exclusive engagement and both the EAM and
the Bank shall be free to enter into similar engagements with third parties as they may decide.

7.2 The EAM acknowledges that it is aware that the Bank provides asset management services to its own customers
and nothing in this Agreement shall restrict, or shall be interpreted as restricting, the Bank's ability to continue to provide
asset management services to its own customers.

**8.** **ANTI-MONEY LAUNDERING AND COUNTERING THE FINANCING OF TERRORISM** 

The EAM and the Bank mutually undertake that they shall discharge their duties under all applicable anti-money laundering and "client due diligence" laws and regulations and in accordance with the Applicable Laws.

**9.** **CONFIDENTIALITY** 

9.1 The EAM acknowledges that the Bank is subject to confidentiality obligations imposed upon it by the
Applicable Laws and undertakes to use its best endeavours and to provide the Bank with all reasonable assistance, to resolve any banking
confidentiality issues or problems which may prevent the performance of this Agreement in the manner contemplated. Nothing in this Agreement
shall oblige the Bank to disclose any information to the EAM, where such disclosure would cause the Bank to be in breach of its confidentiality
obligations.

9.2 As a separate and independent obligation, the EAM undertakes not to, whether during the continuance of
this Agreement or at any time after its termination:

&nbsp;&nbsp;&nbsp;&nbsp;(a) disclose to any person or persons (except to those authorised in writing by the Bank or otherwise as required
by the Applicable Laws); or

&nbsp;&nbsp;&nbsp;&nbsp;(b) cause, through any failure to exercise all due care and diligence, any unauthorised disclosure of,

any confidential information and/or documents (including but not limited to all information and particulars relating to the Clients) of the Bank that it may acquire in connection with this Agreement.

9.3 Neither the EAM nor the Bank shall do or commit any act, matter or thing which would or might prejudice
or bring into disrepute in any manner the business or reputation of the other party.

9.4 The provisions of this Clause shall survive the termination of this Agreement.

**10.** **RECORDING OF TELEPHONE CONVERSATIONS AND DATA PROTECTION** 

10.1 The EAM agrees that the Bank may record (electronically or otherwise) telephone calls and oral communications
with the EAM and/or any of the Clients. Recordings may be used as evidence in the event of a dispute.

10.2 The EAM hereby consents to the holding and processing (both electronically and manually) by the Bank,
at all times during the term and after the termination of this Agreement, of all data relating to the EAM for the purposes of administration
and management of the Bank's business. Subject always to Clause 9, the EAM further consents to the transfer, storage and processing
of such data by the Bank both inside and outside the jurisdiction where the Bank is located in accordance with its relevant policies or
guidelines as set out in circulars, statements, terms and conditions or notices made available by the Bank from time to time.

**11.** **NO DELEGATION OR ASSIGNMENT** 

11.1 In performing its duties and functions under this Agreement, the EAM may act by its duly appointed officers
or employees but shall not be entitled to delegate any such duties and functions to third parties except with the prior written consent
of the Bank.

11.2 The EAM may not, without prior consent in writing of the Bank, assign any of its rights or obligations
hereunder.

**12.** **NO VARIATION** 

No provision of this Agreement may be varied, waived, discharged or discontinued verbally, except in writing signed by all parties.

**13.** **TERMINATION** 

13.1 Either party shall be entitled to terminate this Agreement immediately if the other party becomes insolvent,
is dissolved or goes into liquidation, voluntary liquidation, receivership or administration or if it becomes illegal or constitutes a
breach of any laws, regulations or sanctions for either party to continue this Agreement with the other party.

13.2 Either party (the "Non-Defaulting Party") may terminate this Agreement immediately if the
other party (the "Defaulting Party") commits, (in the opinion of the Non-Defaulting Party) a material or persistent breach hereunder
and fails to correct such breach to the satisfaction of the Non-Defaulting Party within thirty (30) days of receipt of a notice seeking
rectification served on the Defaulting Party by the Non-Defaulting Party stating the nature of the breach and remedy sought.

13.3 The Bank may terminate this Agreement at any time by notice in writing to the EAM following any fraud
or wilful acts of default by the EAM.

13.4 Notwithstanding Clauses 13.1, 13.2 and 13.3, either party may terminate this Agreement by giving three
(3) month's prior written notice to the other party given at any time.

13.5 The termination of this Agreement shall be without prejudice to accrued rights and liabilities and any
provisions expressed to survive the termination.

13.6 In the event of termination of this Agreement, the Bank shall be entitled to notify all affected Clients
of such termination.

**14.** **NOTICES** 

Any notice to be given under this Agreement shall be in writing and may be served by or sent by facsimile or other electronic transmission or posted by registered post or by courier to the office of the party for which it is intended- A notice served by post shall be deemed to be sewed on the business day following the day of delivery and in the case of facsimile or other electronic transmission, on the day of transmission.

**15.** **SEVERABILITY** 

If at any time any provision of this Agreement is or becomes illegal, invalid or unenforceable in any respect under the law of any jurisdiction, the same shall not affect or impair:

&nbsp;&nbsp;&nbsp;&nbsp;(a) the legality, validity or enforceability in that jurisdiction of any other provision of this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;(b) the legality, validity or enforceability under the law of any other jurisdiction of that or any other provision of this Agreement.

Any provision of this Agreement if prohibited by law, is unlawful or unenforceable under any Applicable Law shall, to the extent permitted by such law and subject to agreement between the relevant parties, be severed from this Agreement and rendered ineffective so far as is possible without modifying the remaining provisions of this Agreement.

**16.** **GENERAL** 

The EAM represents and warrants and shall undertake to ensure that its officers, employees and agents shall comply with the terms and conditions of this Agreement and discharge the EAM's obligations under this Agreement as if such officers, employees and agents were a party to the same- The EAM shall remain fully liable for the acts, deeds or omissions of such officers, employees and agents in complying with the terms and conditions of, the performing and/or discharging its obligations under this Agreement and hereby indemnifies and agrees to indemnify the Bank should any action be brought against the Bank by the Client and further agrees to indemnify the Bank for any loss, damages, charges, expenses, suffered or incurred by the Bank as a result of the breach by the EAM, its officers, employees and agents of any of its obligations under this Agreement and the Power of Attorney or arising from fraud, illegal acts or omissions, wilful default or gross negligence of the EAM, its officers, employees or agents.

**17.** **GOVERNING LAW AND JURISDICTION** 

17.1 This Agreement and all relations between the Bank and the EAM are governed by and construed by the laws
of Hong Kong and the EAM irrevocably submits to the non-exclusive jurisdiction of the courts of l-long Kong. Nothing in this Clause shall
limit the right of the Bank to bring any proceedings arising out of or in connection with this Agreement and the relations between the
Bank and the EAM in any court elsewhere nor shall the bringing of any proceedings in any jurisdiction or before any competent authority,
preclude the Bank from bringing any such proceedings in any other jurisdiction.

This Agreement has been entered into the day and year first above written.

For and on behalf of [Bank]:

Name: [\*]

Designation: [\*]

For and of behalf of the [EAM]

Name: [\*]

Designation: [\*]

**SCHEDULE 1**

**DESIGNATION OF CLIENT ACCOUNTS**

1. For each Client that the EAM refers to the Bank, after the Client has opened an account with the Bank,
the EAM shall, as soon as reasonably practicable, submit the form set. out in Schedule 2 of this Agreement to inform the Bank if each
of the Client's accounts and sub- accounts have been designated as an account or sub-account where retrocession is payable (a "Retrocession
Account"), or an account or sub-account where retrocession is not payable (a "Non-Retrocession Account"). The EAM undertakes
and agrees to make all appropriate disclosures to the Client and to obtain the Client's informed consent in connection with the
designation of the Client's accounts and sub-accounts as Retrocession Accounts and/or Non- Retrocession Accounts.

**RETROCESSION ACCOUNTS**

2. In respect of Retrocession Accounts, the Bank shall pay to the EAM retrocession out of the fees, commissions
and margins it receives for the Services, in the manner set out below. All fees due to the EAM will be calculated net of charges incurred
(brokerage etc). The Bank's calculation or determination of the amount of retrocession due to the EAM shall be conclusive and binding.

3. Retrocession will only be paid for any period where the Clients net assets under management with the Bank
and the relevant Booking Centres (excluding any property and insurance values) ("AUM") are at least [currency][\*]. No retrocession
will be paid for any period where the Clients net AUM is less than [currency][\*].

4. In respect of Clients accepted by the Bank,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in relation to the following products or transactions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Equities trading

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Exchange Traded Funds (ETFs)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Securities trading other than equities (e.g. bonds, structured products)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Foreign exchange and derivatives

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Term deposits (other than deposits on a leveraged basis)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Alternative investments; I

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Managed investment products,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Custody fees; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Fund trailer fees

the retrocession due to the EAM will be [\*]% of the fees, commissions and margins/ spread received by the Bank (except that in relation to any deposits, the retrocession due will be an amount calculated by the Bank at its discretion).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in relation to each insurance product successfully purchased by a Client, the retrocession due to the EAM will be on a case-by-case basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in relation to all credit and lending facilities (where such loans are secured by collateral and comprising a diversified portfolio), retrocessions due to the EAM shall be calculated as follows:

● For credit and lending facility of a Client which is priced at variable lending rate (as defined by the relevant Booking Centre from time to time), the retrocessions due to the EAM shall be equal to the margins or loan spread of the facility less [\*]% (being the hurdle rate) and multiplied by the sharing rate set out in paragraph 4(i) above.

● For credit and lending facility of a Client which is priced at market based rate (as defined by the relevant Booking Centre from time to time), the retrocessions due to the EAM shall be equal to the margins or loan spread of the facility less [\*]% (being the hurdle rate) and multiplied by the sharing rate set out in paragraph 4(i) above.

If the margins or spread falls below the applicable hurdle rate, no retrocessions will be payable. The hurdle rates may be amended at the sole discretion of the Bank from time to time, as may be notified to the EAM.

For credit and lending facilities which are not based on the variable lending rate or market based rate, the calculation of the retrocessions will be determined by the Bank on a case-by-case basis.

In relation to credit and lending facilities (where such loans are secured by real estate, illiquid assets, concentrated assets or promoter shares etc) retrocessions will be agreed in advance and prior to drawdown on a case-by-case basis, and may also be subject to a hurdle rate. If not agreed in advance, no retrocessions will be payable-

5. The Bank and the EAM may from time to time agree in writing to include revenues earned by the Bank on
any other product or transaction not listed above.

6. The retrocession due to the EAM will be calculated on a quarterly basis (i.e. [month], [month], [month]
and [month]) and paid in arrears as soon as practicable after the end of each quarter into an account designated by the EAM.

7. The retrocession shall be paid in USD. If requested by the EAM, the retrocession may be paid in an equivalent
foreign currency amount at the spot rate as of the payment date and as determined by the Bank.

8. All applicable taxes and deductions (with the exclusion of goods and services tax) that are payable on
the retrocession are to be borne by the EAM.

9. The EAM agrees that it has complied with all legal and regulatory requirements in respect of receipt of
any such retrocession and has or will make all appropriate disclosures in respect of its receipt of such retrocession to the Clients.

10. The EAM acknowledges that the Bank may inform the Clients of any retrocession paid to the EAM under this
Schedule.

11. On termination of this Agreement the EAM shall be entitled to receive all retrocession accrued but not
yet paid on a pro rata basis up to the date of such termination and shall repay to the Bank on a pro rata basis fees and other monies
already paid to it in respect of any period after the date of such termination.

**NON-RETROCESSION ACCOUNTS**

12. No retrocession shall be payable to the EAM in respect of Non-Retrocession Accounts.

**SCHEDULE 2: DESIGNATION OF CLIENT ACCOUNTS**

**[For Reference Only]**

TO: [BANK] (the "Bank")

I/We refer to the External Asset Manager Agreement — [(Hong Kong)] dated (the "Agreement") and to Schedule 1 of the Agreement. Unless otherwise stated, capitalised terms herein are as defined in the Agreement.

I/We set out below of the following accounts by or to be opened, maintained and/or held by [name of client] (the "Client"):

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; S/N | &nbsp;&nbsp;Account Name / CIF number | &nbsp;&nbsp;Designation (please rick one only) |
| &nbsp;&nbsp;1. |  | &nbsp;&nbsp; [ ]Retrocession<br> [ ]Non-Retrocession |
| &nbsp;&nbsp;2. |  | &nbsp;&nbsp; [ ]Retrocession<br> [ ]Non-Retrocession |
| &nbsp;&nbsp;3. |  | &nbsp;&nbsp; [ ]Retrocession<br> [ ]Non-Retrocession |
| &nbsp;&nbsp;4. |  | &nbsp;&nbsp; [ ]Retrocession<br> [ ]Non-Retrocession |
| &nbsp;&nbsp;5. |  | &nbsp;&nbsp; [ ]Retrocession<br> [ ]Non-Retrocession |

---

I/We acknowledge and agree that the above designation of Client accounts shall be binding and effective on me/us upon acceptance by the Bank.

I/We confirm that we have made all appropriate disclosures to the Client and obtained the Clients informed consent in relation to the above designation of the Client's accounts as Retrocession Accounts and/or Non-Retrocession Accounts.

For and on behalf of [name of EAM]:

Name:

Designation:

Date:

Acknowledgment and Agreed by the Client

## Exhibit 10.3

**Exhibit 10.3**

BUSINESS TERMS AND CONDITIONS

between

GOLDHORSE CAPITAL MANAGEMENT (HK) LIMITED

and

THE CLIENT

in relation to the provision of any Financial Services as described herein

This Agreement is made on the Effective Date (as defined in the Appendix hereto) by and between the following Parties:

1) <u>Goldhorse Capital Management, (HK) Limited</u>, a company incorporated under the laws of Hong Kong whose registered office is at Suites 3312-13, 33/F, Tower 5, The Gateway, Harbour City, 15 Canton Road, Tsim Sha Tsui, Kowloon, Hong Kong (the "**Arranger**"); and

2) <u>The Client</u> (as defined in the Appendix hereto).

(The Arranger and the Client each a "**Party**" and together the "**Parties**")

**WHEREAS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) The Arranger is licensed by the SFC to carry out Type 1 (dealing in securities) and Type 4 (advising on
securities) regulated activities pursuant to the SFO with CE Number BDR769.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) The Client is a licensed corporation licensed by the SFC, and would like to appoint the Arranger to provide
the Financial Services as specified and as selected by the Client as defined in the Appendix section of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) The
Arranger shall not be a settlement party in respect of the Transactions associated with the Financial Services, and the Client shall
without delay arrange the settlement of the Transactions directly with the Custodians where End Clients' Accounts are for the Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) The Client has obtained full or discretionary authority or mandate from the End Clients to execute the
Transactions with the Arranger on behalf of the End Clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) The Arranger does not in any way depend on or require the provision of End Clients' information
by the Client in order to facilitate any or all of the Financial Services. For avoidance of doubt, none of the Data is the Personal Data
of the End Clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) This Agreement constitutes a full legal, valid, and binding obligation of the Parties, enforceable against
each other Party in accordance with its terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g) The Client acknowledges and confirms that it has read and fully understood the terms and conditions set
out in this Agreement and expressly confirms its full agreement and takes all appropriate means to comply with this Agreement

**IT IS HEREBY AGREED** as follows:

&nbsp;&nbsp;&nbsp;&nbsp;1. DEFINITIONS AND CONSTRUCTION

&nbsp;&nbsp;&nbsp;&nbsp;1.1 **Definitions** 

In this Agreement, except where the context otherwise requires, the capitalized terms shall have the following meanings:

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| | |
|:---|:---|
| "Agreement" | means the terms and conditions agreed between the Parties on the date hereof including any Appendix and any schedules thereof, as applicable and as amended from time to time. |
| "Appendix" | means the specific terms and conditions agreed between the Parties on the date hereof and any schedules thereof, as applicable and as amended from time to time. |
| "Authorized Dealer(s)" | means the person(s) employed by the Client, who is/are authorized by the Authorized Person(s) to represent the Client and hold all applicable licenses under the regulatory authority according to the jurisdiction of the Client, to place dealing instructions of the Securities and/or Structured Products with the Arranger on behalf of the Client. |

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| | |
|:---|:---|
| "Authorized Person(s)" | means the person(s) employed by the Client and is/are authorized by the Board of Directors of the Client to represent the Client to enter into this Agreement and to appoint Authorized Dealer(s) for the Client. |
| "Business Day" | means a day other than a Saturday or Sunday or a public holiday in Hong Kong. |
| "Confidential Information" | shall have the meaning as set forth in clause 6.1. |
| "Counterparties" | means any issuers, or its affiliates, of the Securities or the Structured Products relevant to the Financial Services described in the Appendix. |
| "Custodian" | means bank, or a licensed corporation that can hold client assets, where bank, licensed corporation, hold, and client assets are defined in section I of Part I of Schedule I to the Securities and Futures Ordinance (Cap. 571 of the laws of Hong Kong), or any licensed entity in Republic of Singapore, Swiss Confederation, or Principality of Liechtenstein that carries out substantially similar functions and is governed by similar regulations to those Custodian in Hong Kong |
| "Data" | means all data or information provided by both Parties to each other, for the purpose of using or for facilitating the Client's use of the Financial Services, and/or any data generated by, or derived from the Client's use of the Financial Services in regardless of the origin of the data. |
| "'Disclosing Party" | means the party in respect of which information is Confidential Information. |
| "Effective Date" | means the date of commencement of this Agreement as set forth in the Appendix. |
| "End Clients" | means the clients of the Client that own the beneficial interests of the Securities and/or the Structured Products and whose accounts are managed by the Client with full or discretionary authority for the Transactions. |
| "End Clients' Accounts" | means any accounts opened by the End Clients with any Custodian. |
| "Financial Services" | means the financial services described in the Appendix. |
| "Force Majeure Event" | means acts of God, flood, drought, earthquake or other natural disaster, epidemic or pandemics terrorist attack, war or riots, mass and harmful contamination of any kind and collapse of buildings, fire, explosion, embargo, or accident, but does not include cyber-attacks, a lack of funds or lack of manpower for any reason, a party's own default, misconduct or negligence or events or circumstances that could have been prevented or mitigated by that party as a result of exercising reasonable care. |
| "Hong Kong" | means Hong Kong Special Administrative Region of the People's Republic of China. |
| "Intellectual Property Rights" | means rights in patents, registered designs, trademarks and service marks (whether registered or not), copyright, database right, and design rights, in each case existing in any jurisdiction in the world, and other proprietary rights in other jurisdictions that grant similar rights as the foregoing, including those subsisting in inventions, drawings, performances, software, databases, semiconductor topographies, business names, goodwill and the style of presentation of goods and services and In applications for the protection thereof, but excluding trade secrets. |
| "Professional Investor" | is defined in section I of Part I of Schedule I to the SFO and persons belonging to a class which is prescribed under the Securities and Futures (Professional Investor) Rules (Cap. 57 ID of the laws of Hong Kong). |
| "Recipients" | means the party which receives, obtains, develops or creates Confidential Information of the Disclosing Party. |

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| | |
|:---|:---|
| "Relevant Rules" | means all circulars, guidance, industry best practice, laws, licensing requirements, ordinance, or regulations that the Client is subjected to. |
| "Securities" | is defined in section I and IA of Part I of Schedule I to the SFC), for example (a) shares, stocks, debentures, bonds or notes of, or issued by, a body, whether incorporated or unincorporated, or a government or municipal government authority; (b) rights, options or interests (whether described as units or otherwise) in, or in respect of, such shares, stocks, debentures, bonds, or notes; (c) certificates of interest or participation in, temporary or interim certificates for, receipts for, or warrants to subscribe for or purchase, such shares, stocks, debentures, bonds or notes. |
| "Securities Act" | means the Securities Act of 1 933, as amended of the United States and all subsidiary legislation promulgated thereunder.<br>|
| "SFC" | means the Securities and Futures Commission of Hong Kong or its successor-at-law. |
| "SFO" | means the Securities and Futures Ordinance (Cap. 571 of the laws of Hong Kong) and all subsidiary legislation promulgated thereunder. |
| "Structured Products" | shall have the same meaning as defined in section IA of Part I of Schedule I to the Securities and Futures Ordinance (Cap. 571 of the laws of Hong Kong). |
| "Transactions" | means any transactions of Securities and/or Structured Products. |
| "U.S." | means the United States of America. |

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&nbsp;&nbsp;&nbsp;&nbsp;1.2 **Construction** 

In this Agreement, unless the context otherwise requires or unless otherwise specified:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any reference to the singular includes reference to the plural and vice versa and reference to the masculine
gender includes reference to the feminine and neuter genders and vice versa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) unless otherwise expressly stated to the contrary herein, any reference to any Appendix, clause, sub-clause,
paragraph, subparagraph or schedule of or to this Agreement is to the Appendix, clause, sub-clause, paragraph, sub-paragraph or schedule
(as the case may be) to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any reference to persons includes reference to any legal person and to any body corporate, unincorporated
association, partnership, limited partnership, trust, unit trust, mutual fund or other collective investment scheme and to the manager
or trustee of any such collective investment scheme, as well as any successors thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the headings are inserted for convenience of reference only and shall not in any way form part of or affect
or be taken into account in the construction or interpretation of any provision of this Agreement or the schedule hereto; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) words such as "hereunder", "hereto", "hereof" and "herein"
and other words commencing with "here" shall, unless otherwise expressly stated to the contrary in this Agreement, refer to
the particular clause, sub-clause, paragraph or subparagraph or schedule of or to this Agreement or, as the context may require, to the
whole of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;2. **FINANCIAL SERVICES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 **Code of Conduct and Best Practice** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Without limiting the generality of sub-clause 2.2, where applicable, the following principles should be
observed by the Arranger:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. it shall promote the highest standard of conduct and ethics;

&nbsp;&nbsp;&nbsp;&nbsp;● honor, honesty and integrity must be the underlying principles of trading/distribution practices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. it shall ensure the involvement of a thoroughly professional management in all administrative processes;

&nbsp;&nbsp;&nbsp;&nbsp;● policies should be established to ensure the principle of professionalism of the highest standard is embedded in all processes.

&nbsp;&nbsp;&nbsp;&nbsp;● there should be a regular review of internal processes to identify and rectify weaknesses, disconnects and fails.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. shall not directly cooperate with the End Clients, the relationship managers and/or bankers of the Client
without any prior written consent from the Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. it shall also co-operate and liaise with and provide reasonable assistance, support and information required
by the Client to facilitate its use of the Financial Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The following principles should be observed by the Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. it shall promote the highest standard of conduct and ethics;

&nbsp;&nbsp;&nbsp;&nbsp;● honor, honesty and integrity must be the underlying principles of trading/distribution practices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. it shall ensure the involvement of a thoroughly professional management in all administrative processes;

&nbsp;&nbsp;&nbsp;&nbsp;● policies should be established to ensure the principle of professionalism of the highest standard is embedded in all processes.

&nbsp;&nbsp;&nbsp;&nbsp;● there should be a regular review of internal processes to identify and rectify weaknesses, disconnects and fails.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 **Remuneration** 

Client acknowledges and agrees to pay the cost of USD 6,000 per calendar year (the "Access Fee"), with a minimum subscription of one (1) calendar years to access Extramile. In addition to the Access Fee, the Arranger will charge, and the Client agrees to pay 20 bps of notional per trade (the "Arranger Fees"). Notional of the trade will be solely determined by the Arranger in a professional and fair manner.

A retro-commission may be generated for the benefit of the Client In the course of a Transaction ("Retro-Commission"). If applicable, the Arranger shall be responsible for collecting such Retro-Commission from the Counterparties. An invoice detailing all the Retro-Commission generated by Transactions in the previous calendar quarter will be issued to the Client by the Arranger on the 15th day of the first month every calendar quarter (January, April, July, October), or the first next business day should the 15th day is not a business day. The Arranger shall pay to the Client the Retro-Commission detailed in the same written invoice as soon as practicable after and only receiving written confirmation from the Client, or per a separate schedule agreed bilaterally by the Parties. All applicable taxes arising in respect of the Retro-Commission shall be for the account of the Client. For the avoidance of doubt, any market risk such as foreign exchange risk originated from any request raised by the Client in the process of payment of the Retro-Commission shall be the full responsibility of the Client.

Both parties also agree to negotiate in good faith, and in a swift and professional manner over any disagreement in the detail of the Retro-Commission.

&nbsp;&nbsp;&nbsp;&nbsp;3. **ANTI-MONEY LAUNDERING AND TERRORISM FINANCING** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The Parties undertake to comply at any time with any applicable means any laws, guidelines, ordinance,
circulars, regulations, licensing requirement, and/or industry best practices to which both Parties are subjected to, relating to anti-money
laundering and terrorism financing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. The Parties have established an anti-money laundering ("AML") programme that is designed to
comply with any applicable any applicable means any laws, guidelines, ordinance, circulars, regulations. licensing requirement, and/or
industry best practices to which both Parties are subjected to and have taken specific measures to ensure that the Parties do not provide
services to listed terrorists and/or sanctioned names and/or lists notified by competent authorities such as but not limited to Financial
Action Task Force ("FATF") and United Nations Security Council ("UNSC");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. The Client also undertakes with the Arranger that reasonable steps have been, or will be, taken to identify
and document the true and full identity of the End Clients of the Securities and/or the Structured Products according to its know-your
customer procedures, and will retain evidence in relation thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. The Client in addition confirms that it has already taken or will take necessary and appropriate actions
to be satisfied as to the legitimacy of the origin of the funds of the End Clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. The Arranger reserves the right to require from the Client any additional information or documents which
it deems appropriate in order for the Arranger to fully comply with its know-your-customer procedures and legal obligations relating to
anti-money laundering and terrorism financing and the Client irrevocably agrees to provide such relevant information or documents upon
the request from the Arranger; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. The Client shall cooperate with the Arranger as well as any governmental and/or regulatory authorities
for the prevention of money laundering and financing of terrorism.

&nbsp;&nbsp;&nbsp;&nbsp;4. **INTELLECTUAL PROPERTY RIGHTS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each Party retains all rights, title and interest in and to its Intellectual Property Rights which subsisted
before conclusion of this Agreement or come into being independently of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each Party may use resources or materials in which the other Party holds the Intellectual Property Rights
during the effective period of this Agreement, solely as necessary to exercise its rights or perform its obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Arranger owns all rights, title and interest in and to Intellectual Property Rights developed during
the course of providing Financial Services under this Agreement, including enhancements, modifications or derivative works of materials
in which either Party owns the Intellectual Property Rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) To the extent necessary to effect the provisions of clause 4(iii), the Client assigns the Intellectual
Property Rights referred to in clause 4(iii) with effect from creation to the Arranger or its nominee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **REPRESENTATIONS AND WARRANTIES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 **Representations and Warranties by the Arranger** 

The Arranger hereby represents and warrants to the Client that, as of the date hereof:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) it is duly organized, validly incorporated, existing, and registered in accordance with the laws of its
country of registration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) as the case may require, it holds such governmental authorization and maintains sufficient substance as
is necessary to lawfully conduct its business and its obligations under the Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) it is aware of and will at all times comply with all circulars, guidance, industry best practice, laws,
licensing requirements, ordinance, regulations that it is subjected to in all relevant jurisdictions (including but not limited to the
law of anti-money laundering and terrorism financing, anti-bribery and anti-corruption, taxation, suitability and appropriateness of the
Client to the Financial Services, etc.). The Arranger further declares and represents that during the effective period of this Agreement
it will maintain all necessary licenses, consents, authorizations or approvals to carry on its business as currently being conducted (including,
without limitation, any required membership of a self-regulatory organization, or any required authorization under applicable money laundering
laws) in all relevant jurisdictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any information which it has provided to the Client in relation to its licenses, consents, authorizations,
approvals, or taxation status are complete and correct, and it will promptly inform the Client if any of its licenses, consents, authorizations
or approvals ceases to be valid or effective (including, without limitation, any revocation of the same by any regulator and/or governmental
body) or if any regulator and/or governmental body has decided, ruled or adjudicated that it has breached any applicable laws, guidelines,
ordinance, circulars, regulations, licensing requirement, and/or industry best practices to which the Arranger are subjected to;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) it has full right, power and authority to execute and deliver this Agreement and to perform its obligations
hereunder; and upon execution of this Agreement all corporate actions required hereunder for the due and proper authorization, execution
and delivery of this Agreement will be duly and validly performed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 **Representations and Warranties by the Client** 

The Client hereby represents, warrants and covenants to the Arranger and relevant Counterparties that, as of the date hereof:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) it is solely responsible for being lawfully incorporated under the relevant statutory and regulatory provisions
in the jurisdictions in which it operates and undertakes at all times to observe all such provisions as applicable to its operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) as the case may require, it holds such governmental authorization and maintains sufficient substance as
is necessary to lawfully conduct its business and its obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) it is aware of and will at all times comply with all Relevant Rules in all relevant jurisdictions (including
but not limited to the law of anti-money laundering and terrorism financing, anti-bribery and anti-corruption, taxation, suitability and
appropriateness of the Client to the Financial Services, etc.). The Client further declares and represents that during the effective period
of this Agreement it will maintain all necessary licenses, consents, authorizations or approvals to carry on its business as currently
being conducted (including, without limitation, any required membership of a self-regulatory organization, or any required authorization
under applicable money laundering laws) in all relevant jurisdictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any information which it has provided to the Arranger in relation to its licenses, consents, authorizations,
approvals, or taxation status are complete and correct, and shall remain valid until they are revoked by the Client in writing, and the
Client will promptly inform the Arranger if any of its licenses, consents, authorizations or approvals ceases to be valid or effective
(including, without limitation, any revocation of the same by any regulator and/or governmental body) or if any regulator and/or governmental
body has decided, ruled or adjudicated that it has breached any Relevant Rules. The Client also undertakes that any changes in Authorized
Person, or Authorized Person's signature, and/or Authorized Dealer shall be immediately notified to the Arranger in writing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) it has full right, power and authority to execute and deliver this Agreement and to perform its obligations
hereunder; and, if applicable, upon execution of this Agreement all corporate actions required hereunder for the due and proper authorization,
execution and delivery of this Agreement will be duly and validly performed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) it acknowledges and agrees that its End Clients to whom it markets, distributes, or sell any Securities
or Structured Products will remain its sole responsibility and will not automatically become clients or customers of the Arranger for
the purposes of the rules and guidance of the SFC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) it shall not, without the prior written consent from the Arranger, use the name of the Arranger or any
Counterparties, for any form of publicity or advertisement. At the Arranger's request the Client shall furnish the Arranger with
all of their documentation and other material related to the Arranger or any Counterparties and are issued m connection to the Securities
and/or Structured Products for publicity and/or advertising purposes. Even with the written consent from the Arranger, it will be the
sole responsibility of the Client to ensure such market material are distribute, broadcast, share, or forward in compliance with Relevant
Rules;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) it shall not use, distribute, recycle, execute, or otherwise disseminate any information obtained from
the Financial Services, such as sales materials, information sheets, products brochure, etc that are issued in connection to the Securities
and/or Structured Products. or the Financial Services themselves, to any Third Party without the prior written consent of the Arranger,
unless such actions do not violate terms and conditions of this Agreement, and are in compliance with all Relevant Rules;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) it agrees to provide the Arranger upon reasonable request, all relevant information relating to the distribution
of the Securities and/or the Structured Products necessary, to enable the Arranger to comply with the respective obligations under applicable
legislative and regulatory requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) it acknowledges any information or quotations from the Financial Services are intended for reference only,
and no representation or warranty, expressed or implied is made to the accuracy, completeness, or correctness by the Arranger to those
information and quotations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) it shall indemnify and keep indemnified and hold harmless the Arranger, the Counterparties, and any of
their directors, affiliates, officers and agents (each an Indemnified Party) in respect of any and all liabilities, losses, costs, claims,
damages, actions and related expenses whatsoever and howsoever arising out of the negligence, breach of duty (including statutory duty),
willful default, bad faith, fraud or breach of any provision of this Agreement by the Client or its directors, affiliates and officers.
This Indemnification provision shall survive the termination of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) if the Transactions In connection with the Financial Services fail to settle as a result of, or in relation
to any failure of the Client or its directors, affiliates, authorized persons and officers to take any action, or arising out of the negligence,
breach of duty (including but not limited to statutory duty), willful default, bad faith fraud or breach of any provision of this Agreement
by the Client or its directors, affiliates, authorized persons and officers, the Client shall pay all expenses and penalties payment (if
any), and to the extent permitted by law, indemnify the Arranger and/or the Counterparties against any claims, demands, actions, liabilities,
damages, costs, losses or expenses (including but not limited to any interest and legal fees) (collectively the "Indemnifiable Claim")
which may incur. If the Arranger and/or the Counterparties have suffered the Indemnifiable Claim, the Arranger shall immediately notify
the Client in writing giving all relevant details. The Client shall on demand or upon request reimburse the Arranger for the Indemnifiable
Claim;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) it confirms that it has proper policy and procedures to handle any complaints from its End Clients and
shall notify the Arranger promptly should it become aware of any circumstances concerning any complaints relating to the Financial Services
(the "Complaint") and provide relevant information to the Arranger for the Complaint;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) it confirms that it has disclosed or shall disclose its own Transactions' fee schedule and/or the
receipt of the Retro-Commission from the Arranger to its End Clients and it has obtained or shall obtain the consent from its End Clients
to charge such fee and/or to receive such Retro-Commission;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) it acknowledges that the Securities and/or Structured Products may not or shall not be registered under
the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) it shall not make any offer, directly or indirectly, to sell or on-sell any Securities and/or Strmctured
Products to the public in U.S. or any U.S. persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) it agrees that the Securities and/or Structured Products do not, and shall not be authorized for public
sale or offering in any country, state or jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) the Client agrees that the Securities and/or Structured Products shall only be distributed to End Clients
whom are Professional Investor and have the relevant and suitable financial status, investment experience, expertise and knowledge, defined
by relevant laws and regulations in jurisdiction of distribution, and are in suitable legal capacity to invest in the Securities and/or
Structured Products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) the Client confirms that it has carried on any and all investigation and know your customer due diligence
as to ensure that the End Clients are Professional Investor and that it is in possession of a written statement by the End Clients confirming
such qualification as well as the know your customer files and documents. It is the responsibility of the Client to ensure that the type
of Securities and/or Structured Products proposed suit the risk, experience and understanding of the End Clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) it and its representatives do not have, and will not enter into any commitments to Third Party that conflict
with the Client's obligations under this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) the Client undertakes not to appoint any Third Party in order to fulfil all or part of its duties under
this Agreement and sub-delegate and/or sub-distribute any third party relating to the Financial Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **CONFIDENTIALITY** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 **Confidential Information** 

Confidential Information means all information which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) was disclosed or received before or after the Effective Date as a result of the discussions leading up
to, the conclusion of, and the execution of this Agreement and is designated as "Confidential Information" by the Disclosing
Party; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) would be regarded as being confidential by a reasonable business person; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) is clearly confidential from its nature or the circumstances in which it was imparted, and including information
which relates to the commercial affairs, infrastructure, products, services, developments, innovations, trade secrets, source codes, or
contracts of, and any other information relating to, the Disclosing Patty, its Affiliates or customers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any information referred to in (i) to (iii) disclosed on a Disclosing Party's behalf or created
or developed by the Recipient: and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) information extracted, copied or derived from information referred to in (i) to (iv) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 **Confidentiality** 

Subject to clauses 6.3 to 6.5:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Recipient must keep all Confidential Information of the Disclosing Party confidential

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) neither Party (nor any of its Affiliates) may issue any announcement, circular or communication concerning
the existence or content of this Agreement without the other Party's prior written approval; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Recipient must use Confidential Information solely in connection with the performance of its obligations
or exercise of its rights under this Agreement and take all action reasonably necessary to secure it against theft, loss or unauthorized
disclosure or use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 **Exemptions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The restrictions on use or disclosure of information in clause 6.2 do not apply to information which is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. generally available in the public domain, other than as a result of a breach of an obligation under this
clause 6;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. independently developed by the Recipient, or was in the Recipient's lawful possession prior to receipt
from the Disclosing Pally.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Recipient may disclose Confidential Information to a Third Party ("3<sup>rd</sup>Party Recipient")
solely to the extent necessary that disclosure is required for the performance of the Recipient's obligations or the exercise of
its rights under this Agreement, provided that before disclosure, the Recipient:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. notifies and receives written consent from the Disclosing Party about the intended disclosure (and scope
of such disclosure) and the identity of the intended 3<sup>rd</sup>Party Recipient;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. procures that the 3<sup>rd</sup>Party Recipient enters into a confidentiality undertakings in favor of
the Disclosing Party on terms no less onerous than those contained in this clause 6; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. ensures that the 3<sup>rd</sup>Party Recipient is aware of and complies with the Recipient's obligations
under this clause 6 as if it were the Recipient.

The Recipient is responsible for the acts, omissions or defaults of any 3 <sup>rd</sup> Party Recipient in relation to Confidential Information as if they were its own acts or omissions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Recipient may disclose Confidential Information to the extent that disclosure is required by relevant
laws and regulations and it is necessary for the Recipient to comply with such request, provided that the Recipient:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. unless prohibited by relevant laws and regulations, provides the Disclosing Party with prompt notice of
any the requirement or request so that that the Disclosing Party may seek an appropriate protective order preventing or limiting the disclosure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. at the Disclosing Party's reasonable cost, provides the Disclosing Party with reasonable assistance
in any action taken by the Disclosing Party to prevent or limit the disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 **Unauthorized Access** 

If the Recipient becomes aware of any actual, threatened or attempted unauthorized or accidental access, use or disclosure of the Disclosing Party's Confidential Information, the Recipient must immediately

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) inform the Disclosing Party in writing, as practically as possible, specifying the Confidential Information
involved, the time and nature of the unauthorized or accidental access, use or disclosure and the identity of those involved; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) take such steps as are necessary or as the Disclosing Party directs (and cooperate with the Disclosing
Party in any steps taken by it) to retrieve the Confidential Information from unauthorized persons and to prevent further unauthorized
or accidental access, use or disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 **Return of Confidential Information** 

On termination of this Agreement, the Recipient must at the Disclosing Party's election, return, destroy or expunge from any storage device all copies of Confidential Information, except where required to retain them by relevant laws and regulations or for purposes of performance under this Agreement. The Recipient must provide the Disclosing Party with a written confirmation within ten (10) Business Days of request.

The Parties agree that damages may not be an adequate remedy for breach of this clause 6 and (to the extent permitted by the court) that an aggrieved Party may seek an injunction or specific performance in respect of such breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **MISCELLANEOUS PROVISIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 **Notification of Communication** 

The Client shall be deemed notified of all correspondences and communications from the Arranger upon dispatch in accordance with the Client's Instructions or all other appropriate means. In the absence of express Instructions for dispatching correspondence and communication, the correspondence shall be sent to the address and/or email chosen by the Arranger.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 **Data** 

The Arranger owns all rights, title and interest in and to all of the Data,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 **Relationship between the Parties** 

For all purposes of this Agreement, the Arranger shall be an independent contractor and not an employee, agent, partner or joint venture of the Client. In addition, neither the Arranger nor the Client shall be an employee, partner, joint-venturer or agent of the Counterparties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 **No Exclusivity** 

This Agreement does not confer any exclusive rights to the Client in respect of the Financial Services, unless otherwise expressly agreed in writing. The Arranger may, at its discretion, provide other similar Financial Services to any other clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5 **Limitation of Responsibility** 

The Arranger is bounded, within the framework of the execution of its duties and obligations, by a best effort obligation towards the Client. In this respect, the Arranger's responsibility is limited to errors committed through, and losses generated by, wilful misconduct, recklessness or gross negligence. This Agreement does not include any performance obligation. The Arranger cannot in particular take responsibility for the fluctuation of the values of the investments, the changes in interest rates or the resulting fluctuations in returns. The Arranger shall not be responsible for legal advise, tax planning or obligations of the Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6 **Expenses and Other Duties** 

The Client shall pay all applicable stamp, registration and other taxes and duties (including any interest and penalties thereon or in connection therewith) which may be payable In Hong Kong upon or in connection with the Financial Services and the entry into, execution and delivery of this Agreement and shall, to the extent permitted by law, indemnify the Arranger and the related Counterparties against any claims, demands, actions, liabilities, damages, costs, losses or expenses (including, without limitation, legal fees and any applicable tax) which it may incur or which may be made against it as a result, or arising out of or in relation to, any failure of the Client to take any action, pay or delay in paying any of the same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7 **Amendments to this Agreement** 

This Agreement may be amended, supplemented and updated by Arranger ("Amendments") with reasonable notice given to the Client. Should the Client not agree with such Amendments, it shall notify the Arranger of such objection within ten (10) Business Days from receipt of the amended version of the terms and conditions. Without objection, the Amendments will apply to the business relationship between the Parties. In the case of changes brought about by changes outside the Arranger' s control, such as regulatory changes. The Arranger will notify the Client of the compulsory changes as soon as possible. Any such Amendments shall not affect any fees already accrued and payable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.8 **Assignment** 

The Arranger is entitled to assign its rights and obligations resulting from any and all agreements signed and executed with the Client to another Arranger's group company with prior written notice to the Client before such assignment. The Client shall notify the Arranger of such objection within ten (10) Business Days from receipt of such notice. Without objection, the Client hereby consents to such assignment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.9 **Termination of Business Relations** 

This Agreement shall remain in effect until termination in writing by one of the Parties. The Parties shall be entitled to terminate this Agreement (i) at any time two calendar years after the Effective Date, upon 90 days' prior written notice to the other Party; or (ii) the continuance Of this Agreement shall be illegal under the applicable laws.

The rights and obligations under clauses of this Agreement which expressly or by their nature survive expiry or termination will remain in full force and effect, including clauses I, 2, 5 2(xi), 6, 7.5, 7.9 and 7.10.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.10 **Applicable Law and Place of Jurisdiction** 

This Agreement and all business and legal relationships between the Parties are exclusively and irrevocably governed by the laws of Hong Kong and the Parties agree to submit to the non-exclusive jurisdiction of the courts of Hong Kong in relation to all matters arising from this Agreement.

**APPENDIX**

---

| | | | |
|:---|:---|:---|:---|
|  <br> The Client | <br> The Client | <br> The Client | <br> The Client |
| 1 | Legal Registered Name | Keystone Capital Limited | Keystone Capital Limited |
| 1 | Legal Registered Name | Chinese (if any) 翹石資本有限公司 | Chinese (if any) 翹石資本有限公司 |
| 2 | Incorporation | ☑ Hong Kong<br> ☐ Other (Please specify): | ☑ Hong Kong<br> ☐ Other (Please specify): |
| 2 | Incorporation | 03/12/2015 | 03/12/2015 |
| 2 | Incorporation | 2315243 | 2315243 |
| 3 | Publicly Traded (Listing Company) | 🗹 No ☐ Yes Stock/Ticker Code: _______ Name of Stock Exchange:_______ | 🗹 No ☐ Yes Stock/Ticker Code: _______ Name of Stock Exchange:_______ |
| 4 | Regulatory Status | ☐ No<br> ☑ Yes (Please compete "Details of Regulatory Status".) | ☐ No<br> ☑ Yes (Please compete "Details of Regulatory Status".) |
| 4 | Details of Regulatory Status | Name of the Regulatory Authority | ☑ SFC<br> ☐ Other (Please specify): |
| 4 | Details of Regulatory Status | SFC License Type | 1, 4, 9 |
| 4 | Details of Regulatory Status | CE Number |  |
| 5 | FATCA Compliance | FATCA Compliant | ☐ Yes<br> ☑No |
| 5 | FATCA Compliance | Participating Foreign Financial Institution | ☐ Yes<br> ☑ No |
| 5 | FATCA Compliance | GIIN No (if any) |  |
| 6 | Legal Entity Identifier ("LEI") | ☐ No ☑ Yes, LEI No.: 254900T1NMWMBD5FVY08 | ☐ No ☑ Yes, LEI No.: 254900T1NMWMBD5FVY08 |
| 7 | Contact Address and Email | (Registered Business Address)<br> UNITS l902-BA- 19/F. FWD FINANCIAL CENTRE. 308 DES VOEUX ROAD CENTRAL, Hong Kong | (Registered Business Address)<br> UNITS l902-BA- 19/F. FWD FINANCIAL CENTRE. 308 DES VOEUX ROAD CENTRAL, Hong Kong |
| 7 | Contact Address and Email | (Correspondence Address) [if different from above] | (Correspondence Address) [if different from above] |
| 7 | Contact Address and Email | (Email) glorialew@kstone-capital.com | (Email) glorialew@kstone-capital.com |
| 8 | Authorized Dealer I | Full Name (per registration at SFC) |  |
| 8 | Authorized Dealer I | CE Number: BHU614 | Role (Admin/ Normal User) |
| 8 | Authorized Dealer I | HKID/Passport Number: | HKID/Passport Number: |
| 8 | Authorized Dealer I | Email: | Email: |
| 8 | Authorized Dealer I | Phone Number office/mobile 3792 0551/ 6500 6948 | Phone Number office/mobile 3792 0551/ 6500 6948 |
| 8 | Authorized Dealer 2 | Full Name (per registration at SFC) | Lew Cheuk Ning |
| 8 | Authorized Dealer 2 | CE Number: BDM050 | Role (Admin/ Normal User) |
| 8 | Authorized Dealer 2 | HKID/Passport Number: | HKID/Passport Number: |
| 8 | Authorized Dealer 2 | Email:glorialew@keytoneeapital.com | Email:glorialew@keytoneeapital.com |
| 8 | Authorized Dealer 2 | Phone Number office/mobile): | Phone Number office/mobile): |
| 8 | Authorized Dealer 3 | Full Name (per registration at SFC) | Siu Wing Kin |
| 8 | Authorized Dealer 3 | CE Number: BBF653 | Role (Admin/ Normal User) |
| 8 | Authorized Dealer 3 | HKID/Passport Number: | HKID/Passport Number: |
| 8 | Authorized Dealer 3 | Email: kevinsiu@keytoneeapital.com | Email: kevinsiu@keytoneeapital.com |
| 8 | Authorized Dealer 3 | Phone Number office/mobile : 3577 8668/ 97256977 | Phone Number office/mobile : 3577 8668/ 97256977 |
| 8 | Authorized Dealer 4 | Full Name (per registration at SFC) | Chan Tak Chiu |
| 8 | Authorized Dealer 4 | CE Number: AWV321 | Role (Admin/ Normal User) |
| 8 | Authorized Dealer 4 | HKID/Passport Number:<br> Email: kelvinchan@keytoneeapital.com | HKID/Passport Number:<br> Email: kelvinchan@keytoneeapital.com |
| 8 | Authorized Dealer 4 | Phone Number office/mobile): 3577 8660/9873 8190 | Phone Number office/mobile): 3577 8660/9873 8190 |
| 8 | Authorized Dealer 5 | Full Name (per registration at SFC) |  |
| 8 | Authorized Dealer 5 | CE Number: | Role (Admin/ Normal User) |
| 8 | Authorized Dealer 5 | HKID/Pass ort Number: | HKID/Pass ort Number: |
| 8 | Authorized Dealer 5 | Email: | Email: |
| 8 | Authorized Dealer 5 | Phone Number office/mobile | Phone Number office/mobile |
| 8 | Authorized Dealer 6 | Full Name (per registration at SFC) |  |
| 8 | Authorized Dealer 6 | CE Number: | Role (Admin/ Normal User) |
| 8 | Authorized Dealer 6 | HKID/Passport Number: | HKID/Passport Number: |
| 8 | Authorized Dealer 6 | Email: | Email: |
| 8 | Authorized Dealer 6 | Phone Number office/mobile): | Phone Number office/mobile): |

---

**Financial Services & Cost**

☑ Extramile Package: To provide as is access to Extramile Market Place ("Extramile") and the functionality available on Extramile, via https://extramilegoldhorse.com.hk and via the Extramile Market Place APP ("Extramile APP"), to list of personnel jointly agreed by both Parties, at the cost of USD6,000 per calendar year ("Access Fee"), with a minimum subscription of one (l) calendar years. The Access Fee is deductible against the remuneration in clause 2.2. Access to Extramile and Extramile APP may change from time to time in the discretion of The Arranger. For the avoidance of doubt, there will not be an pre-determined limitation in terms of number of users to access Extramile. However, each user needs to be approved by the Arranger.

For the purpose of servicing its End Clients, it is the sole responsibility of the Client to ensure the usage, distribution, recycling, or otherwise dissemination of any information obtained from the Financial Services, such as prices, sales materials, information sheets, products brochure, etc. that are issued in connection to the Securities and/or Structured Products, to the End Clients are in compliance with all the Rules.

Should Extramile is not available due to any reason, the Arranger will try to the best of the ability to provide the Financial Services to the Client on a manual basis.

(Please ☑ on package(s) above that the Client agrees to subscribe to)

The Arranger shall make the Financial Services and customer support services available from 8am to 6pm Hong Kong time on each Business Days ("Office Hours"), except in occurrence of any Force Majeure Event. Outside of Office Hours, services will only be extended to Client on a best-effort basis.

The Client acknowledges and agrees that the Arranger does not guarantee the timeliness, sequence, accuracy, adequacy, completeness or error-free of the technical support provided relating to the aforesaid matters and such technical support is provided on an "as is", "as available" basis. The Arranger gives no express or implied warranties, representations or undertakings (including but not limited to warranties of merchantability or fitness for a particular use) with respect to such technical support. The Client also acknowledges that no authentication, verification or computer security technology is completely secure or safe and the Client agrees to bear all risks of cybersecurity (e.g. unauthorized access/use, hacking or identity theft. etc.). Further, the Client agrees that the Arranger shall not be responsible for any loss, damage, cost, expense, claim or liability of whatsoever nature, directly or indirectly, arising out of or in connection with such technical support.

**From time to time, the Parties may also mutually agree to other kind of products, supports, services and/or fees not covered by this Agreement.**

**Further Terms and Undertaking**

By signing this Agreement, the Client acknowledges that it wishes to obtain access to a financial specialist in relation to the provision of Financial Services, including but not limited to the arrangement under which the Arranger arranges the Client to banking and brokerage service providers for the Transactions. The Client confirms it possesses or has been provided with the required knowledge regarding the risks associated with each investment it wishes to conclude. The Client undertakes to not execute the Transactions unless it has fully comprehended the risks, costs and the consequences of such investment.

The investments are executed by the Client based on its own judgement and understanding of the characteristics and Inherent risks of the Transactions. If the Client has doubts as to the risks or the costs associated with an investment (e.g. a product, a technique or a transaction), it undertakes to immediately ask its related contact person at the banking and/or brokerage service providers for supplemental information.

By signing this Agreement, the rights hereby declare that they understand and accept to comply with the terms and conditions of this

---

| | |
|:---|:---|
| For and on behalf of the Arranger | For and on behalf of the Arranger |
| */s/ LEE, Ka Long* | */s/ LEE, Ka Long* |
| Authorized Signatory | Authorized Signatory |
| Name: | LEE, Ka Long |
| Title: | Director |
| Date: | 11/10/23 |
| For and on behalf of the Client | For and on behalf of the Client |
| */s/ SIU Wing Kin* | */s/ SIU Wing Kin* |
| Authorized Signatory | Authorized Signatory |
| Name: | SIU Wing Kin |
| Title: | Deputy CEO |
| Date: | 11/10/23 |

---

## Exhibit 10.4

**Exhibit 10.4**

**CLIENT REFERRAL AND SERVICE AGREEMENT**

THIS AGREEMENT is made on [date].

**BETWEEN**

**[Financial Institution]**, a company incorporated in [place] and having its registered office at [address] (hereinafter called "Financial Institution") of the one part:

**AND**

**[Company]**, a company incorporated under the laws of [place] and whose registered office is situated at [address]. (Hereinafter called "Introducing Broker" or "You" or "Your" or "you" or "your") of the other part.

The parties wish to enter into an arrangement whereby Financial Institution will engage you as an introducing broker to Financial Institution and you will refer or introduce clients to Financial Institution and you will make arrangement for identifying and making contact with new clients for Financial Institution's brokerage services subject to the terms and conditions of this Agreement.

1. Introduction of Prospective Clients

&nbsp;&nbsp;&nbsp;&nbsp;1.1. Any prospective clients referred by you to Financial Institution shall be subject Financial Institution's
procedures applicable to acceptance of new clients, including but not limited to meeting Financial Institution's documentation requirements
and the 'Know Your Client' standards (as required by the Securities and Futures Commission of Hong Kong ("SFC")).
Financial Institution s may accept or reject any application by a referred prospective client at its absolute discretion.

&nbsp;&nbsp;&nbsp;&nbsp;1.2. Upon acceptance by Financial Institution of a client referred by the Introducing Broker (each an "Accepted
Client"), each Accepted Client will open an account by executing Financial Institution's account opening documentation. The
account relationship shall then be conducted between Financial Institution and the Accepted Client directly. You are not permitted to
and will not hold any client assets of any Accepted Client, and the contract notes and statements of the Accepted Client's accounts shall
be issued by the Financial Institution and sent to the Accepted Client directly. If the Introducing Broker requests for an Accepted Client's
contract notes and statements of account, Introducing Broker shall obtain such Accepted Client's written consent and present the same
to Financial Institution.

&nbsp;&nbsp;&nbsp;&nbsp;1.3. To assist you in identifying potential new business you will be advised of Financial Institution's
target market criteria from time to time in force. You agree to adhere to all applicable laws, regulations and best market practices in
all referral initiatives.

&nbsp;&nbsp;&nbsp;&nbsp;1.4. When dealing with potential or actual clients you shall not solicit business in breach of any applicable
laws or regulations, including those in respect of exchange controls.

&nbsp;&nbsp;&nbsp;&nbsp;1.5. Financial Institution will assign to you a contact person from its Hong Kong brokerage department ("your
Financial Institution Contact"). You agree to keep your Financial Institution Contact "informed of all matters relating to
your services under this Agreement or which might affect your ability to perform them, including anything which could damage or otherwise
impact the reputation or franchise of Financial Institution or any associated entity of Financial Institution. Your Financial Institution
Contact will keep you informed of all target market criteria and other matters which may be relevant to the performance of your services
and will respond to any questions which you may have about your responsibilities or the policies of Financial Institution.

2. Your Status, Authority, Representation and Warranties

&nbsp;&nbsp;&nbsp;&nbsp;2.1 You shall perform the services contemplated by this Agreement as an independent contractor and nothing
contained in this Agreement shall be deemed to create any relationship of employer and employee, agent, partnership, joint venture and
any other association between you and Financial Institution. Financial Institution shall be entitled to have any arrangements of similar
nature with other introducing brokers.

&nbsp;&nbsp;&nbsp;&nbsp;2.2 You are not authorized, and shall not purport, to act on behalf of Financial Institution, whether as an
agent or otherwise, or enter into any agreement or commitment on behalf of Financial Institution.

&nbsp;&nbsp;&nbsp;&nbsp;2.3 You are not entitled to make any representation to any party regarding the nature of the services of Financial
Institution, the past or projected future performance of any of its investment products or any investment opportunities which are available
through it which overstates or otherwise fails to correspond to information published by Financial Institution or which you have been
authorized to release by your Financial Institution Contact.

&nbsp;&nbsp;&nbsp;&nbsp;2.4 If there should be any change in your status, including without limitation your licensing status with
the SFC, or any other development which might in any way affect your ability to perform your services under this Agreement, you undertake
to inform Financial Institution in writing immediately.

&nbsp;&nbsp;&nbsp;&nbsp;2.5 You have obtained such consents and authorizations as may be necessary for you to enter into this Agreement
and perform your obligations under this Agreement or as required by applicable law or any relevant regulatory or governing authority.

&nbsp;&nbsp;&nbsp;&nbsp;2.6 You confirm and represent to Financial Institution that you are able to accept the benefit 'hereof
under the Code of Conduct, or any other applicable rules, regulations, codes or guidelines as revised or supplemented from time to time
(collectively the "SFC Code").

&nbsp;&nbsp;&nbsp;&nbsp;2.7 You confirm and represent that you will comply with the SFC Code (including but not limited to the
Fund Manager Code of Conduct (if applicable to you)) and all other applicable laws, rules, regulations, codes and guidelines in relation
to the 'arrangement as set out in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;2.8 You are not authorized to use the name or business logo of Financial Institution without the prior written
consent of Financial Institution.

&nbsp;&nbsp;&nbsp;&nbsp;2.9 You agree to take all reasonable steps to ensure that you, your employees, agents, representatives, do
not hold themselves out, or engage in conduct which is likely to have the effect of holding themselves out as an agent employee or representative
of Financial Institution or any Financial Institution affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;2.10 You have in place effective control, guidelines and means of monitoring conduct of your frontline staff,
agent or representatives.

2.11 You are aware of the provisions in section 13 of the Code of Conduct on the retention of rebates, soft
dollars and connected transactions and their disclosure.

2.12 You will not accept money, securities many property from Accepted Clients, all settlement for securities
purchases shall be made between the Financial Institution and the Accepted Clients directly.

3. Fees, and Expenses — Client Referral

&nbsp;&nbsp;&nbsp;&nbsp;3.1 Unless otherwise agreed between Financial Institution and Introducing Broker, during the term of this
Agreement and subject to the terms and conditions hereof, in respect of the client referral arrangement (as referred to in Clause 1),
provided that Financial Institution is entitled to charge the Accepted Client with a brokerage commission rate of a certain percentage
calculated on the basis of gross turnover amount in the trading account of Accepted Client, for Stock, Bond, Notes etc., Financial Institution
will receive absolute rate of [\*]%, and you will receive the remaining portion of net brokerage commission income (net brokerage commission
income means after deducting any commission, fees or charges that Financial Institution may have to pay to any third party broker, e.g.
in margin trading, the cost of financing and risk should be deducted) generated from transactions conducted by Accepted Clients and
received by Financial Institution as the referral fee (the "Referral Fee"). The Referral Fee will be paid by Financial Institution
to you monthly in arrears or at any other interval as agreed by the parties from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;3.2 Financial Institution will only be obliged to pay the Referral Fee to you to the extent that Financial
Institution receives the full amount of the brokerage commission from transactions conducted by the Accepted Clients.

&nbsp;&nbsp;&nbsp;&nbsp;3.3 For the avoidance of doubt, notwithstanding anything contained herein, Financial Institution shall have
the absolute discretion to decide whether to accept or refuse any order or instruction for transactions placed, given or made by any Accepted
Client without giving or assigning any reason therefore incurring any liability therefrom.

&nbsp;&nbsp;&nbsp;&nbsp;3.4 In no event will the Referral Fee be payable to you before Financial Institution has accepted a client
referred by you and the Accepted Client has opened an account with Financial Institution.

&nbsp;&nbsp;&nbsp;&nbsp;3.5 Before begin efforts to introduce new potential clients to Financial Institution, you agree to disclose
to your Financial Institution Contact the name and basic background information of each of these prospects. If Financial Institution requests
you to proceed with your efforts to refer these prospective clients to it, any relationship which is then successfully established as
the result of your efforts will be eligible for the Referral Fee.

&nbsp;&nbsp;&nbsp;&nbsp;3.6 No Referral Fee shall be payable to you if you refer any person to Financial Institution as a prospective
client and that person is already a client of Financial Institution.

&nbsp;&nbsp;&nbsp;&nbsp;3.7 No expenses which you incur in connection with this Agreement will be reimbursable by Financial Institution.

&nbsp;&nbsp;&nbsp;&nbsp;3.8 You will provide standing instructions as to how payment of the Referral Fee should be made to a Hong
Kong bank account in your name. In the absence of such standing instruction, Referral Fee will be made payable to you by cheque in Hong
Kong Dollars and will be sent to you by post to your last known address as shown in Financial Institution's records and at your
risk and expense.

&nbsp;&nbsp;&nbsp;&nbsp;3.9 In the absence of manifest error, Financial Institution's statement of Referral Fee shall be a final
and binding record of the Referral Fee due to you.

&nbsp;&nbsp;&nbsp;&nbsp;3.10 Financial Institution may cease, at its discretion, paying the Referral Fee to you if this Agreement is
terminated in accordance with Clause 8.

&nbsp;&nbsp;&nbsp;&nbsp;4. Confidentiality

&nbsp;&nbsp;&nbsp;&nbsp;4.1 Save as provided by other terms of this Agreement, you shall keep the terms of this Agreement, any information
obtained from Financial Institution and the identity and personal information of all prospective clients referred to Financial Institution
strictly confidential, as well as any information which become known to you about Financial Institution's clients. You shall
not disclose such information to any other party without the prior written consent of Financial Institution and, where applicable, the
clients or prospective clients concerned.

&nbsp;&nbsp;&nbsp;&nbsp;4.2 At all-time during the continuance of this Agreement and after the termination thereof (howsoever caused),
you must not disclose information about Financial Institution, or information about its customers to anyone who).is not authorized to
receive it or has no need to know, or to anyone else except as authorized by the customer concerned, applicable law or appropriate legal
process.

&nbsp;&nbsp;&nbsp;&nbsp;4.3 Financial Institution will not solicit your existing clients. You will be given copies of any sales and
marketing material in advance before dissemination to your clients.

&nbsp;&nbsp;&nbsp;&nbsp;5. Liability

&nbsp;&nbsp;&nbsp;&nbsp;5.1 You will be liable to Financial Institution for any claims, damages, costs, expenses, charges, costs (including
legal costs) and liabilities only to the extent and as a result of your conduct or performance of any duties hereunder constituting willful
default, fraud or your own negligence.

&nbsp;&nbsp;&nbsp;&nbsp;5.2 You will not be responsible for the settlement of the Accepted Clients' accounts which will be dealt
with direct between Financial Institution and the Accepted Clients. Subject to Clause 7.1 above, Financial Institution will not have any
recourse against you for any default of the Accepted Client or any liabilities in relation with the introduction of clients by you to
the Financial Institution, except for your willful default, fraud or your own negligence.

&nbsp;&nbsp;&nbsp;&nbsp;5.3 Nothing in this Agreement is intended to grant to any third party any right to enforce any term of this
Agreement or to confer on any third party any benefits under this Agreement for the purposes of the Contracts (Rights Third Parties)
Ordinance (Cap. 623 of the Laws of Hong Kong) and any re-enactment-thereof, the application of which legislation is hereby expressly excluded.

&nbsp;&nbsp;&nbsp;&nbsp;6. Termination

&nbsp;&nbsp;&nbsp;&nbsp;6.1 This Agreement becomes effective from the date of this Agreement until terminated by either party in accordance
with the terms of this Agreement. Accepted Clients' accounts that are opened before the termination of this Agreement shall remain
the asset of Financial Institution and under Financial Institution's full management. Financial Institution may cease, at its discretion,
paying the Referral Fee a after the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;6.2 This Agreement shall be terminated without cause by either party giving thirty (30) days prior written
notice to the other or may be terminated immediately at the discretion of Financial Institution if (a) your license has an intermediary
is suspended or revoked by the SFC or you have breached or violated any applicable law, rules, codes or regulations of any government
or regulatory body; or (b) you have become insolvent and have a petition presented to wind up or you have resolved to go into voluntary
liquidation (except for the purpose of amalgamation or reconstruction) or is issued an order of court directing that you be wound up;

&nbsp;&nbsp;&nbsp;&nbsp;6.3 Termination of this Agreement shall be without prejudice to the obligations of the parties to one another
arising prior to termination. In particular, Clauses 4 (Confidentiality), 5 (Liability) and 7 (Non-Competition) will survive after
the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;7. Non-Competition

&nbsp;&nbsp;&nbsp;&nbsp;7.1 Each party hereby undertakes to the other party that it will not for so long as this Agreements in force
solicit or entice away or endeavor to solicit or entice away any director or employee of the other party.

&nbsp;&nbsp;&nbsp;&nbsp;7.2 Each party hereby agrees, consents and acknowledges that-each party may continue with the engagement,
employment or directly or indirectly have interest in securities brokerage business within Hong Kong and shall not be considered to be
in competition with the business of the other party.

&nbsp;&nbsp;&nbsp;&nbsp;8. Law and Jurisdiction

&nbsp;&nbsp;&nbsp;&nbsp;8.1 This Agreement shall be governed by the laws of Hong Kong and the parties agree to submit to the jurisdiction
of the Hong Kong courts, save that Financial Institution may at its sole discretion take actions in any jurisdiction considers appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;9. Anti Commercial Bribery, Anti False Publicity, and Rights Protection Guarantee Clause

&nbsp;&nbsp;&nbsp;&nbsp;9.1 Anti Commercial Bribery

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each party is aware and willing to be strictly abided by Cap.201 Prevention of Bribery Ordinance of laws
of Hong Kong and other laws and regulations related to anti commercial bribery. Each party knows that bribery and corruption in any form
will violate relevant laws and will be severely punished by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Neither Financial Institution nor you shall ask for, receive, provide or give any benefits other
than those agreed in this Agreement to the other party or other relevant personnel, including but not limited to explicit rebate, implicit
rebate, cash, shopping card, physical object, securities, tourism or other non-material benefits. However, such benefits belong
to industry practice or common practice, they must be expressed in this Agreement or other agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Financial Institution strictly prohibits any commercial bribery of its personnel. Any of the acts listed
in paragraph (b) of this clause committed by its personnel is a violation of its policy and will be punished by its policy and relevant
laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Financial Institution reminds that it objects to any of the acts listed in paragraph (b) of this clause
committed by Financial Institution or you with any third party for the purpose of this Agreement. Such acts are violations of relevant
laws and will be punished by relevant laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If the personnel of Financial Institution or you violate the provisions of paragraphs (b), (c) and (d)
above and cause losses or damages to the other party, it shall be liable for losses or damages to the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The "other relevant personnel" mentioned in this clause refers to the persons other than the
personnel of Financial Institution and you who have direct or indirect interests in the Agreement, shall include but not limited to the
relatives and friends of the person handling this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;9.2 Anti False Publicity

Each party knows and is willing to be strictly abided by the provisions of Cap. 528 Copyright Ordinance, Cap. 559 Trade Marks Ordinance, Cap. 514 Patents Ordinance, and Cap. 619 Competition Ordinance of laws of Hong Kong. Each party has the right to use or publicize the matters as agreed in this Agreement in a true and reasonable manner within the agreed scope, but shall not involve the confidential contents agreed in this Agreement. In order to avoid the risks of trademark infringement and improper publicity, each party agrees that prior written approval of the other party must be obtained before using the other party's trademark, brand and company name for publicity, otherwise such use or publicity shall not be carried out. Each party hereby promises to actively respond to the other party's application for reasonable use or publicity of cooperation matters. Each party acknowledges that using the other party's trademarks, brands and enterprise names for commercial publicity without the prior written consent of the other party, fictitious cooperation matters, or exaggerating the scope, content, effect, scale and degree of cooperation is a violation of this Agreement, and may constitute unfair competition due to false publicity. The observant party or the infringed party will reserve the right to pursue the legal liability of the other party.

&nbsp;&nbsp;&nbsp;&nbsp;9.3 Rights Protection Guarantee Clause

You guarantee that you will not infringe upon rights and interests of Financial Institution including but not limited to reputation, honor, intellectual property and fair trading rights, unless authorized to do so and draw a clear line with brand of Financial Institution. Otherwise, from the date when the infringement is found to exist, Financial Institution has the right to take measures such as terminating cooperation, cancelling or terminating this Agreement, and Financial Institution shall not bear any liability for breach of Agreement or infringement against you. You guarantee to accept the above handling measures of Financial Institution and does not claim any objection or any right.

&nbsp;&nbsp;&nbsp;&nbsp;10. Entire Agreement

&nbsp;&nbsp;&nbsp;&nbsp;10.1 This Agreement shall constitute the entire agreement between the parties in respect of the subject matter
herein and supersede any prior or contemporaneous oral or written agreements.

IN WITNESS whereof the parties have through their duly authorized officers executed and delivered this Agreement on the date first above written.

Sign for and on behalf of

**[Financial Institution]** by:

Signed for and on behalf of

**[Company]** by:

## Exhibit 10.5

**Exhibit 10.5**

**Keystone Stable Strategic Income OFC**

**翹石穩健策略收益開放式基金型公司**

(a Hong Kong private umbrella open-ended fund company with limited liability and segregated liability between sub-funds)

(the Company)

for and on behalf of the Sub-Fund(s) as listed in Schedule 1

and

**Keystone Capital Limited**

**翹石資本有限公司**

(the Investment Manager)

**INVESTMENT MANAGEMENT AGREEMENT**

**Contents**

---

| | | |
|:---|:---|:---|
| 1 | DEFINITIONS AND INTERPRETATION | 1 |
| 2 | REGULATORY STATUS | 3 |
| 3 | APPOINTMENT OF INVESTMENT MANAGER | 4 |
| 4 | DUTIES AND POWERS OF THE IVESTMENT MANAGER | 4 |
| 5 | COMPLIANCE WITH INVESTMENT RESTRICTIONS | 5 |
| 6 | AUTHORITY TO GIVE INSTRUCTIONS | 6 |
| 7 | DELEGATION | 6 |
| 8 | VOTING | 6 |
| 9 | OTHER TERMS APPLICABLE TO THE PROVISION OF SERVICES | 6 |
| 10 | STANDARD OF CARE | 7 |
| 11 | REPRESENTATIONS AND WARRANTIES OF THE COMPANY | 7 |
| 12 | REPRESENTATIONS AND WARRANTIES OF THE INVESTMENT MANAGER | 7 |
| 13 | OBLIGATIONS OF THE COMPANY | 8 |
| 14 | COMPLIANCE WITH INSTRUCTIONS | 8 |
| 15 | ANTI-MONEY LAUNDERING, ANTI-BRIBERY AND ANTI-CORRUPTION | 8 |
| 16 | DATA PROTECTION LEGISLATION | 9 |
| 17 | FEES AND EXPENSES | 9 |
| 18 | LIMITATION OF LIABILITY AND INDEMNITY | 10 |
| 19 | CONFLICTS OF INTEREST | 11 |
| 20 | MARKET RULES | 12 |
| 21 | TERMINATION | 12 |
| 22 | SOFT DOLLARS AND CASH REBATES | 14 |
| 23 | CONFIDENTIALITY | 14 |
| 24 | LIMITED RECOURSE | 15 |
| 25 | NO LICENCE OF INTELLECTUAL PROPERTY | 16 |
| 26 | RESERVATION OF RIGHTS | 16 |
| 27 | NO PARTNERSHIP | 16 |
| 28 | ASSIGNMENT | 17 |
| 29 | ENTIRE AGREEMENT | 17 |
| 30 | FURTHER ASSURANCE | 17 |
| 31 | AMENDMENTS | 17 |
| 32 | SEVERABILITY | 17 |
| 33 | NOTICES | 18 |
| 34 | FORCE MAJEURE | 18 |
| 35 | COUNTERPARTS | 19 |
| 36 | THIRD PARTY RIGHTS | 19 |
| 37 | GOVERNING LAW AND JURISDICTION | 19 |
| EXECUTION | EXECUTION | 20 |
| SCHEDULE 1: DESIGNATED SUB-FUND(S) | SCHEDULE 1: DESIGNATED SUB-FUND(S) | 21 |
| SCHEDULE 2: FEES PAYABLE TO THE INVESTMENT MANAGER | SCHEDULE 2: FEES PAYABLE TO THE INVESTMENT MANAGER | 22 |
| SCHEDULE 3: ADDRESS FOR SERVICE OF NOTICE | SCHEDULE 3: ADDRESS FOR SERVICE OF NOTICE | 23 |
| SCHEDULE 4: DATA PROTECTION PROVISIONS | SCHEDULE 4: DATA PROTECTION PROVISIONS | 24 |

---

i

**THIS AGREEMENT** is made on 17"'day of April 2024.

 **BETWEEN**

1. Keystone Stable Strategic Income OFC 翹石穩健策略收益開放式基金型公司,
a private umbrella open-ended fund company incorporated with limited liability and segregated liability between sub-funds under the laws
of Hong Kong whose registered office is at Flat 02-3A, 19/F., FWD Financial Centre, 308 Des Voeux Road Central, Hong Kong (the "Company"),
acting on behalf of the Sub-Fund(s) as listed in Schedule 1 hereto (as amended, varied, supplemented in writing from time to time); and

2. Keystone Capital Limited 翹石資本有限公司, a company incorporated
under the laws of Hong Kong whose registered office is at Flat 02-3A, 19/F., FWD Financial Centre, 308 Des Voeux Road Central, Hong Kong
(the "Investment Manager").

 **RECITALS**

A. The Company is an open-ended investment fund established as an open-ended fund company with limited liability
and segregated liability between sub-funds under the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong).

B. The Company wishes to appoint the Investment Manager to perform the services set out in this Agreement
and the Investment Manager is willing to perform such services on the terms and conditions contained in this Agreement.

 **AGREEMENT**

**1.** **DEFINITIONS AND INTERPRETATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 In this Agreement, unless the context otherwise requires:

 ****

***Agreement*** means and includes this agreement as originally executed and such modification, amendment, addition or supplement from time to time to be agreed between the parties hereto.

Associate has the meaning given to it in the SFO.

 ****

***Authorised Officer*** means any person from time to time designated by the Directors as authorised to instruct the Investment Manager.

 ****

***Business Day*** means any day (excluding Saturdays, Sundays, public holidays and days on which a tropical cyclone warning no. 8 or above or a "black" rainstorm warning signal is hoisted in Hong Kong at any time between the hours of 9:00 a.m. and 5:00 p.m.) on which licensed banks are open for general business in Hong Kong.

 ****

***Designated Sub-Fund*** means the Sub-Fund designated by the Company to be managed by the Investment Manager pursuant to this Agreement; the details of the Designated Sub-Fund(s) are set out in Schedule 1 (as amended, varied, supplemented in writing from time to time).

 ****

***Class*** means a particular class of Shares as described in the Memorandum.

 ****

***Custodian*** means Bank of Communications Trustee Limited or such other person for the time being duly appointed custodian by the Company in succession to whom all the Managed Assets of the Company and/or Sub-Fund is entrusted for safe keeping.

 ****

***Directors*** means the directors of the Company.

 ****

***Gross Negligence*** means, in relation to any person, a standard of conduct beyond negligence whereby that person acts with reckless disregard for the consequences of his or her action or inaction.

 ****

***Instrument*** means the instrument of incorporation of the Company as amended and/or restated from time to time.

 ****

***Investment Objective*** means the investment objective of the Designated Sub-Fund, as described in the Memorandum or as otherwise stipulated by the Directors from time to time, provided that for the purposes of this Agreement any amendment to such investment objective shall not be effective until the Investment Manager has been notified in writing of the amendment by the Company.

 ****

***Investment Restrictions*** means the investment restrictions of the Designated Sub-Fund, if any, as described in the Memorandum or as otherwise stipulated by the Directors from time to time, provided that for the purposes of this Agreement any amendment to such investment restrictions shall not be effective until the Investment Manager has been notified in writing of the amendment by the Company.

 ****

***Investment*** means any investment or other asset of any description, including cash, the acquisition of which is not prohibited by the Instrument or the Memorandum.

 ****

***Laws and Regulations*** means the SFO and such other rules, codes and guidelines issued by the SFC from time to time relating to the management and operation of private open-ended fund companies, including the OFC Rules, the OFC Code and the Fund Manager Code of Conduct issued by the SFC, each as amended, added to or replaced from time to time.

 ****

***Managed Assets*** means all the assets and Investments of the Designated Sub-Fund at any time under the management of the Investment Manager pursuant to this Agreement, including, for the avoidance of doubt, any uninvested cash.

 ****

***Memorandum*** means the private placement memorandum relating to the Company and the supplement relating to the Designated Sub-Fund and the offering of Shares, each as amended or supplemented from time to time, provided that for the purposes of this Agreement no amendment or supplement shall be effective unless the Investment Manager has consented to such amendment or supplement.

 ****

***Net Asset Value*** means, in relation to any Class under any Sub-Fund, the net asset value of that Class, determined in accordance with the Instrument and the Memorandum.

 ****

***OFC Code*** means the Code on Open-Ended Fund Companies issued by the SFC, as amended from time to time and supplemented by published guidelines or other guidance issued by the SFC.

 ****

***OFC Rules*** means the Securities and Futures (Open-ended Fund Companies) Rules (Cap. 571AQ), as amended from time to time.

 ****

***PDPO*** means the Personal Data (Privacy) Ordinance (Chapter 486 of the Laws of Hong Kong).

 ****

***SFC*** means the Securities and Futures Commission of Hong Kong.

 ****

***SFO*** means the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong).

 ****

***Share*** means a participating redeemable share in the capital of the Company attributable to the Designated Sub-Fund.

 ****

***Shareholder*** means a person for the time being registered as a holder of one or more Shares.

 ****

***Sub-Fund(s)*** means a sub-fund of assets and liabilities of the Company held within or on behalf of such sub-fund of the Company for the time being and from time to time in accordance with the Instrument.

 ****

***Valuation Day*** means, in relation to any Class, any day on which the Net Asset Value of such Class is determined in accordance with the Instrument and the Memorandum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.2 Unless the context otherwise requires, in this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the singular includes the plural and vice versa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) words importing the masculine gender only include the feminine gender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any reference to a law of Hong Kong is a reference to the most recent revision of such law and includes
any modification or re-enactment thereof for the time being in force;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any phrase introduced by the terms "including", "include", 'in particular"
or any similar expression shall be construed as illustrative and shall not limit the sense and meaning of the words preceding those terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a person includes all legal persons and natural persons and a legal person includes all forms of corporate

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) headings are included for convenience only and shall not affect the construction of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any reference to a Clause or a Schedule is, unless the context otherwise requires, a reference to a clause
of, or a schedule to, this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) words and expressions not defined in this Agreement shall have the meanings given to them in the Memorandum.

**2.** **REGULATORY STATUS** 

&nbsp;&nbsp;&nbsp;&nbsp;2.1 The Investment Manager is licensed by the SFC pursuant to the SFO to carry on Type 4 (advising on securities)
and Type 9 (asset management) regulated activity with CE Number BGQ802. Accordingly, it is able to provide management and advisory services
to the Company pursuant to this Agreement. The Investment Manager shall notify the Company immediately if this ceases to be the case.

&nbsp;&nbsp;&nbsp;&nbsp;2.2 For the avoidance of doubt, the Company acknowledges and the parties hereto confirm that, to the extent
that the Company wishes to delegate any function which may constitute a "regulated activity" for which the Investment Manager
is not licensed by the SFC to conduct under the SFO to the Investment Manager, the Investment Manager will not be carrying out such regulated
activities and its responsibilities and obligations in this respect are limited to instructing an appropriately licensed entity to perform
such services. In such event, the Investment Manager shall notify the Company as soon as possible.

&nbsp;&nbsp;&nbsp;&nbsp;2.3 The Company confirms that it falls within the definition of "professional investor" set out
in Part 1 of Schedule I to the SFO.

&nbsp;&nbsp;&nbsp;&nbsp;2.4 The Company consents to being treated as a professional investor and acknowledges and confirms that the
Investment Manager has explained both the consequences of being treated as a professional investor and its right to withdraw from such
treatment.

**3.** **APPOINTMENT OF INVESTMENT MANAGER** 

&nbsp;&nbsp;&nbsp;&nbsp;3.1 The Company, on behalf of the Designated Sub-Fund, appoints the Investment Manager to act, on a non-exclusive
basis, as investment manager of the Designated Sub-Fund, in accordance with the terms of this Agreement, with effect from the date of
this Agreement. The Investment Manager accepts such appointment and agrees to assume the obligations set out in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;3.2 Except as expressly provided in this Agreement, or as the Investment Manager may be otherwise authorised,
the Investment Manager has no authority to act for or represent the Company and the Investment Manager shall not be deemed an agent of
the Company.

**4.** **DUTIES AND POWERS OF THE INVESTMENT MANAGER** 

&nbsp;&nbsp;&nbsp;&nbsp;4.1 The Investment Manager shall, subject to the overall control and supervision of the Directors, (a) manage
and invest the Managed Assets on a discretionary basis in pursuit of the Investment Objective and subject to the Investment Restrictions;
and (b) perform the investment management functions for and on behalf of the OFC and/or the Designated Sub-Fund, subject to and in accordance
with the Instrument and the Memorandum, including without limitation with respect to the valuation of Managed Assets, and pricing and
redemption of Shares.

&nbsp;&nbsp;&nbsp;&nbsp;4.2 Subject to the Investment Restrictions, the Investment Manager shall have complete discretion, for the
account of the Designated Sub-Fund, and as agent of, the Company (and without prior reference to the Company) to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) buy, purchase, acquire, sell (including short sales), retain, convert, execute, exchange or otherwise
deal in Investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) borrow securities, make deposits, subscribe to issues and offers for sale of, and accept placings, underwritings
and sub-underwritings, of any Investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) effect transactions whether or not on any recognised market or exchange and whether or not frequently
traded on any such market or exchange (including derivatives transactions, securities lending transactions and repurchase and reverse
repurchase transactions);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) negotiate, settle and execute on behalf of the Company, account opening and any other documentation required
to be so negotiated, settled or executed in connection with the execution of transactions in relation to the Managed Assets by the Investment
Manager; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) otherwise act as the Investment Manager judges appropriate in relation to the management and investment
of the Managed Assets.

&nbsp;&nbsp;&nbsp;&nbsp;4.3 The Investment Manager shall, without prejudice to the generality of the foregoing, also provide the following
services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) analysis of the progress of all Investments and other assets comprising the Managed Assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) preparation of material for inclusion in reports of the Company whenever the Directors shall reasonably
require such material;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) keeping or causing to be kept such books, records and statements as shall be necessary to give a complete
record of all transactions which the Investment Manager carries out forthe account of the Designated Sub-Fund, which the Directors and
persons authorised in writing by the Directors shall be entitled to inspect at all reasonable times; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if required by the Directors, negotiation of borrowing arrangements and, if authorised by the Directors,
implementation of such arrangements.

&nbsp;&nbsp;&nbsp;&nbsp;4.4 Without limiting the generality of Clause 4.3(d) the Investment Manager is authorised to borrow money
on behalf of the Company, for the account of the Designated Sub-Fund, under arrangements established by the Company from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;4.5 If the Investment Manager acquires or disposes of any Investments which will or may give rise to any obligations
of disclosure imposed on the Company by any applicable legislation, the Investment Manager shall notify the Company as soon as possible
of the obligation of disclosure and the transaction giving rise to such obligation.

**5.** **COMPLIANCE WITH INVESTMENT RESTRICTIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;5.1 The Company agrees that the Investment Restrictions shall not be deemed to have been breached if they
are exceeded as a result of any appreciation or depreciation in value, changes in exchange rates or by reason of the receipt of any right,
bonus or benefit in the nature of capital or of any scheme or arrangement for amalgamation, reconstruction or exchange or by reason of
any other action affecting every holder of the relevant investment. The Investment Manager agrees that if any Investment Restrictions
are exceeded as a result of such market forces or movements or otherwise, the Investment Manager shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) notify the Directors as soon as practicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) not acquire or dispose of, as the case may be, any further Investments for the account of the Designated
Sub-Fund which at the date of such acquisition or disposal would result in any restrictions being further exceeded; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) provided that the Investment Manager shall always be entitled to acquire or dispose of Investments for
the account of the Designated Sub-Fund with a view to remedying any such excess.

&nbsp;&nbsp;&nbsp;&nbsp;5.2 In the event that any of the Investment Restrictions are breached, the Investment Manager will take such
steps as it considers appropriate to rectify the breach, taking due account of the interests of the Shareholders, but shall not be under
any further liability in respect of the breach.

**6.** **AUTHORITY TO GIVE INSTRUCTIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;6.1 The Investment Manager is authorised to give any prime broker and any brokers, dealers or counterparties,
any instructions on behalf of the Company in respect of the Designated Sub-Fund which may be necessary or desirable for the proper performance
by the Investment Manager of its duties under this Agreement and the Company agrees to confirm such authority to such parties on request.

**7.** **DELEGATION** 

&nbsp;&nbsp;&nbsp;&nbsp;7.1 The Investment Manager may delegate any of its functions, powers and duties under this Agreement to any
person and, in connection with such delegation, may provide information about the Company, the Designated Sub-Fund and the Managed Assets
to any such person. The Investment Manager shall exercise due skill, care and diligence in the selection and appointment of, and shall
remain liable for the acts or omissions of any person to whom it has delegated any of its functions, powers and duties. Except to the
extent otherwise agreed with the Company, the Investment Manager shalt be responsible for the costs associated with any such delegation
including any fees and expenses of the delegate.

&nbsp;&nbsp;&nbsp;&nbsp;7.2 The Investment Manager may engage agents to perform, or advise in relation to the performance by it of,
any of the services required to be performed or provided by it under this Agreement. The Investment Manager may provide information about
the Company, the Designated Sub-Fund and the Managed Assets to any such agent in connection with such engagement. The Investment Manager
shall exercise due skill, care and diligence in selection and appointment of, but shall not be liable for the acts or omissions of, any
such agent. Except to the extent otherwise agreed with the Company, the Investment Manager shall be responsible for the fees and expenses
of any such agent.

**8.** **VOTING** 

&nbsp;&nbsp;&nbsp;&nbsp;8.1 The Investment Manager shall exercise, or refrain from the exercise of, any voting or other rights attaching
to the Investments comprised in the Managed Assets as the Investment Manager shall in its absolute discretion think fit, subject to any
instructions given to the Investment Manager by the Directors.

**9.** **OTHER TERMS APPLICABLE TO THE PROVISION OF SERVICES** 

&nbsp;&nbsp;&nbsp;&nbsp;9.1 The Investment Manager will not hold client money. The Investment Manager will not hold or have possession
of any Investments or other assets of the Designated Sub-Fund. Money, Investments and other assets comprising the Managed Assets shall
be held in accordance with the custody arrangements agreed with the Custodian or banks or brokers and dealers, approved and appointed
by the Company, on behalf of the Designated Sub-Fund, and on terms agreed by the Company, on behalf of the Designated Sub-Fund.

&nbsp;&nbsp;&nbsp;&nbsp;9.2 The Investment Manager may aggregate transactions in Investments for the account of the Designated Sub-Fund
with those for the account of other customers. The Company acknowledges that aggregation may on some occasions operate to the disadvantage
of the Designated Sub-Fund.

&nbsp;&nbsp;&nbsp;&nbsp;9.3 The Investment Manager is not required to give the Company written confirmations of the transactions executed
by it for the account of the Designated Sub-Fund.

**10.** **STANDARD OF CARE** 

&nbsp;&nbsp;&nbsp;&nbsp;10.1 In the exercise of any powers, discretions or obligations granted to the Investment Manager or agreed
to by the Investment Manager under this Agreement, the Investment Manager shall exercise due skill, care and diligence and shall owe duties
in accordance with this Agreement and pursuant to the Laws and Regulations (including its obligations under the OFC Code) to the Company
and the Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;10.2 The Investment Manager in exercising its duties and powers under this Agreement in relation to the Company
and/or any Designated Sub-Fund shall at all times comply with the Laws and Regulations and shall act at all times in compliance with and
in a manner consistent with the Laws and Regulations (including its obligations under OFC Code) (as may be modified by any applicable
waivers or exemptions granted by the SFC).

&nbsp;&nbsp;&nbsp;&nbsp;10.3 The Investment Manager shall in the performance of its duties under the Instrument and this Agreement
at all times comply with the applicable provisions of the Laws and Regulations and shall act at all times in compliance with and in a
manner consistent with the Laws and Regulations (as may be modified by any applicable waivers or exemptions granted by the SFC).

**11.** **REPRESENTATIONS AND WARRANTIES OF THE COMPANY** 

&nbsp;&nbsp;&nbsp;&nbsp;11.1 The Company represents and warrants to the Investment Manager that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it is duly incorporated and validly existing under the laws of its place of incorporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) it is duly empowered and authorised to execute, deliver and perform its obligations under this Agreement
and to give effect to the transactions contemplated by this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) this Agreement is binding upon it and enforceable in accordance with its terms; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) it has complied with and will continue to comply with all laws, rules, regulations and governmental orders
by which it is bound or to which it is subject in connection with the execution and performance of this Agreement in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;11.2 The Company represents and warrants to the Investment Manager that all of the Managed Assets will be owned
by the Company or any wholly-owned subsidiary of the Company, free of lien and encumbrance and no other person shall have any interest
in any of the Managed Assets save as otherwise provided in this Agreement or in the agreement appointing any prime broker or in the agreement
appointing any Custodian (copies of which have been or shall be provided to the Investment Manager) or as notified by the Directors from
time to time.

**12.** **REPRESENTATIONS AND WARRANTIES OF THE INVESTMENT MANAGER** 

&nbsp;&nbsp;&nbsp;&nbsp;12.1 The Investment Manager represents and warrants to the Company that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it is duly incorporated and validly existing under the laws of its place of incorporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) it is licensed to carry out Type 4 (advising on securities) and Type 9 (asset management) regulated activities
under the SFO and such license is valid and effective during the term of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) it is duly empowered and authorised to execute, deliver and perform its obligations under this Agreement
and to give effect to the transactions contemplated by this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) this Agreement is binding upon it and enforceable in accordance with its terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) it has complied with and will continue to comply with all laws, rules, regulations and governmental orders
by which it is bound or to which it is subject in connection with the execution and performance of this Agreement in all material respects;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) there is no litigation, investigation or other proceeding pending or, to its knowledge, threatened against
it or its members which, if adversely determined, would materially impair its ability to carry out its obligations under this Agreement.

**13.** **OBLIGATIONS OF THE COMPANY** 

&nbsp;&nbsp;&nbsp;&nbsp;13.1 The Company shall supply, or procure the supply to the Investment Manager of, a copy of the Instrument,
the Memorandum and such other information as the Investment Manager shall reasonably require to enable it to perform its duties under
this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;13.2 The Company undertakes to notify the Investment Manager, as soon as reasonably practicable of any material
changes to the information contained in this Agreement relating to the Company.

**14.** **COMPLIANCE WITH INSTRUCTIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;14.1 In carrying out its duties under this Agreement the Investment Manager shall comply with all instructions
of the Company to the extent that such instructions are not in violation or inconsistent with applicable law or regulations or the terms
of this Agreement. Such instructions may be given by letter signed by an Authorised Officer, by electronic mail provided that electronic
mail instructions are receipt acknowledged or by telephone provided that telephone instructions are confirmed in writing.

&nbsp;&nbsp;&nbsp;&nbsp;14.2 The Investment Manager undertakes to notify the Company as soon as reasonably practicable of any material
changes to the information contained in this Agreement relating to the Investment Manager.

**15.** **ANTI-MONEY LAUNDERING, ANTI-BRIBERY AND ANTI-CORRUPTION** 

&nbsp;&nbsp;&nbsp;&nbsp;15.1 The Investment Manager acknowledges that the Company seeks to comply with all applicable laws concerning
money laundering, organized crime, terror financing, bribery, corruption and related activities ("Anti-Money Laundering Laws")
including, without limitation, the Fund Manager Code of Conduct, the Code of Conduct for Persons Licensed by or Registered with the Securities
and Futures Commission, the Management, Supervision and Internal Control Guidelines for Persons Licensed by or Registered with the Securities
and Futures Commission, the Guideline on Anti-Money Laundering and Counter-Financing of Terrorism (For Licensed Corporations) and the
Guideline on Anti-Money Laundering and Counter Financing of Terrorism (For Authorized Institutions).

&nbsp;&nbsp;&nbsp;&nbsp;15.2 The Investment Manager hereby agrees: (i) to comply with all applicable Anti-Money Laundering Laws; (ii)
not to engage in any activity, practice or conduct which would constitute an offence under such Anti-Money Laundering Laws; (iii) to comply
with the Company's internal policies and procedures as they relate to the Anti-Money Laundering Laws (collectively, "Relevant Policies");
(iv) not do, or omit to do, any act that will cause or lead the Company to be in breach of any of the Anti-Money Laundering Laws or the
Relevant Policies; and (v) to have and maintain in place throughout the term of this Agreement its own policies and procedures to ensure
compliance with all applicable Anti-Money Laundering Laws and the Relevant Policies, and to enforce them where appropriate.

**16.** **DATA PROTECTION LEGISLATION** 

&nbsp;&nbsp;&nbsp;&nbsp;16.1 The Company is subject to the requirements of the PDPO which regulates the receipt, processing, retention
and destruction of personal data by Hong Kong entities. The Company and the Investment Manager agree to comply with the provisions under
Schedule 4 to this Agreement (the "Data Protection Provisions") which are incorporated herein. For the avoidance of doubt, in
providing the services and otherwise fulfilling its obligations under this Agreement, the Investment Manager may from time to time be
required to process information which: (i) constitutes 'personal data' as defined in section 2 of the PDPO, and (ii) is disclosed
to or otherwise made available to the Investment Manager by or on behalf of the Company. The Investment Manager acknowledges and agrees
that: (a) where the Investment Manager is acting in the capacity of 'data user' it shall comply with its obligations under
applicable laws, (b) where the Investment Manager is acting in the capacity of 'data processor' for the Company, it shall
only process personal data for the purposes set out in this Agreement and shall take appropriate measures to ensure the security of personal
data which it processes pursuant to this Agreement.

**17.** **FEES AND EXPENSES** 

&nbsp;&nbsp;&nbsp;&nbsp;17.1 In consideration of, and as compensation for, its services to the Company under this Agreement the Company
shall pay the Investment Manager, out of the assets of the Designated Sub-Fund, the fees set out in Schedule 2.

&nbsp;&nbsp;&nbsp;&nbsp;17.2 The Company shall reimburse the Investment Manager, out of the assets of the Designated Sub-Fund, for
all out-of-pocket costs and expenses suffered or incurred by the Investment Manager (or by any delegate or agent appointed by it pursuant
to Clause 7) in the performance of its duties and obligations under this Agreement, including any expenses incurred in relation to the
establishment of the Company, the Designated Sub-Fund and the initial offering of Shares.

&nbsp;&nbsp;&nbsp;&nbsp;17.3 If the determination of the Net Asset Value is suspended pursuant to the terms of the Instrument and the
Memorandum, any fees determined by reference to the Net Asset Value on a Valuation Day falling within the period of suspension shall be
calculated by reference to the Net Asset Value on any substitute Valuation Day agreed by the Company and the Investment Manager or, if
no substitute Valuation Day is agreed, by reference to the Net Asset Value on the Valuation Day immediately preceding such suspension.

&nbsp;&nbsp;&nbsp;&nbsp;17.4 Unless otherwise agreed with the Company, the Investment Manager shall be responsible for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the costs and expenses incurred by it in performing its duties and obligations under this Agreement (including
costs and expenses relating to office space, utilities, ' furnishings, equipment and personnel); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the fees and expenses of any delegate or agent appointed by it pursuant to Clause 7 but shall not be responsible
for the fees of any prime broker or any brokers, dealers or Custodian.

**18.** **LIMITATION OF LIABILITY AND INDEMNITY** 

&nbsp;&nbsp;&nbsp;&nbsp;18.1 Subject to Clause 18.5, neither the Investment Manager nor any of its directors, officers, employees or
shareholders (each an "Indemnified Person") shall be liable for any loss or damage arising directly or indirectly out of or
in connection with the performance by the Investment Manager of its duties and obligations under this Agreement unless such loss or damage
is due to the Gross Negligence, wilful default or fraud of the Investment Manager or the Indemnified Person.

&nbsp;&nbsp;&nbsp;&nbsp;18.2 Without prejudice to the generality of Clause 18.1 and subject to Clause 18.5, neither the Investment
Manager nor any Indemnified Person shall be liable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for any loss or damage arising out of or in connection with any act or omission of any person, firm or
company through whom transactions in Investments are effected for the account of the Designated Sub-Fund, including any party having custody
or possession of the assets of the Designated Sub-Fund from time to time, or of any clearance or settlement system; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for any special, indirect or consequential damages, or for lost profits or loss of business, arising out
of or in connection with any action taken, or omitted to be taken, in the performance or non-performance by the Investment Manager of
its duties and obligations, or the exercise of its powers, under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;18.3 Subject to Clause 18.5, the Company, out of the assets of the Designated Sub-Fund, shall indemnify and
keep indemnified the Investment Manager, acting for itself and as trustee for each Indemnified Person, from and against any and all liabilities,
actions, proceedings, claims, demands, costs, damages and expenses (each a "Loss") which may be incurred by or asserted against
the Investment Manager or any Indemnified Person in connection with the performance of any duty or obligation under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;18.4 The Company shall, at the request of the Investment Manager, advance to any Indemnified Person reasonable
legal fees, costs and expenses incurred by an Indemnified Person in defending any proceedings brought against such Indemnified Person
in connection with this Agreement. The Investment Manager undertakes to reimburse the Company for such fees, costs and expenses to the
extent that it is determined that, pursuant to Clause 18.5, the Indemnified Person is not entitled to indemnification under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;18.5 Nothing in this Agreement shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) exclude, diminish, exempt or restrict any duty or liability to the Company or the Shareholders which the
Investment Manager may have under applicable law or the Laws and Regulations; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) require the Investment Manager be indemnified against such liability by the Shareholders or at the Shareholders'
expense; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) require the Company to indemnify any Indemnified Person for any loss that is held by a court of competent
jurisdiction to be due to the Gross Negligence, wilful default or fraud of the person seeking to rely on this indemnity.

**19.** **CONFLICTS OF INTEREST** 

&nbsp;&nbsp;&nbsp;&nbsp;19.1 The services of the Investment Manager under this Agreement are not to be deemed exclusive. The Company
acknowledges that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Investment Manager and its Associates may from time to time act as manager, investment manager, investment
adviser or distributor in relation to, or be otherwise involved in, investment funds other than the Company which have similar objectives
to that of the Designated Sub-Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) it is possible that the Investment Manager and/or its Associates may, in the course of their business,
have potential conflicts of interest with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;19.2 In the event of any actual or potential conflict of interest, the Investment Manager shall, at all times,
have regard to its obligations in respect ofthe Company and shall take reasonable steps and appropriate safeguards and measures to ensure
that any such conflict is dealt with in a fair and equitable manner, and any material interest or conflict should properly be disclosed
to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;19.3 The Investment Manager and its Associates may invest in, directly or indirectly, or manage or advise other
investment funds or accounts which invest in assets which may also be purchased or sold by the Company. Neither the Investment Manager
nor any of its Associates shall be under any obligation to account to the Company in respect of (or share with the Company or inform the
Company of) any such transaction or any benefit received by any of them from any such transaction.

&nbsp;&nbsp;&nbsp;&nbsp;19.4 The Investment Manager shall not, and shall procure that its Associates shall not, deal with the Company
(whether as principal or as agent for a third party) unless such dealings are carried out as if effected on normal commercial terms negotiated
at an arm's length basis.

&nbsp;&nbsp;&nbsp;&nbsp;19.5 The Investment Manager and its Associates may, without prior reference to the Company, buy, hold and deal
in any Investments upon its individual account notwithstanding that similar Investments may be held by or for the account of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;19.6 Nothing contained in this Agreement shall prevent the Investment Manager or any of its Associates from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) contracting or entering into any financial or other transaction with any Shareholder or with any company
or body corporate, any of whose shares or securities are held by or for the account of the Company or from being interested in any such
contract or transaction; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) investing in the Company through the direct or indirect acquisition of Shares.

&nbsp;&nbsp;&nbsp;&nbsp;19.7 The parties acknowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) directors, officers and shareholders of the Company are or may be interested in the Investment Manager
as directors, officers, shareholders, employees or otherwise, and that directors, officers, employees and shareholders of the Investment
Manager and its Associates are or may be interested in the Company as directors, officers, shareholders or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no person so interested shall be liable to account for any benefit to the other parties by reason solely
of such interest; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the services being supplied by the Investment Manager or any of its Associates to the Company under this
Agreement or otherwise may, at the option of the Investment Manager or Associate, be supplied through directors, officers, shareholders
or employees who are so interested.

**20.** **MARKET RULES** 

&nbsp;&nbsp;&nbsp;&nbsp;20.1 All transactions in Investments shall be subject to the rules and customs of the exchange or market and/or
any clearing house through which the transactions are executed (if any), so far as they are applicable, and to any applicable laws and
regulations. If there is any conflict between this Agreement and any such rules and customs or applicable laws and regulations, the latter
shall prevail.

**21.** **TERMINATION** 

&nbsp;&nbsp;&nbsp;&nbsp;21.1 Restrictions on Termination

Subject to the provisions of Clauses 21.3, 21.4 and 21.5,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Investment Manager may not retire as investment manager of the Company except upon the appointment
of a replacement investment manager; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any retirement of the Investment Manager as the investment manager of the Company shall take effect at
the same time as the replacement investment manager takes up office.

&nbsp;&nbsp;&nbsp;&nbsp;21.2 Subject to the provisions of this Clause 21, this Agreement shall continue and remain in force unless
and until terminated by either party giving to the other party not less than 90 days' written notice.

&nbsp;&nbsp;&nbsp;&nbsp;21.3 This Agreement may be terminated immediately by either party (the notifying party) giving written notice
to the other party, if the other party:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) commits any material breach of its obligations under this Agreement and if such breach is capable of being
made good, fails to make good such breach within 30 days of receipt of written notice from the notifying party requiring it to do so;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is liquidated or dissolved (except a voluntary liquidation or a voluntary dissolution for the purposes
of reconstruction or amalgamation upon terms previously approved in writing by the notifying party) or is unable to pay its debts as they
fall due or commits any act of bankruptcy under the laws of any jurisdiction to which that party may be subject or if a receiver is appointed
over any of its assets.

&nbsp;&nbsp;&nbsp;&nbsp;21.4 The Investment Manager may terminate this Agreement immediately, by giving written notice to the Company,
if the Investment Manager ceases to be able to fulfil its obligations or perform its duties under this Agreement due to any change of
law or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;21.5 This Agreement will terminate automatically on (whichever the earliest):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the date on which (i) the Investment Manager ceases to hold a licence granted by the SFC to carry on Type
9 regulated activity; (ii) the date on which the SFC suspends the Investment Manager's licence to carry on Type 9 regulated activity;
or (iii) the Investment Manager otherwise ceases to be eligible to be an Investment Manager or is prohibited from being an Investment
Manager under the Laws and Regulations or when the SFC withdraws its approval of the Investment Manager; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) when for good and sufficient reason, the directors of the Company state by notice to the Investment Manager
in writing that a change in its investment manager is desirable in the interests of the shareholders of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;21.6 Termination of this Agreement shall be without prejudice to the completion of transactions already initiated.
Such transactions will be completed by the Investment Manager as soon as practicable.

&nbsp;&nbsp;&nbsp;&nbsp;21.7 Upon termination of this Agreement, the Investment Manager shall promptly deliver to the Company or as
shall follow all reasonable instructions of the Company with respect to the Managed Assets and any information, documentation, reports
or other materials relating to the Managed Assets or the affairs of the Company or belonging to the Company in its possession or control
and shall, if required, provide reasonable assistance to the Company to ensure that an orderly handover of duties and information is completed
within three (3) months of termination.

&nbsp;&nbsp;&nbsp;&nbsp;21.8 On termination of this Agreement in accordance with this Clause 21:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Investment Manager shall be entitled to receive all fees, costs and expenses accrued up to the date
of such termination but shall not be entitled to compensation in respect of such termination; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the rights and obligations of the parties under this Agreement shall terminate and be of no future effect,
except that Clauses 1, 18, 23, 24 and 36 shall remain in full force and effect.

**22.** **SOFT DOLLARS AND CASH REBATES** 

&nbsp;&nbsp;&nbsp;&nbsp;22.1 The Investment Manager may, and the Company acknowledges and agrees that the Investment Manager may, in
the provision of its services in respect of the Company under this Agreement receive goods or services ("soft dollars") from
a broker or a dealer in consideration of directing transaction business in respect of the Company to such broker or dealer provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the goods or services are of demonstrable benefit to the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the transaction execution is consistent with best execution standards and the brokerage rates paid are
not in excess of customary full-service brokerage rates; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) such acceptance would be in compliance with all applicable laws and requirements of any codes and guidelines
issued by the SFO from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;22.2 The goods and services referred to in Clause 22.1 shall not include any goods and services as may be prohibited
from time to time by any code or guideline issued by the SFC.

&nbsp;&nbsp;&nbsp;&nbsp;22.3 The Investment Manager may, and the Company acknowledges and agrees that the Investment Manager may, in
the provision of its services in respect of the Company under this Agreement receive and retain cash or money rebates from any broker
or dealer provided that the brokerage rates paid are not in excess of customary full service brokerage rates.

**23.** **CONFIDENTIALITY** 

&nbsp;&nbsp;&nbsp;&nbsp;23.1 The Investment Manager is not obliged to disclose to the Company or, in making any decision or taking
any step in connection with the management of the Managed Assets, to take into consideration information either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the disclosure of which by it to the Company would or might be a breach of duty or confidence to any other
person; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) which came to the notice of a director, officer, employee or agent of the Investment Manager, but does
not come to the actual notice of the individual making the decision or taking the step in question.

&nbsp;&nbsp;&nbsp;&nbsp;23.2 The parties shall at all times respect and protect the confidentiality of information acquired in consequence
of this Agreement and, subject to Clause 23.3, shall not disclose or divulge any such information without the written agreement of the
other party.

&nbsp;&nbsp;&nbsp;&nbsp;23.3 Nothing in this Agreement shall prevent the disclosure of information by a party:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to its employees, directors, officers, managers, advisors, auditors, legal or other professional advisers
in the proper performance of its duties under this Agreement in which event it shall procure that any such employees, directors, officers,
managers, advisors, auditors or legal or other professional advisors are made aware of and comply with the obligations of confidentiality
under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) pursuant to any right or obligation to or by which such party may be entitled or bound to disclose information
or under compulsion of law or pursuant to the requirements of competent regulatory or other authorities; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) where the information is in the public domain otherwise than due to a breach of this Clause 23.

&nbsp;&nbsp;&nbsp;&nbsp;23.4 Neither party shall do or commit any act, matter or thing which would or might prejudice or bring into
disrepute in any manner the business or reputation of the other party or any director or partner of the other party.

**24.** **LIMITED RECOURSE** 

&nbsp;&nbsp;&nbsp;&nbsp;24.1 Notwithstanding any other provision of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the rights, duties, obligations, liabilities, agreements, representations, undertakings, warranties and
all other matters (whether in contract, tort, under statute or otherwise) relating to the Company, acting in respect of the Designated
Sub-Fund under this Agreement, are several and relate to the Company acting in respect of the Designated Sub-Fund only and not to the
Company acting generally or the Company acting in respect of any other Sub-Fund or the Sub-Funds collectively and shall not be merged,
joined or set-off against the Company acting generally or the Company acting in respect of any other Sub-Fund or the Sub-Funds collectively;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any authority, power, discretion, consent, action or approval under this Agreement shall relate to the
Company acting in respect of the Designated Sub-Fund.

&nbsp;&nbsp;&nbsp;&nbsp;24.2 Notwithstanding any other provision of this Agreement, the Investment Manager acknowledges and agrees
that, in relation to any claim it may have against the Company under this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Investment Manager shall have recourse only to the assets of the Designated Sub-Fund (the "Recourse
Assets");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Recourse Assets may be insufficient to meet the Company's obligations to the Investment Manager under
this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Recourse Assets having been liquidated and the net proceeds having been distributed, the Investment
Manager shall not be entitled to take any further steps against the Company to recover any sums due but still unpaid after such distribution
and all claims in respect of such sums due but still unpaid shall be extinguished.

&nbsp;&nbsp;&nbsp;&nbsp;24.3 If the Investment Manager enters into any agreement, arrangement, dealing or transaction of any kind with
any third party (including, without limitation, third party brokers) as agent of, or otherwise on behalf of the Company in respect of
the Designated Sub-Fund, the Investment Manager shall ensure that in any such agreement, arrangement, dealing or transaction the liability
of the Company in respect of the Designated Sub-Fund to such third party is limited in terms which are substantially the same as those
set out in Clause 24.2.

**25.** **NO LICENCE OF INTELLECTUAL PROPERTY** 

&nbsp;&nbsp;&nbsp;&nbsp;25.1 Each party acknowledges for the benefit of the other party that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) no provision of this Agreement grants it any rights in any intellectual property belonging to or developed
by the other party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) this Agreement does not constitute a licence in respect of any such intellectual property.

**26.** **RESERVATION OF RIGHTS** 

&nbsp;&nbsp;&nbsp;&nbsp;26.1 No consent or waiver in respect of any provision of this Agreement shall be effective unless and until
it is agreed in writing duly executed by or on behalf of each party hereto. Any consent or waiver by a party under this Agreement may
be given subject to any conditions such party thinks fit and shall be effective only in the instance and for the purpose for which it
is given.

&nbsp;&nbsp;&nbsp;&nbsp;26.2 The rights, powers, privileges and remedies provided in this Agreement are cumulative and are not exclusive
of any rights, powers, privileges or remedies provided by law or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;26.3 No failure to exercise nor any delay in exercising any right, power, privilege or remedy under this Agreement
shall impair or operate as a waiver thereof in whole or in part.

&nbsp;&nbsp;&nbsp;&nbsp;26.4 No single or partial exercise of any right, power, privilege or remedy under this Agreement shall prevent
any further or other exercise thereof or the exercise of any other right, power, privilege or remedy.

**27.** **NO PARTNERSHIP** 

&nbsp;&nbsp;&nbsp;&nbsp;27.1 Nothing in this Agreement shall create or be deemed to create any partnership or similar relationship
between the parties and/or any other person.

**28.** **ASSIGNMENT** 

&nbsp;&nbsp;&nbsp;&nbsp;28.1 This Agreement may not be assigned by either party without the written consent of the other party.

**29.** **ENTIRE AGREEMENT** 

&nbsp;&nbsp;&nbsp;&nbsp;29.1 This Agreement constitutes the entire agreement between the parties relating to its subject matter and
supersedes and extinguishes any prior drafts, agreements, undertakings, representations, warranties and arrangements of any nature, whether
in writing or oral, relating to such subject matter.

**30.** **FURTHER ASSURANCE** 

&nbsp;&nbsp;&nbsp;&nbsp;30.1 Each party shall, at its own expense, promptly execute all documents and take all such actions as any
other party may from time to time reasonably request in order to give full force and effect to this Agreement.

**31.** **AMENDMENTS** 

&nbsp;&nbsp;&nbsp;&nbsp;31.1 No variation of this Agreement shall be effective unless made in writing and signed by both parties.

&nbsp;&nbsp;&nbsp;&nbsp;31.2 Any amendment, variation or supplement to the Schedules to this Agreement, including but not limited to
adding any new Sub-Fund to or removing any Sub-Fund from Schedule 1, shall be effective upon an addendum or a supplemental agreement in
respect of such amendment, variation or supplement made in writing and signed by the parties hereto. For the avoidance of doubt, upon
removing any Sub-Fund from Schedule 1,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Investment Manager will not be entitled to any payment under this Agreement in respect of that Sub-Fund
other than for related fees and expenses that have accrued up to the date of removal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Investment Manager shall promptly deliver to the Company or as it shall direct, all books, records,
correspondence and documents relating to the affairs of or belonging to that Sub-Fund(s) in its possession or control and shall, if required,
provide reasonable assistance to the Company to ensure that an orderly handover of duties and information is completed within three (3)
months of removal; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) such removal shall be without prejudice to the completion of transactions in respect of that Sub-Fund
already initiated. Such transactions will be completed by the Investment Manager as soon as practicable.

**32.** **SEVERABILITY** 

&nbsp;&nbsp;&nbsp;&nbsp;32.1 If any provision in this Agreement is determined to be illegal, void, invalid or unenforceable under the
laws of any jurisdiction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) such illegal, void or unenforceable provision shall be deemed to be severable from any other provision
of this Agreement and shall be treated as having been severed from this Agreement in the relevant jurisdiction but the legality, validity
and enforceability of the remainder of this Agreement shall not be affected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the legality, validity and enforceability of the whole of this Agreement in any other jurisdiction shall
not be affected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the parties shall negotiate in good faith to agree the terms of a mutually acceptable and satisfactory
alternative provision in place of the provision so severed.

**33.** **NOTICES** 

&nbsp;&nbsp;&nbsp;&nbsp;33.1 Any notice required to be given in accordance with this Agreement shall be in writing and may be delivered
by hand or courier, mailed by prepaid mail, faxed or emailed to the address specified in Schedule 3. A party may change any of the details
given in Schedule 3 by giving the other parties written notice of the change.

&nbsp;&nbsp;&nbsp;&nbsp;33.2 Notice shall be deemed to have been duly given:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) where delivered by hand, upon receipt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) where delivered by courier, on such day as delivery is confirmed by the courier;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) where mailed, on the fifth Business Day following the date sent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) where faxed, on the day on which an error free transmission report is generated by the sender's fax machine;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) where emailed, on the Business Day on which the recipient receives the email in readable form,

provided that if receipt occurs after 5.00 pm on a Business Day, or on a day which is not a Business Day, the notice shall be deemed to have been received at 9.00 am on the next Business Day.

**34.** **FORCE MAJEURE** 

&nbsp;&nbsp;&nbsp;&nbsp;34.1 No party shall be responsible for any failure to perform its duties under this Agreement if such failure
is caused by, or directly or indirectly due to, war, enemy action, the act or regulation of any government or other competent authority
(including stock exchange or market rates and the suspension oftrading), riot, civil commotion, rebellion, storm, tempest, accident, fire,
lock- out, strike, pandemic or other cause whether similar or not beyond the control of the relevant party, provided that the relevant
party shall use all reasonable efforts to minimise the effects of the same.

**35.** **COUNTERPARTS** 

&nbsp;&nbsp;&nbsp;&nbsp;35.1 This Agreement may be executed in one or more counterparts, each of which when executed and
 delivered shall be an original and all the counterparts together shall constitute one and the same instrument.

**36.** **THIRD PARTY RIGHTS** 

&nbsp;&nbsp;&nbsp;&nbsp;36.1 Subject to Clause 36.2 below, pursuant to the Contracts (Rights of Third Parties) Ordinance (Cap. 623
of the Laws of Hong Kong), as amended, modified, re-enacted or replaced, or any law having similar effect, each person specifically indemnified
or exculpated under this Agreement who is not a party to this Agreement ("Third Party") shall be entitled to enforce this
Agreement as if it were a party to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;36.2 Notwithstanding Clause 36.1 above, the parties hereto may terminate, rescind or agree to any variation,
waiver or settlement or extinguish or alter any entitlement or right of any person under this Agreement without obtaining the consent
of any other person, including any Third Party.

**37.** **GOVERNING LAW AND JURISDICTION** 

&nbsp;&nbsp;&nbsp;&nbsp;37.1 This Agreement shall be governed by and construed in accordance with the laws of Hong Kong

&nbsp;&nbsp;&nbsp;&nbsp;37.2 Each party irrevocably agrees to submit to the non-exclusive jurisdiction of the courts of Hong Kong over
any claim or matter arising under or in connection with this Agreement.

 **EXECUTION**

The parties have executed this Agreement on the date stated.

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| Executed for and on behalf of<br> **Keystone Stable Strategic Income OFC**<br> **翹石穩健策略收益開放式基金型公司**<br> acting on behalf of the Designated Sub-Fund(s) listed in Schedule I hereto, by its duly authorised director,<br> SIU Wing Kin |)))))) | <br>*/s/ SIU Wing Kin* |

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| | | |
|:---|:---|:---|
| Executed for and on behalf of<br> **Keystone Capital Limited**<br> **翹石資本有限公司**<br> by its duly authorised director, SIU Wing Kin |))))<br>| <br>*/s/ SIU Wing Kin* |

---

**SCHEDULE 1: DESIGNATED SUB-FUND(S)**

&nbsp;&nbsp;&nbsp;&nbsp;1. Keystone Stable (Multi-Asset) Fund **翹石全方位基金** 

**SCHEDULE 2: FEES PAYABLE TO THE INVESTMENT MANAGER**

Keystone Stable Strategic Income OFC

**翹石穩健策略收益開放式基金型公司**

1. Management Fee

The Company will pay the Investment Manager a quarterly Management Fee, out of the assets of the Sub-Fund, of 0.7% of the Net Asset Value of each series of the Class A Shares in respect of the Sub-Fund (before deduction ofthat quarter's Management Fee and any accrued performance fees payable (if any)) as at the Valuation Day.

The Management Fee will be calculated and be payable in US Dollar quarterly. If the Investment

Manager is not acting as Investment Manager for an entire quarter, the Management Fee payable for such quarter will be prorated to reflect the portion of such quarter in which the Investment Manager is acting as such.

The Management Fee will be paid to the Investment Manager as soon as reasonably practicable within 5 Business Days after the relevant Valuation Day, or such later date as agreed by the Investment Manager. In the event that the Sub-Fund does not have sufficient cash to pay the Management Fee, the Management Fee will be accrued and all accrued Management Fee will be paid to the Investment Manager as and when the Sub-Fund has sufficient cash.

The Investment Manager may waive, reduce or rebate the Management Fee in its sole discretion.

2. Performance Fee

Keystone Stable (Multi-Asset) Fund **翹石全方位基金**

There will be no performance fee payable in respect of the class A Shares of Keystone Stable (Multi-Asset) Fund **翹石全方位基金.**

**SCHEDULE 3: ADDRESS FOR SERVICE OF NOTICE**

Any notice required to be given in accordance with this Agreement may be delivered

---

| | | |
|:---|:---|:---|
| To the Company at: |  |  |
| Keystone Stable Strategic Income OFC<br> **翹石穩健策略收益開放式基金型公司** | Email: | chloeleung@kstonecapital.com |
|  | Address: | Flat 02-3A, 19/F., FWD Financial Centre, 308 Des Voeux Road Central, Hong Kong |
|  | Attention: | Board of Directors |

---

---

| | | |
|:---|:---|:---|
| To the Investment Manager at: |  |  |
| Keystone Capital Limited<br> 翹石資本有限公司 | Email: | chloeleung@kstonecapital.com |
|  | Address: | Flat 02-3A, 19/F., FWD Financial Centre, 308 Des Voeux Road Central, Hong Kong |
|  | Attention: | Board of Directors |

---

**SCHEDULE 4: DATA PROTECTION PROVISIONS**

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **INTERPRETATION** 

In these Data Protection Provisions, unless defined herein or the context otherwise requires, the following words and expressions shall have the meaning as prescribed below:

1.1 DEFINITIONS

---

| | |
|:---|:---|
| Data Processor | bears the meaning set out in the PDPO or other applicable Data Protection<br> Legislation. |
| Data Protection Legislation | means all applicable laws relating to the<br> protection of Personal Data including the PDPO and any national implementing laws regulations and secondary legislation, as amended or updated from time to time. |
| Data Subject | bears the meaning set out in the PDPO or other applicable Data Protection<br> Legislation. |
| Data User | bears the meaning set out in the PDPO or other applicable Data Protection<br> Legislation. |
| Personal Data | bears the meaning set out in the PDPO or other applicable Data Protection<br> Legislation. |
| PDPO | means the Personal Data (Privacy)<br> Ordinance (Chapter 486 of the Laws of Hong Kong) |
| Privacy Commissioner | means the Privacy Commissioner for<br> Personal Data established under section<br> 5(1) of the PDPO. |
| Processing (and its derivatives) | bears the meaning set out in the PDPO or other applicable Data Protection<br> Legislation. |
| Reportable Breach | means a breach of security leading to the accidental or unlawful destruction, loss, alteration, unauthorised disclosure of, or access to, Personal Data transmitted, stored or otherwise processed. |

---

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **DATA PROTECTION** 

&nbsp;&nbsp;&nbsp;&nbsp;2.1 The parties hereto record their intention that in respect of any Personal Data that may be provided to
the Investment Manager by the Company in order for the Investment Manager to perform its obligations under this Agreement, the Company
shall be the Data User and the Investment Manager shall be a Data Processor for the purposes of the Data Protection Legislation. Accordingly,
the Company represents and warrants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.1 all Personal Data provided, or made available, by the Company to the Investment Manager has been lawfully
obtained in accordance with applicable Data Protection Legislation, and can be lawfully disclosed to the Investment Manager for the purposes
of fulfilling its obligations pursuant to this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.2 the Company has complied with any Data Protection Legislation applicable to the collection and Processing
of the Personal Data.

&nbsp;&nbsp;&nbsp;&nbsp;2.2 The Investment Manager is permitted to Process Personal Data only in accordance with the terms of these
Data Protection Provisions and the Data Protection Legislation.

&nbsp;&nbsp;&nbsp;&nbsp;2.3 To the extent that Personal Data is Processed by the Investment Manager pursuant to these Data Protection
Provisions, the Investment Manager shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.1 only Process such Personal Data in accordance with the specific documented instructions given to the Investment
Manager by the Company, unless otherwise prevented or required by applicable laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.2 ensure that all persons who have access to Personal Data commit to and abide by appropriate obligations
of confidentiality, or ensure that such persons are under an appropriate statutory obligation of confidentiality;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.3 take appropriate technical and organisational measures against unauthorised or unlawful Processing of
Personal Data and against accidental loss or destruction of, or damage to, the Personal Data;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.4 immediately inform the Company if, in the Investment Manager's opinion, an instruction given by the Company
breaches any Data Protection Legislation, any other data protection legislation applicable to the collection and Processing of the Personal
Data, or applicable laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.5 if it is required by applicable laws to Process or disclose Personal Data for purposes other than those
agreed, promptly inform the Company of that legal requirement before Processing the Personal Data, unless such applicable law prohibits
the Company from being informed in that regard;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.6 provide reasonable assistance to the Company to enable the Company to comply with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the data protection principles set out in schedule 1 to the PDPO; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the rights of Data Subjects set out in the PDPO;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.7 save for the disclosure of information which is confidential, commercially sensitive, or privileged, make
available to the Company or the Company's auditor acting under its direction, upon reasonable notice and access arrangements, all information
requested by the Company to demonstrate compliance by the Investment Manager with the Investment Manager's obligations under this clause
which may include data protection audits, assessments, and inspections related to the Investment Manager's data protection procedures
and its compliance with this clause; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.8 notify the Company as soon as the Investment Manager becomes aware of a Reportable Breach and provide
the Company with assistance in responding to and mitigating such Reportable Breach, including any assistance with drafting a notification
(if any) to be made by the Company to the affected Data Subjects and/or the Privacy Commissioner.

&nbsp;&nbsp;&nbsp;&nbsp;2.4 Upon termination of this Agreement, any Personal Data shall, at the Company's option, be destroyed or
returned to the Company, unless applicable laws prevent the return or deletion of such Personal Data.

&nbsp;&nbsp;&nbsp;&nbsp;2.5 The Investment Manager may not share the Personal Data or in any way transfer it to a third party without
the written authorisation of the Company and, in the event that such authorisation is granted by the Company, the Investment Manager shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) remain liable for the Processing of the Personal Data by any third party to whom the Personal Data is
transferred; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) procure and ensure that all third parties to whom the Personal Data is transferred are bound by a written
agreement which shall contain the same or equivalent obligations with respect to data processing as are imposed on the Investment Manager
under these Data Protection Provisions.

&nbsp;&nbsp;&nbsp;&nbsp;2.6 The Investment Manager will not transfer Personal Data to a country outside of Hong Kong unless either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) such transfer is permitted by the PDPO on grounds other than consent; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Company has confirmed that it has obtained the explicit consent of all relevant Data Subjects to such
a transfer and that it itself consents to such a transfer.

In any event, the Investment Manager shall always notify the Company of any intention to transfer Personal Data outside of Hong Kong and provide details of the grounds for the transfer and relevant safeguards in place.

&nbsp;&nbsp;&nbsp;&nbsp;2.7 The Investment Manager shall be liable in respect of any breach of its obligations under these Data Protection
Provisions and/or the PDPO or any other data protection legislation applicable to the collection and processing of the Personal Data other
than where such breach is caused by or results from an act or omission by the Company, and the Investment Manager shall fully and effectively
indemnify the Company in respect of any claim brought by a Data Subject, the Privacy Commissioner, and/or any competent authority or body
arising from any action or omission by the Investment Manager with respect to the Processing of Data Subjects' Personal Data, other
than to the extent that such action or omission resulted from compliance with the Company's instructions.

## Exhibit 10.6

**Exhibit 10.6**

**<u>EXECUTIVE OFFICER AGREEMENT</u>**

**THIS EXECUTIVE OFFICER AGREEMENT** (this "Agreement"), dated as of September 12, 2025, is by and between **Keystone Global Financial Group** a company incorporated under the laws of the Cayman Islands (the "Company"), and **Tak Chiu, CHAN**, an individual (the "Executive Officer").

**<u>AGREEMENT</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Appointment.** The Executive Officer was appointed as chief executive officer on September 12, 2025. This Agreement serves to regulate the employment relationship between the Company and the Executive Officer upon the effectiveness of the Company's registration statement. For the avoidance of doubt, this Agreement shall not affect the effectiveness of the appointment of the Executive Officer on February 8, 2021. The Company shall employ the Executive Officer and the Executive Officer shall diligently and faithfully serve the Company pursuant to the terms and conditions of this Agreement and subject to the amended and restated memorandum and articles of association of the Company, the rules and regulations of the Nasdaq Capital Market (to the extent applicable) and other applicable laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Term.** The term of such appointment shall commence upon the effectiveness of the Company's registration statement and shall continue until the Executive Officer's successor is duly elected or appointed and qualified or until the Executive Officer's earlier death, disqualification, resignation or removal from office, pursuant to the terms of this Agreement, the Company's then current memorandum and articles of association, as may be amended from time to time, or any applicable laws, rules, or regulations (the "Expiration Date"). In the event that the Executive Officer's successor has not been duly elected or appointed as of the Expiration Date, the Executive Officer agrees to continue to serve hereunder until such successor has been duly elected or appointed and qualified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Compensation**. Upon the effectiveness of the Company's registration statement and during the term of this Agreement, the Executive Officer shall receive cash compensation (inclusive of the statutory welfare reserves that the Company is required to deduct from the Executive Officer's pay under applicable law) pursuant to <u>Schedule A</u> hereto and as specified in a separate agreement between the Executive Officer and the Company's designated subsidiary or affiliated entity,(the "Compensation"). The Compensation may be reviewed during the term of this Agreement by the Compensation Committee pursuant to its terms of reference after the effectiveness of the Company's registration statement. Any adjustment of the Compensation shall be recommended by the Compensation Committee (when applicable) and approved by the Board duly convened pursuant to the then current Memorandum and Articles of Association of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Duties.** The Executive Officer shall exercise all powers in good faith and in the best interests of the Company, including but not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) devote a sufficient amount of time and attention to the interests and affairs of the Company in the discharge of duties of his/her office as a chief executive officer of the Company and, where relevant, as an officer of such other members of the Group as are necessary for the proper and efficient administration, supervision, and management of the strategic planning, corporate management and business development of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) faithfully and diligently perform such duties and exercise such powers as are consistent with his/her office in relation to the Company and/or the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the discharge of such duties and in the exercise of such powers observe and comply with all reasonable and lawful resolutions, instructions, regulations and directions from time to time passed, made or given by the Board according to the best of his/her skills and ability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) perform such services for the Group and (without further remuneration unless otherwise agreed) accept such offices in the Group as the Board may from time to time reasonably require provided the same are consistent with his/her office;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) at all times keep the Board promptly and fully informed (in writing if so requested) in connection with the performance of such powers and duties and provide such explanations as the Board may require in connection with his/her office in relation to the Company and/or the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) act in accordance with his/her powers and obligations as a chief executive officer of the Company and use his/her best endeavours to comply with and to cause the Company to comply with (a) this Agreement; (b) every rule or law applicable to any member of the Group, whether in the United States, Singapore, or elsewhere; (c) the rules and regulations of the Nasdaq Capital Market; (d) amended and restated memorandum and articles of association of the Company; (e) shareholders' and board resolutions of the Company; (f) the Securities Act of 1933; and (g) all other relevant securities regulations, rules, instructions and guidelines as issued by the relevant regulatory authorities from time to time, in relation to dealings in shares or other securities of the Company or any other member of the Group, and in relation to insider information or unpublished inside information affecting the shares, debentures or other securities of any member of the Group.

The Executive Officer shall carry out his/her duties and exercise his/her powers jointly with any other executive officers, senior management or directors of the Group as may from time to time be appointed by the Board. The Board may at any time require the Executive Officer to cease performing any of his/her duties or exercising any of his/her power under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Conflicts of Interest/Applicable Law**. In the event that the Executive Officer has a direct or indirect financial or personal interest in a contract or transaction to which the Company is a party, or the Executive Officer is contemplating entering into a transaction that involves use of corporate assets or competition against the Company, the Executive Officer shall promptly disclose such potential conflict to the applicable Board committee or the Board and proceed as directed by such committee or the Board, as applicable. The Executive Officer acknowledges the duty of loyalty and the duty of care owed to the Company pursuant to applicable law and agrees to act in all cases in accordance with applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **Corporate Opportunities**. Whenever the Executive Officer becomes aware of a business opportunity related to the Company's business, which one could reasonably expect the Executive Officer to make available to the Company, the Executive Officer shall promptly disclose such opportunity to the applicable Board committee or the Board and proceed as directed by such committee or the Board, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **Confidentiality**. The Executive Officer agrees and acknowledges that, by reason of the nature of the Executive Officer's duties on the Board, the Executive Officer will have or may have access to and become informed of proprietary, confidential and secret information which is a competitive asset of the Company (the "Confidential Information"), including, without limitation, any lists of customers or suppliers, distributors, financial statistics, research data or any other statistics and plans or operation plans or other trade secrets of the Company and any of the foregoing which belong to any person or company but to which the Executive Officer has had access by reason of the Executive Officer's relationship with the Company. The term "Confidential Information" shall not include information which: (i) is or becomes generally available to the public other than as a result of a disclosure by the Executive Officer or the Executive Officer's representatives; or (ii) is required to be disclosed by the Executive Officer due to governmental regulatory or judicial process. The Executive Officer agrees faithfully to keep in strict confidence, and not, either directly or indirectly, to make known, divulge, reveal, furnish, make available or use (except for use in the regular course of employment duties) any such Confidential Information. The Executive Officer acknowledges that all manuals, instruction books, price lists, information and records and other information and aids relating to the Company's business, and any and all other documents containing Confidential Information furnished to the Executive Officer by the Company or otherwise acquired or developed by the Executive Officer, shall at all times be the property of the Company. Upon termination of the Executive Officer's services hereunder, the Executive Officer shall return to the Company any such property or documents which are in the Executive Officer's possession, custody or control, but this obligation of confidentiality shall survive such termination until and unless any such Confidential Information shall have become, through no fault of the Executive Officer, generally known to the public. The obligations of the Executive Officer under this subsection are in addition to, and not in limitation or preemption of, all other obligations of confidentiality which the Executive Officer may have to the Company under general legal or equitable principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **Code of Business Conduct and Ethics**. The Executive Officer agrees to abide by and follow all such procedures set forth in the Company's code of business conduct and ethics, as may be in existence now or at any time during the term of this Agreement, and any other policy, code or document governing the conduct of executive officers of the Company as may be in existence now or at any time during the term of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **Expenses**. Upon submission of adequate documentation by the Executive Officer to the Company, the Executive Officer shall be reimbursed for all reasonable expenses incurred in connection with the Executive Officer's positions as a member of the Board and for services as a member of each committee of the Board to which the Executive Officer may be appointed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **Indemnity**. The Company and the Executive Officer agree that indemnification with respect to the Executive Officer's service shall be governed by that certain Indemnification Agreement attached as <u>Exhibit A</u> hereto (the "<u>Indemnification A</u>g<u>reement</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. **Withholding**. The Executive Officer agrees to cooperate with the Company to take all steps necessary or appropriate for the withholding of taxes by the Company required under law or regulation in connection herewith, and the Company may act unilaterally in order to comply with such laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. **Binding Effect**. This Agreement shall be binding upon and inure to the benefit of the Company and its successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. **Recitals.** The recitals to this Agreement are true and correct and are incorporated herein, in their entirety, by this reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. **Validity**. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, which shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. **Headings and Captions**. The titles and captions of paragraphs and subparagraphs contained in this Agreement are provided for convenience of reference only, and shall not be considered terms or conditions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. **Neutral Construction**. Neither party hereto may rely on any drafts of this Agreement in any interpretation of the Agreement. Both parties to this Agreement have reviewed this Agreement and have participated in its drafting and, accordingly, neither party shall attempt to invoke the normal rule of construction to the effect that ambiguities are to be resolved against the drafting party in any interpretation of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. **Counterparts**. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original and all of which together will constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. **Miscellaneous**. This Agreement shall be construed under the laws of the State of New York, without application to the principles of conflicts of laws. This Agreement and the Indemnification Agreement constitute the entire understanding between the parties with respect to the Executive Officer's service and there are no prior or contemporaneous written or oral agreements, understandings, or representations, express or implied, directly or indirectly related to this Agreement that are not set forth or referenced herein. This Agreement supersedes all negotiations, preliminary agreements, and all prior and contemporaneous discussions and understandings of the parties hereto and/or their affiliates with respect to the Executive Officer's service. The Executive Officer acknowledges that he/she has not relied on any prior or contemporaneous discussions or understanding in entering into this Agreement. The terms and provisions of this Agreement may be altered, amended or discharged only by the signed written agreement of the parties hereto.

[*Remainder of Page Intentionally Left Blank*]

**IN WITNESS WHEREOF**, the parties hereto have executed this Executive Officer Agreement as of the date first above written.

---

| | |
|:---|:---|
| **Keystone Global Financial Group** | **Keystone Global Financial Group** |
| By: | */s/ Tak Chiu, CHAN* |
| Name: | Tak Chiu, CHAN |
| Title: | Director |

---

---

| | |
|:---|:---|
| **EXECUTIVE OFFICER** | **EXECUTIVE OFFICER** |
| */s/ Tak Chiu, CHAN* | */s/ Tak Chiu, CHAN* |
| Name: | Tak Chiu, CHAN |

---

Signature Page to Executive Officer Agreement

<u>Schedule A</u>

**Cash Compensation**

---

| | | |
|:---|:---|:---|
|  | **Amount** | **Pay Period** |
| Salary | Keystone Global Financial Group<br>Nil<br>Keystone Capital Limited<br>HK$1,536,000 annually | Keystone Global Financial Group<br>Nil<br>Keystone Capital Limited<br>HK$128,000 to be paid monthly |
| Guaranteed Bonus | Nil | Nil |

---

<u>EXHIBIT A</u> 

INDEMNIFICATION AGREEMENT

(Attached)

**<u>INDEMNIFICATION AGREEMENT</u>**

**THIS INDEMNIFICATION AGREEMENT** (this "Agreement"), dated as of September 12, 2025, is by and between **Keystone Global Financial Group**, a company incorporated under the laws of the Cayman Islands (the "Company") and **Tak Chiu, CHAN** (the "Indemnitee") and shall become effective upon effectiveness of the Company's registration statement (the "Effective Date").

**<u>RECITALS</u>**

**WHEREAS**, Indemnitee is a director or officer of the Company and in such capacity renders valuable services to the Company;

**WHEREAS**, both the Company and Indemnitee recognize the increased risk of litigation and other claims being asserted against directors and officers of public companies;

**WHEREAS**, the board of directors of the Company (the "Board") has determined that enhancing the ability of the Company to retain and attract as directors and officers the most capable persons is in the best interests of the Company and that the Company therefore should seek to assure such persons that indemnification is available; and

**WHEREAS**, in recognition of the need to provide Indemnitee with substantial protection against personal liability, in order to procure Indemnitee's continued service as a director or officer of the Company and to enhance Indemnitee's ability to serve the Company in an effective manner, and in order to provide such protection pursuant to express contract rights (intended to be enforceable irrespective of, among other things, any amendment to the Company's Certificate of Incorporation or Memorandum and Articles of Association (collectively, the "Constituent Documents"), any change in the composition of the Board or any change in control or business combination transaction relating to the Company), the Company wishes to provide in this Agreement for the indemnification of, and the advancement of Expenses (as defined in Section 1 below) to, Indemnitee as set forth in this Agreement.

**NOW, THEREFORE**, in consideration of the foregoing and the Indemnitee's agreement to continue to provide services to the Company, the parties agree as follows:

**<u>AGREEMENT</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Definitions**. For purposes of this Agreement, the following terms shall have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "<u>Beneficial Owner</u>" has the meaning given to the term "beneficial owner" in Rule 13d-3 under the Securities Exchange Act of 1934, as amended (the "Exchange Act").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "<u>Change in Control</u>" means the occurrence after the Effective Date of any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Person is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing 51% or more of the Company's then outstanding Voting Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the consummation of a reorganization, merger or consolidation, unless immediately following such reorganization, merger or consolidation, all of the Beneficial Owners of the Voting Securities of the Company immediately prior to such transaction beneficially own, directly or indirectly, more than 51% of the combined voting power of the outstanding Voting Securities of the entity resulting from such transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) during any period of two consecutive years, not including any period prior to the execution of this Agreement, individuals who at the beginning of such period constituted the Board (including for this purpose any new directors whose election by the Board or nomination for election by the Company's stockholders was approved by a vote of at least two-thirds of the directors then still in office who either were directors at the beginning of the period or whose election or nomination for election was previously so approved) cease for any reason to constitute at least a majority of the Board; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the stockholders of the Company approve a plan of complete liquidation or dissolution of the Company or an agreement for the sale or disposition by the Company of all or substantially all of the Company's assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "<u>Claim</u>" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any threatened, pending or completed action, suit, proceeding or alternative dispute resolution mechanism, whether civil, criminal, administrative, arbitrative, investigative or other, and whether made pursuant to federal, state or other law; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any inquiry, hearing or investigation that the Indemnitee determines might lead to the institution of any such action, suit, proceeding or alternative dispute resolution mechanism.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "<u>Disinterested Director</u>" means a director of the Company who is not and was not a party to the Claim in respect of which indemnification is sought by Indemnitee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "<u>Expenses</u>" means any and all expenses, including attorneys' and experts' fees, court costs, transcript costs, travel expenses, duplicating, printing and binding costs, telephone charges, and all other costs and expenses incurred in connection with investigating, defending, being a witness in or participating in (including on appeal), or preparing to defend, be a witness or participate in, any Claim. Expenses also shall include (i) Expenses incurred in connection with any appeal resulting from any Claim, including without limitation the premium, security for, and other costs relating to any cost bond, supersede as bond, or other appeal bond or its equivalent, and (ii) for purposes of <u>Section 4</u> only, Expenses incurred by Indemnitee in connection with the interpretation, enforcement or defense of Indemnitee's rights under this Agreement, by litigation or otherwise. Expenses, however, shall not include amounts paid in settlement by Indemnitee or the amount of judgments or fines against Indemnitee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "<u>Expense Advance</u>" means any payment of Expenses advanced to Indemnitee by the Company pursuant to <u>Section 3</u> or <u>Section 4</u> hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "<u>Indemnifiable Event</u>" means any event or occurrence, whether occurring before, on or after the Effective Date, related to the fact that Indemnitee is or was a director, officer, employee or agent of the Company or any subsidiary of the Company, or is or was serving at the request of the Company as a director, officer, employee, member, manager, trustee or agent of any other corporation, limited liability company, partnership, joint venture, trust or other entity or enterprise (collectively with the Company, "Enterprise") or by reason of an action or inaction by Indemnitee in any such capacity (whether or not serving in such capacity at the time any Loss is incurred for which indemnification can be provided under this Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "<u>Independent Counsel</u>" means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither presently performs, nor in the past five years has performed, services for either: (i) the Company or Indemnitee (other than in connection with matters concerning Indemnitee under this Agreement or of other indemnitees under similar agreements) or (ii) any other party to the Claim giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term "Independent Counsel" shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee's rights under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "<u>Losses</u>" means any and all Expenses, damages, losses, liabilities, judgments, fines, penalties (whether civil, criminal or other), ERISA excise taxes, amounts paid or payable in settlement, including any interest, assessments, any federal, state, local or foreign taxes imposed as a result of the actual or deemed receipt of any payments under this Agreement and all other charges paid or payable in connection with investigating, defending, being a witness in or participating in (including on appeal), or preparing to defend, be a witness or participate in, any Claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "<u>Person</u>" means any individual, corporation, firm, partnership, joint venture, limited liability company, estate, trust, business association, organization, governmental entity or other entity and includes the meaning set forth in Sections 13(d) and 14(d) of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "<u>Standard of Conduct Determination</u>" shall have the meaning ascribed to it in <u>Section 8</u>(b) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "<u>Voting Securities</u>" means any securities of the Company that vote generally in the election of directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Indemnification**. Subject to <u>Section 8</u> and <u>Section 9</u> of this Agreement, the Company shall indemnify Indemnitee, to the fullest extent permitted by the laws of the State of New York in effect on the Effective Date, or as such laws may from time to time hereafter be amended to increase the scope of such permitted indemnification, against any and all Losses if Indemnitee was or is or becomes a party to or participant in, or is threatened to be made a party to or participant in, any Claim by reason of or arising in part out of an Indemnifiable Event, including, without limitation, Claims brought by or in the right of the Company, Claims brought by third parties, and Claims in which the Indemnitee is solely a witness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. Advancement of Expenses**. Indemnitee shall have the right to advancement by the Company, prior to the final disposition of any Claim by final adjudication to which there are no further rights of appeal, of any and all Expenses actually and reasonably paid or incurred by Indemnitee in connection with any Claim arising out of an Indemnifiable Event at the written request of Indemnitee. Indemnitee shall set forth in such request reasonable evidence that such Expenses have been paid or incurred by Indemnitee. Indemnitee's right to such advancement is not subject to the satisfaction of any standard of conduct. Without limiting the generality or effect of the foregoing, within thirty days after any request by Indemnitee, the Company shall, in accordance with such request, (a) pay such Expenses on behalf of Indemnitee, (b) advance to Indemnitee funds in an amount sufficient to pay such Expenses, or (c) reimburse Indemnitee for such Expenses. In connection with any request for Expense Advances, Indemnitee shall not be required to provide any documentation or information to the extent that the provision thereof would undermine or otherwise jeopardize attorney-client privilege. The Company's obligation to pay Expense Advances to Indemnitee is contingent upon Indemnitee's execution and delivery to the Company of an undertaking to repay any amounts paid, advanced, or reimbursed by the Company for such Expenses to the extent that it is ultimately determined, following the final disposition of such Claim, that Indemnitee is not entitled to indemnification hereunder. Indemnitee's obligation to reimburse the Company for Expense Advances shall be unsecured and no interest shall be charged thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Indemnification for Expenses in Enforcing Rights**. To the fullest extent allowable under applicable law, the Company shall also indemnify Indemnitee against, and, if requested by Indemnitee, shall advance to Indemnitee subject to and in accordance with <u>Section 3</u>, any Expenses actually and reasonably paid or incurred by Indemnitee in connection with any action or proceeding by Indemnitee for (a) indemnification or reimbursement or advance payment of Expenses by the Company under any provision of this Agreement, or under any other agreement or provision of the Constituent Documents now or hereafter in effect relating to Claims relating to Indemnifiable Events, and/or (b) recovery under any directors' and officers' liability insurance policies maintained by the Company. However, in the event that Indemnitee is ultimately determined not to be entitled to such indemnification or insurance recovery, as the case may be, then all amounts advanced under this <u>Section 4</u> shall be repaid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Partial Indemnity**. If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for a portion of any Losses in respect of a Claim related to an Indemnifiable Event but not for the total amount thereof, the Company shall nevertheless indemnify Indemnitee for the portion thereof to which Indemnitee is entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **Notification and Defense of Claims**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Notification of Claims</u>. Indemnitee shall notify the Company in writing as soon as practicable of any Claim which could relate to an Indemnifiable Event or for which Indemnitee could seek Expense Advances, including a brief description (based upon information then available to Indemnitee) of the nature of, and the facts underlying, such Claim. The failure by Indemnitee to timely notify the Company hereunder shall not relieve the Company from any liability hereunder unless the Company's ability to participate in the defense of such claim was materially and adversely affected by such failure. If at the time of the receipt of such notice, the Company has directors' and officers' liability insurance in effect under which coverage for Claims related to Indemnifiable Events is potentially available, the Company shall give prompt written notice to the applicable insurers in accordance with the procedures set forth in the applicable policies. The Company shall provide to Indemnitee a copy of such notice delivered to the applicable insurers, and copies of all subsequent correspondence between the Company and such insurers regarding the Claim, in each case substantially concurrently with the delivery or receipt thereof by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Defense of Claims</u>. The Company shall be entitled to participate in the defense of any Claim relating to an Indemnifiable Event at its own expense and, except as otherwise provided below, to the extent the Company so wishes, it may assume the defense thereof with counsel reasonably satisfactory to Indemnitee. After notice from the Company to Indemnitee of its election to assume the defense of any such Claim, the Company shall not be liable to Indemnitee under this Agreement or otherwise for any Expenses subsequently directly incurred by Indemnitee in connection with Indemnitee's defense of such Claim other than reasonable costs of investigation or as otherwise provided below. Indemnitee shall have the right to employ its own legal counsel in such Claim, but all Expenses related to such counsel incurred after notice from the Company of its assumption of the defense shall be at Indemnitee's own expense; provided, however, that if (i) Indemnitee's employment of its own legal counsel has been authorized by the Company, (ii) Indemnitee has reasonably determined that there may be a conflict of interest between Indemnitee and the Company in the defense of such Claim, (iii) after a Change in Control, Indemnitee's employment of its own counsel has been approved by the Independent Counsel or (iv) the Company shall not in fact have employed counsel to assume the defense of such Claim, then Indemnitee shall be entitled to retain its own separate counsel (but not more than one law firm) and all Expenses related to such separate counsel shall be borne by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **Procedure upon Application for Indemnification**. In order to obtain indemnification pursuant to this Agreement, Indemnitee shall submit to the Company a written request therefor, including in such request such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification following the final disposition of the Claim. Indemnification shall be made insofar as the Company determines Indemnitee is entitled to indemnification in accordance with <u>Section 8</u> below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **Determination of Right to Indemnification**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Mandatory Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To the extent that Indemnitee shall have been successful on the merits or otherwise in defense of any Claim relating to an Indemnifiable Event or any portion thereof or in defense of any issue or matter therein, including without limitation dismissal without prejudice, Indemnitee shall be indemnified against all Losses relating to such Claim in accordance with <u>Section 2</u> to the fullest extent allowable by law, and no Standard of Conduct Determination (as defined in <u>Section 8</u>(b)) shall be required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To the extent that Indemnitee's involvement in a Claim relating to an Indemnifiable Event is to prepare to serve and serve as a witness, and not as a party, the Indemnitee shall be indemnified against all Losses incurred in connection therewith to the fullest extent allowable by law and no Standard of Conduct Determination (as defined in <u>Section 8</u>(b)) shall be required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Standard of Conduct</u>. To the extent that the provisions of <u>Section 8</u>(a) are inapplicable to a Claim related to an Indemnifiable Event that shall have been finally disposed of, any determination of whether Indemnitee has satisfied any applicable standard of conduct under New York law that is a legally required condition to indemnification of Indemnitee hereunder against Losses relating to such Claim and any determination that Expense Advances must be repaid to the Company (a "Standard of Conduct Determination") shall be made as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if no Change in Control has occurred, (A) by a majority vote of the Disinterested Directors, even if less than a quorum of the Board, (B) by a committee of Disinterested Directors designated by a majority vote of the Disinterested Directors, even though less than a quorum or (C) if there are no such Disinterested Directors, by Independent Counsel in a written opinion addressed to the Board, a copy of which shall be delivered to Indemnitee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if a Change in Control shall have occurred, (A) if the Indemnitee so requests in writing, by a majority vote of the Disinterested Directors, even if less than a quorum of the Board or (B) otherwise, by Independent Counsel in a written opinion addressed to the Board, a copy of which shall be delivered to Indemnitee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Making the Standard of Conduct Determination</u>. The Company shall use its reasonable best efforts to cause any Standard of Conduct Determination required under <u>Section 8</u>(b) to be made as promptly as practicable. If the person or persons designated to make the Standard of Conduct Determination under <u>Section 8</u>(b) shall not have made a determination within thirty days after the later of (A) receipt by the Company of a written request from Indemnitee for indemnification pursuant to <u>Section 7</u> (the date of such receipt being the "Notification Date") and (B) the selection of an Independent Counsel, if such determination is to be made by Independent Counsel, then Indemnitee shall be deemed to have satisfied the applicable standard of conduct; provided that such 30-day period may be extended for a reasonable time, if the person or persons making such determination in good faith requires such additional time to obtain or evaluate information relating thereto. Notwithstanding anything in this Agreement to the contrary, no determination as to entitlement of Indemnitee to indemnification under this Agreement shall be required to be made prior to the final disposition of any Claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Payment of Indemnification</u>. If, in regard to any Losses:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Indemnitee shall be entitled to indemnification pursuant to <u>Section 8</u>(a);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) no Standard Conduct Determination is legally required as a condition to indemnification of Indemnitee hereunder; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Indemnitee has been determined or deemed pursuant to <u>Section 8</u>(b) or <u>Section 8</u>(c) to have satisfied the Standard of Conduct Determination,

then the Company shall pay to Indemnitee, within thirty days after the later of (A) the Notification Date or (B) the earliest date on which the applicable criterion specified in clause (i), (ii) or (iii) is satisfied, an amount equal to such Losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Selection of Independent Counsel for Standard of Conduct Determination</u>. If a Standard of Conduct Determination is to be made by Independent Counsel pursuant to <u>Section 8</u>(b)(i), the Independent Counsel shall be selected by the Board, and the Company shall give written notice to Indemnitee advising of the identity of the Independent Counsel so selected. If a Standard of Conduct Determination is to be made by Independent Counsel pursuant to <u>Section 8</u>(b)(ii), the Independent Counsel shall be selected by Indemnitee, and Indemnitee shall give written notice to the Company advising it of the identity of the Independent Counsel so selected. In either case, Indemnitee or the Company, as applicable, may, within five days after receiving written notice of selection from the other, deliver to the other a written objection to such selection; provided, however, that such objection may be asserted only on the ground that the Independent Counsel so selected does not satisfy the criteria set forth in the definition of "Independent Counsel" in <u>Section 1</u>, and the objection shall set forth with particularity the factual basis of such assertion. Absent a proper and timely objection, the person or firm so selected shall act as Independent Counsel. If such written objection is properly and timely made and substantiated, (i) the Independent Counsel so selected may not serve as Independent Counsel unless and until such objection is withdrawn or a court has determined that such objection is without merit; and (ii) the non-objecting party may, at its option, select an alternative Independent Counsel and give written notice to the other party advising such other party of the identity of the alternative Independent Counsel so selected, in which case the provisions of the two immediately preceding sentences, the introductory clause of this sentence and numbered clause (i) of this sentence shall apply to such subsequent selection and notice. If applicable, the provisions of clause (ii) of the immediately preceding sentence shall apply to successive alternative selections. If no Independent Counsel that is permitted under the foregoing provisions of this <u>Section 8</u>(e) to make the Standard of Conduct Determination shall have been selected within twenty days after the Company gives its initial notice pursuant to the first sentence of this <u>Section 8</u>(e) or Indemnitee gives its initial notice pursuant to the second sentence of this <u>Section 8</u>(e), as the case may be, either the Company or Indemnitee may petition a court of competent jurisdiction to resolve any objection which shall have been made by the Company or Indemnitee to the other's selection of Independent Counsel and/or to appoint as Independent Counsel a person to be selected by such court or such other person as the court shall designate, and the person or firm with respect to whom all objections are so resolved or the person or firm so appointed will act as Independent Counsel. In all events, the Company shall pay all of the reasonable fees and expenses of the Independent Counsel incurred in connection with the Independent Counsel's determination pursuant to <u>Section 8</u>(b).

(f) <u>Presumptions and Defenses</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Indemnitee's Entitlement to Indemnification</u>. In making any Standard of Conduct Determination, the person or persons making such determination shall presume that Indemnitee has satisfied the applicable standard of conduct and is entitled to indemnification, and the Company shall have the burden of proof to overcome that presumption and establish that Indemnitee is not so entitled. Any Standard of Conduct Determination that is adverse to Indemnitee may be challenged by the Indemnitee in a court of competent jurisdiction. No determination by the Company (including by its directors or any Independent Counsel) that Indemnitee has not satisfied any applicable standard of conduct may be used as a defense to any legal proceedings brought by Indemnitee to secure indemnification or reimbursement or advance payment of Expenses by the Company hereunder or create a presumption that Indemnitee has not met any applicable standard of conduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Reliance as a Safe Harbor</u>. For purposes of this Agreement, and without creating any presumption as to a lack of good faith if the following circumstances do not exist, Indemnitee shall be deemed to have acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the Company if Indemnitee's actions or omissions to act are taken in good faith reliance upon the records of the Company, including its financial statements, or upon information, opinions, reports or statements furnished to Indemnitee by the officers or employees of the Company or any of its subsidiaries in the course of their duties, or by committees of the Board or by any other Person (including legal counsel, accountants and financial advisors) as to matters Indemnitee reasonably believes are within such other Person's professional or expert competence and who has been selected with reasonable care by or on behalf of the Company. In addition, the knowledge and/or actions, or failures to act, of any director, officer, agent or employee of the Company shall not be imputed to Indemnitee for purposes of determining the right to indemnity hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>No Other Presumptions</u>. For purposes of this Agreement, the termination of any Claim by judgment, order, settlement (whether with or without court approval) or conviction, or upon a plea of nolo contendere or its equivalent, will not create a presumption that Indemnitee did not meet any applicable standard of conduct or have any particular belief, or that indemnification hereunder is otherwise not permitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Defense to Indemnification and Burden of Proof</u>. It shall be a defense to any action brought by Indemnitee against the Company to enforce this Agreement (other than an action brought to enforce a claim for Losses incurred in defending against a Claim related to an Indemnifiable Event in advance of its final disposition) that it is not permissible under applicable law for the Company to indemnify Indemnitee for the amount claimed. In connection with any such action or any related Standard of Conduct Determination, the burden of proving such a defense or that the Indemnitee did not satisfy the applicable standard of conduct shall be on the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Resolution of Claims</u>. The Company acknowledges that a settlement or other disposition short of final judgment may be successful on the merits or otherwise for purposes of <u>Section 8</u>(a)(i) if it permits a party to avoid expense, delay, distraction, disruption and uncertainty. In the event that any Claim relating to an Indemnifiable Event to which Indemnitee is a party is resolved in any manner other than by adverse judgment against Indemnitee (including, without limitation, settlement of such action, claim or proceeding with our without payment of money or other consideration) it shall be presumed that Indemnitee has been successful on the merits or otherwise for purposes of <u>Section 8</u>(a)(i). The Company shall have the burden of proof to overcome this presumption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **Exclusions from Indemnification**. Notwithstanding anything in this Agreement to the contrary, the Company shall not be obligated to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) indemnify or advance funds to Indemnitee for Expenses or Losses with respect to proceedings initiated by Indemnitee, including any proceedings against the Company or its directors, officers, employees or other indemnitees and not by way of defense, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) proceedings referenced in <u>Section 4</u> above (unless a court of competent jurisdiction determines that each of the material assertions made by Indemnitee in such proceeding was not made in good faith or was frivolous); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) where the Company has joined in or the Board has consented to the initiation of such proceedings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) indemnify Indemnitee if a final decision by a court of competent jurisdiction determines that such indemnification is prohibited by applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) indemnify Indemnitee for the disgorgement of profits arising from the purchase or sale by Indemnitee of securities of the Company in violation of Section 16(b) of the Exchange Act, or any similar successor statute; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) indemnify or advance funds to Indemnitee for Indemnitee's reimbursement to the Company of any bonus or other incentive-based or equity-based compensation previously received by Indemnitee or payment of any profits realized by Indemnitee from the sale of securities of the Company, as required in each case under the Exchange Act (including any such reimbursements under Section 304 of the Sarbanes-Oxley Act of 2002 in connection with an accounting restatement of the Company or the payment to the Company of profits arising from the purchase or sale by Indemnitee of securities in violation of Section 306 of the Sarbanes-Oxley Act).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **Settlement of Claims**. The Company shall not be liable to Indemnitee under this Agreement for any amounts paid in settlement of any threatened or pending Claim related to an Indemnifiable Event effected without the Company's prior written consent, which shall not be unreasonably withheld. The Company shall not settle any Claim related to an Indemnifiable Event in any manner that would impose any Losses on the Indemnitee without the Indemnitee's prior written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. **Duration**. All agreements and obligations of the Company contained herein shall continue during the period that Indemnitee is a director or officer of the Company (or is serving at the request of the Company as a director, officer, employee, member, trustee or agent of another Enterprise) and shall continue thereafter (i) so long as Indemnitee may be subject to any possible Claim relating to an Indemnifiable Event (including any rights of appeal thereto) and (ii) throughout the pendency of any proceeding (including any rights of appeal thereto) commenced by Indemnitee to enforce or interpret his or her rights under this Agreement, even if, in either case, he or she may have ceased to serve in such capacity at the time of any such Claim or proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12. Non-Exclusivity**. The rights of Indemnitee hereunder will be in addition to any other rights Indemnitee may have under the Constituent Documents, the New York Business Corporation Law, any other contract or otherwise (collectively, "Other Indemnity Provisions"); provided, however, that (a) to the extent that Indemnitee otherwise would have any greater right to indemnification under any Other Indemnity Provision, Indemnitee will be deemed to have such greater right hereunder and (b) to the extent that any change is made to any Other Indemnity Provision which permits any greater right to indemnification than that provided under this Agreement as of the Effective Date, Indemnitee will be deemed to have such greater right hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13. Liability Insurance**. The Company shall from time to time make the good faith determination whether or not it is practicable for the Company to obtain and maintain a policy or policies of insurance providing the officers and directors of the Company with coverage for losses incurred in connection with their services to the Company or to ensure the Company's performance of its indemnification obligations under this Agreement. To the extent the Company maintains an insurance policy or policies providing directors' and officers' liability insurance, Indemnitee shall be covered by such policy or policies, in accordance with its or their terms, to the maximum extent of the coverage available for any of the Company's directors or officers, as applicable. Upon reasonable request, the Company will provide to Indemnitee copies of all directors' and officers' liability insurance applications, binders, policies, declarations and endorsements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14. No Duplication of Payments**. The Company shall not be liable under this Agreement to make any payment to Indemnitee in respect of any Losses to the extent Indemnitee has otherwise received payment under any insurance policy, the Constituent Documents, Other Indemnity Provisions or otherwise of the amounts otherwise indemnifiable by the Company hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15. Subrogation**. In the event of payment to Indemnitee under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee. Indemnitee shall execute all documents required and shall do everything that may be necessary to secure such rights, including the execution of such documents necessary to enable the Company effectively to bring suit to enforce such rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16. Amendments**. No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be binding unless in the form of a writing signed by the party against whom enforcement of the waiver is sought, and no such waiver shall operate as a waiver of any other provisions hereof (whether or not similar), nor shall such waiver constitute a continuing waiver. Except as specifically provided herein, no failure to exercise or any delay in exercising any right or remedy hereunder shall constitute a waiver thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17. Binding Effect**. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and their respective successors (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business and/or assets of the Company), assigns, spouses, heirs and personal and legal representatives. The Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all, substantially all or a substantial part of the business and/or assets of the Company, by written agreement, to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18. Severability**. The provisions of this Agreement shall be severable in the event that any of the provisions hereof (including any portion thereof) are held by a court of competent jurisdiction to be invalid, illegal, void or otherwise unenforceable, and the remaining provisions shall remain enforceable to the fullest extent permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19. Notices**. All notices, requests, demands and other communications required or permitted under this Agreement shall be in writing and shall be deemed to have been duly given and made if (i) delivered by hand; (ii) otherwise delivered against receipt therefor; (iii) mailed by postage prepaid, certified or registered mail; (iv) sent by a recognized courier with next-day or second-day delivery to the last known address of the other party; or (v) sent by e-mail with confirmation of receipt:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if to Indemnitee, to the email address set forth on the signature page hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if to the Company:

---

| |
|:---|
| Keystone Global Financial Group |
| 1902-3A, 19/F |
| FWD Financial Centre, 308-320 Des Voeux Road Central |
| Sheung Wan, Hong Kong |

---

Notice of change of address shall be effective only when given in accordance with this Section. All notices complying with this Section shall be deemed to have been received on the date of delivery or on the third business day after mailing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20. Governing Law**. This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York applicable to contracts made and to be performed in such state without giving effect to its principles of conflicts of laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21. Headings**. The headings of the sections and paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction or interpretation thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22. Counterparts**. This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original, and all of which together shall constitute one and the same Agreement.

[*Signature Page Follows*]

**IN WITNESS WHEREOF**, the parties hereto have executed this Agreement as of the date first written above.

---

| | |
|:---|:---|
| **Keystone Global Financial Group** | **Keystone Global Financial Group** |
| By: | */s/ Tak Chiu, CHAN* |
| Name: | Tak Chiu, CHAN |
| Title: | Director |

---

---

| | |
|:---|:---|
| **INDEMNITEE** | **INDEMNITEE** |
| */s/ Tak Chiu, CHAN* | */s/ Tak Chiu, CHAN* |
| Name: | Tak Chiu, CHAN |
| Email: | kelvinchan@kstonecapital.com |

---

Signature Page to Indemnification Agreement

## Exhibit 10.7

**Exhibit 10.7**

**<u>EXECUTIVE OFFICER AGREEMENT</u>**

**THIS EXECUTIVE OFFICER AGREEMENT** (this "Agreement"), dated as of September 12, 2025, is by and between **Keystone Global Financial Group** a company incorporated under the laws of the Cayman Islands (the "Company"), and **Wing Kin, SIU**, an individual (the "Executive Officer").

**<u>AGREEMENT</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Appointment.** The Executive Officer was appointed as chief financial officer on September 12, 2025. This Agreement serves to regulate the employment relationship between the Company and the Executive Officer from the effectiveness of the Company's registration statement. For the avoidance of doubt, this Agreement shall not affect the effectiveness of the appointment of the Executive Officer on October 7, 2016. The Company shall employ the Executive Officer and the Executive Officer shall diligently and faithfully serve the Company pursuant to the terms and conditions of this Agreement and subject to the amended and restated memorandum and articles of association of the Company, the rules and regulations of the Nasdaq Capital Market (to the extent applicable) and other applicable laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Term.** The term of such appointment shall commence from the effectiveness of the Company's registration statement and shall continue until the Executive Officer's successor is duly elected or appointed and qualified or until the Executive Officer's earlier death, disqualification, resignation or removal from office, pursuant to the terms of this Agreement, the Company's then current memorandum and articles of association, as may be amended from time to time, or any applicable laws, rules, or regulations (the "Expiration Date"). In the event that the Executive Officer's successor has not been duly elected or appointed as of the Expiration Date, the Executive Officer agrees to continue to serve hereunder until such successor has been duly elected or appointed and qualified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Compensation**. Upon the effectiveness of the Company's registration statement and during the term of this Agreement, the Executive Officer shall receive cash compensation (inclusive of the statutory welfare reserves that the Company is required to deduct from the Executive Officer's pay under applicable law) pursuant to <u>Schedule A</u> hereto and as specified in a separate agreement between the Executive Officer and the Company's designated subsidiary or affiliated entity, (the "Compensation"). The Compensation may be reviewed during the term of this Agreement by the Compensation Committee pursuant to its terms of reference after the effectiveness of the Company's registration statement. Any adjustment of the Compensation shall be recommended by the Compensation Committee (when applicable) and approved by the Board duly convened pursuant to the then current Memorandum and Articles of Association of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Duties.** The Executive Officer shall exercise all powers in good faith and in the best interests of the Company, including but not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) devote a sufficient amount of time and attention to the interests and affairs of the Company in the discharge of duties of his/her office as a chief financial officer of the Company and, where relevant, as an officer of such other members of the Group as are necessary for the proper and efficient administration, supervision, and management of the strategic planning, corporate management and business development of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) faithfully and diligently perform such duties and exercise such powers as are consistent with his/her office in relation to the Company and/or the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the discharge of such duties and in the exercise of such powers observe and comply with all reasonable and lawful resolutions, instructions, regulations and directions from time to time passed, made or given by the Board according to the best of his/her skills and ability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) perform such services for the Group and (without further remuneration unless otherwise agreed) accept such offices in the Group as the Board may from time to time reasonably require provided the same are consistent with his/her office;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) at all times keep the Board promptly and fully informed (in writing if so requested) in connection with the performance of such powers and duties and provide such explanations as the Board may require in connection with his/her office in relation to the Company and/or the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) act in accordance with his/her powers and obligations as a chief financial officer of the Company and use his/her best endeavours to comply with and to cause the Company to comply with (a) this Agreement; (b) every rule or law applicable to any member of the Group, whether in the United States, Singapore, or elsewhere; (c) the rules and regulations of the Nasdaq Capital Market; (d) amended and restated memorandum and articles of association of the Company; (e) shareholders' and board resolutions of the Company; (f) the Securities Act of 1933; and (g) all other relevant securities regulations, rules, instructions and guidelines as issued by the relevant regulatory authorities from time to time, in relation to dealings in shares or other securities of the Company or any other member of the Group, and in relation to insider information or unpublished inside information affecting the shares, debentures or other securities of any member of the Group.

The Executive Officer shall carry out his/her duties and exercise his/her powers jointly with any other executive officers, senior management or directors of the Group as may from time to time be appointed by the Board. The Board may at any time require the Executive Officer to cease performing any of his/her duties or exercising any of his/her power under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Conflicts of Interest/Applicable Law**. In the event that the Executive Officer has a direct or indirect financial or personal interest in a contract or transaction to which the Company is a party, or the Executive Officer is contemplating entering into a transaction that involves use of corporate assets or competition against the Company, the Executive Officer shall promptly disclose such potential conflict to the applicable Board committee or the Board and proceed as directed by such committee or the Board, as applicable. The Executive Officer acknowledges the duty of loyalty and the duty of care owed to the Company pursuant to applicable law and agrees to act in all cases in accordance with applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **Corporate Opportunities**. Whenever the Executive Officer becomes aware of a business opportunity related to the Company's business, which one could reasonably expect the Executive Officer to make available to the Company, the Executive Officer shall promptly disclose such opportunity to the applicable Board committee or the Board and proceed as directed by such committee or the Board, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **Confidentiality**. The Executive Officer agrees and acknowledges that, by reason of the nature of the Executive Officer's duties on the Board, the Executive Officer will have or may have access to and become informed of proprietary, confidential and secret information which is a competitive asset of the Company (the "Confidential Information"), including, without limitation, any lists of customers or suppliers, distributors, financial statistics, research data or any other statistics and plans or operation plans or other trade secrets of the Company and any of the foregoing which belong to any person or company but to which the Executive Officer has had access by reason of the Executive Officer's relationship with the Company. The term "Confidential Information" shall not include information which: (i) is or becomes generally available to the public other than as a result of a disclosure by the Executive Officer or the Executive Officer's representatives; or (ii) is required to be disclosed by the Executive Officer due to governmental regulatory or judicial process. The Executive Officer agrees faithfully to keep in strict confidence, and not, either directly or indirectly, to make known, divulge, reveal, furnish, make available or use (except for use in the regular course of employment duties) any such Confidential Information. The Executive Officer acknowledges that all manuals, instruction books, price lists, information and records and other information and aids relating to the Company's business, and any and all other documents containing Confidential Information furnished to the Executive Officer by the Company or otherwise acquired or developed by the Executive Officer, shall at all times be the property of the Company. Upon termination of the Executive Officer's services hereunder, the Executive Officer shall return to the Company any such property or documents which are in the Executive Officer's possession, custody or control, but this obligation of confidentiality shall survive such termination until and unless any such Confidential Information shall have become, through no fault of the Executive Officer, generally known to the public. The obligations of the Executive Officer under this subsection are in addition to, and not in limitation or preemption of, all other obligations of confidentiality which the Executive Officer may have to the Company under general legal or equitable principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **Code of Business Conduct and Ethics**. The Executive Officer agrees to abide by and follow all such procedures set forth in the Company's code of business conduct and ethics, as may be in existence now or at any time during the term of this Agreement, and any other policy, code or document governing the conduct of executive officers of the Company as may be in existence now or at any time during the term of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **Expenses**. Upon submission of adequate documentation by the Executive Officer to the Company, the Executive Officer shall be reimbursed for all reasonable expenses incurred in connection with the Executive Officer's positions as a member of the Board and for services as a member of each committee of the Board to which the Executive Officer may be appointed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **Indemnity**. The Company and the Executive Officer agree that indemnification with respect to the Executive Officer's service shall be governed by that certain Indemnification Agreement attached as <u>Exhibit A</u> hereto (the "<u>Indemnification A</u>g<u>reement</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. **Withholding**. The Executive Officer agrees to cooperate with the Company to take all steps necessary or appropriate for the withholding of taxes by the Company required under law or regulation in connection herewith, and the Company may act unilaterally in order to comply with such laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. **Binding Effect**. This Agreement shall be binding upon and inure to the benefit of the Company and its successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. **Recitals.** The recitals to this Agreement are true and correct and are incorporated herein, in their entirety, by this reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. **Validity**. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, which shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. **Headings and Captions**. The titles and captions of paragraphs and subparagraphs contained in this Agreement are provided for convenience of reference only, and shall not be considered terms or conditions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. **Neutral Construction**. Neither party hereto may rely on any drafts of this Agreement in any interpretation of the Agreement. Both parties to this Agreement have reviewed this Agreement and have participated in its drafting and, accordingly, neither party shall attempt to invoke the normal rule of construction to the effect that ambiguities are to be resolved against the drafting party in any interpretation of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. **Counterparts**. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original and all of which together will constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. **Miscellaneous**. This Agreement shall be construed under the laws of the State of New York, without application to the principles of conflicts of laws. This Agreement and the Indemnification Agreement constitute the entire understanding between the parties with respect to the Executive Officer's service and there are no prior or contemporaneous written or oral agreements, understandings, or representations, express or implied, directly or indirectly related to this Agreement that are not set forth or referenced herein. This Agreement supersedes all negotiations, preliminary agreements, and all prior and contemporaneous discussions and understandings of the parties hereto and/or their affiliates with respect to the Executive Officer's service. The Executive Officer acknowledges that he/she has not relied on any prior or contemporaneous discussions or understanding in entering into this Agreement. The terms and provisions of this Agreement may be altered, amended or discharged only by the signed written agreement of the parties hereto.

[*Remainder of Page Intentionally Left Blank*]

**IN WITNESS WHEREOF**, the parties hereto have executed this Executive Officer Agreement as of the date first above written.

---

| | |
|:---|:---|
| **Keystone Global Financial Group** | **Keystone Global Financial Group** |
| By: | */s/ Tak Chiu, CHAN* |
| Name: | Tak Chiu, CHAN |
| Title: | Chief Executive Officer and Director |

---

---

| | |
|:---|:---|
| **EXECUTIVE OFFICER** | **EXECUTIVE OFFICER** |
| */s/ Wing Kin, SIU* | */s/ Wing Kin, SIU* |
| Name: | Wing Kin, SIU |

---

Signature Page to Executive Officer Agreement

<u>Schedule A</u>

**Cash Compensation**

---

| | | |
|:---|:---|:---|
|  | **Amount** | **Pay Period** |
| Salary | Keystone Global Financial Group<br>Nil<br>Keystone Capital Limited<br>HK$600,000 annually | Keystone Global Financial Group<br>Nil<br>Keystone Capital Limited<br>HK$50,000 to be paid monthly |
| Guaranteed Bonus | Nil | Nil |

---

<u>EXHIBIT A</u> 

INDEMNIFICATION AGREEMENT

(Attached)

**<u>INDEMNIFICATION AGREEMENT</u>**

**THIS INDEMNIFICATION AGREEMENT** (this "Agreement"), dated as of September 12, 2025, is by and between **Keystone Global Financial Group**, a company incorporated under the laws of the Cayman Islands (the "Company") and **Wing Kin, SIU** (the "Indemnitee") and shall become effective upon the effectiveness of the Company's registration statement (the "Effective Date").

**<u>RECITALS</u>**

**WHEREAS**, Indemnitee is a director or officer of the Company and in such capacity renders valuable services to the Company;

**WHEREAS**, both the Company and Indemnitee recognize the increased risk of litigation and other claims being asserted against directors and officers of public companies;

**WHEREAS**, the board of directors of the Company (the "Board") has determined that enhancing the ability of the Company to retain and attract as directors and officers the most capable persons is in the best interests of the Company and that the Company therefore should seek to assure such persons that indemnification is available; and

**WHEREAS**, in recognition of the need to provide Indemnitee with substantial protection against personal liability, in order to procure Indemnitee's continued service as a director or officer of the Company and to enhance Indemnitee's ability to serve the Company in an effective manner, and in order to provide such protection pursuant to express contract rights (intended to be enforceable irrespective of, among other things, any amendment to the Company's Certificate of Incorporation or Memorandum and Articles of Association (collectively, the "Constituent Documents"), any change in the composition of the Board or any change in control or business combination transaction relating to the Company), the Company wishes to provide in this Agreement for the indemnification of, and the advancement of Expenses (as defined in Section 1 below) to, Indemnitee as set forth in this Agreement.

**NOW, THEREFORE**, in consideration of the foregoing and the Indemnitee's agreement to continue to provide services to the Company, the parties agree as follows:

**<u>AGREEMENT</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Definitions**. For purposes of this Agreement, the following terms shall have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "<u>Beneficial Owner</u>" has the meaning given to the term "beneficial owner" in Rule 13d-3 under the Securities Exchange Act of 1934, as amended (the "Exchange Act").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "<u>Change in Control</u>" means the occurrence after the Effective Date of any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Person is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing 51% or more of the Company's then outstanding Voting Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the consummation of a reorganization, merger or consolidation, unless immediately following such reorganization, merger or consolidation, all of the Beneficial Owners of the Voting Securities of the Company immediately prior to such transaction beneficially own, directly or indirectly, more than 51% of the combined voting power of the outstanding Voting Securities of the entity resulting from such transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) during any period of two consecutive years, not including any period prior to the execution of this Agreement, individuals who at the beginning of such period constituted the Board (including for this purpose any new directors whose election by the Board or nomination for election by the Company's stockholders was approved by a vote of at least two-thirds of the directors then still in office who either were directors at the beginning of the period or whose election or nomination for election was previously so approved) cease for any reason to constitute at least a majority of the Board; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the stockholders of the Company approve a plan of complete liquidation or dissolution of the Company or an agreement for the sale or disposition by the Company of all or substantially all of the Company's assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "<u>Claim</u>" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any threatened, pending or completed action, suit, proceeding or alternative dispute resolution mechanism, whether civil, criminal, administrative, arbitrative, investigative or other, and whether made pursuant to federal, state or other law; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any inquiry, hearing or investigation that the Indemnitee determines might lead to the institution of any such action, suit, proceeding or alternative dispute resolution mechanism.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "<u>Disinterested Director</u>" means a director of the Company who is not and was not a party to the Claim in respect of which indemnification is sought by Indemnitee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "<u>Expenses</u>" means any and all expenses, including attorneys' and experts' fees, court costs, transcript costs, travel expenses, duplicating, printing and binding costs, telephone charges, and all other costs and expenses incurred in connection with investigating, defending, being a witness in or participating in (including on appeal), or preparing to defend, be a witness or participate in, any Claim. Expenses also shall include (i) Expenses incurred in connection with any appeal resulting from any Claim, including without limitation the premium, security for, and other costs relating to any cost bond, supersede as bond, or other appeal bond or its equivalent, and (ii) for purposes of <u>Section 4</u> only, Expenses incurred by Indemnitee in connection with the interpretation, enforcement or defense of Indemnitee's rights under this Agreement, by litigation or otherwise. Expenses, however, shall not include amounts paid in settlement by Indemnitee or the amount of judgments or fines against Indemnitee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "<u>Expense Advance</u>" means any payment of Expenses advanced to Indemnitee by the Company pursuant to <u>Section 3</u> or <u>Section 4</u> hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "<u>Indemnifiable Event</u>" means any event or occurrence, whether occurring before, on or after the Effective Date, related to the fact that Indemnitee is or was a director, officer, employee or agent of the Company or any subsidiary of the Company, or is or was serving at the request of the Company as a director, officer, employee, member, manager, trustee or agent of any other corporation, limited liability company, partnership, joint venture, trust or other entity or enterprise (collectively with the Company, "Enterprise") or by reason of an action or inaction by Indemnitee in any such capacity (whether or not serving in such capacity at the time any Loss is incurred for which indemnification can be provided under this Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "<u>Independent Counsel</u>" means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither presently performs, nor in the past five years has performed, services for either: (i) the Company or Indemnitee (other than in connection with matters concerning Indemnitee under this Agreement or of other indemnitees under similar agreements) or (ii) any other party to the Claim giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term "Independent Counsel" shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee's rights under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "<u>Losses</u>" means any and all Expenses, damages, losses, liabilities, judgments, fines, penalties (whether civil, criminal or other), ERISA excise taxes, amounts paid or payable in settlement, including any interest, assessments, any federal, state, local or foreign taxes imposed as a result of the actual or deemed receipt of any payments under this Agreement and all other charges paid or payable in connection with investigating, defending, being a witness in or participating in (including on appeal), or preparing to defend, be a witness or participate in, any Claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "<u>Person</u>" means any individual, corporation, firm, partnership, joint venture, limited liability company, estate, trust, business association, organization, governmental entity or other entity and includes the meaning set forth in Sections 13(d) and 14(d) of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "<u>Standard of Conduct Determination</u>" shall have the meaning ascribed to it in <u>Section 8</u>(b) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "<u>Voting Securities</u>" means any securities of the Company that vote generally in the election of directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Indemnification**. Subject to <u>Section 8</u> and <u>Section 9</u> of this Agreement, the Company shall indemnify Indemnitee, to the fullest extent permitted by the laws of the State of New York in effect on the Effective Date, or as such laws may from time to time hereafter be amended to increase the scope of such permitted indemnification, against any and all Losses if Indemnitee was or is or becomes a party to or participant in, or is threatened to be made a party to or participant in, any Claim by reason of or arising in part out of an Indemnifiable Event, including, without limitation, Claims brought by or in the right of the Company, Claims brought by third parties, and Claims in which the Indemnitee is solely a witness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. Advancement of Expenses**. Indemnitee shall have the right to advancement by the Company, prior to the final disposition of any Claim by final adjudication to which there are no further rights of appeal, of any and all Expenses actually and reasonably paid or incurred by Indemnitee in connection with any Claim arising out of an Indemnifiable Event at the written request of Indemnitee. Indemnitee shall set forth in such request reasonable evidence that such Expenses have been paid or incurred by Indemnitee. Indemnitee's right to such advancement is not subject to the satisfaction of any standard of conduct. Without limiting the generality or effect of the foregoing, within thirty days after any request by Indemnitee, the Company shall, in accordance with such request, (a) pay such Expenses on behalf of Indemnitee, (b) advance to Indemnitee funds in an amount sufficient to pay such Expenses, or (c) reimburse Indemnitee for such Expenses. In connection with any request for Expense Advances, Indemnitee shall not be required to provide any documentation or information to the extent that the provision thereof would undermine or otherwise jeopardize attorney-client privilege. The Company's obligation to pay Expense Advances to Indemnitee is contingent upon Indemnitee's execution and delivery to the Company of an undertaking to repay any amounts paid, advanced, or reimbursed by the Company for such Expenses to the extent that it is ultimately determined, following the final disposition of such Claim, that Indemnitee is not entitled to indemnification hereunder. Indemnitee's obligation to reimburse the Company for Expense Advances shall be unsecured and no interest shall be charged thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Indemnification for Expenses in Enforcing Rights**. To the fullest extent allowable under applicable law, the Company shall also indemnify Indemnitee against, and, if requested by Indemnitee, shall advance to Indemnitee subject to and in accordance with <u>Section 3</u>, any Expenses actually and reasonably paid or incurred by Indemnitee in connection with any action or proceeding by Indemnitee for (a) indemnification or reimbursement or advance payment of Expenses by the Company under any provision of this Agreement, or under any other agreement or provision of the Constituent Documents now or hereafter in effect relating to Claims relating to Indemnifiable Events, and/or (b) recovery under any directors' and officers' liability insurance policies maintained by the Company. However, in the event that Indemnitee is ultimately determined not to be entitled to such indemnification or insurance recovery, as the case may be, then all amounts advanced under this <u>Section 4</u> shall be repaid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Partial Indemnity**. If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for a portion of any Losses in respect of a Claim related to an Indemnifiable Event but not for the total amount thereof, the Company shall nevertheless indemnify Indemnitee for the portion thereof to which Indemnitee is entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **Notification and Defense of Claims**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Notification of Claims</u>. Indemnitee shall notify the Company in writing as soon as practicable of any Claim which could relate to an Indemnifiable Event or for which Indemnitee could seek Expense Advances, including a brief description (based upon information then available to Indemnitee) of the nature of, and the facts underlying, such Claim. The failure by Indemnitee to timely notify the Company hereunder shall not relieve the Company from any liability hereunder unless the Company's ability to participate in the defense of such claim was materially and adversely affected by such failure. If at the time of the receipt of such notice, the Company has directors' and officers' liability insurance in effect under which coverage for Claims related to Indemnifiable Events is potentially available, the Company shall give prompt written notice to the applicable insurers in accordance with the procedures set forth in the applicable policies. The Company shall provide to Indemnitee a copy of such notice delivered to the applicable insurers, and copies of all subsequent correspondence between the Company and such insurers regarding the Claim, in each case substantially concurrently with the delivery or receipt thereof by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Defense of Claims</u>. The Company shall be entitled to participate in the defense of any Claim relating to an Indemnifiable Event at its own expense and, except as otherwise provided below, to the extent the Company so wishes, it may assume the defense thereof with counsel reasonably satisfactory to Indemnitee. After notice from the Company to Indemnitee of its election to assume the defense of any such Claim, the Company shall not be liable to Indemnitee under this Agreement or otherwise for any Expenses subsequently directly incurred by Indemnitee in connection with Indemnitee's defense of such Claim other than reasonable costs of investigation or as otherwise provided below. Indemnitee shall have the right to employ its own legal counsel in such Claim, but all Expenses related to such counsel incurred after notice from the Company of its assumption of the defense shall be at Indemnitee's own expense; provided, however, that if (i) Indemnitee's employment of its own legal counsel has been authorized by the Company, (ii) Indemnitee has reasonably determined that there may be a conflict of interest between Indemnitee and the Company in the defense of such Claim, (iii) after a Change in Control, Indemnitee's employment of its own counsel has been approved by the Independent Counsel or (iv) the Company shall not in fact have employed counsel to assume the defense of such Claim, then Indemnitee shall be entitled to retain its own separate counsel (but not more than one law firm) and all Expenses related to such separate counsel shall be borne by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **Procedure upon Application for Indemnification**. In order to obtain indemnification pursuant to this Agreement, Indemnitee shall submit to the Company a written request therefor, including in such request such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification following the final disposition of the Claim. Indemnification shall be made insofar as the Company determines Indemnitee is entitled to indemnification in accordance with <u>Section 8</u> below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **Determination of Right to Indemnification**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Mandatory Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To the extent that Indemnitee shall have been successful on the merits or otherwise in defense of any Claim relating to an Indemnifiable Event or any portion thereof or in defense of any issue or matter therein, including without limitation dismissal without prejudice, Indemnitee shall be indemnified against all Losses relating to such Claim in accordance with <u>Section 2</u> to the fullest extent allowable by law, and no Standard of Conduct Determination (as defined in <u>Section 8</u>(b)) shall be required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To the extent that Indemnitee's involvement in a Claim relating to an Indemnifiable Event is to prepare to serve and serve as a witness, and not as a party, the Indemnitee shall be indemnified against all Losses incurred in connection therewith to the fullest extent allowable by law and no Standard of Conduct Determination (as defined in <u>Section 8</u>(b)) shall be required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Standard of Conduct</u>. To the extent that the provisions of <u>Section 8</u>(a) are inapplicable to a Claim related to an Indemnifiable Event that shall have been finally disposed of, any determination of whether Indemnitee has satisfied any applicable standard of conduct under New York law that is a legally required condition to indemnification of Indemnitee hereunder against Losses relating to such Claim and any determination that Expense Advances must be repaid to the Company (a "Standard of Conduct Determination") shall be made as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if no Change in Control has occurred, (A) by a majority vote of the Disinterested Directors, even if less than a quorum of the Board, (B) by a committee of Disinterested Directors designated by a majority vote of the Disinterested Directors, even though less than a quorum or (C) if there are no such Disinterested Directors, by Independent Counsel in a written opinion addressed to the Board, a copy of which shall be delivered to Indemnitee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if a Change in Control shall have occurred, (A) if the Indemnitee so requests in writing, by a majority vote of the Disinterested Directors, even if less than a quorum of the Board or (B) otherwise, by Independent Counsel in a written opinion addressed to the Board, a copy of which shall be delivered to Indemnitee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Making the Standard of Conduct Determination</u>. The Company shall use its reasonable best efforts to cause any Standard of Conduct Determination required under <u>Section 8</u>(b) to be made as promptly as practicable. If the person or persons designated to make the Standard of Conduct Determination under <u>Section 8</u>(b) shall not have made a determination within thirty days after the later of (A) receipt by the Company of a written request from Indemnitee for indemnification pursuant to <u>Section 7</u> (the date of such receipt being the "Notification Date") and (B) the selection of an Independent Counsel, if such determination is to be made by Independent Counsel, then Indemnitee shall be deemed to have satisfied the applicable standard of conduct; provided that such 30-day period may be extended for a reasonable time, if the person or persons making such determination in good faith requires such additional time to obtain or evaluate information relating thereto. Notwithstanding anything in this Agreement to the contrary, no determination as to entitlement of Indemnitee to indemnification under this Agreement shall be required to be made prior to the final disposition of any Claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Payment of Indemnification</u>. If, in regard to any Losses:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Indemnitee shall be entitled to indemnification pursuant to <u>Section 8</u>(a);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) no Standard Conduct Determination is legally required as a condition to indemnification of Indemnitee hereunder; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Indemnitee has been determined or deemed pursuant to <u>Section 8</u>(b) or <u>Section 8</u>(c) to have satisfied the Standard of Conduct Determination,

then the Company shall pay to Indemnitee, within thirty days after the later of (A) the Notification Date or (B) the earliest date on which the applicable criterion specified in clause (i), (ii) or (iii) is satisfied, an amount equal to such Losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Selection of Independent Counsel for Standard of Conduct Determination</u>. If a Standard of Conduct Determination is to be made by Independent Counsel pursuant to <u>Section 8</u>(b)(i), the Independent Counsel shall be selected by the Board, and the Company shall give written notice to Indemnitee advising of the identity of the Independent Counsel so selected. If a Standard of Conduct Determination is to be made by Independent Counsel pursuant to <u>Section 8</u>(b)(ii), the Independent Counsel shall be selected by Indemnitee, and Indemnitee shall give written notice to the Company advising it of the identity of the Independent Counsel so selected. In either case, Indemnitee or the Company, as applicable, may, within five days after receiving written notice of selection from the other, deliver to the other a written objection to such selection; provided, however, that such objection may be asserted only on the ground that the Independent Counsel so selected does not satisfy the criteria set forth in the definition of "Independent Counsel" in <u>Section 1</u>, and the objection shall set forth with particularity the factual basis of such assertion. Absent a proper and timely objection, the person or firm so selected shall act as Independent Counsel. If such written objection is properly and timely made and substantiated, (i) the Independent Counsel so selected may not serve as Independent Counsel unless and until such objection is withdrawn or a court has determined that such objection is without merit; and (ii) the non-objecting party may, at its option, select an alternative Independent Counsel and give written notice to the other party advising such other party of the identity of the alternative Independent Counsel so selected, in which case the provisions of the two immediately preceding sentences, the introductory clause of this sentence and numbered clause (i) of this sentence shall apply to such subsequent selection and notice. If applicable, the provisions of clause (ii) of the immediately preceding sentence shall apply to successive alternative selections. If no Independent Counsel that is permitted under the foregoing provisions of this <u>Section 8</u>(e) to make the Standard of Conduct Determination shall have been selected within twenty days after the Company gives its initial notice pursuant to the first sentence of this <u>Section 8</u>(e) or Indemnitee gives its initial notice pursuant to the second sentence of this <u>Section 8</u>(e), as the case may be, either the Company or Indemnitee may petition a court of competent jurisdiction to resolve any objection which shall have been made by the Company or Indemnitee to the other's selection of Independent Counsel and/or to appoint as Independent Counsel a person to be selected by such court or such other person as the court shall designate, and the person or firm with respect to whom all objections are so resolved or the person or firm so appointed will act as Independent Counsel. In all events, the Company shall pay all of the reasonable fees and expenses of the Independent Counsel incurred in connection with the Independent Counsel's determination pursuant to <u>Section 8</u>(b).

(f) <u>Presumptions and Defenses</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Indemnitee's Entitlement to Indemnification</u>. In making any Standard of Conduct Determination, the person or persons making such determination shall presume that Indemnitee has satisfied the applicable standard of conduct and is entitled to indemnification, and the Company shall have the burden of proof to overcome that presumption and establish that Indemnitee is not so entitled. Any Standard of Conduct Determination that is adverse to Indemnitee may be challenged by the Indemnitee in a court of competent jurisdiction. No determination by the Company (including by its directors or any Independent Counsel) that Indemnitee has not satisfied any applicable standard of conduct may be used as a defense to any legal proceedings brought by Indemnitee to secure indemnification or reimbursement or advance payment of Expenses by the Company hereunder or create a presumption that Indemnitee has not met any applicable standard of conduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Reliance as a Safe Harbor</u>. For purposes of this Agreement, and without creating any presumption as to a lack of good faith if the following circumstances do not exist, Indemnitee shall be deemed to have acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the Company if Indemnitee's actions or omissions to act are taken in good faith reliance upon the records of the Company, including its financial statements, or upon information, opinions, reports or statements furnished to Indemnitee by the officers or employees of the Company or any of its subsidiaries in the course of their duties, or by committees of the Board or by any other Person (including legal counsel, accountants and financial advisors) as to matters Indemnitee reasonably believes are within such other Person's professional or expert competence and who has been selected with reasonable care by or on behalf of the Company. In addition, the knowledge and/or actions, or failures to act, of any director, officer, agent or employee of the Company shall not be imputed to Indemnitee for purposes of determining the right to indemnity hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>No Other Presumptions</u>. For purposes of this Agreement, the termination of any Claim by judgment, order, settlement (whether with or without court approval) or conviction, or upon a plea of nolo contendere or its equivalent, will not create a presumption that Indemnitee did not meet any applicable standard of conduct or have any particular belief, or that indemnification hereunder is otherwise not permitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Defense to Indemnification and Burden of Proof</u>. It shall be a defense to any action brought by Indemnitee against the Company to enforce this Agreement (other than an action brought to enforce a claim for Losses incurred in defending against a Claim related to an Indemnifiable Event in advance of its final disposition) that it is not permissible under applicable law for the Company to indemnify Indemnitee for the amount claimed. In connection with any such action or any related Standard of Conduct Determination, the burden of proving such a defense or that the Indemnitee did not satisfy the applicable standard of conduct shall be on the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Resolution of Claims</u>. The Company acknowledges that a settlement or other disposition short of final judgment may be successful on the merits or otherwise for purposes of <u>Section 8</u>(a)(i) if it permits a party to avoid expense, delay, distraction, disruption and uncertainty. In the event that any Claim relating to an Indemnifiable Event to which Indemnitee is a party is resolved in any manner other than by adverse judgment against Indemnitee (including, without limitation, settlement of such action, claim or proceeding with our without payment of money or other consideration) it shall be presumed that Indemnitee has been successful on the merits or otherwise for purposes of <u>Section 8</u>(a)(i). The Company shall have the burden of proof to overcome this presumption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **Exclusions from Indemnification**. Notwithstanding anything in this Agreement to the contrary, the Company shall not be obligated to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) indemnify or advance funds to Indemnitee for Expenses or Losses with respect to proceedings initiated by Indemnitee, including any proceedings against the Company or its directors, officers, employees or other indemnitees and not by way of defense, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) proceedings referenced in <u>Section 4</u> above (unless a court of competent jurisdiction determines that each of the material assertions made by Indemnitee in such proceeding was not made in good faith or was frivolous); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) where the Company has joined in or the Board has consented to the initiation of such proceedings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) indemnify Indemnitee if a final decision by a court of competent jurisdiction determines that such indemnification is prohibited by applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) indemnify Indemnitee for the disgorgement of profits arising from the purchase or sale by Indemnitee of securities of the Company in violation of Section 16(b) of the Exchange Act, or any similar successor statute; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) indemnify or advance funds to Indemnitee for Indemnitee's reimbursement to the Company of any bonus or other incentive-based or equity-based compensation previously received by Indemnitee or payment of any profits realized by Indemnitee from the sale of securities of the Company, as required in each case under the Exchange Act (including any such reimbursements under Section 304 of the Sarbanes-Oxley Act of 2002 in connection with an accounting restatement of the Company or the payment to the Company of profits arising from the purchase or sale by Indemnitee of securities in violation of Section 306 of the Sarbanes-Oxley Act).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **Settlement of Claims**. The Company shall not be liable to Indemnitee under this Agreement for any amounts paid in settlement of any threatened or pending Claim related to an Indemnifiable Event effected without the Company's prior written consent, which shall not be unreasonably withheld. The Company shall not settle any Claim related to an Indemnifiable Event in any manner that would impose any Losses on the Indemnitee without the Indemnitee's prior written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. **Duration**. All agreements and obligations of the Company contained herein shall continue during the period that Indemnitee is a director or officer of the Company (or is serving at the request of the Company as a director, officer, employee, member, trustee or agent of another Enterprise) and shall continue thereafter (i) so long as Indemnitee may be subject to any possible Claim relating to an Indemnifiable Event (including any rights of appeal thereto) and (ii) throughout the pendency of any proceeding (including any rights of appeal thereto) commenced by Indemnitee to enforce or interpret his or her rights under this Agreement, even if, in either case, he or she may have ceased to serve in such capacity at the time of any such Claim or proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12. Non-Exclusivity**. The rights of Indemnitee hereunder will be in addition to any other rights Indemnitee may have under the Constituent Documents, the New York Business Corporation Law, any other contract or otherwise (collectively, "Other Indemnity Provisions"); provided, however, that (a) to the extent that Indemnitee otherwise would have any greater right to indemnification under any Other Indemnity Provision, Indemnitee will be deemed to have such greater right hereunder and (b) to the extent that any change is made to any Other Indemnity Provision which permits any greater right to indemnification than that provided under this Agreement as of the Effective Date, Indemnitee will be deemed to have such greater right hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13. Liability Insurance**. The Company shall from time to time make the good faith determination whether or not it is practicable for the Company to obtain and maintain a policy or policies of insurance providing the officers and directors of the Company with coverage for losses incurred in connection with their services to the Company or to ensure the Company's performance of its indemnification obligations under this Agreement. To the extent the Company maintains an insurance policy or policies providing directors' and officers' liability insurance, Indemnitee shall be covered by such policy or policies, in accordance with its or their terms, to the maximum extent of the coverage available for any of the Company's directors or officers, as applicable. Upon reasonable request, the Company will provide to Indemnitee copies of all directors' and officers' liability insurance applications, binders, policies, declarations and endorsements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14. No Duplication of Payments**. The Company shall not be liable under this Agreement to make any payment to Indemnitee in respect of any Losses to the extent Indemnitee has otherwise received payment under any insurance policy, the Constituent Documents, Other Indemnity Provisions or otherwise of the amounts otherwise indemnifiable by the Company hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15. Subrogation**. In the event of payment to Indemnitee under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee. Indemnitee shall execute all documents required and shall do everything that may be necessary to secure such rights, including the execution of such documents necessary to enable the Company effectively to bring suit to enforce such rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16. Amendments**. No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be binding unless in the form of a writing signed by the party against whom enforcement of the waiver is sought, and no such waiver shall operate as a waiver of any other provisions hereof (whether or not similar), nor shall such waiver constitute a continuing waiver. Except as specifically provided herein, no failure to exercise or any delay in exercising any right or remedy hereunder shall constitute a waiver thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17. Binding Effect**. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and their respective successors (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business and/or assets of the Company), assigns, spouses, heirs and personal and legal representatives. The Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all, substantially all or a substantial part of the business and/or assets of the Company, by written agreement, to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18. Severability**. The provisions of this Agreement shall be severable in the event that any of the provisions hereof (including any portion thereof) are held by a court of competent jurisdiction to be invalid, illegal, void or otherwise unenforceable, and the remaining provisions shall remain enforceable to the fullest extent permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19. Notices**. All notices, requests, demands and other communications required or permitted under this Agreement shall be in writing and shall be deemed to have been duly given and made if (i) delivered by hand; (ii) otherwise delivered against receipt therefor; (iii) mailed by postage prepaid, certified or registered mail; (iv) sent by a recognized courier with next-day or second-day delivery to the last known address of the other party; or (v) sent by e-mail with confirmation of receipt:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if to Indemnitee, to the email address set forth on the signature page hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if to the Company:

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| |
|:---|
| Keystone Global Financial Group |
| 1902-3A, 19/F |
| FWD Financial Centre, 308-320 Des Voeux Road Central |
| Sheung Wan, Hong Kong |

---

Notice of change of address shall be effective only when given in accordance with this Section. All notices complying with this Section shall be deemed to have been received on the date of delivery or on the third business day after mailing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20. Governing Law**. This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York applicable to contracts made and to be performed in such state without giving effect to its principles of conflicts of laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21. Headings**. The headings of the sections and paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction or interpretation thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22. Counterparts**. This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original, and all of which together shall constitute one and the same Agreement.

[*Signature Page Follows*]

**IN WITNESS WHEREOF**, the parties hereto have executed this Agreement as of the date first written above.

---

| | |
|:---|:---|
| **Keystone Global Financial Group** | **Keystone Global Financial Group** |
| By: | */s/ Tak Chiu, CHAN* |
| Name: | Tak Chiu, CHAN |
| Title: | Chief Executive Officer and Director |

---

---

| | |
|:---|:---|
| **INDEMNITEE** | **INDEMNITEE** |
| */s/ Wing Kin, SIU* | */s/ Wing Kin, SIU* |
| Name: | Wing Kin, SIU |
| Email: | kevinsiu@kstonecapital.com |

---

Signature Page to Indemnification Agreement

## Exhibit 10.8

**Exhibit 10.8**

THIS LICENCE is made the 4th day of March

Two thousand and twenty five

BETWEEN HINTMAX DEVELOPMENT LIMITED (Business Registration Number 20128256) whose registered office is situate at72-761F, Two International Finance Centre, 8 Finance Street, Central, Hong Kong (hereinafter called "the Licensor" which expression shall where the context so admits include their respective successors and assigns) of the one part and the person, firm or company set out in Part I of the Schedule hereto (hereinafter called "the Licensee") of the other part.

WHEREAS:-

(1) The Licensor and the Licensee have on the signing hereof entered an offer to lease and/or tenancy agreement (hereinafter called the "Offer to Lease" and/or "Tenancy Agreement") for leasing ALL THAT the premises as set out in Part II of the Schedule ("the Premises") to the Licensee for a term of THIRTY TWO (32) MONTHS as described in the Offer to Lease and/or Tenancy Agreement ("the Term").

(2) At the request of the Licensee, the Licensor agrees to grant to the Licensee a licence to allow the Licensee, as a licensee only, to enter the Premises prior to the commencement of the Term under the Tenancy Agreement for the use of the Premises for the user (the "User") (as hereinafter defined) only which the Licensee has agreed to do in manner hereinafter appearing.

NOW IT IS HEREBY AGREED as follows:-

1. The Licensor hereby grants unto the Licensee the Licence to enter into the Premises during the period of FOUR (4) months from 17 May
2024 ("the Licence Commencement Date") (hereinafter referred to as "the Licence Period").

2. THE LICENSEE AGREES WITH THE LICENSOR as follows :-

&nbsp;&nbsp;&nbsp;&nbsp;(a) Not to transfer the benefit of the Licence or part with the possession of the Premises or any part thereof.

&nbsp;&nbsp;&nbsp;&nbsp;(b) To pay to the Licensor the licence fee and discharge all government rates, Service charges and other utility outgoings charged on
the Premises as set out in Part III of the Schedule hereto in advance on the 1st day of each and every calendar month without deduction
or set off (whether legal or equitable) during the Licence Period.

&nbsp;&nbsp;&nbsp;&nbsp;(c) To constantly maintain and keep the Premises and any part thereof in a good repair clean and sanitary state and condition.

&nbsp;&nbsp;&nbsp;&nbsp;(d) To use the Premises: -

for the user restricted to the purpose of an ancillary use in support of the Tenant's proposed user as stipulated in as stipulated in clause 5 of the Offer Letter and Part VIII of the First Schedule of the said Tenancy Agreement ("the User") only.

&nbsp;&nbsp;&nbsp;&nbsp;(e) To satisfy itself or shall be deemed to have satisfied itself
that the Premises are suitable for the User and the Licensee hereby agrees that it will at its own costs and expenses apply for any requisite
licence or licence permits or permits from all governmental or public authorities in respect of using the Premises for the User and shall
execute and comply with all Ordinances Regulations Orders Notices or Rules made by all competent governmental or public authorities in
connection with the User and the Licensee hereby further agrees to indemnify the Licensor against all costs damages charges and expenses
resulting from any breach by the Licensee of this clause.

&nbsp;&nbsp;&nbsp;&nbsp;(f) In the event of any injury or death being caused to any person by the Licensee or his servants or agents or anyone present in the
Premises or in any part of the Building with the express or implied consent of the Licensee or as a result of the Licensee's use
of the Premises for the Purposes, the Licensee will indemnify the Licensor against all costs damages charges and expenses in respect thereof.

&nbsp;&nbsp;&nbsp;&nbsp;(g) To maintain adequate Third Parties insurance against any Third Parties claim as a result of accident or mishap arising within the
Premises during the subsistence of this Licence.

&nbsp;&nbsp;&nbsp;&nbsp;(h) To be responsible for whatever damage which may be caused to the Premises or any part of the Building through the act default or negligence
of the Licensee, his contractors, servants or agents in using the Premises for the Purposes.

&nbsp;&nbsp;&nbsp;&nbsp;(i) The Premises shall be handed over to the Licensee in such condition at the commencement of this Licence in accordance with the provisions
of the Offer to Lease and/or Tenancy Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;(j) Upon notification by the Licensor or the Manager of the Building ("the Manager"), the Licensee shall permit the Licensor
to enter into the Premises during the Licence Period for the completing of the Licensor's Provisions and carrying out other works
which the Licensor thinks fit and necessary.

&nbsp;&nbsp;&nbsp;&nbsp;(k) To fully indemnify the Licensor against all claims, actions, suits, proceedings, demands, costs and expenses whatsoever which may
be brought by any person, firm or company against the Licensor arising from and/or in connection with the use of the Premises by the Licensee
for whatever reasons.

&nbsp;&nbsp;&nbsp;&nbsp;(l) To take reasonable safety precaution applicable to the use of the Premises and to satisfy all claims arising therefrom. The Licensee
shall not be allowed to attach anything which may cause damage to the Premises.

(m) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To install, fit out, alter and/or decorate the interior of the Premises in accordance with the terms and conditions set out hereto;
the approved Licensee's proposals for fitting-out; the requirements and provisions as defined in the Fitting-Out Guide, Fitting-Out
Design Guide (if any) and any other conditions which the Licensor shall in its absolute discretion impose during the Licence Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To pay the Fitting-Out Vetting Fees, Fitting-out Deposit (if any) specified in PART IV and PART V of the Schedule hereto by way of
cash, autopay by way of direct debit authorization, cashier order or cheque issued by a licensed bank in Hong Kong upon signing of the
Offer to Lease and/or Tenancy Agreement or the date of handover of the Premises (whichever is earlier) in accordance with the Fitting-Out
Guide.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) If the Licensee commits any breach of Clause (i) and/or (ii) of this Clause (m) and fails to rectify such
breach after receiving verbal or written warning from the Licensor or the Property Manager, the Licensor or its agent may in their absolute
discretion deduct from the Fitting-out Deposit all damage or losses to the public facilities, cleaning, maintenance and unauthorized disposal
of debris and fit-out materials; and/or any damage and/or losses arise as a result of and/or in connection with the breach of and/or noncompliance
with the requirement(s), term(s) and /or condition(s) as set out in the Fitting-Out Guide. In the event of any deduction made by the Licensor
from the Fitting-out Deposit in accordance with the provisions of this Licence Agreement and/or the Fitting-Out Guide during the Licence
Period, the Licensee shall (without prejudice to the other rights and remedies of the Licensor which rights and remedies are hereby reserved)
forthwith on demand make good the shortfall in accordance with the specification(s) of the Licensor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The obligation of the Licensee to make payment under Clause (m) shall be a condition precedent to the
continuation of the tenancy hereby granted and failure to pay the Fitting-Out Vetting Fees (if any) and/or Fitting-out Deposit in accordance
with the terms as set out in this Offer and/or the specification(s) of the Licensor shall justify forfeiture of the tenancy granted under
this Licence Agreement (without prejudice to the other rights and remedies of the Licensor which rights and remedies are hereby reserved).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) After the date of issuance of a Certificate of Satisfactory Completion by the Project Manager as prescribed
in the Fitting-Out Guide and subject to any deduction of the Fitting-out Deposit and in so far if the Licensee has not paid any sum as
required under Clause i, ii and iii of PART (III) of the Schedule, and/or if any payment of outstanding arrears made by the Licensee is
less than the amount then due, the Licensor shall be entitled to apply and appropriate the balance of the Fitting-out Deposit against
the longest outstanding arrears or treat the balance of Fitting-out Deposit as advance payment for rent, service charges, rates and promotion
levy (if any) when there is no outstanding arrears and in the manner as the Licensor may determine at its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;(n) To effect and maintain adequate insurance coverage for the fixtures and fittings of the Premises (if any) and the third party for
and during the Licence Period in relation to the liability for any loss, injury or damage to any person or property whatsoever caused
through or by any act, default or neglect of the Licensee or its agents, servants, contractors etc. which might give rise to any claim
for damages and indemnity and the Licensor shall not be liable for any claims, actions and/or proceedings arising out of the Licensee's
occupation of the Premises. The Licensee shall indemnify and keep the Licensor fully indemnified against any such claims, actions and/or
proceedings.

&nbsp;&nbsp;&nbsp;&nbsp;(o) Not to hold the Licensor liable or responsible for any loss or damage whatsoever and howsoever caused to the Licensee's merchandise
and/or fittings at the Premises.

&nbsp;&nbsp;&nbsp;&nbsp;(p) Not cause any interruption or interference to the Licensor's facilities of the Building in case of its use of the Premises.

&nbsp;&nbsp;&nbsp;&nbsp;(q) To be solely responsible at its own costs and expenses for obtaining the necessary licence and permission (if any) to its business
operation at the Premises from the relevant Government Authorities.

&nbsp;&nbsp;&nbsp;&nbsp;(r) To be responsible for the periodic upkeeping and cleaning of the Premises at its own costs.

&nbsp;&nbsp;&nbsp;&nbsp;(s) In the event of early determination of this Licence for whatever reason or if the Licensee ceases to be
a Licensee of the Licensor in respect of the Premises or any part(s) thereof for any reason whatsoever, the Licensee shall at its sole
expense remove all the goods and its associated debris (if any) and clean up the Premises to its original conditions and hand over up
of the Premises as at the commencement of the Licence Period to the Licensor's satisfaction. In the event the Licensee fails to
remove the same, the Licensor shall be entitled to remove and dispose of the same at the expense of the Licensee and the costs thereof
shall be recoverable from the Licensee as a debt.

&nbsp;&nbsp;&nbsp;&nbsp;(t) To observe rules and regulations of the Building set out by the Licensor and the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;(u) To use and occupy the Premises at its own risk and the Licensee hereby releases to the full extent permitted by law the Licensor and
the Licensor's agents servants contractors and employees from all claims and demands of every kind resulting from any accident damage
or injury occurring therein.

&nbsp;&nbsp;&nbsp;&nbsp;(v) To use its best endeavour to take preventive measures to the satisfaction of the Licensor against noise pollution or other acts or
things in or on the Premises which is/are or may be a nuisance or annoyance to the Licensor or to the other Licensees or occupiers of
the Building.

3. THE LICENSOR AGREES V/ITH THE LICENSEE as follows :-

&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon the signing hereof the Licensor shall deliver vacant possession of the Premises to the Licensee pursuant to Clause t hereof.

&nbsp;&nbsp;&nbsp;&nbsp;(b) That the Licensee observing the terms conditions and agreements by the Licensee herein contained may enter into the Premises during
the Licence Period without any interference from the Licensor.

4. PROVIDED ALV/AYS AND IT IS MUTUALLY AGREED as follows:-

&nbsp;&nbsp;&nbsp;&nbsp;(i) That if and whenever there shall be any breach of any of the terms conditions and agreements herein contained
and on the Licensee's part to be observed and performed it shall be lawful for the Licensor to determine this Licence without any
prior notice to the Licensee and thereupon the Licensor shall be entitled to re-enter upon the Premises or any part thereof in the name
of the whole and thereupon this Licence shall absolutely determine but without prejudice to any rights which may have accrued to the Licensor
by reason of any antecedent breach of any of the terms obligations and agreements on the part of the Licensee herein contained.

&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Licensee hereby indemnify or keep indemnified the Licensor against all actions suits expenses and
claims on account of non-compliance with the foregoing terms and conditions or any of them.

&nbsp;&nbsp;&nbsp;&nbsp;(iii) This Licence shall not create any Landlord and Tenant relationship between the Licensor and the Licensee
before the commencement of the Term of the Tenancy Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Licensor shall not be liable to the Licensee or any other person whomsoever,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. in respect of any loss or damage to person or property sustained by the Licensee or any other person caused
by or through or in any way owing to:

1) any defect in, or failure or breakdown of any of the services or facilities (insofar as the same are provide for the use and enjoyment by the Licensee under this Licence herein) for any reason whatsoever;

2) any failure, malfunction or suspension of the supply of electricity, lifts, escalators, fire waning and fighting apparatus and installations or other utility or service to or provided in the Premises for any reason whatsoever.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. for the security or safekeeping of the Premises or any person or contents therein. Nothing in the aforesaid
shall be construed as imposing on the Licensor any duty to insure against any of the above liabilities which the Licensee hereby declares
that it shall not in any event hold the Licensor or their agents, servants or employees liable.

&nbsp;&nbsp;&nbsp;&nbsp;(v) Notwithstanding anything herein contained, the Licensee understands that this Licence shall be granted
to the Licensee conditional upon execution of the Tenancy Agreement by the Licensee. The Licensee acknowledges and agrees that this Licence
shall become automatically null and void upon rescission or cancellation of the Tenancy Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;(vi) If the Licensee shall have failed to pay the Licence Fees, Service charge and/or government rates on the
date specified in Clause 2(b) hereof or shall have failed to pay all other outgoings and expenses (if any) in respect of the Premises
within fourteen (14) days after the same shall have become payable (whether formally demanded or not), the Licensor shall without prejudice
to its other rights and remedies hereunder, be entitled to charge and the Licensee shall pay interest on the said arrears of the Licence
Fees, Service charges and/or government rates or outstanding amount of all other outgoings and expenses (if any) thereof at the rate of
0.05% per day shall be payable by the Licensee to the Licensor from and inclusive of the date the same are due until full payment together
with all solicitor's costs and disbursements on a solicitor and client basis incurred for demanding and enforcing payment of the
said arrears or outstanding sums in Court or otherwise on demand and until payment the same shall be deemed a debt due and payable by
the Licensee to the Licensor.

&nbsp;&nbsp;&nbsp;&nbsp;(vii) The Licensor shall reserve its irrevocable right to name and/or rename the Building at its absolute discretion
without reference to or the approval of the Licensee and the Licensee shall not be entitled by reason thereof to claim compensation for
any loss damage or inconvenience of whatsoever nature occasioned thereby.

&nbsp;&nbsp;&nbsp;&nbsp;(viii) Notwithstanding any provisions to the contrary in this Agreement, if at any time during the Term, the
Licensor intends to sell, redevelop, refurbish, renovate, demolish or reinstate, or the holding company(ies) (whether ultimate, intermediate
or immediate) of the Licensor ("the Holding Company(ies)") intend(s) to sell indirectly, by way of disposal of its/their interest
in the Licensor or through a change in the person or persons who owns or own the shares (voting or otherwise) or who otherwise has or
have control in the shareholdings of the Licensor and/or its immediate holding company, the Premises or the whole or any part of the Building
which includes the Premises (such intention shall be sufficiently evidenced by a certified true copy of the relevant Board Resolution
of the Licensor or the Holding Company(ies) (as the case may be)), the Licensor shall be entitled to terminate this Agreement by giving
the Licensee not less than six (6) months' prior written notice ("the Termination Notice"). Upon expiration of the Termination
Notice, this Agreement and everything herein contained (including the unexpired rent-free period (if any) and the option(s) to renew (if
any) and whether the same has been exercised by the Licensee or not) shall be absolutely terminated and void and the Licensee's
right to remain in the Premises shall cease notwithstanding any rule of law or equity or licence or permit of whatsoever nature to the
contrary and the Licensee shall forthwith reinstate and deliver vacant possession of the Premises to the Licensor in accordance with Clause
2 (s) and in the manner set forth therein without any right to claim for any loss (including but not limited to loss of profit and/or
business), damages, costs, expenses or compensation whatsoever against the Licensor in such event. Such termination shall be without prejudice
to either party's right to claim for losses and damages against the other in respect of any antecedent breach. Provided further
that in case of sale of the Premises or the whole or any part of the Building which includes the Premises by the Licensor or the Holding
company(ies) in such manner as described above, if, after the Licensor or the Holding Company(ies) (as the case may be) having entered
into an agreement with its purchaser for the purpose of such sale and the Licensor having given a Termination Notice to the Licensee but
before the expiration of the Termination Notice, the completion of such sale does not take place in accordance with the terms of the said
agreement for whatsoever reason, regardless of whether it is attributable to the default of either party thereto, the Licensor shall be
entitled to withdraw the Termination Notice by giving the Licensee written notice to such effect and in which event the tenancy hereby
granted and this Agreement shall not be terminated by reason of expiration of the Termination Notice and shall remain in force and effect
as if the Termination Notice were never given to Licensee.

5. This Licence shall forthwith be terminated upon the commencement of the Term of the Tenancy Agreement.

6. Licence Deposit

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Licensee shall pay deposits in such amount and manner as specified and determined in Part IV of the
Schedule hereto ("the Licence Deposit") to secure its due performance of its obligations under this Licence and completion
of reinstatement work in case of early termination pursuant to Clause 2(s) hereof. In the event of any breach or non-observance or non-performance
of this Licence, the Licensor may forfeit the Licence Deposit or deduct the amount of any monetary loss incurred by the Licensor resulting
from the breach or non- observance or non-performance by the Licensee and if the amount of the Licence Deposit is insufficient to compensate
for the monetary loss of the Licensor, it shall be a condition precedent to the continuation of this Licence for the Licensee to forthwith
pay to the Licensor such further sum as demanded by the Licensor to make up any shortfall. The Licensee shall make up any shortfall in
the Licence Deposit resulting from any deductions.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The Licence Deposit shall be refunded to the Licensee without interest within SIXTY (60) days after the
expiration or sooner determination of this Licence and after the settlement of the last outstanding claim by the Licensor against the
Licensee in respect of any arrears of charges payable by the Licensee hereunder and any breach, non-observance or non-performance of any
of the agreements, stipulations, terms and conditions herein contained or within SIXTY (60) days after reinstatement of the Premises by
the Licensee to the satisfaction of the Licensor, whichever is later and subject to the Licensee's full compliance of the terms
as stated in Clause 2(s) hereunder. Notwithstanding the aforesaid and Provided that the Licensee have performed all the terms and conditions
on the Licensee's part to be observed and performed up to the expiry of the Licence Period and Provided Further That the Licensee
shall continue in occupation of the Premises pursuant to the Offer to Lease or Tenancy Agreement to be entered into thereunder, the Licence
Deposit or any remaining balance thereof (after deduction by the Licensor for any damage or loss that the Licensor has suffered or may
suffer in connection with the Licensee's breach, non\*observance or non-performance of the terms hereof) shall be applied in partial
payment of the Rental Deposit payable under Clause 11 (i) of the Offer to Lease.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon the expiration of the Licence Period, the Licensee authorizes herein the Licensor to transfer all
Licence Deposit specified in Part IV of the Schedule (subject to deduction by the Licensor) hereto automatically to become the Rental
Deposit described and payable under the Offer to Lease or formal Tenancy Agreement of the Term. In the event of any deduction being made
by the Licensor from the Licence Deposit to settle the outstanding claim by the Licensor against the Licensee in respect of any arrears
of any charges payable by the Licensee hereunder, the Licensee shall forthwith on demand by the Licensor make a further deposit equal
to the amount so deducted.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Licensee acknowledges that if after this Licence has been accepted by the Licensor and should the
Licensee withdraw from this Licence hereby made or fail to comply with any of the undertakings or agreements contained in this Licence,
the Licensor shall be at liberty to cancel this Licence and forfeit the Licence Deposit without prejudice to any other rights or claims
the Licensor may have against the Licensee. The Licensor shall also be at liberty to rescind this Licence and to retain the Premises or
any other parts thereof, or to re-let the same either as a whole or in part and in such a manner as the Licensor may deem fit without
prejudice to any other rights or claims which the Licensor may have against the Licensee. In the event that this Licence is not accepted
by the Licensor, the Licence Deposit will be refunded to the Licensee without any interest, compensation or cost.

7. Fitting-out vetting Fees (if any)

&nbsp;&nbsp;&nbsp;&nbsp;(a) Fitting-out vetting Fee on the Licensee's Plans as particularized in Part V of the Schedule hereto
of this Licence is the Licensor's costs for considering and approving the Licensee's Plans or any modifications or amendments
thereof and if the Licensor or the Manager is required to consult others professionals in considering and approving the Licensee's
Plans or any modifications or amendments thereto, in order to match with the overall design standard of the Building, the Licensee shall
pay for such additional professional charges or consultancy fee. The Licensee is fully aware that the Licensor and the Manager do not
represent any government departments and public authorities in the approval of the Licensee's Plans and the Licensee shall at its
own expense obtain such approval.

8. Each party shall bear its own legal costs and disbursements of and incidental to the preparation and completion
of this Licence and it's duplicate. The adjudication fee, the stamp duty (if any) and other disbursements payable thereon shall
be borne and paid by the parties hereto in equal shares.

9. It is hereby agreed and declared by the parties hereto that this Licence is not intended to confer and
will not confer exclusive possession of the Premises upon the Licensee nor to create legal relationship of landlord and the tenant between
the parties and the Licensee shall not be entitled to a Licence or a statutory periodic tenancy under the Licensor and Tenant (Consolidation)
Ordinance (Cap. 7) or any other statutory of tenure now or upon determination of this Licence.

10. It is expressly agreed and declared by the parties hereto that the Licence is entered into in circumstances
which are special having regard to the particular purposes of the Licensor and the particular needs of the Licensee.

11. The Licensee undertakes to the Licensor that the Licensee shall treat all information acquired by the
Licensee (the "Confidential Information") as private and confidential and safeguard it accordingly. The Licensee further undertakes
to the Licensor that the Licensee shall not without the Licensor's prior written consent disclose the Confidential Information to
any person and the Licensee shall not use the Confidential Information directly or indirectly to procure a commercial advantage over the
Licensor. The provisions of this clause shall survive the determination of this Licence.

12. No person, firm, company or corporation who is not a party to this Licence shall have any right under
the Contracts (Rights of Third Parties) Ordinance to enforce any term of this Licence except and to the extent that this Licence expressly
provides otherwise without prejudice to any right of the Licensor provided in this Licence which is also applicable to and enforceable
by or against such third party without resorting to the Contracts (Rights of Third Parties) Ordinance.

13. It is hereby declared that this Licence shall be governed by and construed in accordance with the laws
of Hong Kong and the parties hereto shall submit to the non-exclusive jurisdiction of the courts of Hong Kong.

14. It is hereby declared that all references to "Hong Kong" shall mean the Hong Kong Special
Administrative Region and "the Government" shall mean the Government of the Hong Kong Special Administrative Region.

15. It is hereby declared that (if the context permits or requires) the singular number shall include the
plural and the masculine gender shall include the feminine and the neuter.

AS WITNESS the hands of the parties hereto the day and year first above written.

<u>THE SCHEDULE ABOVE REFERRED TO</u>

<u>PARTI-THE LICENSEE</u>

Keystone Capital Limited (Company No. 2315243) whose registered office is situate at Flat 02-03A, 19/F., FWD Financial Centre, 308 Des Voeux Road Central, Hong Kong

<u>PART II - THE PREMISES</u>

All those Office Unit Nos. 1902-03A on 19th Floor (as shown on the Floor Plan attached hereto and thereon coloured pink for identification purpose only) of 308 Central Des Voeux, 308 Des Voeux Road Central, Hong Kong ("the Building") erected on ALL THOSE pieces or parcels of ground respectively registered at the Land Registry as The Remaining Portion of Section A of Inland Lot No.1220, Subsection 1 of Section D of Inland Lot No.1220, The Remaining Portion of Section D of Inland Lot No.1220, The Remaining Portion of Section A of Inland Lot No.1830, Inland Lot No.1831, The Remaining Portion of Section A of Inland Lot No.1832, Subsection 1 of Section A of Inland Lot No.1832, The Remaining Portion of Inland Lot No. 1832, The Remaining Portion of Inland Lot No.l833, Section A of Inland Lot No.1849, The Remaining Portion of Inland Lot No.1849 and The Remaining Portion of Inland Lot No.1850 (collectively "the Land") more particularly described in the Tenancy Agreement dated the 4th day March of 2025.

<u>PART III</u>

(i) <u>THE LICENCE FEE</u> 

The monthly Licence Fee (exclusive of the government rates, service charges and other utility outgoings) shall be HONG KONG DOLLAR ONE ONLY (HK$1.00).

(ii) <u>SERVICE CHARGES</u> 

DOLLARS ELEVEN THOUSAND THREE HUNDRED TWENTY EIGHT AND CENTS SIXTY ONLY (HK$1 1,328.60) Hong Kong Currency per month (subject to periodic review by the Licensor and/or the Manager) payable in advance on the first day of each month. The Service Charges (subject to periodic reviews by the Licensor or the Manager) shall be payable monthly in advance on the 1't day of each calendar month without any deduction, counterclaim or set-off (whether legal or equitable) or right to withhold.

(iii) <u>GOVERNMENT RATES</u> 

DOLLARS TWO THOUSAND NINE HUNDRED FIFTY ONLY (HK$2,950.00) Hong Kong Currency per month (subject to government periodic assessment) payable in advance on the first day of each month.

(iv) <u>ADJUDICATION FEE</u> 

The adjudication fee of the Licence and its duplicate shall be borne and paid by the parties equally. Upon signing this Licence, Licensee shall pay the adjudication fee of HK$50.00 to the Licensor.

<u>PART IV</u>

<u>LICENCE DEPOSIT</u>

DOLLARS TWO HUNDRED SIX THOUSAND SIXTY-FIVE AND CENTS EIGHTY ONLY (HK$206,065.80) Hong Kong Currency.

The Licence Deposit shall be payable upon signing of this Licence or upon the Licence Commencement Date (whichever is earlier) to secure our performance and observance of our obligations in this Licence.

<u>PART V - FITTING-OUT VETTING FEES</u>

Nil.

---

| | | |
|:---|:---|:---|
| Signed by<br>|)) |  |
| For and on behalf of Henderson<br> Leasing Agency Limited, Agent for<br> the Licensor<br>whose signature(s) is/are verified by: |))))) | */s/ Henderson Leasing Agency Limited* |
| Signed by SIU WING KIN<br>|)) |  |
| For and on behalf of the Licensee in the presence of:-<br>*/s/ NG YEE KI AIKI* |))))) | */s/ Keystone Capital Limited* |

---

**308 Des Voeux Central, Hong Kong**

**<u>Floor Plan For Units 1902-3A, 19/F</u>**

![](ex10-8_001.jpg)

**<u>NOT TO SCALE</u>**

**<u>FOR IDENTIFICATION PURPOSE ONLY</u>**

<u>Date the 4<sup>th</sup> day of March 2025</u>

HINTMAX DEVELOPMENT LIMITED

AND

Keystone Capital Limited

LICENCE AGREEMENT (RENEWAL)

## Exhibit 10.9

**Exhibit 10.9**

**<u>INDEPENDENT DIRECTOR AGREEMENT</u>**

**THIS INDEPENDENT DIRECTOR AGREEMENT** (this "Agreement"), dated as of [ ], 2025, is by and between **Keystone Global Financial Group**, a company incorporated under the laws of the Cayman Islands (the "Company"), and [ ], an individual (the "Director") and shall become effective upon the effectiveness of the Company's registration statement (the "Effective Date").

**<u>RECITALS</u>**

**WHEREAS**, the Company desires to appoint the Director to serve on the Company's board of directors (the "Board") and the Director desires to accept such appointment to serve on the Board; and

**WHEREAS**, the Director may be appointed to serve as a member or chair of one or more committees of the Board.

**<u>AGREEMENT</u>**

**NOW, THEREFORE**, in consideration of the foregoing and the Director's services to the Company as a member of the Board, as a member of such committees of the Board to which the Director may be appointed from time to time and as chair of one or more committees to which the Director may be appointed in such capacity from time to time, and intending to be legally bound hereby, the Company and the Director hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Term.** The Company hereby appoints the Director, and the Director hereby accepts such appointment by the Company, for the purposes and upon the terms and conditions contained in this Agreement. The term of such appointment shall commence on the Effective Date and shall continue until the Director's successor is duly elected or appointed and qualified or until the Director's earlier death, disqualification, resignation or removal from office, pursuant to the terms of this Agreement, the Company's then current Memorandum and Articles of Association, as may be amended from time to time, or any applicable laws, rules, or regulations (the "Expiration Date"). In the event that the Director's successor has not been duly elected or appointed as of the Expiration Date, the Director agrees to continue to serve hereunder until such successor has been duly elected or appointed and qualified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Compensation**. Upon the Effective Date and during the term of this Agreement, the Director shall receive a monthly remuneration of $[ ] which shall accrue on a day to day basis payable in arrears on the last day of each calendar month provided that if the Appointment is terminated prior to the end of a calendar month, the Director shall only be entitled to a proportionate part of such salary in respect of the period of service during the relevant month up to the date of termination (the "Compensation"). The Compensation may be reviewed during the term of this Agreement by the Compensation Committee pursuant to its terms of reference after the Effective Date. Any adjustment of the Compensation shall be recommended by the Compensation Committee (when applicable) and approved by the Board duly convened pursuant to the then current Memorandum and Articles of Association of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Independence.** The Director acknowledges that appointment to the Board is contingent upon the Board's determination that the Director is "independent" with respect to the Company in accordance with applicable listing standards of the Nasdaq Capital Market and any other applicable rules, and that the Director may be removed from the Board in the event that the Director does not maintain such independence. The Director acknowledges and agrees that the acceptance, directly or indirectly, of any consulting, advisory, or other compensatory fee, other than for Board service, from the Company or any subsidiary thereof will impair the Director's independence, and the Director agrees not to accept any such fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Duties.** The Director shall exercise all powers in good faith and in the best interests of the Company, including but not limited to, attending all required meetings of the Board or applicable committees thereof, executive sessions of the independent directors, reviewing filing reports and other corporate documents as requested by the Company, providing comments and opinions as to business matters as requested by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Conflicts of Interest/A</u>p<u>plicable Law</u>. In the event that the Director has a direct or indirect financial or personal interest in a contract or transaction to which the Company is a party, or the Director is contemplating entering into a transaction that involves use of corporate assets or competition against the Company, the Director shall promptly disclose such potential conflict to the applicable Board committee or the Board and proceed as directed by such committee or the Board, as applicable. The Director acknowledges the duty of loyalty and the duty of care owed to the Company pursuant to applicable law and agrees to act in all cases in accordance with applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Corporate Opportunities</u>. Whenever the Director becomes aware of a business opportunity related to the Company's business, which one could reasonably expect the Director to make available to the Company, the Director shall promptly disclose such opportunity to the applicable Board committee or the Board and proceed as directed by such committee or the Board, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Confidentialit</u>y. The Director agrees and acknowledges that, by reason of the nature of the Director's duties on the Board, the Director will have or may have access to and become informed of proprietary, confidential and secret information which is a competitive asset of the Company (the "Confidential Information"), including, without limitation, any lists of customers or suppliers, distributors, financial statistics, research data or any other statistics and plans or operation plans or other trade secrets of the Company and any of the foregoing which belong to any person or company but to which the Director has had access by reason of the Director's relationship with the Company. The term "Confidential Information" shall not include information which: (i) is or becomes generally available to the public other than as a result of a disclosure by the Director or the Director's representatives; or (ii) is required to be disclosed by the Director due to governmental regulatory or judicial process. The Director agrees faithfully to keep in strict confidence, and not, either directly or indirectly, to make known, divulge, reveal, furnish, make available or use (except for use in the regular course of employment duties) any such Confidential Information. The Director acknowledges that all manuals, instruction books, price lists, information and records and other information and aids relating to the Company's business, and any and all other documents containing Confidential Information furnished to the Director by the Company or otherwise acquired or developed by the Director, shall at all times be the property of the Company. Upon termination of the Director's services hereunder, the Director shall return to the Company any such property or documents which are in the Director's possession, custody or control, but this obligation of confidentiality shall survive such termination until and unless any such Confidential Information shall have become, through no fault of the Director, generally known to the public. The obligations of the Director under this subsection are in addition to, and not in limitation or preemption of, all other obligations of confidentiality which the Director may have to the Company under general legal or equitable principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Code of Business Conduct and Ethics</u>. The Director agrees to abide by and follow all such procedures set forth in the Company's code of business conduct and ethics, as may be in existence now or at any time during the term of this Agreement, and any other policy, code or document governing the conduct of directors of the Company as may be in existence now or at any time during the term of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Ex** **penses**. Upon submission of adequate documentation by the Director to the Company, the Director shall be reimbursed for all reasonable expenses incurred in connection with the Director's positions as a member of the Board and for services as a member of each committee of the Board to which the Director may be appointed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **Indemnity**. The Company and the Director agree that indemnification with respect to the Director's service on the Board shall be governed by that certain Indemnification Agreement attached as Exhibit A hereto (the "Indemnification Agreement").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **Withholding**. The Director agrees to cooperate with the Company to take all steps necessary or appropriate for the withholding of taxes by the Company required under law or regulation in connection herewith, and the Company may act unilaterally in order to comply with such laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **Binding Effect**. This Agreement shall be binding upon and inure to the benefit of the Company and its successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **Recitals**. The recitals to this Agreement are true and correct and are incorporated herein, in their entirety, by this reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **Validity**. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, which shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. **Headings and Captions**. The titles and captions of paragraphs and subparagraphs contained in this Agreement are provided for convenience of reference only, and shall not be considered terms or conditions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. **Neutral Construction**. Neither party hereto may rely on any drafts of this Agreement in any interpretation of the Agreement. Both parties to this Agreement have reviewed this Agreement and have participated in its drafting and, accordingly, neither party shall attempt to invoke the normal rule of construction to the effect that ambiguities are to be resolved against the drafting party in any interpretation of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. **Counterparts**. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original and all of which together will constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. **Miscellaneous**. This Agreement shall be construed under the laws of the State of New York, without application to the principles of conflicts of laws. This Agreement and the Indemnification Agreement constitute the entire understanding between the parties with respect to the Director's service on the Board and there are no prior or contemporaneous written or oral agreements, understandings, or representations, express or implied, directly or indirectly related to this Agreement that are not set forth or referenced herein. This Agreement supersedes all negotiations, preliminary agreements, and all prior and contemporaneous discussions and understandings of the parties hereto and/or their affiliates with respect to the Director's service on the Board. The Director acknowledges that he has not relied on any prior or contemporaneous discussions or understanding in entering into this Agreement. The terms and provisions of this Agreement may be altered, amended or discharged only by the signed written agreement of the parties hereto.

[*Remainder of Page Intentionally Left Blank*]

**IN WITNESS WHEREOF**, the parties hereto have executed this Independent Director Agreement as of the day and year first above written.

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| | |
|:---|:---|
| **Keystone Global Financial Group** | **Keystone Global Financial Group** |
| By: |  |
| Name: | Tak Chiu, CHAN |
| Title: | Chief Executive Officer and Director |

---

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| |
|:---|
| **DIRECTOR** |
| [ ] |
| Name: [ ] |

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Signature Page to Independent Director Agreement

<u>EXHIBIT A</u>

INDEMNIFICATION AGREEMENT

(Attached)

**<u>INDEMNIFICATION AGREEMENT</u>**

**THIS INDEMNIFICATION AGREEMENT** (this "Agreement"), dated as of [ ], 2025, is by and between **Keystone Global Financial Group**, a company incorporated under the laws of the Cayman Islands (the "Company") and [ ] (the "Indemnitee") and shall become effective upon the effectiveness of the Company's registration statement (the "Effective Date").

**<u>RECITALS</u>**

**WHEREAS**, Indemnitee is a director or officer of the Company and in such capacity renders valuable services to the Company;

**WHEREAS**, both the Company and Indemnitee recognize the increased risk of litigation and other claims being asserted against directors and officers of public companies;

**WHEREAS**, the board of directors of the Company (the "Board") has determined that enhancing the ability of the Company to retain and attract as directors and officers the most capable persons is in the best interests of the Company and that the Company therefore should seek to assure such persons that indemnification is available; and

**WHEREAS**, in recognition of the need to provide Indemnitee with substantial protection against personal liability, in order to procure Indemnitee's continued service as a director or officer of the Company and to enhance Indemnitee's ability to serve the Company in an effective manner, and in order to provide such protection pursuant to express contract rights (intended to be enforceable irrespective of, among other things, any amendment to the Company's Certificate of Incorporation or Memorandum and Articles of Association (collectively, the "Constituent Documents"), any change in the composition of the Board or any change in control or business combination transaction relating to the Company), the Company wishes to provide in this Agreement for the indemnification of, and the advancement of Expenses (as defined in Section 1 below) to, Indemnitee as set forth in this Agreement.

**NOW, THEREFORE**, in consideration of the foregoing and the Indemnitee's agreement to continue to provide services to the Company, the parties agree as follows:

**<u>AGREEMENT</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Definitions**. For purposes of this Agreement, the following terms shall have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "<u>Beneficial Owner</u>" has the meaning given to the term "beneficial owner" in Rule 13d-3 under the Securities Exchange Act of 1934, as amended (the "Exchange Act").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "<u>Change in Control</u>" means the occurrence after the Effective Date of any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Person is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing 51% or more of the Company's then outstanding Voting Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the consummation of a reorganization, merger or consolidation, unless immediately following such reorganization, merger or consolidation, all of the Beneficial Owners of the Voting Securities of the Company immediately prior to such transaction beneficially own, directly or indirectly, more than 51% of the combined voting power of the outstanding Voting Securities of the entity resulting from such transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) during any period of two consecutive years, not including any period prior to the execution of this Agreement, individuals who at the beginning of such period constituted the Board (including for this purpose any new directors whose election by the Board or nomination for election by the Company's stockholders was approved by a vote of at least two-thirds of the directors then still in office who either were directors at the beginning of the period or whose election or nomination for election was previously so approved) cease for any reason to constitute at least a majority of the Board; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the stockholders of the Company approve a plan of complete liquidation or dissolution of the Company or an agreement for the sale or disposition by the Company of all or substantially all of the Company's assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "<u>Claim</u>" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any threatened, pending or completed action, suit, proceeding or alternative dispute resolution mechanism, whether civil, criminal, administrative, arbitrative, investigative or other, and whether made pursuant to federal, state or other law; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any inquiry, hearing or investigation that the Indemnitee determines might lead to the institution of any such action, suit, proceeding or alternative dispute resolution mechanism.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "<u>Disinterested Director</u>" means a director of the Company who is not and was not a party to the Claim in respect of which indemnification is sought by Indemnitee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "<u>Expenses</u>" means any and all expenses, including attorneys' and experts' fees, court costs, transcript costs, travel expenses, duplicating, printing and binding costs, telephone charges, and all other costs and expenses incurred in connection with investigating, defending, being a witness in or participating in (including on appeal), or preparing to defend, be a witness or participate in, any Claim. Expenses also shall include (i) Expenses incurred in connection with any appeal resulting from any Claim, including without limitation the premium, security for, and other costs relating to any cost bond, supersede as bond, or other appeal bond or its equivalent, and (ii) for purposes of <u>Section 4</u> only, Expenses incurred by Indemnitee in connection with the interpretation, enforcement or defense of Indemnitee's rights under this Agreement, by litigation or otherwise. Expenses, however, shall not include amounts paid in settlement by Indemnitee or the amount of judgments or fines against Indemnitee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "<u>Expense Advance</u>" means any payment of Expenses advanced to Indemnitee by the Company pursuant to <u>Section 3</u> or <u>Section 4</u> hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "<u>Indemnifiable Event</u>" means any event or occurrence, whether occurring before, on or after the Effective Date, related to the fact that Indemnitee is or was a director, officer, employee or agent of the Company or any subsidiary of the Company, or is or was serving at the request of the Company as a director, officer, employee, member, manager, trustee or agent of any other corporation, limited liability company, partnership, joint venture, trust or other entity or enterprise (collectively with the Company, "Enterprise") or by reason of an action or inaction by Indemnitee in any such capacity (whether or not serving in such capacity at the time any Loss is incurred for which indemnification can be provided under this Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "<u>Independent Counsel</u>" means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither presently performs, nor in the past five years has performed, services for either: (i) the Company or Indemnitee (other than in connection with matters concerning Indemnitee under this Agreement or of other indemnitees under similar agreements) or (ii) any other party to the Claim giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term "Independent Counsel" shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee's rights under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "<u>Losses</u>" means any and all Expenses, damages, losses, liabilities, judgments, fines, penalties (whether civil, criminal or other), ERISA excise taxes, amounts paid or payable in settlement, including any interest, assessments, any federal, state, local or foreign taxes imposed as a result of the actual or deemed receipt of any payments under this Agreement and all other charges paid or payable in connection with investigating, defending, being a witness in or participating in (including on appeal), or preparing to defend, be a witness or participate in, any Claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "<u>Person</u>" means any individual, corporation, firm, partnership, joint venture, limited liability company, estate, trust, business association, organization, governmental entity or other entity and includes the meaning set forth in Sections 13(d) and 14(d) of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "<u>Standard of Conduct Determination</u>" shall have the meaning ascribed to it in <u>Section 8</u>(b) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "<u>Voting Securities</u>" means any securities of the Company that vote generally in the election of directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Indemnification**. Subject to <u>Section 8</u> and <u>Section 9</u> of this Agreement, the Company shall indemnify Indemnitee, to the fullest extent permitted by the laws of the State of New York in effect on the Effective Date, or as such laws may from time to time hereafter be amended to increase the scope of such permitted indemnification, against any and all Losses if Indemnitee was or is or becomes a party to or participant in, or is threatened to be made a party to or participant in, any Claim by reason of or arising in part out of an Indemnifiable Event, including, without limitation, Claims brought by or in the right of the Company, Claims brought by third parties, and Claims in which the Indemnitee is solely a witness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. Advancement of Expenses**. Indemnitee shall have the right to advancement by the Company, prior to the final disposition of any Claim by final adjudication to which there are no further rights of appeal, of any and all Expenses actually and reasonably paid or incurred by Indemnitee in connection with any Claim arising out of an Indemnifiable Event at the written request of Indemnitee. Indemnitee shall set forth in such request reasonable evidence that such Expenses have been paid or incurred by Indemnitee. Indemnitee's right to such advancement is not subject to the satisfaction of any standard of conduct. Without limiting the generality or effect of the foregoing, within thirty days after any request by Indemnitee, the Company shall, in accordance with such request, (a) pay such Expenses on behalf of Indemnitee, (b) advance to Indemnitee funds in an amount sufficient to pay such Expenses, or (c) reimburse Indemnitee for such Expenses. In connection with any request for Expense Advances, Indemnitee shall not be required to provide any documentation or information to the extent that the provision thereof would undermine or otherwise jeopardize attorney-client privilege. The Company's obligation to pay Expense Advances to Indemnitee is contingent upon Indemnitee's execution and delivery to the Company of an undertaking to repay any amounts paid, advanced, or reimbursed by the Company for such Expenses to the extent that it is ultimately determined, following the final disposition of such Claim, that Indemnitee is not entitled to indemnification hereunder. Indemnitee's obligation to reimburse the Company for Expense Advances shall be unsecured and no interest shall be charged thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Indemnification for Expenses in Enforcing Rights**. To the fullest extent allowable under applicable law, the Company shall also indemnify Indemnitee against, and, if requested by Indemnitee, shall advance to Indemnitee subject to and in accordance with <u>Section 3</u>, any Expenses actually and reasonably paid or incurred by Indemnitee in connection with any action or proceeding by Indemnitee for (a) indemnification or reimbursement or advance payment of Expenses by the Company under any provision of this Agreement, or under any other agreement or provision of the Constituent Documents now or hereafter in effect relating to Claims relating to Indemnifiable Events, and/or (b) recovery under any directors' and officers' liability insurance policies maintained by the Company. However, in the event that Indemnitee is ultimately determined not to be entitled to such indemnification or insurance recovery, as the case may be, then all amounts advanced under this <u>Section 4</u> shall be repaid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Partial Indemnity**. If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for a portion of any Losses in respect of a Claim related to an Indemnifiable Event but not for the total amount thereof, the Company shall nevertheless indemnify Indemnitee for the portion thereof to which Indemnitee is entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **Notification and Defense of Claims**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Notification of Claims</u>. Indemnitee shall notify the Company in writing as soon as practicable of any Claim which could relate to an Indemnifiable Event or for which Indemnitee could seek Expense Advances, including a brief description (based upon information then available to Indemnitee) of the nature of, and the facts underlying, such Claim. The failure by Indemnitee to timely notify the Company hereunder shall not relieve the Company from any liability hereunder unless the Company's ability to participate in the defense of such claim was materially and adversely affected by such failure. If at the time of the receipt of such notice, the Company has directors' and officers' liability insurance in effect under which coverage for Claims related to Indemnifiable Events is potentially available, the Company shall give prompt written notice to the applicable insurers in accordance with the procedures set forth in the applicable policies. The Company shall provide to Indemnitee a copy of such notice delivered to the applicable insurers, and copies of all subsequent correspondence between the Company and such insurers regarding the Claim, in each case substantially concurrently with the delivery or receipt thereof by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Defense of Claims</u>. The Company shall be entitled to participate in the defense of any Claim relating to an Indemnifiable Event at its own expense and, except as otherwise provided below, to the extent the Company so wishes, it may assume the defense thereof with counsel reasonably satisfactory to Indemnitee. After notice from the Company to Indemnitee of its election to assume the defense of any such Claim, the Company shall not be liable to Indemnitee under this Agreement or otherwise for any Expenses subsequently directly incurred by Indemnitee in connection with Indemnitee's defense of such Claim other than reasonable costs of investigation or as otherwise provided below. Indemnitee shall have the right to employ its own legal counsel in such Claim, but all Expenses related to such counsel incurred after notice from the Company of its assumption of the defense shall be at Indemnitee's own expense; provided, however, that if (i) Indemnitee's employment of its own legal counsel has been authorized by the Company, (ii) Indemnitee has reasonably determined that there may be a conflict of interest between Indemnitee and the Company in the defense of such Claim, (iii) after a Change in Control, Indemnitee's employment of its own counsel has been approved by the Independent Counsel or (iv) the Company shall not in fact have employed counsel to assume the defense of such Claim, then Indemnitee shall be entitled to retain its own separate counsel (but not more than one law firm) and all Expenses related to such separate counsel shall be borne by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **Procedure upon Application for Indemnification**. In order to obtain indemnification pursuant to this Agreement, Indemnitee shall submit to the Company a written request therefor, including in such request such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification following the final disposition of the Claim. Indemnification shall be made insofar as the Company determines Indemnitee is entitled to indemnification in accordance with <u>Section 8</u> below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **Determination of Right to Indemnification**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Mandatory Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To the extent that Indemnitee shall have been successful on the merits or otherwise in defense of any Claim relating to an Indemnifiable Event or any portion thereof or in defense of any issue or matter therein, including without limitation dismissal without prejudice, Indemnitee shall be indemnified against all Losses relating to such Claim in accordance with <u>Section 2</u> to the fullest extent allowable by law, and no Standard of Conduct Determination (as defined in <u>Section 8</u>(b)) shall be required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To the extent that Indemnitee's involvement in a Claim relating to an Indemnifiable Event is to prepare to serve and serve as a witness, and not as a party, the Indemnitee shall be indemnified against all Losses incurred in connection therewith to the fullest extent allowable by law and no Standard of Conduct Determination (as defined in <u>Section 8</u>(b)) shall be required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Standard of Conduct</u>. To the extent that the provisions of <u>Section 8</u>(a) are inapplicable to a Claim related to an Indemnifiable Event that shall have been finally disposed of, any determination of whether Indemnitee has satisfied any applicable standard of conduct under New York law that is a legally required condition to indemnification of Indemnitee hereunder against Losses relating to such Claim and any determination that Expense Advances must be repaid to the Company (a "Standard of Conduct Determination") shall be made as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if no Change in Control has occurred, (A) by a majority vote of the Disinterested Directors, even if less than a quorum of the Board, (B) by a committee of Disinterested Directors designated by a majority vote of the Disinterested Directors, even though less than a quorum or (C) if there are no such Disinterested Directors, by Independent Counsel in a written opinion addressed to the Board, a copy of which shall be delivered to Indemnitee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if a Change in Control shall have occurred, (A) if the Indemnitee so requests in writing, by a majority vote of the Disinterested Directors, even if less than a quorum of the Board or (B) otherwise, by Independent Counsel in a written opinion addressed to the Board, a copy of which shall be delivered to Indemnitee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Making the Standard of Conduct Determination</u>. The Company shall use its reasonable best efforts to cause any Standard of Conduct Determination required under <u>Section 8</u>(b) to be made as promptly as practicable. If the person or persons designated to make the Standard of Conduct Determination under <u>Section 8</u>(b) shall not have made a determination within thirty days after the later of (A) receipt by the Company of a written request from Indemnitee for indemnification pursuant to <u>Section 7</u> (the date of such receipt being the "Notification Date") and (B) the selection of an Independent Counsel, if such determination is to be made by Independent Counsel, then Indemnitee shall be deemed to have satisfied the applicable standard of conduct; provided that such 30-day period may be extended for a reasonable time, if the person or persons making such determination in good faith requires such additional time to obtain or evaluate information relating thereto. Notwithstanding anything in this Agreement to the contrary, no determination as to entitlement of Indemnitee to indemnification under this Agreement shall be required to be made prior to the final disposition of any Claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Payment of Indemnification</u>. If, in regard to any Losses:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Indemnitee shall be entitled to indemnification pursuant to <u>Section 8</u>(a);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) no Standard Conduct Determination is legally required as a condition to indemnification of Indemnitee hereunder; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Indemnitee has been determined or deemed pursuant to <u>Section 8</u>(b) or <u>Section 8</u>(c) to have satisfied the Standard of Conduct Determination,

then the Company shall pay to Indemnitee, within thirty days after the later of (A) the Notification Date or (B) the earliest date on which the applicable criterion specified in clause (i), (ii) or (iii) is satisfied, an amount equal to such Losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Selection of Independent Counsel for Standard of Conduct Determination</u>. If a Standard of Conduct Determination is to be made by Independent Counsel pursuant to <u>Section 8</u>(b)(i), the Independent Counsel shall be selected by the Board, and the Company shall give written notice to Indemnitee advising of the identity of the Independent Counsel so selected. If a Standard of Conduct Determination is to be made by Independent Counsel pursuant to <u>Section 8</u>(b)(ii), the Independent Counsel shall be selected by Indemnitee, and Indemnitee shall give written notice to the Company advising it of the identity of the Independent Counsel so selected. In either case, Indemnitee or the Company, as applicable, may, within five days after receiving written notice of selection from the other, deliver to the other a written objection to such selection; provided, however, that such objection may be asserted only on the ground that the Independent Counsel so selected does not satisfy the criteria set forth in the definition of "Independent Counsel" in <u>Section 1</u>, and the objection shall set forth with particularity the factual basis of such assertion. Absent a proper and timely objection, the person or firm so selected shall act as Independent Counsel. If such written objection is properly and timely made and substantiated, (i) the Independent Counsel so selected may not serve as Independent Counsel unless and until such objection is withdrawn or a court has determined that such objection is without merit; and (ii) the non-objecting party may, at its option, select an alternative Independent Counsel and give written notice to the other party advising such other party of the identity of the alternative Independent Counsel so selected, in which case the provisions of the two immediately preceding sentences, the introductory clause of this sentence and numbered clause (i) of this sentence shall apply to such subsequent selection and notice. If applicable, the provisions of clause (ii) of the immediately preceding sentence shall apply to successive alternative selections. If no Independent Counsel that is permitted under the foregoing provisions of this <u>Section 8</u>(e) to make the Standard of Conduct Determination shall have been selected within twenty days after the Company gives its initial notice pursuant to the first sentence of this <u>Section 8</u>(e) or Indemnitee gives its initial notice pursuant to the second sentence of this <u>Section 8</u>(e), as the case may be, either the Company or Indemnitee may petition a court of competent jurisdiction to resolve any objection which shall have been made by the Company or Indemnitee to the other's selection of Independent Counsel and/or to appoint as Independent Counsel a person to be selected by such court or such other person as the court shall designate, and the person or firm with respect to whom all objections are so resolved or the person or firm so appointed will act as Independent Counsel. In all events, the Company shall pay all of the reasonable fees and expenses of the Independent Counsel incurred in connection with the Independent Counsel's determination pursuant to <u>Section 8</u>(b).

(f) <u>Presumptions and Defenses</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Indemnitee's Entitlement to Indemnification</u>. In making any Standard of Conduct Determination, the person or persons making such determination shall presume that Indemnitee has satisfied the applicable standard of conduct and is entitled to indemnification, and the Company shall have the burden of proof to overcome that presumption and establish that Indemnitee is not so entitled. Any Standard of Conduct Determination that is adverse to Indemnitee may be challenged by the Indemnitee in a court of competent jurisdiction. No determination by the Company (including by its directors or any Independent Counsel) that Indemnitee has not satisfied any applicable standard of conduct may be used as a defense to any legal proceedings brought by Indemnitee to secure indemnification or reimbursement or advance payment of Expenses by the Company hereunder or create a presumption that Indemnitee has not met any applicable standard of conduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Reliance as a Safe Harbor</u>. For purposes of this Agreement, and without creating any presumption as to a lack of good faith if the following circumstances do not exist, Indemnitee shall be deemed to have acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the Company if Indemnitee's actions or omissions to act are taken in good faith reliance upon the records of the Company, including its financial statements, or upon information, opinions, reports or statements furnished to Indemnitee by the officers or employees of the Company or any of its subsidiaries in the course of their duties, or by committees of the Board or by any other Person (including legal counsel, accountants and financial advisors) as to matters Indemnitee reasonably believes are within such other Person's professional or expert competence and who has been selected with reasonable care by or on behalf of the Company. In addition, the knowledge and/or actions, or failures to act, of any director, officer, agent or employee of the Company shall not be imputed to Indemnitee for purposes of determining the right to indemnity hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>No Other Presumptions</u>. For purposes of this Agreement, the termination of any Claim by judgment, order, settlement (whether with or without court approval) or conviction, or upon a plea of nolo contendere or its equivalent, will not create a presumption that Indemnitee did not meet any applicable standard of conduct or have any particular belief, or that indemnification hereunder is otherwise not permitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Defense to Indemnification and Burden of Proof</u>. It shall be a defense to any action brought by Indemnitee against the Company to enforce this Agreement (other than an action brought to enforce a claim for Losses incurred in defending against a Claim related to an Indemnifiable Event in advance of its final disposition) that it is not permissible under applicable law for the Company to indemnify Indemnitee for the amount claimed. In connection with any such action or any related Standard of Conduct Determination, the burden of proving such a defense or that the Indemnitee did not satisfy the applicable standard of conduct shall be on the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Resolution of Claims</u>. The Company acknowledges that a settlement or other disposition short of final judgment may be successful on the merits or otherwise for purposes of <u>Section 8</u>(a)(i) if it permits a party to avoid expense, delay, distraction, disruption and uncertainty. In the event that any Claim relating to an Indemnifiable Event to which Indemnitee is a party is resolved in any manner other than by adverse judgment against Indemnitee (including, without limitation, settlement of such action, claim or proceeding with our without payment of money or other consideration) it shall be presumed that Indemnitee has been successful on the merits or otherwise for purposes of <u>Section 8</u>(a)(i). The Company shall have the burden of proof to overcome this presumption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **Exclusions from Indemnification**. Notwithstanding anything in this Agreement to the contrary, the Company shall not be obligated to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) indemnify or advance funds to Indemnitee for Expenses or Losses with respect to proceedings initiated by Indemnitee, including any proceedings against the Company or its directors, officers, employees or other indemnitees and not by way of defense, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) proceedings referenced in <u>Section 4</u> above (unless a court of competent jurisdiction determines that each of the material assertions made by Indemnitee in such proceeding was not made in good faith or was frivolous); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) where the Company has joined in or the Board has consented to the initiation of such proceedings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) indemnify Indemnitee if a final decision by a court of competent jurisdiction determines that such indemnification is prohibited by applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) indemnify Indemnitee for the disgorgement of profits arising from the purchase or sale by Indemnitee of securities of the Company in violation of Section 16(b) of the Exchange Act, or any similar successor statute; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) indemnify or advance funds to Indemnitee for Indemnitee's reimbursement to the Company of any bonus or other incentive-based or equity-based compensation previously received by Indemnitee or payment of any profits realized by Indemnitee from the sale of securities of the Company, as required in each case under the Exchange Act (including any such reimbursements under Section 304 of the Sarbanes-Oxley Act of 2002 in connection with an accounting restatement of the Company or the payment to the Company of profits arising from the purchase or sale by Indemnitee of securities in violation of Section 306 of the Sarbanes-Oxley Act).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **Settlement of Claims**. The Company shall not be liable to Indemnitee under this Agreement for any amounts paid in settlement of any threatened or pending Claim related to an Indemnifiable Event effected without the Company's prior written consent, which shall not be unreasonably withheld. The Company shall not settle any Claim related to an Indemnifiable Event in any manner that would impose any Losses on the Indemnitee without the Indemnitee's prior written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. **Duration**. All agreements and obligations of the Company contained herein shall continue during the period that Indemnitee is a director or officer of the Company (or is serving at the request of the Company as a director, officer, employee, member, trustee or agent of another Enterprise) and shall continue thereafter (i) so long as Indemnitee may be subject to any possible Claim relating to an Indemnifiable Event (including any rights of appeal thereto) and (ii) throughout the pendency of any proceeding (including any rights of appeal thereto) commenced by Indemnitee to enforce or interpret his or her rights under this Agreement, even if, in either case, he or she may have ceased to serve in such capacity at the time of any such Claim or proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12. Non-Exclusivity**. The rights of Indemnitee hereunder will be in addition to any other rights Indemnitee may have under the Constituent Documents, the New York Business Corporation Law, any other contract or otherwise (collectively, "Other Indemnity Provisions"); provided, however, that (a) to the extent that Indemnitee otherwise would have any greater right to indemnification under any Other Indemnity Provision, Indemnitee will be deemed to have such greater right hereunder and (b) to the extent that any change is made to any Other Indemnity Provision which permits any greater right to indemnification than that provided under this Agreement as of the Effective Date, Indemnitee will be deemed to have such greater right hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13. Liability Insurance**. The Company shall from time to time make the good faith determination whether or not it is practicable for the Company to obtain and maintain a policy or policies of insurance providing the officers and directors of the Company with coverage for losses incurred in connection with their services to the Company or to ensure the Company's performance of its indemnification obligations under this Agreement. To the extent the Company maintains an insurance policy or policies providing directors' and officers' liability insurance, Indemnitee shall be covered by such policy or policies, in accordance with its or their terms, to the maximum extent of the coverage available for any of the Company's directors or officers, as applicable. Upon reasonable request, the Company will provide to Indemnitee copies of all directors' and officers' liability insurance applications, binders, policies, declarations and endorsements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14. No Duplication of Payments**. The Company shall not be liable under this Agreement to make any payment to Indemnitee in respect of any Losses to the extent Indemnitee has otherwise received payment under any insurance policy, the Constituent Documents, Other Indemnity Provisions or otherwise of the amounts otherwise indemnifiable by the Company hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15. Subrogation**. In the event of payment to Indemnitee under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee. Indemnitee shall execute all documents required and shall do everything that may be necessary to secure such rights, including the execution of such documents necessary to enable the Company effectively to bring suit to enforce such rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16. Amendments**. No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be binding unless in the form of a writing signed by the party against whom enforcement of the waiver is sought, and no such waiver shall operate as a waiver of any other provisions hereof (whether or not similar), nor shall such waiver constitute a continuing waiver. Except as specifically provided herein, no failure to exercise or any delay in exercising any right or remedy hereunder shall constitute a waiver thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17. Binding Effect**. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and their respective successors (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business and/or assets of the Company), assigns, spouses, heirs and personal and legal representatives. The Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all, substantially all or a substantial part of the business and/or assets of the Company, by written agreement, to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18. Severability**. The provisions of this Agreement shall be severable in the event that any of the provisions hereof (including any portion thereof) are held by a court of competent jurisdiction to be invalid, illegal, void or otherwise unenforceable, and the remaining provisions shall remain enforceable to the fullest extent permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19. Notices**. All notices, requests, demands and other communications required or permitted under this Agreement shall be in writing and shall be deemed to have been duly given and made if (i) delivered by hand; (ii) otherwise delivered against receipt therefor; (iii) mailed by postage prepaid, certified or registered mail; (iv) sent by a recognized courier with next-day or second-day delivery to the last known address of the other party; or (v) sent by e-mail with confirmation of receipt:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if to Indemnitee, to the email address set forth on the signature page hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if to the Company:

Keystone Global Financial Group

1902-3A, 19/F

FWD Financial Centre, 308-320 Des Voeux Road Central

Sheung Wan, Hong Kong

Notice of change of address shall be effective only when given in accordance with this Section. All notices complying with this Section shall be deemed to have been received on the date of delivery or on the third business day after mailing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20. Governing Law**. This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York applicable to contracts made and to be performed in such state without giving effect to its principles of conflicts of laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21. Headings**. The headings of the sections and paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction or interpretation thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22. Counterparts**. This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original, and all of which together shall constitute one and the same Agreement.

[*Signature Page Follows*]

**IN WITNESS WHEREOF**, the parties hereto have executed this Agreement as of the date first written above.

---

| | |
|:---|:---|
| **Keystone Global Financial Group** | **Keystone Global Financial Group** |
| By: |  |
| Name: | Tak Chiu, CHAN |
| Title: | Chief Executive Officer and Director |

---

---

| |
|:---|
| **INDEMNITEE** |
| Name: [ ] |
| Email: [ ] |

---

Signature Page to Indemnification Agreement

## Exhibit 14.1

**Exhibit 14.1**

**Keystone Global Financial Group**

**CODE OF BUSINESS CONDUCT AND ETHICS**

**1. Introduction**

The Board of Directors (the "**Board**") of Keystone Global Financial Group (the "**Company**") has adopted this code of ethics (this "**Code**"), which is applicable to all directors, officers, and employees (to the extent that employees are hired in the future) (each a "person," as used herein) of the Company, with the intent to:

● promote honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

● promote the full, fair, accurate, timely, and understandable disclosure in reports and documents that the Company files with, or submits to, the Securities and Exchange Commission (the "**SEC** "), as well as in other public communications made by or on behalf of the Company;

● promote compliance with applicable governmental laws, rules, and regulations;

● deter wrongdoing; and

● require prompt internal reporting of breaches of, and accountability for adherence to, this Code.

This Code may be amended only by resolution of the Board. In this Code, references to the "Company" mean Keystone Global Financial Group, and include, in appropriate context, the Company's subsidiaries.

**2. Honest, Ethical and Fair Conduct**

Each person owes a duty to the Company to act with integrity. Integrity requires, among other things, being honest, fair, and candid. Deceit, dishonesty, and subordination of the Company's interests to personal interests are inconsistent with integrity. Service to the Company should never be subordinated to personal gain or advantage.

Each person must:

● Act with integrity, including being honest and candid while still maintaining the confidentiality of the Company's information where required or in the Company's interests.

● Observe all applicable governmental laws, rules, and regulations.

● Comply with the requirements of applicable accounting and auditing standards, as well as Company policies, in order to maintain a high standard of accuracy and completeness in the Company's financial records and other business-related information and data.

● Adhere to a high standard of business ethics and not seek competitive advantage through unlawful or unethical business practices.

● Deal fairly with the Company's customers, suppliers, competitors, and employees.

● Refrain from taking advantage of anyone through manipulation, concealment, abuse of privileged information, misrepresentation of material facts, or any other unfair-dealing practice.

● Protect the assets of the Company and ensure their proper use.

● Refrain from (i) taking for themselves corporate or business opportunities that are discovered through the use of corporate assets, (ii) using corporate assets, information, or position for personal gain, and (iii) competing with the Company.

● Avoid conflicts of interest, wherever possible, except as may be allowed under guidelines or resolutions approved by the Board (or the appropriate committee of the Board). Anything that would be a conflict for a person subject to this Code also will be a conflict if it is related to a member of his or her family or a close relative. Examples of conflict of interest situations include, but are not limited to, the following:

● any significant ownership interest in any supplier or customer;

● any consulting or employment relationship with any customer, supplier, or competitor;

● any outside business activity that detracts from a person's ability to devote appropriate time and attention to his or her responsibilities with the Company;

● the receipt of any money, non-nominal gifts, or excessive entertainment from any entity with which the Company has current or prospective business dealings;

● being in the position of supervising, reviewing, or having any influence on the job evaluation, pay, or benefit of any close relative;

● selling anything to the Company or buying anything from the Company, except on the same terms and conditions as comparable officers or directors are permitted to so purchase or sell;

● any other financial transaction, arrangement or relationship (including any indebtedness or guarantee of indebtedness) involving the Company; and

● any other circumstance, event, relationship, or situation in which the personal interest of a person subject to this Code interferes – or even appears to interfere – with the interests of the Company as a whole.

**3. Disclosure**

The Company strives to ensure that the contents of and the disclosures in the reports and documents that the Company files with the SEC and other public communications shall be full, fair, accurate, timely, and understandable in accordance with applicable disclosure standards, including standards of materiality, where appropriate. Each person must:

● not knowingly misrepresent, or cause others to misrepresent, facts about the Company to others, whether within or outside the Company, including to the Company's independent auditors, governmental regulators, self-regulating organizations, and other governmental officials, as appropriate; and

● in relation to his or her area of responsibility, properly review and critically analyze proposed disclosure for accuracy and completeness.

In addition to the foregoing, the Chief Executive Officer and Chief Financial Officer of the Company and each subsidiary of the Company (or persons performing similar functions), and each other person that typically is involved in the financial reporting of the Company must familiarize himself or herself with the disclosure requirements applicable to the Company as well as the business and financial operations of the Company.

Each person must promptly bring to the attention of the Chairman of the audit committee of the Board (the "**Audit Committee**") (or the Chairman of the Board if no Audit Committee exists) any information he or she may have concerning (a) significant deficiencies in the design or operation of internal and/or disclosure controls which could adversely affect the Company's ability to record, process, summarize, and report financial data or (b) any fraud, whether or not material, that involves management or other employees who have a significant role in the Company's financial reporting, disclosures, or internal controls.

**4.** **Compliance**

It is the Company's obligation and policy to comply with all applicable governmental laws, rules, and regulations. It is the personal responsibility of each person to, and each person must, adhere to the standards and restrictions imposed by those laws, rules, and regulations, including those relating to accounting and auditing matters.

**5.** **Reporting and Accountability**

The Board or Audit Committee, if one exists, is responsible for applying this Code to specific situations in which questions are presented to it and has the authority to interpret this Code in any particular situation. Any person who becomes aware of any existing or potential breach of this Code is required to notify the Chairman of the Board or Audit Committee promptly. Failure to do so is itself a breach of this Code.

Specifically, each person must:

● Notify the Chairman promptly of any existing or potential violation of this Code.

● Not retaliate against any other person for reports of potential violations that are made in good faith.

The Company will follow the following procedures in investigating and enforcing this Code and in reporting on this Code:

● The Board or Audit Committee, if one exists, will take all appropriate action to investigate any breaches reported to it.

● If the Audit Committee, if one exists, determines by majority decision that a breach has occurred, it will inform the Board.

● Upon being notified that a breach has occurred, the Board by majority decision will take or authorize such disciplinary or preventive action as it deems appropriate, after consultation with the Audit Committee, if one exists, and/or the Company's counsel, up to and including dismissal or, in the event of criminal or other serious violations of law, notification of the SEC or other appropriate law enforcement authorities.

No person following the above procedure shall, as a result of following such procedure, be subject by the Company or any officer or employee thereof to discharge, demotion, suspension, threat, harassment, or, in any manner, discrimination against such person in terms and conditions of employment.

**6. Waivers and Amendments**

Any waiver (defined below) or an implicit waiver (defined below) from a provision of this Code for the principal executive officer, principal financial officer, principal accounting officer or controller, and persons performing similar functions or any amendment (as defined below) to this Code is required to be disclosed in the Company's Annual Report on Form 10-K or in a Current Report on Form 8-K filed with the SEC.

A "<u>waiver</u>" means the approval by the Board of a material departure from a provision of this Code. An "<u>implicit waiver</u>" means the Company's failure to take action within a reasonable period of time regarding a material departure from a provision of this Code that has been made known to an executive officer of the Company. An "<u>amendment</u>" means any amendment to this Code other than minor technical, administrative, or other non-substantive amendments hereto.

All persons should note that it is <u>not</u> the Company's intention to grant or to permit waivers from the requirements of this Code. The Company expects full compliance with this Code.

**7.** **Insider Trading And Dissemination Of Inside Information**

Each person shall comply with the Company's Policy Regarding Insider Trading and Dissemination of Inside Information.

**8.** **Financial Statements and Other Records**

All of the Company's books, records, accounts and financial statements must be maintained in reasonable detail, must appropriately reflect the Company's transactions and must both conform to applicable legal requirements and to the Company's system of internal controls. Unrecorded or "off the books" funds or assets should not be maintained unless permitted by applicable law or regulation. Records should always be retained or destroyed according to the Company's record retention policies. In accordance with those policies, in the event of litigation or governmental investigation, please consult the Board or the Company's internal or external legal counsel.

**9.** **Improper Influence on Conduct of Audits**

No director, officer or employee, or any other person acting under the direction thereof, shall directly or indirectly take any action to coerce, manipulate, mislead or fraudulently influence any public or certified public accountant engaged in the performance of an audit or review of the financial statements of the Company or take any action that such person knows or should know that if successful could result in rendering the Company's financial statements materially misleading. Any person who believes such improper influence is being exerted should report such action to such person's supervisor, or if that is impractical under the circumstances, to any of our directors.

Types of conduct that could constitute improper influence include, but are not limited to, directly or indirectly:

● Offering or paying bribes or other financial incentives, including future employment or contracts for non-audit services;

● Providing an auditor with an inaccurate or misleading legal analysis;

● Threatening to cancel or canceling existing non-audit or audit engagements if the auditor objects to the Company's accounting;

● Seeking to have a partner removed from the audit engagement because the partner objects to the Company's accounting;

● Blackmailing; and

● Making physical threats.

**10.** **Anti-Corruption Laws**

The Company complies with the anti-corruption laws of the countries in which it does business, including the U.S. Foreign Corrupt Practices Act. To the extent prohibited by applicable law, directors, officers and employees will not directly or indirectly give anything of value to government officials, including employees of state-owned enterprises or foreign political candidates. These requirements apply both to Company employees and agents, such as third party sales representatives, no matter where they are doing business. If you are authorized to engage agents, you are responsible for ensuring they are reputable and for obtaining a written agreement to uphold the Company's standards in this area.

**11.** **Violations**

Violation of this Code is grounds for disciplinary action up to and including termination of employment. Such action is in addition to any civil or criminal liability which might be imposed by any court or regulatory agency.

**12.** **Other Policies and Procedures**

Any other policy or procedure set out by the Company in writing or made generally known to employees, officers, or directors of the Company prior to the date hereof or hereafter are separate requirements and remain in full force and effect.

**13.** **Inquiries**

All inquiries and questions in relation to this Code or its applicability to particular people or situations should be addressed to the Company's Secretary.

## Exhibit 14.2

**Exhibit 14.2**

**Keystone Global Financial Group (the "Company")**

**CLAWBACK POLICY**

**<u>Introduction</u>**

The Board of Directors of the Company (the "**Board**") believes that it is in the best interests of the Company and its shareholders to create and maintain a culture that emphasizes integrity and accountability and that reinforces the Company's pay-for-performance compensation philosophy. The Board has therefore adopted this policy which provides for the recoupment of certain executive compensation in the event of an accounting restatement resulting from material noncompliance with financial reporting requirements under the federal securities laws (the "**Policy**"). This Policy is designed to comply with Section 10D of the Securities Exchange Act of 1934 (the "**Exchange Act**").

**<u>Administration</u>**

This Policy shall be administered by the Board or, if so designated by the Board, the Compensation Committee, in which case references herein to the Board shall be deemed references to the Compensation Committee. Any determinations made by the Board shall be final and binding on all affected individuals.

**<u>Covered Executives</u>**

This Policy applies to the Company's current and former executive officers, as determined by the Board in accordance with Section 10D of the Exchange Act and the listing standards of the national securities exchange on which the Company's securities are listed, and such other senior executives and employees who may from time to time be deemed subject to the Policy by the Board ("**Covered Executives**").

**<u>Recoupment; Accounting Restatement</u>**

In the event the Company is required to prepare an accounting restatement of its financial statements due to the Company's material noncompliance with any financial reporting requirement under the securities laws, the Board will require reimbursement or forfeiture of any excess Incentive Compensation received by any Covered Executive during the three completed fiscal years immediately preceding the date on which the Company is required to prepare an accounting restatement.

**<u>Incentive Compensation</u>**

For purposes of this Policy, Incentive Compensation means any of the following; provided that, such compensation is granted, earned, or vested based wholly or in part on the attainment of a financial reporting measure:

● Annual bonuses and other short- and long-term cash incentives.

● Stock options.

● Stock appreciation rights.

● Restricted stock.

● Restricted stock units.

● Performance shares.

● Performance units.

Financial reporting measures include, without limitation:

● Company stock price.

● Total shareholder return.

● Revenues.

● Net income.

● Earnings before interest, taxes, depreciation, and amortization (EBITDA).

● Funds from operations.

● Liquidity measures such as working capital or operating cash flow.

● Return measures such as return on invested capital or return on assets.

● Earnings measures such as earnings per share.

**<u>Excess Incentive Compensation: Amount Subject to Recovery</u>**

The amount to be recovered will be the excess of the Incentive Compensation paid to the Covered Executive based on the erroneous data over the Incentive Compensation that would have been paid to the Covered Executive had it been based on the restated results, as determined by the Board.

If the Board cannot determine the amount of excess Incentive Compensation received by the Covered Executive directly from the information in the accounting restatement, then it will make its determination based on a reasonable estimate of the effect of the accounting restatement.

**<u>Method of Recoupment</u>**

The Board will determine, in its sole discretion, the method for recouping Incentive Compensation hereunder which may include, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;(a) requiring reimbursement of cash Incentive Compensation previously
paid;

&nbsp;&nbsp;&nbsp;&nbsp;(b) seeking recovery of any gain realized on the vesting, exercise,
settlement, sale, transfer, or other disposition of any equity-based awards;

&nbsp;&nbsp;&nbsp;&nbsp;(c) offsetting the recouped amount from any compensation otherwise
owed by the Company to the Covered Executive;

(d)) cancelling outstanding vested or unvested equity awards; and/or

&nbsp;&nbsp;&nbsp;&nbsp;(e) taking any other remedial and recovery action permitted by
law, as determined by the Board.

**<u>No Indemnification</u>**

The Company shall not indemnify any Covered Executives against the loss of any incorrectly awarded Incentive Compensation.

**<u>Interpretation</u>**

The Board is authorized to interpret and construe this Policy and to make all determinations necessary, appropriate, or advisable for the administration of this Policy. It is intended that this Policy be interpreted in a manner that is consistent with the requirements of Section 10D of the Exchange Act and any applicable rules or standards adopted by the Securities and Exchange Commission or any national securities exchange on which the Company's securities are listed.

**<u>Effective Date</u>**

This Policy shall be effective as of the date it is adopted by the Board (the "**Effective Date**") and shall apply to Incentive Compensation that is approved, awarded or granted to Covered Executives on or after that date.

**<u>Amendment; Termination</u>**

The Board may amend this Policy from time to time in its discretion and shall amend this Policy as it deems necessary to reflect final regulations adopted by the Securities and Exchange Commission under Section 10D of the Exchange Act and to comply with any rules or standards adopted by a national securities exchange on which the Company's securities are listed. The Board may terminate this Policy at any time.

**<u>Other Recoupment Rights</u>**

The Board intends that this Policy will be applied to the fullest extent of the law. The Board may require that any employment agreement, equity award agreement, or similar agreement entered into on or after the Effective Date shall, as a condition to the grant of any benefit thereunder, require a Covered Executive to agree to abide by the terms of this Policy. Any right of recoupment under this Policy is in addition to, and not in lieu of, any other remedies or rights of recoupment that may be available to the Company pursuant to the terms of any similar policy in any employment agreement, equity award agreement, or similar agreement and any other legal remedies available to the Company.

**<u>Impracticability</u>**

The Board shall recover any excess Incentive Compensation in accordance with this Policy unless such recovery would be impracticable, as determined by the Board in accordance with Rule 10D-1 of the Exchange Act and the listing standards of the national securities exchange on which the Company's securities are listed.

**<u>Successors</u>**

This Policy shall be binding and enforceable against all Covered Executives and their beneficiaries, heirs, executors, administrators or other legal representatives.

## Exhibit 14.3

**Exhibit 14.3**

**Keystone Global Financial Group**

Statement of Policy Concerning Trading in Company Securities

**TABLE OF CONTENTS**

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| | | | |
|:---|:---|:---|:---|
|  |  |  | **Page No.** |
| I. | Summary of Policy Concerning Trading in Company Securities | Summary of Policy Concerning Trading in Company Securities | 1 |
| II. | The Use of Inside Information in Connection with Trading in Securities | The Use of Inside Information in Connection with Trading in Securities | 1 |
|  | A. | General Rule. | 1 |
|  | B. | Who Does the Policy Apply To? | 2 |
|  | C. | Other Companies' Stock. | 3 |
|  | D. | Hedging and Derivatives. | 3 |
|  | E. | Pledging of Securities, Margin Accounts. | 3 |
|  | F. | General Guidelines. | 3 |
|  | G. | Applicability of U.S. Securities Laws to International Transactions. | 5 |
| III. | Other Limitations on Securities Transactions | Other Limitations on Securities Transactions | 6 |
|  | A. | Public Resales – Rule 144. | 6 |
|  | B. | Private Resales. | 7 |
|  | C. | Restrictions on Purchases of Company Securities. | 7 |
|  | D. | Filing Requirements. | 7 |

---

i

I. SUMMARY OF POLICY CONCERNING TRADING IN COMPANY SECURITIES

It is the policy of Keystone Global Financial Group and its subsidiaries (collectively, the "**Company**") that it will, without exception, comply with all applicable laws and regulations in conducting its business. Each employee, each executive officer and each director is expected to abide by this policy. When carrying out Company business, employees, executive officers and directors must avoid any activity that violates applicable laws or regulations. In order to avoid even an appearance of impropriety, the Company's directors, officers and certain other employees are subject to pre-approval requirements and other limitations on their ability to enter into transactions involving the Company's securities. Although these limitations do not apply to transactions pursuant to written plans for trading securities that comply with Rule 10b5-1 under the Securities Exchange Act of 1934 (the "**Exchange Act**"), the entry into, amendment or termination of any such written trading plan is subject to pre-approval requirements and other limitations.

II. THE USE OF INSIDE INFORMATION IN CONNECTION WITH TRADING IN SECURITIES

&nbsp;&nbsp;&nbsp;&nbsp;A. General Rule.

The U.S. securities laws regulate the sale and purchase of securities in the interest of protecting the investing public. U.S. securities laws give the Company, its officers and directors, and other employees the responsibility to ensure that information about the Company is not used unlawfully in the purchase and sale of securities.

All employees, executive officers and directors should pay particularly close attention to the laws against trading on "inside" information. These laws are based upon the belief that all persons trading in a company's securities should have equal access to all "material" information about that company. Information is considered to be "material" if its disclosure would be reasonably likely to affect (1) an investor's decision to buy or sell the securities of the company to which the information relates, or (2) the market price of that company's securities. While it is not possible to identify in advance all information that will be deemed to be material, some examples of such information would include the following: earnings; financial results or projections; dividend actions; mergers and acquisitions; capital raising and borrowing activities; major dispositions; major new customers, projects or products; significant advances in product development; new technologies; major personnel changes in management or change in control; expansion into new markets; unusual gains or losses in major operations; major litigation or legal proceedings; granting of stock options; and major sales and marketing changes. When doubt exists, the information should be presumed to be material. If you are unsure whether information of which you are aware is inside information, you should consult with the Company's Chief Financial Officer. No individuals other than specifically authorized personnel may release material information to the public or respond to inquiries from the media, analysts or others. If you are contacted by the media or by a research analyst seeking information about the Company and if you have not been expressly authorized by the Company's Chief Financial Officer to provide information to the media or to analysts, you should refer the call to the Chief Financial Officer. On occasion, it may be necessary for legitimate business reasons to disclose inside information to outside persons. Such persons might include investment bankers, lawyers, auditors or other companies seeking to engage in a potential transaction with the Company. In such circumstances, the information should not be conveyed until an express understanding has been reached that such information is not to be used for trading purposes and may not be further disclosed other than for legitimate business reasons. For example, if an employee, an executive officer or a director of a company knows material non-public financial information, that employee, executive officer or director is prohibited from buying or selling shares in the company until the information has been disclosed to the public. This is because the employee, executive officer or director knows information that will probably cause the share price to change, and it would be unfair for the employee or director to have an advantage (knowledge that the share price will change) that the rest of the investing public does not have. In fact, it is more than unfair; it is considered to be fraudulent and illegal. Civil and criminal penalties for this kind of activity are severe.

The general rule can be stated as follows: It is a violation of federal securities laws for any person to buy or sell securities if he or she is in possession of material inside information. Information is material if there is a substantial likelihood that a reasonable investor would consider it important in making an investment decision. It is inside information if it has not been publicly disclosed in a manner making it available to investors generally on a broad-based non-exclusionary basis. Furthermore, it is illegal for any person in possession of material inside information to provide other people with such information or to recommend that they buy or sell the securities. (This is called "**tipping**"). In that case, they may both be held liable.

The Securities and Exchange Commission (the "**SEC**"), the stock exchanges and plaintiffs' lawyers focus on uncovering insider trading. A breach of the insider trading laws could expose the insider to criminal fines up to three times the profits earned and imprisonment up to ten years, in addition to civil penalties (up to three times of the profits earned), and injunctive actions. In addition, punitive damages may be imposed under applicable state laws. Securities laws also subject controlling persons to civil penalties for illegal insider trading by employees, including employees located outside the United States. Controlling persons include directors, officers, and supervisors. These persons may be subject to fines up to the greater of $1,000,000 or three times profit (or loss avoided) by the insider trader.

Inside information does not belong to the individual directors, officers or other employees who may handle it or otherwise become knowledgeable about it. It is an asset of the Company. For any person to use such information for personal benefit or to disclose it to others outside the Company violates the Company's interests. More particularly, in connection with trading in the Company's securities, it is a fraud against members of the investing public and against the Company.

All directors, executive officers and employees of the Company must observe these policies at all times. Your failure to do so will be grounds for internal disciplinary action, up to and including termination of your employment or directorship.

&nbsp;&nbsp;&nbsp;&nbsp;B. Who Does the Policy Apply To?

The prohibition against trading on inside information applies to directors, officers and all other employees, and to other people who gain access to that information. The prohibition applies to both domestic and international employees of the Company and its subsidiaries. Because of their access to confidential information on a regular basis, Company policy subjects its directors and certain employees (the "**Window Group**") to additional restrictions on trading in Company securities. The restrictions for the Window Group are discussed in Section F below. In addition, directors and certain employees with inside knowledge of material information may be subject to ad hoc restrictions on trading from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;C. Other Companies' Stock.

Employees, executive officers and directors who learn material information about suppliers, customers, or competitors through their work at the Company, should keep it confidential and not buy or sell stock in such companies until the information becomes public. Employees, executive officers and directors should not give tips about such stock.

&nbsp;&nbsp;&nbsp;&nbsp;D. Hedging and Derivatives.

Employees, executive officers and directors are prohibited from engaging in any hedging transactions (including transactions involving options, puts, calls, prepaid variable forward contracts, equity swaps, collars and exchange funds or other derivatives) that are designed to hedge or speculate on any change in the market value of the Company's equity securities.

Trading in options or other derivatives is generally highly speculative and very risky. People who buy options are betting that the stock price will move rapidly. For that reason, when a person trades in options in his or her employer's stock, it will arouse suspicion in the eyes of the SEC that the person was trading on the basis of inside information, particularly where the trading occurs before a company announcement or major event. It is difficult for an employee, executive officer or director to prove that he or she did not know about the announcement or event.

If the SEC or the Nasdaq Capital Market were to notice active options trading by one or more employees, executive officers or directors of the Company prior to an announcement, they would investigate. Such an investigation could be embarrassing to the Company (as well as expensive), and could result in severe penalties and expense for the persons involved. For all of these reasons, the Company prohibits its employees, executive officers and directors from trading in options or other derivatives involving the Company's stock. This policy does not pertain to employee stock options granted by the Company. Employee stock options cannot be traded.

&nbsp;&nbsp;&nbsp;&nbsp;E. Pledging of Securities, Margin Accounts.

Pledged securities may be sold by the pledgee without the pledgor's consent under certain conditions. For example, securities held in a margin account may be sold by a broker without the customer's consent if the customer fails to meet a margin call. Because such a sale may occur at a time when an employee, executive officer or a director has material inside information or is otherwise not permitted to trade in Company securities, the Company prohibits employees, executive officers and directors from pledging Company securities in any circumstance, including by purchasing Company securities on margin or holding Company securities in a margin account.

&nbsp;&nbsp;&nbsp;&nbsp;F. General Guidelines.

The following guidelines should be followed in order to ensure compliance with applicable antifraud laws and with the Company's policies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Nondisclosure</u>. Material inside information must not be disclosed to anyone, except to persons within the Company whose positions require them to know it. Tipping refers to the transmission of inside information from an insider to another person. Sometimes this involves a deliberate conspiracy in which the tipper passes on information in exchange for a portion of the "tippee's" illegal trading profits. Even if there is no expectation of profit, however, a tipper can have liability if he or she has reason to know that the information may be misused. Tipping inside information to another person is like putting your life in that person's hands. So the safest choice is: Don't tip.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Trading in Company Securities</u>. No employee, executive officer or director should place a purchase or sale order, or recommend that another person place a purchase or sale order in the Company's securities when he or she has knowledge of material information concerning the Company that has not been disclosed to the public. This includes orders for purchases and sales of stock and convertible securities, including engaging in any "short sales" of the Company's securities. The exercise of employee stock options is not subject to this policy. However, stock that was acquired upon exercise of a stock option will be treated like any other stock, and may not be sold by an employee who is in possession of material inside information. Any employee, executive officer or director who possesses material inside information should wait until the start of the third business day after the information has been publicly released before trading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Avoid Speculation</u>. Investing in the Company's common stock provides an opportunity to share in the future growth of the Company. But investment in the Company and sharing in the growth of the Company does not mean short range speculation based on fluctuations in the market. Such activities put the personal gain of the employee, executive officer or director in conflict with the best interests of the Company and its stockholders. Although this policy does not mean that employees, executive officers or directors may never sell shares, the Company encourages employees, executive officers and directors to avoid frequent trading in Company stock. Speculating in Company stock is not part of the Company culture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Trading in Other Securities</u>. No employee, executive officer or director should place a purchase or sale order, or recommend that another person place a purchase or sale order, in the securities of another corporation (such as a supplier, an acquisition target or a competitor), if the employee, executive officer or director learns in the course of his or her employment confidential information about the other corporation that is likely to affect the value of those securities. For example, it would be a violation of the securities laws if an employee, executive officer or director learned through Company sources that the Company intended to purchase assets from a company, and then placed an order to buy or sell stock in that other company because of the likely increase or decrease in the value of its securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Restrictions on the Window Group</u>. The Window Group consists of (i) directors, executive officers and vice presidents of the Company and their assistants and household members, (ii) subset of employees in the financial reporting, business development or legal groups and (iii) such other persons as may be designated from time to time and informed of such status by the Company's Chief Financial Officer and general counsel or an officer with similar duties and responsibilities of the Company (the "**General Counsel**"). The Window Group is subject to the following restrictions on trading in Company securities:

● trading is permitted from the start of the third business day following the release of the Company's quarterly and annual earnings until the 16th calendar day of the last month of the then current fiscal quarter (the "**Window** "), subject to the restrictions below;

● all trades are subject to prior review;

● The Window Group must submit a request for approval in a form set forth in Annex B hereto from the Company's Chief Financial Officer and General Counsel before making any trade in Company Securities; requests for approval of trades by the Chief Financial Officer and General Counsel should be submitted to the Chief Executive Officer;

● no trading is permitted outside the Window except for reasons of exceptional personal hardship and subject to prior review by the Chief Financial Officer and General Counsel; provided that, if one of these individuals wishes to trade outside the Window, it shall be subject to prior review by the other; and

● individuals in the Window Group are also subject to the general restrictions on all employees.

Note that at times Chief Financial Officer and the General Counsel may determine that no trades may occur even during the Window when clearance is requested. No reasons may be provided and the closing of the Window itself may constitute material inside information that should not be communicated.

The foregoing Window Group restrictions do not apply to transactions pursuant to written plans for trading securities that comply with Rule 10b5-1 under the Exchange Act ("**10b5-1 Plans**") described in <u>Annex A</u> hereto. However, Window Group members may not enter into, amend or terminate a 10b5-1 Plan relating to Company securities without the prior approval of Chief Financial Officer and the General Counsel, which will only be given during a Window period.

The Company from time to time may also impose an *ad hoc* trading freeze on all officers, directors, and other members of the Window Group due to significant unannounced corporate developments. These trading freezes may vary in length.

Executive officers, directors or any other member of the Window Group must promptly report to the Chief Financial Officer and General Counsel any transaction in any of the Company's securities by his or her or any of their respective assistants or family members other than transactions made pursuant to an approved 10b5-1 Plan (as defined below).

***In summary, every employee of the Company is subject to trading restrictions when in possession of inside information regarding the Company. In addition, officers, directors, and other members of the Window Group are subject to paragraph 5 above restricting their trading to window periods and requiring pre-clearance.***

 ****

***You must promptly report to the chief financial officer and the general counsel any trading in the company's securities by anyone or disclosure of inside information by COMPANY personnel that you have reason to believe may violate this Policy or the securities laws of the United States.***

&nbsp;&nbsp;&nbsp;&nbsp;G. Applicability of U.S. Securities Laws to International Transactions.

All employees of the Company' and its subsidiaries are subject to the restrictions on trading in Company securities and the securities of other companies. The U.S. securities laws may be applicable to the securities of the Company's subsidiaries or affiliates, even if they are located outside the United States. Transactions involving securities of Hong Kong subsidiaries or affiliates should be carefully reviewed by counsel for compliance not only with applicable Hong Kong law but also for possible application of U.S. securities laws.

III. OTHER LIMITATIONS ON SECURITIES TRANSACTIONS

&nbsp;&nbsp;&nbsp;&nbsp;A. Public Resales – Rule 144.

The U.S. Securities Act (the "**Securities Act**") requires every person who offers or sells a security to register such transaction with the SEC unless an exemption from registration is available. Rule 144 under the Securities Act is the exemption typically relied upon for (i) public resales by any person of "restricted securities" (*i.e.*, unregistered securities acquired in a private offering or sale) and (ii) public resales by directors, officers and other control persons of a company (known as "**affiliates**") of any of the Company's securities, whether restricted or unrestricted.

The exemption in Rule 144 may only be relied upon if certain conditions are met. These conditions vary based upon whether the Company has been subject to the SEC's reporting requirements for 90 days (and is therefore a "reporting company" for purposes of the rule) and whether the person seeking to sell the securities is an affiliate or not.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Holding Period</u>. Restricted securities issued by a reporting company (i.e., a company that has been subject to the SEC's reporting requirements for at least 90 days) must be held and fully paid for a period of six months prior to their sale. Restricted securities issued by a non-reporting company are subject to a one-year holding period. The holding period requirement does not apply to securities held by affiliates that were acquired either in the open market or in a public offering of securities registered under the Securities Act. Generally, if the seller acquired the securities from someone other than the Company or an affiliate of the Company, the holding period of the person from whom the seller acquired such securities can be "tacked" to the seller's holding period in determining if the holding period has been satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Current Public Information</u>. Current information about the Company must be publicly available before the sale can be made. The Company's periodic reports filed with the SEC ordinarily satisfy this requirement. If the seller is not an affiliate of the Company issuing the securities (and has not been an affiliate for at least three months) and one year has passed since the securities were acquired from the issuer or an affiliate of the issuer (whichever is later), the seller can sell the securities without regard to the current public information requirement.

Rule 144 also imposes the following additional conditions on sales by persons who are "affiliates." A person or entity is considered an "affiliate," and therefore subject to these additional conditions, if it is currently an affiliate or has been an affiliate within the previous three months:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Volume Limitations</u>. The amount of debt securities which can be sold by an affiliate during any three-month period cannot exceed 10% of a tranche (or class when the securities are non-participatory preferred stock), together with all sales of securities of the same tranche sold for the account of the affiliate. The amount of equity securities that can be sold by an affiliate during any three-month period cannot exceed the greater of (i) one percent of the outstanding shares of the class or (ii) the average weekly reported trading volume for shares of the class during the four calendar weeks preceding the time the order to sell is received by the broker or executed directly with a market maker.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Manner of Sale</u>. Equity securities held by affiliates must be sold in unsolicited brokers' transactions, directly to a market-maker or in riskless principal transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Notice of Sale</u>. An affiliate seller must file a notice of the proposed sale with the SEC at the time the order to sell is placed with the broker, unless the amount to be sold neither exceeds 5,000 shares nor involves sale proceeds greater than $50,000. See "Filing Requirements".

 

*Bona fide* gifts are not deemed to involve sales of shares for purposes of Rule 144, so they can be made at any time without limitation on the amount of the gift. Donees who receive restricted securities from an affiliate generally will be subject to the same restrictions under Rule 144 that would have applied to the donor, depending on the circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;B. Private Resales.

Directors and officers also may sell securities in a private transaction without registration. Although there is no statutory provision or SEC rule expressly dealing with private sales, the general view is that such sales can safely be made by affiliates if the party acquiring the securities understands he is acquiring restricted securities that must be held for at least six months (if issued by a reporting company that meets the current public information requirements) or one-year (if issued by a non-reporting company) before the securities will be eligible for resale to the public under Rule 144. Private resales raise certain documentation and other issues and must be reviewed in advance by the Company's General Counsel.

&nbsp;&nbsp;&nbsp;&nbsp;C. Restrictions on Purchases of Company Securities.

In order to prevent market manipulation, the SEC adopted Regulation M under the U.S. Exchange Act. Regulation M generally restricts the Company or any of its affiliates from buying Company stock, including as part of a share buyback program, in the open market during certain periods while a distribution, such as a public offering, is taking place. You should consult with the Company's General Counsel, if you desire to make purchases of Company stock during any period that the Company is making conducting an offering or buying shares from the public.

&nbsp;&nbsp;&nbsp;&nbsp;D. Filing Requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Schedule 13D and 13G</u>. Section 13(d) of the Exchange Act requires the filing of a statement on Schedule 13D (or on Schedule 13G, in certain limited circumstances) by any person or group which acquires beneficial ownership of more than five percent of a class of equity securities registered under the Exchange Act. The threshold for reporting is met if the stock owned, when coupled with the amount of stock subject to options exercisable within 60 days, exceeds the five percent limit.

A report on Schedule 13D is required to be filed with the SEC and submitted to the Company within ten days after the reporting threshold is reached. If a material change occurs in the facts set forth in the Schedule 13D, such as an increase or decrease of one percent or more in the percentage of stock beneficially owned, an amendment disclosing the change must be filed promptly. A decrease in beneficial ownership to less than five percent is per se material and must be reported.

A limited category of persons (such as banks, broker-dealers and insurance companies) may file on Schedule 13G, which is a much abbreviated version of Schedule 13D, as long as the securities were acquired in the ordinary course of business and not with the purpose or effect of changing or influencing the control of the issuer. A report on Schedule 13G is required to be filed with the SEC and submitted to the Company within 45 days after the end of the calendar year in which the reporting threshold is reached.

A person is deemed the beneficial owner of securities for purposes of Section 13(d) if such person has or shares voting power (*i.e.*, the power to vote or direct the voting of the securities) or dispositive power (*i.e.*, the power to sell or direct the sale of the securities). A person filing a Schedule 13D or 13G may disclaim beneficial ownership of any securities attributed to him or her if he or she believes there is a reasonable basis for doing so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Form 144</u>. As described above under the discussion of Rule 144, an affiliate seller relying on Rule 144 must file a notice of proposed sale with the SEC at the time the order to sell is placed with the broker unless the amount to be sold during any three-month period neither exceeds 5,000 shares nor involves sale proceeds greater than $50,000.

**<u>Annex A</u>**

 ****

***Overview of 10b5-1 Plans***

Under Rule 10b5-1, large stockholders, directors, officers and other insiders who regularly possess material nonpublic information (MNPI) but who nonetheless wish to buy or sell stock may establish an affirmative defense to an illegal insider trading charge by adopting a written plan to buy or sell at a time when they are not in possession of MNPI. A 10b5-1 plan typically takes the form of a contract between the insider and his or her broker.

The plan must be entered into at a time when the insider has no MNPI about the company or its securities (even if no trades will occur until after the release of the MNPI). The plan must:

1. specify the amount, price (which may include a limit price) and specific dates of purchases or sales; or

2. include a formula or similar method for determining amount, price and date; or

3. give the broker the exclusive right to determine whether, how and when to make purchases and sales, as long as the broker does so without being aware of MNPI at the time the trades are made.

Under the first two alternatives, the 10b5-1 plan cannot give the broker any discretion as to trade dates. As a result, a plan that requests the broker to sell 1,000 shares per week would have to meet the requirements under the third alternative. On the other hand, under the second alternative, the date may be specified by indicating that trades should be made on any date on which the limit price is hit. The affirmative defense is only available if the trade is in fact made pursuant to the preset terms of the10b5-1 plan (unless the terms are revised at a time when the insider is not aware of any MNPI and could therefore enter into a new plan). Trades are deemed not to have been made pursuant to the plan if the insider later enters into or alters a corresponding or hedging transaction or position with respect to the securities covered by the plan (although hedging transactions could be part of the plan itself).

 **

***Guidelines for 10b5-1 Plans***

 

***When can a plan be adopted or amended?*** Because Rule 10b5-1 prohibits an insider from adopting or amending a plan while in possession of MNPI, allegations of insider trading despite the existence of a 10b5-1 plan are likely to focus on what was known at the time of plan adoption or amendment. It is recommended that companies permit an executive to adopt or amend a 10b5-1 plan only when the executive can otherwise buy or sell securities under the company's insider trading policy, such as during an open window immediately after the announcement of quarterly earnings.

 ****

***Should a plan impose a waiting period before trading can begin?*** Because an insider cannot have MNPI when a plan is adopted or amended, Rule 10b5-1 does not require the plan to include a waiting period before trading can begin. And importantly, including a waiting period (even a lengthy delay) will not correct the fatal flaw of adopting or amending a plan while in possession of MNPI. Many companies, however, require 10b5-1 plans to include a waiting period as a matter of risk management, in order to decrease the likelihood of the scrutiny that can occur when an executive's trading activity suddenly commences before material news is announced. Practice varies as to length (anywhere from 10 days to the next open window), although the rationale for including a waiting period is usually stronger when the period is long enough to be able to say that any information currently in the insider's possession should either be stale or public by the time trading commences. This has no bearing on the effectiveness of a 10b5-1 plan, but a longer delay can, as a matter of optics, help an insider demonstrate that he or she was not motivated to make trades by nonpublic information available at the time of plan adoption or amendment.

 ****

***Should adoption of a plan be announced publicly?*** Generally speaking, there is no requirement to publicly disclose the adoption, amendment or termination of a 10b5-1 plan, although in some cases public announcement may be advisable due to the identity of the insider, the magnitude of the plan, or other special factors. That said, announcing the adoption of a 10b5-1 plan may be a useful way to head off future public relations issues, since announcing a plan's adoption prepares the market and should help investors understand the reasons for insider sales when trades are later reported. If a company decides to announce the adoption of a 10b5-1 plan, we do not generally recommend disclosing plan details, other than, perhaps, the aggregate number of shares involved; this is to diminish the ability of market professionals to front-run the insider's transactions. It is unusual to announce the suspension or termination of a plan.

 ****

***What else should we consider when amending or modifying a plan?*** As noted above, an insider may only modify or amend a 10b5-1 plan when he or she is not in possession of MNPI. Even if an insider is not in possession of MNPI at the time of amendment, a pattern of amending or modifying one's plan raises the question of whether the insider is using the plan as a legitimate tool to diversify his or her risk exposure and monetize assets, or as a way to opportunistically step in and out of the market. Because Rule 10b5-1 provides an affirmative defense but not a safe harbor, insiders and their companies should be aware that the effectiveness of the affirmative defense could be diminished by a pattern of plan amendments and modifications.

 ****

***Can a plan be terminated or suspended?*** Unlike amending a plan, a 10b5-1 plan may legally be terminated before its predetermined end date even though the insider is in possession of MNPI (although some brokers' forms prohibit this as a contractual matter). Because plan sales shortly before the announcement of bad news can generate unwanted attention, an insider may decide to terminate a plan in the face of an impending negative announcement, even though as a technical matter the affirmative defense would be expected to cover the sales. On the other hand, terminating a selling plan before an impending positive announcement may raise the suspicion that the insider is using Rule 10b5-1 as a way to opportunistically time the market, thereby risking the likelihood that his or her future use of the affirmative defense will be successful.

It is generally suggested that plan terminations initiated by an insider take place during an open window, absent special circumstances and approval by the general counsel. It may also make sense for the general counsel to have the ability, but not the responsibility, to terminate the plan. Plans should also allow for mandatory suspension if legally required, for example due to Regulation M or tax reasons.

 ****

***How long should a plan last?*** In order to minimize the need for early termination, the term of the plan should be carefully weighed at the outset. An optimal plan term will be long enough to distance the insider, and any current knowledge that he or she may have, from a particular trade but short enough that it will not require termination should the insider's financial planning strategies change. A short "one-off" 10b5-1 plan can appear to be timed to take advantage of MNPI. On the other hand, the longer the plan term, the greater the likelihood that it will need to be modified or terminated. Most plans tend to have a term of six months to two years.

***Should the company pre-clear or review an executive's plan?*** It is generally recommended that the company pre-clear or review a proposed 10b5-1 plan, which may provide assurance that the plan complies with best practices. Certain companies disallow the third type of plan (one that gives the broker the right to determine whether, how and when to make purchases) in order to avoid the evidentiary difficulty associated with proving that the executive did not communicate with the broker with respect to trades under the plan. While this is not required, this is a prudent option to consider.

In addition to requiring a 10b-5 plan to be pre-approved by the Company, other limits that are sometimes considered are whether to set a maximum percentage of holdings that can be subject to a 10b5-1 plan, and rules for setting price floors.

**<u>Annex B</u>**

**Request for Approval to Trade in the Securities of Keystone Global Financial Group**

---

| |
|:---|
| To: Chief Financial Officer / General Counsel |
| From: |
| Print Name |
| I hereby request approval for myself (or a member of my immediate family or household or a family member whose transactions regarding securities of Keystone Global Financial Group are directed by me or are subject to my influence or control) to execute the following transaction relating to the securities of Keystone Global Financial Group. |
| Type of transaction (check one): |

---

☐ PURCHASE

☐ SALE

☐ EXERCISE OPTION (AND SELL SHARES)

☐ OTHER

Securities involved in transaction:  

Number of securities:  

Other (please explain):  

Name of beneficial owner if other than yourself:  

Relationship of beneficial owner to yourself:  

Signature:   Date:  

**This Authorization is valid until the earlier of thirty (30) calendar days after the date of this Approval or until the commencement of a "blackout" period.**

Approved by:  

Name:   <br>Date:   Time:

## Exhibit 21.1

**Exhibit 21.1**

**KEYSTONE GLOBAL FINANCIAL GROUP**

**LIST OF SUBSIDIARIES**

---

| | |
|:---|:---|
| **Name of Subsidiary** | **Jurisdiction of incorporation or origination** |
| Keystone Capital Limited | Hong Kong |

---

## Exhibit 23.1

**Exhibit 23.1**

---

| | |
|:---|:---|
| ![](ex23-1_001.jpg) | **SRCO Professional Corporation**<br> **Chartered Professional Accountants**<br> **Licensed Public Accountants**<br> Park Place Corporate Centre<br> 15 Wertheim Court, Suite 409<br> Richmond Hill, ON Canada L4B 3H7<br>Tel: 905 882 9500 & 416 671 7292<br> Fax: 905 882 9580<br> Email: info@srco.ca<br> www.srco.ca |

---

**<u>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>**

We hereby consent to the use in this Registration Statement on Form F-1 of our report dated October 9, 2025, relating to the consolidated financial statements of Keystone Global Financial Group and its subsidiaries comprising the consolidated balance sheets as of December 31, 2024 and 2023 and the related consolidated statements of operations and comprehensive income, changes in shareholders' equity, and cash flows for each of the years in the two-year period ended December 31, 2024 and related notes.

We also consent to the reference to our Firm under the caption "Experts" in the Registration Statement.

*/s/ SRCO Professional Corporation*

CHARTERED PROFESSIONAL ACCOUNTANTS

Authorized to practice public accounting by the

Chartered Professional Accountants of Ontario

Richmond Hill, Ontario, Canada

October 9, 2025

## Exhibit 23.4

**Exhibit 23.4**

![](ex23-4_001.jpg)

China Research and Intelligence Co., Ltd.

Room A606, No. 1500, Longwu Road, Xuhui District

Shanghai 200231 PRC

+86 21 6150 9726

www.cri-report.com

Consent of China Research and Intelligence Co., Ltd.

Keystone Global Financial Group

902-3A, 19/F

FWD Financial Centre, 308-320 Des Voeux Road Central

Sheung Wan, Hong Kong

Tel: +852 3577 8660

October 9, 2025

Dear Sir/Madam:

Reference is made to the Form F-1 registration statement, as amended (the "Registration Statement"), relating to the registration of ordinary shares, with no par value, of Keystone Global Financial Group (the "Company"). We hereby consent to all references to our name in the Registration Statement, including in the sections entitled "Industry Overview" and quotation and summarization of *Hong Kong External Asset Management Industry Report* (the "*CRI Report*") in the Registration Statement.

We hereby consent to the filing of this letter as an exhibit to the Registration Statement to be filed with the U.S. Securities and Exchange Commission pursuant to the Securities Act of 1933, as amended, and the reference to our firm in the section of the Registration Statement entitled "Experts."

---

| | |
|:---|:---|
| Yours sincerely, |  |
| For and on behalf of |  |
| China Research and Intelligence Co., Ltd. |  |
| */s/ China Research and Intelligence Co., Ltd.* | |
| Name: Hans Tai |  |
| Title: Director |  |

---

## Exhibit 99.1

**Exhibit 99.1**

---

| | |
|:---|:---|
| ![](ex99-1_001.jpg) | ![](ex99-1_001.jpg) |
| Unit A, 12th Floor, China Overseas Building<br> 139 Hennessy Road, Wanchai, Hong Kong<br> Tel : +852 2950 7800<br> Fax : +852 2950 7811 | 香港灣仔軒尼詩道139號<br> 中國海外大廈12樓A室<br> 電話 : +852 2950 7800<br> 傳真 : +852 2950 7811 |

---

Date: October 9, 2025

**Keystone Global Financial Group**<br> 1902-3A, 19/F

FWD Financial Centre

308-320 Des Voeux Road Central

Sheung Wan, Hong Kong

**<u>Attn: the Board of Directors</u>**

Dear Sirs,

**<u>Re: Legal Opinion on Keystone Global Financial Group (the "Company")</u>**

&nbsp;&nbsp;&nbsp;&nbsp;1. We are the legal advisers to the Company (the "**Engagement** ")
as to the laws of the Hong Kong Special Administrative Region of the People's Republic of China ()"**Hong Kong** ")
in connection with the Company's registration statement on Form F-1, including all amendments or supplements thereto (the "**Registration Statement** "), filed by the Company with the Securities and Exchange Commission under the U.S. Securities Act of 1933 (as amended),
and the rules and regulations promulgated thereunder (the "**Rules** "), relating to the initial public offering (the "**Offering** ")
by the Company of its Ordinary Shares (the "**Ordinary Shares**") and listing of the Company's Ordinary Shares on
the Nasdaq Capital Market (the "**Nasdaq** "). We are qualified lawyers of Hong Kong and as such are qualified to issue
this opinion on the laws and regulations of Hong Kong effective as of the date hereof. We have been requested to provide our opinion
on the matters set forth below.

**<u>Applicable law</u>**

&nbsp;&nbsp;&nbsp;&nbsp;2. This opinion is confined solely to Hong Kong laws as applied
by the Hong Kong courts as at the date of this opinion. Accordingly, we express no opinion with regard to any system of law other than
the Hong Kong laws as at the date hereof as currently applied by the Hong Kong courts. This opinion is to be construed in accordance
with the Hong Kong laws. In this opinion, Hong Kong law means Hong Kong domestic law only and not its conflict of law rules. We do not
undertake to advise you of any change in facts or law relevant to this opinion or the opinions expressed herein after the date hereof.

**<u>Assumptions</u>**

&nbsp;&nbsp;&nbsp;&nbsp;3. For the purpose of giving this opinion, we have examined
the documents provided by Keystone Capital Limited (the "**HK Subsidiary**") and obtained other relevant documents as
we deemed necessary or advisable for the purpose of rendering this opinion. Where certain facts were not independently established and
verified by us, we have relied upon statements issued or made by, among others, appropriate representatives of the Company or the HK
Subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;4. Furthermore, we made due inquiries as to other facts and
questions of law as we deem necessary when rendering this opinion.

&nbsp;&nbsp;&nbsp;&nbsp;5. Company searches conducted by us with the Companies Registry
are limited in respect to the information it produces. Also, the company searches do not determine conclusively whether or not an order
has been made or a resolution has been passed for the winding up of a company or for the appointment of a liquidator or other person
to control the assets of a company as notice of such matters might not be filed immediately and, once filed, might not appear immediately
on a company's public file.

PARTNERS CONSULTANT SOLICITORS : : : DAVID L.K. FONG 方良佳律師，TIMOTHY C.K. KWAN 關智傑律師，HERMES H.C. SHIN 單浩銓律師 MATTHEW H.C. WONG 黃漢柱律師 BRUNO C.H. CHAN 陳震雄律師， PAMELA K.Y. NG 吳家宜律師

![](ex99-1_002.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;6. In rendering this opinion, we have, without any further enquiry
or independent verifications, made the following assumptions (the "**Assumptions** "):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) All signatures, seals and chops are genuine, each signature
on behalf of a party thereto is that of a person duly authorized by such party to execute the same, all documents (the "**Documents** ")
submitted to us in relation to the Engagement as originals are authentic, and all documents submitted to us as certified or photostatic
copies conform to the originals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each of the parties (other than the Company's subsidiaries
established in Hong Kong) to the Documents, (a) if a legal person or other entity, is duly organized and is validly existing in good
standing under the laws of its jurisdiction of organization and/or incorporation; or (b) if an individual, has full capacity for civil
conduct; each of them, has full power and authority to execute, deliver and perform its/her/his obligations under such documents to which
it is a party in accordance with the laws of its jurisdiction of organization or incorporation or the laws that it/she/he is subject
to;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Documents remain in full force and effect on the date
of this opinion and have not been revoked, amended or supplemented, and no amendments, revisions, supplements, modifications or other
changes have been made, and no revocation or termination has occurred, with respect to any of such Documents after they were submitted
to us for the purposes of this legal opinion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The accuracy and completeness of all factual representations, whether via oral or written instructions,
provided by the Company to us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The information disclosed by the company searches referred to above is accurate and complete as at the
time of this opinion and conforms to records maintained by the Company and the companies involved. The search would not fail to disclose
any information which had been filed with or delivered to the Companies Registry but had not been processed at the time when the search
was conducted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) The laws of jurisdictions other than Hong Kong which may be applicable to the execution, delivery, performance
or enforcement of the Documents are complied with;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) The instructions and information provided by the Company to us are true and accurate to our best belief;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) There has been no change in the information contained in the latest records of Company and the companies
involved under the Companies Registry made up to the issuance of this opinion.

**<u>Opinions</u>**

&nbsp;&nbsp;&nbsp;&nbsp;7. Subject to the Assumptions and the Qualifications (as defined
below), we are of the opinion that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The HK Subsidiary is validly existing and in good standing under the laws of Hong Kong. It is operating
its businesses legally and had fully complied with the Hong Kong Laws and is not facing any material legal proceedings or any material
legal, governmental, arbitrative proceedings, actions, decisions, demands or orders before any competent court, government agency or arbitration
body in Hong Kong;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Hong Kong Courts may recognize and enforce judgments in civil and commercial matters by the Courts in
the mainland via the Mainland Judgments (Reciprocal Enforcement) Ordinance (Cap. 597) provided certain statutory requirements are satisfied.
Hong Kong Courts may also recognize and enforce judgments from courts in other jurisdictions in accordance to the Foreign Judgments (Reciprocal
Enforcement) Ordinance (Cap. 319) ()"**FJREO** "), the Foreign Judgments (Restriction on Recognition and Enforcement) Ordinance
(Cap. 46) and the common law principles. It is to be noted that probate and bankruptcy matters in relation to matrimonial matters would
not fall within the scope that the FJREO would cover;

![](ex99-1_002.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The statements set forth in the Registration Statement under the captions "Risk Factors",
"Regulations", "Enforceability of Civil Liabilities" in each case insofar as such statements purport to describe
or summarize the Hong Kong legal matters stated therein as at the date hereof, are true and accurate in all material respects, and fairly
present and summarize in all material respects the Hong Kong legal matters stated therein as at the date hereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The statements set forth in the Registration Statement under the caption "Hong Kong Taxation"
and "Legal Matters" are true and accurate in all material respects and that such statements constitute our opinions.

**<u>Qualifications</u>**

&nbsp;&nbsp;&nbsp;&nbsp;8. Our opinion expressed above is subject to the following qualifications (the "**Qualifications** "):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Our opinion is limited to the laws of Hong Kong of general application on the date hereof. We have made
no investigation of, and do not express or imply any views on, the laws of any jurisdiction other than Hong Kong. Accordingly, we express
or imply no opinion directly or indirectly on the laws of any jurisdiction other than Hong Kong;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The laws of Hong Kong referred to herein are laws and regulations publicly available and currently in
force on the date hereof and there is no guarantee that any of such laws and regulations, or the interpretation or enforcement thereof,
will not be changed, amended or revoked in the future with or without retrospective effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Our opinion is subject to the effects of (a) certain legal or statutory principles affecting the enforceability
of contractual rights generally under the concepts of public interest, social ethics, national security, good faith, fair dealing, and
applicable statutes of limitation; (b) any circumstance in connection with formulation, execution or performance of any legal documents
that would be deemed materially mistaken, clearly unconscionable, fraudulent, coercionary or concealing illegal intentions with a lawful
form; (c) judicial discretion with respect to the availability of specific performance, injunctive relief, remedies or defenses, or calculation
of damages; and (d) the discretion of any competent Hong Kong legislative, administrative or judicial bodies in exercising their authority
in Hong Kong;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) This opinion is issued based on the laws of Hong Kong that are currently in effect. For matters not explicitly
provided under the laws of Hong Kong, the future interpretation, implementation and application of the specific requirements under the
laws of Hong Kong are subject to the final discretion of competent Hong Kong legislative, administrative and judicial authorities, and
there can be no assurance that the government agencies will not ultimately take a view that is contrary to our opinion stated above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) We may rely, as to matters of fact (but not as to legal conclusions), to the extent we deem proper, on
certificates and confirmations of responsible officers of the Company and public searches conducted in Hong Kong;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) This opinion is intended to be used in the context which is specifically referred to herein. It should
be read as a whole and each paragraph of the opinion should not be read independently; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) As used in this opinion, the expression "to our best knowledge" or similar language with reference
to matters of fact refers to the current actual knowledge of the solicitors of this firm who have worked on matters for the Company in
connection with the Offering and the transactions contemplated thereunder. We have not undertaken any independent investigation to determine
the existence or absence of any fact, and no inference as to our knowledge of the existence or absence of any fact should be drawn from
our representation of the Company or the rendering of this opinion.

![](ex99-1_002.jpg)

**<u>Consent</u>**

We hereby consent to the use of this opinion in, and the filing hereof as an exhibit to, the Registration Statement, and to the reference to our name in such Registration Statement. In giving such consent, we do not thereby admit that we come within the category of persons whose consent is required under Section 7 of the U.S. Securities Act of 1933, as amended, or the regulations promulgated thereunder.

Yours faithfully,

**/s/David Fong & Co.**

## Exhibit 99.2

**Exhibit 99.2**

**Adopted: _______, 2025**

**AUDIT COMMITTEE CHARTER**

**OF**

**Keystone Global Financial Group**

**Purpose**

The purposes of the Audit Committee (the "**Audit Committee**") of the Board of Directors (the "**Board**") of Keystone Global Financial Group ("**Company**") are to assist the Board in monitoring: (1) the integrity of the annual, quarterly, and other financial statements of the Company, (2) the independent auditor's qualifications and independence, (3) the performance of the Company's independent auditor, and (4) the compliance by the Company with legal and regulatory requirements. The Audit Committee also shall review and approve all related-party transactions.

The Audit Committee shall prepare the report required by the rules of the Securities and Exchange Commission ("**Commission**") to be included in the Company's annual proxy statement.

**Committee Membership**

The Audit Committee shall consist of no fewer than three members of the Board, absent a temporary vacancy. The Audit Committee shall meet with the applicable listing standards of the Nasdaq Capital Market and the independence and experience requirements of Section 10A(m)(3) of the Securities Exchange Act of 1934 (the "**Exchange Act**") and the rules and regulations of the Commission.

The members of the Audit Committee shall be appointed by the Board. Audit Committee members may be replaced by the Board. There shall be a Chairman of the Audit Committee which shall also be appointed by the Board. The Chairman of the Audit Committee shall be a member of the Audit Committee and, if present, shall preside at each meeting of the Audit Committee. He shall advise and counsel with the executives of the Company, and shall perform such other duties as may from time to time be assigned to him by the Audit Committee or the Board of Directors.

**Meetings**

The Audit Committee shall meet as often as it determines, but not less frequently than quarterly. The Audit Committee shall meet periodically with management and the independent auditor in separate executive sessions. The Audit Committee may request any officer or employee of the Company or the Company's outside counsel or independent auditor to attend a meeting of the Audit Committee or to meet with any members of, or consultants to, the Audit Committee.

**Committee Authority and Responsibilities**

The Audit Committee shall have the sole authority to appoint or replace the independent auditor. The Audit Committee shall be directly responsible for determining the compensation and oversight of the work of the independent auditor (including resolution of disagreements between management and the independent auditor regarding financial reporting) for the purpose of preparing or issuing an audit report or related work. The independent auditor shall report directly to the Audit Committee.

The Audit Committee shall pre-approve all auditing services and permitted non-audit services to be performed for the Company by its independent auditor, including the fees and terms thereof (subject to the de minimis exceptions for non-audit services described in Section 10A(i)(1)(B) of the Exchange Act which are approved by the Audit Committee prior to the completion of the audit). The Audit Committee may form and delegate authority to subcommittees of the Audit Committee consisting of one or more members when appropriate, including the authority to grant pre-approvals of audit and permitted non-audit services, provided that decisions of such subcommittee to grant pre-approvals shall be presented to the full Audit Committee at its next scheduled meeting.

The Audit Committee shall have the authority, to the extent it deems necessary or appropriate, to retain independent legal, accounting, or other advisors. The Company shall provide for appropriate funding, as determined by the Audit Committee, for payment of compensation to (i) the independent auditor for the purpose of rendering or issuing an audit report and (ii) any advisors employed by the Audit Committee.

The Audit Committee shall make regular reports to the Board. The Audit Committee shall review and reassess the adequacy of this Charter annually and recommend any proposed changes to the Board for approval. The Audit Committee annually shall review the Audit Committee's own performance.

The Audit Committee shall:

<u>Financial Statement and Disclosure Matters</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Meet with the independent auditor prior to the audit to review the scope, planning, and staffing of the
audit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Review and discuss with management and the independent auditor the annual audit report, the financial
statements and related notes and the "Management's Discussion and Analysis of Financial Condition and Results of Operations"
or related disclosures proposed to be included in the Company's Annual Report, and recommend to the Board whether the audited financial
statements and related notes and the "Management's Discussion and Analysis of Financial Condition and Results of Operations"
or related disclosures should be included in the Company's Annual Report on Form 20-F (or the annual report to shareholders if distributed
prior to the filing of the Form 20-F).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Review and discuss with management and the independent auditor the Company's interim financial statements,
including the results of the independent auditor's review of the interim financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Discuss with management and the independent auditor, as appropriate, significant financial reporting issues
and judgments made in connection with the preparation of the Company's financial statements, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any significant changes in the Company's selection or application of accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Company's critical accounting policies and practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all alternative treatments of financial information within GAAP that have been discussed with management
and the ramifications of the use of such alternative accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any major issues as to the adequacy of the Company's internal controls and any special steps adopted
in light of material control deficiencies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any material written communications between the independent auditor and management, such as any management
letter or schedule of unadjusted differences.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Discuss with management and independent auditor and, prior to issuance, review and approve the Company's
earnings releases, including the use of "pro forma" or "adjusted" non-GAAP information, and any financial information
and earnings guidance to be included in such releases and provided to analysts and rating agencies. Such discussion may be general and
include the types of information to be disclosed and the types of presentations to be made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Discuss with management and the independent auditor the effect on the Company's financial statements
of (i) regulatory and accounting initiatives and (ii)
off-balance sheet structures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Review and discuss with management and the independent auditor the Company's major financial risk
exposures and the steps management has taken to monitor and control such exposures, including the Company's risk assessment and
risk management policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Discuss with the independent auditor the matters required to be discussed by Statement on Auditing Standards
No. 61 relating to the conduct of the audit, including any difficulties encountered in the course of the audit work, any restrictions
on the scope of activities or access to requested information, and any significant disagreements with management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Review disclosures made to the Audit Committee by the Company's Chief Executive Officer and Chief
Financial Officer (or individuals performing similar functions) during their certification process for the Annual Reports and Interim
Reports (if necessary) about any significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting and any fraud involving management or other employees who have a significant role in the Company's internal
control over financial reporting.

<u>Oversight of the Company's Relationship with the Independent Auditor</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. At least annually, obtain and review a report from the independent auditor, consistent with the rules
of the Public Company Accounting Oversight Board, regarding (a) the independent auditor's internal quality-control procedures, (b)
any material issues raised by the most recent internal quality-control review, or peer review, of the firm, or by any inquiry or investigation
by governmental or professional authorities within the preceding five years respecting one or more independent audits carried out by the
firm, (c) any steps taken to deal with any such issues and (d) all relationships between the independent auditor and the Company. Evaluate
the qualifications, performance and independence of the independent auditor, including whether the auditor's quality controls are
adequate and the provision of permitted non-audit services is compatible with maintaining the auditor's independence, and taking
into account the opinions of management and the internal auditor. The Audit Committee shall present its conclusions with respect to the
independent auditor to the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Verify the rotation of the lead (or coordinating) audit partner having primary responsibility for the
audit and the audit partner responsible for reviewing the audit as required by law. Consider whether, in order to assure continuing auditor
independence, it is appropriate to adopt a policy of rotating the independent auditing firm on a regular basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. Oversee the Company's hiring of employees or former employees of the independent auditor who participated
in any capacity in the audit of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. Be available to the independent auditor during the year for consultation purposes.

<u>Compliance Oversi</u>g<u>ht Responsibilities</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. Obtain assurance from the independent auditor that Section 10A(b) of the Exchange Act has not been implicated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. Review and approve all related-party transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. Inquire and discuss with management the Company's compliance with applicable laws and regulations
and with the Company's Code of Ethics in effect at such time, if any, and, where applicable, recommend policies and procedures for
future compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. Establish procedures (which may be incorporated in the Company's Code of Ethics, in effect at such
time, if any) for the receipt, retention and treatment of complaints received by the Company regarding accounting, internal accounting
controls or reports which raise material issues regarding the Company's financial statements or accounting policies. Review requests
for waivers under the Code of Ethics sought with respect to any executive officer or director. Review annually with the Chairman of the
Board or outside counsel, as appropriate, the scope, implementation and effectiveness of the ethics and compliance program, and any significant
deviations by officers and employees from the Code of Ethics or other compliance policies, and other matters pertaining to the integrity
of management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. Discuss with management and the independent auditor any correspondence with regulators or governmental
agencies and any published reports that raise material issues regarding the Company's financial statements or accounting policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. Discuss with the Company's General Counsel legal matters that may have a material impact on the
financial statements or the Company's compliance policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. Review and approve all payments made to the Company's officers and directors or its or their affiliates.
Any payments made to members of the Audit Committee will be reviewed and approved by the Board, with the interested director or directors
abstaining from such review and approval.

**Limitation of Audit Committee's Role**

While the Audit Committee has the responsibilities and powers set forth in this Charter, it is not the duty of the Audit Committee to plan or conduct audits or to determine that the Company's financial statements and disclosures are complete and accurate and are in accordance with generally accepted accounting principles and applicable rules and regulations. These are the responsibilities of management and the independent auditor.

## Exhibit 99.3

**Exhibit 99.3**

**CHARTER OF THE COMPENSATION COMMITTEE OF<br> THE BOARD OF DIRECTORS OF**

**Keystone Global Financial Group**

**I. PURPOSES**

The Compensation Committee (the "**Committee**") is appointed by the Board of Directors (the "**Board**") of Keystone Global Financial Group (the "**Company**") for the purposes of, among other things, (a) discharging the Board's responsibilities relating to the compensation of the Company's chief executive officer (the "**CEO**") and other executive officers of the Company, (b) administering or delegating the power to administer the Company's incentive compensation and equity-based compensation plans, and (c) if required by applicable rules and regulations, issuing a "Compensation Committee Report" (if necessary) to be included in the Company's annual report on Form 20-F or proxy statement, as applicable.

**II. RESPONSIBILITIES**

In addition to such other duties as the Board may from time to time assign, the Committee shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Establish, review, and approve the overall executive compensation philosophy and policies of the Company, including the establishment,
if deemed appropriate, of performance-based incentives that support and reinforce the Company's long-term strategic goals, organizational
objectives, and stockholder interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Review and approve the Company's goals and objectives relevant to the compensation of the CEO, annually evaluate the CEO's
performance in light of those goals and objectives and, based on this evaluation, determine the CEO's compensation level, including,
but not limited to, salary, bonus or bonus target levels, long and short-term incentive and equity compensation, retirement plans, and
deferred compensation plans as the Committee deems appropriate. In determining the long-term incentive component of the CEO's compensation,
the Committee shall consider, among other factors, the Company's performance and relative stockholder return, the value of similar
incentive awards to CEOs at comparable companies, and the awards given to the Company's CEO in past years. The CEO shall not be
present during voting and deliberations relating to CEO compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Determine the compensation of all other executive officers, including, but not limited to, salary, bonus or bonus target levels, long
and short-term incentive and equity compensation, retirement plans, and deferred compensation plans, as the Committee deems appropriate.
Members of senior management may report on the performance of the other executive officers of the Company and make compensation recommendations
to the Committee, which will review and, as appropriate, approve the compensation recommendations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Receive and evaluate performance target goals for the senior officers and employees (other than executive officers) and review periodic
reports from the CEO as to the performance and compensation of such senior officers and employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Administer or delegate the power to administer the Company's incentive and equity-based compensation plans, including the grant
of stock options, restricted stock, and other equity awards under such plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Review and make recommendations to the Board with respect to the adoption of, and amendments to, incentive compensation and equity-based
plans and approve for submission to the stockholders all new equity compensation plans that must be approved by stockholders pursuant
to applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Review and approve any annual or long-term cash bonus or incentive plans in which the executive officers of the Company may participate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Review and approve for the CEO and the other executive officers of the Company any employment agreements, severance arrangements,
and change in control agreements or provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Review and discuss with the Company's management the Compensation Discussion and Analysis set forth in Securities and Exchange
Commission Regulation S-K, Item 402, if required, and, based on such review and discussion, determine whether to recommend to the Board
of Directors of the Company that the Compensation Discussion and Analysis be included in the Company's annual report or proxy statement
for the annual meeting of stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Provide the Compensation Committee Report for the Company's annual report or proxy statement for the annual meeting of stockholders,
if required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Conduct an annual performance evaluation of the Committee. In conducting such review, the Committee shall evaluate and address all
matters that the Committee considers relevant to its performance, including at least the following: (a) the adequacy, appropriateness,
and quality of the information received from management or others; (b) the manner in which the Committee's recommendations were
discussed or debated; (c) whether the number and length of meetings of the Committee were adequate for the Committee to complete its work
in a thorough and thoughtful manner; and (d) whether this Charter appropriately addresses the matters that are or should be within its
scope.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Oversee shareholder communications relating to executive compensation and review and make recommendations with respect to shareholder
proposals related to compensation matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Undertake such other responsibilities or tasks as the Board may delegate or assign to the Committee from time to time.

**III. COMPOSITION**

The Committee shall be comprised of two or more members (including a chairperson) of the Board, all of whom shall be "independent directors," as such term is defined in the rules and regulations of the Nasdaq Capital Market. At least two of the Committee members shall be "non-employee directors" as defined by Rule 16b-3 under the Securities Exchange Act of 1934 (the "**Exchange Act**"). The members of the Committee and the chairperson shall be selected not less frequently than annually by the Board and serve at the pleasure of the Board. A Committee member (including the chairperson) may be removed at any time, with or without cause, by the Board.

The Committee, by resolution approved by a majority of the Committee, may delegate any of its responsibilities to one or more subcommittees as the Committee may from time to time deem appropriate. If at any time the Committee includes a member who is not a "non-employee director" within the meaning of Rule 16b-3 under the Exchange Act, then a subcommittee comprised entirely of individuals who are "non-employee directors" may be formed by the Committee for the purpose of ratifying any grants of awards under any incentive or equity-based compensation plan for the purposes of complying with the exemption requirements of Rule 16b-3 of the Exchange Act; provided that any such grants shall not be contingent on such ratification.

**IV. MEETINGS AND OPERATIONS**

The Committee shall meet as often as necessary to enable it to fulfill its responsibilities. The Committee shall meet at the call of its chairperson or a majority of its members. The Committee may meet by telephone conference call or by any other means permitted by law. A majority of the members of the Committee shall constitute a quorum. The Committee shall act on the affirmative vote of a majority of members present at a meeting at which a quorum is present. The Committee may act by unanimous written consent of all members in lieu of a meeting. The Committee shall determine its own rules and procedures, including designation of a chairperson pro tempore in the absence of the chairperson, and designation of a secretary. The secretary need not be a member of the Committee and shall attend Committee meetings and prepare minutes. The Secretary of the Company shall be the Secretary of the Committee unless the Committee designates otherwise. The Committee shall keep written minutes of its meetings, which shall be recorded or filed with the books and records of the Company. Any member of the Board shall be provided with copies of such Committee minutes if requested.

The Committee may ask members of management, employees, outside counsel, or others whose advice and counsel are relevant to the issues then being considered by the Committee to attend any meetings (or a portion thereof) and to provide such pertinent information as the Committee may request.

The chairperson of the Committee shall be responsible for leadership of the Committee, including preparing the agenda which shall be circulated to the members prior to the meeting date, presiding over Committee meetings, making Committee assignments, and reporting the Committee's actions to the Board. Following each of its meetings, the Committee shall deliver a report on the meeting to the Board, including a description of all actions taken by the Committee at the meeting.

If at any time during the exercise of his or her duties on behalf of the Committee, a Committee member has a direct conflict of interest with respect to an issue subject to determination or recommendation by the Committee, such Committee member shall abstain from participation, discussion, and resolution of the instant issue, and the remaining members of the Committee shall advise the Board of their recommendation on such issue. The Committee shall be able to make determinations and recommendations even if only one Committee member is free from conflicts of interest on a particular issue.

**V. AUTHORITY**

The Committee has the authority, to the extent it deems appropriate, to conduct or authorize investigations into or studies of matters within the Committee's scope of responsibilities and to retain one or more compensation consultants to assist in the evaluation of CEO or executive compensation or other matters. The Committee shall have the sole authority to retain and terminate any such consulting firm, and to approve the firm's fees and other retention terms. 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. The Committee shall also have the authority, to the extent it deems necessary or appropriate, to retain legal counsel or other advisors. In retaining compensation consultants, outside counsel, and other advisors, the Committee must take into consideration factors specified in the Nasdaq Capital Market listing rules. The Company will provide for appropriate funding, as determined by the Committee, for payment of any such investigations or studies and the compensation to any consulting firm, legal counsel, or other advisors retained by the Committee.

Effective as of_______________, 2025.

## Exhibit 99.4

**Exhibit 99.4**

**Adopted:<u> </u>, 2025**

**NOMINATING AND CORPORATE GOVERNANCE COMMITTEE CHARTER**

**OF**

**Keystone Global Financial Group**

The responsibilities and powers of the Nominating and Corporate Governance Committee (the "**Nominating Committee**") of the Board of Directors ("**Board**") of Keystone Global Financial Group (the "**Company**"), as delegated by the Board, are set forth in this charter. Whenever the Nominating Committee takes an action, it shall exercise its independent judgment on an informed basis that the action is in the best interests of the Company and its shareholders.

**I. PURPOSE**

As set forth herein, the Nominating Committee shall, among other things, discharge the responsibilities of the Board relating to the appropriate size, functioning, and needs of the Board including, but not limited to, recruitment and retention of high quality Board members and committee composition and structure, as well as administration and oversight of all aspects of the Company's corporate governance functions on behalf of the Board.

**II. MEMBERSHIP**

The Nominating Committee shall consist of at least two members of the Board as determined from time to time by the Board. Each member shall be "independent" in accordance with the listing standards of the Nasdaq Capital Market, as amended from time to time.

The Board shall elect the members of this Nominating Committee at the first Board meeting practicable following the annual meeting of shareholders and may make changes from time to time pursuant to the provisions below. Unless a chair is elected by the Board, the members of the Nominating Committee shall designate a chair by majority vote of the full Nominating Committee membership.

A Nominating Committee member may resign by delivering his or her written resignation to the chairman of the Board, or may be removed by majority vote of the Board by delivery to such member of written notice of removal, to take effect at a date specified therein, or upon delivery of such written notice to such member if no date is specified.

**MEETINGS AND COMMITTEE ACTION**

The Nominating Committee shall meet at such times as it deems necessary to fulfill its responsibilities. Meetings of the Nominating Committee shall be called by the chairman of the Nominating Committee upon such notice as is provided for in the Bylaws of the company with respect to meetings of the Board. A majority of the members shall constitute a quorum. Actions of the Nominating Committee may be taken in person at a meeting or in writing without a meeting. Actions taken at a meeting, to be valid, shall require the approval of a majority of the members present and voting. Actions taken in writing, to be valid, shall be signed by all members of the Nominating Committee. The Nominating Committee shall report its minutes from each meeting to the Board.

The chairman of the Nominating Committee may establish such rules as may from time to time be necessary or appropriate for the conduct of the business of the Nominating Committee. At each meeting, the chairman shall appoint as secretary a person who may, but need not, be a member of the Nominating Committee. A certificate of the secretary of the Nominating Committee or minutes of a meeting of the Nominating Committee executed by the secretary setting forth the names of the members of the Nominating Committee present at the meeting or actions taken by the Nominating Committee at the meeting shall be sufficient evidence at all times as to the members of the Nominating Committee who were present, or such actions taken.

**IV. COMMITTEE AUTHORITY AND RESPONSIBILITIES**

● Developing the criteria and qualifications for membership on the Board.

● Recruiting, reviewing and nominating candidates for election to the Board or to fill vacancies on the Board.

● Reviewing candidates proposed by shareholders, and conducting appropriate inquiries into the background and qualifications of any such candidates.

● Establishing subcommittees for the purpose of evaluating special or unique matters.

● Monitoring and making recommendations regarding committee functions, contributions, and composition.

● Evaluating, on an annual basis, the Nominating Committee's performance.

● Administer and oversee all aspects of the Company's corporate governance functions on behalf of the Board.

● Make recommendations to the Board regarding corporate governance issues and related policies for risk assessment and risk management.

● Review with management and the Board the adequacy of and compliance with the Company's Code of Ethics and the results of management's efforts to monitor compliance with the Company's policies designed to ensure adherence to applicable laws and rules.

● Performing any other activities consistent with this Charter, the Company's by-laws and governing law, as the Committee or the Board deems appropriate.

**V. REPORTING**

The Nominating Committee shall prepare a statement each year concerning its compliance with this charter for inclusion in the Company's proxy statement.

**Keystone Global Financial Group<br> Board of Director Candidate Guidelines**

The Nominating Committee (the "**Nominating Committee**") of the Board of Directors ("**Board**") of Keystone Global Financial Group (the "**Company**") will identify, evaluate, and recommend candidates to become members of the Board with the goal of creating a balance of knowledge and experience. Nominations to the Board may also be submitted to the Nominating Committee by the Company's shareholders in accordance with the Company's policy, a copy of which is attached hereto. Candidates will be reviewed in the context of current composition of the Board (including the diversity in background, experience, and viewpoints of the Board), the operating requirements of the Company, and the long-term interests of the Company's shareholders. In conducting this assessment, the Nominating Committee will consider and evaluate each director-candidate based upon its assessment of the following criteria:

● Whether the candidate is independent pursuant to the requirements of the Nasdaq Capital Market.

● Whether the candidate is accomplished in his or her field and has a reputation, both personal and professional, that is consistent with the image and reputation of the Company.

● Whether the candidate has the ability to read and understand basic financial statements.

● If a candidate satisfies the criteria for being an "audit committee financial expert," as defined by the Securities and Exchange Commission.

● Whether the candidate has relevant experience and expertise and would be able to provide insights and practical wisdom based upon that experience and expertise.

● Whether the candidate has knowledge of the Company and issues affecting the Company.

● Whether the candidate is committed to enhancing shareholder value.

● Whether the candidate fully understands, or has the capacity to fully understand, the legal responsibilities of a director and the governance processes of a public company.

● Whether the candidate is of high moral and ethical character and would be willing to apply sound, objective, and independent business judgment, and to assume broad fiduciary responsibility.

● Whether the candidate has, and would be willing to commit, the required hours necessary to discharge the duties of Board membership.

● Whether the candidate has any prohibitive interlocking relationships or conflicts of interest.

● Whether the candidate is able to develop a good working relationship with other Board members and contribute to the Board's working relationship with the senior management of the Company.

● Whether the candidate is able to suggest business opportunities to the Company.

**Keystone Global Financial Group**

**Shareholder Recommendations for Directors**

Shareholders who wish to recommend to the Nominating Committee (the "**Nominating Committee**") of the Board of Directors (the "**Board**") of Keystone Global Financial Group (the "**Company**"), a candidate for election to the Board should send a written recommendation to Keystone Global Financial Group of 1902-3A, 19/F, FWD Financial Centre, 308-320 Des Voeux Road Central, Sheung Wan, Hong Kong; Attention: Nominating Committee. The Corporate Secretary will promptly forward all such letters to the members of the Nominating Committee. Shareholders must follow certain procedures to recommend to the Nominating Committee candidates for election as directors. In general, in order to provide sufficient time to enable the Nominating Committee to evaluate candidates recommended by shareholders in connection with selecting candidates for nomination in connection with the Company's annual meeting of shareholders, the Corporate Secretary must receive the shareholder's recommendation no later than thirty (30) days after the end of the Company's fiscal year.

The recommendation must contain the following information about the candidate:

● Name;

● Age;

● Business and current residence addresses, as well as residence addresses for the past 20 years;

● Principal occupation or employment and employment history (name and address of employer and job title) for the past 10 years (or such shorter period as the candidate has been in the workforce);

● Educational background;

● Permission for the Company to conduct a background investigation, including the right to obtain education, employment, and credit information;

● The number of shares of common stock of the Company beneficially owned by the candidate;

● The information that would be required to be disclosed by the Company about the candidate under the rules of the SEC in a Proxy Statement soliciting proxies for the election of such candidate as a director (which currently includes information required by Items 401, 404 and 405 of Regulation S-K); and

● A signed consent of the nominee to serve as a director of the Company, if elected.

## Exhibit 99.5

**Exhibit 99.5**

September 11, 2025

**Keystone Global Financial Group**

1902-3A, 19/F

FWD Financial Centre, 308-320 Des Voeux Road Central

Sheung Wan, Hong Kong Dear Sirs:

Pursuant to Rule 438 under the Securities Act of 1933, as amended, I hereby consent to the references to my name in the Registration Statement on Form F-1 (the "**Registration Statement**") of Keystone Global Financial Group (the "**Company**") and any amendments thereto, which indicate that I have accepted the nomination to become a director of the Company. I further agree that immediately upon the United States Securities and Exchange Commission's declaration of effectiveness of the Registration Statement, I will serve as a member of the board of directors of the Company.

---

| |
|:---|
| Sincerely yours, |
| /s/ *Kai Hing, WONG* |
| Name: Kai Hing, WONG |

---

## Exhibit 99.6

**Exhibit 99.6**

September 11, 2025

**Keystone Global Financial Group**

1902-3A, 19/F

FWD Financial Centre, 308-320 Des Voeux Road Central

Sheung Wan, Hong Kong Dear Sirs:

Pursuant to Rule 438 under the Securities Act of 1933, as amended, I hereby consent to the references to my name in the Registration Statement on Form F-1 (the "**Registration Statement**") of Keystone Global Financial Group (the "**Company**") and any amendments thereto, which indicate that I have accepted the nomination to become a director of the Company. I further agree that immediately upon the United States Securities and Exchange Commission's declaration of effectiveness of the Registration Statement, I will serve as a member of the board of directors of the Company.

---

| |
|:---|
| Sincerely yours, |
| /s/ *Oi Fat, CHAN* |
| Name: Oi Fat, CHAN |

---

## Exhibit 99.7

**Exhibit 99.7**

September 11, 2025

**Keystone Global Financial Group**

1902-3A, 19/F

FWD Financial Centre, 308-320 Des Voeux Road Central

Sheung Wan, Hong Kong Dear Sirs:

Pursuant to Rule 438 under the Securities Act of 1933, as amended, I hereby consent to the references to my name in the Registration Statement on Form F-1 (the "**Registration Statement**") of Keystone Global Financial Group (the "**Company**") and any amendments thereto, which indicate that I have accepted the nomination to become a director of the Company. I further agree that immediately upon the United States Securities and Exchange Commission's declaration of effectiveness of the Registration Statement, I will serve as a member of the board of directors of the Company.

---

| |
|:---|
| Sincerely yours, |
| /s/ *Yin Kuen, NG* |
| Name: Yin Kuen, NG |

---

## Ex-Filing

?xml version='1.0' encoding='ASCII'? Filing Fee Exhibit

**Ex-Filing Fees**

**CALCULATION OF FILING FEE TABLES**

**F-1**

**Keystone Global Financial Group**

**Table 1: Newly Registered and Carry Forward Securities**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Line Item Type** | **Security Type** | **Security Class Title** | **Notes** | **Fee Calculation<br> Rule** | **Amount Registered** | **Proposed Maximum Offering<br> Price Per Unit** | **Maximum Aggregate Offering Price** | **Fee Rate** | **Amount of Registration Fee** |
| *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* |
| Fees to be Paid | Equity | Ordinary Shares, par value US$0.0001 per share | (1) | 457(o) | 1437500 | $6.00 | $8625000.00 | 0.0001381 | $1191.12 |
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | $8625000.00 |  | 1191.12 |
| Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: |  |  |  |
| Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: |  |  | 0.00 |
| Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: |  |  | $1191.12 |

---

**__________________________________________ Offering Note(s)**

&nbsp;&nbsp;&nbsp;&nbsp;(1) Estimated solely for the purpose of calculating the amount of the registration fee pursuant to Rule 457(o) under the Securities Act of 1933 (the "Securities Act"), as amended. Pursuant to Rule 416 under the Securities Act, as amended, there is also being registered hereby such indeterminate number of additional Ordinary Shares of the Registrant as may be issued or issuable because of stock splits, stock dividends, stock distributions, and similar transactions.