# EDGAR Filing Document

**Accession Number:** 0001959224
**File Stem:** 0001213900-25-073995
**Filing Date:** 2025-8
**Character Count:** 172303
**Document Hash:** cc24a2ed1cfd1022ffbe1c08f10bd2b1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-073995.hdr.sgml**: 20250811

**ACCESSION NUMBER**: 0001213900-25-073995

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20250811

**FILED AS OF DATE**: 20250811

**DATE AS OF CHANGE**: 20250811

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Solowin Holdings, Ltd.
- **CENTRAL INDEX KEY:** 0001959224
- **STANDARD INDUSTRIAL CLASSIFICATION:** SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41776
- **FILM NUMBER:** 251200409

**BUSINESS ADDRESS:**
- **STREET 1:** ROOM 1910-1912A TOWER 3 CHINA HONG KONG
- **STREET 2:** 33 CANTON RD TSIM SHA TSUI
- **CITY:** KOWLOON
- **STATE:** K3
- **ZIP:** 999077
- **BUSINESS PHONE:** 202-869-0888

**MAIL ADDRESS:**
- **STREET 1:** ROOM 1910-1912A TOWER 3 CHINA HONG KONG
- **STREET 2:** 33 CANTON RD TSIM SHA TSUI
- **CITY:** KOWLOON
- **STATE:** K3
- **ZIP:** 999077

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 6-K**

**REPORT OF FOREIGN PRIVATE ISSUER** 

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

**SECURITIES EXCHANGE ACT OF 1934**

For the month of **<u>August 2025</u>**

Commission File Number **<u>001-41776</u>**

**<u>SOLOWIN HOLDINGS</u>**

(Translation of registrant's name into English)

**Room 1910-1912A, Tower 3, China Hong Kong City**

**33 Canton Road, Tsim Sha Tsui, Kowloon**

**Hong Kong**

(Address of principal executive offices)

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

Form 20-F ☒ Form 40-F ☐

**Acquisition of AlloyX Limited**

On August 11, 2025, SOLOWIN HOLDINGS, a Cayman Islands exempted holding company (the "Company"), entered into a sale and purchase agreement (the "Sale and Purchase Agreement") with the shareholders (each a "Seller," and together, the "Sellers") of AlloyX Limited ("AlloyX") and AlloyX, pursuant to which the Company agreed to purchase from the Sellers 100% issued and outstanding shares of AlloyX (the "Acquisition").

AlloyX, a Cayman Islands exempted company, through its subsidiaries, develops next-generation stablecoin infrastructure focused on tokenized money-market funds and cross-border payments within a fully compliant regulatory framework. AlloyX has four subsidiaries, including (i) Master Venus Limited, a company incorporated under the laws of Samoa, (ii) AlloyX (Hong Kong) Limited, a company incorporated under the laws of Hong Kong, (iii) AlloyX Group PTE Ltd, a company incorporated under the laws of Singapore, and (iv) Bravo Valor Partners Ltd, a company incorporated under the laws of the State of Washington, the United States of America (collectively, and together with AlloyX, "AlloyX Group"). A detailed description of AlloyX Group's business, as well as certain risk factors related to AlloyX Group's business, are set forth in Exhibit 99.1 and are incorporated herein by reference.

The Sellers will receive an aggregate of 106,779,926 class A ordinary shares, par value $0.0001 per share of the Company (the "Class A Ordinary Shares"), and 23,331,599 class B ordinary shares (collectively, the "SWIN Shares"), par value $0.0001 per share of the Company (the "Class B Ordinary Shares"), as consideration for the sale of their aggregate 100% ownership in AlloyX, as determined by dividing (i) the agreed valuation of AlloyX of US$350,000,000 as of August 11, 2025, by (ii) volume-weighted average price of the Company's Class A Ordinary Shares for the 120 consecutive trading days immediately preceding August 11, 2025, or US$2.69.

The Company's Chairman and Chief Executive Officer, Mr. Ling Ngai Lok ("Mr. Lok"), has been AlloyX's sole director. Additionally, VAST SPACE LIMITED, one of the Sellers, is controlled and owned by Mr. Lok. Before the Acquisition, VAST SPACE LIMITED Vast Space Limited owned 22,415,000 ordinary shares in AlloyX, representing 35.86% of AlloyX's issued and outstanding share capital. In the Acquisition, VAST SPACE LIMITED Vast Space Limited will receive 23,331,598 Class A Ordinary Shares and 23,331,599 Class B Ordinary Shares of the Company as consideration in exchange for its 22,415,000 ordinary shares in AlloyX. Additionally, Mr. Lok is a director of another Seller, WELL INSIGHT LIMITED. WELL INSIGHT LIMITED will receive 23,331,599 Class A Ordinary Shares of the Company as consideration in exchange for its ordinary shares in AlloyX.

The closing of the Acquisition is expected to occur on or before September 10, 2025.

The Sellers shall not sell, assign, transfer, pledge, encumber, or otherwise dispose of any SWIN Shares, or any interest or right therein, for 12 months after the closing of the Acquisition.

VAST SPACE LIMITED is entitled to additional, performance-based earn-out payments if certain valuation milestones are achieved within 24 months after closing of the Acquisition: (a) $5 million if the post-closing enterprise valuation of AlloyX Group reaches or exceeds $600 million; and (b) an additional $5 million if the valuation reaches or exceeds $1 billion. The maximum aggregate earn-out is $10 million. Valuation can be determined by independent appraisal, bona fide third-party equity financing, or the financial metrics set forth in Schedule IV to the Sale and Purchase Agreement. Earn-out payments are due within 60 days after the Company's confirmation of milestone achievement and are payable in cash or shares at the discretion of the Company.

The Sale and Purchase Agreement contains customary representations and warranties by the Sellers, AlloyX and the Company, which survive the closing. Additionally, the Sellers have agreed to indemnify the Company and AlloyX for certain pre-closing tax liabilities and other non-ordinary course liabilities. The Sale and Purchase Agreement is governed by Hong Kong law and disputes arising out of them not resolved by good-faith negotiation shall be submitted to arbitration at Hong Kong International Arbitration Centre in Hong Kong.

The foregoing description of the Sale and Purchase Agreement does not purport to be complete and is qualified in its entirety by reference to the Sale and Purchase Agreement, the text of which is filed as Exhibit 10.1 hereto and is incorporated herein by reference.

This Form 6-K, including exhibits hereto, is hereby incorporated by reference into the registration statements of the Company on [Form S-8](http://www.sec.gov/Archives/edgar/data/1959224/000121390023083722/ea187743-s8_solowin.htm) (File No. 333-275337) and [Form F-3](http://www.sec.gov/Archives/edgar/data/1959224/000121390024086308/ea0216927-f3_solowin.htm) (File No. 333-282552) and shall be a part thereof from the date on which this report is furnished, to the extent not superseded by documents or reports subsequently filed or furnished by the Company under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.

**Financial Statements and Exhibits**

 

***Financial statements of businesses acquired.***

The audited financial statements of AlloyX as of and for the years ended March 31, 2024 and 2025, are not being filed herewith and will be filed by amendment to this Form 6-K.

***Pro forma financial information.***

The pro forma financial information in connection with the Acquisition is not being filed herewith and will be filed by amendment to this Form 6-K.

***Exhibits.***

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 10.1 | [Sale and Purchase Agreement, by and among SOLOWIN HOLDINGS, AlloyX Limited, and Sellers listed in Schedule I thereto, dated August 11, 2025.](ea025252001ex10-1_solowin.htm) |
| 99.1 | [Business Section and Risk Factors](ea025252001ex99-1_solowin.htm) |

---

**\*\*\***

**Forward-Looking Statements**

This report contains forward-looking statements, including statements regarding the proposed acquisition of AlloyX, expected synergies, future financial performance, and the anticipated closing date. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied. Readers are cautioned not to place undue reliance on these statements, which speak only as of the date hereof. The Company undertakes no obligation to update forward-looking statements except as required by applicable law.

**SIGNATURES**

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

---

| | | |
|:---|:---|:---|
| Date: August 11, 2025 | **SOLOWIN HOLDINGS** | **SOLOWIN HOLDINGS** |
|  | By: | /s/ Ling Ngai Lok |
|  |  | Ling Ngai Lok |
|  |  | Chief Executive Officer |

---

## Exhibit 10.1

**Exhibit 10.1**

Share Purchase Agreement

Between

**the parties Listed in <u>Schedule I</u> of this agreement** 

Solowin holdings

and

**ALLOYX LIMITED**

share purchase agreement

**TABLE OF CONTENTS**

**1.**  **INTERPRETATION**  **1** 

**2.**  **SALE AND PURCHASE**  **5** 

**3.**  **CONSIDERATION**  **5** 

**4.**  **COMPLETION ARRANGEMENTS**  **6** 

**5.**  **Seller Lock-Up obligation**  **7** 

**6.**  **earn-out consideration**  **7** 

**7.**  **WARRANTIES**  **10** 

**8.**  **FURTHER ASSURANCES**  **10** 

**9.**  **CONDITIONS TO THE OBLIGATIONS OF THE PURCHASER**  **11** 

**10.**  **COSTS**  **12** 

**11.**  **MISCELLANEOUS**  **12** 

**12.**  **NOTICES**  **15** 

**13.**  **HEADINGS**  **15** 

**14.**  **COUNTERPARTS**  **15** 

**15.**  **GOVERNING LAW**  **15** 

**i**

share purchase agreement

**THIS AGREEMENT** is dated August 11, 2025

**BETWEEN:**

(1) The parties listed in <u>Schedule I</u> of this Agreement (the "**Sellers**" and each,
a "**Seller** ")

(2) **SOLOWIN HOLDINGS**, an exempted company incorporated under the laws of the Cayman Islands, whose
registered office is at Cricket Square, Hutchins Drive, PO Box 2681, Grand Cayman KY1-1111, Cayman Islands (the "**Purchaser** ")

(3) **AlloyX Limited**, an exempted company incorporated under the laws of the Cayman Islands, whose
 registered office is at Suite 102, Cannon Place, P.O. Box 712, North Sound Rd., George Town
 Grand Cayman, KY1-9006 Cayman Islands (the "**Company** ")

**WHEREAS:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) As
 at the date hereof, the Company has an authorised share capital of US$100,000 divided into
 100,000,000 ordinary shares of US$0.001 each of which 62,500,000 have been issued and are
 fully paid (the "**AlloyX Shares"**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) The
 Sellers are the legal and beneficial owners of the AlloyX Shares with full right to sell
 the same free from all charges, liens, and encumbrances of any kind; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) The
 Sellers have agreed to sell to the Purchaser the AlloyX Shares and the Purchaser has agreed
 to purchase from the Sellers the AlloyX Shares on the terms hereinafter appearing.

**IT IS HEREBY AGREED** as follows:

**1.** **INTERPRETATION** 

1.1. In
 this Agreement unless the context otherwise requires the following words and expressions
 shall have the following meanings:

---

| | |
|:---|:---|
| **"120-Day VWAP"** | means the volume weighted average price per share of Class A Solowin Shares on The Nasdaq Stock Market for the one hundred and twenty (120) consecutive Trading Days immediately prior to the date of this Agreement, as reported by Bloomberg L.P.; |
| **"Accounts Date"** | means 31 March 2025; |
| **"Accounts"** | has the meaning given to it in Paragraph 7.1 of <u>Schedule VI</u>; |

---

**1**

share purchase agreement

---

| | |
|:---|:---|
| **"Achievement Date"** | has the meaning given to it in Clause 6.2; |
| **"Agreement"** | means this share sale and purchase agreement and includes all schedules hereto; |
| **"AlloyX Hong Kong"** | means AlloyX (Hong Kong) Limited, a company incorporated under the laws of Hong Kong, whose registered office is at RM 1710-1714, 17/F, Jardine House, 1 Connaught Place, Central, Hong Kong; |
| **"AlloyX Singapore"** | means AlloyX Group PTE Ltd, a company incorporated under the laws of Singapore, whose registered office is at 2 Venture Drive, #14-02, Vision Exchange, Singapore 608526; |
| **"AlloyX Shares"** | has the meaning given to it in the recitals; |
| **"Articles"** | means the amended and restated memorandum and articles of association of the Company adopted on 8 July 2025 and in effect as at the date hereof; |
| **"Bravo Valor"** | means Bravo Valor Partners Ltd, a company incorporated under the laws of the State of Washington, the United States of America, whose registered office is at 800E Wishkah St # 1021, Aberdeen, WA, 98520-2915, Washington, the United States of America; |
| **"Business Day"** | means any day other than a Saturday, Sunday or public holiday in Hong Kong; |
| **"Class A Solowin Shares"** | means class A ordinary shares of US$0.001 each of the Purchaser; |
| **"Class B Solowin Shares"** | means class B ordinary shares of US$0.001 each of the Purchaser; |
| **"Companies Act"** | means the Companies Act (Revised) of the Cayman Islands; |
| **"Company's Accountants"** | means WWC, P.C. |
| **"Company Group"** | has the meaning given to it in Clause 4.1; |
| **"Company Warranties"** | has the meaning given to it in Clause 8.4; |

---

**2**

share purchase agreement

---

| | |
|:---|:---|
| **"Completion"** | means completion of the sale and purchase hereby agreed to be made; |
| **"Completion Date"** | means on or before 10 September 2025 or such other date as the Parties may agree; |
| **"Consideration"** | is as described in Clause 3; |
| **"Designated Seller"** | means the seller listed in <u>Schedule III</u> of this Agreement; |
| **"Disclosed"** | means disclosed in the Disclosure Documents or disclosed elsewhere in this Agreement; |
| **"Disclosed Documents"** | means all information, correspondences, descriptions and documents made available, by any means or forms including written, oral, electronic or mechanical, by or on behalf of any Seller or the Company for inspection by or on behalf of the Purchaser (including Purchaser's agents and advisors) in relation to the Seller(s), the Company or the Company's businesses for the purposes of this Agreement and the transactions contemplated thereby; |
| **"Dispute"** | has the meaning given to it in Clause 17; |
| **"Earn-Out Consideration"** | has the meaning given to it in Clause 6.1; |
| **"Earn-Out Period"** | has the meaning given to it in Clause 6.1; |
| **"Earn-Out Shares"** | has the meaning given to it in Clause 6.3; |
| **"Exchange Act"** | has the meaning given to it in <u>Schedule VII</u>; |
| **"First Valuation Threshold"** | has the meaning given to it in Clause 6.1(A); |
| **"HKIAC"** | has the meaning given to it in Clause 17(A); |
| **"HKIAC Rules"** | has the meaning given to it in Clause 17(A); |
| **"Hong Kong"** | means the Hong Kong Special Administrative Region of the People's Republic of China; |
| **"Master Venus"** | means Master Venus Limited, a company incorporated under the laws of Samoa, whose registered office is at Vistra Corporate Services Centre, Ground Floor NPF Building, Beach Road, Apia, Samoa; |
| **"Material Adverse Effect"** | any event, change, circumstance, effect or development that, individually or in the aggregate, has had or would reasonably be expected to have a material adverse effect on the business, financial condition or results of operations of the party, taken as a whole, or on the ability of the party to consummate the transactions contemplated by this Agreement, other than any event, change, circumstance, effect or development resulting from (a) changes in general economic or political conditions, (b) changes affecting the industry in which the party operates generally, (c) changes in law or accounting rules, or (d) the announcement or pendency of the transactions contemplated by this Agreement, except to the extent such event, change, circumstance, effect or development has a disproportionate effect on the party relative to other participants in the industry in which the party operates; |

---

**3**

share purchase agreement

---

| | |
|:---|:---|
| **"Parties"** | means the parties to this Agreement; |
| **"Purchaser Warranties"** | has the meaning given to it in Clause 7.6; |
| **"SEC"** | has the meaning given to it in <u>Schedule VII</u>; |
| **"Second Valuation Threshold"** | has the meaning given to it in Clause 6.1(B); |
| **"Securities Act"** | has the meaning given to it in paragraph 7 of <u>Schedule V</u>; |
| **"SEC Reports"** | has the meaning given to it in <u>Schedule VII</u>; |
| **"Seller Warranties"** | has the meaning given to it in Clause 7.1; |
| **"Shareholders Agreement"** | means the shareholders' agreement dated 28 February 2025, entered into by and among the Company and Sellers, whereby the Sellers become parties to such agreement either by executing the shareholders' agreement on 28 February 2025 or subsequently by executing a joinder agreement in accordance with the terms of the shareholders' agreement; |
| **"Solowin Shares"** | means newly issued Class A Solowin Shares or Class B Solowin Shares, as the case may be, in connection with the transactions contemplated by this Agreement; |
| **"Subsidiary"** | means each of Master Venus, AlloyX Hong Kong, AlloyX Singapore, and Bravo Valor; |
| **"Trading Day"** | means any day, other than a Saturday, Sunday, or day on which banks in New York City are authorized or required by law or executive order to close, on which (a) trading in the Class A Solowin Shares occurs on the principal national securities exchange on which such Class A Solowin Shares are then listed or admitted to trading, and (b) such exchange is open for trading during its regular trading session and, with respect to equity securities, has not declared any unscheduled intra-day suspension or restriction of trading (including, without limitation, as a result of any market-wide trading halt or "circuit breaker" event) for more than one-half of its customary trading hours on such day. A day on which such exchange declares an unscheduled intra-day suspension or restriction of trading for more than one-half of its customary trading hours, or on which the Class A Solowin Shares have not traded on such exchange by reason of a suspension or delisting, shall not constitute a Trading Day; |
| **"US$" or "United States Dollars"** | means the lawful currency of the United States of America; |
| **"Valuation Thresholds"** | has the meaning given to it in Clause 6.1(B); and |
| **"Warranties"** | means the Seller Warranties, the Company Warranties, and the Purchaser Warranties. |

---

**4**

share purchase agreement

1.2. In this Agreement unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) references to statutory provisions shall be construed as references to those provisions as amended or
re-enacted or as their application is modified by other provisions from time to time and shall include references to any provisions of
which they are re-enactments (whether with or without modification);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) references to clauses and schedules are references to clauses hereof and schedules hereto; references
to sub-clauses or paragraphs are, unless otherwise stated, references to sub-clauses of the clause or paragraphs of the schedule in which
the reference appears;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) references to the singular shall include the plural and vice versa and references to the masculine shall
include the feminine and/or neuter and vice versa; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) references to persons shall include companies, partnerships, associations and bodies of persons, whether
incorporated or unincorporated.

**2.** **SALE AND PURCHASE** 

2.1. Subject to the terms of this Agreement the Sellers as legal and beneficial owners shall sell and the Purchaser
shall purchase the AlloyX Shares free from all liens, charges and encumbrances together with all rights now or hereafter attaching thereto.

2.2. The Purchaser shall not be obliged to complete the purchase of any of the AlloyX Shares unless the purchase
of all of the AlloyX Shares is completed simultaneously.

**3.** **CONSIDERATION** 

3.1. The total consideration for the AlloyX Shares shall be the issue of such number of Solowin Shares to the
Sellers (or their designee(s)) as set forth opposite such Seller's name in <u>Schedule II</u> of this Agreement.

3.2. The aggregate number of Solowin Shares to be issued to the Sellers shall be equal to the quotient obtained
by dividing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) US$350,000,000,
 representing the agreed equity valuation of the Company Group as of August 11, 2025; by

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the 120-Day VWAP, which shall be US$2.69.

Any fractional share resulting from the foregoing calculation shall be rounded up to the nearest whole share.

**5**

share purchase agreement

**4.** **COMPLETION ARRANGEMENTS** 

4.1. Completion
 shall take place on or before September 10, 2025 (or at such other time and place as the
 Parties may agree in writing) (the day on which the Completion actually occurs, the "**Completion Day**") when:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) each
 Seller shall deliver to the Purchaser or procure the delivery to the Purchaser of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) duly
 executed instruments of transfer for the respective portion of the AlloyX Shares registered
 in the name of such Seller in favour of the Purchaser and/or its designee(s) together with
 the relevant share certificate(s); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a
 copy of the written resolutions of the board of directors of such Seller approving the execution,
 delivery and performance by such Seller of this Agreement, and the transactions contemplated
 under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the Company shall, if so required by the Purchaser, deliver to the Purchaser or procure the delivery to
the Purchaser of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the written resignation of all of the directors and officers of the Company from their offices, which
resignations shall include their written confirmation that they have no outstanding claims against the Company for the loss of the offices
in question or of their employment or otherwise arising;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the certificate of incorporation, memorandum, articles of association, minute books, share register and
common seal, beneficial owner register, share certificates and all books and records of the Company including, without limitation all
cancelled and un-issued share certificates and signed minutes of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a certificate of good standing issued by the Registrar of Companies in respect of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the written resignation of the existing auditors of the Company (if any), which resignation shall include
the written confirmation that they have no outstanding claims of any kind against the company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the Company shall, if so required by the Purchaser, procure that there shall be held a meeting of the
board of directors of the Company at which there shall be duly passed resolutions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) approving the share transfers referred to in Sub-clause 4.1(A)(i);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) accepting the resignations referred to in Sub-clauses 4.1(B)(i) and 4.1(B)(iv) and appointing nominees of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) changing the registered office of the Company to an address to be supplied by the Purchaser; and

**6**

share purchase agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) revoking
 all existing banking mandates of the Company and substituting therefor such banking mandates
 as the Purchaser shall direct; and the Purchaser shall deliver to the Sellers a copy of the
 register of members of the Purchaser updated to show each Seller (or their designee(s)) as
 the holder of such number of Solowin Shares as set forth opposite the Sellers name in <u>Schedule II</u> of this Agreement.

**5.** **SELLER LOCK-UP OBLIGATION AND TAX INDEMNIFICATION** 

5.1. Each
 Seller hereby covenants and agrees that, without the prior written consent of the Purchaser,
 it shall not, directly or indirectly, sell, assign, transfer, pledge, hypothecate, encumber,
 grant any option or other right with respect to, or otherwise dispose of (whether by operation
 of law or otherwise) any Solowin Shares registered in its name (or in the name of its designee(s)),
 or any legal or beneficial interest or right therein, for a period of twelve (12) months
 commencing on the Completion Date.

5.2. The
 Designated Seller hereby, unconditionally and irrevocably, agrees, covenants with and undertakes
 to indemnify and keep indemnified the Company and the Purchaser against:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) any
 claim falling on the Company for any Tax resulting from or by reference to any income, profits
 or gains earned, accrued or received on or before the Completion Date or any event on or
 before the Completion Date whether alone or in conjunction with other circumstances and whether
 or not such taxation is chargeable against or attributable to any other person, together
 with any legal, accountancy and other costs, charges and expenses incurred in connection
 therewith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) any
 other liabilities or indebtedness of the Company incurred other than in the ordinary course
 of business on or before the Completion Date.

5.3. As
 used in Clause 5.2, "Tax" means all forms of taxation, withholdings, duties,
 imposts, levies, social security contributions and rates imposed, assessed or enforced by
 any local, municipal, governmental, state, federal or other body or authority in Hong Kong
 or elsewhere, in all cases being in the nature of taxation, and any related interest, penalty,
 surcharge or fine.

**6.** **EARN-OUT CONSIDERATION** 

6.1. <u>Earn-Out Consideration</u>. In addition to the
 consideration payable at Completion pursuant to Clause 3, the Designated Seller shall be entitled to receive contingent,
 performance-based consideration (the "**Earn-Out Consideration**") if, and only if, one or both of the valuation
 milestones set forth in this Section 6.1 is achieved during the twenty-four (24)-month period commencing on, and including, the
 Completion Date (the "**Earn-Out Period** "). The Earn-Out Consideration shall be calculated and paid in accordance
 with the following schedule:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) If,
 at any time during the Earn-Out Period, the post-Completion enterprise valuation of the Company
 Group equals or exceeds Six Hundred Million United States Dollars (US$600,000,000) (the "**First Valuation Threshold** "), the Designated Seller shall be entitled to an aggregate
 earn-out payment of Five Million United States Dollars (US$5,000,000), payable in the manner
 set forth in Clause 6.3.

**7**

share purchase agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) If,
at any time during the Earn-Out Period, the post-Completion enterprise valuation of the Company Group equals or exceeds One Billion United
States Dollars (US$1,000,000,000) (the "**Second Valuation Threshold**," together with the First Valuation Threshold,
the "**Valuation Thresholds** "), the Designated Seller shall be entitled to an additional, separate earn-out payment of
Five Million United States Dollars (US$5,000,000), payable in the manner set forth in Clause 6.3. For the avoidance of doubt, (i) the
payment described in this sub-clause 6.1 (B) is in addition to, and not in lieu of, the payment described in sub-clause 6.1 (A), and (ii) if the
Second Valuation Threshold is first achieved before the First Valuation Threshold has been achieved or tested, the Designated Seller
shall instead be entitled to a one-time lump-sum earn-out payment of Ten Million United States Dollars (US$10,000,000).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) The
 maximum aggregate Earn-Out Consideration payable under this Clause 6.1 shall not exceed Ten Million
 United States Dollars (US$10,000,000).

6.2. <u>Valuation Determination</u>. For purposes of Clause 6.1, the post-Completion valuation of the Company
 Group shall, at the sole election of the Purchaser exercised in good faith, be determined
 by any one of the following methodologies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) The
 enterprise valuation reflected in a written appraisal prepared by an independent valuation
 firm mutually agreed upon by the Company Group and the Purchaser; The date on which a Valuation Threshold is deemed achieved (the "**Achievement Date**") under this sub-clause 6.2 (A) shall be the effective valuation date specified in the appraisal report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) T he
pre-money valuation implied in any bona fide third-party equity financing of the Company Group (or any successor thereto) involving an
aggregate cash investment of not less than Twenty Million United States Dollars (US$20,000,000). The Achievement Date under this sub-clause
6.2 (B) shall be the closing date of such financing; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) The valuation produced by applying the revenue and P/S
 multiples-based criteria set forth in <u>Schedule IV</u> hereto, in each case calculated from the most recently available annual
 financial statements of the Company Group prepared in accordance with the U.S. generally accepted accounting principles (GAAP). The
 Achievement Date under this sub-clause 6.2 (C) shall be the issuance date of the independent auditor's report covering the
 fiscal year ended March 31, 2026, or March 31, 2027, as applicable ;

and the Purchaser shall give the Designated Seller written notice of the methodology selected for each determination and shall provide, promptly upon request, reasonable supporting documentation sufficient to permit the Designated Seller to verify the calculation. Any disputes relating to valuation shall be resolved in accordance with Clause 17 (Governing Law and Dispute Resolution).

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6.3. <u>Form of Payment</u>. The Earn-Out Consideration payable pursuant to Clause 6.1 shall, at the sole
 and absolute discretion of the Purchaser, be satisfied in either (i) cash, in immediately
 available funds, or (ii) newly issued, fully paid and non-assessable Class A ordinary shares
 of the Purchaser (the "**Earn-Out Shares** "). If the Purchaser elects to issue
 Earn-Out Shares, the number of such shares shall be determined by dividing the applicable
 Earn-Out Consideration by, the volume-weighted average price of the Purchaser's Class
 A ordinary shares for the thirty (30) consecutive Trading Days immediately preceding the
 Achievement Date of the applicable Valuation Threshold in accordance with Clause 6.2. The Earn-Out Shares shall be issued free and clear
 of all liens other than customary transfer restrictions under applicable securities laws.
 Appropriate and equitable adjustments shall be made to the number and class of Earn-Out Shares
 in the event of any share split, share dividend, reclassification, recapitalization, combination,
 exchange of shares or the like occurring after the Completion and prior to the issuance of
 the Earn-Out Shares.

6.4. <u>Timing of Payment</u>. Within sixty (60) calendar days after the Purchaser's confirmation
 of the achievement of a Valuation Threshold (the "**Payment Deadline** "), the
 Purchaser shall deliver to the Designated Seller the Earn-Out Consideration payable in respect
 of such Valuation Threshold, together with a written statement describing in reasonable detail
 the calculation of the valuation and the resulting Earn-Out Consideration.

6.5. <u>Post-Completion Operations; No Implied Obligations</u>. The Parties acknowledge and agree that, following
 the Completion, the Purchaser shall have the right to operate the Company Group and its business
 in such manner as the Purchaser deems appropriate in its sole discretion, and nothing contained
 in this Agreement shall be construed to impose on the Purchaser any implied covenant or obligation
 to operate the Company Group so as to achieve either Valuation Threshold or to maximize the Earn-Out
 Consideration. The Purchaser, however, shall not take any action, the primary purpose of
 which is to intentionally hinder or avoid the achievement of a Valuation Threshold.

6.6. <u>Assignment</u>.
 The Earn-Out Consideration and the rights of the Designated Seller under this Clause 6 are
 personal to the Designated Seller and may not be assigned, conveyed or otherwise transferred,
 whether by operation of law or otherwise, without the prior written consent of the Purchaser;
 provided, however, that the personal representatives of the Designated Seller who is a natural
 person shall be entitled to receive and enforce the Designated Seller's Earn-Out Consideration
 in the event of such Seller's death or incapacity.

6.7. <u>Survival</u>.
 The provisions of this Clause 6 shall survive the Completion and shall terminate automatically
 upon the earlier of (i) the payment in full of all Earn-Out Consideration payable hereunder
 or (ii) the expiration of the Earn-Out Period without the achievement of either Valuation Threshold.

**9**

share purchase agreement

**7.** **WARRANTIES** 

7.1. Each
 Seller, severally but not jointly, hereby represents, warrants and undertakes with the Purchaser
 that the statements set out in <u>Schedule V</u> (the "**Seller Warranties** ")
 are at the date hereof, and shall be at Completion, true and accurate and not misleading.

7.2. Each
 of the Seller Warranties shall constitute a separate and independent Warranty and save as
 provided in Clause 11.3 and Clause 11.8 shall not be limited by reference to any other clauses
 or sub-clauses or anything in this Agreement.

7.3. Each
 Seller acknowledges:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) that it has given the Seller Warranties to the Purchaser with the intention of inducing the Purchaser
to enter into this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) that the Purchaser was induced to enter into this Agreement by the Seller Warranties given by each Seller
and has entered into this Agreement on the basis of, and in full reliance upon them.

7.4. The Sellers and the Company, jointly and severally, hereby represents, warrants and undertakes with the
Purchaser that the statements set out in <u>Schedule VI</u> (the "**Company Warranties** ")
are at the date hereof, and shall be at Completion, true and accurate and not misleading.

7.5. Each
 of the Company Warranties shall constitute a separate and independent Warranty and save as
 provided in Clause 11.3 and Clause 11.8 shall not be limited by reference to any other clauses
 or sub-clauses or anything in this Agreement.

7.6. The Purchaser hereby represents, warrants and undertakes with each Seller that the statements set out
in <u>Schedule VII</u> (the "**Purchaser Warranties**") are at the date hereof, and shall be at Completion, true and accurate
and not misleading.

7.7. Each of the Purchaser Warranties shall constitute a separate and independent Warranty and save as provided
in Clause 11.3 and Clause 11.8 shall not be limited by reference to any other clauses or sub-clauses or anything in this Agreement.

7.8. Except as expressly set forth in Clause 7.6 and to the maximum extent permitted by law, the Purchaser
expressly disclaims all representations and warranties, whether express, implied, statutory, or otherwise, in connection with this Agreement.

**8.** **FURTHER ASSURANCES** 

Each Seller hereby agrees at the request and at the cost of the Purchaser to do, execute and perform such further acts, deeds, documents and things as the Company or the Purchaser may reasonably require effectively to (i) vest the beneficial ownership of the AlloyX Shares in the Purchaser or its designee(s) and the property, business and goodwill of the Company in the Purchaser's control free from all charges, liens, costs, expenses and encumbrances, or (ii) give full force and effect to the provisions of this Agreement.

**10**

share purchase agreement

**9.** **CONDITIONS TO THE OBLIGATIONS OF THE PURCHASER** 

9.1. Notwithstanding
 anything herein contained, the obligation of the Purchaser to complete the transactions provided
 for herein will be subject to the fulfilment of all of the following conditions at or prior to Completion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) all
 due diligence of the Company Group reasonably required by the Purchaser has been completed
 and the results of such due diligence are satisfactory to the Purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the Sellers Warranties and the Company Warranties shall be true and
accurate on the date hereof and at Completion with the same force and effect as though such Sellers Warranties and the Company Warranties
had been made as of Completion (regardless of the date as of which such information is given), and the Sellers and the Company shall have
complied with all covenants and agreements herein agreed to be performed or caused to be performed by the Sellers at or prior to Completion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) no
 order, decision or ruling of any court, tribunal or regulatory authority having jurisdiction
 shall have been made, and no action or proceedings shall be pending or threatened which,
 in the opinion of the Purchaser, is likely to result in an order, decision or ruling

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to
 disallow, enjoin, prohibit or impose any limitations or conditions on the sale and purchase
 of the AlloyX Shares contemplated hereby or the right of the Purchaser to own the AlloyX
 Shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to
 impose any limitations or conditions which may have a Material Adverse Effect on the business
 of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) all
 consents required to be obtained in order to carry out the transactions contemplated hereby
 in compliance with all laws and agreements binding upon the Parties shall have been obtained.

9.2. Each
 of the conditions precedent set forth in Clause 9.1 is for the sole benefit of Purchaser
 and may be waived at any time by Purchaser in writing. The waiver of any particular condition
 precedent shall not constitute the waiver of any other.

9.3. If
 any of the conditions set forth in Clause 9.1 are not complied with or waived by the Purchaser,
 the Purchaser may in its absolute discretion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) defer
 the Completion (and so that the provisions of Clause 4 shall apply to the Completion as so
 deferred);

**11**

share purchase agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) proceed
 to such Completion so far as practicable (without prejudice to its rights, claims and remedies
 under this Agreement); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) terminate
 this Agreement with immediate effect by notice in writing to the Sellers and the Company
 and Clause 13 shall apply.

**10.** **COSTS** 

Each Party shall bear its own costs in connection with the negotiation, preparation and implementation of this Agreement and Completion.

**11.** **MISCELLANEOUS** 

11.1. No
 Party shall issue any press release, publish any circular or issue or release any other public
 statement or disclose to any person any information, in each case relating to or connected
 with or arising out of this Agreement or the matters contained herein, without the prior
 written approval of the other Party or Parties to its contents and the manner of its presentation
 and publication (such approval not to be unreasonably withheld or delayed).

11.2. Notwithstanding anything in Clause 11.1, the Sellers will at the request of the Purchaser join with the
Purchaser in sending out a notice in such form as the Purchaser may reasonably request to all or any of the suppliers, clients and customers
of the Company and such other persons as the Purchaser may require informing them of the transfer of ownership of the Company.

11.3. Notwithstanding Completion the provisions of this Agreement and the representations, warranties, undertakings
and indemnities contained or referred to herein shall (except insofar as they are fully satisfied on Completion) continue thereafter to
subsist for so long as may be necessary for the purpose of giving effect to each and every one of those clauses in accordance with the
terms hereof.

11.4. If
 any of the clauses, conditions, covenants or restrictions of this Agreement or any deed or
 document emanating from it shall be found to be void but would be valid if some part thereof
 were deleted or modified, then such clause, condition, covenant or restriction shall apply
 with such deletion or modification as may be necessary to make it valid and effective.

11.5. This
 Agreement shall be binding and inure for the benefit of the successors of the Parties but
 no Party will be entitled to assign, mortgage, charge, declare a trust of, or deal in any
 other manner with any or all of its rights or obligations under this Agreement without the
 prior written consent of the other Parties. Any purported assignment, declaration of trust,
 transfer, sub-contracting, delegation, charging or dealing in contravention of this Clause
 11.5 is void.

11.6. This
 Agreement, including its Schedules, contains the whole agreement between the Parties in respect
 of the subject matter of this Agreement and supersedes and replaces any prior written or
 oral agreements, representations or understandings between them relating to such subject
 matter. The Parties confirm that they have not entered into this Agreement on the basis of
 any representation that is not expressly incorporated into this Agreement. Without limiting
 the generality of the foregoing, neither party shall have any remedy in respect of any untrue
 statement made to him upon which he may have relied in entering into this Agreement, and
 a Party's only remedy is for breach of contract. However, nothing in this Agreement
 purports to exclude liability for any fraudulent statement or act.

**12**

share purchase agreement

11.7. No variations of this Agreement shall be effective unless made in writing and signed by each of the Parties.

11.8. Unless expressly provided to the contrary, all representations, warranties, undertakings, covenants, agreements
and obligations made, given or entered into in this Agreement by more than one person are made, given or entered into jointly and severally.

11.9. No person who is not a party hereto or its permitted assignee shall be entitled to enforce any right or
term of this Agreement pursuant to the Contracts (Rights of Third Parties) Ordinance (Cap. 623 of the laws of Hong Kong).

**12.** **CONFIDENTILAITY** 

12.1. The term "**Confidential Information**" shall mean all proprietary, confidential, or non-public
information of a disclosing Party in any respect or held by the disclosing Party under an obligation of confidentiality to a third party,
which may be disclosed from one Party to the other Party during the negotiation or performance of this Agreement. Confidential Information
shall include the terms of this Agreement as well as any proprietary or confidential information in relation to the Company Group. Information
shall not be considered Confidential Information to the extent such information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) is known by the receiving Party at the time of its receipt from the disclosing Party
not through a prior disclosure by the disclosing Party, as established by documentary evidence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) at the time of its receipt is, or thereafter becomes, generally available to and
known by the public through no act or omission of the receiving Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) is subsequently disclosed to the receiving Party by a third party who is lawfully
permitted to do so and is not under an obligation of confidentiality to the disclosing Party; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) is developed by the receiving party independently of and without use of the Confidential
Information received from the disclosing Party, as established by documentary evidence.

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share purchase agreement

12.2 A Party receiving Confidential Information of the other Party
shall (A) maintain such Confidential Information in confidence to the same extent that it maintains the confidentiality of its own Confidential
Information, (B) not disclose such Confidential Information to any third party without the prior written consent of the disclosing Party,
and (C) not use such Confidential Information for any purpose other than the exercise of a Party's rights or performance of a Party's
obligations under this Agreement. The provisions in this Clause 12 shall remain in effect notwithstanding the termination or expiry of
this Agreement.

12.3 The provisions of Clause 12.2 shall not prevent a Party from
disclosing Confidential Information if such disclosure:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) is made to a Party's agents, legal or financial advisers, accountants or consultants
who reasonably require such disclosure on a need-to-know basis and who are bound to it by obligations of confidentiality and non-use no
less stringent than the obligations between the Parties hereunder; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) is required to be disclosed by law, subpoena, or court order, provided that, to
the extent permitted by the applicable law, notice is promptly delivered to the other Party in order to provide such Party a reasonable
opportunity to challenge or limit the disclosure obligations, and that any such disclosure made by the disclosing Party is limited to
the extent required by law or court order; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) if required by the regulations of any stock exchange or regulatory or supervisory
authority to which the disclosing Party or the relevant representative is subject (whether or not having the force of law but, if not
having the force of law, being of a type with which persons to which it applies are accustomed to comply).

**13.** **TERM AND TERMINATION** 

13.1. This Agreement shall become effective on the date of signing of this Agreement and shall remain in force
until and upon the termination of this Agreement by the Purchaser pursuant to Clause 9.3.

13.2. Upon termination of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each
 Party's further rights and obligations cease immediately on termination, except that
 (i) termination does not affect a Party's accrued rights and obligations as at the
 date of termination, and (ii) the Surviving Provisions shall survive the termination of this
 Agreement and shall continue in full force and effect. For the purpose of this Agreement,
 the "**Surviving Provisions**" means, collectively, Clause 7 (Warranties),
 Clause 10 (Costs), Clause 11 (Miscellaneous) save for Clause 11.2, Clause 12 (Confidentiality),
 Clause 13 (Term and Termination), Clause 14 (Notices), Clause 15 (Headings), Clause 16 (Counterparts)
 and Clause 17 (Governing Law and Dispute Resolution); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) none
 of the Parties will have any claim against the other in respect of any matter or thing arising
 out of or in connection with this Agreement (save in respect of any antecedent breach of
 any obligation under this Agreement).

**14**

share purchase agreement

**14.** **NOTICES** 

Any notice required to be given hereunder shall be in writing in the English language and shall be served by sending the same by prepaid recorded post, facsimile or by delivering the same by hand to the address of the Party or Parties in question as set out in the respective signature pages to this Agreement (or such other address as such Party or Parties shall notify the other Parties of in accordance with this clause). Any notice sent by post as provided in this clause shall be deemed to have been served five Business Days after despatch and any notice sent by facsimile as provided in this clause shall be deemed to have been served at the time of despatch and in proving the service of the same it will be sufficient to prove in the case of a letter that such letter was properly stamped, addressed and placed in the post; and in the case of a facsimile that such facsimile was duly despatched to a current facsimile number of the addressee.

**15.** **HEADINGS** 

The headings in this Agreement are inserted for convenience only and shall not affect the construction or interpretation of this Agreement.

**16.** **COUNTERPARTS** 

This Agreement may be executed in any number of counterparts, each of which when so executed shall be deemed an original but all such counterparts shall constitute one and the same instrument. Delivery of a counterpart signature page by facsimile transmission or by e-mail transmission of an Adobe Portable Document Format file (or similar electronic record) shall be effective as delivery of an executed counterpart signature page.

**17.** **GOVERNING LAW AND DISPUTE RESOLUTION** 

This Agreement shall be governed by, and construed in accordance with the laws of Hong Kong without regard to the principles of conflicts of laws thereunder. The Parties agree to negotiate in good faith to resolve any dispute, controversy, or claim arising out of or relating to this Agreement, including the validity, invalidity, breach, or termination thereof ("**Dispute**"). If the negotiations do not resolve the Dispute to the reasonable satisfaction of the Parties within thirty (30) days, the following subsection (A) and (B) shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Any Disputes shall be referred to and finally resolved by
 arbitration administered by the Hong Kong International Arbitration Centre ()"**HKIAC**") in accordance with the HKIAC
 Administered Arbitration Rules (the "**HKIAC Rules**") in force at the time the notice of arbitration is submitted in
 accordance with these rules. The number of arbitrators shall be one to be jointly appointed by the Parties concerned. If the
 concerned Parties fail to agree on or appoint an arbitrator within 14 days of the notice of arbitration, the HKIAC shall appoint
 such arbitrator. The seat of arbitration shall be Hong Kong and the arbitration proceedings shall be conducted in English. To the
 extent that the HKIAC Rules are in conflict with the provisions of this section, including the provisions concerning the appointment
 of the arbitrator, the provisions of this section shall prevail. The arbitration award shall be final and binding on the concerned
 Parties, and the prevailing Party may apply to a court of competent jurisdiction for enforcement of such award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Any
 Party to the Dispute shall be entitled to seek preliminary injunctive relief from any court
 of competent jurisdiction, if possible or if available. During the course of the arbitral
 tribunal's adjudication of the Dispute, this Agreement shall continue to be performed,
 except with respect to the part in dispute and under adjudication.

*[Remainder of this page intentionally left blank.]*

*[Schedules and signature page to follow.]*

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share purchase agreement

**AGREED** by the Parties through their authorised signatories on the date first written above:

For, and on behalf of **SOLOWIN HOLDINGS**

---

| |
|:---|
| /s/ Ling Ngai Lok |
| Signature |

---

<u>Ling Ngai Lok</u> <br> Print Name

<u>Cricket Square, Hutchins Drive, PO Box 2681, Grand Cayman KY1-1111, Cayman Islands</u> 

Address

**16**

share purchase agreement

For, and on behalf of **VAST SPACE LIMITED**

---

| |
|:---|
| /s/ Ling Ngai Lok |
| Signature |

---

<u>Ling Ngai Lok</u> <br> Print Name

<u>Mandar House, 3rd Floor, Johnson's Ghut, Tortola, British Virgin Islands</u>

Address

**17**

share purchase agreement

For, and on behalf of **Firewood Group Limited**

---

| |
|:---|
| /s/ Haokang Zhu |
| Signature |

---

<u>Haokang Zhu</u> <br> Print Name

<u>Aegis Chambers, 1st Flo</u><u>or, Ellen Skelton Building, 3076 Sir Francis Drake's Highway, Road Town, Tortola, VG1110, British Virgin Islands</u>

Address

**18**

share purchase agreement

For, and on behalf of **WELL INSIGHT LIMITED**

---

| |
|:---|
| /s/ Ling Ngai Lok |
| Signature |

---

<u>Ling Ngai Lok</u> <br> Print Name

<u>Mandar House, 3rd Floor, Johnson's Ghut, Tortola, British Virgin Islands</u>

Address

**19**

share purchase agreement

For, and on behalf of **WHITECOVE CAPITAL PTY LTD**

---

| |
|:---|
| /s/ Cheng, Yuan Chen |
| Signature |

---

<u>Cheng, Yuan Chen</u> <br> Print Name

<u>L 16, 175 PITT ST, SYDNEY, NSW 2000, AUSTRALIA</u>

Address

**20**

share purchase agreement

For, and on behalf of **Sunny Tulip Limited**

---

| |
|:---|
| /s/ Ying Sun |
| Signature |

---

<u>Ying Sun</u> <br> Print Name

<u>Ritter House, Wickhams Cay II, PO Box 3170, Road Town, Tortola VG1110, British Virgin Islands</u>

Address

**21**

share purchase agreement

For, and on behalf of **Longling Capital Ltd**

---

| |
|:---|
| /s/ Wensheng Cai |
| Signature |

---

<u>Wensheng Cai</u> <br> Print Name

<u>Portcullis Chambers, 4th Floor, Ellen Skelton Building, 3076 Sir Francis Drake Highway, Road Town, Tortola, British Virgin Islands VG1110</u>

Address

**22**

share purchase agreement

For, and on behalf of **FENBUSHI Inc**

---

| |
|:---|
| /s/ Bo Shen |
| Signature |

---

<u>Bo Shen</u> <br> Print Name

<u>1835 Savoy Dr. Suite 202, Atlanta, GA, 30341, USA</u>

Address

**23**

share purchase agreement

For, and on behalf of **ACIT Group Limited**

---

| |
|:---|
| /s/ Wai Kwan Alex, Cheung |
| Signature |

---

<u>Wai Kwan Alex, Cheung</u> <br> Print Name

<u>ROOM 2A, 14/F., CHUN WO COMMERCIAL CENTRE, 23-29 WING WO STREET, CENTRAL, HONG KONG</u>

Address

**24**

share purchase agreement

For, and on behalf of **The Arbitrum Foundation**

---

| |
|:---|
| /s/ Edward Noyons |
| Signature |

---

<u>Edward Noyons</u> <br> Print Name

<u>Leeward Management Limited of 3119, 9 Forum Lane, Camana Bay, P.O. Box 144, Grand Cayman KY1-9006, Cayman Islands</u>

Address

**25**

share purchase agreement

For, and on behalf of **Tandem Studios LLC**

---

| |
|:---|
| /s/ Steven Goldfeder |
| Signature |

---

<u>Steven Goldfeder</u> <br> Print Name

<u>Unit #2644, 377 Valley Rd., Clifton, NJ 07013, United States</u>

Address

**26**

share purchase agreement

For, and on behalf of **BITRISE CAPITAL FOUNDATION PTE. LTD.**

---

| |
|:---|
| /s/ Xudong Zhang |
| Signature |

---

<u>Xudong Zhang</u> <br> Print Name

<u>#08-43, VERTEX, 33 UBI AVENUE 3, SINGAPORE 408868</u>

Address

**27**

share purchase agreement

For, and on behalf of **TCFE Global** 

---

| |
|:---|
| /s/ Christian Schmitz |
| Signature |

---

<u>Christian Schmitz</u> <br> Print Name

<u>Floor 4, Willow House, Cricket Square, Grand Cayman KY1-9010, Cayman Islands</u>

Address

**28**

share purchase agreement

For, and on behalf of **575 Advisory Ltd.**

---

| |
|:---|
| /s/ Adam Jin |
| Signature |

---

<u>Adam Jin</u> <br> Print Name

<u>Sea Meadow House, P.O. Box 116, Road Town, VG1110, British Virgin Islands</u>

Address

**29**

share purchase agreement

For, and on behalf of **Kiln** 

---

| |
|:---|
| /s/ Laszlo Szabo |
| Signature |

---

<u>Laszlo Szabo</u> <br> Print Name

<u>17 rue Henry Monnier, 75009 Paris, France</u>

Address

**30**

share purchase agreement

For, and on behalf of **AlloyX Limited**

---

| |
|:---|
| /s/ Ling Ngai Lok |
| Signature |

---

<u>Ling Ngai Lok</u> <br> Print Name

<u>Suites 1710-1714, 17/F Jardine House, 1 Connaught Place Central, Hong Kong</u>

**Address**

**31**

share purchase agreement

**<u>SCHEDULE I</u>**

**Sellers**

---

| | | | |
|:---|:---|:---|:---|
|  | **Name of Sellers** | **Number of<br> AlloyX Shares** | **Shareholding<br> Percentage in the<br> Company<br> (as converted and<br> fully-diluted<br> basis)** |
| **1** | VAST SPACE LIMITED | 22415000 | 35.86% |
| **2** | Firewood Group Limited | 22415000 | 35.86% |
| **3** | WELL INSIGHT LIMITED | 11207500 | 17.93% |
| **4** | WHITECOVE CAPITAL PTY LTD | 1875000 | 3.00% |
| **5** | Sunny Tulip Limited | 1250000 | 2.00% |
| **6** | Longling Capital Ltd | 1250000 | 2.00% |
| **7** | FENBUSHI Inc | 1250000 | 2.00% |
| **8** | ACIT Group Limited | 312500 | 0.50% |
| **9** | The Arbitrum Foundation | 156250 | 0.25% |
| **10** | Tandem Studios LLC | 156250 | 0.25% |
| **11** | BITRISE CAPITAL FOUNDATION PTE. LTD. | 125000 | 0.20% |
| **12** | TCFE Global | 31250 | 0.05% |
| **13** | 575 Advisory Ltd. | 31250 | 0.05% |
| **14** | Kiln | 25000 | 0.04% |
|  | **Total:** | **62500000** | **100%** |

---

**32**

share purchase agreement

**<u>SCHEDULE II</u>**

**Number of Solowin Shares to be Received by Each Seller at Completion**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Number of Solowin Shares<br> to be Received at <br> Completion** | **Number of Solowin Shares<br> to be Received at <br> Completion** | **Shareholding Percentage in<br> SOLOWIN HOLDINGS post-Completion** | **Shareholding Percentage in<br> SOLOWIN HOLDINGS post-Completion** |
|  | <br>**Name of Sellers** | **Class A Ordinary Shares** | **Class B Ordinary Shares** | **Class A Ordinary Shares** | **Class B Ordinary Shares** |
| **1** | VAST SPACE LIMITED | 23331598 | 23331599 | 14.97% | 74.37% |
| **2** | Firewood Group Limited | 46663197 | **-** | 29.95% |  |
| **3** | WELL INSIGHT LIMITED | 23331599 | **-** | 14.97% |  |
| **4** | WHITECOVE CAPITAL PTY LTD | 3903346 | **-** | 2.50% |  |
| **5** | Sunny Tulip Limited | 2602230 | **-** | 1.67% |  |
| **6** | Longling Capital Ltd | 2602230 | **-** | 1.67% |  |
| **7** | FENBUSHI Inc | 2602230 | **-** | 1.67% |  |
| **8** | ACIT Group Limited | 650558 | **-** | 0.42% |  |
| **9** | The Arbitrum Foundation | 325279 | **-** | 0.21% |  |
| **10** | Tandem Studios LLC | 325279 | **-** | 0.21% |  |
| **11** | BITRISE CAPITAL FOUNDATION PTE. LTD. | 260223 | **-** | 0.17% |  |
| **12** | TCFE Global | 65056 | **-** | 0.04% |  |
| **13** | 575 Advisory Ltd. | 65056 | **-** | 0.04% |  |
| **14** | Kiln | 52045 | **-** | 0.03% | - |
|  | **Total:** | **106779926** | **23331599** | **68.53%** | **74.37%** |

---

**33**

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**<u>SCHEDULE III</u>**

**Designated Seller**

---

| | |
|:---|:---|
|  | **Name of Seller** |
| **1** | VAST SPACE LIMITED |

---

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**<u>SCHEDULE IV</u>**

**Valuation Formula for Earn-Out Consideration**

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended<br> March 31,** | **Audited Revenue of the<br> Company Group<br> US$'000** | **P/S<sup>(2)</sup>** |
| **First Valuation Threshold<sup>(1)</sup>** | 2026 | 24000 | 25 to 42 |
| **Second Valuation Threshold<sup>(1)</sup>** | 2027 | 62000 | 10 to 16 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) First or Second Valuation Threshold is deemed achieved, if
both (a) the audited revenue of the Company Group and (b) the P/S ratio, reach the corresponding numbers in the table above.

&nbsp;&nbsp;&nbsp;&nbsp;(2) P/S = (Trading Price Per a Class A Solowin Share \* Total
Number of Solowin Shares to be Received at Completion) / Audited Revenue of the Company Group

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**<u>SCHEDULE V</u>**

**Seller Warranties**

**1.** **General** 

1.1. All
 information and descriptions provided in the Disclosure Document are true and accurate in
 all material respects and not misleading in any material respects, and copies of documents
 supplied by or on behalf of the Sellers to the Purchaser (or Purchaser's agents and
 advisors) are complete and accurate copies of the originals.

1.2. The Seller has Disclosed to the Purchaser all information about such Seller relevant to enable the Purchaser
to properly evaluate the transactions contemplated by this Agreement and all such information is true and complete and not misleading.

1.3. In this Schedule, the titles to the Seller Warranties are inserted for convenience only.

**2.** **Organisation; Authorisation** 

2.1. The Seller is a company or other entity legally incorporated, organized, or formed validly existing and
in good standing under the laws of its place of incorporation or organization, with full right, corporate power and authority to execute
and deliver this Agreement and to consummate the transactions contemplated by this Agreement and otherwise to perform its obligations
hereunder.

2.2. The execution, delivery and performance by the Seller of this Agreement and the carrying out and completion
of the transactions contemplated by this Agreement have been duly authorised by all necessary corporate or similar action on the part
of the Seller.

2.3. The Seller's representative whose signature is affixed to this Agreement has full capacity and authority
to bind the Seller to the terms hereof. This Agreement has been duly executed by the Seller and represents a valid, legal and binding
obligation of the Seller, enforceable against the Seller in accordance with its terms.

2.4. No consent, approval, order, or authorization of, or registration, qualification, designation, declaration
or filing with, from any governmental authority or any other person (other than the approvals of the board of directors of the Seller)
is required for the execution, delivery and performance by the Seller of this Agreement, except as specifically provided herein.

**3.** **No Conflicts** 

3.1. The execution, delivery and performance by the Seller of this Agreement and the carrying out and completion
of the transactions contemplated hereby do not and will not constitute or result in a violation or breach of or default under:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) any term or provision of the memorandum, articles of association or other constitutional documents of
the Seller;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the terms of any agreement or other obligation or restriction to which the Seller is a party or by which
the Seller or its asset is bound; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) any term or provision of any licenses or any order of any court, governmental authority or regulatory
body or any law or regulation of any jurisdiction in which the Seller is subject to or by which any asset of the Seller is bound or affected.

**4.** **Ownership** 

4.1. The Seller is the legal and beneficial owner of the AlloyX Shares registered in the name of such Seller.

4.2. Save as the right of first refusal set forth in the Shareholders Agreement, none of the AlloyX Shares
registered in the name of such Seller is subject to any charge, lien, encumbrance, mortgage, or other security interests, option restriction
notice pursuant to the Companies Act, stop notice pursuant to Grand Court rule O.50, r.11, or any other restrictions, or arrangements
or interest under any contract or trust, or any other third-party interest of whatsoever nature.

4.3. Save as the right of first refusal set forth in the Shareholders Agreement (the waivers of which shall
be obtained prior to or contemporaneous with the Completion and the Seller will procure the obtaining of such waivers), no person has
any agreement or option or any right or privilege (whether by law, pre-emptive or contractual) capable of becoming an agreement or option
for the purchase from the Seller of any of the AlloyX Shares registered in its name, or entitling any person other than the Seller to
share in the proceeds from the sale of the AlloyX Shares registered in its name.

4.4. The AlloyX Shares registered in the name of the Seller, when transferred to the Purchaser as provided
in this Agreement, will be free of any charge, lien, encumbrance, mortgage and rights of any other third parties, free of restrictions
on transfer under the Articles, Shareholders Agreement, and any applicable securities law and regulation.

**5.** **Contractual and Regulatory Approvals** 

The Seller is under no obligation, contractual or otherwise, to request or obtain the consent of any person (save for the board of directors of the Seller), and no permits, licenses, certifications, authorisations or approvals of, or notifications to, any government or governmental agency, board, commission or authority are required to be obtained by the Seller in connection with the execution, delivery or performance by the Seller of this Agreement or the carrying out or completion of any of the transactions contemplated herein.

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**6.** **Litigation** 

6.1. No order for bankruptcy, winding-up, liquidation, judicial management, or similar events has been made
or petition presented against the Seller, nor has any person threatened to present such an order or petition.

6.2. There is no pending legal, administrative, regulatory, arbitration or other formal action, claim, suit,
or investigation (each a "**Proceeding**") against the Seller that involves the AlloyX Shares registered in the name of
such Seller or that challenges, or may have the effect of preventing, delaying or making illegal, or otherwise interfering with, any of
the transactions contemplated by this Agreement, and, to the best knowledge of the Seller, no such Proceeding has been threatened and
no event or circumstance exists that is reasonably likely to give rise to or serve as a basis for the commencement of any such Proceeding.

**7.** **Securities Law Matters; Economic Risk** 

The Seller acknowledges and agrees that the Solowin Shares to be received under this Agreement have not been registered under the Securities Act of 1933, as amended (the "**Securities Act**"), or any state securities laws, and are being issued in reliance upon exemptions from the registration requirements of such laws. The Seller represents that it is acquiring such securities for its own account and not with a view to, or for sale in connection with, any distribution thereof in violation of applicable securities laws. Such Seller is not purchasing the Solowin Shares as a result of any advertisement, article, notice or other communication regarding the Solowin Shares published in any newspaper, magazine or similar media or broadcast over television or radio or presented at any seminar or any other general solicitation or general advertisement. The Seller further acknowledges that it has been advised and understand that there are substantial economic risks associated with the ownership of such securities, including the risk that the securities may become worthless, and that it has had the opportunity to ask questions of, and receive answers from, the Purchaser regarding the Purchaser and the Solowin Shares to be received.

**8.** **Regulation S** 

The Seller is not a U.S. Person and such Seller (i) acknowledges that the Solowin Shares contain a customary restrictive legend restricting the offer, sale or transfer of such securities except in accordance with the provisions of Regulation S, pursuant to registration under the Securities Act, or pursuant to an available exemption from registration, (ii) agrees that all offers and sales by such Seller of the Solowin Shares shall be made pursuant to an effective registration statement under the Securities Act or pursuant to an exemption from, or a transaction not subject to the registration requirements of, the Securities Act, (iii) represents that the offer to acquire the Solowin Shares was made to such Seller outside the United States, and such Seller was at the time of the offer, is now, and will be at the time of the sale, outside the United States, (iv) has not engaged in or directed any unsolicited offers to acquire Solowin Shares in the United States, (v) is neither a U.S. Person nor a "distributor" (as such terms are defined in Rule 902(k) and 902(d), respectively, of Regulation S), (vi) has acquired the Solowin Shares for its own account and not for the account or benefit of any U.S. Person, (vii) is the sole beneficial owner of the Solowin Shares acquired under this Agreement and has not pre-arranged any sale with an investor in the United States, and (viii) is familiar with and understands the terms and conditions and requirements contained in Regulation S, specifically, without limitation, the statutory basis for the exemption claimed for the issuance of the Solowin Shares would not be present if the acquisition, although in technical compliance with Regulation S, is part of a plan or scheme to evade the registration provisions of the Securities Act. In addition, each Seller has completed and executed the Regulation S Seller Representation Letter attached as <u>Schedule VIII</u> to this Agreement.

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**<u>SCHEDULE VI</u>**

**Company Warranties**

**1.** **General** 

1.1. All
 information and descriptions provided in the Disclosure Document are true and accurate in
 all material respects and not misleading in any material respects, and copies of documents
 supplied by or on behalf of the Company to the Purchaser (or Purchaser's agents and
 advisors) are complete and accurate copies of the originals.

1.2. The
 Company has Disclosed to the Purchaser all information relating to the Company to enable
 the Purchaser to properly evaluate the Company Group and the transactions contemplated by
 this Agreement and all such information is true and complete and not misleading.

1.3. The
 Company has Disclosed to the Purchaser all information relating to the Company Group which
 could materially and adversely affect the value of the Company Group's properties,
 business, or undertakings, and all such information is true and complete and not misleading.

1.4. The
 information set out in the recitals (A) to (B) of this Agreement is true and accurate in
 all respects.

1.5. In
 this Schedule,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 titles to the Company Warranties are inserted for convenience only; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) where the context so admits the warranties hereby given shall be deemed to include and cover every country
in the world in which the Company has owned or leased property or otherwise carried on its business.

1.6. The Seller shall be deemed to have putative knowledge of all matters in the actual knowledge of the Company
or its directors.

**2.** **Organisation** 

2.1. Each of the Company and its Subsidiaries has been duly incorporated and organized, and is validly existing
in good standing, under the laws of its place of incorporation.

2.2. Each of the Company and its Subsidiaries has the corporate power and authority to own and operate its
assets and properties and to carry on its business as currently conducted and proposed to be conducted.

2.3. The copy of the current memorandum and articles of association or other constitutional documents of each
member of the Company Group that has been provided as part of the Disclosed Documents is accurate and complete in all respects. There
are no, and there shall not be any, restriction on the transfer of the AlloyX Shares, whether conferred by the current memorandum and
articles of association of the Company, the Shareholders Agreement or otherwise.

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2.4. The statutory books, minute books, and registers of members, directors, company secretaries and charges
of each member of the Company Group have been properly and accurately kept and maintained in all material respects and contain full and
accurate records of all resolutions passed by the directors and the shareholders of such member and all issuances and transfers of shares
or other securities of such member.

**3.** **Authorisation** 

3.1. The Company has the corporate power and authority to execute, deliver, and perform its obligations under
this Agreement and the carrying out and completion of the transactions contemplated hereby. All necessary corporate actions on the part
of the Company for the authorization, execution, delivery of and the performance of all obligations of the Company under this Agreement,
and the carrying out and completion of the transactions contemplated hereby have been properly taken and documented.

3.2. The Company's representative whose signature is affixed to this Agreement has full capacity and authority
to bind it to the terms hereof.

3.3. This Agreement has been duly executed by the Company and represents a valid, legal and binding obligation
of the Company, enforceable against the Company in accordance with its terms.

3.4. No consent, approval, order, or authorization of, or registration, qualification, designation, declaration
or filing with, from any governmental authority or any other person (other than the approvals of the board of directors of the Company)
is required for the execution, delivery and performance by the Company of this Agreement, except as specifically provided herein.

**4.** **No Conflicts** 

4.1. The execution, delivery and performance by the Company of this Agreement and the carrying out and completion
of the transactions contemplated hereby do not and will not constitute or result in a violation or breach of or default under:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any term or provision of the Articles or other constitutional documents of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the terms of any agreement or other obligation or restriction to which the Company is a party or by which
the Company or its asset is bound; or

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share purchase agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any term or provision of any licenses or any order of any court, governmental authority or regulatory
body or any law or regulation of any jurisdiction to which the Company is subject to or by which any asset of the Seller is bound or affected.

4.2. No order for bankruptcy, winding-up, liquidation, judicial management, or similar events has been made
or petition presented against **a member of** the Company **Group**. Additionally, no any person has threatened to present such
an order or petition, nor has **such member** made any composition with its creditors or requested a suspension of payment on its debts,
nor has a moratorium been agreed or declared in respect of, or affecting, all or a material part of any indebtedness **of such member**,
nor have any other actions been taken in relation to the appointment of an administrator, liquidator, receiver, administrative receiver,
compulsory manager or any provisional liquidator (or equivalent in any other jurisdiction) (or other process whereby the business is terminated
and the assets of **such member** are distributed amongst the creditors or shareholders or any other contributors). There are no proceedings
under any applicable insolvency, reorganization, or similar laws in any relevant jurisdiction, nor have any events occurred that would
justify such proceedings under applicable laws and the Company is not aware of any potential insolvency issues.

4.3. No distress, execution, or other similar process has been levied on any asset owned or used by **a member of** the Company **Group**. Additionally, no person has threatened any such distress, execution or other similar process, nor has
an official assignee or similar officer been appointed concerning any of assets **of such member**.

**5.** **Capitalization** 

5.1. Schedule II sets forth all of the issued and outstanding securities of the Company. All of the AlloyX
Shares are legally issued, fully paid, and nonassessable and not issued in violation of the preemptive or other rights of any person.

5.2. Except as pursuant to this Agreement or the Shareholders Agreement, there are no (i) outstanding options,
warrants, rights to subscribe to, calls or commitments of any character whatsoever relating to, or securities or rights convertible into,
any shares of the Company, or contracts, commitments, understandings or arrangements by which the Company is or may become bound to issue
additional shares of the Company or options, warrants, rights to subscribe to, calls or commitments of any character whatsoever relating
to, or securities or rights convertible into, any shares of the Company, (ii) outstanding debt securities, or (iii) agreements or arrangements
under which the Company is obligated to register the sale of any of its securities.

5.3. With respect to each Subsidiary, there are no (i) outstanding options, warrants, rights to subscribe to,
calls or commitments of any character whatsoever relating to, or securities or rights convertible into, any shares of such Subsidiary,
or contracts, commitments, understandings or arrangements by which such Subsidiary is or may become bound to issue additional shares of
such Subsidiary or options, warrants, rights to subscribe to, calls or commitments of any character whatsoever relating to, or securities
or rights convertible into, any shares of such Subsidiary, (ii) outstanding debt securities, or (iii) agreements or arrangements under
which such Subsidiary is obligated to register the sale of any of its securities.

**41**

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**6.** **Group Companies** 

6.1. The Company has Disclosed to the Purchaser all subsidiaries of the Company. For purposes of this paragraph
6.1, a "subsidiary" means a subsidiary undertaking of the Company as defined under the Companies Ordinance (Cap. 622 of the
laws of Hong Kong).

6.2. The shares comprising the issued share capital of each Subsidiary are beneficially owned by the Company
and legally owned by the Company (save for AlloyX Hong Kong which is legally owned by Master Venus), and are fully paid, free from any
encumbrance or any claim to, or contract to grant, any encumbrance.

6.3. No member of the Company Group:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) holds or beneficially owns, or has agreed to acquire, any securities of any company other than the Subsidiaries;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is,
 or has agreed to become, a member of any partnership (whether incorporated or unincorporated)
 or other unincorporated association, joint venture or consortium (other than recognised trade
 associations).

**7.** **Accounts** 

7.1. The
 Company has provided to the Purchaser (i) the audited consolidated balance sheets of the
 Company as of March 31, 2025 and March 31, 2024 (the "  **<u>Accounts Date</u>** "),
 and the profit and loss account of the Company for the financial years ended on March 31,
 2025 and March 31, 2024, respectively, together with the notes to such balance sheets and
 accounts, and the directors' and auditors' reports on the foregoing balance sheets and accounts
 (collectively the "  **<u>Accounts</u>** "). The foregoing balance sheets and
 accounts and the notes thereto were prepared by the Company's Accountants.

7.2. All
 the Accounts have been prepared in accordance with the United States generally accepted accounting
 principles ("  **<u>GAAP</u>**") consistently applied throughout the periods
 involved. The Company's balance sheets are true and accurate and present fairly in
 all material respects as of their respective dates the financial condition of the Company
 Group. As of the date of such balance sheets, except as and to the extent reflected or reserved
 against therein, the Company Group had no other liabilities or obligations (direct or indirect,
 matured or unmatured, absolute or contingent) which should be reflected in the balance sheets
 or the notes thereto prepared in accordance with GAAP, and all of the Company Group's
 assets are reflected therein, which are properly reported and present fairly the value of
 the assets of the Company in accordance with GAAP. The Company's statements of income,
 shareholders' equity and cash flows reflect fairly the information required to be set
 forth therein by GAAP.

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7.3. Since
 the Accounts Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 business of the Company Group has been carried on in the ordinary course to maintain its
 status as a going concern; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) there
 has been no event, change, or occurrence that, individually or together with any other events,
 change or occurrence, has, or would, or could reasonably be expected to have, a Material
 Adverse Effect on or cause a material adverse change to the business, operations, assets,
 financial or trading position or prospects of the Company Group; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 Company has not (i) granted or agreed to grant any options, warrants or other rights for
 its shares, bonds or other corporate securities calling for the issuance thereof, (ii) borrowed
 or agreed to borrow any funds or incurred, or become subject to, any material obligation
 or liability (absolute or contingent) except as Disclosed and except liabilities incurred
 in the ordinary course of business; (iii) sold or transferred, or agreed to sell or
 transfer, any of its assets or rights, or canceled, or agreed to cancel, any debts or claims;
 or (iv) issued, delivered, or agreed to issue or deliver any shares, bonds or other corporate
 securities including debentures (whether authorized and unissued or held as treasury stock)
 except in connection with this Agreement.

7.6. Having
 regard to the purpose for which they were prepared, the management accounts of the Company
 for the period from April 01, 2025 to June 30, 2025 (the "  **<u>Management Accounts</u>** "):
 the Management Accounts (i) reasonably reflect the financial affairs of the Company Group as
 of the date to which they have been prepared and its results for the period covered by the
 Management Accounts; and (ii) are not inaccurate or misleading in any material respect.

7.7. For
 each member of the Company Group, the accounting and other books and records of such member
 have been properly written up and accurately present and reflect in accordance with GAAP
 all the transactions entered into by such entity or to which such member has been a party.

7.8. Except
 as Disclosed, the Company Group does not have any liabilities, debts, or obligations of any
 nature (whether absolute, accrued, contingent, or otherwise), that would be required to be
 reflected in a balance sheet prepared in accordance with GAAP, and that could reasonably
 be expected to have a Material Adverse Effect on the Company Group. The Company further represents
 that it has not entered into any agreement or commitment to incur any such liability that
 is not reflected in the financial statements provided to the Purchaser.

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7.9. All
 payments, receipts and invoices of the Company and its Subsidiaries since the Accounts Date
 have been recorded in the books of the Company or such Subsidiary.

7.10. All debts (less any specific provision made) due to the
 Company or any Subsidiary have been included in the Accounts and all debts now due to the Company or its Subsidiaries have either
 been realized prior to the date hereof or are expected to within six months after the date hereof realize their full amount in
 cash. All creditors of the Company or any Subsidiary have been paid in the normal course of business, subject to the Company or such
 Subsidiary's using all reasonable endeavors to collect outstanding amounts.

**8.** **Taxation** 

8.1. The
 Accounts contain full provision for all taxation, including deferred or provisional taxation,
 that is liable to be assessed on the Company for the accounting period ended on the Accounts
 Date, or for any subsequent period (on the basis of the rates of tax and taxation statutes
 in force at the Accounts Date) covering any transactions, events, or omission occurring,
 or any income, or profits, or gains earned, accrued, or received by the Company on or prior
 to the Accounts Date, or for which the Company is accountable up to such date. All contingent
 liabilities for taxation have been provided for or disclosed in the Accounts.

8.2. Since the Accounts Date, no further liability or contingent liability for taxation on the Company has
arisen except as a result of trading activities conducted in the ordinary course of its business.

8.3. With respect to each member of the Company Group, all returns made by such member for taxation purposes
were accurate at the time of submission and remain correct and appropriately based. All other information supplied to relevant tax authority
for such purpose was accurate when supplied and remains correct and on a proper basis and such returns include all returns and information
which such member ought to have made or given and are not subject to any dispute with such relevant tax authority at the date hereof.
There are no facts or matters that might result in any such dispute or any taxation liability (present or future) not provided for in
the Accounts.

8.4. With respect to each member of the Company Group, such member has paid all taxation for which it is liable
to account to the relevant tax authority by the due date for payment thereof and is not liable to pay any penalties or interest in connection
therewith and without prejudice to the generality of the foregoing such member has made all deductions and withholdings in respect or
on account of taxation which it is required or entitled by any relevant legislation, from any payments made by it including, but not limited
to, interest, annuities or other annual payments, royalties, rent, remuneration payable to employees or sub-contractors or payments to
a non-resident. Where appropriate, such member has accounted in full to the relevant tax authority for any taxation so deducted or withheld
and maintains documentation to support these transactions.

**44**

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**9.** **Assets** 

9.1. Each member of the Group Company owns or has the right to use all material assets required for the conduct
of its business. All material assets owned by such member are free and clear of all encumbrances, and there are no pending claims or dispute
regarding ownership of such assets.

**10.** **Real Properties** 

10.1. Neither the Company nor any of the Subsidiaries own any real property.

10.2. The Company has Disclosed details of all the real property
 leased by a member of the Company Group (the "  **<u>Real Properties</u>** ").

10.3. In relation to each of the Real Properties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) it is held under the terms of the lease disclosed or summarized in the Disclosure Documents, and no licenses
or collateral assurances, undertakings or concessions have been made by any party to the lease;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the respective member of the Company Group has paid the
 rent and all other sums payable under the lease on the due dates for payment, and the last demand for rent was unqualified, and each
 lease is valid and in full force;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the respective member of the Company Group has observed
 and performed the covenants and conditions contained in the lease in all material respects, has received no complaint regarding any
 alleged breach of any of such covenants and conditions, and such member is not in dispute with the landlord in relation to any
 lease-related matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) so far as the Company is aware, the landlord has observed and performed the covenants and conditions contained
in the lease in all material respects; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) there are no rent reviews currently outstanding or under negotiation;

10.4. There is no action, claim, proceeding, demand, dispute, or liability (contingent or otherwise) against
a member of the Company Group in respect of any of the Real Properties is outstanding or anticipated.

**11.** **Intellectual Property** 

11.1. The Company has Disclosed all the pending and registered intellectual property owned in whole or in part
by the Company Group.

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share purchase agreement

11.2. The Company Group has applied for registered protection for all intellectual property owned by it that
is capable of protection and for which a reasonably prudent business should seek protection (the "**Registered IP** ").

11.3. All of the intellectual property used by the Company Group in the course of the business of the Company
Group is either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) legally and beneficially owned by a member of the Company Group and free from any mortgage, lien, pledge,
charge, security interest or other encumbrance; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) licensed to a member of the Company Group under a valid and enforceable intellectual property license.

11.4. The intellectual property owned by the Company Group is subsisting and enforceable and to the knowledge
of the Company, all confidential information of the Company Group has been kept confidential, and nothing has been done or not been done
as a result of which any of them has ceased or might cease to be subsisting or enforceable or confidential.

11.5. All fees payable in respect of any intellectual property owned by the Company Group have been paid within
the relevant time period for payment and all other steps required for the maintenance or protection of the Registered IP have been taken.

11.6 No Registered IP has been the subject of any inter partes court, tribunal, arbitration, intellectual property
office, patent office, or trademark office or other proceedings nor do any facts or matters exist which could give rise to any such proceedings.

11.7 No member of the Company Group has received written notice or other communication asserting or threatening
that the activities of the Company Group infringe, misappropriate or otherwise violate the intellectual property rights of any third party,
and no member of the Company Group has given written notice to any third party alleging that such third party is infringing, misappropriating
or otherwise violating any intellectual property owned by a member of the Company Group.

11.8 To the knowledge of the Company, the activities of the Company Group, including the conduct of its business
as carried on in the preceding twelve months, do not infringe, misappropriate or otherwise violate, and have not infringed, misappropriated
or otherwise violated, and will not result in any claim, threatened claim or allegation that they do infringe, misappropriate or otherwise
violate, any intellectual property rights of any third party.

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11.9 To the knowledge of the Company, no officer, employee, agent, consultant, contractor, advisor or representative
of any member of the Company Group has made any claim in relation to any intellectual property owned by a member of the Company Group
including but not limited to claims for payment in respect of patentable inventions made by such officer, employee, agent, consultant,
contractor, advisor or representative.

11.10 All certificates, files or other documents relating to the ownership or prosecution of the Registered
IP are in the possession of a member of the Company Group and/or the Company Group's agents.

11.11 Each element of Information Technology is legally and beneficially owned by a member of the Company Group
or validly licensed to a member of the Company Group pursuant to a written agreement, in each case free from mortgage, lien, pledge, charge,
security interest or other encumbrances. As used herein, "**Information Technology**" means computer systems, communications
systems (other than public communications networks), Software, hardware, devices and websites which are owned or used by the Company Group;
and "**Software**" means source code, object code, computer programs, application programs, algorithms, processes, flow
charts, formulae, electronic files, libraries, scripts, toolkits, data structures, and programming instructions.

**12.** **Material Contracts** 

12.1. All contracts, agreements, license agreements, and other commitments to which a member of the Company
Group is a party or by which its assets are bound, subject or affected (a "  **<u>Contract</u>**") and which are material
to the operations of the Company Group taken as a whole are valid and enforceable by such member in all respects, except as limited by
bankruptcy and insolvency laws and by other laws affecting the rights of creditors generally.

12.2. There are no Contract which prohibits, prevents, restricts or impairs in any material respect any business
practice of the Company Group as its business as is currently conducted, any acquisition of material property by the Company Group, or
restricts in any material respect the ability of the Company Group from engaging in business as currently conducted by it or from competing
with any other person.

12.3. There are no outstanding obligations related to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any
 material contract under which a member of the Company Group is obligated or has agreed to:
 (A) acquire any business or form a partnership with another person; (B) incur any material
 capital expenditure; or (C) disposed of or realize any material asset or any interest therein;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any
 other agreement or arrangement to which a member of the Company Group is a party that has,
 or is likely to have a Material Adverse Effect on the business, operations, assets, financial
 or trading position or prospects of such member or the Company Group; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any
 liability, obligation or commitment of material kind (other than those listed above) on a
 member of the Company Group (including a capital commitment) which: (A) has not been incurred
 in the ordinary course of business; or (B) is, or is likely to be, of major significance
 to the Company Group.

12.4. No
 member of the Company Group is in breach of any Contract in any material respect to which
 such member is a party, and so far as the Company is aware, no other party to a Contract
 is in breach of a Contract in any material respect.

12.5. There
 are no existing contracts or arrangements to which (A) any member of the Company Group; or
 (B) any client, customer, supplier, agent, or distributor of any member of the Company Group,
 is a party and in which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in
 respect of (A) and (B), any of its directors and/or any person connected with any of them
 is interested; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in
 respect of (A) only, its shareholders and/or any person connected with any of them is a party.

12.6. Any
 agreements between the Company, on the one hand, and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) another
 member of the Company Group,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a
 shareholder of another member of the Company Group, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a
 director of any other member or shareholder of the Company Group,

on the other, are on arm's length and do not contain any onerous or unusual provisions.

**13.** **Indebtedness** 

13.1. Except
 as set forth in the Disclosed Documents, no member of the Company Group (i) has any outstanding
 Indebtedness (as defined below), (ii) is in violation of any term of or in default under
 any contract, agreement or instrument relating to any Indebtedness, except where such violations
 and defaults could not result, individually or in the aggregate, in a Material Adverse Effect,
 or (iii) is a party to any contract, agreement or instrument relating to any Indebtedness,
 the performance of which, in the judgment of the officers of the Company, has or is expected
 to have a Material Adverse Effect.

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13.2. For
 purposes of this Agreement: (x) "**Indebtedness**" of any person means, without
 duplication (A) all indebtedness for borrowed money; (B) all obligations issued, undertaken
 or assumed as the deferred purchase price of property or services (other than trade payables
 entered into in the ordinary course of business); (C) all reimbursement or payment obligations
 with respect to letters of credit, surety bonds and other similar instruments; (D) all obligations
 evidenced by notes, bonds, debentures or similar instruments, including obligations so evidenced
 incurred in connection with the acquisition of property, assets or businesses; (E) all indebtedness
 created or arising under any conditional sale or other title retention agreement, or incurred
 as financing, in either case with respect to any property or assets acquired with the proceeds
 of such indebtedness (even though the rights and remedies of the seller or bank under such
 agreement in the event of default are limited to repossession or sale of such property);
 (F) all monetary obligations under any leasing or similar arrangement which, in connection
 with generally accepted accounting principles, consistently applied for the periods covered
 thereby, is classified as a capital lease; and (G) all indebtedness referred to in clauses
 (A) through (F) above secured by (or for which the holder of such Indebtedness has an existing
 right, contingent or otherwise, to be secured by) any mortgage, lien, pledge, charge, security
 interest or other encumbrance upon or in any property or assets (including accounts and contract
 rights) owned by any person, even though the person which owns such assets or property has
 not assumed or become liable for the payment of such indebtedness.

13.3. Each member of the Company Group is not insolvent or is unable to pay its debts.

**14.** **Employees and Pensions** 

14.1. Each member of the Company Group has:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) in relation to each of its Employees (as defined below) and former Employees, complied with is obligations
under all applicable laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) discharged fully its obligations to enroll Employees in the medical insurance plan offered by such member.

14.2. Each member of the Company Group has at all relevant times complied with its obligations under applicable
law to enroll any Employee or officer (or former Employee or officer) in a pension scheme, including in the Mandatory Provident Fund Scheme
pursuant to the Mandatory Provident Fund Schemes Ordinance (Cap. 485 of the Laws of Hong Kong).

14.3. Each member of the Company Group has duly complied with its obligations under any pension scheme, and
all amounts due to be paid under such scheme have been paid in full when due.

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14.4. All key Employees of the Company Group have entered into a standard confidentiality agreement with the
Company Group and to the knowledge of the Company, none of these Employees are in breach of such agreements.

14.5. As used herein, "**Employees**" means any individual who has entered into or works under
a contract of employment or any other contract whereby the individual undertakes to do or perform personally any work or services (save
where such services are performed for a client or customer of a profession or business undertaking carried on by the individual).

**15.** **Litigation; Compliance with Laws and Regulations** 

15.1. Litigation

Save in respect of debt collection in the ordinary course:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no member of the Company Group is engaged in any litigation, arbitration, prosecution or other legal proceedings;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) there
 are no claims or actions (whether criminal or civil) in progress, pending or threatened against
 any member of the Company Group, any of its assets, or any of its directors,

in each case which would have a Material Adverse Effect on the Company Group's business as currently conducted and proposed to be conducted.

15.2. Investigations

So far as the Company is aware, no member of the Company Group is or has been subject to any investigation, enquiry or disciplinary proceeding by any governmental authority in any jurisdiction which would have a Material Adverse Effect on the Company Group's business as currently conducted and proposed to be conducted.

15.3. Compliance
 with Laws

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each
 member of the Company Group has prior to the date of this Agreement in all material respects
 conducted its business in compliance with all applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) All
 returns, particulars, resolutions, and documents required by any applicable legislations
 and regulations to be filed with the relevant government departments and authorities in connection
 with each member of the Company Group have been duly filed and are correct in all material
 respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Without limiting the generality of paragraph 15.3(ii), the Company has filed all necessary returns, particulars
and other documents with the Registrar of Companies and the Cayman Islands Monetary Authority and held all annual general meetings and
presented accounts and recorded in duly signed minutes all resolutions and proceedings which ought to be so recorded and presented and
has not committed any material breach of the requirements appropriate to a exempted company as the same are laid down in the Companies
Act.

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**16.** **Regulatory Licenses** 

16.1. Each member of the Company Group possesses all licenses, certificates, approvals, authorizations and permits
issued by the appropriate local and foreign regulatory authorities necessary to conduct its businesses as it is currently engaged in and
in the manner in which such business is now carried on (the "**Licenses** "), either by itself or through a business partner,
contractor or service provider of such member (each an "**Intermediary** ", and which will then carry out the activities
being regulated in the relevant jurisdiction, either as a part or the whole of the business that such member is currently engaged in,
under a separate agreement).

16.2. All such Licenses are valid and subsisting, and the Company is not aware of any reason why any of such
Licenses should be suspended, cancelled, or revoked, or should not be renewed or reissued upon or prior to their expiry.

16.3. Each agreement with an Intermediary is lawful, valid and enforceable at all material times under the applicable
law, and the performance of each such agreement by the parties thereto does not and will not violate any applicable law.

**17.** **Insurance** 

17.1. The
 Company Group has obtained all insurances required by law (if any) to be effected by it.

17.2. Notwithstanding
 paragraph 17.1 above, the Company Group does not currently maintain any insurance. Full details
 of all business risks of the Company Group that would ordinarily be covered by insurance
 have been fully and fairly Disclosed to the Purchaser. To the best knowledge of the Company
 and Sellers, the lack of insurance has not resulted and will not result in any breach of
 contractual, regulatory, or statutory obligations on the Company. No claim under any policy
 of insurance taken out in connection with the business or assets of the Company Group is
 outstanding and, so far as the Company is aware, there are no circumstances likely to give
 rise to such a claim.

**18.** **Environmental Regulations** 

18.1. To
 the knowledge of the Company, each member of the Company Group: (i) is and has been in material
 compliance with all applicable laws and regulations relating to the protection of human health
 and safety, the environment or hazardous or toxic substances, or wastes, pollutants or contaminants;
 (ii) has received all material permits, licences or other approvals under applicable environmental
 laws to conduct their respective businesses (if any); and (iii) is and has been in compliance
 with all material terms and conditions of any such permit, licence or approval, except where
 such non-compliance with environmental laws, failure to receive required permits, licences
 or other approvals or failure to comply with the terms and conditions of such permits, licences
 or approvals would not, singly or in the aggregate, have a Material Adverse Effect on the
 Company Group.

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share purchase agreement

18.2. There
 has been no disposal, spillage, or leak of waste or hazardous or toxic substances or material
 on, or emission or discharge of waste or hazardous substances from any property now or previously
 owned, occupied or used by a member of the Company Group.

18.3. There is no material liability on the part of a member of the Company Group to remediate, repair, reinstate,
or clean up any property currently or previously owned, occupied, or used by such member.

18.4. No circumstances exist whereby a member of the Company Group would be likely to be required to institute
an environmental audit or take such other steps that may be likely to result in any actual or contingent material liability to remediate,
repair, reinstate or clean up any property currently or previously owned, occupied, or used by such member.

18.5. The Company has Disclosed the results of all environmental audits known to the Company relating to any
property currently or previously owned, occupied, or used by the Company Group.

**19.** **Anti-Bribery and Corruption** 

19.1. No member of the Company Group nor any officer, Employee or representative of any member of the Group
has, either in private business dealings or in dealings with the public or government sector, directly or indirectly given, made, offered
or received or agreed (either themselves or in agreement with others) to give, make, offer or receive any payment, gift or other advantage
which (A) would violate any applicable laws; (B) was intended to, or did, influence any person to act or reward any person for acting
in breach of an expectation of good faith, impartiality or trust, or which it would otherwise be improper for the recipient to accept;
(C) was made to or for a public official with the intention of influencing them and obtaining or retaining an advantage in the conduct
of business; or (D) which a reasonable person would otherwise consider to be unethical, illegal or improper, (a "**Corrupt Act** ").

19.2. No member of the Company Group nor any officer, Employee or representative of any member of the Company
Group has (in relation to the affairs of the relevant member of the Company Group or the affairs of the customers or suppliers or contacts
of the relevant member of the Company Group), whether acting as principal or agent, received, agreed or attempted to receive the benefits
of or profits from a crime or any Corrupt Act or agreed to assist any person to retain the benefits of or profits from a crime or any
Corrupt Act.

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share purchase agreement

19.3. No member of the Company Group has been investigated (or is being investigated or is subject to a pending
or threatened investigation) or is involved in an investigation (as a witness or suspect) in relation to any of the matters in paragraphs
19.1 or 19.2 above by any law enforcement, regulatory or other governmental agency or any customer or supplier, or has admitted to, or
been found by a court in any jurisdiction to have engaged in, any Corrupt Act, or been debarred from bidding for any contract or business.

**20.** **Data Privacy** 

20.1. Each member of the Company has complied, in all material respects, with all applicable laws and regulations
binding on such member that govern the collection, use, processing, possession, disclosure, handling, and protection of Personal Data
(" **Data Protection Laws** "). For the purpose of this Agreement, "**Personal Data**" refers to any information
related to any identified or identifiable natural person and any other additional data deemed as personal data under the applicable personal
data protection laws, including "personal data" as interpreted according to the Personal Data (Privacy) Ordinance (Cap. 486
of the laws of Hong Kong).

20.2. The Company Group has established and maintains a system of internal controls that are reasonably designed
to ensure compliance in all material respects by the Company Group with all applicable Data Protection Laws.

20.3. No member of the Company Group has suffered any personal data breach as to which Data Protection Laws
would require such member to notify individuals whose information was compromised in such breach.

20.4. No member of the Company Group has received any notice from any governmental authority: (i) alleging material
non-compliance with any Data Protection Laws; or (ii) notifying the Company of any material regulatory investigation by a governmental
authority regarding non-compliance with any Data Protection Laws by the Company Group's business.

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share purchase agreement

**<u>SCHEDULE VII</u>**

**Purchaser Warranties**

**1.** **Organisation; Authorisation** 

1.1. The Purchaser is a company legally incorporated, organized, or formed validly existing and in good standing
under the laws of its place of incorporation, with full right, corporate power and authority to execute and deliver this Agreement and
to consummate the transactions contemplated by this Agreement and otherwise to carry out its obligations hereunder.

1.2. The execution, delivery and performance by the Purchaser of this Agreement and the carrying out and the
completion of the transactions contemplated by this Agreement have been duly authorised by all necessary corporate or similar action on
the part of the Purchaser.

1.3. The Purchaser's representative whose signature is affixed to this Agreement has full capacity and
authority to bind the Purchaser to the terms hereof.

1.4. This Agreement has been duly executed by the Purchaser and represents a valid, legal and binding obligation
of the Purchaser, enforceable against the Purchaser in accordance with its terms.

**2.** **No Conflicts** 

2.1. The execution, delivery and performance by the Purchaser of this Agreement and the carrying out and completion
of the transactions contemplated hereby do not and will not constitute or result in a violation or breach of or default under:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) any term or provision of the memorandum, articles of association or other constitutional documents of
the Purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the terms of any agreement or other obligation or restriction to which the Purchaser is a party or by
which the Purchaser or its asset is bound; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) any term or provision of any licenses or any order of any court, governmental authority or regulatory
body or any law or regulation of any jurisdiction to which the Purchaser is subject to or by which any asset of the Purchaser is bound
or affected.

**3.** **Contractual and Regulatory Approvals** 

The Purchaser is under no obligation, contractual or otherwise, to request or obtain the consent of any person (save for the board of directors of the Purchaser), and no permits, licenses, certifications, authorisations or approvals of, or notifications to, any government or governmental agency, board, commission or authority are required to be obtained by the Purchaser in connection with the execution, delivery or performance by the Purchaser of this Agreement or the carrying out or completion of any of the transactions contemplated herein, other than (A) the filing of any required reports with the U.S. Securities and Exchange Commission (the "**SEC**"); (B) if required, filings with any applicable national securities exchange for the issuance of the Solowin Shares; (C) those have been made or obtained prior to the date of this Agreement; and (D) such other consents and approvals, the failure of which to obtain would not reasonably be expected to be material to the Purchaser or prevent or materially delay consummation of the transactions contemplated hereby.

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share purchase agreement

**4.** **Capitalization** 

The authorized share capital of the Purchaser and the number of shares of its outstanding share capital are as disclosed in the Purchaser's most recent Annual Report on Form 20-F filed with the SEC prior to the date hereof.

**5.** **Issuance of the Solowin Shares** 

The Solowin Shares are duly authorized and, when issued and paid for in accordance with this Agreement, will be duly and validly issued, fully paid and nonassessable, free and clear of all liens other than restrictions provided for in this Agreement.

**6.** **SEC Reports; Financial Statements** 

To the best knowledge of the Purchaser, the Purchaser has filed all reports required to be filed by it under the Securities Act and the Securities Exchange Act of 1934, as amended (the "**Exchange Act**"), including pursuant to Section 13(a) or 15(d) thereof, for the twelve (12) months preceding the date hereof (or such shorter period as the Purchaser was required by law to file such reports) (the foregoing materials, including the exhibits thereto and documents incorporated by reference therein, being collectively referred to herein as the "**SEC Reports**") on a timely basis or has timely filed a valid extension of such time of filing and has filed any such SEC Reports prior to the expiration of any such extension. As of their respective dates, the SEC Reports complied in all material respects with the requirements of the Securities Act and the Exchange Act and the rules and regulations of the SEC promulgated thereunder, and none of the SEC Reports, when filed, contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not materially misleading. The financial statements of the Purchaser included in the SEC Reports comply in all material respects with applicable accounting requirements and the rules and regulations of the SEC with respect thereto as in effect at the time of filing. Such financial statements have been prepared in accordance with U.S. GAAP applied on a consistent basis during the periods involved, except as may be otherwise specified in such financial statements or the notes thereto, and fairly present in all material respects the financial position of the Purchaser as of and for the dates thereof and the results of operations and cash flows for the periods then ended, subject, in the case of unaudited statements, to normal, immaterial, year-end audit adjustments.

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share purchase agreement

**7.** **Absence of Certain Changes** 

Since the date of Purchaser's most recent audited financial statements included in the Purchaser's SEC Reports, (i) Purchaser has conducted its business in the ordinary course consistent with past practice, and (ii) there has not occurred any event, circumstance, change, effect or development that, individually or in the aggregate, has had or would reasonably be expected to have a Material Adverse Effect on Purchaser.

**8.** **Litigation** 

As of the date of this Agreement, the Purchaser is not subject to any order of or agreement with any governmental authority, which would reasonably be expected to prevent or materially interfere with or delay the consummation of the transactions contemplated by this Agreement or would reasonably be expected to have a Material Adverse Effect. As of the date of this Agreement, no proceeding is pending or, to the knowledge of Purchaser, threatened in writing against Purchaser or any of its subsidiaries which would reasonably be expected to have a Material Adverse Effect.

**9.** **No Vote Required** 

No vote or consent of the holders of any class or series of Purchaser's share capital is required to approve this Agreement or the transactions contemplated hereby under applicable law, the rules of the national securities exchange, or Purchaser's memorandum and articles of association.

**10.** **Regulation S Exemption** 

Purchaser acknowledges that the offer and sale of Solowin Shares to the Sellers are being made in reliance on the exemption from registration provided by Regulation S under the Securities Act. Solowin Shares may not be transferred or sold except in compliance with Regulation S, pursuant to registration under the Securities Act, or under another available exemption from the registration requirements.

**11.** **Finders; Brokers** 

Purchaser has not employed any finder or broker in connection with the transactions contemplated by this Agreement who would have a valid claim for a fee or commission in connection with the negotiation, execution or delivery of this Agreement or the consummation of such transactions.

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share purchase agreement

**12.** **Disclosure** 

The Purchaser confirms that neither it nor any person acting on its behalf has provided any Seller or its respective agents or counsel with any information that the Purchaser believes constitutes material, non-public information concerning the Purchaser, its subsidiaries, or their respective businesses, except insofar as the existence and terms of the proposed transactions contemplated hereunder may constitute such information.

**13.** **Independent Investigation** 

Purchaser has conducted its own independent investigation, review and analysis of the business, operations, assets, liabilities, results of operations, financial condition and prospects of Company Group, which investigation, review and analysis were performed by Purchaser and its representatives. Except for the representations and warranties contained in this Agreement or in any certificate delivered pursuant to this Agreement, Purchaser acknowledges and agrees that none of Company Group and no other person makes, nor is Purchaser relying on, any other express, implied or statutory representation or warranty with respect to or on behalf of, Company Group or its respective businesses or with respect to any other information provided or made available to Purchaser or Purchaser representatives in connection with the transactions contemplated by this Agreement, including the accuracy or completeness thereof. Purchaser acknowledges that there are assumptions inherent in making any projections, estimates and budgets, Purchaser is familiar with such uncertainties and that Purchaser is responsible for making its own evaluation of Company Group and shall have no claim against Company Group with respect thereto.

**14.** **No General Solicitation** 

Neither the Purchaser nor any person acting on behalf of the Purchaser has offered or sold any of the Solowin Shares by any form of general solicitation or general advertising.

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share purchase agreement

**<u>SCHEDULE VIII</u>**

**Regulation S Seller Representation Letter**

To: The Board of Directors of <br> SOLOWIN HOLDINGS

Gentlemen:

The undersigned is being issued certain shares (the "**Solowin Shares**") of SOLOWIN HOLDINGS, an exempted company incorporated under the laws of the Cayman Islands (the "**Purchaser**") in connection with the undersigned's entry into a share purchase agreement between parties listed in schedule I thereto, the Purchaser and AlloyX Limited (the "**Agreement**"). In consideration of such Solowin Shares and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged and in addition to the representations being made by the undersigned in the aforementioned Agreement, the undersigned hereby represents, warrants and acknowledges to the Purchaser as follows:

&nbsp;&nbsp;&nbsp;&nbsp;1. The undersigned is not a "U.S. Person," as such term is defined in Regulation S ()"**Regulation S**") promulgated under the Securities Act of 1933, as amended (the "**Securities Act** ").

&nbsp;&nbsp;&nbsp;&nbsp;2. No offer or sale of the Solowin Shares under the Agreement or otherwise was made to the undersigned in
the United States.

&nbsp;&nbsp;&nbsp;&nbsp;3. The undersigned is not acquiring the Solowin Shares under the Agreement for the account or on behalf of
any U.S. Person.

&nbsp;&nbsp;&nbsp;&nbsp;4. The undersigned has not made any prearrangement to transfer the Solowin Shares to a U.S. Person or to
return the Solowin Shares to the United States securities markets (which includes short sales in the United States within the applicable
"distribution compliance period," as defined in Regulation S (hereinafter referred to as the "**restricted period** ")
to be covered by delivery of the Purchaser's Solowin Shares) and is not acquiring the Solowin Shares as part of any plan or scheme
to evade the registration requirements of the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;5. All offers and sales of the Solowin Shares by the undersigned in the United States or to U.S. Persons
or otherwise whether prior to the expiration or after the expiration of the applicable restricted period shall be made only pursuant to
a registration of the Solowin Shares under the Securities Act or an exemption from registration, and in compliance with Regulation S.

&nbsp;&nbsp;&nbsp;&nbsp;6. The undersigned is not a "distributor," as defined in Regulation S. However, if the undersigned
should be deemed to be a distributor prior to reselling the Solowin Shares to a non-U.S. Person during the restricted period, the undersigned
will send a notice to each new purchaser of Solowin Shares that such new purchaser is subject to the restrictions of Regulation S during
the restricted period.

&nbsp;&nbsp;&nbsp;&nbsp;7. The undersigned is not an "underwriter" or "dealer" (as such terms are defined
in the Securities Act), and the purchase of the Solowin Shares by the undersigned is not a transaction (or part of a series of transactions)
that is part of any plan or scheme to evade the registration provisions of the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;8. The undersigned does not have a short position in any securities of the Purchaser and will not have a
short position in such securities at any time prior to the expiration of the restricted period.

&nbsp;&nbsp;&nbsp;&nbsp;9. If at any time after the expiration of the restricted period, the undersigned wishes to transfer or attempts
to transfer the Solowin Shares to a U.S. Person, the undersigned agrees to notify the Purchaser if at such time it is an "affiliate"
of the Purchaser or is then acting as an "underwriter," "dealer," or "distributor" as to such securities
(as such terms are defined in the Securities Act or the regulations promulgated thereunder, including but not limited to, Regulation S),
or if such transfer is being made as part of a plan or scheme to evade the registration provisions of the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;10. The undersigned acknowledges that the undersigned may only be able to resell the Solowin Shares pursuant
to the provisions of Regulation S and otherwise pursuant to the Securities Act, and that it may not be possible for the undersigned to
liquidate its investment in the Solowin Shares. The undersigned is prepared, therefore, to hold its, his or her Solowin Shares in the
Purchaser indefinitely.

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The undersigned hereby represents that all the representations and warranties provided herein are true, correct and complete as of the date hereof and the Completion Date as defined in the Agreement. The undersigned understands that the information included in this letter will be relied on by the Purchaser in connection with the issuance of the Solowin Shares to the undersigned. ***The undersigned agrees to notify the Purchaser immediately of any change in the letter.***

---

| |
|:---|
| ***For Individuals:*** |
| Print Name Above |
| Sign Name Above |
| ***For Entities:*** |
| Print Name of Entity Above |

---

By:  <br> Name: <br> Title:

**59**

## Exhibit 99.1

**Exhibit 99.1**

***INFORMATION ABOUT ALLOYX***

Below is an overview of the business and certain other information about AlloyX Limited ("AlloyX") that may be relevant to investors. For purposes of this exhibit, references to "Solowin" refer to SOLOWIN HOLDINGS. The acquisition of AlloyX by Solowin is more fully described in the Form 6-K to which this Exhibit is attached.

***Business Overview***

AlloyX, an exempted company incorporated under the laws of the Cayman Islands, conducts its business through its subsidiaries in Hong Kong, Singapore, the United States and Samoa.

AlloyX is a financial technology company that has developed and operates a comprehensive digital financial services platform designed to bridge traditional financial services infrastructure with innovative blockchain and digital asset technologies and serve global institutional and retail clients.

The acquisition of AlloyX represents a strategic response of Solowin's management to the growing institutional demand for compliant, institutional-grade digital asset services that seamlessly integrate traditional banking systems with emerging blockchain-based financial infrastructure.

***Corporate Structure***

AlloyX has four wholly-owned subsidiaries:

● Master Venus Limited, incorporated under the laws of Samoa and wholly and directly held by AlloyX;

● AlloyX (Hong Kong) Limited, incorporated under the laws of Hong Kong and wholly and directly held by Master Venus Limited;

● AlloyX Group Pte. Ltd., a private company limited by shares incorporated under the laws of Singapore; and

● Bravo Valor Partners Ltd, a company incorporated under the laws of the State of Washington, the United States of America.

***Business Model***

*<u>Nature of Operations</u>*

AlloyX operates as a unified financial technology platform that integrates two primary business verticals: (1) stablecoin payment infrastructure, and (2) real-world asset ("RWA") tokenization services. AlloyX's business model is designed to serve institutional and retail clients requiring seamless integration between traditional banking systems and blockchain-based financial services.

AlloyX combines proprietary technology assets, a skilled workforce, and a structured operational framework devised to provide the following outputs:

● Stablecoin payment processing and conversion services;

● Institutional-grade digital asset custody and wallet solutions;

● Real-world asset tokenization and management platforms; and

● Cross-border payment and settlement infrastructure.

These outputs are expected to enable monetization through multiple fee-based and recurring revenue models across both the digital asset and traditional finance lifecycles.

*<u>AlloyX's Revenue</u>*

AlloyX's revenue model consists of the following two core business lines:

&nbsp;&nbsp;&nbsp;&nbsp;i. <u>Stablecoin Payment Infrastructure</u>: AlloyX facilitates
conversion between traditional fiat currencies and digital assets (especially stablecoin), enabling clients to seamlessly transition
between conventional banking systems and digital asset ecosystems. Revenue is generated through:

● Fees charged for the subscription and redemption of stablecoins;

● Interest income on reserve assets;

● Commissions from corporate card programs; and

● Payment processing and settlement fees.

&nbsp;&nbsp;&nbsp;&nbsp;ii. <u>Real-World Asset Tokenization:</u> AlloyX offers comprehensive tokenization services that transform
traditional assets into blockchain-based digital representations. Revenue sources include:

● Asset structuring and tokenization fees;

● Platform access and usage charges; and

● Secondary market trading and transaction fees.

For the fiscal year ended March 31, 2025, AlloyX had yet to generate revenue. However, AlloyX expects that future revenue will grow significantly as tokenization transactions scale and institutional adoption accelerates.

***AlloyX's Pentagon Strategy and AX Coin***

AlloyX's strategic approach focuses on establishing a comprehensive digital asset ecosystem that serves institutional and retail clients across traditional finance and blockchain-based markets. AlloyX's initial strategy is to become one of the first licensed issuers of fiat-referenced stablecoins in Hong Kong under the new regulatory regime. The core of this strategy is the "pentagon strategy," designed to create a self-sustaining and high-utility ecosystem for its stablecoins (named as "AX Coin"). This strategy is built on five pillars like a pentagon:

● AX Coin holders receive rewards and fee discounts through a tiered loyalty program;

● The coin provides access to exclusive promotions and discounts across a broad partner network;

● On-chain utility is incentivized by a transparent and competitive fee structure for fiat redemption;

● The coin functions as the native settlement currency for tokenized real-world asset investments; and

● The coin is designed to serve as a high-quality digital pledge, subject to future regulatory approval.

AlloyX intends to emphasize regulatory compliance, strategic partnerships, and technology development to create a scalable platform for institutional digital asset services, and expects to earn revenue through a combination of transaction fees and reserve income and create a "sticky" ecosystem that reduces value leakage and promotes internal velocity of its stablecoins.

AlloyX's cutting-edge proprietary technologies, one-stop solution approach, and commitment to full and global institutional-grade compliance has been and continue to be AlloyX's strengths and competitive edges.

***Growth Strategies***

AlloyX plans to scale its operations through:

● Launching with a secured pipeline of high-volume use cases projected to exceed US$31.85 billion in annual transactions within three years;

● Expanding operations into key global markets, including Japan, West Africa, and the United States, through tailored entry strategies;

● Integrating the platform with leading payment gateways and digital asset exchanges to ensure broad accessibility and liquidity;

● Broadening the suite of tokenized RWA products offered on the platform in partnership with leading asset managers; and

● Launching innovative decentralized finance ("DeFi") protocols from its Stablecoin DeFi Lab to enhance long-term ecosystem utility.

AlloyX also intends to leverage its broad regulatory positioning and blockchain expertise to capture growing institutional demand for compliant digital asset services, particularly in the Asia-Pacific region.

***Technology Platform***

AlloyX's proprietary technology is built upon the Platform of Trustworthy Open Stablecoin (POTOS) infrastructure, developed in strategic partnership with WeBank Technology. This infrastructure supports comprehensive digital asset services through integrated modules including:

● <u>Payment Processing Infrastructure</u>: Real-time settlement and cross-border payment facilitation.

● <u>Asset Tokenization Platform</u>: A Permissioned Open Blockchain Network, balancing the transparency of a public ledger with the control and privacy of a permissioned system, enables the end-to-end tokenization services from asset structuring to secondary market support.

● <u>Blockchain Integration System</u>: Multi-protocol support for major blockchain networks and digital asset standards to serve diverse use cases.

● <u>Comprehensive Compliance and Risk Management System</u>: Top-tier anti-money laundering (AML) and know-your-customer (KYC) processing and regulatory reporting capabilities.

AlloyX is actively developing additional features such as daily public attestations of reserves, advanced risk monitoring dashboards, and seamless application programming interface (API) integrations for enterprise clients.

***Regulatory and Compliance***

AlloyX's operations are subject to a complex and evolving landscape of domestic and international laws and regulations applicable to digital assets, cross-border payment and other financial services. Particularly, AlloyX must comply with regulations in multiple jurisdictions that govern:

● Stablecoin issuance and reserve management under the Hong Kong Monetary Authority ("HKMA");

● Anti-money laundering (AML) and know-your-customer (KYC) compliance;

● Cross-border payment regulations;

● Custody and transfer of digital assets; and

● Personal Data (Privacy) Ordinance (PDPO) in Hong Kong.

AlloyX has focused on obtaining regulatory licenses, technology or business partnerships, and institutional-grade custodial solutions necessary to meet stringent compliance expectations across the jurisdictions in which it operates.

Through its operating subsidiary in Hong Kong and its various partners all over the world, AlloyX has obtained and maintains necessary licenses for its operations in jurisdictions where its operations are regulated. Also, AlloyX's compliance policies incorporate international standards for anti-money laundering (AML), know-your-customer (KYC), and relevant regulations such as cross-border payment regulations.

***Industry Overview***

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Stablecoin Market

The stablecoin market has demonstrated robust growth, reaching a global market capitalization of approximately USD250 billion by mid-2025, according to CoinMarketCap's (2025) Stablecoin Market Capitalization Data. This expansion is increasingly driven by regulatory clarity, highlighted by the implementation of the Hong Kong Monetary Authority's (HKMA) stablecoin regulatory regime, set to take effect on August 1, 2025 based on the HKMA's (2024) Consultation Conclusions on Stablecoin Regulatory Framework. Fuelled by accelerating adoption in cross-border trade and institutional finance, with major payment networks like Visa and Mastercard integrating stablecoin settlements, the industry's evolution underscores the critical need for regulated, transparent, and fully backed issuers. This creates a significant opportunity for compliant, Hong Kong-based stablecoins like our proposed application of AX Coin to capture a share of a market projected to reach up to USD 2 trillion by 2028, as forecast by PitchBook (2025) in 'Venture Capital: Stablecoins Become the Priority Investment'.

Real-World Asset Tokenization

The tokenization of real-world assets (RWA) is rapidly maturing into a pivotal institutional trend, with the market having grown to USD 24 billion by mid-2025, according to Rischan Mafrur's (2025) Tokenize Everything. A key catalyst behind this expansion is the integration of regulated stablecoins, which enable T+0 settlement and unlock unprecedented efficiency for tokenized securities. Regulatory progress and institutional involvement have further accelerated this momentum. Hong Kong's Securities and Futures Commission (SFC) has recently approved RWA products, drawing on its 2024 Guidelines for Tokenized Securities and RWA Products to establish a clear compliance framework. Concurrently, global financial giants like BlackRock and JPMorgan have launched major initiatives in the space, signalling robust institutional confidence in RWA tokenization's scalability. As estimated by Boston Consulting Group (2023) in Relevance of On-Chain Asset Tokenization in 'Crypto Winter', projections suggest the RWA tokenization market could surge to as high as USD 16 trillion by 2030. In this burgeoning ecosystem, a compliant stablecoin positioned as the native settlement layer is primed for substantial, long-term growth—serving as a foundational infrastructure component to enable seamless, regulated, and efficient transactions as RWA tokenization enters the mainstream.

***Competition***

AlloyX operates in the competitive digital asset services market, competing with both traditional financial institutions expanding into digital assets and specialized blockchain-based service providers. Competition includes established payment processors, custody providers, and emerging tokenization platforms, for example:

● Circle, the issuer of the regulated stablecoin USDC, provides payment and RWA infrastructure and has a market capitalization exceeding $64 billion.

● Paxos operates a regulated platform for issuing stablecoins (USDP) and tokenized assets, including the gold-backed token PAXG.

● Tether, the issuer of the market-dominant stablecoin USDT, leverages its ~$160 billion market capitalization to expand from payments into RWA tokenization.

Other RWA and stablecoin platforms—e.g., Centrifuge, Ondo Finance, and HashKey—span sectors including tokenized private credit, U.S. Treasuries, and regulated exchange services. This evolving landscape validates AlloyX's initiative while highlighting the need for strong competitive positioning.

AlloyX differentiates itself through its comprehensive compliance framework, institutional focus, and integrated platform approach that combines multiple digital asset services under a unified infrastructure.

***Employees***

As of August 11, 2025, AlloyX employed 55 professionals, comprising seasoned professionals and consultants with deep expertise in banking, payments, compliance, risk management, blockchain engineering, and regulated financial technology. AlloyX's workforce supports technology development, regulatory compliance, client services, and business operations.

AlloyX's human capital model leverages a multi-jurisdictional talent pool to ensure operational excellence and deep market expertise. AlloyX's ability to execute its strategic plan is dependent on the continued contributions of its highly skilled team. None of AlloyX's employees are represented by a labor union, and AlloyX has experienced no labor-related disruptions. AlloyX believes its employee relations are strong and that AlloyX is well-positioned to manage and scale its cross-border workforce to meet the demands of its global expansion.

***Seasonality***

AlloyX's business may be subject to certain seasonal trends that could affect operating results and capital deployment patterns. Digital asset activity and institutional payment volumes may exhibit seasonal variations based on corporate treasury cycles, regulatory reporting periods, and macroeconomic factors affecting institutional and retail transaction patterns.

**Risk Factors**

*Unless otherwise noted, all references in this exhibit to "AlloyX," "we," "us," "our" and similar terms and expressions shall mean AlloyX Limited and its subsidiaries.* 

*If any of the following events occur, AlloyX's business, financial condition, or results of operations could be materially and adversely affected.* 

**Risks Related to AlloyX's Business and Industry**

***We face intense and increasing competition.***

We operate in a rapidly changing and highly competitive industry, and our results of operations and future prospects depend in part on the continued growth of the AlloyX stablecoin network, our ability to monetize the AlloyX stablecoin network, and our ability to innovate and create successful new products and services and improve existing products and services.

Although there may be certain regulatory and other barriers to enter the markets we serve, we nonetheless expect our competition to continue to increase. We face competition from both established enterprises and early-stage companies that are attempting to capitalize on the same, or similar, opportunities as we are. Some of our current and potential competitors have longer operating histories, particularly with respect to digital financial services products, significantly greater financial, technical, marketing, and other resources, and larger customer bases than we do. This may allow them to offer more competitive pricing or other terms or features, a broader range of digital financial products, or a more specialized set of specific products or services, as well as respond more quickly than we can to new or emerging technologies and changes in end-user and customer preferences. Additionally, when new competitors seek to enter our markets, or when existing market participants seek to increase their market share or revenues, they may offer terms, including fee structures, that are more favorable than ours, which could result in a decrease of our market share or revenues or lead us to adopt less profitable business practices, or otherwise exert downward pressure on our results of operations. For example, actions and policies of our distributors, over which we do not control or oversee, could negatively impact our results of operations. In any case, with increased competition, we may be required to incur additional costs or expenses relative to our revenue to maintain or grow the AlloyX stablecoin network and the market acceptance of our products and services.

Our current or future competitors may develop products or services that are similar to our products and services or that achieve greater market acceptance than our products and services, which could attract end-users and customers away from our products and services. For example, we are seeing a rapidly evolving market structure in digital asset trading markets, and certain major trading firms are moving towards tokenized money market funds ("TMMFs") as a form of collateral. Particularly in the current high interest rate environment, the option to invest in TMMFs or other yield-bearing digital assets has become increasingly attractive relative to holding non-yield bearing stablecoins, especially for those planning to hold these assets for an extended period of time. Therefore, as TMMFs become more readily accessible and widely integrated on blockchains as a form of collateral in margin trading, we expect to continue to see a shift toward the use of TMMFs or other yield-bearing digital assets. Additionally, when new competitors seek to enter our markets, or when existing market participants seek to increase their market share, these competitors sometimes undercut, or otherwise exert pressure on, the pricing terms prevalent in that market, which could adversely affect our market share and/or ability to capitalize on new market opportunities.

We currently compete at multiple levels with a variety of competitors, including:

● payment services;

● fiat-backed, asset-backed, digital asset-collateralized, algorithmic, non-backed and yield-bearing tokens;

● blockchain infrastructure services;

● digital asset safekeeping services;

● banks and nonbank financial institutions; and

● digital wallet providers platforms.

***As a relatively new innovation, stablecoins are particularly susceptible to operational challenges and risks, including due to surges in demand.***

The relative novelty of stablecoins may pose operational challenges and risks. In particular, some blockchains that support stablecoins have limited operating histories, have not been validated in production, have vulnerabilities that could be abused by malicious users, and are still in the process of developing and making significant decisions that will affect their respective underlying blockchains. Those features could lead to novel operational risks related to the settlement and validation of transactions, which could result in fraudulent misuse of such blockchains involving stablecoins or otherwise adversely affect the stablecoins whose protocols are built on top of such blockchains. Failures in one or more public blockchains could result in sustained periods where end-users cannot access or transfer their stablecoins, which could result in stablecoins losing their reputation as a safe and reliable payment technology. Furthermore, we have in the past experienced and may in the future encounter periods of extreme and persistent minting activities, which may result in operational delays in accepting fiat currencies, including due to capacity constraints or otherwise, at the banking institutions where our reserves will be held. Such delays in processing users' minting requests could negatively impact our ability to attract market entrants and may cause demand to shift toward our competitors.

Moreover, the governance of many decentralized blockchain networks is by voluntary consensus and open competition, and many developers are not directly compensated for their contributions. As a result, there may be a lack of consensus or clarity on the governance of any particular blockchain network, a lack of incentives for developers to maintain or develop the network, and other unforeseen issues, any of which could result in unexpected or undesirable errors, bugs, or changes, or otherwise stymie such network's utility and ability to respond to challenges and grow.

***Our ability to grow and retain customers depends on strategic integrations and partnerships, and deterioration in these relationships could adversely affect our business.***

We rely on a number of distribution, infrastructure, and ecosystem partners—including payment gateways, digital asset exchanges, wallet providers, custodians, and financial institutions—to support the delivery of our stablecoin infrastructure and real-world asset tokenization services. These partners help facilitate user access to our platform, enable fiat on/off ramps, and expand the utility of our technology stack across jurisdictions and user types.

If we are unable to maintain existing partnerships or enter into new strategic integrations on commercially reasonable terms, our ability to reach users and grow transaction volumes may be negatively impacted. In addition, changes in our partners' financial condition, reputation, business strategy, or regulatory exposure could affect their ability or willingness to continue supporting our platform. For example, if a key custodian, fiat settlement provider, or wallet interface were to suspend service or terminate its relationship with us, we could experience disruption in our operations or delays in onboarding customers. Any such disruption could adversely affect our business, financial condition, and results of operations.

***Minting and redeeming AX Coin from our platform will involve risks, which could result in loss of customer assets, customer disputes, and other liabilities.***

To receive a stablecoin, a verified customer must wire transfer the amount of fiat currency corresponding to the equivalent amount of desired applicable stablecoin to a bank account. Once the credit is made to the AlloyX bank account, tokens are minted to the customer's account, effectively increasing the applicable stablecoin in circulation. Likewise, customers with a stablecoin in their account can redeem such tokens so that the system cancels the applicable stablecoin tokens and transfers funds in the applicable fiat currency out of reserve and into a customer's linked bank account, effectively reducing the applicable stablecoin in circulation.

If a customer incorrectly enters bank account credentials or other information when depositing and withdrawing funds, there is a risk that a portion or all of the customer's assets will be permanently and irretrievably lost with no means of recovery. Alternatively, a customer may transfer stablecoin or other supported assets to an external wallet address that they do not own, control, or hold the private keys to. Such incidents could result in customer disputes, damage to our brand and reputation, legal claims against us, and financial liabilities, any of which could adversely affect our business.

***Fluctuations in interest rates could impact our results of operations.***

Our business depends on the activity of institutional and retail customers engaging in digital asset payments and real-world asset tokenization. Macroeconomic conditions, including inflation, interest rate changes, and liquidity tightening, may influence corporate treasury strategies, digital asset investment patterns, and risk appetite. For example, higher interest rates may shift demand toward traditional yield-bearing instruments, which could reduce transaction volumes on our platform. Conversely, lower interest rates may reduce stablecoin utility as a cash-like instrument. These market dynamics are complex and unpredictable, and fluctuations in global economic conditions could adversely impact the usage of our services and our results of operations.

***The prices of digital assets are extremely volatile, and price fluctuations may adversely impact the value of digital assets that we hold.***

Digital assets have historically experienced high levels of volatility far in excess of that experienced in fiat currencies. A number of factors contribute to changes in digital asset prices and volatility, including changes in the supply and demand for a particular digital asset, regulatory actions, market sentiment, macroeconomic factors, utility of a particular digital asset, and idiosyncratic events such as exchange outages or commentary on social media. We are exposed to price volatility with respect to the digital assets we own. Though our fundamental business and growth strategy does not include acquiring digital assets for the purpose of value appreciation, we have some degree of exposure to digital assets because, for certain services we perform, our customers may pay us in digital assets. To the extent customers compensate us in the form of digital assets, and we continue to hold these digital assets, we may be subject to the high degree of price and earnings volatility associated with these digital assets. A decline in the value of the digital assets we hold in higher concentrations may have a larger adverse impact on our operating results in any given period. Volatility in the value of digital assets or other market factors may limit our ability to convert digital assets into fiat currency at attractive prices or at all.

**Risks Related to Government Regulations**

***The regulatory landscape for digital assets is evolving and uncertain.***

Our business is subject to extensive laws, rules, regulations, policies, orders, determinations, directives, treaties, and legal and regulatory interpretations and guidance in the markets in which we operate, including those governing banking, securities, broker-dealers, commodities, credit, cross-border and domestic money and digital asset transmission, custody, commercial lending, privacy, data governance, data protection, cybersecurity, fraud detection, payment services, escheatment, antitrust and competition, bankruptcy, tax, anti-bribery, economic and trade sanctions, anti-money laundering ("AML"), and counter-terrorism financing. Many of these legal and regulatory regimes were adopted prior to the advent of internet-native financial infrastructure, digital assets, and blockchain-based technologies. As a result, they may not contemplate or address the unique issues associated with digital assets, are subject to significant uncertainty, and vary widely across jurisdictions. These legal and regulatory regimes, including the laws, rules, and regulations thereunder, evolve frequently and may be modified, interpreted, and applied in an inconsistent manner from one jurisdiction to another and may conflict with one another.

Moreover, the complexity and evolving nature of our business and the significant uncertainty surrounding the regulation of digital assets and blockchain-based services, including the custody of digital assets, stablecoin reserve management, and the tokenization of real-world assets, require us to continually assess whether certain laws, rules, and regulations apply to us. It is possible that governmental bodies and regulators may disagree with our interpretations or assert jurisdiction in novel ways. Additionally, from time to time, we may establish or expand relationships or enter into contractual arrangements with counterparties that are subject to heightened regulatory scrutiny. As a result, certain of our regulators may seek to intervene and assert jurisdiction, impose additional scrutiny over such relationships, or take other adverse actions toward us. While we may seek to challenge such actions where we believe they are not grounded in law or regulation, these interventions may lead to increased compliance costs or compel us to modify or discontinue these relationships, which may adversely impact our business and operations.

Additional risks such as operational failures (e.g., technical issues that prevent settlement), concerns regarding the adequacy or transparency of reserve assets backing stablecoins, the use of unbacked or undercollateralized stablecoins in potentially manipulative trading practices and regulatory scrutiny of stablecoin issuers or intermediaries, including exchanges that facilitate stablecoin transactions, may also adversely affect market confidence and liquidity. Further, these risks are underscored by recent legislative developments. On July 18, 2025, the Guiding and Establishing National Innovation for U.S. Stablecoins Act of 2025 ("GENIUS Act") was enacted, establishing a federal regulatory framework for payment stablecoins. The GENIUS Act prohibits the issuance or use of payment stablecoins unless the issuer obtains a qualifying license and complies with a range of regulatory requirements, including reserve backing with liquid assets, redemption rights, governance standards, and operational transparency. The GENIUS Act also restricts the payment of interest on stablecoins and imposes oversight on both bank and nonbank issuers. These developments may reduce the willingness of market participants to engage in digital asset transactions that rely on stablecoins, particularly where issuer compliance remains uncertain or unavailable, and may adversely impact our ability to scale or maintain our stablecoin operations.

In addition to the GENIUS Act, various governmental and regulatory bodies, including legislative and executive bodies in Hong Kong, the United States and other jurisdictions, may adopt new laws or regulations, or reinterpret existing laws and regulations, that may adversely impact the development of the digital asset ecosystem as a whole or our legal and regulatory status in particular. These developments may affect how we operate our business, how our products and services are regulated, what assets we may hold as stablecoin reserves, and what products or services we or our competitors may be permitted to offer. For example, governments may mandate stablecoin interoperability, introduce real-time reporting requirements for tokenized assets, impose custodial segregation requirements, or limit the use of certain blockchains or stablecoins for cross-border settlement. These developments may also require changes to our compliance and risk mitigation measures, impose new licensing requirements, or otherwise impact the scope of our operations. In some cases, new regulatory regimes may prohibit certain activities or cause counterparties or users to limit or cease engagement with us.

To the extent we have not complied with applicable laws, rules, and regulations, or to the extent regulators, courts, or other authorities assert that we have failed to comply, we could be subject to significant fines, penalties, regulatory limitations, reputational harm, or other adverse consequences, each of which could be material and could adversely affect our business, results of operations, financial condition, and prospects.

***We are subject to an extensive and highly evolving regulatory landscape, including the new Stablecoins Ordinance in Hong Kong.***

In May 2025, Hong Kong's Legislative Council passed the Stablecoins Ordinance (Cap. 656), which establishes a licensing regime for fiat-referenced stablecoin ("FRS") issuers in Hong Kong and those issuers of HKD-pegged stablecoins outside of Hong Kong. The Ordinance took effect on August 1, 2025, and requires that any entity issuing or promoting FRS to retail or professional users hold a licence from the Hong Kong Monetary Authority (HKMA).

The Ordinance mandates full reserve backing in liquid assets, regular auditing, redemption rights, robust governance and risk management procedures, and strict AML/CFT controls. It also criminalises the offering or advertising of unlicensed stablecoins to retail investors, with penalties of up to HK$50,000 in fines and six months imprisonment for non-compliance.

As a result, we intend to apply for and obtain an HKMA licence, comply with new governance, reserve, and audit standards, or limit offerings in Hong Kong. We may face increased compliance costs, operational constraints, or enforcement risk should we fail to comply in a timely manner.

Failure to satisfy these requirements or any change in regulatory interpretations under the Ordinance could result in fines, enforcement action, reputational harm, or constraints on our business, all of which could materially and adversely affect our business, results of operations, financial condition, and prospects.

***We are subject to multi-jurisdictional licensing.***

We operate across multiple jurisdictions, including Hong Kong, Singapore, the United States, and other countries, and are subject to a fragmented and evolving regulatory landscape governing stablecoin issuance, reserve management, real-world asset tokenization, cross-border payments, digital asset custody, data privacy, and anti-money laundering ("AML") compliance. Many of these regimes were not designed with blockchain-native infrastructure in mind, and their applicability to our business operations remains subject to varying interpretations and implementation approaches. The complexity of navigating licensing frameworks across jurisdictions, including new or forthcoming stablecoin regimes, imposes legal uncertainty and operational constraints.

While we are addressing the specific regulatory frameworks of certain jurisdictions, such as Hong Kong and the United States, our ability to operate in other markets—such as Singapore or future jurisdictions in which we may expand—depends on our capacity to obtain and maintain regulatory approvals, adapt to shifting legal requirements, and build compliant infrastructure across different legal systems. Failure to secure required licenses or exemptions, or changes in law that prohibit or restrict stablecoin issuance, custody, or tokenization services in any jurisdiction, could materially impact our business operations, limit market access, or require significant changes to our platform or service offerings.

***We are subject to complex compliance obligations.***

We must continually invest in and evolve our compliance framework to meet the increasing expectations of regulators and counterparties. This includes maintaining updated AML/KYC procedures, implementing real-time on-chain analytics and sanctions screening, and safeguarding data privacy across jurisdictions. Regulatory bodies in different countries may assert jurisdiction over our operations or customer relationships, particularly where products are marketed to or accessed by residents of their respective countries.

Any failure to meet these compliance obligations may expose us to enforcement actions, monetary penalties, forced service modifications, or reputational harm. In certain cases, regulators or financial partners may restrict or suspend our access to essential banking, custody, or fiat settlement services, which could have a material adverse effect on our operations and customer relationships.

***Our products and services may be exploited by our customers, employees, service providers, and other third parties to facilitate illegal activity such as fraud, money laundering, terrorist financing, gambling, tax evasion, and scams.***

We may become subject to liability for illegal transactions conducted by our customers, employees, service providers, and other third parties. Although our service agreements with customers shift liabilities to customers in connection with fraudulent activities, examples of third-party transactions for which we could incur liability include fraudulent payments initiated by our customers, money laundering, gambling, tax evasion, and scams. Examples of fraud include when a party knowingly uses a stolen digital wallet or otherwise illicitly acquires access information to a digital wallet. Criminals are using increasingly sophisticated methods to engage in illegal activities such as counterfeiting, account takeover, and fraud. It is possible that incidents of fraud could increase in the future. The use of our products or services for illegal or improper purposes could subject us to claims, individual and class action lawsuits, and government and regulatory investigations, prosecutions, enforcement actions, inquiries, or requests that could result in liability and reputational harm for us. Further, payment processors could require us to terminate services to customers involved in such illegal activities. These payment processors could also charge us a fine in connection with a customer's entry into their fraud monitoring programs.

In addition, we are subject to the risk that our employees or service providers could commit fraudulent activity against us or our customers. Such misconduct could include engaging in improper or unauthorized transactions or activities, misappropriation of customer funds, misappropriation of information, failing to supervise other employees or service providers, or improperly using confidential information. To help us detect employee (including senior officers) and service provider misconduct, we plan to implement an overarching enterprise risk management framework that is designed to provide reasonable assurance that our employees and vendors support and adhere to a strong risk-based culture. This includes a third-party management program that focuses on enterprise-wide risks related to service providers in terms of misconduct, compliance, and reputational risks. We also plan to employ various manual and automated ways to detect potential employee or third-party misconduct. Examples of these programs are a whistleblower policy and security controls that monitor suspicious activity. For our service providers, our risk management framework requires us to perform risk-based due diligence on service providers, such as AML screening. We also plan to require annual AML and security training for all employees to help our employees identify and detect misconduct proactively. Our efforts to detect and monitor such transactions for compliance with law may require significant costs, and may not ultimately detect or deter all such transactions.

Moreover, certain activity that may be legal in one jurisdiction may be illegal in another jurisdiction, and certain activities that are at one time legal may in the future be deemed illegal in the same jurisdiction. As a result, there is significant uncertainty and cost associated with detecting and monitoring transactions for compliance with local laws. In the event that a customer is found responsible for intentionally or inadvertently violating the laws in any jurisdiction, we may be subject to governmental inquiries or enforcement actions, prosecuted, or otherwise held secondarily liable for aiding or facilitating such activities. Changes in law have also increased the penalties for money transmitters, e-money issuers, broker-dealers, and alternative trading systems for certain illegal activities, and government authorities may consider increased or additional penalties from time to time. Owners of intellectual property rights or government authorities may seek to bring legal action against us for involvement in the sale of infringing or allegedly infringing items. Any threatened or resulting claims could result in reputational harm, financial liabilities, loss of transaction volume, or increased costs that could harm our business, results of operations, financial condition, and prospects.

The risk of illegal activity may be heightened for digital assets, which are relatively new and, in many jurisdictions, lightly regulated or largely unregulated. Many types of digital assets have characteristics such as the speed with which transactions can be conducted, the ability to conduct transactions without the involvement of regulated intermediaries, the ability to engage in transactions across multiple jurisdictions, the irreversible nature of certain transactions, and encryption technology that anonymizes these transactions, which may make digital assets susceptible to use in illegal activity. Regulatory authorities and law enforcement agencies investigate, issue subpoenas, make civil investigative demands, and take legal action against persons and entities alleged to be engaged in fraudulent schemes or other illicit activity involving digital assets.

While we believe that our risk management and compliance framework will be reasonably designed to detect significant illicit activities conducted by our potential or existing customers, we cannot ensure that we will be able to detect all illegal activity on our systems. If any of our customers use our products and services to further such illegal activities, our business could be adversely affected.

**Business Execution and Growth Risks**

***We have a limited operating history and an unproven revenue model, which makes it difficult to evaluate our future prospects and business performance.***

We are an early-stage company with a limited operating history, and we have not yet generated meaningful revenue. Our business model remains unproven, and we face significant challenges in scaling our operations and achieving profitability. Our ability to generate revenue depends on the successful commercialization of our stablecoin products and tokenization services, including monetization through issuance and redemption fees, payment processing, digital asset custody, tokenization-related fees, and interest income derived from reserve assets. Each of these revenue streams is subject to operational, regulatory, competitive, and market risks.

Our ability to scale our platform and generate revenue also depends on several factors that remain uncertain, including our ability to (i) obtain necessary regulatory approvals and licenses, (ii) successfully launch and grow adoption of our stablecoin across institutional and retail users, (iii) capture projected transaction volumes from targeted corridors and partners, (iv) expand into new markets, and (v) attract and retain asset managers and other institutional clients for our real-world asset ("RWA") tokenization solutions. If we fail to execute on one or more of these initiatives, or if user demand does not materialize at the levels we anticipate, our ability to achieve meaningful revenue generation and long-term profitability may be materially and adversely affected. In addition, our operating expenses are expected to increase significantly as we invest in technology development, compliance infrastructure, and market expansion. As a result, we may continue to incur losses for the foreseeable future, and our business, financial condition, and results of operations may be materially and adversely impacted.

***We depend on the continued service and performance of our key personnel, and our business may be adversely affected if we are unable to attract, retain, and motivate qualified personnel.***

Our future success depends on the continued service, performance, and institutional knowledge of our executive leadership team and key personnel, including engineering, product development, compliance, and business development professionals. We operate across multiple jurisdictions and rely on a specialized workforce with expertise in financial technology, blockchain infrastructure, payments compliance, and regulatory engagement. Competition for qualified personnel in our industry is intense, and we may not be able to attract or retain the talent necessary to achieve our business objectives.

The loss of one or more members of our senior management team, or key employees with critical technical or regulatory knowledge, could disrupt our operations, delay product development, or impair our ability to maintain regulatory relationships and strategic partnerships. Additionally, labor shortages, employee attrition, or failure to recruit new talent at scale may constrain our ability to execute on our growth plans or comply with jurisdiction-specific regulatory requirements. If we are unable to attract and retain personnel with the skills and experience we require, our business, financial condition, and results of operations may be materially and adversely affected.

***Our business may be adversely affected by seasonal trends and changes in economic conditions.***

Our transaction volumes, customer behavior, and revenue streams may be subject to seasonal fluctuations and broader macroeconomic factors. For example, corporate treasury cycles, tax deadlines, holiday periods, and fiscal year-end planning may influence demand for stablecoin-based payment and settlement services. In addition, macroeconomic developments—such as inflation, rising or declining interest rates, currency volatility, geopolitical instability, or liquidity tightening in global financial markets—may affect institutional and retail adoption of digital asset products.

A slowdown in digital asset trading activity, declining interest in tokenized financial instruments, or broader economic downturns could reduce customer engagement with our stablecoin infrastructure and real-world asset tokenization services. These effects may be amplified during periods of market volatility or financial stress, which can lead to reduced transaction volumes, lower fee-based revenue, and increased customer redemptions. If economic conditions deteriorate or fail to support digital asset adoption, our business, financial condition, and results of operations could be materially and adversely affected.