# EDGAR Filing Document

**Accession Number:** 0002057404
**File Stem:** 0001213900-25-082979
**Filing Date:** 2025-9
**Character Count:** 1087315
**Document Hash:** 517f85e23b3805b3d7e6c3609fb6cdc9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-082979.hdr.sgml**: 20250902

**ACCESSION NUMBER**: 0001213900-25-082979

**CONFORMED SUBMISSION TYPE**: F-1/A

**PUBLIC DOCUMENT COUNT**: 21

**FILED AS OF DATE**: 20250902

**DATE AS OF CHANGE**: 20250902

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Voltage X Ltd
- **CENTRAL INDEX KEY:** 0002057404
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-MISCELLANEOUS BUSINESS SERVICES [7380]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** F-1/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-289235
- **FILM NUMBER:** 251283317

**BUSINESS ADDRESS:**
- **STREET 1:** SUITE 1, LEVEL 2, 34 QUEEN STREET
- **CITY:** MELBOURNE
- **STATE:** C3
- **ZIP:** VIC 3000
- **BUSINESS PHONE:** 61 03 9209 8434

**MAIL ADDRESS:**
- **STREET 1:** SUITE 1, LEVEL 2, 34 QUEEN STREET
- **CITY:** MELBOURNE
- **STATE:** C3
- **ZIP:** VIC 3000

#### As filed with the U.S. Securities and Exchange Commission on September 2 , 2025.

#### Registration Statement No. 333- 289235

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

**Amendment No. 1 to** 

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

#### Voltage X Limited
**(Exact Name of Registrant as Specified in its Constitution)**

#### Not Applicable<br>(Translation of Registrant name into English)
**_____________________________________**

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| | | |
|:---|:---|:---|
|  **Cayman Islands** | **7380** | **Not Applicable** |
|  **(State or other jurisdiction of<br>incorporation or organization)** | **(Primary Standard Industrial<br>Classification Code Number)** | **(I.R.S. Employer<br>Identification Number)** |

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#### Suite 1, Level 2, 34 Queen Street<br>Melbourne VIC 3000, Australia<br>+ 61 03 8618 6950
**(Address, including zip code, and telephone number, including area code, of Registrant's principal executive offices)**

**_____________________________________**

**Cogency Global Inc.<br>122 East 42**<sup>nd</sup> **Street, 18**<sup>th</sup> **Floor<br>New York, NY 10168<br>800**-221-0102 **<br>(Name, address, including zip code, and telephone number, including area code, of agent for service)**

**_____________________________________**

#### With copies to:

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| | |
|:---|:---|
|  **Louis Taubman, Esq.<br>Hunter Taubman Fischer & Li LLC<br>950 Third Avenue, 19**<sup>th</sup> **Floor<br>New York, NY 10022<br>Tel: 212-530-2206** | **Ross Carmel, Esq.<br>Jeffrey Wofford, Esq.<br>Sichenzia Ross Ference Carmel LLP<br>1185 Avenue of the Americas<br>New York, NY 10018<br>Tel: (212) 930**-9700  |

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**_____________________________________**

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

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

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

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

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

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

Emerging growth company ☒

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

____________

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

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

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

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| | |
|:---|:---|
|  **PRELIMINARY PROSPECTUS** | **SUBJECT TO COMPLETION, DATED [•], 2025** |

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#### Voltage X Limited

#### [•] Class A Ordinary Shares
This is an initial public offering of our Class A Ordinary Shares, par value $0.000001 per share ("Class A Ordinary Shares"). We are offering [•] Class A Ordinary Shares, representing [•]% of our issued and outstanding Class A Ordinary Shares following the completion of this offering. We expect the initial public offering price to be in the range of $[•] to $[•] per share. Prior to this offering, there has been no public market for our Class A Ordinary Shares.

Our share capital comprises Class A Ordinary Shares and Class B Ordinary Shares. Each Class A Ordinary Share gives the holder the right to one vote per share and each Class B Ordinary Shares gives the holder the right to 10,000 votes per share.

We will apply to list the Class A Ordinary Shares on the Nasdaq Capital Market ("Nasdaq") under the symbol "[•]." It is a condition to the closing of this offering that the Class A Ordinary Shares qualify for listing on a national securities exchange, however there is no guarantee or assurance that our Class A Ordinary Shares will be approved for listing on the Nasdaq or another national exchange. However, we will not complete this offering unless our Class A Ordinary Shares are listed.

**Investors are cautioned that you are buying shares of Voltage X Limited, a Cayman Islands holding company, rather than the shares of Voltage X Limited's operating subsidiaries that conduct primary business operations.**

Voltage X Limited is a holding company incorporated in Cayman Islands and conduct a substantial part of its operations in Hong Kong through its subsidiary, Xact Digital Limited. The majority of its directors, executive officers, and employees are located in Hong Kong, and a significant portion of the revenues and major customers are also geographically concentrated in Hong Kong. As a result, although it is not based in mainland China, it is subject to legal, regulatory, and operational risks associated with doing business in Hong Kong, a special administrative region of the People's Republic of China ("China" or the "PRC"). For a more detailed discussion, *see "RISK FACTORS — Risks Related to Doing Business in Hong Kong."* The SEC, the U.S. Department of Justice, or the DOJ, and other authorities often have substantial difficulties in bringing and enforcing actions against non-U.S. companies and non-U.S. persons, including company directors and officers, in certain jurisdictions, including Hong Kong. Additionally, our public shareholders may have limited rights and few practical remedies in markets where we operate, as shareholder claims that are common in the United States, including class action suits based on securities law and fraud claims, generally are difficult or impossible to pursue as a matter of law or practicality in markets outside of the United States. Although the competent authorities may establish a regulatory cooperation mechanism with the securities regulatory authorities of another country or region to implement cross-border supervision and administration, the regulatory cooperation with the securities regulatory authorities in the United States has not been efficient in the absence of a mutual and practical cooperation mechanism. For a more detailed discussion, *see "RISK FACTORS — Risks Related to Doing Business in Hong Kong — Shareholders of Cayman Islands exempted companies like us have no general rights under Cayman Islands law to inspect corporate records (other than the memorandum and articles of associations, register of mortgages and charges and a list of directors) or to obtain copies of lists of shareholders of these companies. Our directors have discretion under our articles of association to determine whether or not, and under what conditions, our corporate records may be inspected by our shareholders, but are not obliged to make them available to our shareholders. This may make it more difficult for you to obtain the information needed to establish any facts necessary for a shareholder motion or to solicit proxies from other shareholders in connection with a proxy contest."*

As of the date of this prospectus, we or our HK subsidiary are not materially affected by recent statements by the PRC government indicating an intention to exert more oversight and control over offerings that are conducted overseas and/or foreign investment in China-based issuers. However, due to long-arm provisions under some of the current PRC laws and regulations, there remains regulatory and legal uncertainty with respect to the implementation of laws and regulations of mainland China to Hong Kong. For a more detailed discussion, *see "RISK FACTORS — Risks Related to Doing Business in Hong Kong — Substantial parts of our operations are in Hong Kong, a special administrative region of the PRC. Due to the long*-arm *application of some of the current PRC laws and regulations, the PRC government may or may not exercise significant direct oversight and discretion over the conduct of our business and may or may not intervene or influence our operations at any time, which could result in a material change in our operations and/or the value of our Class A Ordinary Shares. To the extent that cash or assets in the business is in Hong Kong or a Hong Kong subsidiary of ours, the funds or assets may not be available to fund operations or for other use, because the Chinese government may, in the future, impose restrictions or limitations on our ability to move money out of Hong Kong to distribute earnings and pay dividends to and from the other entities within our organization or to reinvest in our business outside of Hong Kong."*

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#### Transfer of Cash
Our management directly supervises cash management. Our finance department is responsible for establishing the cash management policies and procedures among our departments and the operating entities. The majority of the cash is managed by Xact Digital Limited, a subsidiary of Voltage X Limited. Each department or operating entity initiates a cash request by putting forward a payment requisition form, which explains the specific amount and timing of cash requested, which is then submitted to designated management members of our Company, based on the amount and the nature of payment. The designated management member examines and approves the cash transfer based on the sources of cash and the priority of the request. It is then submitted to the cashier specialists of our finance department for a second review.

We are permitted under the laws of Cayman Islands to provide funding to our subsidiaries through loans or capital contributions without restrictions on the amount of the funds. Likewise, under Hong Kong law, our subsidiaries may remit funds to the Company in the form of dividends or distributions, subject only to the requirement that such subsidiaries remain solvent after the distribution. We are not subject to PRC foreign exchange controls, as we do not operate in mainland China. Accordingly, there are no foreign exchange restrictions or limitations that would prevent us from transferring funds between our entities, across borders, or to U.S. investors. There are also no restrictions on our ability to distribute earnings.

As of the date of this prospectus, certain shareholder's loans have been provided to the Company and the details has been disclosed in "Related Parties Transactions" section and notes to the consolidation financial statement. Other than that, no other transfers, dividends, or distributions have been made between the holding company and its subsidiaries, or to investors.

Our subsidiaries are permitted to pay a dividend on their shares out of either profit or share premium amount, provided that in no circumstances may a dividend be paid if this would result in our subsidiaries being unable to pay its debts due in the ordinary course of business. As of the date of this prospectus, none of our subsidiaries have made any dividends or distributions to our Company and our Company has not made any dividends or distributions to our shareholders. We intend to keep any future earnings to finance the expansion of our business, and we do not anticipate that any cash dividends will be paid in the foreseeable future.

*See "RISK FACTORS — Risks Related to Doing Business in Hong Kong — In the future, to the extent funds or assets in the business are in Hong Kong or a Hong Kong entity, funds or assets may not be available to fund operations or for other uses outside of Hong Kong, due to the imposition of restrictions and limitations on, our ability or our operating subsidiary by the PRC government to transfer cash or assets. Any limitation on the ability of our operating subsidiary to make payments to us could have a material adverse effect on our ability to conduct our business and might materially decrease the value of our Class A Ordinary Shares or cause them to be worthless"*, and the audited financial statements and the accompanying footnotes beginning on F-2 of this prospectus.

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

Recent statements by the PRC government have indicated an intent to exert more oversight and control over offerings that are conducted overseas and/or foreign investments in China-based issuers. On December 28, 2021, the Cyberspace Administration of China, or the CAC, and several other regulatory authorities in China jointly published the revised Cybersecurity Review Measures, or the CRM, took effect on February 15, 2022, and replaced the previous draft issued on July 10, 2021. Pursuant to the revised CRM, (i) operators of critical information infrastructure, that intend to purchase network products and services and online platform operators that conduct data processing activities, in each case that affect or may affect national security, must be subject to the cybersecurity review, (ii) if a network platform operator that are in possession of personal information of over one million users seeks for "foreign" listing, it must apply for the cybersecurity review, and (iii) relevant PRC government authorities may initiate cybersecurity review if they determine an operator's network products or services or data processing activities affect or may affect national security. The CRM set out certain general factors which would be the focus in assessing the national security risk during a cybersecurity review, including without limitation, risks of influence, control or malicious use of critical information infrastructure, core data, important data or large amounts of personal information by foreign governments in relation to listing abroad.

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Although our HK subsidiary may collect and store certain data (including certain personal information) from our clients, some of whom may be individuals from mainland China, such collection is minimal and limited, such as the basic contact details of key opinion leaders (KOLs) necessary for business communication purposes, in connection with our business and operations for "Know Your Customers" purposes (to combat money laundering), we and our HK subsidiary currently are not deemed to be an "operator of critical information infrastructure" or a "data processor" that are required to file for cybersecurity review by the CAC before listing in the United States, given that: (a) as of date of this prospectus, none of us or our subsidiary possesses personal information of individuals from PRC; (b) we do not operate critical information infrastructure under the revised CRM nor place any reliance on collection and processing of any personal information to maintain our business operation; (c) data processed in our business should not have a bearing on national security nor affect or may affect national security; (d) all of the data our HK subsidiary has collected is stored in servers located in Hong Kong; and (e) as of the date of this prospectus, our HK subsidiary has not been informed by any PRC governmental authority of being classified as an "operator of critical information infrastructure" or a "data processor" that is subject to CAC cybersecurity review; and (vi) pursuant to the Basic Law of the Hong Kong Special Administrative Region of the PRC, or the Basic Law, PRC laws and regulations shall not be applied in Hong Kong except for those listed in Annex III of the Basic Law (which is confined to laws relating to national defense, foreign affairs and other matters that are not within the scope of autonomy). At present, the CRM is not part of the national law listed in Annex III of the Basic Law nor the CAC has any jurisdiction to act in Hong Kong.

On February 17, 2023, the CSRC released the Trial Measures, which came into effect on March 31, 2023. On the same date of the issuance of the Trial Measures, the CSRC circulated several Supporting Guidance Rules, the Notes on the Trial Measures, the Notice on Administration Arrangements for the Filing of Overseas Listings by Domestic Enterprises and the relevant CSRC Answers to Reporter Questions on the official website of the CSRC, or collectively, the Guidance Rules and Notice. The Trial Measures, together with the Guidance Rules and Notice, reiterate the basic supervision principles as reflected in the Draft Overseas Listing Regulations by providing substantially the same requirements for filings of overseas offering and listing by domestic companies namely PRC companies, yet made the following updates compared to the Draft Overseas Listing Regulations: (a) further clarification of the circumstances prohibiting overseas issuance and listing; (b) further clarification of the standard of indirect overseas listing under the principle of substance over form, and (c) adding more details of filing procedures and requirements by setting different filing requirements for different types of overseas offering and listing. Pursuant to the Trial Measures, the Guidance Rules and Notice, domestic companies that seek to offer or list securities overseas, both directly and indirectly, should fulfill the filing procedure and report relevant information to the CSRC within three working days following its submission of initial public offerings or listing application. If the issuer meets both of the following criteria, the overseas securities offering and listing conducted by such issuer shall be deemed as indirect overseas offering and listing: (i) 50% or more of the issuer's operating revenue, total profit, total assets or net assets as documented in its audited consolidated financial statements for the most recent accounting year is accounted for by domestic companies; and (ii) the main parts of the issuer's business activities are conducted in China, or its main places of business are located in China, or the senior managers in charge of its business operation and management are mostly Chinese citizens or domiciled in China.

As of the date of this prospectus, we do not meet both criteria above, and our registered public offering in the United States and the listing on a U.S. stock exchange are not subject to the CSRC filing requirements, based on the facts that (i) we do not, directly or indirectly, own or control any entity or subsidiary in mainland China, and do not intend to set up any subsidiary or to establish a VIE structure with any entity in mainland China, (ii) we are not ultimately controlled by any mainland Chinese company or individual directly or indirectly; (iii) we and our subsidiary currently do not have any business activities, operations or assets in mainland China, and (iv) none of member of the board of directors or our senior managements in charge of our business operations or management is a citizen of mainland China or his/her habitual domicile is in mainland China. However, we cannot assure you that relevant PRC government agencies, including the CSRC and CAC, would reach the same conclusion. We do not intend to seek approval of this offering from the CAC or the CSRC. Uncertainties still exist, however, due to the possibility that laws, regulations, or policies in the PRC could change rapidly in the future. It is uncertain whether the PRC government will adopt additional requirements or extend the existing requirements to apply to our HK subsidiary. Any future action by the PRC government expanding the categories of industries and companies whose foreign securities offerings are subject to review by the CSRC or the CAC could significantly limit or completely hinder our ability to offer or continue to offer securities to investors and could cause the value of such securities to significantly decline or be worthless.

In the event that (i) we or our subsidiary do not receive or maintain required permissions or approvals, (ii) we or our subsidiary inadvertently conclude that such permissions or approvals are not required, or (iii) applicable laws, regulations, or interpretations change and we or our subsidiary are required to obtain such permissions or approvals in

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the future, we or our subsidiary may be unable to obtain such permissions or approvals in a timely manner, or at all, and may face regulatory actions or other sanctions from mainland China and Hong Kong regulatory authorities if we or our subsidiary fail to fully comply with any new regulatory requirements. Consequently, our or our subsidiary's operations and financial condition could be materially adversely affected and our ability to offer securities to investors could be significantly limited or completely hindered and the ordinary shares currently being offered here may substantially decline in value and become worthless.

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

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

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

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

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

On June 30, 2020, the Standing Committee of the PRC National People's Congress adopted the Hong Kong National Security Law. This law defines the duties and government bodies of the Hong Kong National Security Law for safeguarding national security and four categories of offenses — secession, subversion, terrorist activities, and collusion with a foreign country or external elements to endanger national security — and their corresponding penalties. On July 14, 2020, former U.S. President Donald Trump signed the Hong Kong Autonomy Act, or HKAA, into law, authorizing the U.S. administration to impose blocking sanctions against individuals and entities determined to have materially contributed to the erosion of Hong Kong's autonomy. On August 7, 2020, the U.S. government

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imposed HKAA-authorized sanctions on eleven individuals, including former and current Chief Executives of HKSAR, Carrie Lam and John Lee, respectively. On October 14, 2020, the U.S. State Department submitted to relevant committees of Congress the report required under HKAA, identifying persons materially contributing to "the failure of the Government of China to meet its obligations under the Joint Declaration or the Basic Law." The HKAA further authorizes secondary sanctions, including the imposition of blocking sanctions, against foreign financial institutions that knowingly conduct a significant transaction with foreign persons sanctioned under this authority. The imposition of sanctions may directly affect foreign financial institutions and any third parties or clients dealing with any foreign financial institution that is targeted. It is difficult to predict the full impact of the Hong Kong National Security Law and HKAA on Hong Kong and companies located in Hong Kong. If our Hong Kong subsidiary, which represent substantially all of our business, are determined to be in violation of the Hong Kong National Security Law or the HKAA by competent authorities, our business operations, financial position and results of operations could be materially and adversely affected.

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

As one of the conditions for the handover of the sovereignty of Hong Kong to the PRC, the PRC accepted conditions such as Hong Kong's Basic Law. The Basic Law guaranteed a high degree of autonomy for Hong Kong which ensured Hong Kong will retain its currency (the Hong Kong Dollar), legal system, parliamentary system, and people's rights and freedom for fifty years from 1997. This agreement has given Hong Kong the freedom to function with a high degree of autonomy. The Special Administrative Region of Hong Kong is responsible for its domestic affairs, including, but not limited to, the judiciary and courts of last resort, immigration, and customs, public finance, currencies, and extradition. Hong Kong continues using the English common law system.

However, if there are any changes in relation to the political arrangements which allows Hong Kong to function autonomously, this could potentially impact Hong Kong's common law legal system and may in turn bring about uncertainty in, for example, the enforcement of our contractual rights. This could, in turn, materially and adversely affect the business and operations of Xact Digital Limited, our Hong Kong subsidiary. Accordingly, we cannot predict the effect of future developments in the Hong Kong legal system, including the promulgation of new laws, changes to existing laws or the interpretation or enforcement thereof, or the pre-emption of local regulations by national laws. These uncertainties could limit the legal protections available to us, including the ability to enforce agreements with the clients.

**There are political and legal risks associated with conducting business in Hong Kong, including the risks associated with the enactment of Article 23 of the Basic Law.**

The majority of our operations are in Hong Kong. Accordingly, the business operations and financial conditions of our Hong Kong subsidiary will be affected by the political and legal developments in Hong Kong. Any adverse economic, social and/or political conditions, material social unrest, strike, riot, civil disturbance or disobedience, as well as significant natural disasters, may affect the market and may adversely affect our operations. Given the relatively small geographical size of Hong Kong, any of such incidents may have a widespread effect on our business operations, which could in turn adversely and materially affect our business, results of operations and financial condition.

Hong Kong is a special administrative region of the PRC and the basic policies of the PRC regarding Hong Kong are reflected in the Basic Law, namely, Hong Kong's constitutional document, which provides Hong Kong with a high degree of autonomy and executive, legislative and independent judicial powers, including that of final adjudication under the principle of "one country, two systems". However, there is no assurance that there will not be any changes in the political arrangement between PRC and Hong Kong and the economic, political and legal environment in Hong Kong in the future. Some international observers, human rights organizations, governments have expressed doubts about the future of the relative autonomy enjoyed by Hong Kong and the PRC's pledge to the "one country, two systems" political arrangement in Hong Kong. For example, on March 19, 2024, the Legislative Council of Hong Kong passed the Safeguarding National Security bill. The Safeguarding National Security Ordinance (effective on March 23, 2024) was enacted according to the Article 23 of the Basic Law of the Hong Kong Special Administrative Region which stipulates that Hong Kong shall enact laws on its own to prohibit any act of treason, secession, sedition, subversion against the central people's government, or theft of state secrets. The Safeguarding National Security Ordinance mainly covers five types of offences: treason, insurrection, offences in connection with state secrets and

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espionage, sabotage endangering national security and related activities, and external interference and organizations engaging in activities endangering national security. It is difficult for us to predict the degree of the adverse impact that Article 23 will have on Hong Kong or our business in Hong Kong. However, in any event, since a majority of our operations are based in Hong Kong, any change of the political arrangements between Hong Kong and the PRC may pose an adverse impact to the stability of the economy in Hong Kong, thereby directly and adversely affecting our results of operations and financial positions.

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

**Trading in our securities may be prohibited under the Holding Foreign Companies Accountable Act if the PCAOB determines that it cannot inspect or investigate completed our auditors for three consecutive years beginning in 2021, or for two consecutive years if the Accelerating Holding Foreign Companies Accountable Act or the America COMPETES Act becomes law.**

The Holding Foreign Companies Accountable Act, or the HFCA Act, was enacted on December 18, 2020. In accordance with the HFCA Act, trading in securities of any registrant on a national securities exchange or in the over-the-counter trading market in the United States may be prohibited if the PCAOB determines that it cannot inspect or fully investigate the registrant's auditor for three consecutive years beginning in 2021, and, as a result, an exchange may determine to delist the securities of such registrant. On November 5, 2021, the SEC adopted the PCAOB rule to implement HFCA Act, which provides a framework for the PCAOB to determine whether it is unable to inspect or investigate completely registered public accounting firms located in a foreign jurisdiction because of a position taken by one or more authorities in that jurisdiction. On December 16, 2021 the PCAOB issued its determinations (the "PCAOB Determination") that they are unable to inspect or investigate completely PCAOB-registered public accounting firms headquartered in mainland China and in Hong Kong. The Determination includes lists of public accounting firms headquartered in mainland China and Hong Kong that the Board is unable to inspect or investigate completely. Our auditor is not currently on such lists.

Our current auditor, Zhen Hui Certified Public Accountants, an independent registered public accounting firm that is headquartered in Hong Kong, is a firm registered with the U.S. Public Company Accounting Oversight Board (the "PCAOB"). Although we believe that the Holding Foreign Companies Accountable Act and the related regulations do not currently affect us, we cannot assure you that there will not be any further implementations and interpretations of or amendments to the Holding Foreign Companies Accountable Act or the related regulations, which might pose regulatory risks to and impose restrictions on us because of our operations in mainland China. A potential consequence is that our securities are delisted by the exchange on which our securities are listed.

On March 24, 2021, the SEC adopted interim final rules relating to the implementation of certain disclosure and documentation requirements of the HFCA Act. We will be required to comply with these rules if the SEC identifies us as having a "non-inspection" year under a process to be subsequently established by the SEC. The SEC is assessing how to implement other requirements of the HFCA Act, including the listing and trading prohibition requirements described above.

On June 22, 2021, the U.S. Senate passed a bill which, if passed by the U.S. House of Representatives and signed into law, would reduce the number of consecutive non-inspection years required for triggering the prohibitions under the HFCA Act from three years to two.

On December 2, 2021, the SEC issued amendments to finalize rules implementing the submission and disclosure requirements in the HFCAA. The rules apply to registrants that the SEC identifies as having filed an annual report with an audit report issued by a registered public accounting firm that is located in a foreign jurisdiction and that PCAOB is unable to inspect or investigate completely because of a position taken by an authority in foreign jurisdictions.

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On December 16, 2021, the PCAOB announced the PCAOB Holding Foreign Companies Accountable Act determinations (the "PCAOB determinations") relating to the PCAOB's inability to inspect or investigate completely registered public accounting firms headquartered in mainland China of the PRC or Hong Kong, a Special Administrative Region and dependency of the PRC, because of a position taken by one or more authorities in the PRC or Hong Kong.

The lack of access to the PCAOB inspection or investigation in China prevents the PCAOB from fully evaluating audits and quality control procedures of the auditors based in China. As a result, the investors may be deprived of the benefits of such PCAOB inspections. The inability of the PCAOB to conduct inspections or investigation of auditors in China makes it more difficult to evaluate the effectiveness of these accounting firms' audit procedures or quality control procedures as compared to auditors outside of China that are subject to the PCAOB inspections and investigation, which could cause existing and potential investors in our stock to lose confidence in our audit procedures and reported financial information and the quality of our financial statements.

We are both an "emerging growth company" and a "foreign private issuer", as defined under the U.S. federal securities laws, and as such may elect to comply with certain reduced public company reporting requirements for this and future filings. *See "Prospectus Summary — Implications of Being an Emerging Growth Company"* and *"Prospectus Summary — Implications of Being a Foreign Private Issuer."*

We are, and, upon completion of this offering, we will continue to be a "controlled company," as defined under the Nasdaq Listing Rules, as long as our Chief Executive Officer, Mr. Terence Cheung, owns more than 50% of the Company's voting power. For as long as we remain a controlled company under that definition, we are permitted to elect to rely, and may rely, on certain exemptions from certain Nasdaq corporate governance requirements. See "*Prospectus Summary — Implications of Being a Controlled Company*." As of the date of this prospectus, Mr. Cheung, our sole controlling shareholder, beneficially owns all of our issued and outstanding Class B Ordinary Shares and [33.1]% of our issued and outstanding Class A Ordinary Shares and possesses [98.9]% of the total voting power prior to this offering. As such, he has the ability to control matters requiring shareholder approval, including the election of directors, amendment of organizational documents, and approval of major corporate transactions. Upon the completion of this offering, Mr. Cheung will own [•]% of our total issued and outstanding Class A Ordinary Shares and 100% of our total issued and outstanding Class B Ordinary Shares, representing [•]% of the total voting power, assuming that the underwriters do not exercise their over-allotment option, or [•]% of our total issued and outstanding Class A Ordinary Shares, representing [•]% of the total voting power, assuming that the over-allotment option is exercised in full.

**Investing in the Class A Ordinary Shares involves a high degree of risk, including the risk of losing your entire investment. *See "Risk Factors"* beginning on page 13 to read about factors you should consider before investing in the Class A Ordinary Shares.**

---

| | | |
|:---|:---|:---|
|  | **Per Share** | **Total** |
|  **Initial public offering price**<sup>(1)</sup> | $| $|
|  **Underwriters' discounts**<sup>(2)</sup> | $| $|
|  **Proceeds to our Company before expenses**<sup>(3)</sup> | $| $|

---

____________

(1) Based on the assumed initial public offering price of $[•] per Class A Ordinary Share

(2) Represents underwriting discounts equal to 7% per Class A Ordinary Share.

(3) Excludes fees and expenses payable to the underwriters. See "*Underwriting*" for additional information regarding total underwriter's compensation.

This offering is being conducted on a firm commitment basis. The underwriters have agreed to purchase and pay for all of the Class A Ordinary Shares offered by this prospectus if they purchase any Class A Ordinary Shares.

The underwriters expect to deliver the Class A Ordinary Shares against payment in U.S. dollars in [•] on or about [•], 2025.

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

#### WallachBeth Capital LLC
Prospectus dated [•], 2025

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#### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | **Page** |
|  [PROSPECTUS SUMMARY](#T24) | 1 |
|  [THE OFFERING](#T23) | 12 |
|  [RISK FACTORS](#T22) | 13 |
|  [DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS](#T21) | 39 |
|  [ENFORCEABILITY OF CIVIL LIABILITIES](#T20) | 40 |
|  [USE OF PROCEEDS](#T19) | 43 |
|  [EXCHANGE RATE INFORMATION](#T18) | 44 |
|  [DIVIDEND POLICY](#T17) | 45 |
|  [CAPITALIZATION](#T16) | 46 |
|  [DILUTION](#T15) | 47 |
|  [CORPORATE HISTORY AND STRUCTURE](#T14) | 49 |
|  [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#T992500) | 51 |
|  [BUSINESS](#T13) | 63 |
|  [REGULATIONS](#T12) | 81 |
|  [MANAGEMENT](#T11) | 88 |
|  [PRINCIPAL SHAREHOLDERS](#T10) | 95 |
|  [RELATED PARTY TRANSACTIONS](#T9) | 96 |
|  [DESCRIPTION OF SHARE CAPITAL](#T8) | 100 |
|  [SHARES ELIGIBLE FOR FUTURE SALE](#T7) | 109 |
|  [MATERIAL INCOME TAX CONSIDERATION](#T6) | 111 |
|  [UNDERWRITING](#T5) | 119 |
|  [EXPENSES RELATING TO THIS OFFERING](#T4) | 123 |
|  [LEGAL MATTERS](#T3) | 124 |
|  [EXPERTS](#T2) | 124 |
|  [WHERE YOU CAN FIND ADDITIONAL INFORMATION](#T1) | 124 |
|  [INDEX TO FINANCIAL STATEMENTS](#T101) | F-1 |

---

i

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#### ABOUT THIS PROSPECTUS
We and the underwriters have not authorized anyone to provide any information or to make any representations other than those contained in this prospectus or in any free writing prospectuses prepared by us or on our behalf or to which we have referred you. We, and the underwriters take no responsibility for, and can provide no assurance as to the reliability of, any other information that others may give you. This prospectus is an offer to sell only Class A Ordinary Shares offered hereby, but only under circumstances and in jurisdictions where it is lawful to do so. We, and the underwriters are not making an offer to sell these securities in any jurisdiction where the offer or sale is not permitted or where the person making the offer or sale is not qualified to do so or to any person to whom it is not permitted to make such offer or sale. The information contained in this prospectus is current only as of the date on the front cover of this prospectus. Our business, financial condition, results of operations, and prospects may have changed since that date.

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#### CONVENTIONS THAT APPLY TO THIS PROSPECTUS
Unless otherwise indicated or the context requires otherwise, references in this prospectus to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "VX Australia" are to Voltage X Australia Pty Ltd, incorporated under the laws of Australia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "VX Holdings" are to Voltage X Holdings Limited, incorporated under the laws of Seychelles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "VX LLC" are to Voltage X LLC, incorporated under the laws of Delaware;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Xact" are to Xact Digital Limited, incorporated under the laws of Hong Kong;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "VX Innovations" are to Voltage X Innovations Limited, incorporated under the laws of Seychelles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Class A Ordinary Shares" are to the Class A ordinary shares of Voltage X Limited, par value $0.000001 per share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Class B Ordinary Shares" are to the Class B ordinary shares of Voltage X Limited, par value $0.000001 per share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "AUD" or "Australian dollar" refers to the legal currency of Australia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "HKD," "HK$" or "H.K. Dollars" refers to the official legal currency of Hong Kong;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "we," "us," "our," "Voltage X," "our Company," or the "Company" are to one or more of Voltage X Limited and its subsidiaries, as the case may be.

Unless the context indicates otherwise, all information in this prospectus assumes no exercise by the underwriters of their over-allotment option.

Our business is mainly conducted by our subsidiaries, Xact and VX Innovations, which were incorporated in Hong Kong and Seychelles to service and better coordinate for our international clientele, using HKD and USD. Our consolidated financial statements are presented in U.S. dollars. In this prospectus, we refer to assets, obligations, commitments, and liabilities in our consolidated financial statements in U.S. dollars. Certain dollar references are based on the exchange rate of H.K. dollars to U.S. dollars, determined as of a specific date or for a specific period. Changes in the exchange rate will affect the amount of our obligations and the value of our assets in terms of U.S. dollars which may result in an increase or decrease in the amount of our obligations (expressed in dollars) and the value of our assets, including accounts receivable (expressed in dollars).

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#### PROSPECTUS SUMMARY
*The following summary highlights certain information about us, this offering and selected information contained elsewhere in this prospectus and is qualified in its entirety by, and should be read in conjunction with, the more detailed information and financial statements included elsewhere in this prospectus before making an investment decision. In addition to this summary, we urge you to read the entire prospectus carefully, especially the risks of investing in the Class A Ordinary Shares, discussed under "Risk Factors," before deciding whether to buy the Class A Ordinary Shares.*

#### Overview
Voltage X is a marketing and public relations agency founded in 2021, with its global headquarter located in Melbourne, Australia. We offer a comprehensive portfolio of public relations (PR) and digital marketing services tailored to a diverse international clientele, with a primary focus on the real estate, hospitality, and retail sectors.

Since the first quarter of 2025, we have begun piloting our artificial intelligence (AI) platforms to improve our service offerings, specifically focusing on social media-based advertising placements and monitoring of audience and competitor behavior. We believe that utilizing AI technologies will enable us to deliver more effective and efficient social media advertising services for our clients. Additionally, we believe it will enhance our competitor monitoring services, providing more transparent and comprehensive insights to establish superior marketing benchmarks.

Since our foundation, we have broadened our international presence. Beyond our headquarter operations in Australia, Voltage X has established representative offices and operations in the United Kingdom, Taiwan, and Hong Kong, enhancing our capacity to cater to clients internationally.

Voltage X provides a comprehensive array of digital marketing services tailored to the diverse needs of clients. The company's portfolio is categorized into several core areas, which correspond to our revenue streams of "marketing income" and "PR service income" as presented in our results of operations disclosure, and each of these categories has contributed to the overall revenue across the last two fiscal years and six-months ended December 31, 2024:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Digital Marketing and Online Advertising***: This segment encompasses services such as cost per lead advertising, lead generation display ads, and retargeting campaigns, primarily utilizing platforms like Google Ads and META. Voltage X develops tailored marketing strategies that address the unique needs of our clients. This category relates to our "marketing income." The revenue contribution from this segment in fiscal year 2023, 2024 and six-months ended December 31, 2024 were 91%, 88% and 88%, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Content Creation***: This service classification includes professional photography for events, marketing materials, websites, and social media, as well as video production for promotional videos, product demos, explainer videos, and corporate videos. It also encompasses logo design, brand strategy, and creative content development. This category is also included under our "marketing income." The contribution to total revenues in fiscal year 2023, 2024 and six-month ended December 31, 2024 were 2%, 2% and 2%, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***PR Strategy & Influencer Management***: Voltage X provides public relations services, including media relations, press releases, and crisis management, while also managing relationships with influencers to enhance brand visibility and promote products. This category corresponds to our "PR service income." Revenue from this segment in fiscal year 2023, 2024 and six-months ended December 31, 2024 were 5%, 4% and 2%, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Events Management***: Voltage X specializes in planning and executing corporate events, product launches, and trade shows. This category is included under "marketing income." The revenue contribution from this segment in fiscal year 2023, 2024 and six-months ended December 31, 2024 were 2%,5% and 9%, respectively.

Together, digital marketing and online advertising, content creation, and event management collectively constitute our "marketing income," which accounts for the majority of our total revenues, with digital marketing and online advertising representing the predominant share within this category. PR strategy and influencer management services constitute our "PR service income."

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Over the past three years, Voltage X has successfully completed numerous marketing projects for large corporate clients worldwide, establishing a consistent track record in client engagement and innovative marketing content creation. These projects highlight our ability to deliver effective marketing solutions across various industries. Specifically, Voltage X collaborates with Raeon International Limited, an affiliated entity through common major shareholders, to provide comprehensive public relations and marketing services. In this arrangement, Voltage X is tasked with developing and implementing strategic marketing campaigns, while Raeon International Limited focuses on property sales for clients and refers the marketing work to Voltage X. This collaboration allows both firms to utilize their specialized skills — Raeon International Limited in property sales and Voltage X in marketing and PR — to achieve successful project outcomes and enhance the developer's return on investment in the real estate sector. By aligning our marketing strategies with Raeon International Limited's sales tactics, we ensure a unified approach that boosts the visibility and success of each project.

A significant portion of our revenue is derived from clients in the real estate sector, which accounted for approximately 87%, 85% and 78% of our total revenue for the six months ended December 31, 2024, and the fiscal years ended June 30, 2024 and 2023, respectively. Although we also provide public relations and digital marketing services to clients in other industries, our business remains concentrated in the real estate sector. Any adverse developments in the real estate sector, including a slowdown in property development activities, declining property values, changes in government policies or regulations, rising interest rates, or economic downturns, may lead to reduced marketing budgets or cancellation of projects by our clients. As a result, our revenue, profitability, and growth prospects could be materially and adversely affected.

Raeon International Limited is deemed to be a related party due to a common major shareholder, Terence Cheung. In addition, our Chief Executive Officer, Terence Cheung, also serves as Raeon International Limited's CEO and Director, and our Chief Financial Officer, Leo Lai, concurrently serves as Raeon International Limited's accounting manager. These overlapping roles between the companies may give rise to potential conflicts of interest.

Our share capital comprises Class A Ordinary Shares and Class B Ordinary Shares. Each Class A Ordinary Share gives the holder the right to one vote per share and each Class B Ordinary Shares, gives the holder the right to 10,000 votes per share.

#### Our Recent Projects

#### Project — SOGO Hong Kong Company Limited (SOGO)
In April 2024, Voltage X spearheaded the digital marketing and social media strategy for SOGO's flagship shopping center in Causeway Bay, Hong Kong, a city landmark with a storied Japanese-themed legacy. Our role involved crafting engaging content, optimizing social platforms, and implementing data-driven campaigns to enhance SOGO's visibility and attract both local and international patrons, reinforcing its status as a leading retail and lifestyle hub.

Furthermore, Voltage X is tasked with the digital marketing for SOGO's new shopping center, The Twins, in Kai Tak, scheduled to open in November 2024. This project marks a significant expansion for SOGO, and we are committed to launching successful digital campaigns to promote this venue as a premier destination for shopping, dining, and entertainment.

This dual engagement with SOGO underscores Voltage X's dedication to boosting the brand's online presence, driving engagement, and nurturing growth across both established and new venues in Hong Kong's competitive retail market.

#### Project — Swire Management Properties Limited (Swire)
In November 2023, recognizing our continued dedication and expertise, Swire Management Properties Limited entrusted us with the management of their social media pages. This new engagement expanded our responsibilities to include content creation, video production, translation, design, and brand engagement. Our team created tailored campaigns to enhance Pacific Place's online presence, drive customer interaction, and maintain the brand's premium image across platforms.

In addition to managing their shopping center's social media, Voltage X has been tasked with overseeing the digital engagement and marketing efforts for Swire Properties' office buildings in Admiralty, Hong Kong. This includes crafting strategies to highlight the unique offerings of their commercial spaces, engaging tenants, and promoting their office portfolio to a wider audience.

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Through these ongoing partnerships, Voltage X continues to deliver comprehensive marketing and digital solutions that enhance Swire' brand presence and drive engagement across its diverse portfolio.

#### Project — Carl Zeiss Far East Co Ltd (Zeiss)
Carl Zeiss Far East Co Ltd stands as a prominent global leader in optics and vision correction. From 2023 to 2024, Voltage X led an integrated marketing campaign designed to boost brand recognition and increase foot traffic to affiliated clinics.

Voltage X implemented an offline initiative featuring a branded mobile truck, strategically positioned in high-traffic areas of Hong Kong to raise public awareness while offering complimentary eye examinations to individuals who wear glasses.

In addition, Voltage X created an interactive mini-game on tablets to engage the target audience on-site, ensuring a memorable experience and facilitating the collection of contact information for the sales team.

The campaign was effective in reaching the target demographic, engaging a considerable number of individuals and contributing to improved brand visibility.

#### Project — London Square Hong Kong Limited (London Square)
In September 2022, London Square opened its first show-flat and office in Asia (Hong Kong), marking a significant milestone in its expansion. In February 2023, Voltage X was entrusted with the responsibility of orchestrating this momentous occasion, overseeing every detail of the event to ensure flawless execution. From meticulous planning and logistics to on-the-day coordination, Voltage X managed all aspects to create a memorable and impactful launch experience.

In addition to event management, Voltage X provided comprehensive PR services to maximize the exposure of London Square's new presence in Hong Kong. This included engaging with key media outlets, drafting press releases, and securing coverage across both local and international publications to generate buzz and elevate the brand's profile in the region.

Furthermore, Voltage X ran social media and lead generation services for London Square over a two-year period, focusing on platforms like Facebook and Instagram. During this time, our team developed and executed targeted social media campaigns designed to engage London Square's audience, build brand awareness, and drive qualified leads. By leveraging data-driven strategies and creative content, we effectively increased London Square's digital footprint and helped foster meaningful connections with potential clients and investors.

To further enhance visibility during the office launch, Voltage X curated a range of branding activities tailored to resonate with the target audience. These initiatives included creating bespoke promotional materials, crafting a cohesive visual identity for the event, and aligning the messaging to reinforce London Square's positioning in the market. Through a blend of strategic communications, social media management, and creative branding efforts, Voltage X ensured that London Square's office launch in Hong Kong was not only a successful event but also a powerful platform for establishing the brand's presence in a new market.

#### Project — Henderson Development Agency Limited (Henderson Land)
In July 2022, Voltage X was engaged by Henderson Land, one of the largest and most prominent developers in Hong Kong, to provide a comprehensive suite of PR services and social media management for its portfolio of commercial buildings and shopping centers. As part of this engagement, Voltage X developed and executed a strategic PR plan aimed at increasing the visibility of Henderson Land's properties, positioning them as premier destinations for both businesses and consumers. This included drafting press releases, securing media coverage, and managing communications with key stakeholders to enhance the developer's brand presence.

In addition to PR services, Voltage X also took charge of managing Henderson Land's social media platforms for several of its flagship properties, including H Queen's, H Code, and H Zentre. Our team developed tailored content that highlighted the unique features of each commercial building and shopping center, engaging both tenants and

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visitors through platforms like Facebook, Instagram, and LinkedIn. We implemented targeted campaigns to showcase new developments, special events, and promotional offers, ensuring consistent engagement and driving foot traffic to Henderson Land's properties.

Building on the success of this partnership, in 2024, Voltage X was further awarded the contract to manage the social media for Trent Plaza and Kolour, expanding our role in promoting Henderson Land's growing portfolio. Through a combination of strategic PR efforts and effective social media management, Voltage X continues to strengthen Henderson Land's brand reputation, enhance tenant relations, and attract a broader audience to their commercial spaces across Hong Kong.

Voltage X Limited is a holding company incorporated in Cayman Islands and conduct a substantial part of its operations in Hong Kong through its subsidiary, Xact Digital Limited. The majority of its directors, executive officers, and employees are located in Hong Kong, and a significant portion of the revenues and major customers are also geographically concentrated in Hong Kong. As a result, although it is not based in mainland China, it is subject to legal, regulatory, and operational risks associated with doing business in Hong Kong, a special administrative region of the People's Republic of China. For a more detailed discussion, *see "RISK FACTORS — Risks Related to Doing Business in Hong Kong*."

#### Impact of COVID-19 on Our Operations and Financial Performance
During the years ended June 30, 2024, and 2023, the COVID-19 has adversely affected the operating entities' business operations. As of the date of this prospectus, the operating entities have generally recovered from the adverse impact of the COVID-19 and the COVID-19 has had minimal impact on the operating entities' business and operations. See "*Risk Factors — The market growth forecasts included in this prospectus may prove to be inaccurate and, even if the market in which we compete achieves forecasted growth, we cannot assure you our business will grow at similar rates, if at all*."

#### Implications of Being a Controlled Company
We expect that we will continue to be a controlled company pursuant to "controlled company" defined under the Nasdaq Listing Rules. Accordingly, we will be a controlled company under the applicable Nasdaq listing standards. For so long as we are a controlled company under that definition, we are permitted to elect to rely, and may rely, on certain exemptions from corporate governance rules, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an exemption from the rule that a majority of our board of directors must be independent directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an exemption from the rule that the compensation of our chief executive officer must be determined or recommended solely by independent directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an exemption from the rule that our director nominees must be selected or recommended solely by independent directors.

As a result, you will not have the same protection afforded to shareholders of companies that are subject to these corporate governance requirements.

Although we do not intend to rely on the "controlled company" exemption under the Nasdaq Listing Rules, we could elect to rely on this exemption in the future. If we elected to rely on the "controlled company" exemption, a majority of the members of our board of directors might not be independent directors and our nominating and corporate governance and compensation committees might not consist entirely of independent directors upon closing of this offering. Our status as a controlled company could cause our Class A Ordinary Shares to look less attractive to certain investors or otherwise harm our trading price. As a result, the investors will not have the same protection afforded to shareholders of companies that are subject to these corporate governance requirements.

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• are exempt from certain executive compensation disclosure provisions requiring a pay-for-performance graph and chief executive officer pay ratio disclosure;

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

We intend to take advantage of all of these reduced reporting requirements and exemptions, with the exception of the longer phase-in periods for the adoption of new or revised financial accounting standards under §107 of the JOBS Act.

Under the JOBS Act, we may take advantage of the above-described reduced reporting requirements and exemptions until we no longer meet the definition of an emerging growth company. The JOBS Act provides that we would cease to be an "emerging growth company" at the end of the fiscal year in which the fifth anniversary of our initial sale of common equity pursuant to a registration statement declared effective under the Securities Act of 1933, as amended, herein referred to as the Securities Act, occurred, if we have more than USD$1.235 billion in annual revenues, have more than USD$700 million in market value of the Class A Ordinary Shares held by non-affiliates, or issue more than USD$1 billion in principal amount of non-convertible debt over a three-year period.

#### Implications of Being a Foreign Private Issuer
Upon completion of this offering, we will be a foreign private issuer within the meaning of the rules under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). As such, we are exempt from certain provisions applicable to United States domestic public companies. For example:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we are not required to provide as many Exchange Act reports, or as frequently, as a domestic public company;

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

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

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

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

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

We intend to comply with the Nasdaq corporate governance rules applicable to foreign private issuers, which permit us to follow certain corporate governance rules that conform to the Cayman Islands requirements in lieu of many of the Nasdaq corporate governance rules applicable to U.S. companies. As a result, our corporate governance practices may differ from those you might otherwise expect from a U.S. company listed on Nasdaq.

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#### Corporate Information
Our registered office is located at Cricket Square, Hutchins Drive, PO Box 2681, Grand Cayman KY1-1111, Cayman Islands. Our principal place of business is located at Suite 1, Level 2, 34 Queen Street, Melbourne VIC 3000, Australia, and our telephone number is +61 03 8618 6950. Our website addresses are *https://www.voltage*-x*.*com and *https://www.voltage*-x*.ai.* The information contained therein, or that can be accessed therefrom, is not and shall not be deemed to be incorporated into this prospectus or the registration statement of which it forms a part.

#### Corporate History and Structure
Voltage X Limited was incorporated under the laws of the Cayman Islands on May 29, 2024. Our business operations commenced in 2021 in Hong Kong, through our wholly owned subsidiary, Xact Digital Limited.

Prior to the formation of Xact Digital Limited, since 2015 Coco Alexandra PR & Events Limited, a company owned by Mr. Lun Tak Po, who is currently also a substantial shareholder and executive director of the Voltage X Limited, conducted its business under the brand name "Voltage Public Relations".

On March 1, 2022, following Lun Tak Po's decision to join the Company, Coco Alexandra PR & Events Limited entered into an agreement for transfer of business contracts and interests with Voltage X Innovations Limited, under which Coco Alexandra PR & Events Limited agreed to transfer all overseas (non-Hong Kong) client contracts, trades, economic rights, and interests, including all relevant accounting books and records, to Voltage X Innovations Limited. This integration reflected the collaborative vision of Lun Tak Po and Cheung Terence, combining the names "Voltage" and "Xact" to create "Voltage X".

We currently have five direct, wholly-owned subsidiaries as part of our organizational structure: Voltage X Australia Pty Ltd ("VX Australia"), Voltage X Holdings Limited ("VX Holdings"), Voltage X LLC ("VX LLC"), Xact Digital Limited ("Xact"), and Voltage X Innovations Limited ("VX Innovations").

VX Australia was incorporated in Australia on June 28, 2024.

VX Holdings was incorporated in Seychelles on May 15, 2024.

VX LLC was incorporated in Delaware, United States on September 3, 2024.

Xact was incorporated in Hong Kong on August 12, 2021.

VX Innovations was incorporated in Seychelles on May 15, 2024.

The charts below summarize our corporate structure as of the date of this prospectus and after the closing of this initial public offering.

Pre offering Structure

![](tflowchart_001.jpg)

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Post-offering Structure

![](tflowchart_003.jpg)

#### Risk Factor Summary
Investing in the Class A Ordinary Shares entails a high degree of risk as more fully described under *"Risk Factors."* You should carefully consider such risks before deciding to invest in our securities. These risks include, among others:

#### Risks Related to Doing Business in Hong Kong
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trading in our securities may be prohibited under the Holding Foreign Companies Accountable Act if the PCAOB determines that it cannot inspect or investigate completed our auditors for three consecutive years beginning in 2021, or for two consecutive years if the Accelerating Holding Foreign Companies Accountable Act or the America COMPETES Act becomes law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shareholders of Cayman Islands exempted companies like us have no general rights under Cayman Islands law to inspect corporate records (other than the memorandum and articles of associations, register of mortgages and charges and a list of directors) or to obtain copies of lists of shareholders of these companies. Our directors have discretion under our articles of association to determine whether or not, and under what conditions, our corporate records may be inspected by our shareholders, but are not obliged to make them available to our shareholders. This may make it more difficult for you to obtain the information needed to establish any facts necessary for a shareholder motion or to solicit proxies from other shareholders in connection with a proxy contest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In the future, to the extent funds or assets in the business are in Hong Kong or a Hong Kong entity, funds or assets may not be available to fund operations or for other uses outside of Hong Kong, due to the imposition of restrictions and limitations on, our ability or our operating subsidiary by the PRC government to transfer cash or assets. Any limitation on the ability of our operating subsidiary to make payments to us could have a material adverse effect on our ability to conduct our business and might materially decrease the value of our Class A Ordinary Shares or cause them to be worthless

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Substantial parts of our operations are in Hong Kong, a special administrative region of the PRC. Due to the long-arm application of some of the current PRC laws and regulations, the PRC government may exercise significant direct oversight and discretion over the conduct of our business and may intervene or influence our operations at any time, which could result in a material change in our operations and/or the value of our Class A Ordinary Shares. To the extent that cash or assets in the business is in Hong Kong or a Hong Kong subsidiary of ours, the funds or assets may not be available to fund operations or for other

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use, because the Chinese government may, in the future, impose restrictions or limitations on our ability to move money out of Hong Kong to distribute earnings and pay dividends to and from the other entities within our organization or to reinvest in our business outside of Hong Kong.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The enactment of the law of the PRC on Safeguarding National Security in the Hong Kong Special Administrative Region (the "Hong Kong National Security Law") could impact our Hong Kong subsidiary, which represent substantially all of our business.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There are political and legal risks associated with conducting business in Hong Kong, including the risks associated with the enactment of Article 23 of the Basic Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fluctuations in exchange rates could have a material and adverse effect on our results of operations and the value of your investment.

#### Risks Related to Our Business and Industry
<u><u>Risks relating to event planning and execution services</u></u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If the operating entities are unable to retain the customers for their event planning and execution business, our results of operations will be materially and adversely affected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Events that are planned by the operating entities are inherently susceptible to risks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The operating entities may suffer reputational harm due to factors adversely impacting the events.

<u><u>Risks relating to internet media services</u></u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Failure to maintain the quality of the operating entities' internet media services may materially and adversely impact their business and financial condition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The operating entities rely on a number of internet platforms to conduct their internet media business. However, operators of the platforms may curtail or inhibit the operating entities' ability to use the platforms, or there may be material disruption of the platforms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes in Internet search engine algorithms and dynamics could have a negative impact on traffic for the operating entities' sites and ultimately, their business and results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The operating entities may be subject to product liability claims for products or brands that are marketed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are dependent on clients in the real estate sector, and any downturn or adverse developments in this sector may materially and adversely affect our business, financial condition and results of operations.

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<u><u>Risks relating to our general operations</u></u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We have a limited operating history, which makes it difficult to evaluate our business and prospects and may increase the risks associated with your investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our operations primarily focus on providing marketing services to clients in Hong Kong. If our operations in Hong Kong are disrupted, our business, financial condition, and results of operations will be adversely affected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our failure to maintain and grow our client base may negatively impact our revenue and business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If we fail to innovate and select the right offerings and platform, we may not attract and retain clients and our revenue and results of operations may decline.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Failure to effectively monitor our agents may have an adverse impact on our revenue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A key factor driving our results of operations is the strategic collaboration with an affiliated entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Failure to control project costs and gross profit margins may have an adverse impact on our profits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are exposed to liquidity and credit risks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Failure to manage our growth effectively could cause our business to suffer and have an adverse effect on our financial condition and operating results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The market in which we participate is intensely competitive, and we may not be able to compete successfully with our current or future competitors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Economic downturns and market conditions beyond our control could adversely affect our business, financial condition, and operating results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Seasonal fluctuations in advertising activity could have a material impact on our revenue, cash flow and operating results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As our costs increase, we may not be able to generate sufficient revenue to sustain profitability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If the non-proprietary technology, software, products, and services that we use are unavailable, have future terms we cannot agree to, or do not perform as we expect, our business, financial condition and operating results could be harmed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• International expansion subjects us to additional costs and risks that can adversely affect our business, financial condition, and operating results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exposure to foreign currency exchange rate fluctuations could negatively impact our operating results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Future acquisitions, strategic investments or alliances could disrupt our business and harm our business, financial condition, and operating results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may not be able to secure additional financing on favorable terms, or at all, to meet our future capital needs, which may in turn impair our growth.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our future success depends on the continuing efforts of our key employees, and our ability to attract, hire, retain and motivate highly skilled employees in the future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our management team has limited experience managing a public company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If we do not effectively grow and train our sales and support teams, we may be unable to add new clients or increase sales to our existing clients and our business will be adversely affected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our corporate culture has contributed to our success and, if we are unable to maintain it as we grow, our business, operating results and financial condition could be harmed.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our proprietary rights may be difficult to enforce, which could enable others to copy or use aspects of our technology without compensating us, thereby eroding our competitive advantages, and harming our business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may be sued by third parties for alleged infringement of their proprietary rights, which would result in additional expense and potential damages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We face potential liability and harm to our business based on the nature of our business and the content of the advertising we distribute.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are subject to anti-bribery, anti-corruption and similar laws and non-compliance with such laws can subject us to criminal penalties or significant fines and harm our business and reputation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The market growth forecasts included in this prospectus may prove to be inaccurate and, even if the market in which we compete achieves forecasted growth, we cannot assure you our business will grow at similar rates, if at all.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The legislative, judicial, and regulatory landscapes relating to AI are evolving and may impact our ability to use AI and could limit our ability to operate and expand our business, cause revenue to decline and adversely affect our business. The actual or perceived failure to comply with regulatory requirements and laws relating to AI could result in significant liability or reputational harm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Challenges with properly managing the use of artificial intelligence could result in reputational harm, competitive harm, and legal liability.

#### Risks Relating to this Offering and the Trading Market
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We will incur costs and be subject to various obligations as a result of being a public company in the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any future or current litigation could have a material adverse impact on our results of operations, financial condition, and liquidity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our management team and board control a significant percentage of our Class A Ordinary Shares and two other shareholders also own a significant percentage of our Class A Ordinary Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are, and following the completion of this offering, will continue to be a "controlled company" within the meaning of the Nasdaq Stock Market Rules and, as a result, may rely on exemptions from certain corporate governance requirements that provide protection to shareholders of other companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The laws of the Cayman Islands may not provide our shareholders with benefits comparable to those provided to shareholders of corporations incorporated in the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You may be unable to present proposals before annual general meetings or extraordinary general meetings not called by shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We currently report our financial results under IFRS, which differs in certain significant respect from U.S. generally accepted accounting principles, or U.S. GAAP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As a foreign private issuer, we are exempt from a number of rules under the U.S. securities laws and are permitted to file less information with the SEC than a U.S. company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may lose our foreign private issuer status in the future, which could result in significant additional cost and expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are an "emerging growth company" under the JOBS Act and will be able to avail ourselves of reduced disclosure requirements applicable to emerging growth companies, which could make the Class A Ordinary Shares less attractive to investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We have broad discretion in the use of the net proceeds from this offering and may not use them effectively.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If a United States person is treated as owning at least 10% of the Class A Ordinary Shares, such holder may be subject to adverse U.S. federal income tax consequences.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our failure to meet the continued listing requirements of Nasdaq could result in a delisting of the Class A Ordinary Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Certain recent initial public offerings of companies with relatively small public floats comparable to our anticipated public float have experienced extreme volatility that was seemingly unrelated to the underlying performance of the respective company. Our Class A Ordinary Shares may potentially experience rapid and substantial price volatility, which may make it difficult for prospective investors to assess the value of our Class A Ordinary Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are not likely to issue dividends for the foreseeable future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares would be declared in U.S. Dollars, and any shareholder whose principal currency is not the U.S. Dollar would be subject to exchange rate fluctuations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our existing shareholders will be able to sell their shares after the completion of this offering subject to restrictions under Rule 144 under the Securities Act, which could impact the trading price of our Class A Ordinary Shares.

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#### THE OFFERING

---

| | |
|:---|:---|
|  **Securities offered by us** | [•] Class A Ordinary Shares |
|  **Over-allotment option** | We have granted to the underwriters an option, exercisable within 30 days from the effective date of this prospectus, to purchase up to an aggregate of [•] (10% of the total number of our Class A Ordinary Shares to be offered by us pursuant to this offering) additional Class A Ordinary Shares. |
|  **Price per share** | We currently estimate that the initial public offering price will be in the range of $[•] to $[•] per share. |
|  **Class A Ordinary Shares issued and outstanding prior to completion of this offering** | [•] Class A Ordinary Shares  |
|  **Ordinary Shares issued and outstanding immediately after this offering** | [•] Class A Ordinary Shares assuming no exercise of the underwriters' over-allotment option |
|  | [•] Class A Ordinary Shares assuming full exercise of the underwriters' over-allotment option |
|  **Listing** | We have applied to have the Class A Ordinary Shares listed on the Nasdaq Capital Market. At this time, Nasdaq has not yet approved our application to list our Class A Ordinary Shares. The closing of this offering is conditioned upon Nasdaq's final approval of our listing application, and there is no guarantee or assurance that our Class A Ordinary Shares will be approved for listing on Nasdaq.  |
|  **Proposed ticker symbol** | "[•]" |
|  **Use of proceeds** | We intend to use the net proceeds from this offering for working capital and general corporate purposes, brand promotion and marketing and platform development. See "Use of Proceeds" on page 43 for more information. |
|  **Lock-up** | Our officers, directors, any other corporate insiders and 5% stockholders have agreed, subject to certain exceptions, to a "lock-up" for a period of 180 days following the effective date of this prospectus with respect to the ordinary shares that they beneficially own, including the issuance of shares upon the exercise of convertible securities and options that are currently outstanding or which may be issued. In addition, we, including any of our successors, have agreed for a period of 90 days from the closing of this offering, that each will not (a) offer, sell, or otherwise transfer or dispose of, directly or indirectly, any ordinary shares of the Company or any securities convertible into or exercisable or exchangeable for ordinary shares; or (b) file or caused to be filed any registration statement with the SEC relating to the offering of any ordinary shares of the Company or any securities convertible into or exercisable or exchangeable for ordinary shares. See "Shares Eligible for Future Sale" and "Underwriting" for more information. |
|  **Risk factors** | The Class A Ordinary Shares offered hereby involve a high degree of risk. You should read "Risk Factors," beginning on page 13 for a discussion of factors to consider before deciding to invest in our Class A Ordinary Shares. |
|  **Transfer Agent** | VStock Transfer, LLC |

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#### RISK FACTORS
*An investment in the Class A Ordinary Shares involves a high degree of risk. Before deciding whether to invest in the Class A Ordinary Shares, you should consider carefully the risks described below, together with all of the other information set forth in this prospectus, including the section titled "Management's Discussion and Analysis of Financial Condition and Results of Operation" and our consolidated financial statements and related notes. If any of these risks actually occurs, our business, financial condition, results of operations or cash flow could be materially and adversely affected, which could cause the trading price of the Class A Ordinary Shares to decline, resulting in a loss of all or part of your investment. Further, if we fail to meet the expectations of the public market in any given period, the market price of the Class A Ordinary Shares could decline. Our business involves significant risks and uncertainties, some of which are outside of our control. If any of these risks actually occurs, our business and financial condition could suffer, and the price of the Class A Ordinary Shares could decline. The risks described below are not the only ones that we face. Additional risks not presently known to us or that we currently deem immaterial may also affect our business. You should only consider investing in the Class A Ordinary Shares if you can bear the risk of loss of your entire investment.*

#### Risks Related to Doing Business in Hong Kong
**In the future, to the extent funds or assets in the business are in Hong Kong or a Hong Kong entity, funds or assets may not be available to fund operations or for other uses outside of Hong Kong, due to the imposition of restrictions and limitations on, our ability or our operating subsidiary by the PRC government to transfer cash or assets. Any limitation on the ability of our operating subsidiary to make payments to us could have a material adverse effect on our ability to conduct our business and might materially decrease the value of our Class A Ordinary Shares or cause them to be worthless**

Our management directly supervises cash management. Our finance department is responsible for establishing the cash management policies and procedures among our departments and the operating entities. The majority of the cash is managed by Xact Digital Limited, a subsidiary of Voltage X Limited. Each department or operating entity initiates a cash request by putting forward a payment requisition form, which explains the specific amount and timing of cash requested, which is then submitted to designated management members of our Company, based on the amount and the nature of payment. The designated management member examines and approves the cash transfer based on the sources of cash and the priority of the request. It is then submitted to the cashier specialists of our finance department for a second review.

We are permitted under the laws of Cayman Islands to provide funding to our subsidiaries through loans or capital contributions without restrictions on the amount of the funds. Likewise, under Hong Kong law, our subsidiaries may remit funds to the Company in the form of dividends or distributions, subject only to the requirement that such subsidiaries remain solvent after the distribution. We are not subject to PRC foreign exchange controls, as we do not operate in mainland China. Accordingly, there are no foreign exchange restrictions or limitations that would prevent us from transferring funds between our entities, across borders, or to U.S. investors. There are also no restrictions on our ability to distribute earnings.

As of the date of this prospectus, certain shareholder's loans have been provided to the Company and the details has been disclosed in "Related Parties Transactions" section and notes to the consolidation financial statement. Other than that, no other transfers, dividends, or distributions have been made between the holding company and its subsidiaries, or to investors.

Our subsidiaries are permitted to pay a dividend on their shares out of either profit or share premium amount, provided that in no circumstances may a dividend be paid if this would result in our subsidiaries being unable to pay its debts due in the ordinary course of business. As of the date of this prospectus, none of our subsidiaries have made any dividends or distributions to our Company and our Company has not made any dividends or distributions to our shareholders. We intend to keep any future earnings to finance the expansion of our business, and we do not anticipate that any cash dividends will be paid in the foreseeable future.

However, to the extent that cash and/or assets of the business are in Hong Kong or held by Hong Kong entity, such cash and/or assets may not be available to fund operations or for other uses outside of Hong Kong in the future due to the imposition of restrictions and limitations by the PRC government on the ability of Voltage X or our operating subsidiary to transfer cash and/or assets. Any limitation, if imposed in the future, on the ability of our operating subsidiary to make payments to us could have a material adverse effect on our ability to conduct our business and

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might materially decrease the value of our Class A Ordinary Shares or cause them to be worthless. Such restrictions and limitations, if imposed in the future, may delay or hinder the expansion of our business to outside of Hong Kong and may affect our ability to receive funds from our operating subsidiary in Hong Kong. The promulgation of new laws or regulations, or the new interpretation of existing laws and regulations, in each case, that restrict or otherwise unfavorably impact the ability or way we conduct our business, could require us to change certain aspects of our business to ensure compliance, which could decrease demand for our services, reduce revenues, increase costs, require us to obtain more licenses, permits, approvals or certificates, or subject us to additional liabilities. To the extent any new or more stringent measures are required to be implemented, our business, financial condition and results of operations could be adversely affected and such measured could materially decrease the value of our Class A Ordinary Shares, potentially rendering them worthless. Further, any limitation on the ability of our operating subsidiary to pay dividends or make other distributions to us could materially and adversely limit our ability to grow, make investments or acquisitions that could be beneficial to our business, pay dividends, or otherwise fund and conduct our business.

**Trading in our securities may be prohibited under the Holding Foreign Companies Accountable Act if the PCAOB determines that it cannot inspect or investigate completed our auditors for three consecutive years beginning in 2021, or for two consecutive years if the Accelerating Holding Foreign Companies Accountable Act or the America COMPETES Act becomes law.**

The Holding Foreign Companies Accountable Act, or the HFCA Act, was enacted on December 18, 2020. In accordance with the HFCA Act, trading in securities of any registrant on a national securities exchange or in the over-the-counter trading market in the United States may be prohibited if the PCAOB determines that it cannot inspect or fully investigate the registrant's auditor for three consecutive years beginning in 2021, and, as a result, an exchange may determine to delist the securities of such registrant. On November 5, 2021, the SEC adopted the PCAOB rule to implement HFCA Act, which provides a framework for the PCAOB to determine whether it is unable to inspect or investigate completely registered public accounting firms located in a foreign jurisdiction because of a position taken by one or more authorities in that jurisdiction. On December 16, 2021 the PCAOB issued its determinations (the "PCAOB Determination") that they are unable to inspect or investigate completely PCAOB-registered public accounting firms headquartered in mainland China and in Hong Kong. The Determination includes lists of public accounting firms headquartered in mainland China and Hong Kong that the Board is unable to inspect or investigate completely. Our auditor is not currently on such lists.

Our current auditor, Zhen Hui Certified Public Accountants, an independent registered public accounting firm that is headquartered in Hong Kong, is a firm registered with the U.S. Public Company Accounting Oversight Board (the "PCAOB"). Although we believe that the Holding Foreign Companies Accountable Act and the related regulations do not currently affect us, we cannot assure you that there will not be any further implementations and interpretations of or amendments to the Holding Foreign Companies Accountable Act or the related regulations, which might pose regulatory risks to and impose restrictions on us because of our operations in mainland China. A potential consequence is that our securities are delisted by the exchange on which our securities are listed

On March 24, 2021, the SEC adopted interim final rules relating to the implementation of certain disclosure and documentation requirements of the HFCA Act. We will be required to comply with these rules if the SEC identifies us as having a "non-inspection" year under a process to be subsequently established by the SEC. The SEC is assessing how to implement other requirements of the HFCA Act, including the listing and trading prohibition requirements described above.

On June 22, 2021, the U.S. Senate passed a bill which, if passed by the U.S. House of Representatives and signed into law, would reduce the number of consecutive non-inspection years required for triggering the prohibitions under the HFCA Act from three years to two.

On December 2, 2021, the SEC issued amendments to finalize rules implementing the submission and disclosure requirements in the HFCAA. The rules apply to registrants that the SEC identifies as having filed an annual report with an audit report issued by a registered public accounting firm that is located in a foreign jurisdiction and that PCAOB is unable to inspect or investigate completely because of a position taken by an authority in foreign jurisdictions.

On December 16, 2021, the PCAOB announced the PCAOB Holding Foreign Companies Accountable Act determinations (the "PCAOB determinations") relating to the PCAOB's inability to inspect or investigate completely registered public accounting firms headquartered in mainland China of the PRC or Hong Kong, a Special Administrative Region and dependency of the PRC, because of a position taken by one or more authorities in the PRC or Hong Kong.

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The lack of access to the PCAOB inspection or investigation in China prevents the PCAOB from fully evaluating audits and quality control procedures of the auditors based in China. As a result, the investors may be deprived of the benefits of such PCAOB inspections. The inability of the PCAOB to conduct inspections or investigation of auditors in China makes it more difficult to evaluate the effectiveness of these accounting firms' audit procedures or quality control procedures as compared to auditors outside of China that are subject to the PCAOB inspections and investigation, which could cause existing and potential investors in our stock to lose confidence in our audit procedures and reported financial information and the quality of our financial statements.

**Shareholders of Cayman Islands exempted companies like us have no general rights under Cayman Islands law to inspect corporate records (other than the memorandum and articles of associations, register of mortgages and charges and a list of directors) or to obtain copies of lists of shareholders of these companies. Our directors have discretion under our articles of association to determine whether or not, and under what conditions, our corporate records may be inspected by our shareholders, but are not obliged to make them available to our shareholders. This may make it more difficult for you to obtain the information needed to establish any facts necessary for a shareholder motion or to solicit proxies from other shareholders in connection with a proxy contest.** 

Certain corporate governance practices in the Cayman Islands, which is our home country, differ significantly from requirements for companies incorporated in other jurisdictions such as the United States. If we choose to follow home country practice, our shareholders may be afforded less protection than they otherwise would under rules and regulations applicable to U.S. domestic issuers.

All of our officers and members of senior management are located in Hong Kong. In addition, the majority of the Company's directors are also located in Hong Kong, while the remaining directors are located in Australia, United States, or United Kingdom. The SEC, the U.S. Department of Justice, or the DOJ, and other authorities often have substantial difficulties in bringing and enforcing actions against non-U.S. companies and non-U.S. persons, including company directors and officers, in certain jurisdictions, including Hong Kong. Additionally, our public shareholders may have limited rights and few practical remedies in markets where we operate, as shareholder claims that are common in the United States, including class action suits based on securities law and fraud claims, generally are difficult or impossible to pursue as a matter of law or practicality in markets outside of the United States. Although the competent authorities may establish a regulatory cooperation mechanism with the securities regulatory authorities of another country or region to implement cross-border supervision and administration, the regulatory cooperation with the securities regulatory authorities in the United States has not been efficient in the absence of a mutual and practical cooperation mechanism.

As a result of all of the above, our public shareholders may have more difficulty in protecting their interests in the face of actions taken by management, members of the board of directors or controlling shareholders than they would as public shareholders of a company incorporated in the United States.

***Substantial parts of our operations are in Hong Kong, a special administrative region of the PRC. Due to the long-arm application of some of the current PRC laws and regulations, the PRC government may exercise significant direct oversight and discretion over the conduct of our business and may intervene or influence our operations at any time, which could result in a material change in our operations and/or the value of our Class A Ordinary Shares. To the extent that cash or assets in the business is in Hong Kong or a Hong Kong subsidiary of ours, the funds or assets may not be available to fund operations or for other use, because the Chinese government may, in the future, impose restrictions or limitations on our ability to move money out of Hong Kong to distribute earnings and pay dividends to and from the other entities within our organization or to reinvest in our business outside of Hong Kong.***

We are a holding company incorporated in Cayman Islands and conduct a substantial part of our operations in Hong Kong through our Hong Kong subsidiary, Xact Digital Limited. As of the date of this prospectus, we or our HK subsidiary are not materially affected by recent statements by the PRC government indicating an intention to exert more oversight and control over offerings that are conducted overseas and/or foreign investment in China-based issuers. Furthermore, pursuant to the Basic Law, national laws of mainland China do not apply in Hong Kong unless they are listed in Annex III of the Basic Law and applied locally by promulgation or local legislation. National laws that may be listed in Annex III

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are currently limited under the Basic Law to those which fall within the scope of defense and foreign affairs as well as other matters outside the limits of the autonomy of Hong Kong. National laws and regulations relating to data protection, cybersecurity and the anti-monopoly have not been listed in Annex III and so do not apply directly to Hong Kong.

However, due to long-arm provisions under some of the current PRC laws and regulations, there remains regulatory and legal uncertainty with respect to the implementation of laws and regulations of mainland China to Hong Kong. The PRC government may choose to exercise additional oversight and discretion over Hong Kong, and the policies, regulations, rules, and the enforcement of laws of the PRC government to which we are subject may change rapidly from time to time.

The PRC laws and regulations are evolving, and their enactment timetable, interpretation, enforcement, and implementation involve significant uncertainties and can change quickly with little advance notice. New laws, regulations, and other government directives in the PRC may also be costly to comply with, and such compliance, any associated inquiries or investigations, or any other government actions may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• delay or impede our development;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• result in negative publicity or increase our operating costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• require significant management time and attention;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cause devaluation of our securities or delisting; and,

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

The PRC government may intervene or influence our operations at any time or may exert control over offerings conducted overseas and foreign investment in Hong Kong-based issuers, which may result in a material change in our operations and/or the value of our Class A Ordinary Shares. For example, there is currently no restriction or limitation under the laws of Hong Kong on the conversion of HK dollar into foreign currencies and the transfer of currencies out of Hong Kong and the laws and regulations of the PRC on currency conversion control do not currently have any material impact on the transfer of cash between the ultimate holding company and the HK subsidiary. However, to the extent that cash or assets in the business is in Hong Kong or a Hong Kong subsidiary of ours, the funds or assets may not be available to fund operations or for other use, because the Chinese government may, in the future, impose restrictions or limitations on our ability to move money out of Hong Kong to distribute earnings and pay dividends to and from the other entities within our organization or to reinvest in our business outside of Hong Kong. Such restrictions and limitations, if imposed in the future, may delay or hinder the further expansion of our business to outside of Hong Kong and may affect our ability to receive funds from our HK subsidiary. The promulgation of new laws or regulations, or the new interpretation of existing laws and regulations, in each case, that restrict or otherwise unfavorably impact the ability or way we conduct our business, could require us to change certain aspects of our business to ensure compliance, which could decrease demand for our services, reduce revenues, increase costs, require us to obtain more licenses, permits, approvals or certificates, or subject us to additional liabilities. To the extent any new or more stringent measures are required to be implemented, our business, financial condition and results of operations could be adversely affected and such measures could materially decrease the value of our Class A Ordinary Shares, potentially rendering it worthless.

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

Recent statements by the PRC government have indicated an intent to exert more oversight and control over offerings that are conducted overseas and/or foreign investments in China-based issuers. On December 28, 2021, the Cyberspace Administration of China, or the CAC, and several other regulatory authorities in China jointly published the revised Cybersecurity Review Measures, or the CRM, took effect on February 15, 2022, and replaced the previous draft issued on July 10, 2021. Pursuant to the revised CRM, (i) operators of critical information infrastructure, that intend to purchase network products and services and online platform operators that conduct data processing activities, in each case that affect or may affect national security, must be subject to the cybersecurity review, (ii) if a network platform operator

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that are in possession of personal information of over one million users seeks for "foreign" listing, it must apply for the cybersecurity review, and (iii) relevant PRC government authorities may initiate cybersecurity review if they determine an operator's network products or services or data processing activities affect or may affect national security. The CRM set out certain general factors which would be the focus in assessing the national security risk during a cybersecurity review, including without limitation, risks of influence, control or malicious use of critical information infrastructure, core data, important data or large amounts of personal information by foreign governments in relation to listing abroad.

Although our HK subsidiary may collect and store certain data (including certain personal information) from our clients, some of whom may be individuals from mainland China, such collection is minimal and limited, such asthe basic contact details of key opinion leaders (KOLs) necessary for business communication purposes, in connection with our business and operations for "Know Your Customers" purposes (to combat money laundering), we and our HK subsidiary currently are not deemed to be an "operator of critical information infrastructure" or a "data processor" that are required to file for cybersecurity review by the CAC before listing in the United States, given that: (a) as of date of this prospectus, none of us or our subsidiary possesses personal information of individuals from PRC; (b) we do not operate critical information infrastructure under the revised CRM nor place any reliance on collection and processing of any personal information to maintain our business operation; (c) data processed in our business should not have a bearing on national security nor affect or may affect national security; (d) all of the data our HK subsidiary has collected is stored in servers located in Hong Kong; and (e) as of the date of this prospectus, our HK subsidiary has not been informed by any PRC governmental authority of being classified as an "operator of critical information infrastructure" or a "data processor" that is subject to CAC cybersecurity review; and (vi) pursuant to the Basic Law of the Hong Kong Special Administrative Region of the PRC, or the Basic Law, PRC laws and regulations shall not be applied in Hong Kong except for those listed in Annex III of the Basic Law (which is confined to laws relating to national defense, foreign affairs and other matters that are not within the scope of autonomy). At present, the CRM is not part of the national law listed in Annex III of the Basic Law nor the CAC has any jurisdiction to act in Hong Kong.

On February 17, 2023, the CSRC released the Trial Measures, which came into effect on March 31, 2023. On the same date of the issuance of the Trial Measures, the CSRC circulated several Supporting Guidance Rules, the Notes on the Trial Measures, the Notice on Administration Arrangements for the Filing of Overseas Listings by Domestic Enterprises and the relevant CSRC Answers to Reporter Questions on the official website of the CSRC, or collectively, the Guidance Rules and Notice. The Trial Measures, together with the Guidance Rules and Notice, reiterate the basic supervision principles as reflected in the Draft Overseas Listing Regulations by providing substantially the same requirements for filings of overseas offering and listing by domestic companies namely PRC companies, yet made the following updates compared to the Draft Overseas Listing Regulations: (a) further clarification of the circumstances prohibiting overseas issuance and listing; (b) further clarification of the standard of indirect overseas listing under the principle of substance over form, and (c) adding more details of filing procedures and requirements by setting different filing requirements for different types of overseas offering and listing. Pursuant to the Trial Measures, the Guidance Rules and Notice, domestic companies that seek to offer or list securities overseas, both directly and indirectly, should fulfill the filing procedure and report relevant information to the CSRC within three working days following its submission of initial public offerings or listing application. If the issuer meets both of the following criteria, the overseas securities offering and listing conducted by such issuer shall be deemed as indirect overseas offering and listing: (i) 50% or more of the issuer's operating revenue, total profit, total assets or net assets as documented in its audited consolidated financial statements for the most recent accounting year is accounted for by domestic companies; and (ii) the main parts of the issuer's business activities are conducted in China, or its main places of business are located in China, or the senior managers in charge of its business operation and management are mostly Chinese citizens or domiciled in China.

As of the date of this prospectus, we do not meet both criteria above, and our registered public offering in the United States and the listing on a U.S. stock exchange are not subject to the CSRC filing requirements, based on the facts that (i) we do not, directly or indirectly, own or control any entity or subsidiary in mainland China, and do not intend to set up any subsidiary or to establish a VIE structure with any entity in mainland China, (ii) we are not ultimately controlled by any mainland Chinese company or individual directly or indirectly; (iii) we and our subsidiary currently do not have any business activities, operations or assets in mainland China, and (iv) none of member of the board of directors or our senior managements in charge of our business operations or management is a citizen of mainland China or his/her habitual domicile is in mainland China. However, we cannot assure you that relevant PRC government agencies, including the CSRC and CAC, would reach the same conclusion. We do not intend to seek approval of this offering from the CAC or the CSRC. Uncertainties still exist, however, due to the possibility that laws, regulations, or policies in the PRC could change rapidly in the future. It is uncertain whether the PRC government will

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adopt additional requirements or extend the existing requirements to apply to our HK subsidiary. Any future action by the PRC government expanding the categories of industries and companies whose foreign securities offerings are subject to review by the CSRC or the CAC could significantly limit or completely hinder our ability to offer or continue to offer securities to investors and could cause the value of such securities to significantly decline or be worthless.

In the event that (i) we or our subsidiary do not receive or maintain required permissions or approvals, (ii) we or our subsidiary inadvertently conclude that such permissions or approvals are not required, or (iii) applicable laws, regulations, or interpretations change and we or our subsidiary are required to obtain such permissions or approvals in the future, we or our subsidiary may be unable to obtain such permissions or approvals in a timely manner, or at all, and may face regulatory actions or other sanctions from mainland China and Hong Kong regulatory authorities if we or our subsidiary fail to fully comply with any new regulatory requirements. Consequently, our or our subsidiary's operations and financial condition could be materially adversely affected and our ability to offer securities to investors could be significantly limited or completely hindered and the ordinary shares currently being offered here may substantially decline in value and become worthless.

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

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

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

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

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

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

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

As one of the conditions for the handover of the sovereignty of Hong Kong to the PRC, the PRC accepted conditions such as Hong Kong's Basic Law. The Basic Law guaranteed a high degree of autonomy for Hong Kong which ensured Hong Kong will retain its currency (the Hong Kong Dollar), legal system, parliamentary system, and people's rights and freedom for fifty years from 1997. This agreement has given Hong Kong the freedom to function with a high degree of autonomy. The Special Administrative Region of Hong Kong is responsible for its domestic affairs, including, but not limited to, the judiciary and courts of last resort, immigration, and customs, public finance, currencies, and extradition. Hong Kong continues using the English common law system.

However, if there are any changes in relation to the political arrangements which allows Hong Kong to function autonomously, this could potentially impact Hong Kong's common law legal system and may in turn bring about uncertainty in, for example, the enforcement of our contractual rights. This could, in turn, materially and adversely affect the business and operations of Xact Digital Limited, our Hong Kong subsidiary. Accordingly, we cannot predict the effect of future developments in the Hong Kong legal system, including the promulgation of new laws, changes to existing laws or the interpretation or enforcement thereof, or the pre-emption of local regulations by national laws. These uncertainties could limit the legal protections available to us, including the ability to enforce agreements with the clients.

***There are political and legal risks associated with conducting business in Hong Kong, including the risks associated with the enactment of Article 23 of the Basic Law.***

The majority of our operations are in Hong Kong. Accordingly, the business operations and financial conditions of our Hong Kong subsidiary will be affected by the political and legal developments in Hong Kong. Any adverse economic, social and/or political conditions, material social unrest, strike, riot, civil disturbance or disobedience, as well as significant natural disasters, may affect the market and may adversely affect our operations. Given the relatively small geographical size of Hong Kong, any of such incidents may have a widespread effect on our business operations, which could in turn adversely and materially affect our business, results of operations and financial condition.

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Hong Kong is a special administrative region of the PRC and the basic policies of the PRC regarding Hong Kong are reflected in the Basic Law, namely, Hong Kong's constitutional document, which provides Hong Kong with a high degree of autonomy and executive, legislative and independent judicial powers, including that of final adjudication under the principle of "one country, two systems". However, there is no assurance that there will not be any changes in the political arrangement between PRC and Hong Kong and the economic, political and legal environment in Hong Kong in the future. Some international observers, human rights organizations, governments have expressed doubts about the future of the relative autonomy enjoyed by Hong Kong and the PRC's pledge to the "one country, two systems" political arrangement in Hong Kong. For example, on March 19, 2024, the Legislative Council of Hong Kong passed the Safeguarding National Security bill. The Safeguarding National Security Ordinance (effective on March 23, 2024) was enacted according to the Article 23 of the Basic Law of the Hong Kong Special Administrative Region which stipulates that Hong Kong shall enact laws on its own to prohibit any act of treason, secession, sedition, subversion against the central people's government, or theft of state secrets. The Safeguarding National Security Ordinance mainly covers five types of offences: treason, insurrection, offences in connection with state secrets and espionage, sabotage endangering national security and related activities, and external interference and organizations engaging in activities endangering national security. It is difficult for us to predict the degree of the adverse impact that Article 23 will have on Hong Kong or our business in Hong Kong. However, in any event, since a majority of our operations are based in Hong Kong, any change of the political arrangements between Hong Kong and the PRC may pose an adverse impact to the stability of the economy in Hong Kong, thereby directly and adversely affecting our results of operations and financial positions.

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

#### Fluctuations in exchange rates could have a material and adverse effect on our results of operations and the value of your investment.
Our revenues and expenses will be denominated predominantly in Hong Kong dollars, which is the currency of Hong Kong, and the financial statements that we file with the SEC and provide to our shareholders are presented in United States dollars. Although the exchange rate between the Hong Kong dollar to the U.S. dollar has been pegged since 1983, we cannot assure you that the Hong Kong dollar will remain pegged to the U.S. dollar. Any significant fluctuations in the exchange rates between Hong Kong dollars to U.S. dollars may have a material adverse effect on our revenue and financial condition. For example, to the extent that we are required to convert U.S. dollars we receive from this offering into Hong Kong dollars for our operations, fluctuations in the exchange rates between Hong Kong dollars against the U.S. dollar would have an adverse effect on the amounts we receive from the conversion. We have not used any forward contracts, futures, swaps or currency borrowings to hedge our exposure to foreign currency risk.

#### Risks Related to Our Business and Industry
<u><u>Risks relating to event planning and execution services</u></u>

***If the operating entities are unable to retain the customers for their event planning and execution business, our results of operations will be materially and adversely affected.***

The operating entities provide event planning and execution services typically for fixed terms. These contracts may not be renewed or, if renewed, may not be renewed on the term that are the same or more favorable for the operating entities. The operating entities may not be able to accurately predict future trends in customer renewals, and their customers' renewal rates may decline or fluctuate due to factors such as the customers' satisfaction with the operating entities' services, their fees and charges, as well as factors beyond the operating entities' control, such as level of

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competition faced by their customers and their level of success in marketing efforts. If some customers terminate their contracts or do not renew their business relationships with the operating entities or renew their contracts on less favorable terms or for fewer services, and the operating entities do not acquire replacement customers or otherwise grow their customer base, our results of operations may be materially and adversely affected.

#### Events that are planned by the operating entities are inherently susceptible to risks.
Events require significant logistical capabilities, including substantial resources for safety and security, and sufficient infrastructure, which can be complex, difficult to coordinate, and costly to have in place. Even where logistics and infrastructure have been appropriately planned for, public events, including events planned by the operating entities, involve risks that may be beyond the operating entities' control or the control of the relevant organizers (if the events are not organized by the operating entities). Such risks may include terrorist attacks, gun violence, or other security threats, travel interruption or accidents, traffic incidents, weather-related interruptions, natural catastrophes, the spread of illness, equipment malfunction, labor strikes, or other disturbances. Any of these risks could result in canceled events and other disruptions to events, adversely affecting the success of the events or the operating entities' ability to stage events in the future, if, for example, the host cities or organizations choose not to partner with the operating entities given the event-related risks. In addition, during the periods of economic slowdown and recession, consumers have historically reduced their discretionary spending. The impact of economic slowdowns on the operating entities' business is difficult to predict, but they may result in reductions in the operating entities' ability to generate revenue. The realization of any of these risks could also impact the profitability of the operating entities' events, and the operating entities could also be exposed to liability or other financial losses for which they may not have insurance coverage.

#### The operating entities may suffer reputational harm due to factors adversely impacting the events.
Factors adversely impacting the events, even relatively minor issues, such as adverse weather conditions or poorly functioning infrastructure, to the extent they become associated with, and undercut, the operating entities' events or, more generally, the operating entities' brands, could lead to the decline in popularity of the operating entities' events in the future. As the operating entities plan and coordinate the events, poor execution could also lead to declining popularity of these events in the future. In addition, these events may require the operating entities to obtain permits from the relevant host cities or municipalities, and the restrictive permit policies of the relevant cities and municipalities and poor delivery of any necessary services, including those not directly under the operating entities' control or cancellation of entertainment events could also have adverse effect on their brands.

<u><u>Risks relating to internet media services</u></u>

#### Failure to maintain the quality of the operating entities' internet media services may materially and adversely impact their business and financial condition.
The operating entities provide internet media services where they design and produce marketing ideas, content, and materials catering to target audience. The operating entities' growth will partly depend on their ability to leverage their expertise in content production to offer effective marketing services. However, there is no assurance that the operating entities will maintain their content production and operation team or that the team will maintain the quality of their content production at the same level, given that the market demands are changing rapidly and that the loss of any key personnel in the content production and operation team could be detrimental to the operating entities' service quality, financial performance, and business prospects. If the operating entities fail to provide appealing and creative marketing content in a timely or cost-effective manner, their services may become less attractive. As a result, the operating entities' business, financial condition, and results of operations may be adversely affected.

***The operating entities rely on a number of internet platforms to conduct their internet media business. However, operators of the platforms may curtail or inhibit the operating entities' ability to use the platforms, or there may be material disruption of the platforms.***

The operating entities rely on various internet platforms and social media networks to distribute marketing content. While these platforms are generally open to all users, they have no obligation to allow the operating entities to use their platforms in the long term. The platform operators may decide at any time to curtail or inhibit the operating entities' ability to use such platforms if the operating entities breach the terms of use of such platforms or for any other

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reason. Additionally, these platforms may increase their fees or make changes to their respective business models, terms of use, policies, or systems, and those changes could impair or restrict the operating entities' ability to post content. Further, platforms could cease operations unexpectedly due to a number of events, including interruptions in telecommunication services, computer viruses, and security breaches. Any of the above could reduce the operating entities' ability to post marketing content, drive user traffic, and reach target audiences, and thus impair the operating entities' ability to serve their customers, any of which could affect their ability to achieve profitability or have a material adverse effect on their business, financial condition and results of operations.

***Changes in Internet search engine algorithms and dynamics could have a negative impact on traffic for the operating entities' sites and ultimately, their business and results of operations.***

The operating entities rely on Internet search engines, such as Google, to generate traffic to the operating entities' website, principally through free or organic search. Search engines frequently update and change the logic that determines the placement and display of results of a user's search, such that the algorithmic placement of links to the operating entities' websites can be negatively affected. In addition, a search engine could, for competitive or other purposes, alter its search algorithms or results causing the operating entities' websites to place lower in organic search query results. If a major search engine changes its algorithms in a manner that negatively affects the search engine ranking of the operating entities' websites or those of our partners, the operating entities' business and financial performance could be adversely affected. Furthermore, the operating entities' failure to successfully manage their search engine optimization could result in a substantial decrease in traffic to their websites, as well as increased costs, if they were to replace free traffic with paid traffic.

#### The operating entities may be subject to product liability claims for products or brands that are marketed.
As part of the operating entities' internet media services, they provide integrated marketing services for products or brands. If any product or brand marketed by the operating entities were to cause personal injury or injury to property, the injured party or parties could bring claims against the operating entities. The operating entities could also be subject to claims that consumers were harmed due to their reliance on the operating entities' promotion of products or brands. If a claim were brought against the operating entities, regardless of its merit, the operating entities' business and the reputation of their services may be adversely affected. If a claim were to become successful, the operating entities may have the right under the applicable laws, rules, and regulations to seek indemnification from the relevant manufacturers or third-party brands or merchants for any compensation that the operating entities may be required to pay to consumers in connection with product liability, personal injury, or a similar claim, if such relevant party is found liable. However, there can be no assurance that the operating entities will be able to recover all or any amounts from these parties. Any product liability claim, regardless of its merit or success, could result in the expenditure of funds and management time and adverse publicity and could have a negative impact on the operating entities' reputation, business, financial condition, and results of operations.

***We are dependent on clients in the real estate sector, and any downturn or adverse developments in this sector may materially and adversely affect our business, financial condition and results of operations.***

A significant portion of our revenue is derived from clients in the real estate sector, which accounted for approximately 87%, 85% and 78% of our total revenue for the six months ended December 31, 2024, and the fiscal years ended June 30, 2024 and 2023, respectively. Although we also provide public relations and digital marketing services to clients in other industries, our business remains concentrated in the real estate sector. Any adverse developments in the real estate sector, including a slowdown in property development activities, declining property values, changes in government policies or regulations, rising interest rates, or economic downturns, may lead to reduced marketing budgets or cancellation of projects by our clients. As a result, our revenue, profitability, and growth prospects could be materially and adversely affected.

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<u><u>Risks relating to our general operations</u></u>

***We have a limited operating history, which makes it difficult to evaluate our business and prospects and may increase the risks associated with your investment.***

We were incorporated in 2021 and, as a result, have only a limited operating history upon which our business and prospects may be evaluated. While we experienced substantial revenue growth in our early years, from approximately $416,000 in 2022 to $4.1 million in 2023, representing an increase of 882%, our year-over-year growth has since moderated, with revenue increasing by 13% in 2024 and by 16% on an annualized basis in 2025 compared to 2024. Although our historical growth highlights early market traction, we may not be able to sustain these growth rates or maintain our current revenue levels. In addition, our profitability has also experienced year-over-year declines, with net profit decreasing by 2.1% for the year ended June 30, 2024 and 4.3% for the six months ended December 31, 2024, compared to the respective prior periods.

We have encountered and will continue to encounter risks and challenges frequently experienced by growing companies in rapidly developing industries, including risks related to our ability to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• build a reputation for providing superior platform and client service, and for creating trust and long-term relationships with clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• distinguish ourselves from competitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• develop and offer a competitive platform that meets our clients' needs as they change;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• scale our business efficiently to keep pace with demand for our service;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• maintain and expand our relationships with suppliers of quality advertising inventory and data;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• respond to evolving industry standards and government regulation that impact our business, particularly in the areas of data collection and consumer privacy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• prevent or mitigate failures or breaches of security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expand our business internationally; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• hire and retain qualified and motivated employees.

We cannot assure you that we will be successful in addressing these and other challenges we may face in the future. If we are unable to do so, our business may suffer, our revenue and operating results may decline, and we may not be able to achieve further growth or sustain profitability.

***Our operations primarily focus on providing marketing services to clients in Hong Kong. If our operations in Hong Kong are disrupted, our business, financial condition, and results of operations will be adversely affected.***

As of June 30, 2024, Australia emerged as our largest market, generating 37% of our total revenue, followed closely by Hong Kong. For the six-months ended December 31, 2024, Hong Kong was our largest market, generating 39% of our total revenue, followed closely by Australia. Due to our geographic market concentration in Hong Kong, our business performance is closely tied to the city's economic, social, political, regulatory, and market conditions. Any negative developments in these areas could impact client demand for marketing services, as well as our ability to operate efficiently and deliver campaigns effectively. Events such as public health crises (including COVID-19 and future pandemics), changes in consumer behavior, political or regulatory shifts, economic slowdowns, and disruptions to digital or physical infrastructure may result in decreased client activity or reduced marketing budgets. In addition, if we are unable to maintain relevant business licenses, certifications, or industry accreditations required to operate in Hong Kong, our ability to retain existing clients or acquire new business may be adversely affected, thereby negatively impacting our financial condition and operational results.

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#### Our failure to maintain and grow our client base may negatively impact our revenue and business.
To sustain or increase our revenue, we must regularly add new clients and encourage existing clients to maintain or increase the amount of marketing and PR services purchased, as well as to adopt new features and functionalities we offer. If competitors introduce lower-cost or differentiated offerings that compete with, or are perceived to compete with ours, our ability to attract new clients or retain existing ones could be impaired. We cannot assure you that our clients will continue to use our services, or that we will be able to replace, in a timely or effective manner, departing clients with new ones that generate comparable revenue. If a major client representing a significant portion of our business decides to materially reduce its use of our services or to cease using our services altogether, it is possible that our revenue could be significantly reduced.

***If we fail to innovate and select the right offerings and platform, we may not attract and retain clients and our revenue and results of operations may decline.***

Our industry is subject to rapid and frequent changes in technology, evolving client needs and the frequent introduction by our competitors of new and enhanced offerings. We must constantly make decisions regarding offerings and technology to meet client demand and evolving industry standards and we may not always make the right decision. If new or existing competitors have more attractive offerings, clients may not use our services as often or we may lose clients altogether. New client demands, superior competitive offerings or new industry standards could require us to make unanticipated and costly changes to our business model. If we fail to adapt to our rapidly changing industry or to evolving client needs, demand for our service and platform could decrease and our business, financial condition and operating results may be adversely affected.

#### Failure to effectively monitor our agents may have an adverse impact on our revenue.
Our ability to retain clients is a key factor in our operational success. A significant portion of our clients in Taiwan, Australia, and the United Kingdom are served through agents, and our ability to effectively monitor these agents to ensure the delivery of innovative and high-quality digital marketing campaigns is critical. Approximately 65% of our revenue is generated through agents in fiscal year 2024, highlighting the importance of maintaining strong oversight and consistent service standards. Any decline in client satisfaction caused by underperformance or mismanagement by an agent could negatively impact our ability to retain existing clients and acquire new ones.

#### A key factor driving our results of operations is the strategic collaboration with an affiliated entity.
A key factor driving our results of operations is the strategic collaboration with Raeon International Limited, an affiliated entity. This partnership contributes around 20% of our total revenue and plays a crucial role in our ability to deliver integrated marketing solutions to clients, particularly in the real estate sector. Through this collaboration, Raeon refers marketing work to Voltage X, allowing us to leverage our expertise in marketing and public relations while Raeon focuses on property sales. By aligning our marketing strategies with Raeon's sales efforts, we ensure a unified approach that boosts visibility and return on investment for developers. The success of this partnership significantly impacts our revenue growth and operational performance, making it a critical driver of our business.

In addition to our collaboration with Raeon International Limited, we have engaged in various digital marketing and consultancy arrangements with other related parties, including V22 Event Space Management Limited, Bunji Property Limited, Insight Property Wealth Pty Limited, Tskcheung Enterprises (HK) Limited, and others as disclosed in the "Related Party Transactions" section of this prospectus. Through his controlled entities, Terrence Cheung is a substantial shareholder of V22 Event Space Management Limited, Bunji Property Limited and Raeon International Property Management Services (VIC) Pty Limited; he is also the sole shareholder of Tskcheung Enterprises (HK) Limited. Insight Property Wealth Pty Limited is deemed related parties of the Company by virtue of Mr. Terence Cheung serving in a key management role at there. Mr. Cheung does not hold any equity interest in Insight Property Wealth Pty Limited.

As of December 31, 2024, June 30, 2024 and June 30, 2023, approximately 45%, 55%, and 62%, respectively, of our revenue was generated from, and approximately 31%, 35%, and 43%, respectively, of our expenses were paid to, related party entities.

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Raeon International Limited is deemed a related party due to a common major shareholder Terence Cheung. In addition, our Chief Executive Officer, Terence Cheung, also serves as Raeon International Limited's CEO and Director, and our Chief Financial Officer, Leo Lai, concurrently serves as Raeon International Limited's accounting manager. These overlapping roles between the companies may give rise to potential conflicts of interest.

#### Failure to control project costs and gross profit margins may have an adverse impact on our profits.
Our project-based revenue is primarily at fixed-fee, where the project fees are agreed upon based on estimated work hours, project complexity, and client budgets. While this approach provides predictable revenue streams, our profitability is sensitive to changes in project costs.

If actual project execution requires significantly more work hours or faces unexpected technical challenges, our gross profit margins may be adversely affected. Furthermore, as we expand our operations and take on more complex projects, our ability to manage costs efficiently will become increasingly critical to maintaining profitability.

#### We are exposed to liquidity and credit risks.
We generally require upfront deposits of approximately 30%-50% of the project fees and collect the remaining balance upon completion of defined milestones. This practice reduces our exposure to liquidity risk. Additionally, many of our clients are well-established companies with strong financial standings, minimizing our credit risk.

However, we do not conduct formal credit assessments before accepting new clients, and changes in the financial conditions of our clients could increase our credit risk. Although we have not experienced material defaults in payment as of the date of this prospectus, there is no assurance that future liquidity risks will not arise, potentially impacting our cash flows and operational stability.

#### Failure to manage our growth effectively could cause our business to suffer and have an adverse effect on our financial condition and operating results.
While we experienced substantial revenue growth in our early years, from approximately $416,000 in 2022 to $4.1 million in 2023, representing an increase of 882%, our year-over-year growth has since moderated, with revenue increasing by 13% in 2024 and by 16% on an annualized basis in 2025 compared to 2024. To manage our growth effectively, we must continually evaluate and evolve our organization. We must also manage our employees, operations, finances, technology and development and capital investments efficiently. Our efficiency, productivity and the quality of our client service may be adversely impacted if we do not train our new personnel, particularly our sales and support personnel, quickly and effectively, or if we fail to appropriately coordinate across our organization. Additionally, our rapid growth may place a strain on our resources, infrastructure, and ability to maintain the quality of our service. You should not consider our revenue growth and levels of profitability in recent periods as indicative of future performance. In future periods, our revenue or profitability could decline or grow more slowly than we expect. Failure to manage our growth effectively could cause our business to suffer and have an adverse effect on our financial condition and operating results.

#### The market in which we participate is intensely competitive, and we may not be able to compete successfully with our current or future competitors.
We operate in a highly competitive and rapidly changing industry. With the introduction of new technologies and the influx of new entrants to the market, we expect competition to persist and intensify in the future, which could harm our ability to increase revenue and maintain profitability. In addition to existing competitors and intermediaries, we may also face competition from new companies entering the market, which may include large established companies, all of which currently offer, or may in the future offer, products and services that result in additional competition for advertising spend or advertising inventory.

We may also face competition from companies that we do not yet know about or do not yet exist. If existing or new companies develop, market, or resell competitive high-value marketing products or services, acquire one of our existing competitors or form a strategic alliance with one of our competitors, our ability to compete effectively could be significantly compromised and our results of operations could be harmed.

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Our current and potential competitors may have significantly more financial, technical, marketing, and other resources than we have, allowing them to devote greater resources to the development, promotion, sale and support of their products and services. They may also have more extensive advertiser bases and broader publisher relationships than we have and may have longer operating histories and greater name recognition. As a result, these competitors may be better able to respond quickly to new technologies, develop deeper advertiser relationships or offer services at lower prices. Any of these developments would make it more difficult for us to sell our service and could result in increased pricing pressure, increased sales and marketing expense or the loss of market share. Any failure to adopt emerging technologies or respond to changing client preferences could impact our ability to meet market demands and affect our results of operations.

#### Economic downturns and market conditions beyond our control could adversely affect our business, financial condition, and operating results.
Our business depends on the overall demand for advertising and on the economic health of advertisers that benefit from our service. Economic downturns or unstable market conditions may cause advertisers to decrease their advertising budgets, which could adversely affect our business, financial condition, and operating results. As we explore new countries to expand our business, economic downturns, or unstable market conditions in any of those countries could result in our efforts not achieving the outcomes we anticipate.

#### Seasonal fluctuations in advertising activity could have a material impact on our revenue, cash flow and operating results.
Our revenue, cash flow, operating results and other key operating and performance metrics may vary from quarter to quarter due to the seasonal nature of our clients' spending on advertising campaigns. For example, clients tend to devote more of their advertising budgets to the fourth calendar quarter to coincide with consumer holiday spending. Moreover, advertising inventory in the fourth quarter may be more expensive due to increased demand for advertising inventory. Political advertising could also cause our revenue to increase during election cycles and decrease during other periods. Our historical revenue growth has masked the impact of seasonality, but if our growth rate declines or seasonal spending becomes more pronounced, seasonality could have a material impact on our revenue, cash flow and operating results from period to period.

#### As our costs increase, we may not be able to generate sufficient revenue to sustain profitability.
We have expended significant resources to grow our business in recent years by increasing the offerings of our platforms, growing our number of employees, and expanding internationally into several countries. We anticipate continued growth that could require substantial financial and other resources to, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• develop our platforms, including by investing in our engineering team, creating, acquiring, or licensing new products or features, and improving the availability and security of;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expand internationally by growing our sales force and client services team in an effort to increase our client base, and by adding inventory and data from countries our clients are seeking;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• improve our technology infrastructure, including investing in internal technology development and acquiring outside technologies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cover general and administrative expenses, including legal, accounting, and other expenses necessary to support a larger organization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cover sales and marketing expenses, including a significant expansion of our direct sales organization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cover expenses relating to data collection and consumer privacy compliance, including additional infrastructure, automation, and personnel; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• explore strategic acquisitions.

Investing in the foregoing, however, may not yield anticipated returns. Consequently, as our costs increase, we may not be able to generate sufficient revenue to sustain profitability.

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***If the non-proprietary technology, software, products, and services that we use are unavailable, have future terms we cannot agree to, or do not perform as we expect, our business, financial condition and operating results could be harmed.***

We depend on various technology, software, products, and services from third parties or available as open source, including for critical features and functionality of our platforms and data centers, payment processing, payroll, and other professional services. In addition, even a disruption as brief as a few minutes could have a negative impact on marketplace activities and could therefore result in a loss of revenue. If we are unsuccessful in establishing or maintaining our relationships with our third-party providers or otherwise need to replace them, internal resources may need to be diverted and our business, financial condition and operating results could be harmed.

#### International expansion subjects us to additional costs and risks that can adversely affect our business, financial condition, and operating results.
International expansion subjects us to many challenges associated with supporting a rapidly growing business across a multitude of cultures, customs, monetary, legal, and regulatory systems, and commercial infrastructures. We have a limited operating history outside of the United States, and our ability to manage our business and conduct our operations internationally requires considerable attention and resources.

We currently have sales personnel in countries within UK, Asia, and Australia, and we anticipate expanding our international operations in the future, including in countries that score unfavorably on the Corruption Perceptions Index, or CPI, of the Transparency International. To the extent we are unable to effectively engage with non-U.S. advertising agencies or international divisions of U.S. agencies due to our limited sales force capacity, we may be unable to effectively grow in international markets.

All of our gross income and expenditure were derived from outside of the United States during fiscal year 2024. Our international operations subject us to a variety of additional risks, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increased management, travel, infrastructure, and legal compliance costs associated with having multiple international operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• long payment cycles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• potential complications in enforcing contracts and collections;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increased financial accounting and reporting burdens and complexities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• concerns regarding negative, unstable, or changing economic conditions in the countries and regions where we operate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increased administrative costs and risks associated with compliance with local laws and regulations, including relating to privacy and data security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• regulatory and legal compliance, including with anti-bribery laws, import and export control laws, economic sanctions and other regulatory limitations or obligations on our operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• heightened risks of unfair or corrupt business practices and of improper or fraudulent sales arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• difficulties in invoicing and collecting in foreign currencies and associated foreign currency exposure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• difficulties in repatriating or transferring funds from or converting currencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• administrative difficulties, costs and expenses related to various local languages, cultures, and political nuances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• varied labor and employment laws, including those relating to termination of employees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reduced protection for intellectual property rights in some countries and practical difficulties of enforcing rights abroad; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance with the laws of numerous foreign taxing jurisdictions, including withholding obligations, and overlapping of different tax regimes.

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We may incur significant operating expenses as a result of our international expansion, and it may not be successful. Our international business also subjects us to the impact of global and regional recessions and economic and political instability, differing regulatory requirements, costs, and difficulties in managing a distributed workforce, potentially adverse tax consequences in the United States and abroad and restrictions on the repatriation of funds to the United States. In addition, advertising markets outside of the United States are not as developed as those within the United States, and we may be unable to grow our business sufficiently. Our failure to manage these risks and challenges successfully could materially and adversely affect our business, financial condition, and operating results.

#### Exposure to foreign currency exchange rate fluctuations could negatively impact our operating results.
We have transacted in foreign currencies for both inventory and for payments by clients from use of our service, including the HKD, and Australian Dollar. Given our anticipated international growth, we expect the number of transactions in foreign currencies to continue to grow in the future. While we do require a fee from our clients that pay in non-U.S. currency, this fee may not always cover foreign currency exchange rate fluctuations. We currently have a program to hedge exposure to foreign currency fluctuations. However, the use of hedging instruments may not be available for all currencies or may not always offset losses resulting from foreign currency exchange rate fluctuations. Moreover, the use of hedging instruments can itself result in losses if we are unable to structure effective hedges with such instruments.

#### Future acquisitions, strategic investments or alliances could disrupt our business and harm our business, financial condition, and operating results.
We may in the future explore potential acquisitions of companies or technologies, strategic investments, or alliances to strengthen our business. However, we have limited experience in acquiring and integrating businesses, products, and technologies. Even if we identify an appropriate acquisition candidate, we may not be successful in negotiating the terms or financing of the acquisition, and our due diligence may fail to identify all of the problems, liabilities or other shortcomings or challenges of an acquired business, product or technology, including issues related to intellectual property, product quality or architecture, regulatory compliance practices, revenue recognition or other accounting practices or employee or client issues. Acquisitions involve numerous risks, any of which could harm our business, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• regulatory hurdles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• anticipated benefits may not materialize;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• diversion of management time and focus from operating our business to addressing acquisition integration challenges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• retention of employees from the acquired company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cultural challenges associated with integrating employees from the acquired company into our organization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• integration of the acquired company's accounting, management information, human resources, and other administrative systems;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the need to implement or improve controls, procedures, and policies at a business that prior to the acquisition may have lacked effective controls, procedures, and policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• coordination of product development and sales and marketing functions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• liability for activities of the acquired company before the acquisition, including patent and trademark infringement claims, violations of laws, commercial disputes, tax liabilities and other known and unknown liabilities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• litigation or other claims in connection with the acquired company, including claims from terminated employees, users, former stockholders or other third parties.

Failure to appropriately mitigate these risks or other issues related to such strategic investments and acquisitions could result in reducing or completely eliminating any anticipated benefits of transactions, and harm our business generally. Future acquisitions could also result in dilutive issuances of our equity securities, the incurrence of debt, contingent liabilities, amortization expenses or the impairment of goodwill, any of which could harm our business, financial condition, and operating results.

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***We may not be able to secure additional financing on favorable terms, or at all, to meet our future capital needs, which may in turn impair our growth.***

We intend to continue to grow our business, which will require additional capital to develop new features or enhance our platforms, improve our operating infrastructure, finance working capital requirements or acquire complementary businesses and technologies. Accordingly, we may need to engage in additional equity or debt financings to secure additional capital. If we raise additional funds through future issuances of equity or convertible debt securities, our existing stockholders could suffer significant dilution, and any new equity securities we issue could have rights, preferences, and privileges superior to those of holders of our common stock. Any debt financing that we secure in the future could involve restrictive covenants relating to our capital raising activities and other financial and operational matters, which may make it more difficult for us to obtain additional capital and to pursue business opportunities. If we are unable to secure additional funding on favorable terms, or at all, when we require it, our ability to continue to grow our business to react to market conditions could be impaired and our business may be harmed.

***Our future success depends on the continuing efforts of our key employees, and our ability to attract, hire, retain and motivate highly skilled employees in the future.***

Our future success depends on the continuing efforts of our executive officers and other key employees. We rely on the leadership, knowledge, and experience that our executive officers provide. They foster our corporate culture, which has been instrumental to our ability to attract and retain new talent. We also rely on employees in our product development, support, and sales teams to attract and keep key clients.

The market for talent in our key areas of operations is intensely competitive, which could increase our costs to attract and retain talented employees. As a result, we may incur significant costs to attract and retain employees, including significant expenditures related to salaries and benefits and compensation expenses related to equity awards, and we may lose new employees to our competitors or other companies before we realize the benefit of our investment in recruiting and training them. New employees often require significant training and, in many cases, take significant time before they achieve full productivity. Our account managers, for instance, need to be trained quickly on the features of our platforms since failure to offer high-quality support may adversely affect our relationships with our clients. Technology companies like ours compete to attract the best talent. Additionally, we have little experience with recruiting in geographies outside of the United States and may face additional challenges in attracting and retaining international employees.

Employee turnover, including changes in our management team, could disrupt our business. None of our founders or other key employees has an employment agreement for a specific term, and any of our employees may terminate his or her employment with us at any time. The loss of one or more of our executive officers, especially our two founders, or our inability to attract and retain highly skilled employees could have an adverse effect on our business, financial condition, and operating results.

#### Our management team has limited experience managing a public company.
Most members of our management team have limited or no experience managing a publicly-traded company, interacting with public company investors, and complying with the increasingly complex laws, rules and regulations that govern public companies. As a public company, we are now subject to significant obligations relating to reporting, procedures and internal controls, and our management team may not successfully or efficiently manage such obligations. These new obligations and scrutiny will require significant attention from our management and could divert their attention away from the day-to-day management of our business, which could adversely affect our business, financial condition, and operating results.

***If we do not effectively grow and train our sales and support teams, we may be unable to add new clients or increase sales to our existing clients and our business will be adversely affected.***

We are substantially dependent on our sales and support teams to obtain new clients and to increase spend by our existing clients. We believe that there is significant competition for sales personnel with the skills and technical knowledge that we require. Our ability to achieve revenue growth will depend, in large part, on our success in recruiting, training, integrating, and retaining sufficient numbers of sales personnel to support our growth. Due to the complexity of our platforms, new hires require significant training, and it may take significant time before they achieve full productivity. Our recent and planned hires may not become productive as quickly as we expect, and we may be unable to hire or

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retain sufficient numbers of qualified individuals in the markets where we do business or plan to do business. If we are unable to hire and train sufficient numbers of effective sales personnel, or the sales personnel are not successful in obtaining new clients or increasing our existing clients spend with us, our business will be adversely affected.

***Our corporate culture has contributed to our success and, if we are unable to maintain it as we grow, our business, operating results and financial condition could be harmed.***

We have experienced and may continue to experience rapid expansion of our employee ranks. We believe our corporate culture has been a key element of our success. However, as our organization grows, it may be difficult to maintain our culture, which could reduce our ability to innovate and operate effectively. The failure to maintain the key aspects of our culture as our organization grows could result in decreased employee satisfaction, increased difficulty in attracting top talent, increased turnover and could compromise the quality of our client service, all of which are important to our success and to the effective execution of our business strategy. In the event we are unable to maintain our corporate culture as we grow to scale, our business, operating results, and financial condition could be harmed.

***Our proprietary rights may be difficult to enforce, which could enable others to copy or use aspects of our technology without compensating us, thereby eroding our competitive advantages, and harming our business.***

We rely upon a combination of trade secrets, third-party confidentiality and non-disclosure agreements, additional contractual restrictions on disclosure and use, and trademark, copyright, and other intellectual property laws to establish and protect our proprietary rights. These laws, procedures and restrictions provide only limited protection. We currently have 2 trademarks pending registration in Hong Kong. We endeavor to enter into agreements with our employees and contractors in order to limit access to and disclosure of our proprietary information, as well as to clarify rights to intellectual property associated with our business. Protecting our intellectual property is a challenge, especially after our employees or our contractors end their relationship with us, and, in some cases, decide to work for our competitors. Our contracts with our employees and contractors that relate to intellectual property issues generally restrict the use of our confidential information solely in connection with our services, and strictly prohibit reverse-engineering. However, reverse engineering our software or the theft or misuse of our proprietary information could occur by employees or contractors who have access to our technology. Enforceability of the non-compete agreements that we have in place is not guaranteed, and contractual restrictions could be breached without discovery or adequate remedies.

Policing unauthorized use of our technology is difficult. In addition, the laws of some foreign countries may not be as protective of intellectual property rights as those of the United States, and mechanisms for enforcement of our proprietary rights in such countries may be inadequate. If we are unable to protect our proprietary rights, we may find ourselves at a competitive disadvantage to others who have not incurred the same level of expense, time, and effort to create and protect their intellectual property.

#### We may be sued by third parties for alleged infringement of their proprietary rights, which would result in additional expense and potential damages.
There is significant patent and other intellectual property development activity in the digital advertising industry. Third-party intellectual property rights may cover significant aspects of our technologies or business methods or block us from expanding our offerings. Our success depends on the continual development of our platforms. From time to time, we may receive claims from third parties that our platforms and underlying technology infringe or violate such third parties' intellectual property rights. To the extent we gain greater public recognition, we may face a higher risk of being the subject of intellectual property claims. The cost of defending against such claims, whether or not the claims have merit, is significant, regardless of whether we are successful in our defense, and could divert the attention of management, technical personnel and other employees from our business operations. Litigation regarding intellectual property rights is inherently uncertain due to the complex issues involved, and we may not be successful in defending ourselves in such matters. Additionally, we may be obligated to indemnify our clients or inventory and data suppliers in connection with any such litigation. If we are found to infringe these rights, we could potentially be required to cease utilizing portions of our platforms. We may also be required to develop alternative non-infringing technology, which could require significant time and expense. Alternatively, we could be required to pay royalty payments, either as a one-time fee or ongoing, as well as damages for past use that was deemed to be infringing. If we cannot license or develop technology for any allegedly infringing aspect of our business, we would be forced to limit our service and may be unable to compete effectively. Any of these results could harm our business.

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#### We face potential liability and harm to our business based on the nature of our business and the content of the advertising we distribute.
We face potential liability and harm to our business based on the nature of our marketing and PR services and the content we distribute on behalf of our clients. Marketing and public relations activities often result in litigation relating to copyright or trademark infringement, public performance royalties, or other claims based on the nature and content of the advertising we distribute. We do not independently verify whether we are permitted to distribute or review the content of such advertisements. If any of these representations prove to be untrue, we may be exposed to potential liability and our reputation may be damaged. In addition to potential settlement costs, we may be responsible for our own litigation costs, which can be extensive.

#### We are subject to anti-bribery , anti-corruption and similar laws and non-compliance with such laws can subject us to criminal penalties or significant fines and harm our business and reputation.
We are subject to anti-bribery and similar laws, such as the U.S. Foreign Corrupt Practices Act of 1977, as amended, or the FCPA, the U.S. domestic bribery statute contained in 18 U.S.C. § 201, the USA PATRIOT Act, U.S. Travel Act, the U.K. Bribery Act 2010 and Proceeds of Crime Act 2002, and possibly other anti-corruption, anti-bribery and anti-money laundering laws in countries in which we conduct activities. Anti-corruption laws have been enforced with great rigor in recent years and are interpreted broadly and prohibit companies and their employees and their agents from making or offering improper payments or other benefits to government officials and others in the private sector. As we increase our international sales and business, particularly in countries with a low score on the CPI by Transparency International and increase our use of third parties such as sales agents, distributors, resellers or consultants, our risks under these laws will increase. We adopt appropriate policies and procedures and conduct training but cannot guarantee that improprieties will not occur. Noncompliance with these laws could subject us to investigations, sanctions, settlements, prosecution, other enforcement actions, disgorgement of profits, significant fines, damages, other civil and criminal penalties or injunctions, suspension and/or debarment from contracting with specified persons, the loss of export privileges, reputational harm, adverse media coverage, and other collateral consequences. Any investigations, actions and/or sanctions could have a material negative impact on our business, operating results, and financial condition.

***The market growth forecasts included in this prospectus may prove to be inaccurate and, even if the market in which we compete achieves forecasted growth, we cannot assure you our business will grow at similar rates, if at all.***

Market growth forecasts are subject to significant uncertainty and are based on assumptions and estimates which may not prove to be accurate. The forecasts in this prospectus relating to expected growth in the digital advertising and real-time buying markets may prove to be inaccurate. Even if these markets experience the forecasted growth, we may not grow our business at similar rates, or at all. Our growth is subject to many factors, including our success in implementing our business strategy, which is subject to many risks and uncertainties.

The COVID-19 virus has adversely impacted, and is expected to continue to adversely impact, our business, results of operations and financial position.

In 2020, COVID-19 was declared a pandemic and both the pandemic and measures taken in response have had a significant impact, both direct and indirect, on our businesses and the economy generally, as supply chains have been disrupted, facilities and production had been suspended, and advertiser spend on our podcasts had fallen. As of the date of this prospectus, the U.S. and world economy has emerged from the impact of the COVID-19 virus. As a result of the COVID-19 virus variants, we have experienced and may continue to experience disruptions that may adversely impacted our business, results of operations and financial position. The extent of future disruptions will depend on numerous evolving factors, which are highly uncertain, rapidly changing and cannot be predicted, and could result in significantly more severe impacts in the future, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reduced ad budgets and spend, order cancellations and increased competition for advertising revenue;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the effect of the pandemic on our customers and other business partners and vendors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in how we conduct operations, including our events;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increased competition with alternative platforms and technologies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the inability of customers to pay amounts owed to our Company, or delays in collections of such amounts;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• additional goodwill or other impairment charges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• limitations on our employee resources, including because of work-from-home, stay-at-home and shelter-in-place orders from federal or state governments, employee furloughs, or sickness of employees or their families;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• diversion of management resources to focus on mitigating the impacts of the COVID-19 virus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reduced capital expenditures; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• impacts from prolonged remote work arrangements, including increased cybersecurity risks.

These disruptions negatively impacted our revenue, results of operations and financial position for the years ended 2024 and 2023 and these disruptions may continue to have a negative impact through 2024 fiscal year.

The COVID-19 virus continues to evolve. The extent to which the pandemic continues to impact our business, liquidity and financial results will depend on future developments, which are highly uncertain and cannot be predicted with confidence, such as the duration of the pandemic, impact of variants, travel restrictions and social distancing throughout the United States, the duration and extent of business closures or business disruptions, the availability, adoption and effectiveness of vaccines and treatments and the effectiveness of actions taken to contain the disease. If we or our customers again experience prolonged shutdowns or other business disruptions beyond current expectations, our ability to conduct our business in the manner and within planned timelines could be materially and adversely impacted, and our business, liquidity and financial results will be adversely affected. Additionally, concerns over the economic impact of the COVID-19 pandemic have caused extreme volatility in financial and other capital markets, which has adversely affected our stock price and credit rating and could impact our ability to access the capital markets in the future.

***The legislative, judicial, and regulatory landscapes relating to AI are evolving and may impact our ability to use AI and could limit our ability to operate and expand our business, cause revenue to decline and adversely affect our business. The actual or perceived failure to comply with regulatory requirements and laws relating to AI could result in significant liability or reputational harm.***

Uncertainty in the legal regulatory regime relating to AI may require significant resources to modify and maintain business practices to comply with U.S. and non-U.S. laws, the nature of which cannot be determined at this time. Several jurisdictions around the globe, including Europe and certain U.S. states, have already proposed or enacted laws governing AI. For example, in the United States, an Executive Order was issued on the Safe, Secure and Trustworthy Development and Use of AI, emphasizing the need for transparency, accountability and fairness in the development and use of AI. The order seeks to balance fostering innovation with addressing risks associated with artificial intelligence by providing eight guiding principles and priorities, such as ensuring that consumers are protected from fraud, discrimination and privacy risks related to artificial intelligence. The order also calls for future regulations from various agencies, such as the U.S. Federal Trade Commission (to ensure fair competition and reduce consumer harm) and, in alignment with the order, other agencies have published guidance, such as the Cybersecurity and Infrastructure Security Agency. Further, European legislators have politically agreed to a stringent AI regulation, the EU AI Act, with fines in excess of those under the European Union's General Data Protection Regulation (the "GDPR"), and we expect other jurisdictions will adopt similar laws. The EU AI Act has significant implications for all stakeholders involved in the development, use and provision of AI systems and includes requirements around transparency, conformity assessments and monitoring, risk assessments, human oversight, security, and accuracy. To ensure compliance with the AI Act, standards are needed to provide guidance and best practices for AI systems, and we are seeking to participate in this process through the European Commission's Standardization Request. Our failure to effectively participate in this process could adversely impact our ability to utilize AI systems and our ability to serve as a certification body.

Other jurisdictions may decide to adopt similar or more restrictive legislation that may render the use of such technologies challenging. Additionally, certain privacy laws extend rights to individuals (such as the right to delete certain personal data) and regulate automated decision making, which may be incompatible with our AI features or our use of AI. These obligations may lead to regulatory fines or penalties or prevent or limit our use of AI. If we cannot use AI, or that use is restricted, our business may be less efficient, or we may be at a competitive disadvantage. We are implementing various initiatives that are designed to address potential AI risks; however, these initiatives may prove insufficient to mitigate potential risks.

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#### Challenges with properly managing the use of artificial intelligence could result in reputational harm, competitive harm, and legal liability.
We currently incorporate AI into certain of our services and are working to further integrate AI technologies into our services, which integrations may become important to our operations over time. Our competitors or other third parties may incorporate AI into their services more quickly or more successfully than us, which could impair our ability to compete effectively and adversely affect our results of operations. Additionally, AI algorithms and training methodologies may be flawed. If the content or recommendations that AI applications assist in producing are or are alleged to be deficient, inaccurate, offensive, biased, or otherwise improper or harmful, we may face reputational consequences or legal liability, and our business, financial condition, and results of operations may be adversely affected. Further, the use of AI has been known to result in, and may in the future result in, cybersecurity incidents that implicate the personal data of end users of AI-enhanced services. Any such cybersecurity incidents related to our use of AI could adversely affect our reputation and results of operations. AI also presents emerging ethical issues and if our use of AI becomes controversial, we may experience brand or reputational harm, competitive harm, or legal liability. The rapid evolution of AI will require the dedication of significant resources to develop, test, and maintain AI technologies, including further implementing AI ethically in order to minimize unintended harmful impact. While we aim to deploy AI responsibly and attempt to identify and mitigate ethical and legal issues presented by its use, we may be unsuccessful in identifying or resolving issues before they arise.

We currently license the use of our two key AI-related platforms, VXAds and VXMonitor, under a non-exclusive licensing agreement with Somin Pte. Ltd. These platforms form the foundation of certain digital marketing services we offer. Under the terms of the license, we are entitled to use the platforms for commercial purposes; however, access to certain latest updates and algorithms is subject to specified events, including the successful completion of our initial public offering. This conditional access could limit our ability to maintain technological parity with competitors if such conditions are not met in a timely manner.

Additionally, the VXAds and VXMonitor platforms incorporate elements of generative artificial intelligence to support content creation and campaign optimization. As a result, we may be exposed to additional risks associated with generative AI, including the inadvertent generation of infringing, misleading, or otherwise inappropriate content. These risks may expose us to legal liability, regulatory scrutiny, or reputational damage. We may also face challenges in monitoring or validating outputs produced by such AI models, particularly if proprietary algorithms are involved or if the platform provider does not provide adequate transparency or oversight.

The legal and regulatory landscape surrounding generative AI technologies is rapidly evolving and uncertain including in the areas of intellectual property, discrimination, cybersecurity, and privacy and data protection. Compliance with existing, new, and changing laws, regulations, and industry standards relating to AI may limit some uses of AI, impose significant operational costs, and limit our ability to develop, deploy, or use AI technologies. Further, the continued integration of any AI technologies into our service may result in new or enhanced governmental or regulatory scrutiny. Failure to appropriately respond to this evolving landscape may result in legal liability, regulatory action, or brand and reputational harm.

#### Risks Relating to this Offering and the Trading Market

#### We will incur costs and be subject to various obligations as a result of being a public company in the United States.
We will incur significant legal, accounting, and other expenses as a result of being a public company in the United States. Although we will incur costs each year associated with being a publicly traded company, it is possible that our actual costs of being a publicly traded company will vary from year to year and may be different than our estimates. In estimating these costs, we take into account expenses related to insurance, legal, accounting and compliance activities.

Furthermore, the need to maintain the corporate infrastructure demanded of a public company in the United States may divert management's attention from implementing our growth strategy, which could prevent us from improving our business, results of operations and financial condition. We have made, and will continue to make, changes to our internal controls and procedures for financial reporting and accounting systems to meet our reporting obligations in order to become a U.S. publicly traded company. However, the measures we take may not be sufficient to satisfy our obligations as a publicly traded company.

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#### Any future or current litigation could have a material adverse impact on our results of operations, financial condition, and liquidity.
From time to time, we may be subject to litigation, including, among others, potential shareholder derivative actions. Risks associated with legal liability are difficult to assess and quantify, and their existence and magnitude can remain unknown for significant periods of time. We will obtain directors and officers liability ("**D&O**") insurance to cover some of the risk exposure for our directors and officers effective upon the closing of this initial public offering**.** Such insurance generally pays the expenses (including amounts paid to plaintiffs, fines, and expenses including attorneys' fees) of officers and directors who are the subject of a lawsuit as a result of their service to us. There can be no assurance that we will be able to continue to maintain this insurance at reasonable rates or at all, or in amounts adequate to cover such expenses should such a lawsuit occur. The Constitution includes a requirement for the company to indemnify directors and officers subject to specified exclusions. Without D&O insurance, the amounts we would pay to indemnify our officers and directors should they be subject to legal action based on their service to us could have a material adverse effect on our financial condition, results of operations and liquidity. Such lawsuits, and any related publicity, may result in substantial costs and, among other things, divert the attention of management and our employees. An unfavorable outcome in any claim or proceeding against us could have a material adverse impact on our financial position and results of operations for the period in which the unfavorable outcome occurs, and potentially in future periods.

Further, any settlement announced by us may expose us to further claims against us by third parties seeking monetary or other damages which, even if unsuccessful, would divert management attention from the business and cause us to incur costs, possibly material, to defend such matters, which could have a material adverse impact on our financial position.

***Our management team and board control a significant percentage of our Class A Ordinary Shares and two other shareholders also own a significant percentage of our Class A Ordinary Shares.***

As of [•], 2025, members of our management team and board beneficially own approximately [36.15]% of our outstanding Class A Ordinary Shares. In addition, as of [•], 2025, one other shareholder owns, in the aggregate, approximately [6.01]% of our outstanding Class A Ordinary Shares. As such, as of [•], 2025 management and the one other shareholder own, in the aggregate, approximately [99.02]% of our voting power. As a result, management and the aforementioned shareholders may have the ability to control substantially most matters submitted to our shareholders for approval including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• election of our board of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• removal of any of our directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• amendment of the Constitution; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adoption of measures that could delay or prevent a change in control or impede a merger, takeover or other business combination involving us.

In addition, managements and the aforementioned shareholder's stock ownership may discourage a potential acquirer from making a tender offer or otherwise attempting to obtain control of us, which in turn could reduce our stock price or prevent our shareholders from realizing a premium over our stock price. Any additional investors will own a minority percentage of our Class A Ordinary Shares and will have minority voting rights.

***We are, and following the completion of this offering, will continue to be a "controlled company" within the meaning of the Nasdaq Stock Market Rules and, as a result, may rely on exemptions from certain corporate governance requirements that provide protection to shareholders of other companies.***

Our share capital comprises Class A Ordinary Shares and Class B Ordinary Shares. Each Class A Ordinary Share gives the holder the right to one vote per share and each Class B Ordinary Shares, gives the holder the right to 10,000 votes per share.

We are, and following the completion of this offering, will continue to be a "controlled company" as defined under the Nasdaq Stock Market Rules because Mr. Terence Cheung, our Chief Executive Officer, will beneficially own more than 50% of voting power. As of the date of this prospectus, Mr. Cheung, our sole controlling shareholder, beneficially owns all of our issued and outstanding Class B Ordinary Shares and [33.1]% of our issued and

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outstanding Class A Ordinary Shares and possesses [98.9]% of the total voting power prior to this offering. As such, he has the ability to control matters requiring shareholder approval, including the election of directors, amendment of organizational documents, and approval of major corporate transactions. Upon the completion of this offering, Mr. Cheung will own [•]% of our total issued and outstanding Class A Ordinary Shares and 100% of our total issued and outstanding Class B Ordinary Shares, representing [•]% of the total voting power, assuming that the underwriters do not exercise their over-allotment option, or [•]% of our total issued and outstanding Class A Ordinary Shares, representing [•]% of the total voting power, assuming that the over-allotment option is exercised in full.

For so long as we are a controlled company under that definition, we are permitted to elect to rely, and may rely, on certain exemptions from corporate governance rules, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an exemption from the rule that a majority of our board of directors must be independent directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an exemption from the rule that the compensation of our chief executive officer must be determined or recommended solely by independent directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an exemption from the rule that our director nominees must be selected or recommended solely by independent directors.

As a result, you will not have the same protection afforded to shareholders of companies that are subject to these corporate governance requirements.

***The laws of the Cayman Islands may not provide our shareholders with benefits comparable to those provided to shareholders of corporations incorporated in the United States.***

Our corporate affairs are governed by our memorandum and articles of association, by the Companies Act (as revised) of the Cayman Islands and by the common law of the Cayman Islands. The rights of shareholders to take action against our directors, actions by minority shareholders and the fiduciary duties of our directors to us under Cayman Islands law are to a large extent governed by the common law of the Cayman Islands. The common law of the Cayman Islands is derived in part from comparatively limited judicial precedent in the Cayman Islands as well as from the common law of England, the decisions of whose courts are of persuasive authority, but are not binding, on a court in the Cayman Islands. The rights of our shareholders and the fiduciary duties of our directors under Cayman Islands law are not as clearly established as they would be under statutes or judicial precedents in the United States. In particular, the Cayman Islands has a less developed body of securities laws than the United States. In addition, Cayman Islands companies may not have standing to initiate a shareholder derivative action in a federal court of the United States. Therefore, our public shareholders may have more difficulty in protecting their interests in the face of actions taken by our management, directors or controlling shareholders than they would as public shareholders of a company incorporated in the United States.

#### You may be unable to present proposals before annual general meetings or extraordinary general meetings not called by shareholders.
The Companies Act does not provide shareholders with any right to requisition a general meeting or to put any proposal before a general meeting. However, these rights may be provided in a company's articles of association. Our post-offering memorandum and articles of association provide that upon the requisition of any one or more of our shareholders holding shares which carry in aggregate not less than one-third of all votes attaching to the issued and outstanding shares of our company entitled to vote at general meetings, our board will convene an extraordinary general meeting and put the resolutions so requisitioned to a vote at such meeting. However, our post-offering memorandum and articles of association do not provide our shareholders with any right to put any proposals before annual general meetings or extraordinary general meetings not called by such shareholders.

#### We currently report our financial results under IFRS, which differs in certain significant respect from U.S. generally accepted accounting principles, or U.S. GAAP.
Currently we report our financial statements under International Financial Reporting Standards and International Accounting Standards as issued by the International Accounting Standards Board (IASB) and Interpretations (collectively IFRSs). There have been and there may in the future be certain significant differences between IFRS and U.S. GAAP, including differences related to revenue recognition, intangible assets, share-based compensation expense, income tax and earnings per share. As a result, our financial information and reported earnings for historical

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or future periods could be significantly different if they were prepared in accordance with U.S. GAAP. In addition, we do not intend to provide a reconciliation between IFRS and U.S. GAAP unless it is required under applicable law. As a result, you may not be able to meaningfully compare our financial statements under IFRS with those companies that prepare financial statements under U.S. GAAP.

***As a foreign private issuer, we are exempt from a number of rules under the U.S. securities laws and are permitted to file less information with the SEC than a U.S. company.***

We are a foreign private issuer, as defined in the SEC's rules and regulations and, consequently, we are not subject to all of the disclosure requirements applicable to public companies organized within the United States. For example, we are exempt from certain rules under the Exchange Act that regulate disclosure obligations and procedural requirements related to the solicitation of proxies, consents, or authorizations applicable to a security registered under the Exchange Act, including the U.S. proxy rules under Section 14 of the Exchange Act. In addition, we are not required to comply with Regulation FD, which restricts the elective disclosure of material information. In addition, our senior management and directors are exempt from the reporting and "short-swing" profit recovery provisions of Section 16 of the Exchange Act and related rules with respect to their purchases and sales of our securities. Moreover, we will not be required to file periodic reports and financial statements with the SEC as frequently or as promptly as U.S. public companies and will not be required to file quarterly reports on Form 10-Q or current reports on Form 8-K under the Exchange Act. In addition, foreign private issuers are not required to file their annual report on Form 20-F until four months after the end of each fiscal year. Accordingly, there is expected to be less publicly available information concerning our company than there would be if we were not a foreign private issuer. In addition, insiders, and large shareholders of ours will be exempt from the reporting and short-swing profit recovery provisions contained in Section 16 of the Exchange Act and will not be obligated to file the reports required by Section 16 of the Exchange Act. These exemptions and leniencies may reduce the protections you may otherwise have been eligible if you held common stock of a domestic U.S. issuer.

#### We may lose our foreign private issuer status in the future, which could result in significant additional cost and expense.
While we currently qualify as a foreign private issuer, the determination of foreign private issuer status is made annually on the last business day of an issuer's most recently completed second fiscal quarter and, accordingly, our next determination will be made on December 31, 2024. In the future, we would lose our foreign private issuer status if we to fail to meet the requirements necessary to maintain our foreign private issuer status as of the relevant determination date. For example, if 50% or more of our securities are held by U.S. residents and more than 50% of our senior management or directors are residents or citizens of the United States, we could lose our foreign private issuer status. Immediately following the closing of this offering, approximately [•]% of our outstanding Class A Ordinary Shares (including Class A Ordinary Shares in the form of Class A Ordinary Shares) will likely be held by U.S. residents (assuming that all purchasers in this offering are residents of the United States).

The regulatory and compliance costs to us under U.S. securities laws as a U.S. domestic issuer may be significantly more than costs we incur as a foreign private issuer. If we are not a foreign private issuer, we will be required to file periodic reports and registration statements on U.S. domestic issuer forms with the SEC, which are more detailed and extensive in certain respects than the forms available to a foreign private issuer. We would be required under current SEC rules to prepare our financial statements in accordance with U.S. GAAP rather than IFRS and modify certain of our policies to comply with corporate governance practices required of U.S. domestic issuers. Such conversion of our financial statements to U.S. GAAP would involve significant time and cost. In addition, we may lose our ability to rely upon exemptions from certain corporate governance requirements on U.S. stock exchanges that are available to foreign private issuers such as the ones described above and exemptions from procedural requirements related to the solicitation of proxies.

***We are an "emerging growth company" under the JOBS Act and will be able to avail ourselves of reduced disclosure requirements applicable to emerging growth companies, which could make the Class A Ordinary Shares less attractive to investors.***

We are an "emerging growth company," as defined in the JOBS Act, and we intend to take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not "emerging growth companies," including not being required to comply with the auditor attestation requirements of Section 404(b) of the Sarbanes-Oxley Act, and exemptions from the requirements of holding a nonbinding advisory

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vote on executive compensation and shareholder approval of any golden parachute payments not previously approved. In addition, Section 107 of the JOBS Act also provides that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act, for complying with new or revised accounting standards. We will not take advantage of the extended transition period provided under Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards.

We cannot predict if investors will find the Class A Ordinary Shares less attractive because we may rely on these exemptions. If some investors find the Class A Ordinary Shares less attractive as a result, there may be a less active trading market for the Class A Ordinary Shares and the price of the Class A Ordinary Shares may be more volatile. We may take advantage of these exemptions until such time that we are no longer an emerging growth company. We would cease to be an emerging growth company upon the earliest to occur of (i) the last day of the fiscal year in which we have more than USD$1.235 billion in annual revenue; (ii) the last day of the fiscal year in which we qualify as a "large accelerated filer"; (iii) the date on which we have, during the previous three-year period, issued more than USD$1.0 billion in non-convertible debt securities; and (iv) the last day of the fiscal year in which the fifth anniversary of this offering occurs.

#### We have broad discretion in the use of the net proceeds from this offering and may not use them effectively.
We will have broad discretion in the application of the net proceeds that we receive from this offering as well as of our existing cash, and we may spend or invest these funds in a way with which our shareholders disagree. Our failure to apply these funds effectively could harm our business and financial condition. Pending their use, we may use the net proceeds from the offering in a manner that does not produce income or that loses value. These investments may not yield a favorable return to our investors.

***If a United States person is treated as owning at least 10% of the Class A Ordinary Shares, such holder may be subject to adverse U.S. federal income tax consequences.***

If a U.S. holder is treated as owning, directly, indirectly or constructively, at least 10% of the value or voting power of the Class A Ordinary Shares, such U.S. holder may be treated as a "United States shareholder" with respect to each "controlled foreign corporation" in our group, if any. While our group does not currently include any U.S. subsidiaries, if we form or acquire any U.S. subsidiaries in the future any of our current non-U.S. subsidiaries and any future newly formed or acquired non-U.S. subsidiaries will be treated as controlled foreign corporations, regardless of whether we are treated as a controlled foreign corporation. A United States shareholder of a controlled foreign corporation may be required to annually report and include in its U.S. taxable income its pro rata share of "Subpart F income," "global intangible low-taxed income" and investments in U.S. property by controlled foreign corporations, regardless of whether we make any distributions. An individual that is a United States shareholder with respect to a controlled foreign corporation generally would not be allowed certain tax deductions or foreign tax credits that would be allowed to a United States shareholder that is a U.S. corporation. Failure to comply with controlled foreign corporation reporting obligations may subject a United States shareholder to significant monetary penalties. We cannot provide any assurances that we will furnish to any United States shareholder information that may be necessary to comply with the reporting and tax paying obligations applicable under the controlled foreign corporation rules of the Code. U.S. holders should consult their tax advisors regarding the potential application of these rules to their investment in the Class A Ordinary Shares.

#### Our failure to meet the continued listing requirements of Nasdaq could result in a delisting of the Class A Ordinary Shares.
If, after listing, we fail to satisfy the continued listing requirements of Nasdaq, such as the corporate governance requirements or the minimum closing bid price requirement, Nasdaq may take steps to delist the Class A Ordinary Shares. Such a delisting would likely have a negative effect on the price of the Class A Ordinary Shares and would impair your ability to sell or purchase our Class A Ordinary Shares when you wish to do so. In the event of a delisting, we can provide no assurance that any action taken by us to restore compliance with listing requirements would allow the Class A Ordinary Shares to become listed again, stabilize the market price or improve the liquidity of the Class A Ordinary Shares, prevent the Class A Ordinary Shares from dropping below the Nasdaq minimum bid price requirement or prevent future non-compliance with Nasdaq's listing requirements.

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***Certain recent initial public offerings of companies with relatively small public floats comparable to our anticipated public float have experienced extreme volatility that was seemingly unrelated to the underlying performance of the respective company. Our Class A Ordinary Shares may potentially experience rapid and substantial price volatility, which may make it difficult for prospective investors to assess the value of our Class A Ordinary Shares.***

Our Class A Ordinary Shares may be subject to rapid and substantial price volatility. Recently, companies with comparably small public floats and initial public offering sizes have experienced instances of extreme stock price run-ups followed by rapid price declines, and such stock price volatility was seemingly unrelated to the respective company's underlying performance. Although the specific cause of such volatility is unclear, our anticipated public float may amplify the impact the actions taken by a few stockholders have on the price of our Class A Ordinary Shares, which may cause the price of our Class A Ordinary Shares to deviate, potentially significantly, from a price that better reflects the underlying performance of our business. Our Class A Ordinary Shares may experience run-ups and declines that are seemingly unrelated to our actual or expected operating performance and financial condition or prospects, making it difficult for prospective investors to assess the rapidly changing value of our Class A Ordinary Shares. In addition, holder of our Class A Ordinary Shares may experience losses, which may be material, if the price of our Class A Ordinary Shares declines after this offering or if such investors purchase shares of our Class A Ordinary Shares prior to any price decline.

#### We are not likely to issue dividends for the foreseeable future.
We cannot assure you that our proposed operations will result in sufficient revenues to enable profitable operations or to generate positive cash flow. For the foreseeable future, we anticipate that we will use any funds available to finance the growth of the Company and that we will not pay cash dividends to shareholders. Unless we pay dividends, our shareholders will not be able to receive a return on their shares unless they sell them. There is no assurance that shareholders will be able to sell shares when desired.

***We expect that any dividend payments on our Class A Ordinary Shares would be declared in U.S. Dollars, and any shareholder whose principal currency is not the U.S. Dollar would be subject to exchange rate fluctuations.***

The Class A Ordinary Shares will be traded in, and we expect that any cash dividends or other distributions to be declared in respect of them, if any, will be denominated in U.S. Dollars. Shareholders whose principal currency is not the U.S. Dollar will be exposed to foreign currency exchange rate risk. Any depreciation of the U.S. Dollar in relation to such foreign currency will reduce the value of such shareholders' Class A Ordinary Shares and any appreciation of the U.S. Dollar will increase the value in foreign currency terms. In addition, we do not expect to offer our shareholders the option to elect to receive dividends, if any, in any other currency. Consequently, our shareholders may be required to arrange their own foreign currency exchange, either through a brokerage house or otherwise, which could incur additional commissions or expenses.

***Our existing shareholders will be able to sell their shares after the completion of this offering subject to restrictions under Rule 144 under the Securities Act, which could impact the trading price of our Class A Ordinary Shares.***

Our directors, officers, and the beneficial owners of 5% or above of our Class A Ordinary Shares, that are issued and outstanding as of the date of this prospectus will agree not to offer, sell, agree to sell, directly or indirectly, or otherwise dispose of any Class A Ordinary Shares for a period of up to 180 days from the effective date of this prospectus*.* See *"Underwriting — Lock*-Up *Agreements."* Our other existing shareholders may be able to sell their Class A Ordinary Shares under Rule 144 following the expiration of that lock-up period. See *"Shares Eligible for Future Sale"* below. Because these existing shareholders have paid a lower price per Class A Ordinary Share than participants in this offering, when they are able to sell their existing shares under Rule 144 following the expiration of that lock-up period, they may be more willing to accept a lower sales price than the IPO price, which could impact the trading price of our Class A Ordinary Shares following the completion of the offering, to the detriment of participants in this offering. Under Rule 144, before our existing shareholders can sell their shares, in addition to meeting other requirements, they must meet the required holding period. We do not expect any of the Class A Ordinary Shares to be sold pursuant to Rule 144 during the pendency of this offering. The Class A Ordinary Shares to be issued and sold during the pending of this offering are the Class A Ordinary Shares to be issued and sold in the manner described herein under *"Prospectus Summary — Recent Developments"* and the Class A Ordinary Shares to be issued and sold in this offering.

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#### DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS
This prospectus contains forward-looking statements that reflect our current expectations and views of future events, all of which are subject to risks and uncertainties. Forward-looking statements give our current expectations or forecasts of future events. You can identify these statements by the fact that they do not relate strictly to historical or current facts. You can find many (but not all) of these statements by the use of words such as "approximates," "believes," "hopes," "expects," "anticipates," "estimates," "projects," "intends," "plans," "will," "would," "should," "could," "may" or other similar expressions in this prospectus. These statements are likely to address our growth strategy, financial results and product research and development programs. You must carefully consider any such statements and should understand that many factors could cause actual results to differ from our forward-looking statements. These factors may include inaccurate assumptions and a broad variety of other risks and uncertainties, including some that are known and some that are not. No forward-looking statement can be guaranteed, and actual future results may vary materially. Factors that could cause actual results to differ from those discussed in the forward-looking statements include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our strategies and objectives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to meet the Nasdaq requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our other financial operating objectives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the availability of qualified employees for business operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• general business and economic conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to meet its financial obligations as they become due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the positive cash flows and financial viability of our operations and new business opportunities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to manage growth with respect to our operations and new business opportunities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to secure intellectual property rights over our proprietary products or enter into license agreements to secure the legal use of certain patents and intellectual property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to avoid infringement of intellectual property rights; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to be successful in new markets;

We describe certain material risks, uncertainties, and assumptions that could affect our business, including our financial condition and results of operations, under "Risk Factors." We base our forward-looking statements on our management's beliefs and assumptions based on information available to our management at the time the statements are made. We caution you that actual outcomes and results may, and are likely to, differ materially from what is expressed, implied, or forecast by our forward-looking statements. Accordingly, you should be careful about relying on any forward-looking statements. Except as required under the federal securities laws, we do not have any intention or obligation to update publicly any forward-looking statements after the distribution of this prospectus, whether as a result of new information, future events, changes in assumptions, or otherwise.

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#### ENFORCEABILITY OF CIVIL LIABILITIES

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

As of the date of this prospectus, all our assets are located outside the United States. In addition, all of our directors and officers are nationals or residents of jurisdictions other than the United States and all or a substantial portion of their assets are located outside the United States. As a result, it may be difficult for investors to effect service of process within the United States upon us or these persons, or to enforce judgments obtained in U.S. courts against us or them, including judgments predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States. It may also be difficult for you to enforce judgments obtained in U.S. courts based on the civil liability provisions of the U.S. federal securities laws against us and our officers and directors.

We have appointed Cogency Global Inc. as our agent to receive service of process with respect to any action brought against us in the United States District Court for the Southern District of New York under the federal securities laws of the United States or of any state in the United States or any action brought against us in the Supreme Court of the State of New York in the County of New York under the securities laws of the State of New York.

Conyers Dill & Pearman, our counsel as to the laws of the Cayman Islands, has advised us that there is uncertainty as to whether the courts of the Cayman Islands would (i) recognize or enforce judgments of U.S. courts obtained against us or our directors or officers to impose liabilities against us predicated upon the civil liability provisions of the federal securities laws of the United States or the securities laws of any state in the United States, or (ii) entertain original actions brought in the Cayman Islands against us or our directors or officers that are predicated upon the federal securities laws of the United States or the securities laws of any state in the United States.

We have been advised by Conyers Dill & Pearman that, although there is no statutory enforcement in the Cayman Islands of judgments obtained in the federal or state courts of the United States (and the Cayman Islands are not a party to any treaties for the reciprocal enforcement or recognition of such judgments with the United States), the courts of the Cayman Islands would recognize as a valid judgment, a final and conclusive judgment *in personam* obtained in the federal or state courts of the United States against the Company under which a sum of money is payable (other than a sum of money payable in respect of multiple damages, taxes or other charges of a like nature or in respect of a fine or other penalty) or, in certain circumstances, an *in personam* judgment for non-monetary relief, and may give a judgment based thereon, provided that (a) such courts had proper jurisdiction over the parties subject to such judgment; (b) such courts did not contravene the rules of natural justice of the Cayman Islands; (c) such judgment was not obtained by fraud; (d) the enforcement of the judgment would not be contrary to the public policy of the Cayman Islands; (e) no new admissible evidence relevant to the action is submitted prior to the rendering of the judgment by the courts of the Cayman Islands; and (f) there is due compliance with the correct procedures under the laws of the Cayman Islands. However, the Cayman Islands courts are unlikely to enforce a punitive judgment of a United States court predicated upon the liabilities provision of the federal securities laws in the United States without retrial on the merits if such judgment gives rise to obligations to make payments that may be regarded as fines, penalties or similar charges. Since such a determination has not yet been made by a court of the Cayman Islands, it is uncertain whether such civil liability judgments from U.S. courts would be enforceable in the Cayman Islands. A Cayman Islands court may stay enforcement proceedings if concurrent proceedings are being brought elsewhere.

#### Australia
Lamco AU, our counsel as to Australian law, has advised us that there is uncertainty as to whether an Australian court would enforce a judgement rendered by a court in the U.S either in original actions or in actions for enforcement of judgments of U.S. courts, of civil liabilities predicated on U.S. federal securities laws. In addition, there is uncertainty as to whether these courts would recognize or enforce judgments of U.S. courts against us, or such persons predicated upon the civil liability provisions of the securities laws of the United States. There are no treaties between Australia and the United States that would affect the recognition or enforcement of foreign judgments in Australia.

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As judgments of U.S. courts (whether or not such judgments relate to United States federal securities laws) are not automatically enforceable in Australia, a further judgment from a local Australian court will be required. An Australian court may find that such judgments may or may not be enforceable in Australia depending on certain circumstances, including, among others, whether the relevant proceedings were commenced within the relevant limitation period, whether such judgments are contrary to local public policy, statute, rules of natural justice or general principles of fairness or are obtained by fraud, are for an interim remedy (such as an injunction), whether the parties to the Australian proceedings are identical parties and in the same interest as the parties in the foreign proceedings, if the U.S. judgement was rendered by a court that did not have jurisdiction according to the private international law rules of the local court, if the judgement is subject to appeal, dismissal, reversal, setting aside or stay of execution in the court which gave the judgment or otherwise not final and conclusive before that court, involve multiple or punitive damages, are in respect of taxes or any revenue law (including for any fiscal penalty) or fine or other penalty or foreign governmental interests or where there has been a prior judgment in another court between the same parties concerning the same issues as are dealt with in the judgment.

It may not be possible for investors to bring an original action in an Australian court to enforce civil liabilities against us where the original action is based solely upon United States securities law. The majority of our directors and officers and certain other persons named in this prospectus are citizens and residents of countries other than the United States and all or a significant portion of the assets of the directors and officers and certain other persons named in this prospectus and substantially all of our assets are located outside of the United States. As a result, it may not be possible or practicable for you to effect service of process within the United States upon such persons or to enforce against them or against us judgments obtained in U.S. courts predicated upon the civil liability provisions of the federal securities laws of the United States. Even if you are successful in bringing such an action, there is doubt as to whether Australian courts would enforce certain civil liabilities under U.S. securities laws in original actions or judgments of U.S. courts based upon these civil liability provisions.

In addition, awards of punitive damages in actions brought in the United States or elsewhere may be unenforceable in Australia or elsewhere outside the United States. An award for monetary damages under U.S. securities laws would be considered punitive if it does not seek to compensate the claimant for loss or damage suffered and is intended to punish the defendant. The enforceability of any judgment in Australia will depend on the particular facts of the case as well as the laws and treaties in effect at the time. The United States and Australia do not currently have a treaty or statute providing for recognition and enforcement of the judgments of the other country (other than arbitration awards) in civil and commercial matters.

#### Hong Kong
We have been advised by Lo, Wong & Tsui, our counsel as to Hong Kong law, that there is uncertainty as to whether the courts of Hong Kong would (i) recognize or enforce civil and commercial judgments of United States courts obtained against us or our directors or officers predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States or (ii) entertain original actions brought in Hong Kong against us or our directors or officers predicated upon the securities laws of the United States or any state in the United States.

Hong Kong has no arrangement for the reciprocal enforcement of civil and commercial court judgments with the United States. A judgment of a court in the United States predicated upon U.S. federal or state securities laws may only be recognized in Hong Kong at common law by bringing an action afresh in a Hong Kong court on that judgment for the amount due thereunder, and then seeking summary judgment on the strength of the foreign judgment, provided that the foreign judgment, among other things, is (1) for a debt or a definite sum of money (not being taxes or similar charges to a foreign government taxing authority or a fine or other penalty) and (2) final and conclusive on the merits of the claim, but not otherwise. Such a judgment may not, in any event, be so enforced in Hong Kong if (a) it was obtained by fraud; (b) the proceedings in which the judgment was obtained were opposed to natural justice; (c) its enforcement or recognition would be contrary to the public policy of Hong Kong; (d) the court of the United States was not jurisdictionally competent; or (e) the judgment was in conflict with a previous decision of Hong Kong court.

As to the original actions brought in Hong Kong against us or our directors or officers predicated upon the securities laws of the United States or any state in the United States, the Hong Kong court may, upon the application of the party, consider whether the Hong Kong court is *forum non conveniens.* That is, the Hong Kong court has to decide whether there is some other available forum, having competent jurisdiction, which is appropriate forum for the trial of an action, i.e. in which the action may be tried more suitably for the interests of all the parties and the ends of justice.

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As a result, there is uncertainty as to the enforceability in Hong Kong, in original actions or in actions for enforcement, of civil and commercial judgments of United States courts of civil liabilities predicated solely upon the federal securities laws of the United States or the securities laws of any State or territory within the United States.

It is also uncertain whether in the future, the Hong Kong government will implement or adopt regulations and policies that are substantially similar to those of the People's Republic of China government.

All of our officers and members of senior management are located in Hong Kong. In addition, the majority of the Company's directors are also located in Hong Kong while the remaining directors are located in Australia, United States, or United Kingdom. The SEC, the U.S. Department of Justice, or the DOJ, and other authorities often have substantial difficulties in bringing and enforcing actions against non-U.S. companies and non-U.S. persons, including company directors and officers, in certain jurisdictions, including Hong Kong. Additionally, our public shareholders may have limited rights and few practical remedies in markets where we operate, as shareholder claims that are common in the United States, including class action suits based on securities law and fraud claims, generally are difficult or impossible to pursue as a matter of law or practicality in markets outside of the United States. Although the competent authorities may establish a regulatory cooperation mechanism with the securities regulatory authorities of another country or region to implement cross-border supervision and administration, the regulatory cooperation with the securities regulatory authorities in the United States has not been efficient in the absence of a mutual and practical cooperation mechanism.

#### Seychelles
Our Seychelles counsel, Appleby (Seychelles), has advised us that there is uncertainty regarding the enforceability of judgments obtained in U.S. courts, including judgments predicated upon civil liability provisions of the U.S. federal securities laws, within the jurisdiction of Seychelles. Seychelles does not have a formal treaty with the United States for the reciprocal enforcement of judgments. Consequently, judgments of U.S. courts are not automatically recognized in Seychelles.

To enforce a U.S. judgment in Seychelles, a new action must be initiated in a Seychelles court. The Seychelles court may recognize the U.S. judgment if it meets specific criteria, including that the judgment is final and conclusive, not obtained by fraud, consistent with the principles of natural justice, and does not contravene Seychelles public policy. Additionally, the U.S. court must be deemed to have had appropriate jurisdiction according to Seychelles private international law principles.

However, Seychelles courts are unlikely to enforce judgments based on U.S. securities laws if they are deemed to be punitive or penal in nature. Furthermore, it may not be possible to bring original actions based solely on U.S. securities laws in Seychelles courts.

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#### USE OF PROCEEDS
Based upon an assumed initial public offering price of $[•] per Class A Ordinary Share, which is the bottom of the estimated initial public offering price range set forth on the cover page of this prospectus, we estimate that we will receive net proceeds from this offering, after deducting the estimated underwriting discounts and the estimated offering expenses payable by us, of approximately $[•], assuming the underwriters do not exercise their over-allotment option, and $[•], if the underwriters exercise their over-allotment option in full.

We plan to use the net proceeds we receive from this offering for the following purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• approximately [50]% for working capital and general corporate purpose, including personnel expenses, administrative costs, technology infrastructure, regulatory compliance, and general operating needs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• approximately [40]% for brand promotion and marketing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• approximately [10]% for platform development; and

The foregoing represents our current intentions based upon our present plans and business conditions to use and allocate the net proceeds of this offering. Our management, however, will have flexibility and discretion to apply the net proceeds of this offering. See "*Risk Factors — Risks Related to this Offering and the Trading Market*" To the extent that the net proceeds we receive from this offering are not immediately used for the above purposes, we intend to invest our net proceeds in short-term, interest-bearing bank deposits or debt instruments.

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#### EXCHANGE RATE INFORMATION
The accompanying consolidated financial statements are presented in U.S. dollars ("US$"), which is the reporting currency of Voltage X Limited. The functional currency of Voltage X Limited and its subsidiaries, Voltage X Holdings Limited, Voltage X Innovations Limited and Volage X LLC, are the U.S. dollar. Xact Digital Limited uses the Hong Kong Dollars as its functional currency, and Voltage X Australia Pty Limited uses the Australia Dollars as its functional currency.

Assets and liabilities denominated in currencies other than the reporting currency are translated into the reporting currency at the rates of exchange prevailing at the balance sheet date. Translation gains and losses are recognized in the consolidated statements of operations and comprehensive loss as other comprehensive income or loss. Transactions in currencies other than the reporting currency are measured and recorded in the reporting currency at the exchange rate prevailing on the transaction date. The cumulative gain or loss from foreign currency transactions is reflected in the consolidated statements of income and comprehensive income as other income (other expenses).

The value of foreign currency including, the Hong Kong Dollars ("HKD$") and Australia Dollars ("AUD$"), may fluctuate against the US$. We make no representation that any Hong Kong Dollar, Australian Dollar or U.S. Dollar amounts could have been, or could be, converted into U.S. Dollars or Australian Dollars, as the case may be, at any particular rate, the rates stated below, or at all. Any significant variations of the aforementioned currency relative to the U.S. dollar may materially affect the Company's financial condition in terms of reporting in US$. The following table outlines the currency exchange rates (with external references below) that were used in preparing the accompanying consolidated financial statements:

---

| | | | |
|:---|:---|:---|:---|
|  | **June 30,<br> 2024** | **June 30,<br> 2023** | **December 31, <br>2024** |
|  US$ to HKD$ Year End | [7.8083] | [7.8363] | [7.7677] |
|  US$ to HKD$ Average Rate | [7.8199] | [7.8382] | [7.7834] |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **June 30,<br> 2024** | **June 30,<br> 2023** | **December 31, <br>2024** |
|  US$ to AUD$ Year End | [0.6677] | [0.6663] | [0.6185] |
|  US$ to AUD$ Average Rate | [0.6571] | [0.6705] | [0.6580] |

---

The above exchange rates were obtained from the noon buying rate in effect in New York City for cable transfers of H.K. dollar or Australia Dollars. Annual averages are calculated from month-end rates.

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#### DIVIDEND POLICY
We have not previously declared or paid cash dividends on our Class A Ordinary Shares and we have no plan to declare or pay any dividends in the near future on our Class A Ordinary Shares. We currently intend to retain most, if not all, of our available funds and any future earnings to operate and expand our business.

Our Board of Directors has discretion as to whether to distribute dividends, subject to certain requirements of Cayman Islands law. In addition, subject to the provisions in our articles of association, our shareholders may by ordinary resolution declare a dividend, but no dividend may exceed the amount recommended by our Board of Directors. Even if our Board of Directors decides to pay dividends, the form, frequency, and amount will depend upon our future operations and earnings, capital requirements and surplus, general financial condition, contractual restrictions, and other factors that the board of directors may deem relevant.

We are a holding company incorporated in the Cayman Islands. We have not received and do not have any present plan to receive dividends paid by our U.S., Australia, Hong Kong, and Seychelles subsidiaries, but we have discretion as to whether such dividends are paid, subject to applicable statutory and contractual restrictions.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• on an as adjusted basis to reflect the application of the net proceeds of the offering, including the repayment of bank borrowings disclosed under "Use of Proceeds" on page 43; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• on an as adjusted basis to reflect the issuance and sale of Ordinary Shares by us in this offering at the assumed initial public offering price of $[•] per share, which is the bottom of the estimated initial public offering price range set forth on the cover page of this prospectus, after deducting the estimated underwriting discounts and the estimated offering expenses payable by us.

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

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Actual** | **As adjusted <br>(Over-allotment <br>option not <br>exercised)<sup>(1)</sup>**  | **As adjusted <br>(Over-allotment <br>option exercised<br>in full)<sup>(1)</sup>**  |
|  | **$** | **$** | **$** |
|  Cash and cash equivalents | 48971 |  |  |
|  Short-term loans (including amounts due to related parties) | 644479 |  |  |
|  Long-term loans, including current portion |  |  |  |
|  Lease liabilities, including current portion | 104803 |  |  |
|  Shareholders' Equity: |  |  |  |
|  Class A Ordinary Shares, [49,999,900,000] Class A Ordinary Shares authorized, [17,211,001] Class A Ordinary Shares issued and outstanding, as adjusted assuming the over-allotment option is exercised in full | 116 |  |  |
|  Class B Ordinary Shares, 100,000 Class B Ordinary Shares authorized, [100,000] Class B Ordinary Shares issued and outstanding | 1 |  |  |
|  Merger reserve | 12765 |  |  |
|  Retained earnings | 2245440 |  |  |
|  Other reserve | (1859) |  |  |
|  Total Shareholders' Equity | 2256463 |  |  |
|  Total Capitalization | 3005745 |  |  |

---

____________

(1) [•]

A $1.00 increase (decrease) in the assumed initial public offering price of $[•] per share, which is the midpoint of the estimated initial public offering price range set forth on the cover page of this prospectus, would increase (decrease) each of total shareholders' equity and total capitalization by $[•] million, assuming the number of Class A Ordinary Shares offered by us, as set forth on the cover page of this prospectus, remains the same and after deducting the estimated underwriting discounts and estimated expenses payable by us. An increase (decrease) of 1,000,000 Class A Ordinary Shares in the number of Class A Ordinary Shares offered by us would increase (decrease) each of total shareholders' equity and total capitalization by $[•] million, based on an assumed initial public offering price of $[•] per share, which is the midpoint of the estimated initial public offering price range set forth on the cover page of this prospectus, and after deducting the estimated underwriting discounts and estimated expenses payable by us.

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

Our net tangible book value as of [December 31], 2024, was US$[2,256,463], or US$[0.13] per Class A Ordinary Share. Net tangible book value represents the amount of our total consolidated tangible assets, less the amount of our total consolidated liabilities. Dilution is determined by subtracting the net tangible book value per Class A Ordinary Share (as adjusted for the offering) from the initial public offering price per Class A Ordinary Share and after deducting the estimated underwriting discounts to the underwriters and the estimated offering expenses payable by us.

After giving effect to the sale of Class A Ordinary Shares offered in this offering based on the initial public offering price of $[•] per Class A Ordinary Share (the bottom of the price range set forth on the cover page of this prospectus) after deduction of the estimated underwriting discounts and non-accountable expense allowance to the underwriters and the estimated offering expenses payable by us, our as adjusted net tangible book value as of [•], would have been $[•], or $[•] per issued and outstanding Ordinary Share. This represents an immediate increase in net tangible book value of $[•] per Class A Ordinary Share to the existing shareholders, and an immediate dilution in net tangible book value of $[•] per Class A Ordinary Share to investors purchasing Class A Ordinary Shares in this offering. The as adjusted information discussed above is illustrative only.

The following table sets forth the estimated net tangible book value per Class A Ordinary Share after the offering and the dilution to persons purchasing Class A Ordinary Shares based on the foregoing firm commitment offering assumptions, and full exercise of the Underwriters' over-allotment option. See "Description of Share Capital" for more details:

---

| | | |
|:---|:---|:---|
|  | **Post-<br> Offering<sup>(1)</sup>** | **Full <br>Exercise of<br> Over-<br> Allotment<br> Option** |
|  Assumed Initial public offering price per Class A Ordinary Share | $| $|
|  Net tangible book value per Class A Ordinary Share as of [•], 2025 | $| $|
|  As adjusted net tangible book value per Class A Ordinary Share attributable to payments by new investors | $| $|
|  Pro forma net tangible book value per Class A Ordinary Share immediately after this offering | $| $|
|  Amount of dilution in net tangible book value per Class A Ordinary Share to new investors in the offering | $| $|

---

____________

(1) Assumes that the underwriters' over-allotment option has not been exercised.

If the underwriters exercise their over-allotment option in full, the pro forma as adjusted net tangible book value per Class A Ordinary Share after the offering would be $[•], the increase in net tangible book value per Class A Ordinary Share to existing shareholders would be $[•], and the immediate dilution in net tangible book value per Class A Ordinary Share to new investors in this offering would be $[•].

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The following tables summarize, on a pro forma as adjusted basis as of [•], the differences between existing shareholders and the new investors with respect to the number of Class A Ordinary Shares purchased from us, the total consideration paid and the average price per Class A Ordinary Share before deducting the estimated underwriting discounts and non-accountable expense allowance to the underwriters and the estimated offering expenses payable by us.

---

| | | | |
|:---|:---|:---|:---|
|  | **<br>Class A Ordinary Shares <br>purchased** | **<br>Total consideration** | **Average price <br>per Class A <br>Ordinary <br>Share** |
|  **Over-allotment option not exercised** | **Number** | **Percent** | **Average price <br>per Class A <br>Ordinary <br>Share** |
|  Existing shareholders% |  | $% | $|
|  New investors% |  | $% | $|
|  Total% |  | $% | $|

---

---

| | | | |
|:---|:---|:---|:---|
|  | **<br>Class A Ordinary Shares <br>purchased** | **Total consideration** | **Average price <br>per Class A <br>Ordinary <br>Share** |
|  **Over-allotment option exercised in full** | **Number** | **Percent** | **Average price <br>per Class A <br>Ordinary <br>Share** |
|  Existing shareholders% |  | $% | $|
|  New investors% |  | $% | $|
|  Total% |  | $% | $|

---

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

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#### CORPORATE HISTORY AND STRUCTURE

#### Our Corporate History
Voltage X Limited was incorporated under the laws of the Cayman Islands on May 29, 2024. Our operations commenced on August 12, 2021, through our wholly owned subsidiary, Xact Digital Limited.

We currently have five direct, wholly-owned subsidiaries as part of our organizational structure: Voltage X Australia Pty Ltd ("VX Australia"), Voltage X Holdings Limited ("VX Holdings"), Voltage X LLC ("VX LLC"), Xact Digital Limited ("Xact"), and Voltage X Innovations Limited ("VX Innovations").

VX Australia was incorporated in Australia on June 28, 2024.

VX Holdings was incorporated in Seychelles on May 15, 2024.

VX LLC was incorporated in Delaware, United States on September 3, 2024.

Xact was incorporated in Hong Kong on August 12, 2021.

VX Innovations was incorporated in Seychelles on May 15, 2024.

#### Our Corporate Structure
The following chart illustrates our corporate structure upon completion of this initial public offering (this "IPO") based on 17,211,001 Class A Ordinary Shares issued and outstanding as of the date of this prospectus and [•] Class A Ordinary Shares to be issued and sold by the Company in this IPO, assuming no exercise of the underwriters' over-allotment option.

Pre offering Structure

![](tflowchart_001.jpg)

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Post-offering Structure

![](tflowchart_003.jpg)

For details of our principal shareholders' ownership, please refer to the beneficial ownership table in the section captioned "Principal Shareholders."

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#### MANAGEMENT'S DISCUSSION AND ANALYSIS OF <br>FINANCIAL CONDITION AND RESULTS OF OPERATIONS
*The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our financial statements and the related notes included elsewhere in this prospectus. This discussion contains forward*-looking *statements reflecting our current expectations that involve risks and uncertainties. See "Disclosure Regarding Forward*-Looking *Statements" for a discussion of the uncertainties, risks and assumptions associated with these statements. Actual results and the timing of events could differ materially from those discussed in our forward*-looking *statements as a result of many factors, including those set forth under "Risk Factors" and elsewhere in this prospectus.*

#### Overview
Voltage X Limited is an exempted company with limited liability established under the laws of the Cayman Islands on May 29, 2024.

Our subsidiaries were established to fulfill specific roles: Voltage X Holdings Limited serves as the intermediate holding company for our operating subsidiaries and oversees their corporate governance; Voltage X LLC, located in the United States, is positioned for potential future expansion in North America and acts as the servicing address for investor relations and shareholder inquiries; Voltage X Australia Pty Ltd manages our offices in Australia, supports head office operations, and provides services to regional clients; Xact Digital Limited, based in Hong Kong, manages regional clients and delivers our principal services to them; and Voltage X Innovations Limited, incorporated in Seychelles, focuses on managing and delivering principal services to international clients.

With a focus on innovation and technology, Voltage X delivers tailored marketing solutions, combining creative expertise with data-driven insights to meet the evolving needs of our clients.

Since our foundation, we have broadened our international presence. Beyond our headquarter operations in Australia, Voltage X has established representative offices and operations in the United Kingdom, Taiwan, and Hong Kong, enhancing our capacity to cater to clients internationally.

Voltage X's principal services encompass:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Digital Marketing:*** Our solutions in digital marketing cover lead generation, content generation, social media oversight, and both placement and programmatic advertising strategies. Since the first quarter of 2025, Voltage X has launched its VXAds systems platform, which leverages AI technology to develop specialized, customized marketing campaigns. This advanced tool is designed to potentially enhance engagement and conversion rates effectively for our clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Content Creation:*** Our solutions include, but are not limited to, professional photography for events, marketing materials, websites, and social media, alongside video production for promotional videos, product demos, explainer videos, and corporate videos. It also includes logo design, brand strategy, and creative content development.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Marketing Analytics:*** Since the first quarter of 2025, Voltage X has introduced its VXMonitor systems platform, designed to offer clients real-time data on campaign performance, audience behavior insights, and AI-driven recommendations for optimizing marketing strategies. The VXMonitor systems platform will also deliver effective competitor marketing monitoring and analytics, enabling clients to assess and benchmark their advertising campaigns against those of their peers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Public Relations:*** The in-house public relations division of Voltage X leverages its industry connections and data-driven insights to secure media coverage, manage crisis communications, and support the thought leadership positions of its clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Influencer Management:*** Voltage X maintains a network of vetted influencers across various social media platforms, overseeing influencer engagements, content production, and campaign efficacy assessments to boost brand visibility and credibility.

Over the past three years, Voltage X has successfully completed numerous marketing projects for large corporate clients worldwide, establishing a consistent track record in client engagement and innovative marketing content creation. These projects highlight our ability to deliver effective marketing solutions across various industries. Specifically,

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Voltage X collaborates with Raeon International Limited, an affiliated entity through a common major shareholder, Terence Cheung, to provide comprehensive public relations and marketing services. In this arrangement, Voltage X is tasked with developing and implementing strategic marketing campaigns, while Raeon International Limited focuses on property sales for clients and refer the marketing work to Voltage X. This collaboration allows both firms to utilize their specialized skills — Raeon International Limited in property sales and Voltage X in marketing and PR — to achieve successful project outcomes and enhance the developer's return on investment in the real estate sector. By aligning our marketing strategies with Raeon International Limited's sales tactics, we ensure a unified approach that boosts the visibility and success of each project.

#### Impact of COVID-19 on Our Business
On January 30, 2020, the World Health Organization declared the outbreak of COVID-19, a "Public Health Emergency of International Concern," and on March 11, 2020, the World Health Organization characterized the outbreak as a "pandemic." Governments in affected countries have imposed travel bans, office closures, quarantines and other emergency public health measures, which caused material disruption to businesses globally resulting in an economic slowdown. We commenced operations in 2021, after the initial waves of the COVID-19 pandemic had already disrupted global economies and industries. While we did not experience the severe disruptions associated with the earlier phases of the pandemic, the lingering effects of COVID-19 on the economy and business environment have influenced our operations. As of the date of this prospectus, the operating entities have generally recovered from the adverse impact of the COVID-19 and the COVID-19 has had minimal impact on the operating entities' business and operations.

#### Key Factors Affecting Our Results of Operations
We believe the following key factors may affect our financial condition and results of operations:

*<u>*<u>Market Demand and Competition</u>*</u>*

Our financial results are heavily influenced by the demand for digital marketing and public relations services in the industries we serve, such as real estate, technology, and retail. The demand for these services is driven by factors including the global economic environment, technological advancements, and industry trends.

The digital marketing and advertising industry is highly competitive. While we utilize tools like VXAds and VXMonitor to enhance our competitive edge, we face competition from both established market players and emerging companies that may offer similar services at lower costs. Failure to maintain or enhance our market position could result in a loss of clients, reduced gross profit margins, and adverse impacts on our financial results.

*<u>*<u>Our Ability to Control Project Costs and Gross Profit Margins</u>*</u>*

Our project-based revenue is primarily at fixed-fee, where the project fees are agreed upon based on estimated work hours, project complexity, and client budgets. While this approach provides predictable revenue streams, our profitability is sensitive to changes in project costs.

If actual project execution requires significantly more work hours or faces unexpected technical challenges, our gross profit margins may be adversely affected. Furthermore, as we expand our operations and take on more complex projects, our ability to manage costs efficiently will become increasingly critical to maintaining profitability.

*<u>*<u>Ability to Retain Clients through Agents</u>*</u>*

Our ability to retain clients is a key factor in our operational success. A significant portion of our clients in Taiwan, Australia, and the United Kingdom are served through agents, and our ability to effectively monitor these agents to ensure the delivery of innovative and high-quality digital marketing campaigns is critical. Approximately 65% of our revenue is generated through agents in fiscal year 2024, highlighting the importance of maintaining strong oversight and consistent service standards. Any decline in client satisfaction caused by underperformance or mismanagement by an agent could negatively impact our ability to retain existing clients and acquire new ones.

*<u>*<u>Strategic Collaboration with Raeon International Limited</u>*</u>*

A key factor driving our results of operations is the strategic collaboration with Raeon International Limited, an affiliated entity. This partnership contributes around 20% of our total revenue and plays a crucial role in our ability to deliver integrated marketing solutions to clients, particularly in the real estate sector. Through this collaboration,

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Raeon refers marketing work to Voltage X, allowing us to leverage our expertise in marketing and public relations while Raeon focuses on property sales. By aligning our marketing strategies with Raeon's sales efforts, we ensure a unified approach that boosts visibility and return on investment for developers. The success of this partnership significantly impacts our revenue growth and operational performance, making it a critical driver of our business.

*<u>*<u>Exposure to Liquidity and Credit Risks</u>*</u>*

We generally require upfront deposits of approximately 50% of the project fees and collect the remaining balance upon completion of defined milestones. This practice reduces our exposure to liquidity risk. Additionally, many of our clients are well-established companies with strong financial standings, minimizing our credit risk.

However, we do not conduct formal credit assessments before accepting new clients, and changes in the financial conditions of our clients could increase our credit risk. Although we have not experienced material defaults in payment as of the date of this prospectus, there is no assurance that future liquidity risks will not arise, potentially impacting our cash flows and operational stability.

*<u>*<u>Technology Development and Innovation</u>*</u>*

Our ability to deliver unique, high-quality digital marketing solutions is largely dependent on continuous investments in technology and innovation. Leveraging our platforms like VXAds and VXMonitor, we integrate advanced tools, including AI, analytics, and automation, to create value for clients.

Staying ahead of technological advancements in digital marketing is critical to maintaining our competitive edge. Any failure to adopt emerging technologies or respond to changing client preferences could impact our ability to meet market demands and affect our results of operations.

*<u>*<u>Global and Local Economic Conditions</u>*</u>*

Our financial results are subject to fluctuations in global and local economic conditions. Factors such as inflation, supply chain disruptions, and geopolitical uncertainties may influence client budgets for marketing services. Any significant economic downturn could reduce demand for our services, leading to a decline in revenue and profitability.

*<u>Our operations primarily focus on providing marketing services to clients in Hong Kong. If our operations in Hong Kong are disrupted, our business, financial condition, and results of operations will be adversely affected.</u>*

As of June 30, 2024, Australia emerged as our largest market, generating 37% of our total revenue, followed closely by Hong Kong. For the six-months ended December 31, 2024, Hong Kong was our largest market, generating 39% of our total revenue, followed closely by Australia. Due to our geographic market concentration in Hong Kong, our business performance is closely tied to the city's economic, social, political, regulatory, and market conditions.

*<u>We are dependent on clients in the real estate sector, and any downturn or adverse developments in this sector may materially and adversely affect our business, financial condition and results of operations.</u>*

In addition to our geographic concentration in Hong Kong, our business is also concentrated in the real estate sector. For the six months ended December 31, 2024, and the fiscal years ended June 30, 2024 and 2023, clients in the real estate industry accounted for approximately 87%, 85%, and 78% of our total revenue, respectively. While we serve clients across other sectors, our reliance on the real estate industry exposes us to risks associated with market slowdowns, policy changes, and economic fluctuations that may reduce client spending on marketing services and adversely impact our financial performance.

#### Trend Information
In this prospectus, we are not aware of any trends, uncertainties, demands, commitments or events that are reasonably likely to have a material effect on our net revenues, income from continuing operations, profitability, liquidity or capital resources, or that would cause reported financial information not necessarily to be indicative of future operating results or financial condition.

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#### Results of Operations

#### For Year Ended June 30, 2024 and 2023 and Six Months Ended December 31, 2024 and 2023
The following table sets forth key components of our results of operations for the year ended June 30, 2024 and 2023 and six months ended December 31, 2024 and 2023:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **June 30, <br>2024** | **June 30, <br>2023** | **Variance** | **% of <br>variance** | **December 31, <br>2024** | **December 31, <br>2023** | **Variance**  | **% of <br>Variance** |
|  | | | | | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** |
|  Revenue | 4595132 | 4083807 | 511325 | 12.5% | 2473742 | 2229514 | 244228 | 11.0% |
|  Cost of sales | (2962922) | (2378283) | 584639 | 24.6% | (1601971) | (1461891) | 140080 | 9.6% |
|  **Gross profit** | 1632210 | 1705524 | (73314) | (4.3)% | 871771 | 767623 | 104148 | 13.6% |
|  Other revenue | 1096 | 19705 | (18609) | (94.4)% | 256 | 820 | (564) | (68.8)% |
|  Administrative expenses | (462013) | (529786) | (67773) | (12.8)% | (368046) | (244950) | 123096 | 50.3% |
|  Finance costs | (4498) | (8174) | (3676) | (45.0)% | (1727) | (2424) | (697) | (28.8)% |
|  **Profit before taxation** | 1166795 | 1187269 | (20474) | (1.7)% | 502254 | 521069 | (18815) | (3.6)% |
|  Income tax | (200688) | (200238) | 450 | 0.2% | (94851) | (95489) | (638) | (0.7)% |
|  **Profit for the year** | 966107 | 987031 | (20924) | (2.1)% | 407403 | 425580 | (18177) | (4.3)% |

---

#### Revenue
The following table sets forth our revenue for the year ended June 30, 2024 and 2023 and six months ended December 31, 2024 and 2023, respectively:

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended June 30** | **For the Year Ended June 30** | **For the Year Ended June 30** | **For the Year Ended June 30** | **For the Year Ended June 30** | **For the Year Ended June 30** | **For the Six Months Ended December 31** | **For the Six Months Ended December 31** | **For the Six Months Ended December 31** | **For the Six Months Ended December 31** | **For the Six Months Ended December 31** | **For the Six Months Ended December 31** |
|  | **2024** | **2024** | **2023** | **2023** | **Variance** | **Variance** | **2024** | **2024** | **2023** | **2023** | **Variance** | **Variance** |
|  | **(US$)** | **% of <br>revenue** | **(US$)** | **% of <br>revenue** | **Amount** | **%** | **(US$)** | **% of <br>revenue** | **(US$)** | **% of <br>revenue** | **Amount** | **%** |
|  |  |  |  |  |  |  | (unaudited) | (unaudited) | (unaudited) | (unaudited) | (unaudited) | (unaudited) |
|  Revenue |  |  |  |  |  |  |  |  |  |  |  |  |
|  Marketing income | 4401553 | 95.8% | 3879679 | 95% | 521874 | 13.5% | 2434528 | 98.4% | 2101775 | 94.3% | 332753 | 15.8% |
|  PR Service income | 193579 | 4.2% | 204128 | 5% | (10549) | (5.2)% | 39214 | 1.6% | 127739 | 5.7% | (88525) | (69.3)% |
|  Total revenue | 4595132 | 100% | 4083807 | 100% | 511325 | 12.5% | 2473742 | 100% | 2229514 | 100% | 244228 | 11% |

---

#### Six Months Ended December 31, 2024 Compared to Six Months ended December 31, 2023
Our revenue increased by $244,228 or 11%, from $2,229,514 for the six months ended December 31, 2023, to $2,473,742 for the six months ended December 31, 2024.

Our marketing income rose by $332,753 or 15.8%, from $2,101,775 for the six months ended December 31, 2023, to $2,434,528 for the six months ended December 31, 2024. This growth was driven by securing larger projects, such as those from SOGO, London Square, Swire, Henderson Land, Berkeley, OSK Property, alongside higher demand for digital marketing services.

In contrast, our PR service income decreased by $88,525 or 69.3%, from $127,739 for the six months ended December 31, 2023, to $39,214 for the six months ended December 31, 2024. This decline was attributed to reduced demand for physical events and traditional PR services.

#### Year Ended June 30, 2024 Compared to Year Ended June 30, 2023
Our revenue increased by $511,325 or 12.5%, from $4,083,807 for the year ended June 30, 2023, to $4,595,132 for the year ended June 30, 2024.

Our marketing income rose by $521,874 or 13.5%, from $3,879,679 for the year ended June 30, 2023, to $4,401,553 for the year ended June 30, 2024. This growth was driven by securing larger projects, such as those from Swire, Henderson Land, Gamuda Group, and Gurner Group, alongside higher demand for digital marketing services.

In contrast, our PR service income decreased slightly by $10,549 or 5.2%, from $204,128 for the year ended June 30, 2023, to $193,579 for the year ended June 30, 2024. This decline was attributed to reduced demand for physical events and traditional PR services.

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#### Cost of Sales
The following table sets forth the breakdown of our cost of sale for the year ended June 30, 2024 and 2023 and six months ended December 31, 2024 and 2023:

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended June 30** | **For the Year Ended June 30** | **For the Year Ended June 30** | **For the Year Ended June 30** | **For the Year Ended June 30** | **For the Year Ended June 30** | **For the Six Months Ended December 31** | **For the Six Months Ended December 31** | **For the Six Months Ended December 31** | **For the Six Months Ended December 31** | **For the Six Months Ended December 31** | **For the Six Months Ended December 31** |
|  | **2024** | **2024** | **2023** | **2023** | **Variance** | **Variance** | **2024** | **2024** | **2023** | **2023** | **Variance** | **Variance** |
|  | **(US$)** | **% of <br>cost <br>of <br>sales** | **(US$)** | **% of <br>cost <br>of <br>sales** | **Amount** | **%** | **(US$)** | **% of <br>cost <br>of <br>sales** | **(US$)** | **% of <br>cost <br>of <br>sales** | **Amount** | **%** |
|  |  | |  | | | | (unaudited) | (unaudited) | (unaudited) | (unaudited) | (unaudited) | (unaudited) |
|  Cost of sales |  |  |  |  |  |  |  |  |  |  |  |  |
|  Marketing cost | 2848982 | 96.2% | 2263114 | 95.2% | 585868 | 25.9% | 1584132 | 98.9% | 1390166 | 95.1% | 193966 | 14.0% |
|  PR Cost | 113940 | 3.8% | 115169 | 4.8% | (1229) | (1.1)% | 17839 | 1.1% | 71725 | 4.9% | (53886) | (75.1)% |
|  Total cost of sales | 2962922 | 100% | 2378283 | 100% | 584639 | 24.6% | 1601971 | 100% | 1461891 | 100% | 140080 | 9.6% |

---

#### Six Months Ended December 31, 2024 Compared to Six Months ended December 31, 2023
Our cost of sales increased by $140,080 or 9.6%, from $1,461,891 for the six months ended December 31, 2023, to $1,601,971 for the six months ended December 31, 2024.

Our marketing costs rose by $193,966 or 14%, from $1,390,166 for the six months ended December 31, 2023, to $1,584,132 for the six months ended December 31, 2024. This increase was driven by larger-sized projects, which required more extensive marketing efforts.

In contrast, our PR service costs decreased by $53,886 or 75.1%, from $71,725 for the six months ended December 31, 2023, to $17,839 for the six months ended December 31, 2024. This decline was due to fewer physical events being held during the period.

#### Year Ended June 30, 2024 Compared to Year Ended June 30, 2023
Our cost of sales increased by $584,639 or 24.6%, from $2,378,283 for the year ended June 30, 2023, to $2,962,922 for the year ended June 30, 2024.

Our marketing costs rose by $585,868 or 25.9%, from $2,263,114 for the year ended June 30, 2023, to $2,848,982 for the year ended June 30, 2024. This increase was driven by larger-sized projects, which required more extensive marketing efforts.

In contrast, our PR service costs decreased slightly by $1,229 or 1.1%, from $115,169 for the year ended June 30, 2023, to $113,940 for the year ended June 30, 2024. This decline was due to fewer physical events being held during the period.

#### Gross Profit
Our gross profit from our major revenue type is summarized as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended June 30** | **For the Year Ended June 30** | **For the Year Ended June 30** | **For the Year Ended June 30** | **For the Six Months Ended December 31** | **For the Six Months Ended December 31** | **For the Six Months Ended December 31** | **For the Six Months Ended December 31** |
|  | **2024** | **2023** | **Variance** | **% of <br>variance** | **2024** | **2023** | **Variance** | **% of <br>variance** |
|  Gross profit | 1632210 | 1705524 | (73314) | (4.3)% | 871771 | 767623 | 104148 | 13.6% |
|  Gross profit margin | 35.5% | 41.8% | (6.3)% |  | 35.2% | 34.4% | 0.8% |  |

---

#### Six Months Ended December 31, 2024 Compared to Six Months ended December 31, 2023
Our total gross profit increased by $104,148, or 13.6%, from $767,623 for the six months ended December 31, 2023, to $871,771for the six months ended December 31, 2024. The increase was primarily attributable to a higher number of projects during the current period, as previously mentioned. There was no material variance in the gross profit margin.

#### Year Ended June 30, 2024 Compared to Year Ended June 30, 2023
Our total gross profit slightly decreased by $73,314, or 4.3%, from $1,705,524 for the year ended June 30, 2023, to $1,632,210 for the year ended June 30, 2024. This decrease was primarily due to our securing larger-sized projects, which typically have a lower gross profit margin compared to others. However, we strategically viewed these projects as opportunities to build our reputation, with the expectation that they would ultimately lead to additional business opportunities in the future.

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#### Administrative Expenses
Our administrative expenses consist of the following:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended June 30** | **For the Year Ended June 30** | **For the Year Ended June 30** | **For the Year Ended June 30** | **For the Six Months Ended December 31** | **For the Six Months Ended December 31** | **For the Six Months Ended December 31** | **For the Six Months Ended December 31** |
|  | **2024** | **2023** | **Variance** | **% of <br>variance** | **2024** | **2023** | **Variance** | **% of <br>variance** |
|  Management fee | 137935 | 122547 | 15388 | 12.6% | 76807 | 61304 | 15503 | 25.3% |
|  Other administrative <br>expenses | 324078 | 407239 | (83161) | (20.4)% | 291239 | 183646 | 107593 | 58.6% |
|  Total administrative <br>expenses | 462013 | 529786 | (67773) | (12.8)% | 368046 | 244950 | 123096 | 50.3% |

---

#### Six Months Ended December 31, 2024 Compared to Six Months ended December 31, 2023
Our management fees primarily represent the fees charged by Raeon International Limited for providing office space, utilities, support staff, and related services. These fees increased by $15,503, or 25.3%, from $61,304 for the six months ended December 31, 2023, to $76,807 for the six months ended December 31, 2024. The increase was mainly due to the monthly management fee rising from $10,256 (or HK$80,000) to $12,821 (or HK$100,000), effective from January 2024.

Our other administrative expenses primarily consist of depreciation of equipment, directors' remuneration, and staff salaries. These expenses increased by $107,593, or 58.6%, from $183,646 for the six months ended December 31, 2023, to $291,239 for the six months ended December 31, 2024. The increase was primarily attributable to higher professional services fees incurred in connection with the preparation for the proposed listing.

We expect to continue investing in our corporate infrastructure and incurring expenses related to being a public company, including higher accounting and legal fees, investor relations costs, and compliance expenses. As a result, we anticipate that general and administrative expenses will continue to rise in future periods.

#### Year Ended June 30, 2024 Compared to Year Ended June 30, 2023
The management fees increased by $15,388, or 12.6%, from $122,547 for the year ended June 30, 2023, to $137,935 for the year ended June 30, 2024. The increase was mainly due to the monthly management fee rising from $10,256 (or HK$80,000) to $12,821 (or HK$100,000), effective from January 2024.

Our other administrative expenses primarily consist of depreciation of equipment, directors' remuneration, and staff salaries. These expenses decreased by $83,161, or 20.4%, from $407,239 for the year ended June 30, 2023, to $324,078 for the year ended June 30, 2024. The decrease was mainly due to a reversal of impairment on trade receivables, which were subsequently collected.

#### Finance Costs

#### Six Months Ended December 31, 2024 Compared to Six Months ended December 31, 2023
Our finance costs decreased by $697, or 28.8%, from $2,424 for the six months ended December 31, 2023, to $1,727 for the six months ended December 31, 2024. The decrease was primarily driven by a reduction in interest expenses on lease liabilities.

#### Year Ended June 30, 2024 Compared to Year Ended June 30, 2023
Our finance costs decreased by $3,676, or 45.0%, from $8,174 for the year ended June 30, 2023, to $4,498 for the year ended June 30, 2024. The decrease was primarily driven by a reduction in interest expenses on lease liabilities.

#### Income Tax Expense
Our operating subsidiary is subject to income taxes in Hong Kong at the applicable tax rate on taxable income. Hong Kong profit tax rates are 8.25% on assessable profits up to $257,732 (HK$2,000,000), and 16.5% on assessable profits exceeding $257,732 (HK$2,000,000).

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**Six Months Ended December 31, 2024 Compared to Six Months ended December 31, 2023**

Our income tax expenses decreased by $638, or 0.7%, from $95,489 for the six months ended December 31, 2023, to $94,851 for the six months ended December 31, 2024.

#### Year Ended June 30, 2024 Compared to Year Ended June 30, 2023
Our income tax expenses increased by $450, or 0.2%, from $200,238 for the year ended June 30, 2023, to $200,688 for the year ended June 30, 2024.

#### Net Income.

#### Six Months Ended December 31, 2024 Compared to Six Months ended December 31, 2023
As a result of the foregoing, we reported a net profit of $407,403 for the six months ended December 31, 2024, compared to a net profit of $425,580 for the six months ended December 31, 2023.

#### Year Ended June 30, 2024 Compared to Year Ended June 30, 2023
As a result of the foregoing, we reported a net profit of $966,107 for the year ended June 30, 2024, compared to a net profit of $987,031 for the year ended June 30, 2023.

#### Other Comprehensive Loss.

#### Six Months Ended December 31, 2024 Compared to Six Months ended December 31, 2023
The exchange difference on the translation of financial statements of overseas subsidiaries amounted to $1,148 for the six months ended December 31, 2024, compared to $575 for the six months ended December 31, 2023. The balance sheet amounts, excluding equity, as of December 31, 2024, were translated at a rate of $1.00 = HK$7.7640, compared to $1.00 = HK$7.8100 on December 31, 2023. Equity accounts were stated at their historical rate. The average translation rates applied to the income statement accounts for the six months ended December 31, 2024, and 2023 were $1.00 = HK$7.8118 and $1.00 = HK$7.8298, respectively. The change in the value of the HK$ relative to the U.S. dollar may affect our financial results reported in U.S. dollar terms, without reflecting any underlying change in our business or results of operations

#### Year Ended June 30, 2024 Compared to Year Ended June 30, 2023
The exchange difference on the translation of financial statements of overseas subsidiaries amounted to $554 for the year ended June 30, 2024, compared to $157 for the year ended June 30, 2023. The balance sheet amounts, excluding equity, as of June 30, 2024, were translated at a rate of $1.00 = HK$7.8100, compared to $1.00 = HK$7.836 on June 30, 2023. Equity accounts were stated at their historical rate. The average translation rates applied to the income statement accounts for the years ended June 30, 2024, and 2023 were $1.00 = HK$7.8298 and $1.00 = HK$7.8337, respectively. The change in the value of the HK$ relative to the U.S. dollar may affect our financial results reported in U.S. dollar terms, without reflecting any underlying change in our business or results of operations.

#### Liquidity and Capital Resources
To date, we have primarily financed our operations through cash flows from operations and, when necessary, loans from related parties. Going forward, we intend to support our future operations primarily with cash generated from operations and the proceeds from our initial public offering.

As reflected in our unaudited interim condensed financial statements, we reported a net profit of $406,255 for the six months ended December 31, 2024, compared to a net profit of $425,005 for the six months ended December 31, 2023. As of December 31, 2024, our cash and restricted cash totaled $48,971, compared to $132,322 as of June 30, 2024. Our working capital amounted to $2,129,639 and $1,721,067 as of December 31, 2024 and June 30, 2024, respectively.

Our working capital requirements are influenced by factors such as the size of our operations, the volume and value of client contracts, the progress of execution on these contracts, the timing of accounts receivable collections, and the repayment of accounts payable.

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As of December 31, 2024, we had outstanding unsecured and non-interest bearing balances with related parties and a director totaling $644,479. This included (i) loans from a related party of $293,752 which will be matured on December 31, 2025 but repayable on demand by 1 month's written notice, (ii) loans from a director of $124,676 which will be matured on June 30, 2027 but repayable on demand by 1 month;s written notice, and (iii) amounts due to related companies and a director of $72,998 and $153,053, respectively, both of which have no fixed repayment terms.

We believe that our current cash reserves, cash flows from operations, and the estimated net proceeds from this offering will be sufficient to meet our working capital needs for the next 12 months from the date the audited financial statements were issued. However, if we encounter adverse operating conditions, incur unanticipated capital expenditures, or decide to accelerate our growth, we may require additional financing. There can be no assurance that such financing will be available, or available on favorable terms. Additional financing may involve the issuance of debt or the sale of equity securities. Any financing involving the issuance of equity securities or instruments convertible into equity could result in immediate and potentially significant dilution to our existing shareholders.

We do not plan to pay any dividends from our retained earnings in the foreseeable future.

The following table sets forth a summary of our cash flows for the years ended June 30, 2024 and 2023 and the six months ended December 31, 2024 and 2023:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the year ended <br>June 30,** | **For the year ended <br>June 30,** | **For the six months ended <br>December 31,** | **For the six months ended <br>December 31,** |
|  | **2024** | **2023** | **2024** | **2023** |
|  | | | (unaudited) | (unaudited) |
|  Net cash generated from/(used in) operating activities | 132832 | 91415 | (274685) | 154487 |
|  Net cash used in investing activities | (2098) | (98142) | (7286) | (2415) |
|  Net cash (used in)/generated from financing activities | (85245) | 49187 | 199730 | (24006) |
|  Net increase/(decrease) cash and cash equivalents | 45489 | 42460 | (82241) | 128066 |
|  Cash and cash equivalents at the beginning of the year | 87445 | 45121 | 132322 | 87445 |
|  Effect of foreign exchange rates changes | (612) | (136) | (1110) | (627) |
|  Cash and cash equivalents at the end <br>of the year | 132322 | 87445 | 48971 | 214884 |

---

#### Operating Activities
Net cash used in operating activities amounted to $274,685 for the six months ended December 31, 2024, primarily due to decrease in trade payables.

Net cash generated from operating activities amounted to $154,487 for the six months ended December 31, 2023, mainly due to profit before tax, an increase in trade receivables and an increase in trade and other payables.

Net cash generated from operating activities amounted to $132,832 for the year ended June 30, 2024, primarily driven by profit before tax and an increase in trade receivables and increase in trade and other payables.

Net cash generated from operating activities amounted to $91,415 for the year ended June 30, 2023, mainly due to increase in amount due to a director but repayment to related companies.

#### Investing Activities
Net cash used in investing activities amounted to $7,286 for the six months ended December 31, 2024, primarily reflecting the purchase of property, plant, and equipment totaling $7,540.

Net cash used in investing activities amounted to $2,415 for the six months ended December 31, 2023, primarily due to the purchase of property, plant, and equipment totaling $2,627.

Net cash used in investing activities amounted to $2,098 for the year ended June 30, 2024, primarily reflecting the purchase of property, plant, and equipment totaling $2,627.

Net cash used in investing activities amounted to $98,142 for the year ended June 30, 2023, primarily due to the payment for a right-of-use asset amounting to $87,803.

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#### Financing Activities
Net cash generated from financing activities amounted to $199,730 for the six months ended December 31, 2024, mainly due to loans from related parties and a director.

Net cash used in financing activities amounted to $24,006 for the six months ended December 31, 2023, primarily reflecting the repayment of lease liabilities totaling $22,347.

Net cash used in financing activities amounted to $85,245 for the year ended June 30, 2024, primarily reflecting the repayment of lease liabilities totaling $45,044 and repayment of loans from a related company totaling $35,819.

Net cash generated from financing activities amounted to $49,187 for the year ended June 30, 2023, mainly due to increase in loans from a related company and the repayment of lease liabilities totaling $57,848.

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

#### Commitments and Contingencies
In the normal course of business, we are subject to loss contingencies, such as legal proceedings and claims arising out of our business, that cover a wide range of matters, including, among others, government investigations and tax matters. In accordance with IAS 37-10, "Contingent liabilities", we will record accruals for such contingent liabilities when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated.

The following table summarizes our contractual obligations as of December 31, 2024:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Payments due by period** | **Payments due by period** | **Payments due by period** | **Payments due by period** | **Payments due by period** |
|  **Contractual obligations** | **Total** | **Less than<br>1 year** | **1 – 3<br>years** | **3 – 5<br>years** | **More than<br>5 years** |
|  Finance lease <br>obligation | 108249 | 49961 | 58288 |  |  |
|  Debt obligation, including interest | 644479 | 644479 |  |  |  |
|  | 752728 | 694440 | 58288 |  |  |

---

*<u>Finance lease obligation</u>*

Finance lease obligation reflects our outstanding payment obligations in connection with our hire purchased vehicle.

*<u>Debt obligation</u>*

Debt obligation reflects our outstanding loan payables to related companies and a director and amounts due to a directors and related companies.

On April 28, 2022, Xact entered into a shareholder loan agreement with The Fifth Element 2014 Limited ("Fifth Element"), 70% owned by Mr. Terence Cheung, our Chief Executive Officer. Under this shareholder loan agreement, Fifth Element agreed to lend HK$900,850 (or US$115,346) to Xact with maturity date on December 31, 2025. The shareholder loan is interest-free, unsecured, and Fifth Element has the right to demand repayment by giving one month's notice in writing.

On October 3, 2022, Xact entered into another shareholder loan agreement with Fifth Element. Under this second shareholder loan agreement, Fifth Element agreed to lend HK$900,000 (or US$115,236) to Xact with maturity date on December 31, 2025. This second shareholder loan is also interest-free, unsecured, and Fifth Element has the right to demand repayment by giving one month's notice in writing.

As of the date of this prospectus, a total of $195,020 in loans from Fifth Element remains outstanding.

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On October 1, 2021, Xact entered into a line of credit agreement with Raeon International Limited, a related party of the Company. Under this agreement, Raeon International Limited provides a loan facility of up to $500,000 to Xact, with a maturity date of June 30, 2027. The loan facility is interest-free, unsecured, and repayable upon one month's written notice by Raeon International Limited. As of the date of this prospectus, $98,732 of the loan facility has been drawn.

On July 1, 2024, Xact entered into a line of credit agreement with Mr. Terence Cheung, a director of the Company. Under these agreements, Mr. Terence Cheung provides a loan facility of up to $500,000 to Xact, with a maturity date of June 30, 2027. The loan facility is interest-free, unsecured, and repayable upon one month's written notice by Mr. Terence Cheung. As of the date of this prospectus, $124,676 of the loan facility has been drawn.

Amounts due to a director and related, primarily arising from offsetting settlements with related parties, are unsecured, non-interest bearing and have no fixed repayment terms.

#### Capital Expenditures
For the six months ended December 31, 2024, and 2023, we purchased property and equipment primarily for use in our operations, totaling $7,540 and $2,627, respectively.

For the years ended June 30, 2024, and 2023, we purchased property and equipment primarily for use in our operations, totaling $2,627 and $10,463, respectively.

#### Critical Accounting Policies and Estimates
The preparation of the consolidated financial statements in conformity with International Financial Reporting Standards ("IFRS") requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying our accounting policies.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.

The following are the key assumptions concerning the future, and other key sources of estimation uncertainty at the end of the reporting period, that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

#### Income Taxes
We are subject to income taxes in Hong Kong. Significant estimates are required in determining the provision for income taxes. There are many transactions and calculations for which the ultimate tax determination is uncertain during the ordinary course of business. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the income tax and deferred tax provisions in the period in which such determination is made.

#### Expected Credit Losses on Trade and Other Receivables
The provisioning policy for loss allowances is based on the evaluation by management of the collectability of the trade and other receivable. A considerable amount of judgement is required in assessing the ultimate realization of these receivables, including assessing the current creditworthiness, the past collection history of each customer and forecasts of future economic conditions. If the credit risk of these customers are to significantly increase since initial recognition, lifetime loss allowance will be required.

#### Fair Value of Financial Instruments
The carrying amounts of our financial assets and financial liabilities recorded at amortized cost in the consolidated financial statements.

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#### Revenue Recognition
Revenue is recognized when control over a product or service is transferred to the customer, at the amount of promised consideration to which we are expected to be entitled, excluding those amounts collected on behalf of third parties. Revenue excludes value added tax or other sales taxes and is after deduction of any trade discounts.

Where the contract contains a financing component which provides a significant financing benefit to the customer for more than 12 months, revenue is measured at the present value of the amount receivable, discounted using the discount rate that would be reflected in a separate financing transaction with the customer, and interest income is accrued separately under the effective interest method. Where the contract contains a financing component which provides a significant financing benefit to us, revenue recognized under that contract includes the interest expense accreted on the contract liability under the effective interest method. We take advantage of the practical expedient in paragraph 63 of IFRS 15 and does not adjust the consideration for any effects of a significant financing component if the period of financing is 12 months or less.

The Company currently generates its revenue from the following:

*Revenue from Marketing Income*

We generate marketing income from the provision of digital marketing and online advertising services, content creation, and events management. These services are delivered under both project-based and retainer-based contracts, which specify the scope of work, duration, pricing, deliverables, and payment terms.

We assess each contract to identify the performance obligations and determine the appropriate timing of revenue recognition. When a performance obligation is satisfied over time, such as recurring campaign design, social media content creation, media monitoring, reporting, and audience engagement, we recognize revenue over time based on time incurred.

When a performance obligation is satisfied at a point in time, such as when we deliver a distinct piece of content or media asset and control transfers upon acceptance and publication, we recognize revenue at the time of delivery.

For retainer-based contracts, we typically invoice customers on a monthly basis at fixed amounts, reflecting the ongoing nature of services provided during the period. Accordingly, revenue is recognized over time based on time incurred.

*Revenue from Public Relations Service Income*

We offer public relations and event management services by developing media strategies, creating press releases, and inviting influencers and media representatives to events to secure both media and social media coverage. Typically, we enter into service contracts with its clients, which outline the terms and conditions, including the transaction price, services to be delivered, delivery timelines, and payment terms. These terms establish the performance obligations that the company must fulfill to recognize revenue. In most cases, the key performance obligation is identified as a single obligation, where the coverage achieved is measured against pre-agreed key performance indicators (KPIs). Revenue is recognized at a specific point in time when the finished content is accepted by the client and published. For longer-term engagements or multi-phase campaigns where services are delivered continuously over the contract period, revenue is recognized over time as the client simultaneously receives and benefits from our performance. Progress toward satisfaction of the performance obligation is generally measured based on time incurred. Generally, the company collects approximately 40% of the contract amount upfront or through a monthly retainer fee based on milestones and project completion.

#### Cost of Sales
Cost of sales mainly consists of advertising costs and staff cost which are directly related to revenue generating transactions.

#### Accounts Receivable
Accounts receivable represents trade accounts due from customers. The trade receivables are all without customer collateral and interest is not accrued on past due accounts. Management reviews its receivables on a regular basis to determine if the bad debt allowance is adequate and provides allowance when necessary. The allowance is based on

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management's best estimates of specific losses on individual customer exposures, as well as the historical trends of collections. Account balances are charged off against the allowance after all means of collection have been exhausted and the likelihood of collection is not probable. As of December 31, 2024, June 30, 2024 and 2023, the Company made $84,833, $66,342 and $80,010 allowance for doubtful accounts for accounts receivable, respectively.

#### Expected Credit Loss
Expected loss rates are based on actual loss experience over the past few years in the industry. These rates are adjusted to reflect differences between economic conditions during the year over which the historic data has been collected, current conditions and the Company's view of economic conditions over the expected lives of the receivables.

Receivables that were neither past due nor impaired relate to a wide range of clients for whom there was no recent history of default.

#### Income Taxes
Income tax for the year comprises current tax and movements in deferred tax assets and liabilities. Current tax and movements in deferred tax assets and liabilities are recognized in profit or loss except to the extent that they relate to items recognized in other comprehensive income or directly in equity, in which case the relevant amounts of tax are recognized in other comprehensive income or directly in equity, respectively.

Under the current laws of Cayman Islands, entities incorporated in Cayman Islands are not subject to tax on their income or capital gain.

For Hong Kong Profits Tax has been provided for at the rate of 16.5% on the estimated assessable profits for during the year ended June 30, 2024 and 2023, and six months ended December 31, 2024.

We have no chargeable profits under Seychelles Corporate tax and Australia Company tax.

#### Quantitative and Qualitative Disclosures about Market Risk and Credit Risk

#### Credit Risk
Our credit risk is primary attributable to trade and other receivables. We have a credit policy in place and the exposures to these credit risks are monitored on an ongoing basis. It also sets credit limit on each individual customer and prior approval is required for any transaction exceeding that limit.

In addition, we continuously monitor its trade receivable balances to ensure that we will not be subject to material bad debt risk.

#### Liquidity Risk
We regularly monitor current and expected liquidity requirements, to ensure that it maintains sufficient reserves of cash to meet its liquidity requirements in the short and longer term.

#### Interest Rate Risk
Our interest rate risk arises primarily from bank deposits and short-term borrowings. Borrowings issued at fixed rates expose us to fair value interest rate risk. We also exposed to cash flow interest rate risk in relation to its variable-rate bank balances.

#### Currency Risk
We are exposed to currency risk primarily through subsidiaries' business operation which give rise to income, expenses, receivables, payables and cash balances that are denominated in a foreign currency. The currencies giving rise to this risk are primarily Hong Kong Dollar ("HKD"). As HKD is pegged to USD, it is assumed that there would be no material currency risk exposure between two currencies. We considered that our exposures to HKD are limited and thus, no sensitivity analysis are presented.

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#### BUSINESS

#### Business Overview
Voltage X is a marketing and public relations agency founded in 2021, with its global headquarter located in Melbourne, Australia. We offer a comprehensive portfolio of public relations (PR) and digital marketing services tailored to a diverse international clientele, with a primary focus on the real estate, hospitality, and retail sectors.

Since the first quarter of 2025, we have begun piloting our artificial intelligence (AI) platforms to improve our service offerings, specifically focusing on social media-based advertising placements and monitoring of audience and competitor behavior. We believe that utilizing AI technologies will enable us to deliver more effective and efficient social media advertising services for our clients. Additionally, we believe it will enhance our competitor monitoring services, providing more transparent and comprehensive insights to establish superior marketing benchmarks.

Since our foundation, we have broadened our international presence. Beyond our headquarter operations in Australia, Voltage X has established representative offices and operations in the United Kingdom, Taiwan, and Hong Kong, enhancing our capacity to cater to clients internationally.

Voltage X's principal services encompass:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Digital Marketing:*** Our solutions in digital marketing cover lead generation, content generation, social media oversight, and both placement and programmatic advertising strategies. Since the first quarter of 2025, Voltage X has launched its VXAds systems platform, which leverages AI technology to develop specialized, customized marketing campaigns. This advanced tool is designed to potentially enhance engagement and conversion rates effectively for our clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Content Creation:*** Our solutions include, but are not limited to, professional photography for events, marketing materials, websites, and social media, alongside video production for promotional videos, product demos, explainer videos, and corporate videos. It also includes logo design, brand strategy, and creative content development.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Marketing Analytics:*** Since the first quarter of 2025, Voltage X has introduced its VXMonitor systems platform, designed to offer clients real-time data on campaign performance, audience behavior insights, and AI-driven recommendations for optimizing marketing strategies. The VXMonitor systems platform will also deliver effective competitor marketing monitoring and analytics, enabling clients to assess and benchmark their advertising campaigns against those of their peers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Public Relations:*** The in-house public relations division of Voltage X leverages its industry connections and data-driven insights to secure media coverage, manage crisis communications, and support the thought leadership positions of its clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Influencer Management:*** Voltage X maintains a network of vetted influencers across various social media platforms, overseeing influencer engagements, content production, and campaign efficacy assessments to boost brand visibility and credibility.

A significant portion of our revenue is derived from clients in the real estate sector, which accounted for approximately 87%, 85% and 78% of our total revenue for the six months ended December 31, 2024, and the fiscal years ended June 30, 2024 and 2023, respectively. Although we also provide public relations and digital marketing services to clients in other industries, our business remains concentrated in the real estate sector. Any adverse developments in the real estate sector, including a slowdown in property development activities, declining property values, changes in government policies or regulations, rising interest rates, or economic downturns, may lead to reduced marketing budgets or cancellation of projects by our clients. As a result, our revenue, profitability, and growth prospects could be materially and adversely affected.

Over the past three years, Voltage X has successfully completed numerous marketing projects for large corporate clients worldwide, establishing a consistent track record in client engagement and innovative marketing content creation. These projects highlight our ability to deliver effective marketing solutions across various industries. Specifically, Voltage X collaborates with Raeon International Limited, an affiliated entity through a common major shareholder, Terence Cheung, to provide comprehensive public relations and marketing services. In this arrangement, Voltage X is tasked with

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developing and implementing strategic marketing campaigns, while Raeon International Limited focuses on property sales for clients and refer the marketing work to Voltage X. This collaboration allows both firms to utilize their specialized skills — Raeon International Limited in property sales and Voltage X in marketing and PR — to achieve successful project outcomes and enhance the developer's return on investment in the real estate sector. By aligning our marketing strategies with Raeon International Limited's sales tactics, we ensure a unified approach that boosts the visibility and success of each project.

#### Our Recent Projects

#### Project — SOGO Hong Kong Company Limited (SOGO)
In April 2024, Voltage X spearheaded the digital marketing and social media strategy for SOGO's flagship shopping center in Causeway Bay, Hong Kong, a city landmark with a storied Japanese-themed legacy. Our role involved crafting engaging content, optimizing social platforms, and implementing data-driven campaigns to enhance SOGO's visibility and attract both local and international patrons, reinforcing its status as a leading retail and lifestyle hub.

Furthermore, Voltage X is tasked with the digital marketing for SOGO's new shopping center, The Twins, in Kai Tak, scheduled to open in November 2024. This project marks a significant expansion for SOGO, and we are committed to launching successful digital campaigns to promote this venue as a premier destination for shopping, dining, and entertainment.

This dual engagement with SOGO underscores Voltage X's dedication to boosting the brand's online presence, driving engagement, and nurturing growth across both established and new venues in Hong Kong's competitive retail market.

#### Project — Swire Management Properties Limited (Swire)
In November 2023, recognizing our continued dedication and expertise, Swire Management Properties Limited entrusted us with the management of their social media pages. This new engagement expanded our responsibilities to include content creation, video production, translation, design, and brand engagement. Our team created tailored campaigns to enhance Pacific Place's online presence, drive customer interaction, and maintain the brand's premium image across platforms.

In addition to managing their shopping center's social media, Voltage X has been tasked with overseeing the digital engagement and marketing efforts for Swire Properties' office buildings in Admiralty, Hong Kong. This includes crafting strategies to highlight the unique offerings of their commercial spaces, engaging tenants, and promoting their office portfolio to a wider audience.

Through these ongoing partnerships, Voltage X continues to deliver comprehensive marketing and digital solutions that enhance Swire' brand presence and drive engagement across its diverse portfolio.

#### Project — Carl Zeiss Far East Co Ltd (Zeiss)
Carl Zeiss Far East Co Ltd stands as a prominent global leader in optics and vision correction. From 2023 to 2024, Voltage X led an integrated marketing campaign designed to boost brand recognition and increase foot traffic to affiliated clinics.

Voltage X implemented an offline initiative featuring a branded mobile truck, strategically positioned in high-traffic areas of Hong Kong to raise public awareness while offering complimentary eye examinations to individuals who wear glasses.

In addition, Voltage X created an interactive mini-game on tablets to engage the target audience on-site, ensuring a memorable experience and facilitating the collection of contact information for the sales team.

The campaign was effective in reaching the target demographic, engaging a considerable number of individuals and contributing to improved brand visibility.

#### Project — London Square Hong Kong Limited (London Square)
In September 2022, London Square opened its first show-flat and office in Asia (Hong Kong), marking a significant milestone in its expansion. In February 2023, Voltage X was entrusted with the responsibility of orchestrating this momentous occasion, overseeing every detail of the event to ensure flawless execution. From meticulous planning and logistics to on-the-day coordination, Voltage X managed all aspects to create a memorable and impactful launch experience.

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In addition to event management, Voltage X provided comprehensive PR services to maximize the exposure of London Square's new presence in Hong Kong. This included engaging with key media outlets, drafting press releases, and securing coverage across both local and international publications to generate buzz and elevate the brand's profile in the region.

Furthermore, Voltage X ran social media and lead generation services for London Square over a two-year period, focusing on platforms like Facebook and Instagram. During this time, our team developed and executed targeted social media campaigns designed to engage London Square's audience, build brand awareness, and drive qualified leads. By leveraging data-driven strategies and creative content, we effectively increased London Square's digital footprint and helped foster meaningful connections with potential clients and investors.

To further enhance visibility during the office launch, Voltage X curated a range of branding activities tailored to resonate with the target audience. These initiatives included creating bespoke promotional materials, crafting a cohesive visual identity for the event, and aligning the messaging to reinforce London Square's positioning in the market. Through a blend of strategic communications, social media management, and creative branding efforts, Voltage X ensured that London Square's office launch in Hong Kong was not only a successful event but also a powerful platform for establishing the brand's presence in a new market.

#### Project — Henderson Development Agency Limited (Henderson Land)
In July 2022, Voltage X was engaged by Henderson Land, one of the largest and most prominent developers in Hong Kong, to provide a comprehensive suite of PR services and social media management for its portfolio of commercial buildings and shopping centers. As part of this engagement, Voltage X developed and executed a strategic PR plan aimed at increasing the visibility of Henderson Land's properties, positioning them as premier destinations for both businesses and consumers. This included drafting press releases, securing media coverage, and managing communications with key stakeholders to enhance the developer's brand presence.

In addition to PR services, Voltage X also took charge of managing Henderson Land's social media platforms for several of its flagship properties, including H Queen's, H Code, and H Zentre. Our team developed tailored content that highlighted the unique features of each commercial building and shopping center, engaging both tenants and visitors through platforms like Facebook, Instagram, and LinkedIn. We implemented targeted campaigns to showcase new developments, special events, and promotional offers, ensuring consistent engagement and driving foot traffic to Henderson Land's properties.

Building on the success of this partnership, in 2024, Voltage X was further awarded the contract to manage the social media for Trent Plaza and Kolour, expanding our role in promoting Henderson Land's growing portfolio. Through a combination of strategic PR efforts and effective social media management, Voltage X continues to strengthen Henderson Land's brand reputation, enhance tenant relations, and attract a broader audience to their commercial spaces across Hong Kong.

#### Our History
Since our establishment in 2021, we have experienced significant growth and transformation. We have strategically broadened our operational scope, diversified our services, and continually innovated to maintain our position in the public relations and digital marketing industry. Below are the key developments spanning 2021 to 2025:

Voltage X is a comprehensive digital marketing and public relations agency. We specialize in areas such as content creation, branding, video production, and diverse digital marketing strategies. Headquartered in Melbourne, Australia, we have strategically positioned ourselves to serve a significant client base in real estate, hospitality, and retail. This location enables us to foster closer engagement with property developers and other key stakeholders in the region, ensuring tailored and effective marketing solutions.

In 2022 and 2023, in addition to Australia, Voltage X expanded our global footprint beyond Australia by establishing offices or representative presences through local partnerships or agents in the United Kingdom, Taiwan, and Hong Kong as well as servicing clients' projects located in Canada. This strategic expansion enables us to better serve a growing global clientele and meet rising demand.

Since the first quarter of 2025, Voltage X has launched our AI-driven digital marketing solutions, VXAds and VXMonitor systems platforms, designed to offer competitor monitoring, social media advertising, and content reaction prediction. These AI technologies are aimed at optimizing consumer engagement and improving ad effectiveness.

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#### Our Strengths
**Innovative Technologies:** To augment our service portfolio, Voltage X plans to introduce VXAds and VXMonitor systems platforms, enhancing the delivery of effective marketing and PR campaigns. The two platforms offer real-time data analysis, ad performance forecasting, and competitor monitoring, refining the accuracy and impact of our campaigns. The marketing and PR sector often encounters challenges like high employee turnover and escalating salary demands. Voltage X counters these issues by integrating AI to streamline campaign management, fostering a more efficient team structure that lowers costs while sustaining high performance and operational flexibility. We believe this strategy effectively addresses staffing challenges and maintains consistent delivery of results.

**Diversified Products and Services:** Voltage X provides a diverse and comprehensive array of digital marketing and public relations services. Our digital marketing offerings include AI-driven solutions, online advertising, search engine marketing (SEM), lead generation, social media management, video production, photography, creative branding, and strategic marketing planning. In the realm of PR, our services encompass PR strategy development, influencer management, and event management. This extensive suite of services enables Voltage X to meet varied client demands and attract a wide customer base, thereby diversifying our revenue streams.

**Strong Market Position:** Voltage X has established presence in multiple key markets globally, including Australia, the United Kingdom, Taiwan, and Hong Kong, while also supporting our clients' projects located in Canada. Voltage X has had a successful track record of servicing clients in these regions since 2021 and our corporate strategy is to continue to do so through our sales and business development teams' efforts in sourcing such clients and we do not anticipate any major deviations from these strategies and targeted clientele. As we continue to build on our track record, we target to establish an increasingly strong market position and coverage in these regions to enable the company to attract similarly high-profile clients and expand its reach across different regions.

**Experienced Team:** The leadership team at Voltage X is composed of industry veterans with decades of combined experience in digital marketing, technology, and business management. Each member brings a unique perspective, having held key positions at leading firms across various sectors. Their understanding of market trends and consumer behavior informs the company's strategic vision, driving growth and innovation. This collective expertise not only enhances our service offerings but also positions Voltage X to anticipate and adapt to the ever-evolving digital landscape. By leveraging their insights and networks, the leadership team ensures sustained competitive advantage, empowering clients to achieve their marketing objectives in a dynamic environment.

**Robust Client Portfolio:** Voltage X boasts a diverse client base across various industries, with a niche in the real estate, hospitality, and retail sectors. We serve a wide array of clients from regions including Australia, the United Kingdom, and Hong Kong. This robust portfolio not only demonstrates the company's ability to deliver tailored solutions that meet the unique needs of each market, but also provides stability and growth opportunities through long-term client relationships. Our international presence allows us to leverage cross-border insights and best practices, enhancing our strategies and offerings. As we continue to expand our reach, we remain committed to fostering strong partnerships that drive success for our clients in an increasingly globalized marketplace.

#### Our Strategy
We are committed to driving sustained growth and innovation through a series of strategies designed to strengthen our market position, deepen industry relationships, and expand our global presence. Our key focus areas include:

#### Strengthening Industry Presence
We plan to grow our market share by enhancing our presence in the digital marketing sector. We will achieve this through:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reinvesting in our operations: By allocating resources to upgrade technology, improve infrastructure, and enhance service offerings, we aim to stay ahead of industry trends and deliver enhanced value to our clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Broadened service offerings: We aim to diversify our portfolio, providing more comprehensive and innovative solutions that cater to a wider range of client needs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Strategic acquisitions and partnerships: To accelerate growth, we plan to pursue targeted acquisitions, joint ventures, and partnerships in multiple jurisdictions. This approach will allow us to expand our capabilities, tap into new markets, and increase our operational scale.

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#### Deepening Business Collaborations
We plan to maintain and grow our partnerships with essential industry stakeholders, enabling the incorporation of advanced technologies and methodologies into our services. Our approach includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Partnerships with leading technology companies: we will continue to explore and incorporate advanced digital solutions such as AI, machine learning, and automation into our offerings for our clients, ensuring we remain at the forefront of innovation and competitive within the market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Collaboration with marketing agencies: Partnering with specialized marketing agencies will enable us to deliver more comprehensive, multi-channel marketing campaigns that drive superior results for our clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Engagement with industry influencers: We will actively collaborate with industry influencers to elevate our brand credibility and reach a broader audience. These influencers will help amplify our message, foster trust with potential clients, and further establish us as thought leaders in the digital marketing space.

#### Enhancing Sales and Marketing Initiatives
We recognize the importance of a strong sales and marketing presence in driving growth. To increase our brand visibility and expand our client base, we will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Expand our digital footprint: Through increased investment in digital marketing channels, including Search Engine Optimization (SEO), SEM, social media, and content marketing, we aim to reach a broader audience, engage with new prospects, and nurture long-term client relationships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Engage in industry conferences and events: Attending and presenting at key industry conferences will provide networking opportunities, increase brand awareness, and position us as a thought leader in the digital marketing field.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Launch targeted marketing campaigns: We will implement data-driven marketing campaigns tailored to specific verticals, regions, and audience segments, ensuring we deliver personalized and impactful messages that resonate with potential clients.

#### Geographic Diversification
Our client base spans multiple regions, including Australia, the United Kingdom, and Hong Kong. To capitalize on this global footprint, we plan to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Expand in Existing Markets: We aim to strengthen our client relationships within these regions through localized solutions and targeted marketing and business development efforts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Enter new markets: We will explore opportunities to expand into under-served regions, with a particular focus on key emerging markets in the APAC and EMEA regions. This geographic diversification will enable us to tap into new revenue streams and reduce dependency on specific regions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Customize to Regional Needs: By tailoring our services to meet the unique needs and preferences of clients in each market, we will ensure that our solutions are not only effective but also culturally and regionally relevant.

#### Talent Development
We recognize our workforce as one of our key assets and are dedicated to fostering a skilled, innovative, and motivated team. Our talent development strategy includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Professional development: We are committed to providing continuous training, workshops, and certifications to keep our team at the forefront of industry trends and technological advancements, especially in AI, digital marketing, and data analytics.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Leadership Development: We aim to cultivate our next generation of leaders through career advancement pathways, mentorship programs, leadership training, and opportunities for high-potential employees to assume increased responsibilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Recruitment: Our global recruitment strategy focuses on attracting top talent with diverse backgrounds and skill sets from various regions, ensuring a pool of expertise to meet our clients' changing needs and to promote a culture of innovation and inclusivity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Innovation Culture: Encouraging creativity remains a core focus. We will foster an environment where employees are empowered to suggest new ideas, explore emerging technologies, and contribute to the development of advanced solutions for our clients.

Through a combination of industry leadership, strategic partnerships, enhanced marketing efforts, geographic diversification, and talent development, Voltage X is well-positioned to drive growth and innovation. These initiatives will not only strengthen our market presence but also allow us to deliver greater value to our clients on a global scale.

#### Our Revenue Model
Voltage X operates with a revenue model that encompasses digital marketing and public relations services, structured around both project-based and retainer-based fee arrangements.

#### Project-Based Model
In our project-based model, we customize workflows to meet the demands of short-term, high-impact projects:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Job Invitation: Upon receiving a project request, a project leader is assigned to prepare the project schedule and budget.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Quotation Process: We produce a comprehensive quotation for client review and require confirmation of approval either in writing or verbally.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Project Timeline: Long-lead projects, such as grand openings or KOL (Key Opinion Leader) campaigns, typically involve early-stage coordination and span 4 to 6 months. In contrast, short-cycle projects, including event management, filming, translation, video production or leaflet design, are generally completed within 2 months. Deliverables are provided at key milestones for client evaluation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Payment Terms: A 50% upfront payment is required at the project's outset. The balance is due upon project completion, with a 30-day credit term for the final installment.

For the fiscal years 2023 and 2024, revenues from project-based engagements constituted 18% and 20% of our total revenue, respectively. For the six-months ended December 31, 2024, revenue from project-based engagement was 20% of our total revenue.

#### Retainer-Based Model
Our retainer-based model is designed to drive ongoing client engagement and long-term collaboration:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Job Invitation: Similar to the project-based model, the project leader prepares the project schedule and budget after receiving a job request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Agreement and Contract: Client commitment is formalized through a written contract, typically spanning 6 to 12 months, depending on the scope of services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ongoing Service and Transparency: We maintain a high level of transparency by providing regular performance updates throughout the contract period.

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For the fiscal years 2023 and 2024, retainer-based model represented 82% and 80% of our total revenue, respectively. For the six-months ended December 31, 2024, retainer-based model represented 80% of our total revenue.

Our global footprint has expanded significantly, with substantial revenue contributions from Australia, the United Kingdom, Taiwan, and Hong Kong. As of June 30, 2024, Australia emerged as our largest market, generating 37% of our total revenue, followed closely by Hong Kong. For the six-months ended December 31, 2024, Hong Kong was our largest market, generating 39% of our total revenue, followed closely by Australia.

This balanced mix of revenue sources, combined with geographic diversification, positions Voltage X to capitalize on evolving market opportunities. Our shift towards retainer-based services aligns with our strategic focus on long-term client relationships and predictable income, while our project-based services continue to offer flexibility for clients with specific, short-term needs.

#### Our Services
**V**oltage X provides a comprehensive array of digital marketing services tailored to the diverse needs of clients. The company's portfolio is categorized into several core areas, which correspond to our revenue streams of "marketing income" and "PR service income" as presented in our results of operations disclosure, and each of these categories has contributed to the overall revenue across the last two fiscal years and six-months ended December 31, 2024:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Digital Marketing and Online Advertising:*** This segment encompasses services such as cost per lead advertising, lead generation display ads, and retargeting campaigns, primarily utilizing platforms like Google Ads and META. Voltage X develops tailored marketing strategies that address the unique needs of our clients. This category relates to our "marketing income." The revenue contribution from this segment in fiscal year 2023, 2024 and six-months ended December 31, 2024 were 91%, 88% and 88%, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Content Creation:*** This service classification includes professional photography for events, marketing materials, websites, and social media, as well as video production for promotional videos, product demos, explainer videos, and corporate videos. It also encompasses logo design, brand strategy, and creative content development. This category is also included under our "marketing income." The contribution to total revenues in fiscal year 2023, 2024 and six-month ended December 31, 2024 were 2%, 2% and 2%, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***PR Strategy & Influencer Management:*** Voltage X provides public relations services, including media relations, press releases, and crisis management, while also managing relationships with influencers to enhance brand visibility and promote products. This category corresponds to our "PR service income." Revenue from this segment in fiscal year 2023, 2024 and six-months ended December 31, 2024 were 5%, 4% and 2%, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Events Management:*** Voltage X specializes in planning and executing corporate events, product launches, and trade shows. This category is included under "marketing income." The revenue contribution from this segment in fiscal year 2023, 2024 and six-months ended December 31, 2024 were 2%,5% and 9%, respectively.

Together, digital marketing and online advertising, content creation, and event management collectively constitute our "marketing income," which accounts for the majority of our total revenues, with digital marketing and online advertising representing the predominant share within this category. PR strategy and influencer management services constitute our "PR service income." These diversified services enable Voltage X to effectively meet the specific marketing needs of its clients while maintaining a balanced revenue stream across its offerings. This positioning supports sustained growth and resilience in the dynamic digital marketing landscape.

#### New AI Platforms
Since the first quarter of 2025, Voltage X has begun piloting our AI-driven digital marketing solutions, VXAds and VXMonitor systems platforms, which we license on a non-exclusive basis from Somin Pte. Ltd. for an initial limited term. Under the licensing arrangement, we will share a portion of revenues derived from the commercialization of these platforms, and certain latest updates and algorithm enhancements are subject to the completion of our IPO.

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In the context of our business, "artificial intelligence" or "AI" refers to the use of machine learning models and data-driven algorithms that can analyze large datasets, detect patterns, and make automated predictions or decisions to improve digital marketing outcomes, such as consumer targeting, ad placement efficiency, and content performance evaluation.

These platforms are engineered to transform competitor monitoring, social media advertising, and content reaction prediction. By leveraging licensed AI technologies, these platforms aim to optimize consumer engagement and enhance ad effectiveness, offering a more efficient digital marketing approach. Additionally, as part of our strategy to diversify and enhance revenue streams, Voltage X is developing its own brand intellectual properties, with initiatives to promote their adoption and enable secondary market transfers.

We have already begun introducing AI into our operational processes, starting with Raeon International Limited as a pilot partner. The integration of AI technologies has allowed Voltage X to optimize its advertising strategies in ways that were previously unattainable.

As of March 31, 2025, the VXAds and VXMonitor platforms are in early-stage deployment and have generated approximately $30,000 in revenue.

Key benefits of AI integration at Voltage X include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **24/7 Ad Optimization**: With VXAds, we can now optimize ad settings continuously, without the need for manual intervention. This round-the-clock optimization ensures maximum efficiency and performance, significantly reducing the reliance on human labor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Efficient Copywriting**: AI has streamlined our copywriting process. Ad copy is now automatically generated with perfect grammar and structure, allowing us to delegate tasks to junior copywriters. Previously, we had to rely on senior copywriters, which came at a higher cost. AI-driven copywriting has not only reduced costs but also ensured consistent, high-quality content production.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Better Audience Targeting**: VXAds excels at identifying highly relevant target audiences, which has resulted in reduced ad spend while simultaneously increasing engagement and attracting more qualified leads. This means that our campaigns are more cost-effective yet yield higher returns in terms of interactions and conversions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Competitor Monitoring with VXMonitor**: VXMonitor has revolutionized how we track Raeon International Limited's competitors. Rather than manually searching for updates across various companies, VXMonitor allows us to instantly track what competitors are selling and marketing. This real-time competitor analysis saves time and provides actionable insights, enabling us to stay ahead in a fast-paced market.

We have observed that the introduction of AI has not only increased efficiency and reduced costs but also enhanced the effectiveness of our digital marketing strategies. The successful trial with Raeon International Limited highlights the potential of integration of these AI platforms, and we are eager to expand their application across additional projects and clients.

#### VXAds Systems Platform (VXAds)
Our VXAds platform offers an AI-driven solution designed to automate and optimize digital advertising placements. By harnessing advanced machine learning algorithms, VXAds analyzes extensive data sets to identify the most effective ad placements and targeting strategies, streamlining the ad-buying process, and significantly reducing manual intervention while enhancing operational efficiency.

The VXAds AI engine is trained on thousands of corporate advertising campaigns across social media platforms such as Facebook and Instagram, as well as search engines like Google. Rather than relying solely on basic demographic data (e.g., age, gender, location), VXAds extracts and analyzes deeper insights into lifestyle preferences and hobbies (e.g., pets, sports, movies), enabling more precise and personalized ad targeting.

This approach allows VXAds to deliver advertising campaigns that are both more efficient and effective, improving key performance metrics such as conversion rates and click-through rates for our corporate clients. When a client initiates a campaign, VXAds begins by thoroughly understanding the client's industry — whether it be real estate, hospitality,

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retail, or another sector. Over a 1 to 3-week period, we conduct a detailed analysis to identify potential target audiences across relevant social media and search platforms. During this time, we also craft tailored advertisements designed to resonate with the identified audience.

Once the campaign is launched, VXAds monitors audience engagement in real time, providing clients with regular performance reports. Our goal is to potentially improve conversion rates, maximizing the impact of our clients' advertising budgets compared to traditional methods.

#### VXMonitor Systems Platform (VXMonitor)
Our VXMonitor platform represents a tool engineered to enhance ad performance forecasting and competitor monitoring. Utilizing machine learning algorithms, VXMonitor provides real-time analytics on the effectiveness of ad campaigns. This platform equips clients with a detailed assessment of their advertising efforts, facilitating informed, data-driven decisions to refine marketing strategies. By enabling clients to predict ad performance and monitor competitor actions, VXMonitor assists in securing a competitive edge and improving return on marketing investments.

More specifically for example, a real estate sector client will be interested to learn what its peer competitors are currently doing on social media and search engine platforms in terms of advertising their projects or services. By inputting the parameters of the client and their sector of interests into our VXMonitor portal, we can rapidly generate within minutes a comprehensive report of the social media activities of the peer competitors specified by our client. The information includes, but not limited to, the traffic information, click and conversion rates, number of advertisements, nature of the advertising activities, the type of social media platforms, the results and effectiveness of their advertising campaigns. In particular, the information is summarized with a customized period function (e.g. daily, weekly, or monthly) to include a throughout coverage. Our VXMonitor leverages off its underlying AI Engine to obtain more in-depth competitor information including (but not limited to) the underlying hobby and lifestyle preferences of the viewers of the competitor advertisements, thus building on a database for future applications. VXMonitor allows our clients to stay ahead of its advertising campaigns and facilitate benchmarking against their competitors in similar sectors, thus reducing costs and improving efficiencies by reducing risks of misplacements and uncertainties.

#### AI Service Provider
In August 2024, we entered into a white-labeling arrangement whereby the company sourced and licensed, VXAds and VXMonitor, two AI systems platforms, on a non-exclusive basis from a third-party developer, Somin Pte. Ltd, who helped develop the AI engines, AI platforms, and the underlying functionalities. Under the corresponding transactional term sheet entered into with Somin Pte. Ltd and Kephitalist Private Ltd on August 30, 2024 and the subsequent licensing agreement dated October 7, 2024, we shall be granted commercial rights for a period of three years to commercialize the two AI systems platforms under Voltage X's brand name, contingent upon the transaction detailed below, after which Voltage X will retain the rights to further commercialize the two AI systems platforms. Upon commercialization, we will share revenue with the third-party developer based on a percentage of net revenue generated from VXAds and VXMonitor. Additionally, the third-party developer has committed to providing ongoing support for all technical and operational aspects of the respective systems. Upon the completion of this initial public offing and subject to the automatic conversion of the convertible note issued by Voltage X Limited to Kehpitalist Private Ltd on October 7, 2024, the underlying algorithms and further development rights will be transferred to Voltage X non-exclusively.

The two AI systems platforms, VXAds and VXMonitor, are soon to be ready for commercialization, with the underlying AI algorithms and systems in the process of being transferred to Voltage X in accordance with the transactional term sheet. Additionally, on October 7, 2024, Voltage X Limited entered into a convertible note with the third-party developer whereby following the successful closing of Voltage X's initial public offering, a share swap will be executed with Voltage X issuing 245,178 of Class A Ordinary Shares to existing shareholders of the third-party developer in return for 5% of the outstanding shares of Somin Private Limited. The share swap will allow Voltage X to explore further collaborations in future AI related solutions development with the third-party developer.

On October 7, 2024, Voltage X Innovations Limited ("VX Innovations") entered into a licensing agreement with Somin Pte. Ltd., under which Somin Pte. Ltd grants VX Innovations a non-exclusive, non-transferable, worldwide license to use, market, and commercialize VXAds and VXMonitor (the "Licensed Products") under the "Voltage X" brand for three years (the "Initial License Term") from October 7, 2024. VX Innovations shall pay an initial fee of USD$25,000. In the event Voltage X Limited completes its IPO on the Nasdaq Capital Markets and subject to the

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conversion of the convertible note issued on October 7, 2024, VX Innovations will receive access to the latest updates and algorithms for these Licensed Products. In addition, VX Innovations agrees to pay Somin Pte. Ltd 50% of net sales from VXAds and 40% of net sales from VXMonitor, derived from services utilizing the Licensed Products. Somin Pte. Ltd agrees to provide ongoing technical and training support to VX Innovations to ensure the continued functionality and maintenance of the Licensed Products.

#### Our Industry
The rapid expansion of the PR and digital marketing industry is largely driven by the increasing shift towards integrated marketing strategies and the growing dominance of digital channels over traditional media. Digital marketing strategies have become critical for modern businesses as companies adapt to an increasingly digital landscape. In this context, the demand for AI-enhanced tools and automation is becoming central to the evolution of both PR and digital marketing.

AI is proving to be a significant change in the way brands manage public relations and execute digital marketing campaigns. The adoption of AI in marketing is growing rapidly, with more marketers leveraging AI to enhance their strategies. Technologies such as natural language processing (NLP), machine learning (ML), and predictive analytics are being increasingly integrated into PR strategies to provide real-time media monitoring, sentiment analysis, crisis management, and automation of communications. AI-driven platforms enable PR professionals to track brand mentions, analyze public sentiment, and predict potential crises before they escalate, reshaping digital public relations and helping companies proactively manage their brand reputation across multiple platforms.

In digital marketing, AI is enabling hyper-personalized advertising and predictive customer targeting, driving efficiency, and improving ROI. AI-powered chatbots are increasingly being implemented to manage customer interactions, enhancing customer engagement and streamlining communication. Additionally, AI-generated content is transforming digital marketing by allowing businesses to produce tailored, data-driven content at scale. These technologies are improving customer engagement and campaign management, enabling marketers to optimize strategies in real-time based on consumer behavior and interactions.

While the real estate sector constitutes a major portion of Voltage X's client base, which accounted for 87%, 85% and 78% of total revenue for the six months ended December 31, 2024, years ended June 30, 2024 and 2023, respectively, the Company also provides PR and digital marketing services to clients in other industries, such as retail and hospitality. Our experience working with real estate developers has helped set us apart from generalist agencies, as the marketing needs of real estate developers require not only a deep understanding of property markets but also the ability to craft strategies that resonate with prospective buyers through various digital platforms. Real estate developers are increasingly looking for agencies that can seamlessly integrate advanced digital marketing tools — such as AI-powered analytics and predictive modeling — with a nuanced understanding of property development cycles, buyer behavior, and market fluctuations.

As the real estate segment continues to evolve in a hyper-competitive global market, agencies like Voltage X offer a distinct advantage with specialized, data-driven marketing solutions that cater specifically to the needs of property developers. The ability to combine AI-enhanced digital marketing tools with industry-specific knowledge positions Voltage X to capitalize on the growing demand for targeted, efficient, and scalable marketing strategies.

Voltage X's forthcoming AI-powered platforms, VXAds and VXMonitor, are set to enhance our digital marketing capabilities. VXAds aims to improve audience targeting and optimization, thus maximizing engagement and conversions while minimizing ad spend. VXMonitor will offer real-time insights into competitors, helping brands navigate a rapidly changing market. Together, these platforms position Voltage X to meet increasing demand for AI-enhanced marketing solutions and contribute to the evolution of AI-driven advertising and market analysis.

#### Our Customers
Voltage X serves a diverse customer base across various industries by providing advanced digital marketing solutions tailored to meet their specific needs. Our multi-channel client acquisition strategy utilizes Search Engine Marketing (SEM), social media marketing, and content marketing, complemented by strategic partnerships and participation in industry-specific events. Additionally, referrals from satisfied customers have played a significant role in driving our client growth.

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Our customer base includes both small and medium enterprises (SMEs) and large enterprises. In the 2023 fiscal year, SMEs constituted 85% of our clientele, while large enterprises made up 15%. In 2024 fiscal year, SMEs represented 74% and large enterprises increased to 26%. For the six-months ended December 31, 2024, SMEs represented 83% and large enterprises represented 17% of total revenue.

For the six-months ended December 31, 2024, four agents each accounted for more than 10% of our revenues, collectively representing approximately [61%] of our total revenues. These agents, based in the United Kingdom, Australia, and Taiwan, are considered our major customers. To mitigate the risks of customer concentration, we actively monitor our relationships with these key customers, maintain long-term contracts, and continue efforts to diversify our customer base. Nevertheless, the loss of one or more of these significant customers could materially adversely affect our business, financial condition, and results of operations.

#### Our Suppliers
Voltage X's operations rely on both digital platforms and consulting services to support its activities. Our primary digital marketing suppliers are Meta Platforms (Facebook) and Google (Google Search Engine), which are integral to managing social media marketing campaigns and driving engagement through effective ad placement and search engine marketing. In fiscal years 2023 and 2024, social media-related costs accounted for 15% of our total expenses each year. For the six-months ended December 31, 2024, social media-related costs accounted for 27% of our total expenses.

Consulting services play a significant role in our project-based operations, such as event management, market analysis, and strategic planning. Consulting costs represented 39% of our total expenses in fiscal years 2023 and 45% in 2024. Major consulting suppliers include Tskcheung Enterprises (HK) Limited, Beluga International Limited, and Bunji Property Limited, who provide specialized services to support various projects. For the six-months ended December 31, 2024, consulting costs accounted for 34% of our total expenses.

#### Our Marketing

#### Social Media Strategy
We maintain a robust presence across key social media platforms, including LinkedIn, Twitter, Facebook, and Instagram. These channels enable us to engage with our audience, share industry insights, promote our services, and showcase our expertise through compelling content that drives meaningful interaction.

On the marketing front, we also deploy a variety of digital advertising tactics, including but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Search Engine Marketing (SEM)

SEM is an online marketing strategy that promotes websites through paid advertising on search engines. It includes PPC (Pay-Per-Click) campaigns, keyword research, ad copywriting, and bid management to increase visibility in search engine results pages. Effective SEM drives targeted traffic, leads, and conversions for businesses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Display & Programmatic Advertising

Display advertising involves presenting advertising content through paid banners or digital space on search engines, social media platforms, and relevant websites. The strategic placement of these ads aims to attract users to click on them, driving traffic to the client's products or services and increasing public exposure.

Programmatic advertising, on the other hand, uses algorithms to automate the placement of ads based on timing, delivery method, content, and targeted locations on platforms such as social media. This systematic approach allows for customized and timely deployment of ads, ensuring ongoing exposure for the client's information. Ad campaigns can be scheduled to end after a specific duration or upon reaching a certain content threshold, offering options for limited-duration exposure.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Social media advertisements

Social media advertisements are paid content on platforms such as Facebook, Instagram, and Twitter, targeting specific demographics through various formats like images, videos, and sponsored posts. Advertisers customize these ads to align with user demographics, interests, and behaviors to maximize relevance and impact. Metrics such as click-through rates and conversions are tracked for optimization, while user interactions enhance engagement and brand visibility.

In addition to our existing services, we are launching AI-driven platforms, VXAds and VXMonitor, to further refine ad targeting and placement, and provide more systematic competitor monitoring. These enhancements aim to improve the effectiveness and return on investment for our clients' advertising campaigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Influencer Marketing

To enhance our reach and credibility, we strategically utilize influencer marketing by partnering with key influencers in the digital marketing space. These influencers, who possess significant followings on social media platforms, offer paid services such as product placements and information distribution. We engage these influencers to promote our clients' products and services, carefully selecting individuals whose followers align with our clients' target markets to maximize campaign effectiveness.

#### Search Engine Optimization (SEO)
We employ a range of SEO techniques to improve organic search rankings and drive traffic. Search Engine Optimization (SEO) comprises a set of strategies aimed at optimizing a website's visibility in search engine results. These techniques are crucial for driving organic traffic and increasing exposure for the client's products or services. Here are detailed explanations of key SEO practices:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Content Optimization and Keyword Research:

By incorporating relevant keywords and images, content is tailored to be easily recognized and prioritized by search engines, improving the chances of ranking higher in search results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Site Architecture Improvements:

Efficient website structuring enhances visualization and information delivery, making it easier for search engines to index and direct visitors to the site. Well-structured websites tend to perform better in search engine rankings due to algorithms that prioritize user-friendly interfaces.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Link-Building Efforts:

Through strategic placement of links on other websites and social media platforms, the client's content becomes more accessible to users. Each backlink creates a network that guides traffic back to the client's website, increasing visibility and credibility in the eyes of search engines.

#### Email Marketing
Email marketing is a digital marketing strategy that involves sending commercial messages to a group of people via email. It is used to build relationships with potential and existing customers, promote products or services, drive sales, and increase brand awareness. Effective email marketing campaigns are personalized, targeted, and segmented to deliver relevant content to the recipients. It often includes newsletters, promotional offers, event invitations, product updates, and more. Metrics such as open rates, click-through rates, and conversion rates are used to measure the success of email marketing campaigns.

#### Our Distribution
We have significantly expanded our client base, particularly within the real estate sector, by leveraging established relationships across Australia, the United Kingdom, Taiwan, and Hong Kong. This enables us to provide integrated marketing services to a growing roster of real estate companies, supporting initiatives such as branding, public relations, event management, and lead generation.

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In addition, Voltage X has established significant collaborations with Raeon Global Limited, Raeon International Property Management Services (VIC) Pty Limited, Top Tree International Consulting Limited, and Insight Property Wealth Pty Limited, prominent international property agencies operating in Australia, the United Kingdom, Taiwan, and Hong Kong. These partnerships have substantially broadened our reach, enabling us to deliver impactful marketing solutions to a wide array of real estate projects. Through our collaboration with these agencies, Voltage X has taken on comprehensive management roles, including social media management, event planning, and campaign execution for major shopping malls in Australia, the United Kingdom, Taiwan, and Hong Kong.

For the financial period ended December 31, 2024, these four agents collectively accounted for approximately 61% of our total revenues: Raeon International Property Management Services (VIC) Pty Ltd, Insight Property Wealth Pty Ltd, and Top Tree International Consulting Limited, each of which is a related party, and Raeon Global Limited, which is a non-related party. Raeon International Property Management Services (VIC) Pty Limited is a related company due to Mr. Terence Cheung being the beneficial owner of both the Company and Raeon International Property Management Services (VIC) Pty Limited. Insight Property Wealth Pty Ltd is also a related company because Mr. Terence Cheung holds a key management role there. Mr. Cheung does not hold any equity interest in Insight Property Wealth Pty Ltd. Top Tree International Consulting Limited was a related company up to November 1, 2024, as Mr. Wong Chun Lam served as a director of a Group subsidiary until his resignation on that date and currently acts in a key management role at Top Tree.

These agents serve as intermediaries, facilitating digital marketing campaigns and related services on behalf of their respective downstream customers. Pursuant to these arrangements, we maintain contractual and billing relationships directly with the agents, under which we issue invoices to and collect payments from the agents, rather than from the ultimate end customers. Although we use the operational term "agent" to refer to these intermediaries, for accounting purposes we consider both "agents" and "clients" as customers, because they are the counterparties to our contracts and bear the obligation to pay for the services rendered. In contrast, "clients" refer to customers who engage us directly without an intermediary; in those cases, we contract with, bill, and receive payment from the clients directly.

Although the majority of the digital marketing services are executed by Voltage X, the agents retain direct contact with their downstream customers. Any failure by an agent to appropriately manage its interactions with downstream customers could adversely affect our reputation and negatively influence customer perception of our brand and services. To mitigate this risk and maintain service quality, we have implemented the following monitoring practices: (i) obtaining feedback directly from downstream end customers, where possible; (ii) assessing client retention trends to identify any deterioration in agent performance; and (iii) reviewing all customer-facing materials issued by agents (when not produced by Voltage X) to ensure consistency with our standards.

The referenced 61% of total revenues refers to amounts invoiced to and received directly from agents. Our arrangements with agents generally align with the retainer-based model. Agents typically engage us pursuant to sales agreements that are negotiated on a deal-specific basis, with each agreement generally having a 12-month term and setting forth defined scopes and price covering digital marketing, promotional planning, and media execution services for their downstream clients. Upon receiving a service request from an agent, our team prepares a tailored project plan. We provide ongoing service delivery throughout the sales agreement term, and provide regular performance reports and periodic campaign updates. Invoices are issued monthly in advance, and payments are settled monthly without credit terms.

While our framework engagement agreements with agents generally do not specify fixed pricing or fee arrangements, individual service agreements entered with such agents outline specific commercial terms that govern the actual delivery of services. The following reflects the typical pricing structure and mechanics used in these individual sales agreements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Monthly Minimum Retainer:

Each agent typically enters into a 12-month service agreement under which we provide a package of baseline digital marketing services. These services may include social media account management, content creation, basic performance reporting, and general campaign execution within pre-agreed scope parameters. The minimum monthly retainer fee under these arrangements generally ranges from US$36,000 to US$90,000, depending on service volume, geographic coverage, and complexity. If the agent requires services that exceed the pre-determined scope covered by the minimum retainer, additional monthly charges are applied on a pro-rata or negotiated basis.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Variable Handling Charges Based on Budget Usage:

In addition to the monthly retainer, we apply a 15% handling charge on the total advertising budget allocated by the agent or its downstream client. This charge applies to all advertising spend.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Ad-Hoc Campaign-Based Charges:

In addition to ongoing services, agents may request the launch of bespoke marketing campaigns (e.g., lead generation, or always-on campaigns). Each campaign is separately scoped and priced based on volume and budget. Fees are calculated per campaign and typically range from US$8,000 to US$18,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Billing Relationship:

We contract with and issue invoices directly to agents. All payments are received from the agents themselves, and not from their downstream customers. The agent is responsible for aggregating and managing service needs of their downstream customers and remains our sole counterparty from a contractual and payment perspective.

These terms reflect our current standard commercial practice with agents and may vary on a case-by-case basis depending on the agent's region, scope of work, or project size.

Voltage X implements a comprehensive service delivery and distribution model that combines direct client engagement, strategic partnerships, and versatile service channels — both online and offline. This ensures broad market reach and high-level support for our clients. Our approach includes the following key elements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Direct Client Engagement

Our in-house team of digital marketing experts works directly with clients to understand their unique needs. By offering personalized consultations, strategy sessions, and ongoing project management, we provide tailored solutions that drive results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Strategic Distribution Partnerships

We collaborate with other local agencies and one consultant to expand our market presence. These partnerships are built on shared expertise, joint marketing initiatives, and collaborative client support, enabling us to deliver greater value across a wider network.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Online Service Channels

Our website serves as a central hub for client interaction and information, featuring contact forms and detailed service descriptions. In addition, we leverage social media platforms and targeted email campaigns to nurture leads and engage clients effectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Offline Service Channels

We connect with potential clients through participation in industry events and traditional media advertising, increasing brand visibility across multiple touchpoints.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hybrid Sales Strategy

We employ a hybrid sales strategy that combines direct sales with agent referrals to maximize client acquisition. The Company's internal sales team actively drives new business efforts, while a network of external agents broadens the Company's reach by referring potential clients. This approach allows Voltage X to leverage both in-house expertise and external partnerships, capturing a wider range of leads and supporting the company's growth objectives.

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#### Material Contracts

#### License Agreement
On October 7, 2024, Voltage X Innovations Limited ("VX Innovations") entered into a licensing agreement with Somin Pte. Ltd., under which Somin Pte. Ltd grants VX Innovations a non-exclusive, non-transferable, worldwide license to use, market, and commercialize VXAds and VXMonitor (the "Licensed Products") under the "Voltage X" brand for three years (the "Initial License Term") from October 7, 2024. VX Innovations shall pay an initial fee of USD$25,000. In the event Voltage X Limited completes its IPO on the Nasdaq Capital Markets and subject to the conversion of the convertible note issued on October 7, 2024, VX Innovations will receive access to the latest updates and algorithms for these Licensed Products. In addition, VX Innovations agrees to pay Somin Pte. Ltd 50% of net sales from VXAds and 40% of net sales from VXMonitor, derived from services utilizing the Licensed Products. Somin Pte. Ltd agrees to provide ongoing technical and training support to VX Innovations to ensure the continued functionality and maintenance of the Licensed Products.

#### Convertible Notes
On October 7, 2024, Voltage X Limited issued a convertible note to Kehpitalist Private Limited (the "Holder"), a major shareholder of Somin Pte. Limited. The note has a principal amount of USD $100.00 and matures in 18 months. The note bears 0% interest and includes a conversion feature contingent upon the Company's successful closing of the contemplated initial public offering (IPO) and Nasdaq listing. Upon successful closing of the IPO, the note will automatically convert into 245,178 Class A Ordinary Shares at the IPO price, with a 180-day lock-up period on 36,776 shares. Additionally, the Holder agrees to transfer 5% of the outstanding shares of Somin Pte. Limited to the Company. If the IPO fails to occur by the maturity date specified in the note, the principal amount is repayable in full.

#### Agency Engagement Agreement
On July 1, 2022, VX Innovations entered into an engagement agreement with Top Tree International Consulting Limited ("Top Tree") to engage Top Tree as the local agent to introduce business and provide client support services in Taiwan to VX Innovations. The scope of services outlined under the engagement agreement include but are not limited to business origination and development, social media account management, and community engagement. Top Tree can reimburse any cost incurred in relations to its services provided to VX Innovations. The agreement may be terminated by providing 30 days' written notice by either party. This agreement remains effective until terminated by either party upon 30 days' prior written notice and does not require renewal.

On July 1, 2022, VX Innovations entered into an engagement agreement with Raeon International Property Management Services (VIC) Pty Limited ("RIPMS") to engage RIPMS as the local agent to introduce business and provide client support services in Australia to VX Innovations. The scope of services outlined under the engagement agreement include but are not limited to business origination and development, social media account management, and community engagement. RIPMS can reimburse any cost incurred in relations to its services provided to VX Innovations. The agreement may be terminated by providing 30 days' written notice by either party. This agreement remains effective until terminated by either party upon 30 days' prior written notice and does not require renewal.

On July 1, 2022, VX Innovations entered into an engagement agreement with Raeon Global Limited ("RGL") to engage RGL as the local agent to introduce business and provide client support services in United Kingdom to VX Innovations. The scope of services outlined under the engagement agreement include but are not limited to business origination and development, social media account management, and community engagement. IPW can reimburse any cost incurred in relations to its services provided to VX Innovations. The agreement may be terminated by providing 30 days' written notice by either party. This agreement remains effective until terminated by either party upon 30 days' prior written notice and does not require renewal.

On March 1, 2023, VX Innovations entered into an engagement agreement with Insight Property Wealth Pty Limited ("IPW") to engage IPW as the local agent to introduce business and provide client support services in Australia to VX Innovations. The scope of services outlined under the engagement agreement include but are not limited to business origination and development, social media account management, and community engagement. IPW can reimburse any cost incurred in relations to its services provided to VX Innovations. The agreement may be terminated by providing 30 days' written notice by either party. This agreement remains effective until terminated by either party upon 30 days' prior written notice and does not require renewal.

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The engagement agreements, along with the supplemental agreements executed with each local agent establish the general framework of the relationship between the Company and the respective agents, including the scope of services, responsibilities, and termination provisions. However, these engagement agreements do not contain any provisions regarding fees or pricing terms. The specific fee arrangements for each transaction are negotiated and documented separately under individual sales agreements between the Company and the agents in connection with particular projects or service engagements.

#### Competition
The digital marketing industry is a highly competitive and rapidly evolving space, shaped by technological innovations, the rise of digital channels, and the growing importance of data-driven strategies. According to Statista, global digital advertising spending is projected to continue its robust growth, driven by sectors such as social media, search engine marketing, and video advertising (source: *https://www.statista.com/statistics/237974/online*-advertising-spending-worldwide*/*). The market is characterized by fragmentation, with both large multinational corporations and smaller, specialized firms competing for market share.

Key players in the digital marketing landscape include global giants like WPP (through its subsidiaries Ogilvy, Wunderman Thompson, and GroupM) and Publicis Groupe (with Sapient and Epsilon), who dominate the market through their extensive service offerings and global reach. These firms leverage data-driven marketing techniques and cutting-edge technologies like AI and machine learning to optimize campaigns and deliver personalized content to consumers.

Dentsu Creative (formerly Isobar), another major player, is known for its robust AI capabilities and international presence, offering premium solutions in content creation and digital transformation for traditional businesses. On the consulting side, Deloitte Digital and Accenture Interactive stand out by combining digital marketing with their broader consulting services. Deloitte Digital, for instance, specializes in digital transformation and data-driven marketing, using its vast client network to implement effective strategies, while recently introducing AI tools to enhance creativity and operational efficiency. Accenture Interactive, another top competitor, focuses on customer experience design and digital marketing strategies, helping global brands leverage innovation to drive growth.

In addition to these global titans, regional players like Fimmick, a Hong Kong-based digital marketing agency, and Digital Business Lab, which specializes in Chinese social media platforms, provide specialized services that cater to local markets. Fimmick has integrated AI-driven marketing solutions, making it a strong player in the Asia-Pacific region for large enterprises and government departments. Meanwhile, Digital Business Lab has expanded its operations to Mainland China and Singapore, capitalizing on the rise of Chinese platforms such as WeChat and Weibo, offering content creation, social media marketing, and digital advertising services.

The competitive nature of the digital marketing industry is further intensified by the rising demand for omnichannel marketing, AI-driven automation, and hyper-personalized customer experiences. As noted by Forrester Research, the firms that can best integrate these technologies into their service offerings are likely to emerge as the industry leaders (source: *https://www.forrester.com/*).

In this competitive landscape, as an enhancement to our existing service capabilities, we are aiming to further differentiate ourselves and diversify our revenue sources by rolling out AI-driven solutions, VXAds and VXMonitor systems platforms, that deliver precise marketing analytics and optimize ad performance. Our competitive edge is further sharpened by offering niche, customizable, and personalized marketing solutions that are specifically tailored to meet the unique needs of our clients, setting us apart from the more generalized services provided by larger platforms. Additionally, Voltage X is committed to delivering exceptional customer support, providing dedicated assistance to enhance each client's experience. This focus on creating unique content for each project positions us advantageously against competitors who may offer less personalized services.

However, compared to giants like Dentsu Creative and Deloitte Digital, Voltage X faces challenges such as a smaller market reach, niche clienteles and smaller resources scale in comparison. Additionally, penetrating new geographical markets (such as the United States) beyond that already covered by Voltage X can be challenging against well-established competitors with strong brand recognition and customer loyalty. These factors delineate both the opportunities and challenges for Voltage X in navigating the competitive digital marketing landscape.

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#### Quality Control
Voltage X maintains a quality control system to ensure that all marketing materials and campaigns meet stringent standards for accuracy, relevance, and effectiveness. The review process is conducted in two levels by experienced professionals who are well-versed in quality assurance and industry best practices.

The quality control process typically consists of the following steps:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• First-Level Review: First reviewer performs the initial review of the content, design, and campaign analytics to ensure alignment with brand guidelines and accuracy in execution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Second-Level Review: Second reviewer conducts the final review to confirm that all quality standards are met and that the materials are ready for deployment.

To further ensure quality, a checklist is utilized for the projects performed by VXAds and VXMonitor. This checklist specifies the criteria and guidelines that must be adhered to, facilitating thoroughness and consistency across all campaign elements.

Prior to the formal launch of campaigns to the market and target audiences, at which point no further modifications are permissible, client marketing materials undergo testing and performance analysis to optimize effectiveness. This preliminary testing phase involves deployment within a controlled, small-scale environment comprising approximately 10 to 50 selected participants, in order to collect precise feedback. Following deployment, ongoing monitoring is implemented to ensure that the campaigns meet established performance benchmarks and deliver the expected outcomes.

#### Customer Services and After Sales Services
As of the date of this prospectus, Voltage X operates a robust customer service framework, staffed by 9 multi-role customer service representatives who additionally undertake various other responsibilities within the company. We offer comprehensive support through multiple channels, including telephone hotlines, real-time instant messaging, online inquiry forms, email, and social media platforms.

This multi-channel approach ensures responsive and accessible customer assistance across various regions, providing seamless support to our global clientele.

#### Intellectual Property
As of the date of this prospectus, we had 2 trademarks pending registration.

As of the date of this prospectus, we have acquired the non-exclusive, three-year licensing rights for VXAds and VXMonitor, effective starting from October 7, 2024 from Somin Pte. Ltd. Upon the successful completion of this initial public offering and subject to the automatic conversion of the convertible note issued by Voltage X to Kehpitalist Private Limited on October 7, 2024, we will acquire from Somin Pte. Ltd the right to use the latest algorithms and development rights to the underlying AI systems that support these platforms. The algorithms integral to these products will continue to be treated as confidential know-how and trade secrets and will not be patented publicly.

#### Employees
As of fiscal year 2022, 2023 and 2024, we had 10, 19 and 14 full-time employees, respectively, and 1, 4, and 6 part-time employees, respectively. As of December 31, 2024, we have 16 full-time employees, 6 part-time employees and we also worked with one consultant covering sales, operations and marketing, and finance.

Our full and part-time employees and consultants are situated across Australia, United Kingdom, Taiwan, and Hong Kong. We have entered into employment contracts with all of our full-time employees, our part time staff and consultants. We believe that we maintain a good working relationship with our employees, and we have not experienced material labor disputes in the past. None of our employees are represented by labor unions.

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#### Insurance
We currently do not have health and medical insurance for staff members. We do not maintain any liability insurance or property insurance policies covering equipment and facilities for injuries, death, or losses due to fire, earthquake, flood, or any other disaster, which we believe is consistent with market practice. We do not maintain business interruption insurance, nor do we maintain key-man life insurance. We will have in place director and officer insurance upon being publicly traded.

#### Seasonality
Our business experiences minimal impact from seasonal fluctuations. Demand for our digital marketing services maintains relative stability across the year. Nonetheless, we observe modest upticks in activity coinciding with key marketing periods, including major holidays, end-of-year campaigns, and significant industry events. The diversity of our client base across multiple sectors effectively buffers against potential seasonal impacts, facilitating a steady stream of projects and revenue.

#### Properties and Facilities
Our headquarters is located at Suite 1, Level 2, 34 Queen Street, Melbourne, Australia. We pay a management fee to have access to office spaces across Australia, Hong Kong, Taipei, and the United Kingdom. These facilities are optimally located to cater to the regional and flexible demands of Voltage X's diverse clientele, ensuring effective service delivery and client engagement across these pivotal regions.

---

| | | | |
|:---|:---|:---|:---|
|  **Service Provider** | **Location** | **Term** | **Use** |
|  Raeon International Limited | Australia Office: Suite 1, Level 2, 34 Queen Street, Melbourne Victoria 3000 | From March 1, 2025, to December 31, 2025 | Office and overseas representation offices |
|  | Taiwan Office: Office Nos. 2727-2729, 27<sup>th</sup> Floor, No. 9 Songgao Road, Xinyi District, Taipei City United Kingdom Office: Private Studio or in the open-plan zone of Hucketree West, United Kingdom |  |  |
|  Winner Dynasty Limited | Hong Kong Office: Unit 2502-03, 25<sup>th</sup> Floor, No.88 Hing Fat Street, Causeway Bay, Hong Kong | February 17, 2025, to February 16, 2028 | Office |

---

#### Legal Proceedings
We are not currently a party to any litigation the outcome of which, if determined adversely to us, would individually or in the aggregate be reasonably expected to have a material adverse effect on our business, operating results, cash flows or financial condition.

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#### REGULATIONS
*The following sets forth a description of certain laws, regulations and government policies relating to our industry and our operations in Australia, Hong Kong and Seychelles, and the other government regulations which we consider material.*

#### Australia
Our business operation is subject to many laws, rules, policies, decisions and regulation in Australia, including those related to privacy, data protection, intellectual property, consumer protection, health and safety, employment and labor, competition, information security and taxation. These laws, rules, policies, decision and regulations are constantly evolving and may be interpreted, applied, created, or amended in a manner that could harm our business.

#### Data Privacy and Security Laws
Numerous state, federal and foreign laws, including consumer protection laws and regulations, govern the collection, dissemination, use, access to, confidentiality, and security of personal information. In Australia, numerous laws and regulations, including data breach notification laws, that govern the collection, use, disclosure, and protection of personal information could apply to our operations or the operations of our partners. In particular, Australia's Privacy Act 1988 governs the privacy and security of personal information and many of which provisions are differ from the laws in the United State and Hong Kong in significant ways and may not have the same effect, thus complicating compliance efforts. Failure to comply with these laws, where applicable, can result in the imposition of significant civil and/or criminal penalties and private litigation. Privacy and security laws, regulations, and other obligations are constantly evolving, may conflict with each other to make compliance efforts more challenging, and can result in investigations, proceedings, or actions that lead to significant penalties and restrictions on data processing.

***Actual or perceived failures to comply with applicable data protection, privacy and security laws, regulations, standards and other requirements could adversely affect our business, results of operations, and financial condition.***

The global data protection landscape is rapidly evolving, and we are or may become subject to numerous state, federal and foreign laws, requirements and regulations governing the collection, use, disclosure, retention, and security of personal data. Implementation standards and enforcement practices are likely to remain uncertain for the foreseeable future, and we cannot yet determine the impact future laws, regulations, standards, or perception of their requirements may have on our business. This evolution may create uncertainty in our business, affect our ability to operate in certain jurisdictions or to collect, store, transfer use and share personal information, necessitate the acceptance of more onerous obligations in our contracts, result in liability or impose additional costs on us. The cost of compliance with these laws, regulations and standards is high and is likely to increase in the future. Any failure or perceived failure by us to comply with federal, state or foreign laws or regulation, our internal policies and procedures or our contracts governing our processing of personal information could result in negative publicity, government investigations and enforcement actions, claims by third parties and damage to our reputation, any of which could have a material adverse effect on our operations, financial performance and business.

As our operations and business grow, we may become subject to or affected by new or additional data protection laws and regulations and face increased scrutiny or attention from regulatory authorities. In Australia, Australia's Privacy Act 1988 (Cth), as amended, imposes mandatory data breach notification requirements providing that where personal information is lost or is subject to unauthorized access or disclosure, and that would be likely to lead to serious harm, then affected individuals and the Information Commissioner must be notified within 30 days. A failure to notify can result in penalties of up to A$2.2 million. Further, the sending of commercial electronic messages without prior consent is prohibited under Australia's Spam Act 2003. Violations of this legislation are subject to penalties of up to A$2.1 million for repeat offenders, and the regulator, the Australian Communications and Media Authority, is active in monitoring market behavior and prosecuting infringements. Obligations and restrictions imposed by current and future applicable laws, regulations, contracts, and industry standards may affect our ability to provide all the current features of our products and subscriptions and our customers' ability to use our products and subscriptions, and could require us to modify the features and functionality of our products and subscriptions.

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#### We may not be able to protect our intellectual property rights throughout the world.
Many companies have encountered significant problems in protecting and defending intellectual property rights in certain countries. The legal systems of certain countries, particularly certain developing countries, do not favor the enforcement or protection of patents, trade secrets and other intellectual property, particularly those relating to pharmaceutical and biotechnology products, which could make it difficult for us to stop the infringement of our patents or marketing of competing products in violation of our proprietary rights generally. Proceedings to enforce our patent rights in foreign countries could result in substantial costs and divert our efforts and attention from other aspects of our business, could put our patents at risk of being invalidated or interpreted narrowly and our patent applications at risk of not issuing and could provoke third parties to assert claims against us. We may not prevail in any lawsuits that we initiate and the damages or other remedies awarded, if any, may not be commercially meaningful. Accordingly, our efforts to protect or enforce our intellectual property rights around the world may be inadequate to obtain a significant commercial advantage from the intellectual property that we develop or license.

In Australia, trademarks can be registered or unregistered. A registered trade mark generally provides stronger legal protection than an unregistered trademark. Trademarks can be used to protect a logo, phrase, word, letter, colour, sound, smell, picture, movement, aspect of packaging or any combination of these. If someone believes that our operations is in breach of trademark law, a Notice of Objection with the Australian Border Force can be lodged and seize suspected infringing goods.

#### Regulations on Employment Activities
The Fair Work Ombudsman administer the main legislation and regulations that govern Australia's workplaces. The Fair Work Act 2009 and the Fair Work Regulations 2009 are the main legislation that the Ombudsman deal with. It governs the employee and employer relationship. It aims to provide a safety net of minimum entitlements, enable flexible working arrangements and provide fairness at work and prevent discrimination against employees. The Fair Work (State Referral and Consequential and Other Amendments) Act 2009 and the Fair Work Amendment (State Referrals and Other Measures) Act 2009 changes the Fair Work Act to allow states to refer matters to the Australian Government to form a national workplace relations system. Before this, workplace laws were set and administered by most individual states. States kept their workplace relations powers over state and local government employees. The Independent Contractors Act 2006 protects the rights of genuine independent contractors to enter into a contract for services and prevents interference by any other party. The Privacy Act 1988 regulates how the Australian Government and its agencies use and distribute information they collect about individuals. A new criminal offence for intentional underpayments by employers will be added to the Fair Work Act as part of the new 'Closing Loopholes' laws from no earlier than 1 January 2025. Accordingly, breaches of the Fair Work Act 2009 (the FW Act) involve breaches of civil remedy provisions. Due to the complexity of the legislation, our operation in Australia is subject to be penalised or fined by a court if the court determines that any of the workplace law has been breached.

#### Regulations Related to Business Registration
The Australian Securities and Investments Commission (ASIC) governs the business registration activities in Australia. It requires businesses to register a business name with ASIC and must renew it before it expires. It also require the businesses to obtain an Australian Business Number. Businesses that operates without an ABN may have to withhold up to 47% of the income and send to the Australian Taxation Office. Amongst other applicable regulations, our operation and business in Australia may also be subject to the Goods and Services Taxation, Pay as you go withholding taxation, fringe benefits tax, luxury car tax, fuel tax credits.

#### Corporations Act 2001 (Cth)
Our subsidiary company is incorporated in Australia and are subject to the takeover laws of Australia. Among other things, our subsidiary company is also subject to the *Corporations Act 2001* (Cth) (the "Corporations Act"). As an Australian company, our subsidiary company is subject to different corporate requirements than a corporation organised under the laws of the states of the United States. Our Constitution, as well as the Corporations Act, set forth various rights and obligations that are applicable to us as an Australian company. These requirements may operate differently than those of many U.S. companies. You should carefully review the summary of these matters.

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This document has not been lodged with the Australian Securities & Investments Commission and is only directed to certain categories of exempt persons. Accordingly, if you receive this document in Australia:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) you confirm and warrant that you are either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a "sophisticated investor" under section 708(8)(a) or (b) of the Corporations Act 2001 (Cth) of Australia, or the Corporations Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a "sophisticated investor" under section 708(8)(c) or (d) of the Corporations Act and that you have provided an accountant's certificate to the company which complies with the requirements of section 708(8)(c)(i) or (ii) of the Corporations Act and related regulations before the offer has been made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a person associated with the company under section 708(12) of the Corporations Act; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a "professional investor" within the meaning of section 708(11)(a) or (b) of the Corporations Act; and to the extent that you are unable to confirm or warrant that you are an exempt sophisticated investor, associated person or professional investor under the Corporations Act, any offer made to you under this document is void and incapable of acceptance; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) you warrant and agree that you will not offer any of the shares issued to you pursuant to this document for resale in Australia within 12 months of those shares being issued unless any such resale offer is exempt from the requirement to issue a disclosure document under section 708 of the Corporations Act.

#### Hong Kong
The national laws adopted by the People's Republic of China (the "**PRC**") are generally not applicable to Hong Kong according to the Basic Law of the Hong Kong Special Administrative Region (the "**Basic Law**"). The Basic Law came into effect on July 1, 1997. It is the constitutional document of Hong Kong, which sets out the PRC's basic policies regarding Hong Kong. The principle of "one country, two systems" is a prominent feature of the Basic Law, which dictates that Hong Kong will retain its unique common law and capitalist system for 50 years after the handover in 1997. Under the principle of "one country, two systems," Hong Kong's legal system, which is different from that of the PRC, is based on common law, supplemented by statutes. According to Article 8 of the Basic Law, the laws previously (i.e. before July 1, 1997) in force in Hong Kong, that is the common law, rules of equity, ordinances, subordinate legislation and customary law shall be maintained (after July 1, 1997), except for any that contravene the Basic Law, and subject to any amendment by the legislature of the Hong Kong Special Administrative Region. According to Article 18 of the Basic Law, national laws adopted by the PRC shall not be applied in Hong Kong, except for those listed in Annex III to the Basic Law, such as the laws in relation to the national flag, national anthem, and diplomatic privileges and immunities, and the law of the PRC on safeguarding national security of the Hong Kong Special Administrative Region. However, there is no assurance that there will not be any changes in the political and legal environment in Hong Kong in the future. The Basic Law in particular its Annex III may also be revised in the future due to a change of PRC laws and policies. In that case, we may be subject to the PRC laws and authorities pursuant to any direct or "long arm" provisions of PRC laws and regulations, and as a result we could incur material costs to ensure compliance, be subject to fines, face potential devaluation of securities or delisting, be prohibited to offer securities to foreign investors, and/or no longer be permitted to continue current business operations.

#### Overview
Our operations are subject to various laws and regulations in Hong Kong where we operate. This section sets out a summary of certain general aspects of Hong Kong laws and regulations which are relevant to our operations and business.

#### Regulations Related to Business Registration
The Business Registration Ordinance (Chapter 310 of the Laws of Hong Kong) requires every person carrying on any business to make application to the Commissioner of Inland Revenue in the prescribed manner for the registration of that business. The Commissioner of Inland Revenue must register each business for which a business registration application is made and as soon as practicable after the prescribed business registration fee and levy are paid, issue a business registration certificate or branch registration certificate for the relevant business or the relevant branch as the case may be.

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#### Regulations Related to Supply of Services
The Supply of Services (Implied Terms) Ordinance (Chapter 457 of the Laws of Hong Kong) aims to consolidate and amend the law with respect to the terms to be implied in contracts for the supply of services (including a contract for the supply of a service whether or not goods are also transferred or to be transferred, or bailed or to be bailed by way of hire under the contract) provides that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) under section 5, where the supplier is acting in the course of a business, there is an implied term that the supplier will carry out the service with reasonable care and skill; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) under section 6, where the supplier is acting in the course of a business, the time for service to be carried out is not fixed by the contract, is not left to be fixed in a manner agreed by the contract or is not determined by the course of dealing between the parties, there is an implied term that the supplier will carry out the service within a reasonable time.

Where a supplier is dealing with a party to a contract for supply of service who deals as a consumer, the supplier cannot, by reference to any contract term, exclude or restrict any liability of his arising under the contract by virtue of the Supply of Services (Implied Terms) Ordinance. Otherwise, where any right, duty or liability would arise under a contract for the supply of a service by virtue of the Supply of Services (Implied Terms) Ordinance, it may (subject to the Control of Exemption Clauses Ordinance) be negatived or varied by express agreement, or by the course of dealing between the parties, or by such usage as binds both parties to the contract.

***Regulations Related to Advertisemen****t*

Under section 104 of the Public Health and Municipal Services Ordinance (Chapter 132 of the Laws of Hong Kong), the authorities may make regulations restricting, regulating or prohibiting the exhibition of advertisements, decorations or signs in such place or in such manner or by such means, in the opinion of the authority, may affect injuriously or disfigure (a) the amenities of any place or locality; (b)the natural beauty of a landscape; (c) the view from any highway, railway, tramway, ferry or from any public place or water; (d) the amenities of any village; or(e) the amenities of any historic or public building or monument or of any place frequented by the public solely or chiefly on account of its beauty or historic interest.

Under section 42 of the Race Discrimination Ordinance (Chapter 602 of the Laws of Hong Kong), it is unlawful to publish an advertisement which indicates, or might reasonably be understood as indicating, an intention by a person to do any act which is or might be unlawful by virtue of Part 3 (discrimination and harassment in employment field) or Part 4 (discrimination and harassment in other field) of the said Ordinance. However, the publisher would not be liable to this offence if the publisher proves that (i) the advertisement was published in reliance on a statement made by the person who caused the advertisement to be published that the publication would not be unlawful by reason that intended act would not be unlawful in fact and (ii) it was reasonable for the publisher to rely on that statement.

#### Regulations Related to Data Privacy
The collection, processing, use, storage and access of personal data in Hong Kong are governed by Personal Data (Privacy) Ordinance (Chapter 486 of the Laws of Hong Kong) ("**PD(P)O**").

The PD(P)O provides the principles that a data user must follow in any acts concerning personal data (the "**Data Protection Principles**"). Personal data refers to any data (a) relating directly or indirectly to a living individual; (b) from which it is practicable for the identity of the individual to be directly or indirectly ascertained; and (c) in a form in which access to or processing of the data is practicable.

The Data Protection Principles are summarized as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Principle 1 — Purpose and manner of collection of personal data. This provides for the lawful and fair collection of personal data and sets out the information a data user must give to a data subject when collecting personal data from that subject.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Principle 2 — Accuracy and duration of retention of personal data. This provides that personal data should be accurate, up-to-date and kept no longer than necessary.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Principle 3 — Use of personal data. This provides that unless the data subject gives consent otherwise personal data should be used for the purposes for which they were collected or a directly related purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Principle 4 — Security of personal data. This requires appropriate security measures to be applied to personal data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Principle 5 — Information to be generally available. This provides for openness by data users about the kinds of personal data they hold and the main purposes for which personal data are used.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Principle 6 — Access to personal data. This provides for data subjects to have rights of access to and correction of their personal data.

Contravention with the Data Protection Principles may entitle the Privacy Commissioner for Personal Data to issue a written notice directing the data user to remedy and prevent recurrence of contravention. Contravention with the above notice is an offence and the offender is liable on (i) first conviction to a fine HK$50,000 and to imprisonment for two years, and if the offence continues after the conviction, to a daily penalty of HK$1,000; and (ii) second or subsequent conviction to a fine at HK$100,000 and to imprisonment for two years, and if the offence continues after the conviction, to a daily penalty of HK$2,000. It is a defense to the above offence if the data user shows that he exercised all due diligence to comply with the enforcement notice.

#### Regulations Related to Hong Kong Taxation
*Profits Tax*

Pursuant to the Inland Revenue Ordinance (Chapter 112 of the Laws of Hong Kong) (the "**IRO**"), profits tax shall be charged for each year of assessment at the standard rate on every person carrying on a trade, profession or business in Hong Kong in respect of his assessable profits arising in or derived from Hong Kong for that year from such trade, profession or business.

Under the two-tiered profits tax rates regime set out in Schedule 8B to the IRO. The IRO Amendment Bill was signed into law on 28 March 2018. Under the two-tiered profits tax rates regime, the first HK$2 million of profits of the qualifying group entity will be taxed at 8.25%, and profits above HK$2 million will be taxed at 16.5%. The profits of group entity not qualifying for the two-tiered profits tax rates regime will continue to be taxed at a flat rate of 16.5%. Accordingly, starting from the year of assessment 2018/19, the Hong Kong profits tax is calculated at 8.25% on the first HK$2 million of the estimated assessable profits and at 16.5% on the estimated assessable profits above HK$2 million for the qualifying group entity.

#### Regulations Related to Intellectual Property
*Copyright Law*

Under the Copyright Ordinance (Chapter 528 of the Laws of Hong Kong), the copyright in a work gives the copyright owner the exclusive right to, among other things, reproduce or issue copies of the work to the public. Under the Hong Kong copyright law regime, copyright is an automatic right and it arises when a work is created. It is not necessary to register a copyright work in Hong Kong Special Administrative Region in order to receive protection under the Hong Kong law. Subject to certain exception and depending on the type of work, the general rule is that copyright lasts until 50 years after the author of the work dies.

Pursuant to section 14 of the Copyright Ordinance, where a work is made by an employee in the course of his or her employment, his or her employer is generally the first owner of any copyright in the work subject to any agreement to the contrary and other provisos. Pursuant to section 15 of the Copyright Ordinance, where a work is made on the commission and there is an agreement between the author and the commissioner of the work which expressly provides for the entitlement to the copyright, copyright in the commissioned work belongs to the person who is entitled to the copyright under the said agreement.

It is an infringement for a party to reproduce or issue copies of the copyrighted works without the consent of or a licence from the copyright owner. If an infringement occurs, the copyright owner can bring an action seeking damages or an injunction to restrain the unauthorised copying. The copyright owner may also report the copyright infringement to the Hong Kong Customs and Excise Department for criminal investigation and prosecution of infringer.

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A copyright tribunal comprising members from different sectors of the community has been established to handle copyright licensing disputes and ensure a balancing of interests. The copyright tribunal is established pursuant to section 169 of the Copyright Ordinance and its scope includes deciding disputes relating to licences offered by, or licensing schemes operated by licensing bodies in the copyright and related area.

Pursuant to the section 4 of Copyright Ordinance, computer programme are one of the literary work protected by the Copyright Ordinance. We have not registered the copyright of its software systems in Hong Kong as there is no formal procedure to register copyrights of computer software system in Hong Kong. Should there be any formal procedure to register copyright of computer software system in Hong Kong in the future, we may consider to register the copyright of its software systems in Hong Kong.

*Trade Mark Law*

The Trade Marks Ordinance (Chapter 559 of the Laws of Hong Kong) is a legislative enactment that aims to establish regulations pertaining to the registration of trademarks and other related matters in Hong Kong. A trade mark in Hong Kong may or may not be registered, but if it is not registered in Hong Kong it might not be able to enjoy the protection from the Trade Marks Ordinance even the said trade mark has been registered in other countries. Once a trade mark is registered in Hong Kong with the Hong Kong Trade Marks Registry, the registration will be valid for a period of 10 years beginning on the filing date of the application for registration. As a general rule, a registered trade mark in Hong Kong may be renewed in every 10 years before its expiry upon payment of renewal fees.

A person infringes a registered trade mark if the person uses in the course of trade or business with a sign which is (a) identical to the trade mark in relation to goods or services which are identical to those for which it is registered; (b) identical to the trade mark in relation to goods or services which are identical or similar for those for which it is registered, and the use of the sign in relation to those goods or services is likely to cause confusion on the part of the public; (c) similar to the trade mark in relation to goods or services which are identical or similar to those for which it is registered, and the use of the sign in relation to those goods or services is likely to cause confusion on the parts of the public; or (d) identical or similar mark in relation to goods or services which are not identical or similar to those for which the trade mark is registered, where the trade mark is entitled to protection under the Paris Convention as a well-known trade mark, and the use of the sign, being without due cause, takes unfair advantages of, or is detrimental to, the distinctive character or repute of the trade mark.

Pursuant to section 22 of the Trade Marks Ordinance, the owner of a registered trade mark is entitled to bring infringement proceedings against a person infringing his or her or its trade mark for damages, injunctions, accounts and any other relief available in law. The owner of a registered trade mark may also report the infringement to the Hong Kong Customs and Excise Department for criminal investigation and prosecution of infringer.

#### Regulations Related to Employment
*Employment Ordinance (Chapter 57 of the Laws of Hong Kong)*

The Employment Ordinance provides for various employment-related benefits, entitlements and protection to employees. Pursuant to the Employment Ordinance, all employees covered, irrespective of their hours of work, are entitled to basic protection including payment of wages, restrictions on wages deductions and the granting of statutory holidays, etc. Employees who are employed under a continuous contract are further entitled to benefits such as rest days, paid annual leave, sickness allowance, severance payment and long service payment, etc. Any provision of employment contract which purports to extinguish or reduce the right, benefit or protection conferred on the employee under the Employment Ordinance is void.

*Occupational Safety and Health Ordinance (Chapter509 of the Laws of Hong Kong) (the "****OSHO****")*

Pursuant to section 6 of the OSHO, employers must as far as reasonably practicable ensure the safety and health at workplaces of all the employer's employees by:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) providing and maintaining of plant and work systems that are safe and without risks to health;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) making arrangements for ensuring safety and absence of risks to health in connection with the use, handling, storage or transport of plant or substances;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) as regards any workplace under the employer's control:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) maintaining the workplace in a condition that is safe and without risks to health; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) providing and maintaining means of access to and egress from the workplace that are safe and without any such risks

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) providing all necessary information, instructions, training and supervision for ensuring safety and health; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) providing and maintaining a working environment for the employer's employees that is safe and without risks to health.

*Employees' Compensation Ordinance (Chapter 282 of the Laws of Hong Kong) (the "****ECO****")*

The ECO establishes a no-fault and non-contributory employee compensation system for work injuries and sets out, among others, the rights and obligations of employers and employees in respect of injuries or death caused by accidents arising out of and in the course of employment or in respect of occupational diseases. If an employee sustains injuries or dies as a result of an accident arising out of and in the course of employment, the employer is generally liable to pay compensation even if the employee might have committed acts of faults or negligence when the accident occurred. Similarly, an employee who dies or suffers incapacity arising from an occupational disease is entitled to receive the same compensation from the employer as that payable to employees injured or died arising out of and in the course of employment.

Pursuant to section 15 of the ECO, all employers must notify the Commissioner for Labour of any work accident by submitting Form 2 (within 14 days for general work accidents and within 7 days for fatal accidents), irrespective of whether the accident gives rise to any liability to pay compensation.

Pursuant to section 40 of the ECO, all employers are required to take out compulsory insurance policies to cover the employer's liabilities for injuries or death at work in respect of all their employees. An employer who fails to comply with the aforementioned is liable on conviction upon indictment to a fine of HK$100,000 and to imprisonment for two years, or on summary conviction to a fine of HK$100,000 and to imprisonment for one year.

*Mandatory Provident Fund Schemes Ordinance (Chapter 485 of the Laws of Hong Kong) (the "****MPFSO****")*

A Mandatory Provident Fund scheme is a defined contribution retirement plan administrated by non-governmental, independent trustees. Under the MPFSO, an employer is generally required to participate in a registered Mandatory Provident Fund scheme, for its employees employed under the Hong Kong Employment Ordinance (Chapter 57 of the Laws of Hong Kong), except for certain exempt persons. The employer and its relevant employee, are each required to make contributions to the registered Mandatory Provident Fund scheme of up to 5% of the relevant employees' relevant income, including any wages, salary, leave pay, fee, commission, bonus, gratuity, perquisite or allowance expressed in monetary terms, paid or payable by the employer to the relevant employee in consideration of his employment.

*Minimum Wage Ordinance (Chapter 608 of the Laws of Hong Kong) (the "****MWO****")*

Except for an apprentice registered under the Apprenticeship Ordinance (Chapter 47 of the Laws of Hong Kong), domestic helper, student intern and work experience student, the prescribed minimum hourly wage rate (currently set at HK$40.0 per hour) during the wage period for every employee is governed by the MWO. Any provision of employment contract which purports to extinguish or reduce the right, benefit or protection conferred on the employee under the MWO is void.

#### Seychelles
We do not have any business operations based onshore in the Seychelles and the Seychelles Subsidiaries do not conduct any business activity which requires them to be subject to licensing laws and regulations in Seychelles. The Seychelles Subsidiaries are, however, governed by the local regulatory compliance frameworks under which they are incorporated, such as the International Business Companies Act, 2016 and the Beneficial Ownership Act, 2020, which are subject to ongoing changes and may be interpreted, applied, amended, or newly enacted in ways that could adversely impact our business. Compliance with these evolving regulations may require us to modify our practices or incur additional costs, potentially affecting our operations and profitability.

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#### MANAGEMENT
Set forth below is information concerning our directors and executive officers.

---

| | | |
|:---|:---|:---|
|  **Name** | **Age** | **Position(s)** |
|  Cheung Terence | 44 | Executive Director and Chief Executive Officer |
|  Lai Tsun Shing | 36 | Chief Financial Officer |
|  Lun Tak Po | 36 | Executive Director and Chief Investment Officer |
|  Allen Rebecca Marlene | 34 | Chief Marketing Officer |
|  Ling Kin Ho | 40 | Senior Business Development Director (Asia Pacific) |
|  Tam Chun Wai Edwin | 43 | Independent Director |
|  Levent Shevki | 47 | Independent Director |
|  Shum Sze Wan | 41 | Independent Director |
|  Leung Michael Chi Chung | 64 | Independent Director |

---

#### Management
**Cheung Terence** is the founder and has served as Chief Executive Officer of Voltage X since 2021. Prior to founding the Company, he founded and served as Chief Executive Officer of Raeon International Ltd since 2014. His other business ventures include NAOC Financial Services, Verve Finance, Verve Real Estate, and Wealth Planet Australia. He currently serves on the boards of the World Green Organization, KIN Foodhall, and Ovation Group Australia. Mr. Cheung attended the University of Melbourne from 1999 to 2003 where he received a B.A. in Information Systems as well as a B.A. in Commerce.

**Lai Tsun Shing** is the Chief Financial Officer of Voltage X. Prior to his time at the company he served as an Accounting Manager at Raeon International Limited since 2021. Mr. Lai has also held positions as a Senior Accountant at Great Fortune Enterprise Company Limited from 2018 to 2020, and as a Senior Account Receivable Clerk at Eton Management Limited from 2015 to 2018. He began his career as a Junior Auditor at T.O.HO & CO. from 2012 to 2015. Mr. Lai is a Certified Public Accountant and a Chartered Accountant. Mr. Lai holds an Associate's Degree in Accounting and Finance from Hong Kong Community College as well as a Bachelors in Business Administration with Honors in Accounting from The Open University of Hong Kong.

**Lun Tak Po** serves as the Chief Investment Officer of Voltage X. Prior to his current role, Mr. Lun held positions as Business Development Manager at Mobexo from August 2013 to February 2014, and as Research Associate at Heidrick and Struggles from April 2013 to July 2013. He began his career as an Auditor at Deloitte in Hong Kong from September 2011 to January 2013. Mr. Lun holds a degree in Management Studies from the University of Nottingham in the United Kingdom and has completed the Blockchain Strategy Program at the University of Oxford.

**Allen Rebecca Marlene** serves as the Chief Marketing Officer of Voltage X. Prior to her current position, Ms. Marlene was a Personal Trainer at Derrimuts Gtm from 2015 to 2023, and a Settlements Coordinator at Insight Property Wealth from 2023 to 2024. She is a graduate of Hampton Park Secondary College.

**Ling Kin Ho** serves as the Senior Business Development Director at Voltage X. Mr. Ling began his digital marketing career in 2010 with Heng Seong International Co., Ltd., served as Sales Manager at DayDayCook (NYSE: DDC) from 2018 to 2020 and Business Development Director at Xact Digital Limited since 2021. Mr. Ling holds a Bachelor of Commerce degree from Curtin University of Technology, Perth, Australia, which he obtained in 2007. He also holds a Diploma in Commerce from Curtin University Technology which he obtained in 2004.

#### Independent Directors
The following noteworthy experience, qualifications, attributes, and skills for each of our independent directors, together with the biographical information for each in dependent director described below, led to our conclusion that such persons should serve as our independent directors in light of our business and structure:

**Tam Chun Wai Edwin** has served on the Board of Directors since September 2024. He has also been serving as the Chief Financial Officer of Fitell Corporation since June 2025 and an Audit Partner at Noble Partners CPA Co., a certified public accountant's firm in Hong Kong, since July 2018. He served as Vice President and Group Financial Controller at Greenheart Group Limited (SEHK:94) from 2010 to 2018. He began his career at Ernest & Young as a staff accountant in 2003. Besides, he currently also serves as the authorized representative and company secretary for

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several companies listed on the Hong Kong Stock Exchange, including Feiyang International Holdings Group Limited (SEHK:1901) since January 2019, Jianzhong Construction Development Limited (SEHK:589) since March 2024, Ficus Technology Holdings Limited (SEHK:8107) since May 2019, TL Natural Gas Holdings Limited (SEHK:8536) since May 2019, and HealthyWay Inc (SEHK:2587) since May 2023. Mr. Tam has been a practicing fellow member of the Hong Kong Institute of Certified Public Accountants since February 2008, a fellow member of the Association of Chartered Certified Accountants since November 2011, and a fellow member of both The Hong Kong Chartered Governance Institute and The Charted Governance Institute since November 2022. Mr. Tam holds a B.A. in Accounting and Finance from Manchester Metropolitan University in June 2003.

**Levent Shevki** has served on the Board of Directors since August 2024. Previously he has served as the Chief Executive Officer of Cornwalls Capital since 2001, as well as a Partner at Cornwalls Lawyers Pty Ltd. since 2016. Mr. Shevki has also been a founder and investor in several companies, including Twenty3 Sport and Entertainment, where he serves on the board and oversees its capital investment arm. Mr. Shevki has been recognized as one of Australia's best lawyers by The Australian. He holds a Bachelor of Commerce and a Bachelor of Laws from University of Melbourne.

**Shum Sze Wan** has served on the Board of Directors since August 2024. Previously, Ms. Shum has served as the Brand Experience Director at Foris Inc since 2021, and Director at 891 Limited since 2021. She has been a jury member of the Favourite Website Awards (FWA) since 2015 and holds a B.F.A in Fine Arts from ArtCenter College of Design.

**Leung Michael Chi Chung** has served on the Board of Directors since August 2024. Previously, he has served as the Group Chairman & Chief Executive Officer of SDM Global (Holdings) Limited from 2024 to present. He has also been an Independent Director and business development advisor for ONVEST LLC since 2010. Mr. Leung is a member of the Stanford Business School Alumni Association and the Hong Kong University Foundation. He has been recognized with the Asia-Pacific Honorable Leader Award by the Asia Pacific Entrepreneur Association and received "Bauhinia Merit 1997-2012" accolade for his contributions to societal development and economic benefits. Mr. Leung holds a Bachelor of Arts in Business Administration from Ottawa University and an M.B.A from Oklahoma City University.

#### Family Relationships
None of our directors or executive officers has a family relationship as defined in Item 401 of Regulation S-K.

#### Involvement in Certain Legal Proceedings
To the best of our knowledge, none of our directors or executive officers has, during the past 10 years, been involved in any legal proceedings described in subparagraph (f) of Item 401 of Regulation S-K.

#### Board of Directors
Our board of directors will consist of six directors upon closing of this offering, four of whom shall be "independent" within the meaning of Section 5605(a)(2) of the NASDAQ Listing Rules and will meet the criteria for independence as set forth in Rule 10A-3 of the Exchange Act. As of the last fiscal year ended June 30, 2024, we had one director Lun Tak Po and at the date of this lodgment has two executive directors Cheung Terence and Lun Tak Po and four independent directors Tam Chun Wai Edwin, Levent Shevki, Shum Sze Wan and Leung Michael Chi Chung.

#### Terms of Directors and Executive Officers
Each of our directors holds office until such time as they are removed from office by the Company by Ordinary Resolution unless the director was appointed by our board of directors, in which case such director holds office until the third-year anniversary of that appointment at which time such director is eligible for re-election. All our executive officers are appointed by and serve at the discretion of our board of directors.

#### Directors and Executive Officers Appointment Letters
We have entered into appointment letters with each of our directors and executive officers. Each of our executive officers is employed until either the Company or the executive officer gives a three-month prior written notice to terminate such employment. Additionally, the Chief Executive Officer and Chief Investment Officer's appointments are contingent upon the ongoing fulfillment of their obligations and (if the post-offering articles of association of the Company so provides) the successful re-election by the Company's shareholders at the Company's annual general meeting. The Chief Executive Officer and Chief Investment Officers appointments are further subject to their

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agreements to apply themselves and discharge their duties as a director in accordance with the post-offering articles of association of the Company and the Companies Act (as revised) of the Cayman Islands, as well as uphold the high standards of corporate governance as set forth in the Nasdaq Listing Rule 5600 Series subsequent to the Listing. We may terminate the employment for cause, at any time, without notice or remuneration, for certain acts of the executive officer, including but not limited to the commitments of any serious or persistent breach or non-observance of the terms and conditions of the employment, conviction of a criminal offense other than one which in the opinion of the board does not affect the executive's position as our employee, willful disobedience of a lawful and reasonable order, misconduct being inconsistent with the due and faithful discharge of the executive officer's material duties, fraud or dishonesty, or habitual neglect of his or her duties. We may terminate the employment without cause at any time with a three-month prior written. The executive officer may resign prior to the expiration of the employment agreement if such resignation or an alternative arrangement with respect to his or her employment is approved by our board of directors.

Each executive officer has agreed to hold, at all times during the term of his or her employment and after termination, in strict confidence and not to use, except for our benefit, or disclose to any person, corporation or other entity without our written consent, any confidential information.

In addition, each executive officer has agreed to be bound by non-competition and non-solicitation restrictions set forth in their agreements. Specifically, each executive officer has agreed not to be engaged or interested directly or indirectly in any official capacity in any other trade, business, occupation, or assignment outside the Company not already previously disclosed, unless otherwise approved and consented by the Board of Directors in writing.

Each of our directors are appointed to a three-year term or until either the Company or the executive officer gives a two-month prior written notice to terminate such appointment. All director appointments are contingent upon the ongoing fulfillment of their obligations and the successful re-election by the Company's shareholders at the Company's annual general meeting. Director appointments are further subject to their agreements to apply themselves and discharge their duties as a director in accordance with the post-offering articles of association of the Company and the Companies Act (as revised) of the Cayman Islands, as well as uphold the high standards of corporate governance as set forth in the Nasdaq Listing Rule 5600 Series subsequent to the Listing. We may terminate the appointment for cause, at any time, without notice or remuneration, for certain acts of the director, including but not limited to the commitments of any serious or persistent breach or non-observance of the terms and conditions of the employment, conviction of a criminal offense other than one which in the opinion of the board does not affect the director's position, willful disobedience of a lawful and reasonable order, misconduct being inconsistent with the due and faithful discharge of the directors material duties, fraud or dishonesty, or habitual neglect of his or her duties. We may terminate the appointment without cause at any time with a two-month prior written. The director may resign prior to the expiration of the appointment if such resignation or an alternative arrangement with respect to his or her employment is approved by our board of directors.

Each director has agreed to hold, at all times during the term of his or her appointment and after termination, in strict confidence and not to use, except for our benefit, or disclose to any person, corporation or other entity without our written consent, any confidential information.

*CEO Appointment Letter*

In June 2024 we entered into an appointment letter (the "Appointment Letter") with our Chief Executive Officer and Executive Director, Mr. Terence Cheung. The Appointment Letter sets Mr. Cheung's salary at USD 150,000 per annum paid out in an equivalent amount of twelve (12) months per calendar year, with annual raises assessed and approved of by the Compensation Committee of the Board of Directors. Mr. Cheung shall also be entitled to receive a 15% sales commission for sales that he brings in, as well as a cash bonus upon completion of one full year's service (or a pro-rata portion thereof if service is less than one year), at the full discretion of the Board of Directors of the Company and approval of the Compensation Committee. In addition to the cash bonus, as an executive director, Mr. Cheung is entitled to receive share bonuses with the amount, cap, timing, and vesting subject to the full discretion of the Company and approval of the Compensation Committee. Mr. Cheung may also be entitled to be granted options to purchase Class A ordinary shares of the Company, at the discretion of the Board, as pursuant to the particulars described by the Company's Share Option Plan. The Company will reimburse Mr. Cheung for reasonable travel, hotel, and other business-related expenses. Pursuant to the Appointment Letter, the Company will maintain Directors' and Officers' liability insurance for the duration of his appointment.

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*CFO Appointment Letter*

In June 2024 we entered into an appointment letter (the "Appointment Letter") with our Chief Financial Officer, Mr. Lai Tsun Shing. The Appointment Letter sets Mr. Lai's salary at USD 82,000 per annum paid out in an equivalent amount of twelve (12) months per calendar year, with annual raises assessed and approved of by the Compensation Committee of the Board of Directors. Mr. Cheung shall also be entitled to receive a cash bonus upon completion of one full year's service (or a pro-rata portion thereof if service is less than one year), at the full discretion of the Board of Directors of the Company and approval of the Compensation Committee. In addition to the cash bonus, Mr. Cheung is entitled to receive share bonuses with the amount, cap, timing, and vesting subject to the full discretion of the Company and approval of the Compensation Committee. Mr. Cheung may also be entitled to be granted options to purchase Class A ordinary shares of the Company, at the discretion of the Board, as pursuant to the particulars described by the Company's Share Option Plan. The Company will reimburse Mr. Cheung for reasonable travel, hotel, and other business-related expenses. Pursuant to the Appointment Letter, the Company will maintain Directors' and Officers' liability insurance for the duration of his appointment.

#### Qualification
There is currently no shareholding qualification for directors, although a shareholding qualification for directors may be fixed in the future by our shareholders by ordinary resolution.

#### Committees of the Board of Directors
We intend to establish three Committees under our board of directors: an Audit Committee, a Compensation Committee, and a Nominating and Corporate Governance Committee. We currently have in place an Audit and Risk Management Committee Charter which we intend to amend in order to comply with NASDAQ requirements. We will adopt a formal charter for each of the Compensation and Nominating and Governance committees prior to the closing of this offering. We have determined that Tam Chun Wai Edwin, Levent Shevki, Shum Sze Wan, and Leung Michael Chi Chung will satisfy the "independence" requirements of Section 5605(a)(2) of the Nasdaq Listing Rules and Rule 10A-3 under the Securities Exchange Act. Each Committee's members and functions are described below.

Members will serve on these committees until their resignation or until otherwise determined by our board of directors.

*Audit Committee.* Each of our Audit Committee members will satisfy the "independence" requirements of the NASDAQ listing rules and meet the independence standards under Rule 10A-3 under the Exchange Act. We have determined that Tam Chun Wai Edwin upon his appointment as an independent director will possess the accounting or related financial management experience that qualifies him as an "audit committee financial expert" as defined by the rules and regulations of the SEC. The Audit Committee will oversee our accounting and financial reporting processes and the audits of the financial statements of our company. The Audit Committee will be responsible for, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• appointing the independent auditors and pre-approving all auditing and non-auditing services permitted to be performed by the independent auditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing with the independent auditors any audit problems or difficulties and management's response;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• discussing the annual audited financial statements with management and the independent auditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing the adequacy and effectiveness of our accounting and internal control policies and procedures and any steps taken to monitor and control major financial risk exposures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and approving all proposed related party transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• meeting separately and periodically with management and the independent auditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• monitoring compliance with our code of business conduct and ethics, including reviewing the adequacy and effectiveness of our procedures to ensure proper compliance; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• review the Company's risk management framework including in relation to economic, environmental, and social sustainability risk at least annually.

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Upon completion of this offering, the members of the Audit Committee will be Tam Chun Wai Edwin, Levent Shevki, Shum Sze Wan, and Leung Michael Chi Chung. Tam Chun Wai Edwin will be the chairperson of the Audit Committee. We are drawing upon Edwin's prior experience as a director on the board of directors of various institutions including as the chair of the audit and risk committee of another Australian-based company in naming him as the chairperson of the Audit Committee.

*Compensation Committee.* All of our Compensation Committee members will satisfy the "independence" requirements of the NASDAQ listing rules and meet the independence standards under Rule 10A-3 under the Exchange Act. The Compensation Committee will assist the board in reviewing and approving the compensation structure, including all forms of compensation, relating to our directors and executive officers. Our chief executive officer may not be present at any Committee meeting during which his compensation is deliberated. The Compensation Committee will be responsible for, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and approving the total compensation package for our most senior executive officers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• approving and overseeing the total compensation package for our executives other than the most senior executive officers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and recommending to the board with respect to the compensation of our directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing periodically and approving any long-term incentive compensation or equity plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• selecting compensation consultants, legal counsel, or other advisors after taking into consideration all factors relevant to that person's independence from management; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing programs or similar arrangements, annual bonuses, employee pension and welfare benefit plans.

Upon completion of this offering, the members of the Compensation Committee will be Tam Chun Wai Edwin, Levent Shevki, Shum Sze Wan, and Leung Michael Chi Chung. Shum Sze Wan will be the chairperson of the Compensation Committee.

*Nominating and Corporate Governance Committee.* A majority of our Nominating and Corporate Governance Committee members will satisfy the "independence" requirements of the NASDAQ listing rules and meet the independence standards under Rule 10A-3 under the Exchange Act. The Nominating and Corporate Governance Committee will assist our board of directors in selecting individuals qualified to become our directors and in determining the composition of the board and its committees. The Nominating and Corporate Governance Committee is responsible for, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• identifying and recommending nominees for election or re-election to our board of directors or for appointment to fill any vacancy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing annually with our board of directors its current composition in light of the characteristics of independence, age, skills, experience and availability of service to us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• identifying and recommending to our board of directors to serve as members of Committees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• advising the board periodically with respect to significant developments in the law and practice of corporate governance as well as our compliance with applicable laws and regulations, and making recommendations to our board of directors on all matters of corporate governance and on any corrective action to be taken; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• monitoring compliance with our code of business conduct and ethics, including reviewing the adequacy and effectiveness of our procedures to ensure proper compliance.

Upon completion of this offering, the members of the Nominating and Corporate Governance Committee will be Tam Chun Wai Edwin, Levent Shevki, Shum Sze Wan, and Leung Michael Chi Chung. Mr. Levent Shevki will be the chairperson of the Nominating and Corporate Governance Committee.

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#### Share Incentive Plan
We plan to adopt the Share Incentive Plan, or the Plan, to attract and retain best available personnel, provide additional incentives to employees, directors and consultants, and promote the success of our business. Under the Plan, the maximum aggregate number of shares which may be issued pursuant to all awards (including incentive share options) are 1,700,000 Class A Ordinary Shares, representing approximately 10% of the total outstanding shares of our company on an as-converted basis as of the date of the adoption of the Plan. Each July 1, starting from July 1, 2025, an additional number of shares equal to the lesser of (A) 2% of the number of Class A Ordinary Shares in issue (on a fully-diluted basis) on the immediately preceding June 30, and (B) such lower number of Class A Ordinary Shares as may be reserved and available pursuant to this Plan, determined by the Compensation Committee of the Board of Directors, subject in all cases to adjustment as provided in Section 10 of the Plan.

Each grant of shares under the Plan is documented in a formal Share Incentive Agreement with the Plan administrator determining all terms of the grant including vesting schedule, forfeiture and repurchase rights, the exercise price (if applicable), the payment method, and any rights of first refusal. The Plan administrator may allow select grantees to defer receipt of shares or payments from incentives and set rules on how such deferrals accrue interest or earnings. If permitted by the Board of Directors, Grantees may exercise unvested options early. Any unvested shares acquired this way may be subject to repurchase or other restrictions. The maximum term of a Share Incentive is defined in the respective Share Incentive Agreement but cannot exceed 10 years if intended to qualify as a Share Incentive under tax rules. Share Incentives can be transferred via will or inheritance and during life with Plan administrator approval. If employment with the Company ends, Grantee has 90 days to exercise vested incentives.

The administrator of the Plan will set the exercise or settlement price in accordance with the respective Share Incentive Agreement and any applicable laws. The method and form of payment are determined by the administrator of the Plan but cannot be less than the par value of the Class A Ordinary Shares. Shares won't be delivered until tax withholding obligations are satisfied with the Grantee being solely responsible for their personal tax liabilities.

Share Incentives can be exercised or settled as determined by the Plan administrator and outlined in the respective Share Incentive Agreement. Class A Ordinary Shares will not be issued unless the issuance complies with the Company's Articles of Association and any applicable laws. If there are any corporate events affecting the share structure (e.g., share splits, dividends, mergers), the Administrator may adjust the number of shares in existing grants, the exercise or grant prices, the maximum number of shares available, the vesting schedules, or other terms. Upon a major corporate transaction like a merger or acquisition, all unexercised Share Incentives will terminate, unless they are assumed by the acquiring or surviving company. The Share Incentives that are unassumed or unreplaced, the administrator of the Plan may accelerate vesting, making them fully exercisable and released from repurchase or forfeiture restrictions before the corporate transaction takes effect. In the event of a change of control of the Company, the administrator may fully accelerate vesting for all existing Share Incentives, provided the Grantee is still employed by the Company at the effective date.

The Board may amend, suspend, or terminate the Plan at any time with no new Share Incentives able to be granted while the Plan is suspended or after it is terminated. Existing Share Incentives that already granted are protected and cannot be adversely affected by an amendment, suspension, or termination of the Plan. The Company is required to reserve enough authorized but unissued shares to meet future Plan requirements. Participation in the Plan by employees or consultants does not guarantee continued employment or service at the Company. Grantees are treated as general unsecured creditors. The Company has no obligation to set aside funds, create trusts, or segregate assets under the Plan and Grantees do not have shareholder rights until they actually own the Plan shares after exercise, vesting, or settlement of their respective grant.

#### Code of Business Conduct and Ethics
Our board of directors will adopt a code of business conduct and ethics that is applicable to all of our directors, officers, and employees. We will make our code of business conduct and ethics publicly available on our website prior to the initial closing of this offering.

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#### Duties and Functions of Directors
Under Cayman Islands law, our directors owe fiduciary duties to our Company, including a duty of loyalty, a duty to act honestly and a duty to act in what they consider in good faith to be in our best interests. Our directors must also exercise their powers only for a proper purpose. Our directors also owe to our Company a duty to exercise the skill they actually possess and such care and diligence that a reasonable prudent person would exercise in comparable circumstances. It was previously considered that a director need not exhibit in the performance of his duties a greater degree of skill than may reasonably be expected from a person of his knowledge and experience. However, English and Commonwealth courts have moved toward an objective standard with regard to the required skill and care and these authorities are likely to be followed in the Cayman Islands. In fulfilling their duty of care to us, our directors must ensure compliance with our memorandum and articles of association, as amended and restated from time to time. Our Company has the right to seek damages if a duty owed by our directors is breached. In limited exceptional circumstances, a shareholder may have the right to seek damages in our name if a duty owed by our directors is breached. In accordance with our post-offering articles of association, the functions and powers of our board of directors include, among others, (i) convening shareholders' general meetings and reporting its work to shareholders at such meetings, (ii) declaring and paying interim dividends or recommending final dividends in accordance with the respective rights of the shareholders, (iii) appointing and removing any person as officers, secretary or to any office that may be required for the period and on the terms as the directors think fit, and (iv) approving the transfer of shares of our Company, including the registering of such shares in our share register. In addition, in the event of a tie vote, the chairman of our board of directors may, if he wishes, exercise a casting vote.

#### Compensation of Directors and Executive Officers
For the fiscal year ended June 30, 2025, we paid an aggregate of HK$1,256,201 (US$161,051) as compensation to our executive officers and directors. For the fiscal year ended June 30, 2024, we paid an aggregate of HK$1,196,694 (US$153,422) as compensation to our principal executive officers. For the fiscal year ended June 30, 2024, the "principal executive officers" and their positions with the Company were as follows: Cheung Terence, Executive Director and Chief Executive Officer; Lai Tsung Shing, Chief Financial Officer; Lun Tak Po, Executive Director and Chief Investment Officer; Allen Rebecca Marlene, Chief Marketing Officer; and Ling Kin Ho, Senior Business Development Director. We have not set aside or accrued any amount to provide pension, retirement, or other similar benefits to our directors and executive officers. As of the end of our most recently completed fiscal year, none of our named executive officers nor directors received equity awards.

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#### PRINCIPAL SHAREHOLDERS
Except as specifically noted, the following table sets forth information with respect to the beneficial ownership of our Class A Ordinary Shares as of the date of this prospectus by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each of our directors and executive officers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each person known to us to beneficially own more than 5% of our Class A Ordinary Shares on an as-converted basis.

The calculations in the table below are based on 17,211,011 Class A Ordinary Shares and 100,000 Class B Ordinary Shares outstanding as of the date of this prospectus.

Beneficial ownership is determined in accordance with the rules and regulations of the SEC. In computing the number of shares beneficially owned by a person and the percentage ownership of that person, we have included shares that the person has the right to acquire within 60 days, including through the exercise of any option, warrant or other right or the conversion of any other security. These shares, however, are not included in the computation of the percentage ownership of any other person.

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Beneficial Ownership <br>prior to the Offering** | **Beneficial Ownership <br>prior to the Offering** | **Beneficial Ownership <br>prior to the Offering** | **Beneficial Ownership <br>prior to the Offering** | **Beneficial Ownership after to the Offering** | **Beneficial Ownership after to the Offering** | **Beneficial Ownership after to the Offering** | **Beneficial Ownership after to the Offering** | **Beneficial Ownership after to the Offering** | **Beneficial Ownership after to the Offering** | **Beneficial Ownership after to the Offering** |
|  | **Class A Ordinary <br>Shares** | **Class A Ordinary <br>Shares** | **Class B Ordinary <br>Shares** | **Class B Ordinary <br>Shares** | **Class A Ordinary <br>Shares** | **Class A Ordinary <br>Shares** | **Class A Ordinary <br>Shares** | **Class B Ordinary <br>Shares** | **Class B Ordinary <br>Shares** | **% of Total <br>Ordinary <br>Shares** | **% of Total <br>Voting Power <br>(as-converted)** |
|  | **Shares** | **%** | **Shares** | **%** | **Shares** | **% after <br>the <br>Minimum <br>Offering** | **% after the <br>Maximum <br>Offering** | **Shares** | **%** | **% of Total <br>Ordinary <br>Shares** | **% of Total <br>Voting Power <br>(as-converted)** |
|  **Directors and Executive Officers**: |  |  |  |  |  |  |  |  |  |  |  |
|  CHEUNG Terence |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; *Executive Director and Chief Executive Officer* | 5688900<br><sup>(1)</sup> | 33.1% | 100000 | 100.0% | 5728899 | [•] | [•] | 100000 | 100.0% | [•]% | [•]% |
|  LUN Tak Po |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; *Executive Director and Chief Investment Officer* | 451715<br><sup>(2)</sup> | 2.6% |  |  | 218272 | [•] | [•] |  |  | [•]% | [•]% |
|  LAI Tsun Shing |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; *Chief Financial Officer* |  |  |  |  |  |  |  |  |  | [•]% | [•]% |
|  LING Kin Ho |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; *Senior Business Development Director (Asia Pacific)* | 80313 | 0.5% |  |  | 200782 | [•] | [•] |  |  | [•] | [•] |
|  ALLEN Rebecca Marlene |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; *Chief Marketing Officer* |  |  |  |  |  |  |  |  |  |  |  |
|  TAM Chun Wai Edwin |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; *Independent Director* |  |  |  |  |  |  |  |  |  |  |  |
|  LEUNG Michael Chi Chung |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; *Independent Director* |  |  |  |  |  |  |  |  |  | [•] | [•] |
|  SHUM Sze Wan |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; *Independent Director* |  |  |  |  |  |  |  |  |  | [•] | [•] |
|  SHEVKI Levent |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; *Independent Director* |  |  |  |  |  |  |  |  |  |  |  |
|  **Total of all directors and executive officers (9 persons)** | 6220928 | 36.1% | 100000 | 100.0% | 6147953 | [•] | [•] | 100000 | 100.0% | [•]% | [•]% |
|  **5% Shareholders:** |  |  |  |  |  |  |  |  |  |  |  |
|  ATAT Holdings Limited | 5688900<br><sup>(1)</sup> | 33.1% | 100000 | 100.0% | 5728899 | [•] | [•] | 100000 | 100.0% | [•]% | [•]% |
|  Trillion Meeres Global Limited | 1033707<br><sup>(3)</sup> | 6.0% |  |  | 2561707 | [•] | [•] |  |  | [•]% | [•]% |

---

____________

Represents the voting power with respect to all of our Class A Ordinary Shares and Class B Ordinary Shares, voting as a single class and on an as converted basis, since following this Offering, each Class B Ordinary Share can be converted at any time on a one-for-one basis (subject to adjustments) into Class A Ordinary Share at the discretion of the holder. (See "Description of Share Capital") Accordingly, the percentage is based on 17,211,001 Class A Ordinary Shares; such figure includes full conversion of the Class B Ordinary Shares and based on the Maximum Offering amount.

(1) Consists of 5,688,900 Class A Ordinary Shares and 100,000 Class B Ordinary Shares held by ATAT Holdings Limited ("ATAT"), a company wholly-owned by a trust whose beneficiary are Mr. Cheung Terence and his family members. Mr. Cheung maintains sole power to direct the trustee with respect to the exercise of any voting control attached to the shares held by ATAT. The principal office address of ATAT is at Suite 23, 1<sup>st</sup> Floor, Eden Plaza, Eden Island, Mahe, Republic of Seychelles.

(2) Consists of 451,715 Class A Ordinary Shares held by Coco Alexandra PR & Events Limited ("Coco PR"), a company wholly-owned by Mr. Lun Tak Po. Mr. Lun maintains sole voting control over the shares held by Coco PR, the principal office address of which is at 21/F Sugar+, 31 Sugar Street, Causeway Bay, HK.

(3) The person having voting, dispositive or investment powers over Trillion Meeres Global Limited is Wong Chun Lam. The address for Trillion Meeres Global Limited is 21/F Sugar+, 25-31 Sugar Street, Causeway Bay, Hong Kong.

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#### RELATED PARTY TRANSACTIONS

#### Employment Agreements and Indemnification Agreements
See "Management — Directors and Executive Officers Appointment Letters."

#### Share Incentive Plan
See "Management — Share Incentive Plan."

#### Other Transactions with Related Parties

#### Loan Agreements from related companies and a director.
On April 28, 2022, Xact entered into a shareholder loan agreement with The Fifth Element 2014 Limited ("Fifth Element"), 70% owned by Mr. Terence Cheung, our Chief Executive Officer. Under this shareholder loan agreement, Fifth Element agreed to lend HK$900,850 (or US$115,346) to Xact with maturity date on December 31, 2025. The shareholder loan is interest-free, unsecured, and Fifth Element has the right to demand repayment by giving one month's notice in writing.

On October 3, 2022, Xact entered into another shareholder loan agreement with Fifth Element. Under this second shareholder loan agreement, Fifth Element agreed to lend HK$900,000 (or US$115,236) to Xact with maturity date on December 31, 2025. This second shareholder loan is also interest-free, unsecured, and Fifth Element has the right to demand repayment by giving one month's notice in writing.

As of the date of this prospectus, a total of $195,020 in loans from Fifth Element remains outstanding.

On October 1, 2021, Xact entered into a line of credit agreement with Raeon International Limited, a related party of the Company. Under this agreement, Raeon International Limited provides a loan facility of up to $500,000 to Xact, with a maturity date of June 30, 2027. The loan facility is interest-free, unsecured, and repayable upon one month's written notice by Raeon International Limited. As of the date of this prospectus, $98,732 of the loan facility has been drawn.

On July 1, 2024, Xact entered into a line of credit agreement with Mr. Terence Cheung, a director of the Company. Under these agreements, Mr. Terence Cheung provides a loan facility of up to $500,000 to Xact, with a maturity date of June 30, 2027. The loan facility is interest-free, unsecured, and repayable upon one month's written notice by Mr. Terence Cheung. As of the date of this prospectus, $124,676 of the loan facility has been drawn.

***Services Agreement***

<u><u>Raeon International Limited</u></u>

Since October 2021, Xact entered into a digital marketing agreement with Raeon International Limited ("Raeon"). Mr. Terence Cheung, our Chief Executive Officer, served as a Director and a major shareholder of Raeon. Under this agreement, Xact has provided Raeon with a variety of digital marketing and public relations services, including Facebook and Google search advertising, display advertising, social media management, and content creation. The agreement shall be renewed annually, and the current agreement will be expired on December 31, 2025. For the six months ended December 31, 2024, and 2023, $16,479 and $31,499 service income were earned from Raeon, respectively. For the years ended June 30, 2024, and 2023, $65,241 and $276,901 service income were earned from Raeon, respectively.

<u><u>V22 Event Space Management Limited</u></u>

Since July 2022, Xact entered into a Digital Marketing Agreement with V22 Event Space Management Limited ("V22"). Mr. Terence Cheung, our Chief Executive Officer, served as a Director and a substantial shareholder of V22. Under this agreement, Xact has provided V22 with a variety of digital marketing services, including Facebook and Google search advertising, display advertising, social media management, and content creation. The agreement shall be renewed annually, and the current agreement will be expired on December 31, 2025. For the six months ended December 31, 2024, and 2023, $6,280 and $2,185 service income were earned from V22, respectively. For the years ended June 30, 2024, and 2023, $4,137 and $29,393 service income were earned from V22, respectively.

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<u><u>Bunji Property Limited</u></u>

Since April 2022, Xact entered into a Digital Marketing Agreement with Bunji Property Limited ("Bunji"). Mr. Terence Cheung, our Chief Executive Officer, served as a Director and a substantial shareholder of Bunji. Under this agreement, Xact provided Bunji with a variety of digital marketing services, including Facebook and Google search advertising, display advertising, social media management, and content creation. The agreement shall be renewed annually, and the current agreement will be expired on December 31, 2025. For the six months ended December 31, 2024, and 2023, $Nil and $929 service income were earned from Bunji, respectively. For the years ended June 30, 2024, and 2023, $999 and $20,298 service income were earned from Bunji, respectively.

<u><u>Coco Alexandra PR & Events Limited</u></u>

Since April 2022, Xact has entered into five service agreements with Coco Alexandra PR & Events Limited ("Coco PR"), one of the substantial shareholders of the Company. Under these agreements, Xact provided various public relations, events strategy, management, advertising, and other related services for five projects. As of the date of this prospectus, all projects had been completed. For the six months ended December 31, 2024, and 2023, $Nil and $6,809 service income were earned from Coco PR, respectively. For the years ended June 30, 2024, and 2023, $6,809 and $221,815 service income were earned from Coco PR, respectively. Besides, for the year ended June 30, 2023, $36 expense reimbursement was received from Coco PR and recorded as other income.

#### Management Fee Agreement
Since October 2021, Xact entered into a management fee agreement with Raeon International Limited ("Raeon"). Under this agreement, Raeon has provided administration, finance, and operating services. Raeon has also provided office space, utility, and support staff for the Company. This management fee agreement with a monthly fee of HK$100,000 is expired on February 28, 2025 and is not renewed as of the date of this prospectus. For the six months ended December 31, 2024, and 2023, $76,807 and $61,304 management fee expenses were incurred to Raeon, respectively. For the years ended June 30, 2024, and 2023, $137,935 and $122,547 management fee expenses were incurred to Raeon, respectively.

#### Agency Engagement Agreement and Supplementary Agreement
Voltage X Innovations Limited ("VX Innovations"), an entity incorporated on May 15, 2024 under the laws of Seychelles, was incorporated for the purpose to conduct the digital marketing and public relations business operation in Taiwan, Australia and the UK. These operations were previously carried out under the trade name "Voltage Public Relations" by Coco Alexandra PR & Events Limited ("VPR").

On March 1, 2022, Coco Alexandra PR & Events Limited entered into an agreement for transfer of business contracts and interests with Voltage X Innovations Limited, under which Coco Alexandra PR & Events Limited agreed to transfer all overseas (non-Hong Kong) client contracts, trades, economic rights, and interests, including all relevant accounting books and records, to Voltage X Innovations Limited.

VPR, along with VX Innovations, and four counterparties, entered into four supplementary agreements in July 2022 and March 2023, to facilitate the transfer of all past, ongoing, and future overseas business activities associated with the Voltage Public Relations brand to VX Innovations. These agreements were designed to ensure that upon the incorporation of VX Innovations, all business activities would seamlessly transition to and continue under VX Innovations. In return for transferring the Voltage Public Relations business portfolio to VX Innovations, Lun Tak Po was allotted existing shares in Voltage X through VPR. This strategic realignment allows VX Innovations to leverage the established market presence of VX to enhance its operational scope and market reach.

On July 1, 2022, VPR along with VX Innovations, entered into various engagement agreements and supplementary agreements with Raeon Global Limited, Raeon International Property Management Services (VIC) Pty Limited, and Top Tree International Consulting Limited (the "Agents"), engaging them as the agents of introduce business and provide client support services in the United Kingdom, Australia, and Taiwan, respectively, to the Company. The Agents can reimburse any cost incurred in relations to their services provided to the Company. The agreement may be terminated by providing 30 days' written notice by either party.

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On March 1, 2023, VX Innovations entered into an engagement agreement and supplementary agreement with Insight Property Wealth Pty Limited ("IPW") to engage IPW as the agent of introduce business and provide client support services in Australia to the Company. IPW can reimburse any cost incurred in relations to its services provided to the Company. The agreement may be terminated by providing 30 days' written notice by either party.

These agency engagement and supplementary agreements aimed to facilitate the transfer of all past, ongoing, and future overseas business activities associated with the Voltage Public Relations brand to VX Innovations. They were also designed to ensure that upon the incorporation of VX Innovations, all business activities would seamlessly transition to and continue under VX Innovations.

<u>Raeon International Property Management Service (VIC) Pty Limited</u>

Mr. Terence Cheung, our Chief Executive Officer, served as key management personnel and a substantial shareholder of Raeon International Property Management Service (VIC) Pty Limited ("RIPMS"). For the six months ended December 31, 2024, and 2023, $540,000 and $540,000 service income were earned from RIPMS, respectively. For the years ended June 30, 2024, and 2023, $1,098,145 and $1,080,000 service income were earned from RIPMS, respectively.

<u>Top Tree International Consulting Limited</u>

Mr. Wong Chun Lam, our previous Director of Voltage X and VX Innovations, served as key management personnel of Top Tree International Consulting Limited ("Top Tree"). For the six months ended December 31, 2024, and 2023, $240,000 and $360,000 service income were earned from Top Tree, respectively. For the years ended June 30, 2024, and 2023, $734,324 and $720,000 service income were earned from Top Tree, respectively. Mr. Wong was resigned his director position of Voltage X on August 8, 2024, and director position of VX Innovations on November 1, 2024, respectively.

<u>Insight Property Wealth Pty Limited</u>

Mr. Terence Cheung, our Chief Executive Officer, served as key management personnel of Insight Property Wealth Pty Limited. For the six months ended December 31, 2024, and 2023, $305,656 and $305,685 service income were earned from IPW, respectively. For the years ended June 30, 2024, and 2023, $621.202 and $200,936 service income were earned from IPW, respectively.

#### Consultancy and Rental Agreement
<u><u>Bunji Property Limited</u></u>

Since July 2022, VPR entered into a services agreement with Bunji. Mr. Terence Cheung, our Chief Executive Officer, served as a Director and a substantial shareholder of Bunji. Under this agreement, Bunji provided services to potential clients of seminar for delivering services of VPR to the potential clients, such as public relation, marketing research, sales training. The agreement shall be renewed annually, and the current agreement will be expired on June 30, 2026. For the six months ended December 31, 2024, and 2023, $111,890 and $111,890 consultancy expenses were incurred to Bunji, respectively. For the years ended June 30, 2024, and 2023, $223,779 and $223,779 consultancy expenses were incurred to Bunji, respectively.

<u><u>Tskcheung Enterprises (HK) Limited</u></u>

Since July 2022, VPR entered into a services agreement with Tskcheung Enterprises (HK) Limited ("Tskcheung"). Mr. Terence Cheung, our Chief Executive Officer, served as a Director and sole shareholder of Tskcheung. Under this agreement, Tskcheung provided services to potential clients of seminar for delivering services of VPR to the potential clients, such as public relation, marketing research, sales training. The agreement shall be renewed annually, and the current agreement will be expired on June 30, 2026. For the six months ended December 31, 2024, and 2023, $300,000 and $300,000 consultancy expenses were incurred to Tskcheung, respectively. For the years ended June 30, 2024, and 2023, $600,000 and $700,000 consultancy expenses were incurred to Tskcheung, respectively.

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<u><u>V22 Event Space Management Limited</u></u>

Since July 2022, VPR entered into a rental agreement with V22. Mr. Terence Cheung, our Chief Executive Officer, served as a Director of and a substantial shareholder of V22. Under this agreement, VPR can full access of TV screens, AV systems, computer and furniture of V22. For the six months ended December 31, 2024, and 2023, $123,393 and $123,393 rental expenses were incurred to V22, respectively. For the years ended June 30, 2024, and 2023, $246,787 and $205,655 rental expenses were incurred to V22, respectively.

#### Expense reimbursed by a related party
<u><u>Raeon International Limited</u></u>

For the six months ended December 31, 2024 and 2023, $135 and $135 telephone and internet expenses were reimbursed by Raeon, respectively. For the years ended June 30, 2024 and 2023, $1,544 and $Nil travelling expenses; and $270 and $270 telephone and internet expenses were reimbursed by Raeon, respectively.

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#### DESCRIPTION OF SHARE CAPITAL
We are a Cayman Islands exempted company and our affairs are governed by our memorandum and articles of association, as amended from time to time, and the Companies Act (as revised) of the Cayman Islands, which we refer to as the Companies Act below, and the common law of Cayman Islands.

As of the date of this prospectus, our authorized share capital is US$50,000 divided into 50,000,000,000 shares of a nominal or par value of USD0.000001 each consisting of (i) 49,999,900,000 Class A Ordinary Shares of a nominal or par value of USD0.000001 each ("Class A Ordinary Shares") and (ii) 100,000 Class B Ordinary Shares of a nominal or par value of USD 0.000001 each ("Class B Ordinary Shares", together with the Class A Ordinary Shares the "Ordinary Shares"). As of the date of this prospectus, [•] Class A Ordinary Shares and [•] Class B Ordinary Shares are issued and outstanding.

Our share capital comprises Class A Ordinary Shares and Class B Ordinary Shares. Each Class A Ordinary share entitles the holder the right to one vote per share and each Class B Ordinary Share entitles the holder the right to 10,000 votes per share.

Immediately prior to the completion of this offering, we will have [•] Class A Ordinary Shares issued and outstanding (if the underwriters' over-allotment option is not exercised). All of our Class A Ordinary Shares issued and outstanding prior to the completion of the offering are and will be fully paid, and all of our shares to be issued in the offering will be issued as fully paid.

#### Listing
We have applied to list the Class A Ordinary Shares on the Nasdaq Capital Market under the symbol "[•]."

#### Transfer Agent and Registrar
The transfer agent and registrar for the Class A Ordinary Shares is VStock Transfer, LLC, at 18 Lafayette Place, Woodmere, NY 11598.

#### Our Post-Offering Memorandum and Articles of Association
We will conditionally adopt an amended and restated memorandum and articles of association, which will become effective and replace our current memorandum and articles of association in its entirety immediately prior to the completion of this offering. The following are summaries of certain material provisions of the post-offering memorandum and articles of association and of the Companies Act, insofar as they relate to the material terms of our Class A Ordinary Shares.

*Objects of Our Company.* Under our post-offering memorandum and articles of association, the objects of our Company are unrestricted, and we are capable of exercising all the functions of a natural person of full capacity irrespective of any question of corporate benefit, as provided by section 27(2) of the Companies Act.

*Class A Ordinary Shares.* Our Class A Ordinary Shares are issued in registered form and are issued when registered in our register of members. We may not issue shares to bearer. Our shareholders who are non-residents of the Cayman Islands may freely hold and vote their shares.

*Conversion.* Each Class B Ordinary Share is convertible into one Class A Ordinary Share at any time at the option of the holder thereof. Class A Ordinary Shares are not convertible into Class B Ordinary Shares under any circumstances.

*Dividends.* The holders of our Class A Ordinary Shares are entitled to such dividends as may be declared by our board of directors. Our post-offering memorandum and articles of association provide that dividends may be declared and paid out of the funds of our company lawfully available therefor. Under the laws of the Cayman Islands, our Company may pay a dividend out of either profit or share premium account; provided that in no circumstances may a dividend be paid out of our share premium if this would result in our Company being unable to pay its debts as they fall due in the ordinary course of business.

*Voting Rights.* Voting at any meeting of shareholders is by show of hands unless a poll is demanded. A poll may be demanded by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the chairperson of such meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• by at least three shareholders present in person or by proxy for the time being entitled to vote at the meeting;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• by shareholder(s) present in person or by proxy representing not less than one-tenth of the total voting rights of all shareholders having the right to vote at the meeting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• by shareholder(s) present in person or by proxy and holding shares in us conferring a right to vote at the meeting being shares on which an aggregate sum has been paid up equal to not less than one-tenth of the total sum paid up on all shares conferring that right.

An ordinary resolution to be passed at a meeting by the shareholders requires the affirmative vote of a simple majority of the votes attaching to the Ordinary Shares cast at a meeting, while a special resolution requires the affirmative vote of no less than two-thirds of the votes cast attaching to the issued and outstanding Ordinary Shares at a meeting. A special resolution will be required for important matters such as a change of name, making changes to our post-offering memorandum and articles of association, a reduction of our share capital and the winding up of our company. Our shareholders may, among other things, divide or combine their shares by ordinary resolution.

*General Meetings of Shareholders.* As a Cayman Islands exempted company, we are not obliged by the Companies Act to call shareholders' annual general meetings. Our post-offering memorandum and articles of association provide that we shall, if required by the Companies Act, in each year hold a general meeting as our annual general meeting, and shall specify the meeting as such in the notices calling it, and the annual general meeting shall be held at such time and place as may be determined by our directors. General meetings, including annual general meetings, may be held at such times and in any location in the world as may be determined by the Board. A general meeting or any class meeting may also be held by means of such telephone, electronic or other communication facilities as to permit all persons participating in the meeting to communicate with each other, and participation in such a meeting constitutes presence at such meeting.

Shareholders' general meetings may be convened by the chairperson of our board of directors or by a majority of our board of directors. Advance notice of at least seven clear days is required for the convening of our annual general shareholders' meeting (if any) and any other general meeting of our shareholders. A quorum required for any general meeting of shareholders consists of, at the time when the meeting proceeds to business, two shareholders holding shares which carry in aggregate (or representing by proxy) not less than one-third in nominal value of the total issued voting shares in our company entitled to vote at such general meeting.

The Companies Act does not provide shareholders with any right to requisition a general meeting or to put any proposal before a general meeting. However, these rights may be provided in a company's articles of association. Our post-offering articles of association do not provide our shareholders with any right to put proposals before annual general meetings or extraordinary general meetings. As an exempted Cayman Islands company, we are not obliged by law to call shareholders' annual general meetings.

*Transfer of Class A Ordinary Shares.* Subject to the restrictions set out below, any of our shareholders may transfer all or any of his or her Class A Ordinary Shares by an instrument of transfer in the usual or common form or in a form prescribed by Nasdaq or any other form approved by our board of directors. Notwithstanding the foregoing, Class A Ordinary Shares may also be transferred in accordance with the applicable rules and regulations of Nasdaq.

Our board of directors may, in its absolute discretion, decline to register any transfer of any Class A Ordinary Share which is not fully paid up or on which we have a lien. Our board of directors may also decline to register any transfer of any Class A Ordinary Share unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the instrument of transfer is lodged with us, accompanied by the certificate for the shares to which it relates and such other evidence as our board of directors may reasonably require to show the right of the transferor to make the transfer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the instrument of transfer is in respect of only one class of shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the instrument of transfer is properly stamped, if required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in the case of a transfer to joint holders, the number of joint holders to whom the Class A Ordinary Share is to be transferred does not exceed four; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a fee of such maximum sum as the Nasdaq may determine to be payable or such lesser sum as our directors may from time to time require is paid to us in respect thereof.

If our directors refuse to register a transfer they shall, within two months after the date on which the instrument of transfer was lodged, send to each of the transferor and the transferee notice of such refusal.

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The registration of transfers may, after compliance with any notice required in accordance with the rules of the Nasdaq, be suspended and the register closed at such times and for such periods as our board of directors may from time to time determine; provided, however, that the registration of transfers shall not be suspended nor the register closed for more than 30 days in any year as our board may determine. The period of 30 days may be extended for a further period not exceeding 30 days in respect of any year if approved by our shareholders by ordinary resolution.

*Liquidation.* On the winding up of our company, if the assets available for distribution amongst our shareholders shall be more than sufficient to repay the whole of the share capital at the commencement of the winding up, the surplus shall be distributed amongst our shareholders in proportion to the par value of the shares held by them at the commencement of the winding up, subject to a deduction from those shares in respect of which there are monies due, of all monies payable to our company for unpaid calls or otherwise. If our assets available for distribution are insufficient to repay all of the paid-up capital, such assets will be distributed so that, as nearly as may be, the losses are borne by our shareholders in proportion to the par value of the shares held by them.

*Calls on Shares and Forfeiture of Shares.* Our board of directors may from time to time make calls upon shareholders for any amounts unpaid on their shares in a notice served to such shareholders at least 14 days prior to the specified time and place of payment. The shares that have been called upon and remain unpaid are subject to forfeiture.

*Redemption, Repurchase and Surrender of Shares.* We may issue shares on terms that such shares are subject to redemption, at our option or at the option of the holders of these shares, on such terms and in such manner as may be determined by our board of directors. Our Company may also repurchase any of our shares on such terms and in such manner as have been approved by our board of directors. Under the Companies Act, the redemption or repurchase of any share may be paid out of our company's profits, share premium or out of the proceeds of a new issue of shares made for the purpose of such redemption or repurchase, or out of capital if our company can, immediately following such payment, pay its debts as they fall due in the ordinary course of business. In addition, under the Companies Act no such share may be redeemed or repurchased (a) unless it is fully paid up, (b) if such redemption or repurchase would result in there being no shares outstanding or (c) if the company has commenced liquidation. In addition, our company may accept the surrender of any fully paid share for no consideration.

*Variations of Rights of Shares.* Whenever the capital of our company is divided into different classes the rights attached to any such class may, subject to any rights or restrictions for the time being attached to any class, only be varied with the sanction of a resolution passed by a majority of two-thirds of the votes cast at a separate meeting of the holders of the shares of that class. The rights conferred upon the holders of the shares of any class issued with preferred or other rights shall not, unless otherwise expressly provided by the terms of issue of the shares of that class, be deemed to be varied by the creation, allotment or issue of further shares ranking pari passu with such existing class of shares.

*Issuance of Additional Shares.* Our post-offering memorandum and articles of association authorizes our board of directors to issue additional Ordinary Shares from time to time as our board of directors shall determine, to the extent of available authorized but unissued shares.

Our post-offering memorandum and articles of association also authorizes our board of directors to establish from time to time one or more series of preference shares and to determine, with respect to any series of preference shares, the terms and rights of that series, including, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the designation of the series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the number of shares of the series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the dividend rights, dividend rates, conversion rights and voting rights; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the rights and terms of redemption and liquidation preferences.

Our board of directors may issue preference shares without action by our shareholders to the extent of available authorized but unissued shares. Issuance of these shares may dilute the voting power of holders of Class A Ordinary Shares.

*Inspection of Books and Records.* Holders of our Class A Ordinary Shares will have no general right under Cayman Islands law to inspect or obtain copies of our list of shareholders or our corporate records (except for our memorandum and articles of association, register of mortgages and charges and a list of directors). However, our post-offering

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memorandum and articles of association have provisions that provide our shareholders the right to inspect our register of shareholders without charge, and to receive our annual audited financial statements. See "Where You Can Find Additional Information."

*Anti*-Takeover *Provisions.* Some provisions of our post-offering memorandum and articles of association may discourage, delay or prevent a change of control of our company or management that shareholders may consider favorable, including provisions that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• authorize our board of directors to issue preference shares in one or more series and to designate the price, rights, preferences, privileges and restrictions of such preference shares without any further vote or action by our shareholders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• limit the ability of shareholders to requisition and convene general meetings of shareholders.

However, under Cayman Islands law, our directors may only exercise the rights and powers granted to them under our post-offering memorandum and articles of association for a proper purpose and for what they believe in good faith to be in the best interests of our Company.

*Exempted Company.* We are an exempted company with limited liability under the Companies Act. The Companies Act distinguishes between ordinary resident companies and exempted companies. Any company that is registered in the Cayman Islands but conducts business mainly outside of the Cayman Islands may apply to be registered as an exempted company. The requirements for an exempted company are essentially the same as for an ordinary company except that an exempted company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• does not have to file an annual return of its shareholders with the Registrar of Companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is not required to open its register of members for inspection;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• does not have to hold an annual general meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• may issue shares with no par value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• may obtain an undertaking against the imposition of any future taxation (such undertakings are usually given for 20 years in the first instance);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• may register by way of continuation in another jurisdiction and be deregistered in the Cayman Islands;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• may register as an exempted limited duration company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• may register as a segregated portfolio company.

"Limited liability" means that the liability of each shareholder is limited to the amount unpaid by the shareholder on that shareholder's shares of the company (except in exceptional circumstances, such as involving fraud, the establishment of an agency relationship or an illegal or improper purpose or other circumstances in which a court may be prepared to pierce or lift the corporate veil).

#### Differences in Corporate Law
The Companies Act is derived, to a large extent, from the older companies acts of England but does not follow recent English statutory enactments and accordingly there are significant differences between the Companies Act and the current companies act of England. In addition, the Companies Act differs from laws applicable to U.S. corporations and their shareholders. Set forth below is a summary of certain significant differences between the provisions of the Companies Act applicable to us and the laws applicable to companies incorporated in the State of Delaware in the United States and their shareholders.

*Mergers and Similar Arrangements.* The Companies Act permits mergers and consolidations between Cayman Islands companies and between Cayman Islands companies and non-Cayman Islands companies. For these purposes, (a) "merger" means the merging of two or more constituent companies and the vesting of their undertaking, property and liabilities in one of such companies as the surviving company, and (b) a "consolidation" means the combination of two

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or more constituent companies into a consolidated company and the vesting of the undertaking, property and liabilities of such companies to the consolidated company. In order to effect such a merger or consolidation, the directors of each constituent company must approve a written plan of merger or consolidation, which must then be authorized by (a) a special resolution of the shareholders of each constituent company, and (b) such other authorization, if any, as may be specified in such constituent company's articles of association. The plan must be filed with the Registrar of Companies of the Cayman Islands together with a declaration as to the solvency of the consolidated or surviving company, a list of the assets and liabilities of each constituent company and an undertaking that a copy of the certificate of merger or consolidation will be given to the members and creditors of each constituent company and that notification of the merger or consolidation will be published in the Cayman Islands Gazette. Court approval is not required for a merger or consolidation which is effected in compliance with these statutory procedures.

A merger between a Cayman parent company and its Cayman subsidiary or subsidiaries does not require authorization by a resolution of shareholders of that Cayman subsidiary if a copy of the plan of merger is given to every member of that Cayman subsidiary to be merged unless that member agrees otherwise. For this purpose, a company is a "parent" of a subsidiary if it holds issued shares that together represent at least ninety percent (90%) of the votes at a general meeting of the subsidiary.

The consent of each holder of a fixed or floating security interest over a constituent company is required unless this requirement is waived by a court in the Cayman Islands.

Save in certain limited circumstances, a shareholder of a Cayman constituent company who dissents from the merger or consolidation is entitled to payment of the fair value of his shares (which, if not agreed between the parties, will be determined by the Cayman Islands court) upon dissenting to the merger or consolidation, provided the dissenting shareholder complies strictly with the procedures set out in the Companies Act. The exercise of dissenter rights will preclude the exercise by the dissenting shareholder of any other rights to which he or she might otherwise be entitled by virtue of holding shares, save for the right to seek relief on the grounds that the merger or consolidation is void or unlawful.

Separate from the statutory provisions relating to mergers and consolidations, the Companies Act also contains statutory provisions that facilitate the reconstruction and amalgamation of companies by way of schemes of arrangement, provided that the arrangement is approved by seventy-five per cent in value of the members or class of members, as the case may be, with whom the arrangement is to be made and a majority in number of each class of creditors with whom the arrangement is to be made, and who must in addition represent seventy-five per cent in value of each such class of creditors, as the case may be, that are present and voting either in person or by proxy at a meeting, or meetings, convened for that purpose. The convening of the meetings and subsequently the arrangement must be sanctioned by the Grand Court of the Cayman Islands. While a dissenting shareholder has the right to express to the court the view that the transaction ought not to be approved, the court can be expected to approve the arrangement if it determines that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the statutory provisions as to the required majority vote have been met;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the shareholders have been fairly represented at the meeting in question and the statutory majority are acting bona fide without coercion of the minority to promote interests adverse to those of the class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the arrangement is such that may be reasonably approved by an intelligent and honest man of that class acting in respect of his interest; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the arrangement is not one that would more properly be sanctioned under some other provision of the Companies Act.

The Companies Act also contains a statutory power of compulsory acquisition which may facilitate the "squeeze out" of a dissentient minority shareholder upon a tender offer. When a tender offer is made and accepted by holders of 90% of the shares affected within four months, the offeror may, within a two-month period commencing on the expiration of such four-month period, require the holders of the remaining shares to transfer such shares to the offeror on the terms of the offer. An objection can be made to the Grand Court of the Cayman Islands but this is unlikely to succeed in the case of an offer which has been so approved unless there is evidence of fraud, bad faith or collusion.

If an arrangement and reconstruction by way of scheme of arrangement is thus approved and sanctioned, or if a tender offer is made and accepted, in accordance with the foregoing statutory procedures, a dissenting shareholder would have no rights comparable to appraisal rights, save that objectors to a takeover offer may apply to the Grand Court of

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the Cayman Islands for various orders that the Grand Court of the Cayman Islands has a broad discretion to make, which would otherwise ordinarily be available to dissenting shareholders of Delaware corporations, providing rights to receive payment in cash for the judicially determined value of the shares.

The Companies Act also contains statutory provisions which provide that a company may present a petition to the Grand Court of the Cayman Islands for the appointment of a restructuring officer on the grounds that the company (a) is or is likely to become unable to pay its debts within the meaning of section 93 of the Companies Act; and (b) intends to present a compromise or arrangement to its creditors (or classes thereof) either, pursuant to the Companies Act, the law of a foreign country or by way of a consensual restructuring. The petition may be presented by a company acting by its directors, without a resolution of its members or an express power in its articles of association. On hearing such a petition, the Cayman Islands court may, among other things, make an order appointing a restructuring officer or make any other order as the court thinks fit.

*Shareholders' Suits.* In principle, we will normally be the proper plaintiff and as a general rule a derivative action may not be brought by a minority shareholder. However, based on English authorities, which would in all likelihood be of persuasive authority in the Cayman Islands, the Cayman Islands courts can be expected to follow and apply the common law principles (namely the rule in *Foss v. Harbottle* and the exceptions thereto) so that a non-controlling shareholder may be permitted to commence a class action against or derivative actions in the name of the company to challenge actions where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a company acts or proposes to act illegally or ultra vires;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the act complained of, although not ultra vires, could only be effected duly if authorized by more than a simple majority vote that has not been obtained; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• those who control the company are perpetrating a "fraud on the minority."

Our post-offering articles of association contains a provision by which our shareholders waive any claim or right of action that they may have, both individually and on our behalf, against any director in relation to any action or failure to take action by such director in the performance of his or her duties with or for our Company, except in respect of any fraud, willful default or dishonesty of such director.

*Indemnification of Directors and Executive Officers and Limitation of Liability.* Cayman Islands law does not limit the extent to which a company's memorandum and articles of association may provide for indemnification of officers and directors, except to the extent any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against civil fraud or the consequences of committing a crime. Our post-offering memorandum and articles of association provide that that we shall indemnify our directors and officers (but not including auditors), and their personal representatives, against all actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred or sustained by such persons, other than by reason of such person's dishonesty, wilful default or fraud, in or about the conduct of our company's business or affairs (including as a result of any mistake of judgment) or in the execution or discharge of his duties, powers, authorities or discretions, including without prejudice to the generality of the foregoing, any costs, expenses, losses or liabilities incurred by such director or officer in defending (whether successfully or otherwise) any civil proceedings concerning our company or its affairs in any court whether in the Cayman Islands or elsewhere. This standard of conduct is generally the same as permitted under the Delaware General Corporation Law for a Delaware corporation.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to our directors, officers or persons controlling us under the foregoing provisions, we have been informed that in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

*Directors' Fiduciary Duties.* Under Delaware corporate law, a director of a Delaware corporation has a fiduciary duty to the corporation and its shareholders. This duty has two components: the duty of care and the duty of loyalty. The duty of care requires that a director act in good faith, with the care that an ordinarily prudent person would exercise under similar circumstances. Under this duty, a director must inform himself of, and disclose to shareholders, all material information reasonably available regarding a significant transaction. The duty of loyalty requires that a director acts in a manner he reasonably believes to be in the best interests of the corporation. He must not use his corporate position for personal gain or advantage. This duty prohibits self-dealing by a director and mandates that the best interest of the corporation and its shareholders take precedence over any interest possessed by a director, officer or controlling shareholder and not shared by the shareholders generally. In general, actions of a director are

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presumed to have been made on an informed basis, in good faith and in the honest belief that the action taken was in the best interests of the corporation. However, this presumption may be rebutted by evidence of a breach of one of the fiduciary duties. Should such evidence be presented concerning a transaction by a director, the director must prove the procedural fairness of the transaction, and that the transaction was of fair value to the corporation.

As a matter of Cayman Islands law, a director of a Cayman Islands company is in the position of a fiduciary with respect to the company and therefore it is considered that he owes the following duties to the company — a duty to act in good faith in the best interests of the company, a duty not to make a personal profit based on his position as director (unless the company permits him to do so), a duty not to put himself in a position where the interests of the company conflict with his personal interest or his duty to a third party and a duty to exercise powers for the purpose for which such powers were intended. A director of a Cayman Islands company owes to the company a duty to act with skill and care. It was previously considered that a director need not exhibit in the performance of his duties a greater degree of skill than may reasonably be expected from a person of his knowledge and experience. However, English and Commonwealth courts have moved towards an objective standard with regard to the required skill and care and these authorities are likely to be followed in the Cayman Islands.

*Shareholder Action by Written Consent.* Under the Delaware General Corporation Law, a corporation may eliminate the right of shareholders to act by written consent by amendment to its certificate of incorporation. Cayman Islands law permits us to eliminate the right of shareholders to act by written consent and our post-offering articles of association provide that any action required or permitted to be taken at any general meetings may be taken upon the vote of shareholders at a general meeting duly noticed and convened in accordance with our post-offering amended and restated articles of association and may not be taken by written consent of the shareholders without a meeting.

*Shareholder Proposals.* Under the Delaware General Corporation Law, a shareholder has the right to put any proposal before the annual meeting of shareholders, provided it complies with the notice provisions in the governing documents. A special meeting may be called by the board of directors or any other person authorized to do so in the governing documents, but shareholders may be precluded from calling special meetings.

The Companies Act does not provide shareholders with any right to requisition a general meeting or to put any proposal before a general meeting. However, these rights may be provided in a company's articles of association. Our post-offering articles of association do not provide our shareholders with any other right to put proposals before annual general meetings or extraordinary general meetings. As an exempted Cayman Islands company, we are not obliged by law to call shareholders' annual general meetings.

*Cumulative Voting.* Under the Delaware General Corporation Law, cumulative voting for elections of directors is not permitted unless the corporation's certificate of incorporation specifically provides for it. Cumulative voting potentially facilitates the representation of minority shareholders on a board of directors since it permits the minority shareholder to cast all the votes to which the shareholder is entitled on a single director, which increases the shareholder's voting power with respect to electing such director. There are no prohibitions in relation to cumulative voting under the laws of the Cayman Islands but our post-offering articles of association do not provide for cumulative voting. As a result, our shareholders are not afforded any less protections or rights on this issue than shareholders of a Delaware corporation.

*Removal of Directors.* Under the Delaware General Corporation Law, a director of a corporation with a classified board may be removed only for cause with the approval of a majority of the outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise. Under our post-offering articles of association, subject to certain restrictions as contained therein, directors may be removed with or without cause, by an ordinary resolution of our shareholders. An appointment of a director may be on terms that the director shall automatically retire from office (unless he has sooner vacated office) at the next or a subsequent annual general meeting or upon any specified event or after any specified period in a written agreement between the company and the director, if any; but no such term shall be implied in the absence of express provision. Under our post-offering articles of association, a director's office shall be vacated if the director (i) becomes bankrupt or has a receiving order made against him or suspends payment or compounds with his creditors; (ii) is found to be or becomes of unsound mind or dies; (iii) resigns his office by notice in writing to the company; (iv) without special leave of absence from our board of directors, is absent from three consecutive meetings of the board and the board resolves that his office be vacated; (v) is prohibited by law from being a director or; (vi) is removed from office pursuant to the laws of the Cayman Islands or any other provisions of our post-offering amended and restated articles of association.

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*Transactions with Interested Shareholders.* The Delaware General Corporation Law contains a business combination statute applicable to Delaware corporations whereby, unless the corporation has specifically elected not to be governed by such statute by amendment to its certificate of incorporation, it is prohibited from engaging in certain business combinations with an "interested shareholder" for three years following the date that such person becomes an interested shareholder. An interested shareholder generally is a person or a group who or which owns or owned 15% or more of the target's outstanding voting share within the past three years. This has the effect of limiting the ability of a potential acquirer to make a two-tiered bid for the target in which all shareholders would not be treated equally. The statute does not apply if, among other things, prior to the date on which such shareholder becomes an interested shareholder, the board of directors approves either the business combination or the transaction which resulted in the person becoming an interested shareholder. This encourages any potential acquirer of a Delaware corporation to negotiate the terms of any acquisition transaction with the target's board of directors.

Cayman Islands law has no comparable statute. As a result, we cannot avail ourselves of the types of protections afforded by the Delaware business combination statute. However, although Cayman Islands law does not regulate transactions between a company and its significant shareholders, it does provide that such transactions must be entered into bona fide in the best interests of the company and not with the effect of constituting a fraud on the minority shareholders.

*Dissolution; Winding up.* Under the Delaware General Corporation Law, unless the board of directors approves the proposal to dissolve, dissolution must be approved by shareholders holding 100% of the total voting power of the corporation. Only if the dissolution is initiated by the board of directors may it be approved by a simple majority of the corporation's outstanding shares. Delaware law allows a Delaware corporation to include in its certificate of incorporation a supermajority voting requirement in connection with dissolutions initiated by the board.

Under Cayman Islands law, a company may be wound up by either an order of the courts of the Cayman Islands or by a special resolution of its members or, if the company is unable to pay its debts, by an ordinary resolution of its members. The court has authority to order winding up in a number of specified circumstances including where it is, in the opinion of the court, just and equitable to do so.

*Variation of Rights of Shares.* Under the Delaware General Corporation Law, a corporation may vary the rights of a class of shares with the approval of a majority of the outstanding shares of such class, unless the certificate of incorporation provides otherwise. Under our post-offering articles of association, if our share capital is divided into more than one class of shares, the rights attached to any such class may only be varied with the sanction of a resolution passed by a majority of two-thirds of the votes cast at a separate meeting of the holders of the shares of that class.

*Amendment of Governing Documents.* Under the Delaware General Corporation Law, a corporation's governing documents may be amended with the approval of a majority of the outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise. Under Cayman Islands law, our post-offering memorandum and articles of association may only be amended with a special resolution of our shareholders.

*Rights of Non*-resident *or Foreign Shareholders.* There are no limitations imposed by our post-offering memorandum and articles of association on the rights of non-resident or foreign shareholders to hold or exercise voting rights on our shares. In addition, there are no provisions in our post-offering memorandum and articles of association governing the ownership threshold above which shareholder ownership must be disclosed.

#### Anti-Money Laundering Matters
In order to comply with legislation or regulations aimed at the prevention of money laundering, the Company may be required to adopt and maintain anti-money laundering procedures, and may require subscribers to provide evidence to verify their identity. Where permitted, and subject to certain conditions, the Company may also delegate the maintenance of our anti-money laundering procedures (including the acquisition of due diligence information) to a suitable person.

The Company reserves the right to request such information as is necessary to verify the identity of a subscriber. In the event of delay or failure on the part of the subscriber in producing any information required for verification purposes, we may refuse to accept the application, in which case any funds received will be returned without interest to the account from which they were originally debited.

The Company also reserves the right to refuse to make any redemption payment to a shareholder if directors or officers suspect or are advised that the payment of redemption proceeds to such shareholder might result in a breach of applicable anti-money laundering or other laws or regulations by any person in any relevant jurisdiction, or if such refusal is considered necessary or appropriate to ensure compliance with any such laws or regulations in any applicable jurisdiction.

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#### Economic substance legislation of the Cayman Islands
The Cayman Islands, together with several other non-European Union jurisdictions, have recently introduced legislation aimed at addressing concerns raised by the Council of the European Union as to offshore structures engaged in certain activities which attract profits without real economic activity. With effect from January 1, 2019, the International Tax Co-operation (Economic Substance) Act, (Revised) (the "**Substance Act**") came into force in the Cayman Islands introducing certain economic substance requirements for in-scope Cayman Islands entities which are engaged in certain "relevant activities," which in the case of exempted companies incorporated before January 1, 2019, will apply in respect of financial years commencing July 1, 2019, onwards. As we are a Cayman Islands company, compliance obligations include filing annual notifications for the Company, which need to state whether we are carrying out any relevant activities and if so, whether we have satisfied economic substance tests to the extent required under the Substance Act. As it is a new regime, it is anticipated that the Substance Act will evolve and be subject to further clarification and amendments. We may need to allocate additional resources to keep updated with these developments, and may have to make changes to our operations in order to comply with all requirements under the Substance Act. Failure to satisfy these requirements may subject us to penalties under the Substance Act.

#### History of Share Issuances in relation to Class A Ordinary Shares
The following is a summary of our securities issuances in the past three years.

Voltage X Limited was incorporated in the Cayman Islands as an exempted company with limited liability on May 29, 2024. Upon incorporation, our Company had issued one ordinary share of a par value of US$0.000001 (each an **"Ordinary Share"** and collectively the **"Ordinary Shares"**) to TMF Nominees Ltd. as the initial subscriber. On the same day, such one Ordinary Share was transferred to Terence Cheung (formerly known as CHEUNG Terence Shiu Kay) (**"Terence Cheung"**).

On May 29, 2024, 99 Ordinary Shares were allotted and issued to Terence Cheung.

On June 21, 2024, the then sole shareholder of the Company passed resolutions to (i) convert 49,999,899,900 authorized but unissued Ordinary Shares into 49,999,899,900 class A ordinary shares of par value US$0.000001 each (the **"Class A Ordinary Shares"**), (ii) convert 100,000 authorized but unissued Ordinary Shares into 100,000 class B ordinary shares of par value US$0.000001 each (the **"Class B Ordinary Shares"**) and (iii) convert the 100 Ordinary Shares held in the name of Terence Cheung to 100 Class A Ordinary Shares.

On June 28, 2024, 100 issued Ordinary Shares held in the name of Terence Cheung were re-designated into 100 Class A Ordinary Shares.

On August 16, 2024, the Company issued an aggregate of 1,211,001 Class A Ordinary Shares to three independent consulting firms through share participation agreements as part of a strategic incentive to bring them in as new shareholders, aiming to leverage their networks, experience, and market presence to support the Company's business development and visibility. These shareholders were not employees, directors, or service providers at the time of the issuance, and no services were rendered or committed in exchange for the shares at the time of issuance.

We have also issued the following Class A Ordinary Shares, par value US$0.000001 per share, to certain investors:

---

| | | |
|:---|:---|:---|
|  **Investors** | **Date of <br>Issuance** | **Number of <br>Class A <br>Ordinary <br>Shares** |
|  Issued to 9 investors an aggregate of 15,999,900 Class A Ordinary Shares and 100,000 Class B Ordinary Shares | June 28, <br>2024 | 15,999,900 |
|  Issued to 3 investors an aggregate of 1,211,001 Class A Ordinary Shares | August 16, <br>2024 | 1,211,001 |

---

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#### SHARES ELIGIBLE FOR FUTURE SALE
Before our initial public offering, there has not been a public market for our Class A Ordinary Shares, and although we expect to make an application for the Class A Ordinary Shares to be listed on the Nasdaq Capital Market, a regular trading market for our Class A Ordinary Shares may not develop. Future sales of substantial amounts of shares of our Class A Ordinary Shares in the public market after our initial public offering, or the possibility of these sales occurring, could cause the prevailing market price for our Class A Ordinary Shares to fall or impair our ability to raise equity capital in the future. Upon completion of this offering, we will have issued and outstanding Class A Ordinary Shares held by public shareholders representing approximately [•]% of our issued and outstanding Class A Ordinary Shares if the underwriters do not exercise their over-allotment option, and approximately [•]% of our issued and outstanding Class A Ordinary Shares if the underwriters exercise their over-allotment option in full. All of the Class A Ordinary Shares sold in this offering will be freely transferable by persons other than our "affiliates" without restriction or further registration under the Securities Act.

#### Lock-Up Agreements
Our officers, directors, any other corporate insiders and 5% stockholders have agreed, subject to certain exceptions, to a "lock-up" for a period of 180 days following the effective date of this prospectus with respect to the ordinary shares that they beneficially own, including the issuance of shares upon the exercise of convertible securities and options that are currently outstanding or which may be issued. This means that, for a period of 180 days following the effective date of this prospectus, such persons may not offer, sell, pledge or otherwise transfer or dispose of, directly or indirectly, these securities without the prior written consent of the Representative. In addition, we, including any of our successors, have agreed for a period of 90 days from the closing of this offering, that each will not (a) offer, sell, or otherwise transfer or dispose of, directly or indirectly, any ordinary shares of the Company or any securities convertible into or exercisable or exchangeable for ordinary shares; or (b) file or caused to be filed any registration statement with the SEC relating to the offering of any ordinary shares of the Company or any securities convertible into or exercisable or exchangeable for ordinary shares. The underwriters have no present intention to waive or shorten the lock-up period; however, the terms of the lock-up agreements may be waived at its discretion. In determining whether to waive the terms of the lock-up agreements, the underwriters may base their decision on their assessment of the relative strengths of the securities markets and companies similar to ours in general, and the trading pattern of, and demand for, our securities in general.

#### Rule 144
All of our Class A Ordinary Shares issued and outstanding prior to the completion of this offering are "restricted securities" as that term is defined in Rule 144 under the Securities Act and may be sold publicly in the United States only if they are subject to an effective registration statement under the Securities Act or pursuant to an exemption from the registration requirement such as those provided by Rule 144 and Rule 701 promulgated under the Securities Act.

In general, under Rule 144 as currently in effect, beginning 90 days after the date of this prospectus, a person who is not deemed to have been our affiliate at any time during the three months preceding a sale and who has beneficially owned restricted securities within the meaning of Rule 144 for more than six months would be entitled to sell an unlimited number of those shares, subject only to the availability of current public information about us. A non-affiliate who has beneficially owned restricted securities for at least one year from the later of the date these shares were acquired from us or from our affiliate would be entitled to freely sell those shares.

A person who is deemed to be an affiliate of ours and who has beneficially owned "restricted securities" for at least six months would be entitled to sell, within any three-month period, a number of shares that is not more than the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 1% of the number of Ordinary Shares then issued and outstanding, in the form of Ordinary Shares or otherwise, which will equal approximately [•] Class A Ordinary Shares immediately after this offering, assuming the underwriters do not exercise their over-allotment option; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the average weekly trading volume of the Class A Ordinary Shares on the Nasdaq Capital Market during the four calendar weeks preceding the filing of a notice on Form 144 with respect to such sale.

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Sales under Rule 144 by our affiliates or persons selling shares on behalf of our affiliates are also subject to certain manner of sale provisions and notice requirements and to the availability of current public information about us.

#### Rule 701
In general, under Rule 701 of the Securities Act as currently in effect, each of our employees, consultants, or advisors who purchases our Class A Ordinary Shares from us in connection with a compensatory stock plan or other written agreement executed prior to the completion of this offering is eligible to resell those Class A Ordinary Shares in reliance on Rule 144, but without compliance with some of the restrictions, including the holding period, contained in Rule 144. However, the Rule 701 shares would remain subject to lock-up arrangements and would only become eligible for sale when the lock-up period expires.

#### Regulation S
Regulation S provides generally that sales made in offshore transactions are not subject to the registration or prospectus-delivery requirements of the Securities Act.

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#### MATERIAL INCOME TAX CONSIDERATION
*The following summary of the material Australia, Hong Kong, Cayman Islands and United States federal income tax consequences of an investment in our Class A Ordinary Shares is based upon laws and relevant interpretations thereof in effect as of the date of this prospectus, all of which are subject to change. This summary does not deal with all possible tax consequences relating to an investment in our Class A Ordinary Shares, such as the tax consequences under state, local, and other tax laws.*

<u>**<u>Australian Taxation</u>**</u>

The following discussions provide a general summary of the material Australian income tax, stamp duty, capital fain tax and goods and services tax considerations generally applicable to the acquisition, ownership, and disposal by the absolute beneficial owners of the Ordinary Shares issued by us.

This discussion is based upon existing Australian tax law as of the date of this prospectus, which is subject to change, possibly retrospectively. This discussion does not address all aspects of Australian tax law, which may be important to particular investors in light of their investment circumstances, such as shares held by investors subject to special tax rules (for example, financial institutions, insurance companies, or tax-exempt organizations).

It does not purport to address all possible tax situations that may be relevant to a decision to purchase, own, or deposit our Ordinary Shares. It is included herein solely for preliminary information purposes and is not intended to be, nor should it be construed to be, legal or tax advice. We, our officers, employees, taxation or other advisers do not accept any liability or responsibility in respect of any statement concerning taxation consequences or the taxation consequences.

Prospective purchasers of our Class A Ordinary Shares should consult their tax advisers on the applicable tax consequences related to the ownership of our Class A Ordinary Shares, based on their particular circumstances, which may include but not limited to Australian and foreign income and other tax considerations of the acquisition, ownership and disposition of the shares generally.

The comments in this section deal only with the Australian taxation implications of the ownership and disposition of our Ordinary shares if you hold our Ordinary shares as investments on a capital account. In addition, this summary does not discuss any non-Australian or state tax considerations, other than stamp duty and goods and services tax.

For this summary, a holder of our Class A Ordinary Shares that is not an Australian tax resident and is not carrying on business in Australia at or through a permanent establishment is referred to as a "Non-Australian Holder".

Conversely, for the purposes of this summary, a holder that is an Australian tax resident or is carrying on business in Australia at or through a permanent establishment is referred to as an "Australian Resident Holder".

Please be aware that the residence concept used in this section applies for Australian tax assessment purposes only. Any reference in this section to a tax, duty, levy impost, or other charge or withholding of a similar nature refers to Australia's tax laws and/or concepts only. Also, please note that a reference to Australian income tax encompasses corporate income tax and personal income tax generally.

*Taxation of Dividends*

Australia operates a dividend imputation system under which dividends may be declared to be "franked" to the extent of tax paid on company profits from which the dividend is sourced. Fully franked dividends are not subject to dividend withholding tax when paid to Non-Australian Shareholders. An exemption for dividend withholding tax can also apply to unfranked dividends that are declared to be conduit foreign income ("CFI") and paid to Non-Australian Shareholders. Dividend withholding tax will be imposed at 30%, unless a shareholder is a resident of a country with which Australia has a double taxation agreement and qualifies for the benefits of the treaty. Under the provisions of the current Double Taxation Convention between Australia and the United States, the Australian tax withheld on unfranked dividends that are not declared to be CFI paid by us to a resident of the United States which is beneficially entitled to that dividend is limited to 15% where that resident is a qualified person for the purposes of the Double Taxation Convention between Australia and the United States.

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If a Non-Australian Shareholder is a company that is a qualified person for the purposes of the Double Taxation Convention between Australia and the United States and owns a 10% or more interest, the Australian tax withheld on dividends paid by us to which a resident of the United States is beneficially entitled is limited to 5%. In limited circumstances the rate of withholding can be reduced to zero.

*Tax on Sales or other Dispositions of Shares — Capital Gains Tax*

Non-Australian Shareholders will not be subject to Australian capital gains tax on the gain made on a sale or other disposal of ordinary shares, unless they, together with their associates, hold 10% or more of our issued capital, at the time of disposal or for 12 months of the last 2 years prior to disposal and more than 50% of our direct or indirect assets, determined by reference to market value, consists of Australian land, leasehold interests or Australian mining, quarrying or prospecting rights. The Double Taxation Convention between the United States and Australia does not limit Australia's right to tax any gain in these circumstances. Net capital gains are calculated after reduction for capital losses, which may only be offset against capital gains.

*Tax on Sales or other Dispositions of Shares — Shareholders Holding Shares on Revenue Account*

Some Non-Australian Shareholders may hold shares on revenue rather than on capital account for example, share traders. These shareholders may have the gains made on the sale or other disposal of the shares included in their assessable income under the ordinary income taxing provisions of the income tax law, if the gains are sourced in Australia.

Non-Australian Shareholders assessable under these ordinary income provisions in respect of gains made on shares held on revenue account would be assessed for such gains at the Australian tax rates for non-Australian residents, which start at a marginal rate of 32.5% for individuals. A Temporary Budget Repair Levy of 2% that may also apply in certain circumstances. Some relief from Australian income tax may be available to Non-Australian Shareholders under the Double Taxation Convention between the United States and Australia.

To the extent an amount would be included in a Non-Australian Shareholder's assessable income under both the capital gains tax provisions and the ordinary income provisions, the capital gain amount would generally be reduced, so that the shareholder would not be subject to double tax on any part of the income gain or capital gain.

*Dual Residency*

If a shareholder is a resident of both Australia and the United States under those countries' domestic taxation laws, that shareholder may be subject to tax as an Australian resident. If, however, the shareholder is deemed to be a U.S. resident for the purposes of the Double Taxation Convention between the United States and Australia, the Australian tax would be subject to limitation by the Double Taxation Convention. Shareholders should obtain specialist taxation advice in these circumstances.

*Stamp Duty*

In general terms, no stamp duty is payable on the issue and trading of shares that are quoted on the Nasdaq. However, stamp duty may be payable if there is an acquisition of 90% or more of all of our issued shares in certain circumstances.

*Australian Estate Taxes/Death Duty*

Australia does not have any form of estate tax or death duty. As a general rule, no capital gains tax liability is realized upon the inheritance of a deceased person's shares. The disposal of inherited shares by beneficiaries may, however, give rise to a capital gains tax liability if the gain falls within the scope of Australia's jurisdiction to tax.

*Goods and Services Tax*

The issue or transfer of shares to a non-Australian resident investor will not incur Australian goods and services tax.

THE DISCUSSION ABOVE IS A SUMMARY OF THE AUSTRALIAN TAX CONSEQUENCES OF AN INVESTMENT IN OUR ORDINARY SHARES AND IS BASED UPON LAWS AND RELEVANT INTERPRETATIONS THEREOF IN EFFECT AS OF THE DATE OF THIS REGISTRATION STATEMENT, ALL

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OF WHICH ARE SUBJECT TO CHANGE, POSSIBLY WITH RETROACTIVE EFFECT. EACH PROSPECTIVE INVESTOR IS URGED TO CONSULT ITS OWN TAX ADVISOR ABOUT THE TAX CONSEQUENCES TO IT OF AN INVESTMENT IN OUR ORDINARY SHARES IN LIGHT OF THE INVESTOR'S OWN CIRCUMSTANCES

<u>**<u>Hong Kong Taxation</u>**</u>

No tax is imposed in Hong Kong in respect of capital gains from the sale of property, such as our Class A Ordinary Shares. Generally, gains arising from disposal of the Ordinary Shares which are held more than two years are considered capital in nature. However, trading gains from the sale of property by persons carrying on a trade, profession or business in Hong Kong where such gains are derived from or arise in Hong Kong from such trade, profession or business will be chargeable to Hong Kong profit tax. Liability for Hong Kong profits tax would therefore arise in respect of trading gains from the sale of Ordinary Shares realized by persons in the course of carrying on a business of trading or dealing in securities in Hong Kong where the purchase or sale contracts are effected (being negotiated, concluded and/or executed) in Hong Kong. Effective from April 1, 2018, profits tax is levied on a two-tiered profits tax rate basis, with the first HK$2 million of profits being taxed at 8.25% for corporations and 7.5% for unincorporated businesses, and profits exceeding the first HK$2 million being taxed at 16.5% for corporations and 15% for unincorporated businesses.

In addition, Hong Kong does not impose withholding tax on gains derived from the sale of stock in Hong Kong companies and does not impose withholding tax on dividends paid outside of Hong Kong by Hong Kong companies. Accordingly, investors will not be subject to Hong Kong withholding tax with respect to a disposition of their Ordinary Shares or with respect to the receipt of dividends on their Ordinary Shares, if any. No income tax treaty relevant to the acquiring, withholding or dealing in the Ordinary Shares exists between Hong Kong and the United States.

<u>**<u>Seychelles Taxation</u>**</u>

Seychelles does not impose tax on capital gains arising from the sale of property, such as our ordinary shares in respect of international business companies (**IBC**) incorporated under the International Business Companies Act, 2016 (**IBC Act**). VX Innovations and VX Holdings are IBCs. Under the IBC Act, (a) the transfers of property to or by an IBC, (b) transactions in respect of the shares, debt obligations or other securities of an IBC; (c) the creation, variation or discharge of a charge or other security interests over any property of an IBC; and (d) other transactions relating to the business or assets of an IBC, are exempt from the payment of stamp duty.

Seychelles does not impose withholding tax on capital gains derived from the sale of shares, nor does it impose withholding tax on dividends paid by IBCs to either local or foreign investors, where the IBCs do not have assessable income in Seychelles. Accordingly, investors will not be subject to Seychelles withholding tax on a disposition of their Ordinary Shares or on any dividends received in connection with their Ordinary Shares.

Currently, Seychelles has not entered into any tax treaties with the United States that would impact the acquisition, ownership, or disposal of Ordinary Shares or alter the tax treatment described above.

<u>**<u>Cayman Islands Taxation</u>**</u>

We have been advised by Conyers Dill & Pearman, our counsel as to the laws of the Cayman Islands, that the Cayman Islands currently levies no taxes on individuals or corporations based upon profits, income, gains or appreciation and there is no taxation in the nature of inheritance tax or estate duty applicable to us except for stamp duties which may be applicable on instruments executed in, or, after execution, brought within the jurisdiction of the Cayman Islands. No stamp duty is payable in the Cayman Islands for transfer of shares of Cayman Islands companies except those which hold interests in land in the Cayman Islands. The Cayman Islands is a party to a double tax treaty entered into with the United Kingdom in 2010 but otherwise is not party to any double tax treaties. There are no exchange control regulations or currency restrictions in the Cayman Islands.

Our Company was incorporated under the laws of the Cayman Islands as an exempted company and has received an undertaking pursuant to the Tax Concessions Act of the Cayman Islands to the effect that, for a period of 20 years from December 19, 2024, no law which is thereafter enacted in the Cayman Islands imposing any tax to be levied on profits, income, gains or appreciations shall apply to our Company or its operations; and that no tax to be levied on profits, income, gains or appreciations or which is in the nature of estate duty or inheritance tax shall be payable (a) on or in respect of the shares, debentures or other obligations of our Company; or (b) by way of the withholding in whole or in part of any relevant payment as defined in the Tax Concessions Act of the Cayman Islands.

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Payments of dividends and capital in respect of our Class A Ordinary Shares will not be subject to taxation in the Cayman Islands and no withholding will be required under Cayman Islands laws on the payment of a dividend or capital to any holder of our Class A Ordinary Shares, nor will gains derived from the disposal of our Class A Ordinary Shares be subject to Cayman Islands income or corporate tax.

<u>**<u>United States Federal Income Taxation</u>**</u>

**WE URGE POTENTIAL PURCHASERS OF OUR CLASS A ORDINARY SHARES TO CONSULT THEIR OWN TAX ADVISORS CONCERNING THE U.S. FEDERAL, STATE, LOCAL, AND NON-U.S. TAX CONSEQUENCES OF PURCHASING, OWNING, AND DISPOSING OF OUR CLASS A ORDINARY SHARES.**

The following does not address the tax consequences to any particular investor or to persons in special tax situations such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• banks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• financial institutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• insurance companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• regulated investment companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• real estate investment trusts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• broker-dealers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons that elect to mark their securities to market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• U.S. expatriates or former long-term residents of the U.S.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• governments, agencies, or instrumentalities thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• tax-exempt entities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons liable for alternative minimum tax;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons holding our Class A Ordinary Shares as part of a straddle, hedging, conversion, or integrated transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons that actually or constructively own 10% or more of our voting power or value (including by reason of owning our Class A Ordinary Shares);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons who acquired our Class A Ordinary Shares pursuant to the exercise of any employee share option or otherwise as compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons holding our Class A Ordinary Shares through partnerships or other pass-through entities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• beneficiaries of a Trust holding our Class A Ordinary Shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons holding our Class A Ordinary Shares through a trust.

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

#### Material Tax Consequences Applicable to U.S. Holders of Our Class A Ordinary Shares
The following sets forth the material U.S. federal income tax consequences related to the ownership and disposition of our Class A Ordinary Shares. It is directed to U.S. Holders (as defined below) of our Class A Ordinary Shares and is based upon laws and relevant interpretations thereof in effect as of the date of this prospectus, all of which are subject

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to change. This description does not deal with all possible tax consequences relating to ownership and disposition of our Class A Ordinary Shares or U.S. tax laws, other than the U.S. federal income tax laws, such as the tax consequences under non-U.S. tax laws, state, local and other tax laws.

The following brief description applies only to U.S. Holders (defined below) that hold Class A Ordinary Shares as capital assets and that have the U.S. dollar as their functional currency. This brief description is based on the federal income tax laws of the United States in effect as of the date of this prospectus and on U.S. Treasury regulations in effect or, in some cases, proposed, as of the date of this prospectus, as well as judicial and administrative interpretations thereof available on or before such date. All of the foregoing authorities are subject to change, which change could apply retroactively and could affect the tax consequences described below.

The brief description below of the U.S. federal income tax consequences to "U.S. Holders" will apply to you if you are a beneficial owner of Class A Ordinary Shares and you are, for U.S. federal income tax purposes,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an individual who is a citizen or resident of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a corporation (or other entity taxable as a corporation for U.S. federal income tax purposes) organized under the laws of the United States, any state thereof or the District of Columbia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an estate whose income is subject to U.S. federal income taxation regardless of its source; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a trust that (1) is subject to the primary supervision of a court within the United States and the control of one or more U.S. persons for all substantial decisions or (2) has a valid election in effect under applicable U.S. Treasury regulations to be treated as a U.S. person.

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

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

With respect to non-corporate U.S. Holders, including individual U.S. Holders, dividends will be taxed at the lower capital gains rate applicable to qualified dividend income, provided that (1) the Class A Ordinary Shares are readily tradable on an established securities market in the United States, or we are eligible for the benefits of an approved qualifying income tax treaty with the United States that includes an exchange of information program, (2) we are not a PFIC (defined below) for either our taxable year in which the dividend is paid or the preceding taxable year, and (3) certain holding period requirements are met. Because there is not an income tax treaty between the United States and the Cayman Islands, clause (1) above can be satisfied only if the Class A Ordinary Shares are readily tradable on an established securities market in the United States. Under U.S. Internal Revenue Service authority, Class A Ordinary Shares are considered for purpose of clause (1) above to be readily tradable on an established securities market in the United States if they are listed on certain exchanges, which presently include the NYSE and the Nasdaq Stock Market. You are urged to consult your tax advisors regarding the availability of the lower rate for dividends paid with respect to our Class A Ordinary Shares, including the effects of any change in law after the date of this prospectus.

Dividends will constitute foreign source income for foreign tax credit limitation purposes. If the dividends are taxed as qualified dividend income (as discussed above), the amount of the dividend taken into account for purposes of calculating the foreign tax credit limitation will be limited to the gross amount of the dividend, multiplied by the reduced rate divided by the highest rate of tax normally applicable to dividends. The limitation on foreign taxes eligible for credit is calculated separately with respect to specific classes of income. For this purpose, dividends distributed by us with respect to our Class A Ordinary Shares will constitute "passive category income" but could, in the case of certain U.S. Holders, constitute "general category income."

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

#### Taxation of Dispositions of Class A Ordinary Shares
Subject to the passive foreign investment company rules discussed below, you will recognize taxable gain or loss on any sale, exchange, or other taxable disposition of a share equal to the difference between the amount realized (in U.S. dollars) for the share and your tax basis (in U.S. dollars) in the Class A Ordinary Shares. The gain or loss will be capital gain or loss. If you are a non-corporate U.S. Holder, including an individual U.S. Holder, who has held the Class A Ordinary Shares for more than one year, you will generally be eligible for reduced tax rates. The deductibility of capital losses is subject to limitations. Any such gain or loss that you recognize will generally be treated as United States source income or loss for foreign tax credit limitation purposes which will generally limit the availability of foreign tax credits.

#### Passive Foreign Investment Company ("PFIC")
A non-U.S. corporation is considered a PFIC, as defined in Section 1297(a) of the US Internal Revenue Code, for any taxable year if either:

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

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

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

Based on our operations and the composition of our assets we do not expect to be treated as a PFIC under the current PFIC rules. We must make a separate determination each year as to whether we are a PFIC. However, there can be no assurance with respect to our status as a PFIC for our current taxable year or any future taxable year. Depending on the amount of cash we raise in this offering, together with any other assets held for the production of passive income, it is possible that, for our current taxable year or for any subsequent taxable year, more than 50% of our assets may be assets held for the production of passive income. We will make this determination following the end of any particular tax year. In addition, because the value of our assets for purposes of the asset test will generally be determined based on the market price of our Class A Ordinary Shares and because cash is generally considered to be an asset held for the production of passive income, our PFIC status will depend in large part on the market price of our Class A Ordinary Shares and the amount of cash we raise in this offering. Accordingly, fluctuations in the market price of the Class A Ordinary Shares may cause us to become a PFIC. In addition, the application of the PFIC rules is subject to uncertainty in several respects and the composition of our income and assets will be affected by how, and how quickly, we spend the cash we raise in this offering. We are under no obligation to take steps to reduce the risk of our being classified as a PFIC, and as stated above, the determination of the value of our assets will depend upon material facts (including the market price of our Class A Ordinary Shares from time to time and the amount of cash we raise in this offering) that may not be within our control. If we are a PFIC for any year during which you hold Class A Ordinary Shares, we will continue to be treated as a PFIC for all succeeding years during which you hold Class A Ordinary Shares. If we cease

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to be a PFIC and you did not previously make a timely "mark-to-market" election as described below, you may avoid some of the adverse effects of the PFIC regime by making a "purging election" (as described below) with respect to the Class A Ordinary Shares.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the excess distribution or gain will be allocated ratably over your holding period for the Class A Ordinary Shares;

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

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

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

A U.S. Holder of "marketable stock" (as defined below) in a PFIC may make a mark-to-market election under Section 1296 of the US Internal Revenue Code for such stock to elect out of the tax treatment discussed above. If you make a mark-to-market election for first taxable year which you hold (or are deemed to hold) Class A Ordinary Shares and for which we are determined to be a PFIC, you will include in your income each year an amount equal to the excess, if any, of the fair market value of the Class A Ordinary Shares as of the close of such taxable year over your adjusted basis in such Class A Ordinary Shares, which excess will be treated as ordinary income and not capital gain. You are allowed an ordinary loss for the excess, if any, of the adjusted basis of the Class A Ordinary Shares over their fair market value as of the close of the taxable year. Such ordinary loss, however, is allowable only to the extent of any net mark-to-market gains on the Class A Ordinary Shares included in your income for prior taxable years. Amounts included in your income under a mark-to-market election, as well as gain on the actual sale or other disposition of the Class A Ordinary Shares, are treated as ordinary income. Class A Ordinary loss treatment also applies to any loss realized on the actual sale or disposition of the Class A Ordinary Shares, to the extent that the amount of such loss does not exceed the net mark-to-market gains previously included for such Ordinary Shares. Your basis in the Class A Ordinary Shares will be adjusted to reflect any such income or loss amounts. If you make a valid mark-to-market election, the tax rules that apply to distributions by corporations which are not PFICs would apply to distributions by us, except that the lower applicable capital gains rate for qualified dividend income discussed above under "— Taxation of Dividends and Other Distributions on our Class A Ordinary Shares" generally would not apply.

The mark-to-market election is available only for "marketable stock", which is stock that is traded in other than de minimis quantities on at least 15 days during each calendar quarter ("regularly traded") on a qualified exchange or other market (as defined in applicable U.S. Treasury regulations), including the Nasdaq Capital Market. If the Class A Ordinary Shares are regularly traded on the Nasdaq Capital Market and if you are a holder of Ordinary Shares, the mark-to-market election would be available to you were we to be or become a PFIC.

Alternatively, a U.S. Holder of stock in a PFIC may make a "qualified electing fund" election under Section 1295(b) of the US Internal Revenue Code with respect to such PFIC to elect out of the tax treatment discussed above. A U.S. Holder who makes a valid qualified electing fund election with respect to a PFIC will generally include in gross income for a taxable year such holder's pro rata share of the corporation's earnings and profits for the taxable year. The qualified electing fund election, however, is available only if such PFIC provides such U.S. Holder with certain information regarding its earnings and profits as required under applicable U.S. Treasury regulations. We do not currently intend to prepare or provide the information that would enable you to make a qualified electing fund election. If you hold Ordinary Shares in any taxable year in which we are a PFIC, you will be required to file U.S. Internal Revenue Service Form 8621 in each such year and provide certain annual information regarding such Ordinary Shares, including regarding distributions received on the Class A Ordinary Shares and any gain realized on the disposition of the Class A Ordinary Shares.

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

IRC Section 1014(a) provides for a step-up in basis to the fair market value for our Class A Ordinary Shares when inherited from a decedent that was previously a holder of our Class A Ordinary Shares. However, if we are determined to be a PFIC and a decedent that was a U.S. Holder did not make either a timely qualified electing fund election for our first taxable year as a PFIC in which the U.S. Holder held (or was deemed to hold) our Class A Ordinary Shares, or a mark-to-market election and ownership of those Ordinary Shares are inherited, a special provision in IRC Section 1291(e) provides that the new U.S. Holder's basis should be reduced by an amount equal to the Section 1014 basis minus the decedent's adjusted basis just before death. As such if we are determined to be a PFIC at any time prior to a decedent's passing, the PFIC rules will cause any new U.S. Holder that inherits our Class A Ordinary Shares from a U.S. Holder to not get a step-up in basis under Section 1014 and instead will receive a carryover basis in those Ordinary Shares.

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

#### Information Reporting and Backup Withholding
Dividend payments with respect to our Class A Ordinary Shares and proceeds from the sale, exchange or redemption of our Class A Ordinary Shares may be subject to information reporting to the U.S. Internal Revenue Service and possible U.S. backup withholding under Section 3406 of the US Internal Revenue Code with at a current flat rate of 24%. Backup withholding will not apply, however, to a U.S. Holder who furnishes a correct taxpayer identification number and makes any other required certification on U.S. Internal Revenue Service Form W-9 or who is otherwise exempt from backup withholding. U.S. Holders who are required to establish their exempt status generally must provide such certification on U.S. Internal Revenue Service Form W-9. U.S. Holders are urged to consult their tax advisors regarding the application of the U.S. information reporting and backup withholding rules.

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

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

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#### UNDERWRITING
We will enter into an underwriting agreement with WallachBeth Capital LLC, as representative of the several underwriters in this offering (the "Representative" or "WallachBeth"), with respect to the Class A Ordinary Shares to be sold in this offering. Subject to certain conditions, we have agreed to sell to the underwriters named below, and the underwriters have severally agreed to purchase, the number of Class A Ordinary Shares at the initial public offering price provided below opposite their respective names less the underwriting discounts, as set forth on the cover page of this prospectus and as indicated below.

---

| | |
|:---|:---|
|  **Underwriters** | **Number <br>of Class A <br>Ordinary <br>Shares** |
|  WallachBeth Capital LLC | [•] |
|  Total | [•] |

---

A copy of the underwriting agreement will be filed as an exhibit to the registration statement of which this prospectus is part.

The underwriters are offering the Class A Ordinary Shares subject to their acceptance of the Class A Ordinary Shares from us and subject to prior sale. The underwriting agreement provides that the obligations of the several underwriters to pay for and accept delivery of the securities offered by this prospectus are subject to the approval of certain legal matters by their counsel and to certain other conditions. The underwriters are obligated to take and pay for all of the securities if any such securities are taken.

#### Discounts and Expenses
The underwriting discounts are equal to 7% of the initial public offering price.

The underwriters have advised us that they propose to offer the Class A Ordinary Shares to the public at the public offering price set forth on the cover page of this prospectus and to certain dealers at that price less a concession not in excess of $[•] per share. The underwriters may allow, and certain dealers may reallow, a discount from the concession not in excess of $[•] per share to certain brokers and dealers. After this offering, the public offering price, concession, and reallowance to dealers may be changed by the Representative. No such change shall change the amount of proceeds to be received by us as set forth on the cover page of this prospectus. The Class A Ordinary Shares are offered by the underwriters as stated herein, subject to receipt and acceptance by them and subject to their right to reject any order in whole or in part. The underwriters have informed us that they do not intend to confirm sales to any accounts over which they exercise discretionary authority.

The following table shows the public offering price, underwriting discount, and proceeds, before expenses, to us.

---

| | | |
|:---|:---|:---|
|  | **Per Class A <br>Ordinary Share** | **Total** |
|  Public offering price | $[•] | $[•] |
|  Underwriting discounts<sup>(1)</sup> | $[•] | $[•] |
|  Proceeds, before expenses, to us | $[•] | $[•] |

---

____________

(1) The underwriting discounts are equal to 7% of the initial public offering price set forth on the cover of this prospectus.

We have agreed to reimburse the underwriters for certain out-of-pocket expenses incurred by them up to an aggregate of $190,000 (including the Advance, as defined below), including, but not limited to, travel, due diligence expenses, reasonable fees and expenses of its legal counsel, roadshow and background check on the Company's principals, with respect to this offering. We have paid an expense deposit of $10,000 (the "Advance") to the underwriters, which will be applied against the out-of-pocket accountable expenses that will be reimbursed by us in connection with this offering. Any portion of the Advance will be returned to us in the event it is not actually incurred in accordance with FINRA Rule 5110(g)(4)(A).

We have also agreed to reimburse the underwriters by deduction from the net proceeds of the offering contemplated herein, for their non-accountable expenses equal to 1% of the offering proceeds raised in this offering at closing.

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We estimate that expenses payable by us in connection with this offering, other than the underwriting discounts referred to above and underwriter expense reimbursement, will be approximately $[•].

Except as disclosed in this prospectus, the Representative has not received and will not receive from us any other item of compensation or expense in connection with this offering considered by FINRA to be underwriting compensation under FINRA Rule 5110.

#### Right of First Refusal
We have agreed to grant to WallachBeth for a period of nine (9) months following the closing of this offering, a right of first refusal, exercisable at the sole discretion of WallachBeth, to provide investment banking services to the Company on an exclusive basis for acting as the sole investment banker, sole book-runner and/or sole placement agent in connection with for each and every future public and private equity and debt offering, including all equity-linked financings (each being referred to as a subject transaction), of the Company, or any successor to or any subsidiary of the Company, during such nine (9) month period, on terms and conditions as mutually agreed by WallachBeth and the Company. In accordance with FINRA Rule 5110(g)(6)(A)(i), such right of first refusal shall not have a duration of more than three years from the commencement of sales of the public offering or the termination date of the engagement between us and WallachBeth. Such right of first refusal is also subject to FINRA Rule 5110(g), which grants us a right of termination for cause, which includes that we may terminate the underwriter's engagement upon the underwriter's material failure to provide the underwriting services required by the underwriting agreement. Our exercise of the right of termination for cause will eliminate any obligations with respect to the right of first refusal set forth above.

#### Tail Financing
WallachBeth will be entitled to a commission of 7% of the gross proceeds raised, calculated in the manner set forth therein, with respect to any public or private offering or other financing or capital-raising transaction of any kind ("Tail Financing") to the extent that such financing or capital is provided to the Company by investors whom the WallachBeth had introduced to us prior to the consummation of this offering if such Tail Financing is consummated at any time during the engagement period of WallachBeth or within the eighteen (18) month period following the expiration or termination of the engagement period (the "Tail Period"), provided that such Tail Financing is by a party actually introduced to us in an offering in which the we have direct knowledge of such party's participation, provided, however, that we have the right to terminate its engagement of the WallachBeth for cause in compliance with FINRA Rule 5110(g)(5)(B)(i), which termination for cause eliminates our obligations with respect to the tail. We, in our sole discretion, have the right to reject any investor introduced to it by WallachBeth.

#### Lock-Up Agreements
Our officers, directors, any other corporate insiders and 5% stockholders have agreed, subject to certain exceptions, to a "lock-up" for a period of 180 days following the effective date of this prospectus with respect to the ordinary shares that they beneficially own, including the issuance of shares upon the exercise of convertible securities and options that are currently outstanding or which may be issued. This means that, for a period of 180 days following the effective date of this prospectus, such persons may not offer, sell, pledge or otherwise transfer or dispose of, directly or indirectly, these securities without the prior written consent of the Representative. In addition, we, including any of our successors, have agreed for a period of 90 days from the closing of this offering, that each will not (a) offer, sell, or otherwise transfer or dispose of, directly or indirectly, any ordinary shares of the Company or any securities convertible into or exercisable or exchangeable for ordinary shares; or (b) file or caused to be filed any registration statement with the SEC relating to the offering of any ordinary shares of the Company or any securities convertible into or exercisable or exchangeable for ordinary shares. The underwriters have no present intention to waive or shorten the lock-up period; however, the terms of the lock-up agreements may be waived at its discretion. In determining whether to waive the terms of the lock-up agreements, the underwriters may base their decision on their assessment of the relative strengths of the securities markets and companies similar to ours in general, and the trading pattern of, and demand for, our securities in general.

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#### Listing
We will apply to list the Class A Ordinary Shares on Nasdaq under the symbol "[•]." We make no representation that such application will be approved or that our Class A Ordinary Shares will trade on such market either now or at any time in the future. However, we will not complete this offering unless our Class A Ordinary Shares are listed.

#### Price Stabilization, Short Positions, and Penalty Bids
Until the distribution of the Class A ordinary shares offered by this prospectus is completed, rules of the SEC may limit the ability of the underwriters to bid for and to purchase our Class A ordinary shares. As an exception to these rules, in connection with this offering, the underwriters may engage in transactions that stabilize, maintain, or otherwise affect the price of our Class A Ordinary Shares in accordance with Regulation M under the Exchange Act.

Specifically, the underwriters may engage in over-allotment sales, syndicate covering transactions, stabilizing transactions, and penalty bids in accordance with Regulation M.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Stabilizing transactions consist of bids or purchases made by the underwriters for the purpose of preventing or slowing a decline in the market price of our securities while this offering is in progress.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Short sales and over-allotments occur when the underwriters, on behalf of the underwriting syndicate, sells more of our shares than they purchase from us in this offering. In order to cover the resulting short position, the managing underwriter may engage in syndicate covering transactions. There is no contractual limit on the size of any syndicate covering transaction. The underwriters will deliver a prospectus in connection with any such short sales. Purchasers of shares sold short by the underwriters are entitled to the same remedies under the federal securities laws as any other purchaser of units covered by the registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Syndicate covering transactions are bids for or purchases of our securities on the open market by the managing underwriter on behalf of the underwriters in order to reduce a short position incurred by the managing underwriter on behalf of the underwriters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A penalty bid is an arrangement permitting the managing underwriter to reclaim the selling concession that would otherwise accrue to an underwriter if the Class A Ordinary Shares originally sold by the underwriter were later repurchased by the managing underwriter and therefore were not effectively sold to the public by such underwriter.

The underwriters may also bid for, and purchase, our Class A Ordinary Shares in market making transactions, including "passive" market making transactions as described below.

These activities may have the effect of raising or maintaining the market price of our Class A ordinary shares or preventing or delaying a decline in the market price of our Class A ordinary shares which may stabilize or maintain the market price of our Class A Ordinary Shares at a price that is higher than the price that might otherwise exist in the absence of these activities. The underwriters are not required to engage in these activities and may discontinue any of these activities at any time without notice. These transactions may be effected on the Nasdaq Capital Market, in the over-the-counter market, or otherwise. As a result, the price of our Class A ordinary shares may be higher than the price that might otherwise exist in the open market.

Neither we nor the underwriters make any representation or prediction as to the effect that the transactions described above may have on the prices of our Class A Ordinary Shares. These transactions may occur on Nasdaq or on any trading market. If any of these transactions are commenced, they may be discontinued without notice at any time.

#### Stamp Taxes
If you purchase Class A Ordinary Shares offered by this prospectus, you may be required to pay stamp taxes and other charges under the laws and practices of the country of purchase, in addition to the initial public offering price listed on the cover page of this prospectus.

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#### Electronic Distribution
A prospectus in electronic format may be made available on websites or through other online services maintained by one or more of the underwriters of this offering, or by their affiliates. Other than the prospectus in electronic format, the information on any underwriter's website and any information contained in any other website maintained by an underwriter is not part of this prospectus or the registration statement of which this prospectus forms a part, has not been approved and/or endorsed by us or any underwriter in its capacity as underwriter, and should not be relied upon by investors.

In connection with this offering, certain of the underwriters or securities dealers may distribute prospectuses by electronic means, such as e-mail.

#### Selling Restrictions Outside the United States
No action may be taken in any jurisdiction other than the United States that would permit a public offering of the Class A Ordinary Shares or the possession, circulation, or distribution of this prospectus in any jurisdiction where action for that purpose is required. Accordingly, the Class A Ordinary Shares may not be offered or sold, directly or indirectly, and neither the prospectus nor any other offering material or advertisements in connection with the Class A Ordinary Shares may be distributed or published in or from any country or jurisdiction except under circumstances that will result in compliance with any applicable laws, rules and regulations of any such country or jurisdiction. This prospectus does not constitute an offer to sell or a solicitation of an offer to buy any Class A Ordinary Shares offered by this prospectus in any jurisdiction in which such an offer or a solicitation is unlawful.

#### Notice to Prospective Investors in Australia
No placement document, prospectus, product disclosure statement or other disclosure document has been lodged with the Australian Securities and Investments Commission, or ASIC, in relation to the offering. This prospectus does not constitute a prospectus, product disclosure statement or other disclosure document under the Corporations Act 2001, or the Corporations Act, and does not purport to include the information required for a prospectus, product disclosure statement or other disclosure document under the Corporations Act.

Any offer in Australia of the common shares may only be made to persons, or the Exempt Investors, who are (i) sophisticated investors (within the meaning of section 708(8) of the Corporations Act), (ii) professional investors (within the meaning of section 708(11) of the Corporations Act) or otherwise pursuant to one or more exemptions contained in section 708 of the Corporations Act so that it is lawful to offer the shares without disclosure to investors under Chapter 6D of the Corporations Act.

The common shares applied for by Exempt Investors in Australia must not be offered for sale in Australia in the period of 12 months after the date of allotment under the offering, except in circumstances where disclosure to investors under Chapter 6D of the Corporations Act would not be required pursuant to an exemption under section 708 of the Corporations Act or otherwise or where the offer is pursuant to a disclosure document which complies with Chapter 6D of the Corporations Act. Any person acquiring the shares must observe such Australian on-sale restrictions.

This prospectus contains general information only and does not take account of the investment objectives, financial situation or particular needs of any particular person. It does not contain any securities recommendations or financial product advice. Before making an investment decision, investors need to consider whether the information in this prospectus is appropriate to their needs, objectives and circumstances, and, if necessary, seek expert advice on those matters.

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#### EXPENSES RELATING TO THIS OFFERING
Set forth below is an itemization of the total expenses, excluding Underwriting discounts that we expect to incur in connection with this offering. With the exception of the SEC registration fee, the FINRA filing fee, and the Nasdaq Capital Market listing fee, all amounts are estimates.

---

| | |
|:---|:---|
|  Securities and Exchange Commission Registration Fee | USD$ [•] |
|  Nasdaq Capital Market Listing Fee | USD$ [•] |
|  FINRA Filing Fee | USD$ [•] |
|  Legal Fees and Expenses | USD$ [•] |
|  Accounting Fees and Expenses | USD$ [•] |
|  Printing and Engraving Expenses | USD$ [•] |
|  Transfer Agent Expenses | USD$ [•] |
|  Miscellaneous Expenses | USD$ [•] |
|  Total Expenses | USD$ [•] |

---

These expenses will be borne by us. Underwriting discounts will be borne by us in proportion to the numbers of Class A Ordinary Shares sold in the offering.

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#### LEGAL MATTERS
We are being represented by Hunter Taubman Fischer & Li LLC with respect to certain legal matters as to United States federal securities and New York State law. The validity of the Class A Ordinary Shares offered in this offering and certain other legal matters as to Cayman Islands law will be passed upon for us by Conyers Dill & Pearman. Legal matters as to Australia law will be passed upon for us by Lamco AU. Legal matters as to Seychelles law will be passed upon for us by Appleby (Seychelles). Legal matters as to Hong Kong law will be passed upon for us by Lo, Wong & Tsui. Certain legal matters as to the United States federal securities and New York law in connection with this offering will be passed upon for the underwriters by Sichenzia Ross Ference Carmel LLP.

#### EXPERTS
The consolidated financial statements for the fiscal years ended June 30, 2024, and 2023, included in this prospectus have been so included in reliance on the report of Zhen Hui Certified Public Accountants, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting. The office of Zhen Hui Certified Public Accountants is located at Units 1403 – 1404, Dominion Centre, 43 – 59 Queen's Road East, Wan Chai, Hong Kong.

#### WHERE YOU CAN FIND ADDITIONAL INFORMATION
We have filed a registration statement, of which this prospectus forms a part, including relevant exhibits, with the SEC on Form F-1 under the Securities Act with respect to the Class A Ordinary Shares to be sold in this offering. This prospectus, which constitutes a part of the registration statement on Form F-1, does not contain all of the information contained in the registration statement. You should read our registration statements and their exhibits and schedules for further information with respect to us and the Class A Ordinary Shares.

Immediately upon the effectiveness of the registration statement on Form F-1 of which this prospectus forms a part, we will become subject to periodic reporting and other informational requirements of the Exchange Act as applicable to foreign private issuers. Accordingly, we will be required to file reports, including annual reports on Form 20-F, and other information with the SEC. All information filed with the SEC can be obtained over the internet at the SEC's website at *www.sec.gov*. You can request copies of documents, upon payment of a duplicating fee, by writing to the SEC.

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#### VOLTAGE X LIMITED<br>INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

---

| | |
|:---|:---|
|  | **Page** |
|  Audited Consolidated Financial Statements for the years ended June 30, 2024 and 2023 |  |
|  [Report of Independent Registered Public Accounting Firm](#T1001) | F-2 |
|  [Consolidated Statement of Profit or Loss and Other Comprehensive Income](#T1002) | F-3 |
|  [Consolidated Statement of Financial Position](#T1003) | F-4 |
|  [Consolidated Statement of Changes in Equity](#T1004) | F-5 |
|  [Consolidated Statement of Cash Flows](#T1005) | F-6 |
|  [Notes to the Consolidated Financial Statements](#T1006) | F-7 |

---

#### INDEX TO UNAUDITED INTERIM CONDENSED<br>CONSOLIDATED FINANCIAL STATEMENTS

---

| | |
|:---|:---|
|  | **Page** |
|  [Unaudited Interim Condensed Consolidated Statement of Profit or Loss and Other comprehensive Income for the Periods Ended 31 December 2023 and 2024](#T3002) | F-41 |
|  [Unaudited Interim Condensed Consolidated Statement of Financial Position as of 30 June 2024 and 31 December 2024](#T3003) | F-42 |
|  [Unaudited Interim Condensed Consolidated Statement of Changes in Equity for the Period Ended 31 December 2024](#T3004) | F-43 |
|  [Unaudited Interim Condensed Consolidated Statement of Cash Flows for the Periods Ended 31 December 2023 and 2024](#T3005) | F-44 |
|  [Notes to the Unaudited Interim Condensed Consolidated Financial Statements](#T3006) | F-45 |

---

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#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Board of Directors and Shareholders<br>Voltage X Limited

#### Opinion on the financial statements
We have audited the accompanying consolidated statement of financial position of Voltage X Limited and its subsidiaries (the "Group") as of 30 June 2023 and 2024, the related consolidated statement of profit or loss and other comprehensive income, consolidated statement of changes in equity, and consolidated statement of cash flows for the years ended 30 June 2023 and 2024, and the related notes (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Group as of 30 June 2023 and 2024, and the results of its operations and its cash flows for the years ended 30 June 2023 and 2024, in conformity with International Financial Reporting Standards, as issued by the International Accounting Standards Board.

#### Basis for opinion
These consolidated financial statements are the responsibility of the Group's management. Our responsibility is to express an opinion on the Group's consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Group in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Group is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Group's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence supporting the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ ZHEN HUI Certified Public Accountants

We have served as the Group's auditor for the IPO project.

Hong Kong

June 25, 2025

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#### VOLTAGE X LIMITED<br>CONSOLIDATED STATEMENT OF PROFIT OR LOSS<br>AND OTHER COMPREHENSIVE INCOME

---

| | | | |
|:---|:---|:---|:---|
|  | **Notes** | **Year ended 30 June** | **Year ended 30 June** |
|  | **Notes** | **2024**  | **2023**  |
|  |  | **US$** | **US$** |
|  **Revenue** | 4, 5 |  |  |
|  – Independent Third Parties |  | 2064275 | 1534464 |
|  – Related Parties |  | 2530857 | 2549343 |
|  |  | 4595132 | 4083807 |
|  **Cost of sales** |  |  |  |
|  – Independent Third Parties |  | (1892356) | (1248849) |
|  – Related Parties |  | (1070566) | (1129434) |
|  |  | (2962922) | (2378283) |
|  **Gross profit** |  | 1632210 | 1705524 |
|  Other revenue | 6 |  |  |
|  – Independent Third Parties |  | 1096 | 19669 |
|  – Related Parties |  |  | 36 |
|  |  | 1096 | 19705 |
|  Administrative expenses |  |  |  |
|  – Independent Third Parties |  | (322265) | (406969) |
|  – Related Parties |  | (139748) | (122817) |
|  |  | (462013) | (529786) |
|  Finance costs | 7 | (4498) | (8174) |
|  **Profit before taxation** |  | 1166795 | 1187269 |
|  Income tax | 9(a) | (200688) | (200238) |
|  **Profit for the year** | 8 | 966107 | 987031 |
|  **Other comprehensive loss for the year:** |  |  |  |
|  Items that may be reclassified subsequently to profit or loss: |  |  |  |
|  Exchange difference on translation of financial statements of overseas subsidiaries |  | (554) | (157) |
|  **Profit and total comprehensive income attributable to the owners of the Company for the year** |  | 965553 | 986874 |
|  Earnings per share: |  |  |  |
|  Basic and diluted | 11 | 0.06 | 0.06 |

---

*The above consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes.*

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#### VOLTAGE X LIMITED<br>CONSOLIDATED STATEMENT OF FINANCIAL POSITION

---

| | | | |
|:---|:---|:---|:---|
|  | **Notes** | **At 30 June** | **At 30 June** |
|  | **Notes** | **2024**  | **2023**  |
|  |  | **US$** | **US$** |
|  **NON-CURRENT ASSETS** |  |  |  |
|  Property, plant and equipment | 14 | 13435 | 14737 |
|  Right-of-use assets | 15 | 196434 | 259280 |
|  |  | 209869 | 274017 |
|  **CURRENT ASSETS** |  |  |  |
|  Trade receivables | 16 |  |  |
|  – Independent Third Parties |  | 1063391 | 747761 |
|  – Related Parties |  | 3868122 | 2101024 |
|  Deposits and prepayment |  | 3317 | 4897 |
|  Cash and cash equivalents | 17(a) | 132322 | 87445 |
|  |  | 5067152 | 2941127 |
|  **CURRENT LIABILITIES** |  |  |  |
|  Trade payables | 18 |  |  |
|  – Independent Third Parties |  | 893140 | 346519 |
|  – Related Parties |  | 1519682 | 1135874 |
|  Accruals and other payables |  |  |  |
|  – Independent Third Parties |  | 59984 | 73550 |
|  – Related Parties |  | 6826 |  |
|  Contract liabilities | 4 | 38412 |  |
|  Amounts due to a director | 19 | 133732 | 155777 |
|  Amounts due to related companies | 20 | 52949 | 17080 |
|  Loan from a related company | 21 | 193871 | 229690 |
|  Lease liabilities | 22 | 46563 | 45008 |
|  Tax payable | 9(c) | 400926 | 200238 |
|  |  | 3346085 | 2203736 |
|  **NET CURRENT ASSETS** |  | 1721067 | 737391 |
|  **NON-CURRENT LIABILITIES** |  |  |  |
|  Lease liabilities | 22 | (80729) | (126870) |
|  |  | (80729) | (126870) |
|  **NET ASSETS** |  | 1850207 | 884538 |
|  **CAPITAL AND RESERVES** |  |  |  |
|  Share capital | 23 | 116 | 12765 |
|  Reserves | 27 | 12054 | (157) |
|  Retained profits |  | 1838037 | 871930 |
|  **TOTAL EQUITY** |  | 1850207 | 884538 |

---

*The above consolidated statement of financial position should be read in conjunction with the accompanying notes.*

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**VOLTAGE X LIMITED<br>CONSOLIDATED STATEMENT OF CHANGES IN EQUITY**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Share <br>capital** | **Exchange <br>reserve** | **Merger <br>reserves** | **(Accumulated <br>losses)/<br>Retained <br>profits** | **<br>Total** |
|  | **US$** | **US$** | **US$** | **US$** | **US$** |
|  **Balance at 1 July 2022** | 127  |  |  | (115101) | (114974) |
|  Issue of shares | 12638  |  |  |  | 12638  |
|  Profit for the year | —  |  |  | 987031 | 987031  |
|  Other comprehensive expense | —  | (157) |  |  | (157) |
|  Total comprehensive (expense)/income for the year | —  | (157) |  | 987031 | 986874  |
|  **Balance at 30 June 2023** | 12765  | (157) |  | 871930 | 884538  |
|  Issue of shares | 116  |  |  |  | 116  |
|  Group re-organization | (12765) |  | 12765 |  | —  |
|  Profit for the year | —  |  |  | 966107 | 966107  |
|  Other comprehensive expense | —  | (554) |  |  | (554) |
|  Total comprehensive (expense)/income for the year | —  | (554) |  | 966107 | 965553  |
|  **Balance at 30 June 2024** | 116  | (711) | 12765 | 1838037 | 1850207  |

---

*The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes.*

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#### VOLTAGE X LIMITED<br>CONSOLIDATED STATEMENT OF CASH FLOWS

---

| | | | |
|:---|:---|:---|:---|
|  | **Notes** | **Year ended 30 June** | **Year ended 30 June** |
|  | **Notes** | **2024** | **2023**  |
|  |  | **US$** | **US$** |
|  **OPERATING ACTIVITIES** |  |  |  |
|  Cash generated from operations | 17(b) | 132832 | 91415 |
|  Tax paid: |  |  |  |
| &nbsp;&nbsp;&nbsp; Tax paid/refunded |  |  |  |
|  **Net cash generated from operating activities** |  | 132832 | 91415 |
|  **INVESTING ACTIVITIES** |  |  |  |
|  Purchases of property, plant and equipment | 14 | (2627) | (10463) |
|  Payments for right-of-use assets |  |  | (87803) |
|  Interest received |  | 529 | 124 |
|  **Net cash used in investing activities** |  | (2098) | (98142) |
|  **FINANCING ACTIVITIES** |  |  |  |
|  (Decrease)/increase in loan from a related company |  | (35819) | 102571 |
|  Issue of share capital |  | 116 | 12638 |
|  Repayment of lease liabilities | 17(c) | (45044) | (57848) |
|  Interest paid for lease liabilities | 7 | (4498) | (8174) |
|  **Net cash (used in)/generated from financing activities** |  | (85245) | 49187 |
|  **NET INCREASE IN CASH AND CASH EQUIVALENTS** |  | 45489 | 42460 |
|  **CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR** |  | 87445 | 45121 |
|  Effect of foreign exchange rates changes |  | (612) | (136) |
|  **CASH AND CASH EQUIVALENTS AT THE END OF <br>THE YEAR** | 17(a) | 132322 | 87445 |

---

*The above consolidated statement of cash flows should be read in conjunction with the accompanying notes.*

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#### VOLTAGE X LIMITED<br>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
**1. CORPORATE INFORMATION**

The Company was incorporated in the Cayman Islands under the Companies Act (as revised) of the Cayman Islands as an exempted company with limited liability on 29 May 2024. Details of its subsidiaries are set out in note 13 to the consolidated financial statements. The address of the registered office is located at Cricket Square, Hutchins Drive, PO Box 2681, Grand Cayman KY1-1111, Cayman Islands.

The Company and its subsidiary, Voltage X Holdings Limited are investment holding companies. The principal subsidiaries, Voltage X Innovations Limited and Xact Digital Limited are mainly engaged in public relations, digital marketing strategy, social media management, video production, creative design, influencer strategy and event management across multichannels. Voltage X Australia Pty Limited is a newly incorporated company which not yet commenced business.

In connection with the initial listing of shares of the Company on Nasdaq, the consolidated financial statements are presented in USD, which is also the Company's functional and the Group's presentation currency.

**2. BASIS OF PREPARATION AND PRESENTATION**

**2.1 Group reorganization ("Reorganization") and basis of preparation of the consolidated financial statements**

Pursuant to the Reorganization, the Company became the holding company of the companies now comprising the Group on 28 June 2024. The companies now comprising the Group have been under the common control and beneficially owned by Terence Cheung and Lun Tak Po ("Controlling shareholders") throughout the reporting period or since their respective dates of incorporation up to 30 June 2024. As such, the Reorganization is effectively interspersing a shell company over the subsidiaries, in which Voltage X Innovations Limited and Xact Digital Limited are only operating entity of the Group, and there was a continuation of risks and benefits to the Controlling Shareholders. Accordingly, the Reorganization has been accounted for as if the Company had always been the holding company of the Group throughout the reporting period.

The consolidated statements of profit or loss and other comprehensive income, consolidated statements of changes in equity and consolidated statements of cash flows including the results and cash flows of the companies now comprising the Group have been prepared as if the current group structure had been in existence throughout the reporting period or since their respective dates of incorporation up to 30 June 2024, whichever is the shorter period. The consolidated statements of financial position of the Group as at 30 June 2023 and 30 June 2024 have been prepared to present the assets and liabilities of the companies now comprising the Group as if the current group structure had been in existence as at those dates.

The consolidated financial statements has been prepared in accordance with International Financial Reporting Standards ("IFRS") issued by the International Accounting Standards Board ("IASB"). IFRSs comprise the following authoritative literature:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• International Financial Reporting Standards ("IFRS");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• International Accounting Standards ("IAS");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Interpretations developed by the IFRS Interpretations Committee (IFRIC Interpretations) or its predecessor body, the Standing Interpretations Committee (SIC Interpretations).

The consolidated financial statements has been prepared by historical basis. Historical cost is generally based on the fair value of the consideration given in exchange for goods and services.

The preparation of the consolidated financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in Note 3.

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**2. BASIS OF PREPARATION AND PRESENTATION** (cont.)

The material accounting policies applied in the preparation of the consolidated financial statement have been consistently applied to all the years presented, unless otherwise stated.

Other than those material accounting policies information as disclosed elsewhere in this consolidated financial statements, a summary of the other accounting policies information has been set out in Note 2.4 to this consolidated financial statements.

**2.2 New standards and interpretations adopted**

Application of new and revised IFRSs

For the purpose of preparing and presenting the consolidated financial statements for the reporting period, the Group has early adopted all the new and revised IFRSs issued by the IASB that are effective for its accounting period beginning on 1 July 2023, together with the relevant transitional provision, throughout the reporting period.

**2.3 New standards and interpretations not yet been adopted**

The Group has not early applied the following new and amended standards and interpretation that have been issued but are not yet effective:

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| | | |
|:---|:---|:---|
|  |  | **Effective for <br>accounting periods <br>beginning <u>on or after</u>** |
|  Amendments to IAS 1 | Classification of Liabilities Current or Non-current | 1 January 2024 |
|  Amendments to IAS 1 | Non-current Liabilities Covenants | 1 January 2024 |
|  Amendments to IFRS 16 | Lease Liability in a Sale Leaseback | 1 January 2024 |
|  Amendments to IAS 7 and IFRS 7 | Supplier finance arrangements | 1 January 2024 |
|  Amendments to IAS 21 | Lack of Exchangeability | 1 January 2025 |
|  Amendments to IFRS 9 and IFRS 7 | Financial Instruments Standards | 1 January 2026 |
|  IFRS 18 | Presentation and in Financial Statements | 1 January 2027 |
|  IFRS 19 and IFRS 7 | Subsidiaries without Public Accountability: Disclosures | 1 January 2027 |
|  Amendments to IFRS 10 and IAS 28 | Sale or Contribution of between an Investor and its Associate or Joint venture | To be determined |

---

The Group has already commenced an assessment of the impact of these amendments, certain of which are relevant to the Group's operations. According to the preliminary assessment made by the directors, no significant impact on the financial performance and positions of the Group is expected when they become effective.

**2.4 Material accounting policies information**

2.4.1 Principles of consolidation

(a) Subsidiaries

Subsidiaries are entities (including structured entities) over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The Group has power over an entity when the Group has existing rights that give it current ability to direct the relevant activities, i.e. activities that significantly affect the entity's returns. Subsidiaries are consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases.

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**2. BASIS OF PREPARATION AND PRESENTATION** (cont.)

Inter-company transactions, balances and unrealized gains on transactions between group companies are eliminated. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group.

Non-controlling interests in the results and equity of subsidiaries are shown separately in the consolidated statement of profit or loss, consolidated statement of other comprehensive income, consolidated statement of changes in equity and consolidated statement of financial position respectively.

In the Company's statement of financial position, investments in subsidiaries are accounted for at cost less impairment. Cost includes direct attributable costs of investment. The results of subsidiaries are accounted for by the Company on the basis of dividend received and receivable.

Impairment test of the investments in subsidiaries is required upon receiving a dividend from these investments if the dividend exceeds the total comprehensive income of the subsidiary in the period the dividend is declared or if the carrying amount of the investment in the separate financial statements exceeds the carrying amount of the investee's net assets including goodwill.

(b) Changes in ownership interests

The Group treats transactions with non-controlling interests that do not result in a loss of control as transactions with equity owners of the Group. A change in ownership interest results in an adjustment between the carrying amounts of the controlling and non-controlling interests to reflect their relative interests in the subsidiary. Any difference between the amount of the adjustment to non-controlling interests and any consideration paid or received is recognized in a separate reserve within equity attributable to owners of the Company.

When the Group ceases to consolidate or equity account for an investment because of a loss of control, joint control or significant influence, any retained interest in the entity is remeasured to its fair value, with the change in carrying amount recognized in profit or loss. This fair value becomes the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate or financial asset. In addition, any amounts previously recognized in other comprehensive income in respect of that entity are accounted for as if the Group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognized in other comprehensive income are reclassified to profit or loss or transferred to another category of equity as specified/permitted by applicable IFRS.

2.4.2 Merger accounting for business combination under common control

This consolidated financial statements includes the financial statements of the entities now comprising the Group for the reporting period. As explained in note 2.1 to the consolidated financial statements, the acquisition of subsidiaries and business under common control has been accounted for using merger accounting.

The merger accounting involves incorporating the financial statement items of the combining entities or businesses in which the common control combination occurs as if they had been combined from the date when the combining entities or businesses first came under the control of the controlling party.

The consolidated statements of profit or loss and other comprehensive income and consolidated statements of cash flows include the results and cash flows of the combining entities from the earliest date presented or since the date when the combining entities first came under the common control, where this is a shorter period, regardless of the date of the common control combination.

The consolidated statements of financial position have been prepared to present the assets and liabilities of the combining entities as if the Group structure had been in existence at the end of each reporting period. The net assets of the combining entities are combined using the existing book values from the controlling party's perspective. No amount is recognized in respect of goodwill or gain on bargain purchase at the time of common control combination, to the extent of the continuation of the controlling party's interest.

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**2. BASIS OF PREPARATION AND PRESENTATION** (cont.)

There was no adjustment made to the net assets nor the net profit or loss of any combining entities in order to achieve consistency of the Group's accounting policies.

2.4.3 Foreign currency translation

(a) Functional and presentation currency

Items included in the financial statements of each of the Group's entities are measured using the currency of the primary economic environment in which the entity operates ("the functional currency"). In connection with the initial listing of shares of the Company on Nasdaq, the consolidated financial statements are presented in United States Dollar ("USD"), which is also the Company's functional and the Group's presentation currency.

(b) Transactions and balances

Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at year end exchange rates are generally recognized in profit or loss. They are deferred in equity if they relate to qualifying cash flow hedges.

Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. Translation differences on assets and liabilities carried at fair value are reported as part of the fair value gain or loss. For example, translation differences on non-monetary assets and liabilities such as equities held at FVPL are recognized in profit or loss as part of the fair value gain or loss and translation differences on non-monetary assets such as equities classified as fair value through other comprehensive income are recognized in other comprehensive income.

(c) Group companies

The results and financial position of all the Group entities that have a functional currency different from the presentation currency are translated into the presentation currency as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• assets and liabilities for each statement of financial position of the Group's entities are translated at the closing rate at the end of the reporting period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• income and expenses for each income statement of the Group's entities are translated at average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of the transactions); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all resulting exchange differences are recognized in other comprehensive income.

On consolidation, exchange differences arising from the translation of the net investment in foreign operations are taken to other comprehensive income. When a foreign operation is partially disposed of or sold, exchange differences that were recorded in equity are reclassified to profit or loss, as part of the gain or loss on sale.

2.4.4 Property, plant and equipment

All property, plant and equipment are stated at historical costs less accumulated depreciation and accumulated impairment charges. Historical costs include expenditures that are directly attributable to the acquisition of the items.

Depreciation is calculated to write off the cost or valuation of items of property, plant and equipment, less their estimated residual value, if any, using the straight line method over their estimated useful lives as follows:

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| | |
|:---|:---|
|  Computer equipment | 20% |
|  Office equipment | 20% |

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**2. BASIS OF PREPARATION AND PRESENTATION** (cont.)

Subsequent costs are included in the asset's carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the asset will flow to the Group and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognized. All other repairs and maintenance are charged to the consolidated statement of comprehensive income during the periods in which they are incurred.

The assets' residual values and useful lives are reviewed, and adjusted if appropriate, at each reporting date.

An asset's carrying amount is written down immediately to its recoverable amount if the asset's carrying amount is greater than its estimated recoverable amount (Note 2.4.5).

Gains and losses on disposal are determined by comparing the proceeds with the carrying amounts. These are included in the consolidated statement of comprehensive income.

2.4.5 Credit losses and impairment of assets

*(1)* Credit losses from financial assets

The Group recognizes a loss allowance for expected credit losses ("ECL") on the financial assets measured at amortized cost (including cash and cash equivalents, trade and other receivables).

Financial assets measured at fair value are not subject to the ECL assessment.

Measurement of ECL

ECL are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all expected cash shortfalls (i.e. the difference between the cash flows due to the Group in accordance with the contract and the cash flows that the Group expects to receive).

For undrawn loan commitments, expected cash shortfalls are measured as the difference between (i) the contractual cash flows that would be due to the Group if the holder of the loan commitment draws down on the loan and (ii) the cash flows that the Group expects to receive if the loan is drawn down.

The expected cash shortfalls are discounted using the following discount rates where the effect of discounting is material:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fixed-rate financial assets, trade and other receivables and contract assets:

effective interest rate determined at initial recognition or an approximation thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• variable-rate financial assets: current effective interest rate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• lease receivables: discount rate used in the measurement of the lease receivable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• loan commitments: current risk-free rate adjusted for risks specific to the cash flows.

The maximum period considered when estimating ECL is the maximum contractual period over which the Group is exposed to credit risk.

In measuring ECL, the Group takes into account reasonable and supportable information that is available without undue cost or effort. This includes information about past events, current conditions and forecasts of future economic conditions.

ECL are measured on either of the following bases:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 12-month ECL: these are losses that are expected to result from possible default events within the 12 months after the reporting date; and

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**2. BASIS OF PREPARATION AND PRESENTATION** (cont.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• lifetime ECL: these are losses that are expected to result from all possible default events over the expected lives of the items to which the ECL model

Loss allowances for trade receivables are always measured at an amount equal to lifetime ECL. ECL on trade receivables with significant balances or credit-impaired are assessed for ECL individually. In addition, the Group use practical expedient in estimating ECL on trade receivables which are not assessed individually using a provision matrix based on the Group's historical credit loss experience, adjusted for factors that are specific to the debtors and an assessment of both the current and forecast general economic conditions at the reporting date.

For all other financial instruments (including deposit and cash at banks), the Group recognizes a loss allowance equal to 12-month ECL unless there has been a significant increase in credit risk of the financial instrument since initial recognition, in which case the loss allowance is measured at an amount equal to lifetime ECL.

Significant increases in credit risk

In assessing whether the credit risk of a financial instrument has increased significantly since initial recognition, the Group compares the risk of default occurring on the financial instrument assessed at the reporting date with that assessed at the date of initial recognition. In making this reassessment, the Group considers both quantitative and qualitative information that is reasonable and supportable, including historical experience and forward-looking information that is available without undue cost or effort.

In particular, the following information is taken into account when assessing whether credit risk has increased significantly since initial recognition:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• failure to make payments of principal or interest on their contractually due dates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an actual or expected significant deterioration in a financial instrument's external or internal credit rating (if available);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an actual or expected significant deterioration in the operating results of the debtor; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• existing or forecast changes in the technological, market, economic or legal environment that have a significant adverse effect on the debtor's ability to meet its obligation to the Group.

Irrespective of the outcome of the above assessment, the Group presumes that the credit risk has increased significantly since initial recognition when contractual payments are more than 30 days past due, unless the Group has reasonable and supportable information that demonstrates otherwise.

The Group regularly monitors the effectiveness of the criteria used to identify whether there has been a significant increase in credit risk and revises them as appropriate to ensure that the criteria are capable of identifying significant increase in credit risk before the amount becomes past due.

Depending on the nature of the financial instruments, the assessment of a significant increase in credit risk is performed on either an individual basis or a collective basis. When the assessment is performed on a collective basis, the financial instruments are grouped based on shared credit risk characteristics, such as past due status and credit risk ratings.

For internal credit risk management, the Group considers an event of default occurs when information developed internally or obtained from external sources indicates that the debtor is unlikely to pay its creditors, including the Group, in full (without taking into account any collaterals held by the Group).

Irrespective of the above, the Group considers that default has occurred when a financial asset is more than 60 days past due unless the Group has reasonable and supportable information to demonstrate that a more lagging default criterion is more appropriate.

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**2. BASIS OF PREPARATION AND PRESENTATION** (cont.)

At each reporting date, the Group assesses whether a financial asset is credit-impaired. A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred.

Evidence that a financial asset is credit-impaired includes the following observable events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• significant financial difficulties of the debtor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a breach of contract, such as a default or delinquency in interest or principal payments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• it becoming probable that the borrower will enter into bankruptcy or other financial reorganization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• significant changes in the technological, market, economic or legal environment that have an adverse effect on the debtor; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the disappearance of an active market for a security because of financial difficulties of the issuer.

Write-off policy

The gross carrying amount of a financial asset, lease receivable or contract asset is written off (either partially or in full) to the extent that there is no realistic prospect of recovery. This is generally the case when the Group determines that the debtor does not have assets or sources of income that could generate sufficient cash flows to repay the amounts subject to the write-off.

Subsequent recoveries of an asset that was previously written off are recognized as a reversal of impairment in profit or loss in the period in which the recovery occurs.

ECL are remeasured at each reporting date to reflect changes in the financial instrument's credit risk since initial recognition. Any change in the ECL amount is recognized as an impairment gain or loss in profit or loss. the Group recognizes an impairment gain or loss for all financial instruments with a corresponding adjustment to their carrying amount through a loss allowance account, except for investments in debt securities that are measured at FVOCI (recycling), for which the loss allowance is recognized in other comprehensive income and accumulated in the fair value reserve (recycling).

Basis of calculation of interest income

Interest income recognized in accordance with note 2.4.15 is calculated based on the gross carrying amount of the financial asset unless the financial asset is credit-impaired, in which case interest income is calculated based on the amortized cost (i.e. the gross carrying amount less loss allowance) of the financial asset.

*(11)* Impairment of other non-current assets

Internal and external sources of information are reviewed at the end of each reporting period to identify indications that property, plant and equipment (other than properties carried at revalued amounts) may be impaired or an impairment loss previously recognized no longer exists or may have decreased.

If any such indication exists, the asset's recoverable amount is estimated.

• Calculation of recoverable amount

The recoverable amount of an asset is the greater of its fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. Where an asset does not generate cash inflows largely independent of those from other assets, the recoverable amount is determined for the smallest group of assets that generates cash inflows independently (i.e. cash-generating unit).

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**2. BASIS OF PREPARATION AND PRESENTATION** (cont.)

• Recognition of impairment losses

An impairment loss is recognized in profit or loss if the carrying amount of an asset, or the cash-generating unit to which it belongs, exceeds its recoverable amount. Impairment losses recognized in respect of cash-generating units are allocated to reduce the carrying amount of the other assets in the unit (or group of units) on a pro rata basis, except that the carrying value of an asset will not be reduced below its individual fair value less costs of disposal (if measurable) or value in use (if determinable).

• Reversals of impairment losses

An impairment loss is reversed if there has been a favorable change in the estimates used to determine the recoverable amount.

A reversal of an impairment loss is limited to the asset's carrying amount that would have been determined had no impairment loss been recognized in prior years. Reversals of impairment losses are credited to profit or loss in the year in which the reversals are recognized.

2.4.6 Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand which are subject to an insignificant risk of changes in value. Bank overdrafts that are repayable on demand and form an integral part of the Group's cash management are also included as a component of cash and cash equivalents for the purpose of the consolidated statement of cash flows. Cash and cash equivalents are assessed for expected credit losses (ECL) in accordance with the policy set out in note 2.4.5.

2.4.7 Trade and other payables

Trade and other payables are initially recognized at fair value. Trade and other payables are subsequently stated at amortized cost unless the effect of discounting would be immaterial, in which case they are stated at cost.

2.4.8 Provisions and contingent liabilities

Provisions are recognized for liabilities of uncertain timing or amount when the Group has a legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Where the time value of money is material, provisions are stated at the present value of the expenditures expected to settle that obligation.

Where it is not probable that an outflow of economic benefits will be required, or the amount cannot be estimated reliably, the obligation is disclosed as a contingent liability, unless the probability of outflow of economic benefits is remote. Possible obligations, whose existence will only be confirmed by the occurrence or non-occurrence of one or more future events are also disclosed as contingent liabilities unless the probability of outflow of economic benefits is remote.

2.4.9 Income tax

Income tax for the year comprises current tax and movements in deferred tax assets and liabilities. Current tax and movements in deferred tax assets and liabilities are recognized in profit or loss except to the extent that they relate to items recognized in other comprehensive income or directly in equity, in which case the relevant amounts of tax are recognized in other comprehensive income or directly in equity, respectively.

Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the end of the reporting period, and any adjustment to tax payable in respect of previous years.

Deferred tax assets and liabilities arise from deductible and taxable temporary differences respectively, being the differences between the carrying amounts of assets and liabilities for financial reporting purposes and their tax bases. Deferred tax assets also arise from unused tax losses and unused tax credits.

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**2. BASIS OF PREPARATION AND PRESENTATION** (cont.)

Apart from certain limited exceptions, all deferred tax liabilities, and all deferred tax assets to the extent that it is probable that future taxable profits will be available against which the asset can be utilized, are recognized. Future taxable profits that may support the recognition of deferred tax assets arising from deductible temporary differences include those that will arise from the reversal of existing taxable temporary differences, provided those differences relate to the same taxation authority and the same taxable entity, and are expected to reverse either in the same period as the expected reversal of the deductible temporary difference or in periods into which a tax loss arising from the deferred tax asset can be carried back or forward. The same criteria are adopted when determining whether existing taxable temporary differences support the recognition of deferred tax assets arising from unused tax losses and credits, that is, those differences are taken into account if they relate to the same taxation authority and the same taxable entity, and are expected to reverse in a period, or periods, in which the tax loss or credit can be utilized.

The limited exceptions to recognition of deferred tax assets and liabilities are those temporary differences arising from goodwill not deductible for tax purposes, the initial recognition of assets or liabilities that affect neither accounting nor taxable profit (provided they are not part of a business combination), and temporary differences relating to investments in subsidiaries to the extent that, in the case of taxable differences, the Group controls the timing of the reversal and it is probable that the differences will not reverse in the foreseeable future, or in the case of deductible differences, unless it is probable that they will reverse in the future.

The amount of deferred tax recognized is measured based on the expected manner of realization or settlement of the carrying amount of the assets and liabilities, using tax rates enacted or substantively enacted at the end of the reporting period. Deferred tax assets and liabilities are not discounted.

The carrying amount of a deferred tax asset is reviewed at each end of the reporting period and is reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow the related tax benefit to be utilized. Any such reduction is reversed to the extent that it becomes probable that sufficient taxable profits will be available.

The Group recognized deferred tax assets and deferred tax liabilities separately in relation to its lease liabilities and right-of-use assets.

Additional income taxes that arise from the distribution of dividends are recognized when the liability to pay the related dividends is recognized.

Current tax balances and deferred tax balances, and movements therein, are presented separately from each other and are not offset. Current tax assets are offset against current tax liabilities, and deferred tax assets against deferred tax liabilities, if the Group or the Company has the legally enforceable right to set off current tax assets against current tax liabilities and the following additional conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(i)* in the case of current tax assets and liabilities, the Group or the Company intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(ii)* in the case of deferred tax assets and liabilities, if they relate to income taxes levied by the same taxation authority on either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(a)* the same taxable entity; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(b)* different taxable entities, which, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered, intend to realize the current tax assets and settle the current tax liabilities on a net basis or realize and settle simultaneously.

2.4.10 Borrowings

Borrowings are recognized initially at fair value, net of transaction costs incurred, and subsequently measured at amortized cost using the effective interest method.

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**2. BASIS OF PREPARATION AND PRESENTATION** (cont.)

2.4.11 Equity instruments

An equity instrument is any contract that evidence a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments issued by the Group are recorded at the proceeds received, net of direct issue costs.

2.4.12 Borrowing costs

All borrowing costs are recognized in profit or loss in the period in which they are incurred.

2.4.13 Employee benefits

Retirement benefit costs

Payments to defined contribution retirement plans are recognized as an expense in profit or loss when employees have rendered service entitling them to the contributions.

The Group operates a Mandatory Provident Fund Scheme (the "MPF scheme") under the Hong Kong Mandatory Provident Fund Schemes Ordinance for employees employed under the jurisdiction of the Hong Kong Employment Ordinance. The MPF scheme is a defined contribution retirement plan administered by independent trustees. Under the MPF scheme, the employer and its employees are each required to make contributions to the plan at 5% of the employees' relevant income, subject to a cap of monthly relevant income of HK$30,000. Contributions to the plan vest immediately.

Contributions to defined contribution plans are recognized as an expense in the period in which the related service is performed.

Under the terms of the above-mentioned defined contribution schemes, there are no forfeited contributions (by employers on behalf of employees who leave the scheme prior to vesting fully in such contributions) which may be used by the employer to reduce the existing level of contributions.

For defined benefit retirement benefit plans including the LSP under the Hong Kong Employment Ordinance, the cost of providing benefits is determined using the projected unit credit method, with actuarial valuations being carried out at the end of each annual reporting period. In determining the present value of the Group's defined benefit obligations and the related current service cost and, where applicable, past service cost, the Group attributes benefit to periods of service under the plan's benefit formula. However, if an employee's service in later years will lead to a materially higher level of benefit than earlier years, the Group attributes the benefit on a straight-line basis from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the date when service by the employee first leads to benefits under the plan (whether or not the benefits are conditional on further service); until

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the date when further service by the employee will lead to no material amount of further benefits under the plan, other than from further salary increases.

Remeasurement, comprising actuarial gains and losses, the effect of the changes to the asset ceiling (if applicable) and the return on plan assets (excluding interest), is reflected immediately in the consolidated statement of financial position with a charge or credit recognized in other comprehensive income in the period in which they occur. Remeasurement recognized in other comprehensive income is reflected immediately in retained earnings and will not be reclassified to profit or loss.

Past service cost is recognized in profit or loss in the period of a plan amendment or curtailment and a gain or loss on settlement is recognized when settlement occurs. When determining past service cost, or a gain or loss on settlement, an entity shall remeasure the net defined benefit liability or asset using the current fair value of plan assets and current actuarial assumptions, reflecting the benefits offered under the plan and the plan assets before and after the plan amendment, curtailment or settlement, without considering the effect of asset ceiling (i.e. the present value of any economic benefits available in the form of refunds from the plan or reductions in future contributions to the plan).

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**2. BASIS OF PREPARATION AND PRESENTATION** (cont.)

Net interest is calculated by applying the discount rate at the beginning of the period to the net defined benefit liability or asset. However, if the Group remeasures the net defined benefit liability or asset before plan amendment, curtailment or settlement, the Group determines net interest for the remainder of the annual reporting period after the plan amendment, curtailment or settlement using the benefits offered under the plan and the plan assets after the plan amendment, curtailment or settlement and the discount rate used to remeasure such net defined benefit liability or asset, taking into account any changes in the net defined benefit liability or asset during the period resulting from contributions or benefit payments.

Defined benefit costs are categorized as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• service cost (including current service cost, past service cost, as well as gains and losses on curtailments and settlements);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• net interest expense or income; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• remeasurement.

The retirement benefit obligation recognized in the consolidated statement of financial position represents the actual deficit or surplus in the Group's defined benefit plans. Any surplus resulting from this calculation is limited to the present value of any economic benefits available in the form of refunds from the plans or reductions in future contributions to the plans.

Discretionary contributions made by employees or third parties reduce service cost upon payment of these contributions to the plan.

When the formal terms of the plans specify that there will be contributions from employees or third parties, the accounting depends on whether the contributions are linked to service, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If the contributions are not linked to services (for example contributions are required to reduce a deficit arising from losses on plan assets or from actuarial losses), they are reflected in the remeasurement of the net defined benefit liability or asset.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If contributions are linked to services, they reduce service costs. For the amount of contribution that is dependent on the number of years of service, the Group reduces service cost by attributing the contributions to periods of service using the attribution method required by IAS 19 paragraph 70 for the gross benefits. For the amount of contribution that is independent of the number of years of service, the Group reduces service cost in the period in which the related service is rendered.

For LSP obligation, the Group accounts for the employer MPF contributions expected to be offset as a deemed employee contribution towards the LSP obligation in terms of IAS 19.93(a) and it is measure on a net basis. The estimated amount of future benefit is determined after deducting the negative service cost arising from the accrued benefits derived from the Group's MPF contributions that have been vested with employees, which are deemed to be contributions from the relevant employees.

Termination benefits

A liability for a termination benefit is recognized at the earlier of when the Group entity can no longer withdraw the offer of the termination benefit and when it recognizes any related restructuring costs.

Short term and other long-term employee benefits

Short-term employee benefits are recognized at the undiscounted amount of the benefits expected to be paid as and when employees rendered the services. All short-term employee benefits are recognized as an expense unless another IFRS requires or permits the inclusion of the benefit in the cost of an asset.

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**2. BASIS OF PREPARATION AND PRESENTATION** (cont.)

A liability is recognized for benefits accruing to employees (such as wages and salaries, annual leave and sick leave) after deducting any amount already paid.

Liabilities recognized in respect of other long-term employee benefits are measured at the present value of the estimated future cash outflows expected to be made by the Group in respect of services provided by employees up to the reporting date. Any changes in the liabilities' carrying amounts resulting from service cost, interest and remeasurements are recognized in profit or loss except to the extent that another IFRS requires or permits their inclusion in the cost of an asset.

2.4.14 Leased assets

At inception of a contract, the Group assesses whether the contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Control is conveyed where the customer has both the right to direct the use of the identified asset and to obtain substantially all of the economic benefits from that use.

The Group as a lessee

Where the contract contains lease component(s) and non-lease component(s), the Group has elected not to separate non-lease components and accounts for each lease component and any associated non-lease components as a single lease component for all leases.

At the lease commencement date, the Group recognizes a right-of-use asset and a lease liability, except for short-term leases that have a lease term of 12 months or less and leases of low-value assets. When the Group enters into a lease in respect of a low-value asset, the Group decides whether to capitalize the lease on a lease-by-lease basis. The lease payments associated with those leases which are not capitalized are recognized as an expense on a systematic basis over the lease term.

Where the lease is capitalized, the lease liability is initially recognized at the present value of the lease payments payable over the lease term, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, using a relevant incremental borrowing rate. After initial recognition, the lease liability is measured at amortized cost and interest expense is calculated using the effective interest method. Variable lease payments that do not depend on an index or rate are not included in the measurement of the lease liability and hence are charged to profit or loss in the accounting period in which they are incurred.

To determine the incremental borrowing rate, the Group:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• where possible, uses recent third-party financing received by the individual lessee as a starting point, adjusted to reflect changes in financing conditions since third party financing was received,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• uses a build-up approach that starts with a risk-free interest rate adjusted for credit risk for leases held by the Group, which does not have recent third-party financing, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• makes adjustments specific to the lease, such as term, country, currency and security.

If a readily observable amortizing loan rate is available to the individual lessee (through recent financing or market data) which has a similar payment profile to the lease, then the group entities use that rate as a starting point to determine the incremental borrowing rate.

The right-of-use asset recognized when a lease is capitalized is initially measured at cost, which comprises the initial amount of the lease liability plus any lease payments made at or before the commencement date, and any initial direct costs incurred. Where applicable, the cost of the right-of-use assets also includes an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, discounted to their present value, less any lease incentives received. The right-of-use asset is subsequently stated at cost less accumulated depreciation and impairment losses (see notes 2.4.5).

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**2. BASIS OF PREPARATION AND PRESENTATION** (cont.)

Right-of-use assets in which the Group is reasonably certain to obtain ownership of the underlying leased assets at the end of the lease term are depreciated from commencement date to the end of the useful life. Otherwise, right-of-use assets are depreciated on a straight-line basis over the shorter of its estimated useful life and the lease term.

Refundable rental deposits paid are accounted under IFRS 9 and initially measured at fair value. Adjustments to fair value at initial recognition are considered as additional lease payments and included in the cost of right-of-use assets.

The lease liability is remeasured when there is a change in future lease payments arising from a change in an index or rate, or there is a change in the Group's estimate of the amount expected to be payable under a residual value guarantee, or there is a change arising from the reassessment of whether the Group will be reasonably certain to exercise a purchase, extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.

In the consolidated statement of financial position, the current portion of long-term lease liabilities is determined as the present value of contractual payments that are due to be settled within twelve months after the reporting period.

2.4.15 Revenue and other income

Income is classified by the Group as revenue when it arises from the provision of services in the ordinary course of the Group's business.

Revenue is recognized when control over a product or service is transferred to the customer, at the amount of promised consideration to which the Group is expected to be entitled, excluding those amounts collected on behalf of third parties. Revenue excludes value added tax or other sales taxes and is after deduction of any trade discounts.

Control is transferred over time and revenue is recognised over time by reference to the progress towards complete satisfaction of the relevant performance obligation if one of the following criteria is met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the customer simultaneously receives and consumes the benefits provided by the Group's performance as the Group performs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Group's performance creates or enhances an asset that the customer controls as the Group performs; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Group's performance does not create an asset with an alternative use to the Group and the Group has an enforceable right to payment for performance completed to date.

Otherwise, revenue is recognized at a point in time when the customer obtains control of the distinct good or service.

A contract asset represents the Group's right to consideration in exchange for goods or services that the Group has transferred to a customer that is not yet unconditional. It is assessed for impairment in accordance with IFRS 9. In contrast, a receivable represents the Group's unconditional right to consideration, i.e. only the passage of time is required before payment of that consideration is due.

A contract liability represents the Group's obligation to transfer goods or services to a customer for which the Group has received consideration (or an amount of consideration is due) from the customer.

A contract asset and a contract liability relating to the same contract are accounted for and presented on a net basis.

Where the contract contains a financing component which provides a significant financing benefit to the customer for more than 12 months, revenue is measured at the present value of the amount receivable, discounted using the discount rate that would be reflected in a separate financing transaction with the customer, and interest income is accrued separately under the effective interest method. Where the contract contains a financing component which provides a significant financing benefit to the Group, revenue recognized under that contract includes the interest expense

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**2. BASIS OF PREPARATION AND PRESENTATION** (cont.)

accreted on the contract liability under the effective interest method. the Group takes advantage of the practical expedient in paragraph 63 of IFRS 15 and does not adjust the consideration for any effects of a significant financing component if the period of financing is 12 months or less.

2.4.16 Related parties

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(a)* A person, or a close member of that person's family, is related to the Group if that person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(i)* has control or joint control over the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(ii)* has significant influence over the Group; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(iii)* is a member of the key management personnel of the Group or the Group's parent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(b)* An entity is related to the Group if any of the following conditions applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(i)* The entity and the Group are members of the same group (which means that each parent, subsidiary and fellow subsidiary is related to the others).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(ii)* One entity is an associate or joint venture of the other entity (or an associate or joint venture of a member of a group of which the other entity is a member).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(iii)* Both entities are joint ventures of the same third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(iv)* One entity is a joint venture of a third entity and the other entity is an associate of the third entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(v)* The entity is a post-employment benefit plan for the benefit of employees of either the Group or an entity related to the Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(vi)* The entity is controlled or jointly controlled by a person identified in *(a)*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(vii)* A person identified in *(a)(i)* has significant influence over the entity or is a member of the key management personnel of the entity (or of a parent of the entity).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(viii)* The entity, or any member of a group of which it is a part, provides key management personnel services to the Group or to the Group's parent.

Close members of the family of a person are those family members who may be expected to influence, or be influenced by, that person in their dealings with the entity.

3. **ACCOUNTING ESTIMATES AND JUDGEMENTS**

The Group's management makes assumptions, estimates and judgments in the process of applying the Group's accounting policies that affect the assets, liabilities, income and expenses in the financial statements prepared in accordance with IFRSs. The assumptions, estimates and judgments are based on historical experience and other factors that are believed to be reasonable under the circumstances. While the management reviews their judgments, estimates and assumptions continuously, the actual results will seldom equal to the estimates.

<u><u>Critical judgements in applying accounting policies</u></u>

The Directors have not come across any significant areas where critical judgements are involved in applying the Group's accounting policy.

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3. **ACCOUNTING ESTIMATES AND JUDGEMENTS** (cont.)

<u><u>Key sources of estimation uncertainty</u></u>

Certain key assumptions and risk factors in respect of the financial risk management are set out in note 26. Other key sources of estimation uncertainty are as follows:

*(i)* Expected credit losses on trade and other receivables

The provisioning policy for loss allowances of the Group is based on the evaluation by management of the collectability of the trade and other receivable. Trade receivables with significant balances or credit-impaired are assessed for ECL individually. In addition, the Group uses practical expedient in estimating ECL on trade receivables which are not assessed individually using a provision matrix. A considerable amount of judgement is required in assessing the ultimate realization of these receivables, including assessing the current creditworthiness, the past collection history of each customer and forecasts of future economic conditions. If the credit risk of these customers are to significantly increase since initial recognition, lifetime loss allowance will be required.

4. **REVENUE**

Revenue, which is also the Group's turnover, represents invoiced value of services rendered to customers, after allowances for returns and discounts during the reporting period which are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Marketing<br>income** | **Public <br>Relation<br>service<br>income** | **Total** |
|  | **US$** | **US$** | **US$** |
|  <u>Year ended 30 June 2024</u> |  |  |  |
|  Revenue from contracts with customers within the scope of IFRS 15: |  |  |  |
|  Services transferred at a point in time | 787813 | 128918 | 916731 |
|  Services transferred over time | 3613740 | 64661 | 3678401 |
|  | 4401553 | 193579 | 4595132 |
|  <u>Year ended 30 June 2023</u> |  |  |  |
|  Revenue from contracts with customers within the scope of IFRS 15: |  |  |  |
|  Services transferred at a point in time | 560012 | 159322 | 719334 |
|  Services transferred over time | 3319667 | 44806 | 3364473 |
|  | 3879679 | 204128 | 4083807 |

---

The performance obligation for the provision of monthly marketing and public relation services are satisfied over time as services are rendered and payment is generally due within 30 days from the date of billing.

The performance obligation for provision of one-off event-based marketing and public relation services are satisfied at a point in time when the services have been rendered. The payment is generally due within 30 days from the date of services rendered.

The Group has applied the practical expedient in IFRS 15 to its revenue from the provision of monthly marketing and public relation services for not disclosing the remaining performance obligations under the Group's existing contracts as the Group recognises revenue from the satisfaction of the performance obligation in the amount to which the Group has a right to consideration from a customer that corresponds directly with the value to the customer of the entity's performance completed to date. In addition, for all other contracts in which the performance obligations are expected to be recognised as revenue with an original expected duration of one year or less, the transaction price allocated to these unsatisfied contracts is not disclosed as permitted under IFRS 15.

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4. **REVENUE** (cont.)

The following table provides information about receivables and contract liabilities from contracts with customers.

---

| | | |
|:---|:---|:---|
|  | **30 June <br>2024** | **30 June <br>2023** |
|  | **US$** | **US$** |
|  Receivables | 4931513 | 2848785 |
|  Contract liabilities | 38412 |  |

---

It is the Group's standard practice to require customers to prepay 50% of the contract value as a deposit for longer-term digital marketing projects. As a result, the Group does not recognize contract assets.

Contract liabilities represent the advance consideration received from customers for services that have not yet been rendered. These balances primarily relate to longer-term digital marketing projects, where revenue is recognized at a point in time upon the achievement of specific performance milestones. The key milestones typically relate to project deliverables such as campaign launches or completion of scheduled deliverables and are expected to be met over the next 4 to 6 months from the reporting date. There was no contract liabilities as at 1 July 2022.

As at June 30, 2023, no contract liabilities were recognized, as all milestones for previously prepaid projects had been completed and the corresponding revenue fully recognized prior to the end of reporting period.

5. **SEGMENT INFORMATION**

IFRS 8 Operating Segments requires operating segments to be identified on the basis of internal reports about components of the Group that are regularly reviewed by the chief operating decision maker (the "CODM''), being the directors of the Company, in order to allocate resources to segments and to assess their performance.

The Group's operating activities are attributable to a single operating segment focusing on the provision of service under public relations, digital marketing strategy, social media management, video production, creative design, influencer strategy and event management across multi-channels. This operating segment has been identified on the basis of internal management reports prepared in accordance with accounting policies which conform to IFRSs, that is regularly reviewed by the CODM. The CODM monitors the revenue from the provision of design, supply and installation services and maintenance and repair services with no discrete information available to the CODM. The CODM reviews the profit for the year of the Group as a whole for performance assessment. No analysis of segment assets or liabilities is presented as they are not regularly provided to the CODM.

Since this is the only one operating segment of the Group, no segment information is presented other than entity-wide disclosures.

<u><u>Geographical information</u></u>

The Group's revenue from external customers based on the location of operation is derived by country/region of domicile as follows. Non-current assets of the Group based on the location of assets are all located in Hong Kong:

---

| | | |
|:---|:---|:---|
|  | **Year ended 30 June**  | **Year ended 30 June**  |
|  | **2024** | **2023** |
|  | **US$** | **US$** |
|  Australia | 1719347 | 1280936 |
|  United Kingdom | 615531 | 600000 |
|  Taiwan | 734324 | 720000 |
|  Hong Kong | 1482528 | 1372836 |
|  Other countries | 43402 | 110035 |
|  | 4595132 | 4083807 |

---

There are no countries that make up greater than 10% of total revenue included in "Other countries".

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5. **SEGMENT INFORMATION** (cont.)

<u><u>Information about major customers</u></u>

Revenue from major customers during the reporting period contributing over 10% of the total revenue of the Group are as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended 30 June** | **Year ended 30 June** |
|  | **2024** | **2023** |
|  | **US$** | **US$** |
|  Customer A | 734324 | 720000 |
|  Customer B | 615531 | 600000 |
|  Customer C | 1098145 | 1080000 |
|  Customer D | 621202 | N/A<br> \* |

---

____________

\* The corresponding revenue did not contribute over 10% of the total revenue of the Group.

6. **OTHER REVENUE**

---

| | | |
|:---|:---|:---|
|  | **Year ended 30 June** | **Year ended 30 June** |
|  | **2024** | **2023** |
|  | **US$** | **US$** |
|  Bank interest income  | 529 | 124 |
|  Sundry income  | 544 | 17365 |
|  Exchange gain  | 23 | 2216 |
|  | 1096 | 19705 |

---

7. **FINANCE COSTS**

---

| | | |
|:---|:---|:---|
|  | **Year ended 30 June** | **Year ended 30 June** |
|  | **2024** | **2023** |
|  | **US$** | **US$** |
|  Interest expense on lease liabilities  | 4498 | 8174 |

---

8. **PROFIT FOR THE YEAR**

Profit for the year is arrived at after charging and crediting:

(a) **Staff costs**

---

| | | |
|:---|:---|:---|
|  | **Year ended 30 June** | **Year ended 30 June** |
|  | **2024** | **2023** |
|  | **US$** | **US$** |
|  MPF employers' contribution | 32776 | 30372 |
|  Directors' remuneration | 75037 | 53104 |
|  Salaries and allowances included in: |  |  |
|  – Cost of sales | 587894 | 551915 |
|  – Administrative expenses | 82378 | 92677 |
|  | 778085 | 728068 |

---

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8. **PROFIT FOR THE YEAR** (cont.)

(b) **Other items**

---

| | | |
|:---|:---|:---|
|  | **Year ended 30 June** | **Year ended 30 June** |
|  | **2024** | **2023** |
|  | **US$** | **US$** |
|  Auditors' remuneration | 2618 | 2617 |
|  Depreciation of property, plant and equipment | 3974 | 2738 |
|  Depreciation of right-of-use assets | 63548 | 58223 |
|  (Reversal of allowance) allowance for ECL of trade receivables | (13899) | 64204 |

---

9. **INCOME TAX**

(a) Taxation in the consolidated statement of profit or loss represents:

---

| | | |
|:---|:---|:---|
|  | **Year ended 30 June** | **Year ended 30 June** |
|  | **2024** | **2023** |
|  | **US$** | **US$** |
|  **Current tax** |  |  |
|  Provision for the year | 200688 | 200238 |

---

Under the current laws of Cayman Islands, entities incorporated in Cayman Islands are not subject to tax on their income or capital gain.

Corporate tax rate in Seychelles calculated at 15% on the first SCR 1 million, 25% above SCR 1 million. The Group has no chargeable profits under Seychelles Corporate tax.

For Hong Kong Profits Tax has been provided for at the rate of 16.5% on the estimated assessable profits for the reporting period.

Company tax rate in Australia calculated at 25% for aggregated turnover threshold of the Group is less than 25 million Australian Dollars or tax rate for all other companies at 30%. The Group has no chargeable profits under Australia Company tax.

(b) Reconciliation between tax expense and accounting profits at applicable tax rate:

---

| | | |
|:---|:---|:---|
|  | **Year ended 30 June** | **Year ended 30 June** |
|  | **2024** | **2023** |
|  | **US$** | **US$** |
|  Profit before taxation | 1166795 | 1187269 |
|  Notional tax on profit before tax, calculated at the rates applicable to profits in the countries concerned | 192521 | 195899 |
|  Tax effect of non-deductible expenses | 10946 | 13202 |
|  Tax effect of non-taxable income | (87) | (20) |
|  Tax effect of tax loss not recognized | 4870 | 23229 |
|  Tax effect of temporary difference not recognized | (7562) | (32072) |
|  Actual tax expense | 200688 | 200238 |

---

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9. **INCOME TAX** (cont.)

(c) Current taxation in the consolidated statement of financial position represent:

---

| | | |
|:---|:---|:---|
|  | **At 30 June** | **At 30 June** |
|  | **2024** | **2023** |
|  | **US$** | **US$** |
|  Balance of Profits Tax provision relating to prior years | 200238 |  |
|  Provision for the year | 200688 | 200238 |
|  Tax payable | 400926 | 200238 |

---

(d) In accordance with the accounting policy set out in note 2.4.9, the Group has not recognized deferred tax assets as it is not probable that future taxable profits against which the losses can be utilized will be available in the relevant tax jurisdiction and entity. The tax losses do not expire under current tax legislation. The potential deferred tax not recognized in the financial statements comprises:

---

| | | |
|:---|:---|:---|
|  | **At 30 June** | **At 30 June** |
|  | **2024** | **2023** |
|  | **US$** | **US$** |
|  Depreciation allowances in deficit of related depreciation charges | (122924) | (136421) |
|  Future benefit of tax losses | 245672 | 184426 |
|  | 122748 | 48005 |

---

10. **DIVIDEND**

No dividends has been declared or paid by the Companies now comprising the Group during the reporting period.

11. **EARNINGS PER SHARE**

(a) Reconciliations of profit used in calculating profit per share

---

| | | |
|:---|:---|:---|
|  | **Year ended 30 June** | **Year ended 30 June** |
|  | **2024** | **2023** |
|  | **US$** | **US$** |
|  Basic and diluted profit per share |  |  |
|  Profit attributable to the ordinary equity holders of the Group in calculating profit per share | 966107 | 987031 |

---

(b) Weighted average number of shares used as the denominator

---

| | | |
|:---|:---|:---|
|  | **2024 <br>Number** | **2023 <br>Number** |
|  Weighted average number of ordinary shares used as the denominator in calculating basis and diluted profit per share | 16,100,000 | 16,100,000 |

---

The calculation of basic earnings per share for the reporting period is based on the consolidated profit of the Group for each year/period attributable to equity holders of the Company for the reporting period and based on the assumption that 16,100,000 shares of the Company are in issue and issuable, comprising 16,000,000 shares Class A ordinary shares and 100,000 Class B ordinary shares in issue as set out in paragraphs headed "Reorganisation" as if the shares were outstanding throughout the entire reporting period.

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12. **BENEFITS AND INTERESTS OF DIRECTORS AND EMPLOYEES**

(a) The emoluments paid or payable to each of the director of the Company

The Company was incorporated in the Cayman Islands on 29 May 2024 and at the date of its incorporation, Lun Tak Po and Wong Chun Lam were appointed as directors of the Company. On 8 August 2024, Wong Chun Lam was resigned, Terence Cheung was appointed as executive director of the Company and Lun Tak Po was redesignated as an executive director of the Company.

On the same date, Leung Michael Chi Chung, Shevki Levent and Shum Sze Wan were appointed as independent non-executive directors of the Company. Tam Chun Wai Edwin was appointed as an independent non-executive director of the Company on 27 September 2024. During the reporting period and prior to their appointment, the independent non-executive directors did not receive any remuneration in their capacity as the Company's directors.

Certain of the directors of the Company received remuneration from the subsidiaries now comprising the Group during the reporting period for the appointment as directors or officers of these subsidiaries. The aggregate amounts of remuneration received or receivable by the directors of the Company during the year is set out below.

For the year ended 30 June 2024

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Fee** | **Salaries <br>and <br>allowances** | **Other <br>benefit in <br>kind** | **Retirement <br>benefits scheme <br>contributions <br>2024** | **Total**  |
|  | **US$** | **US$** | **US$** | **US$** | **US$** |
|  Executive director |  |  |  |  |  |
|  Lun Tak Po |  | 75037 |  | 2299 | 77336 |

---

For the year ended 30 June 2023

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Fee** | **Salaries <br>and <br>allowances** | **Other <br>benefit in <br>kind** | **Retirement <br>benefits scheme <br>contributions <br>2023** | **Total** |
|  | **US$** | **US$** | **US$** | **US$** | **US$** |
|  Executive director |  |  |  |  |  |
|  Lun Tak Po |  | 53104 |  | 1532 | 54636 |

---

During the reporting period, no emolument was paid by the Group to any of these directors as an inducement to join or upon joining the Group or as compensation for loss of office. There was no arrangement under which any of these directors waived or agreed to waive any emoluments during the year.

The emoluments of executive directors shown above were mainly for their services in connection with the management of affairs of the Company and the Group.

(b) Directors' material interests in transactions, arrangements or contracts

Save as disclosed in note 25 to the consolidated financial statements, no significant transactions, arrangements and contracts in relation to the Group's business to which the Group was a party and in which a director of the Company had a material interest, whether directly or indirectly, subsisted at the end of each reporting period or at any time during the reporting period.

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13. **INVESTMENTS IN SUBSIDIARIES**

---

| | | |
|:---|:---|:---|
|  | **Year ended 30 June** | **Year ended 30 June** |
|  **The Company** | **2024** | **2023** |
|  | **US$** | **US$** |
|  Unlisted investment, at cost | 10 |  |

---

As at the date of this report, the Company had direct and indirect interests in the following subsidiaries now comprising the Group and the particulars of the subsidiaries during the reporting period and as at the date of this report are as follow:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Name of Company** | **Date of<br>incorporation/<br>establishment** | **Place of<br>incorporation/<br>establishment** | **Particulars <br>of issued<br>and paid-up <br>capital** | **Proportion of ownership and voting <br>power held by the Company as at** | **Proportion of ownership and voting <br>power held by the Company as at** | **Proportion of ownership and voting <br>power held by the Company as at** | **Principal <br>activities/<br>place of <br>operation** |
|  **Name of Company** | **Date of<br>incorporation/<br>establishment** | **Place of<br>incorporation/<br>establishment** | **Particulars <br>of issued<br>and paid-up <br>capital** | **30 June<br>2024** | **30 June<br>2023** | **Date of <br>this report** | **Principal <br>activities/<br>place of <br>operation** |
|  Voltage X Holdings Limited | 15 May 2024 | Seychelles | US$10 | 100% directly hold | 100% directly hold | 100% directly hold | Investment holding/Hong Kong |
|  Voltage X Innovations Limited | 15 May 2024 | Seychelles | US$10 | 100% indirectly hold | 100% indirectly hold | 100% indirectly hold | Note1/Hong Kong |
|  Xact Digital Limited | 12 August 2021 | Hong Kong | HK$100,000 | 100% indirectly hold | 100% indirectly hold | 100% indirectly hold | Note1/Hong Kong |
|  Voltage X Australia Pty Limited | 28 June 2024 | Australia | AUD12 | 100% indirectly hold | 100% indirectly hold | 100% indirectly hold | Not yet commenced business |

---

All subsidiaries except for Xact Digital Limited, now comprising the Group are limited liability companies and have adopted 30 June as their financial year end date. For Xact Digital Limited, it is also a limited liability company but the financial year end date is 31 December.

____________

Notes:

(1) Principal activities of the subsidiaries are public relations, digital marketing strategy, social media management, video production, creative design, influencer strategy and event management across multi-channels.

(2) No audited financial statements of Voltage X Holdings Limited have been prepared since its respective dates of incorporation as it is incorporated in the jurisdictions where there is no statutory audit requirements.

(3) No audited financial statements of Voltage X Innovations Limited has been prepared as it were newly incorporated on 15 May 2024.

(4) The statutory financial statements of Xact Digital Limited for the years ended 31 December 2023 have been prepared in accordance with the Small and Medium-sized Entity Financial Reporting Standard (SME-FRS) issued by the Hong Kong Institute of Certified Public Accountants and was audited by Tsoi & Tsoi CPA Limited, certified public accountants registered in Hong Kong.

(5) No audited financial statements of Voltage X Australia Pty Limited has been prepared as it were newly incorporated on 28 June 2024.

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

14. **PROPERTY, PLANT AND EQUIPMENT**

---

| | | | |
|:---|:---|:---|:---|
|  | **Computer <br>equipment**  | **Office <br>equipment**  | **Total**  |
|  | **US$** | **US$** | **US$** |
|  At cost: |  |  |  |
|  At 1 July 2022 | 7410 |  | 7410 |
|  Additions | 6118 | 4345 | 10463 |
|  Exchange adjustments | 8 | (1) | 7 |
|  At 30 June 2023 | 13536 | 4344 | 17880 |
|  Aggregate depreciation: |  |  |  |
|  At 1 July 2022 | 406 |  | 406 |
|  Charge for the year | 2273 | 465 | 2738 |
|  Exchange adjustments | (1) |  | (1) |
|  At 30 June 2023 | 2678 | 465 | 3143 |
|  Net carrying amount: |  |  |  |
|  At 30 June 2023 | 10858 | 3879 | 14737 |
|  At cost: |  |  |  |
|  At 1 July 2023 | 13536 | 4344 | 17880 |
|  Additions | 2627 |  | 2627 |
|  Exchange adjustments | 52 | 14 | 66 |
|  At 30 June 2024 | 16215 | 4358 | 20573 |
|  Aggregate depreciation: |  |  |  |
|  At 1 July 2023 | 2678 | 465 | 3143 |
|  Charge for the year | 3105 | 869 | 3974 |
|  Exchange adjustments | 17 | 4 | 21 |
|  At 30 June 2024 | 5800 | 1338 | 7138 |
|  Net carrying amount: |  |  |  |
|  At 30 June 2024 | 10415 | 3020 | 13435 |

---

15. **RIGHT-OF-USE ASSETS**

The analysis of the net book value of right-of-use assets by class of underlying asset is as follows:-

<u><u>Motor vehicle</u></u>

---

| | | |
|:---|:---|:---|
|  | **Year ended 30 June** | **Year ended 30 June** |
|  | **2024** | **2023** |
|  | **US$** | **US$** |
|  At 1 July | 259280 |  |
|  Additions |  | 317579 |
|  Depreciation | (63548) | (58223) |
|  Exchange adjustment | 702 | (76) |
|  At 30 June | 196434 | 259280 |

---

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

15. **RIGHT-OF-USE ASSETS** (cont.)

The Group has lease arrangement for motor vehicle The lease terms are over four years (2023: over four years) for the year ended 30 June 2024.

The Group regularly entered into short-term lease for event venues. As at 30 June 2024 and 2023, the portfolio of short-term leases is similar to which the short-term lease expenses disclosed below.

The analysis of expense items in relation to leases recognized in profit or loss is as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended 30 June** | **Year ended 30 June** |
|  | **2024** | **2023** |
|  | **US$** | **US$** |
|  Depreciation charge of right-of-use assets |  |  |
|  – Motor vehicle | 63548 | 58223 |
|  Interest on lease liabilities (note 7) | 4498 | 8174 |
|  Expense relating to short-term leases | 246787 | 205655 |
|  Total cash outflow for leases | 296329 | 271677 |

---

Details of total cash outflow for lease and the maturity analysis of lease liabilities are set out in note 17(c).

**16. TRADE RECEIVABLES**

---

| | | |
|:---|:---|:---|
|  | **At 30 June** | **At 30 June** |
|  | **2024** | **2023** |
|  | **US$** | **US$** |
|  Trade receivables | 4997855 | 2928795 |
|  Less : Loss allowance | (66342) | (80010) |
|  | 4931513 | 2848785 |

---

As at 1 July 2022, trade receivables from contracts with customers amounted to USD126,834.

Included in the trade receivables is US$3,872,932 (2023 : US$2,166,546) and loss allowance US$4,810 (2023: US$65,522) in respect of trade receivables and loss allowance from the related companies.

The Group grants credit terms of 30 days to client.

The movement in loss allowance for trade receivables during the year, including both specific and collective loss components, is as follows:

---

| | | |
|:---|:---|:---|
|  | **At 30 June** | **At 30 June** |
|  | **2024** | **2023** |
|  | **US$** | **US$** |
|  At 1 July 2023 and 2022 | 80010 | 15802 |
|  (Reversal)/provision for impairment | (13899) | 64204 |
|  Exchange difference | 231 | 4 |
|  At 30 June 2024 and 2023 | 66342 | 80010 |

---

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

**16. TRADE RECEIVABLES** (cont.)

The following table provides information about the Group's exposure to credit risk and ECL for trade receivables as at 30 June 2023 and 2024:

---

| | | | |
|:---|:---|:---|:---|
|  | **Gross carrying<br>amount** | **Average<br>loss rate** | **Loss <br>allowance** |
|  | **US$** | | **US$** |
| <u>2024</u> |  |  |  |
|  No Overdue | 350789 | 0.48% | 1691 |
|  Overdue 1 – 30 Days | 297541 | 1.81% | 5394 |
|  Overdue 31 – 60 Days | 289942 | 1.94% | 5611 |
|  Overdue 61 – 335 Days | 2281545 | 0.26% | 5948 |
|  Overdue 335 Days | 1778038 | 2.68% | 47698 |
|  | 4997855 |  | 66342 |
| <u>2023</u> |  |  |  |
|  No Overdue | 336940 | 0.92% | 3094 |
|  Overdue 1 – 30 Days | 288783 | 1.39% | 4010 |
|  Overdue 31 – 60 Days | 275352 | 1.18% | 3260 |
|  Overdue 61 – 335 Days | 1977235 | 0.97% | 19161 |
|  Overdue 335 Days | 50485 | 100.00% | 50485 |
|  | 2928795 |  | 80010 |

---

Expected loss rates are based on actual loss experience over the past few years in the industry. These rates are adjusted to reflect differences between economic conditions during the year over which the historic data has been collected, current conditions and the Company's view of economic conditions over the expected lives of the receivables.

Receivables that were neither past due nor impaired relate to a wide range of clients for whom there was no recent history of default.

As at 30 June 2024, receivables with aggregate carrying amount of USD4,647,066 (2023: USD2,591,855) which are past due as at the reporting date. A number of independent clients that have a good track record with the Company with significant outstanding balances with gross carrying amounts of US$4,782,195 and US$2,598,000 as at 30 June 2024 and 30 June 2023 respectively were assessed individually. Based on experience, management believes that no impairment allowance is necessary in respect of these balances as there has not been a significant change in credit quality and the balances are still considered fully recoverable.

The carrying amounts US$149,317 (2023: US$250,785) of the Group's trade receivables are dominated in Hong Kong Dollars.

**17. CASH AND CASH EQUIVALENTS**

(a) Cash and cash equivalents comprise:

---

| | | |
|:---|:---|:---|
|  | **At 30 June** | **At 30 June** |
|  | **2024** | **2023** |
|  | **US$** | **US$** |
|  Cash and cash equivalents in the consolidated statement of financial position and consolidated statement of cash flows | 132322 | 87445 |

---

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

**17. CASH AND CASH EQUIVALENTS** (cont.)

Included in cash and cash equivalents in the consolidated statement of financial position are the following amounts denominated in a currency other than the functional currency of the entity to which they relate:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  Hong Kong Dollar | 878,934 | 628,737 |
|  Australian Dollar | 5,976 | 5,974 |

---

(b) Reconciliation of profit before taxation to cash generated from operations:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Year ended 30 June** | **Year ended 30 June** |
|  | **Notes** | **2024** | **2023** |
|  |  | **US$** | **US$** |
|  Profit before taxation | 9(b) | 1166795 | 1187269 |
|  Adjustments for: |  |  |  |
|  (Reversal)/loss on expected credit loss allowance |  | (13899) | 64204 |
|  Interest income | 6 | (529) | (124) |
|  Depreciation |  |  |  |
|  – property, plant and equipment | 8(b) | 3974 | 2738 |
|  – right-of-use assets | 8(b) | 63548 | 58223 |
|  Finance costs | 7 | 4498 | 8174 |
|  **Operating profit before working capital changes** |  | 1224387 | 1320484 |
|  Increase in trade receivables |  |  |  |
|  – Independent Third Parties |  | (362673) | (690823) |
|  – Related Parties |  | (1706387) | (2111137) |
|  Decrease in deposits and prepayment |  | 1580 | 3353 |
|  Increase in trade payables |  |  |  |
|  – Independent Third Parties |  | 546621 | 277813 |
|  – Related Parties |  | 383808 | 1130106 |
|  (Decrease)/increase in accruals and other payables |  |  |  |
|  – Independent Third Parties |  | (13566) | 43991 |
|  – Related Parties |  | 6826 |  |
|  Increase in contract liabilities |  | 38412 |  |
|  (Decrease)/increase in amounts due to a director |  | (22045) | 155777 |
|  Increase/(decrease) in amounts due to related companies |  | 35869 | (38149) |
|  **Cash generated from operations** |  | 132832 | 91415 |

---

(c) Reconciliation of liabilities arising from financing activities

The table below details changes in the Group's liabilities from financing activities, including both cash and non-cash changes. Liabilities arising from financing activities are liabilities for which cash flows were, or future cash flows will be, classified in the Group's consolidated statement of cash flows as cash flows from financing activities.

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

**17. CASH AND CASH EQUIVALENTS** (cont.)

<u><u>Lease liabilities</u></u>

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Year ended 30 June** | **Year ended 30 June** |
|  | **Notes** | **2024** | **2023** |
|  |  | **US$** | **US$** |
|  **At 1 July** | 22 | 171878 |  |
|  **Changes from financing cash flows:** |  |  |  |
|  Additions |  |  | 229776 |
|  Repayment of lease liabilities |  | (45044) | (57848) |
|  Interest paid for lease liabilities |  | (4498) | (8174) |
|  Total changes from financing cash flows |  | (49542) | 163754 |
|  Exchange adjustment |  | 458 | (50) |
|  **Other changes:** |  |  |  |
|  Interest expenses | 7 | 4498 | 8174 |
|  Total other changes |  | 4498 | 8174 |
|  **At 30 June** | 22 | 127292 | 171878 |

---

**18. TRADE PAYABLES**

Included in the trade payables is US$1,519,682 (2023: US$1,135,874) in respect of trade payables to the related companies.

The following is an aging analysis of trade payables presented based on the invoice date at 30 June 2023 and 2024:

---

| | | |
|:---|:---|:---|
|  | **At 30 June** | **At 30 June** |
|  | **2024** | **2023** |
|  | **US$** | **US$** |
|  0 – 30 days | 182250 | 184499 |
|  31 – 90 days  | 402603 | 410216 |
|  Over 90 days | 1827969 | 887678 |
|  | 2412822 | 1482393 |

---

The carrying amounts US$548,754 (2023: US$575,397) of the Group's trade payables are dominated in Hong Kong Dollars.

**19. AMOUNTS DUE TO A DIRECTOR**

As at 30 June 2024, amounts due to a director, Terence Cheung, of US$133,732 (2023: US$155,777) are unsecured, non-interest bearing and have no fixed repayment terms.

**20. AMOUNTS DUE TO RELATED COMPANIES**

---

| | | |
|:---|:---|:---|
|  | **At 30 June** | **At 30 June** |
|  | **2024** | **2023** |
|  | **US$** | **US$** |
|  Raeon International Limited | 51289 | 11643 |
|  V22 Event Space Management Limited | 1660 | 5437 |
|  | 52949 | 17080 |

---

The amounts due to related companies are unsecured, non-interest bearing and have no fixed repayment terms.

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

**21. LOANS FROM A RELATED COMPANY**

As at 30 June 2024, loans from a related company, The Fifth Element 2014 Limited, amounted to US$193,871 (2023: US$229,690) are unsecured, non-interest bearing and repayable on demand by 1 month's written notice.

**22. LEASE LIABILITIES**

The Group leases one of its motor vehicles under a finance lease. The lease term was 5 years. The obligation under a finance lease carried interest at 1.55% per annum during the reporting period.

<u><u>Restrictions or covenants on leases</u></u>

As at 30 June 2024, lease liabilities of US$127,292 are recognized with related right-of-use assets of US$196,434 (2023: lease liabilities of US$171,878 are recognized with related right-of-use assets of US$259,280). The lease agreements do not impose any covenants other than the security interests in the leased assets that are held by the lessor. Leased assets may not be used as security for borrowing purposes.

At 30 June 2023 and 2024, the lease liabilities were repayable as follows:

---

| | | |
|:---|:---|:---|
|  | **At 30 June** | **At 30 June** |
|  | **2024** | **2023** |
|  | **US$** | **US$** |
|  Within 1 year | 46563 | 45008 |
|  After 1 year but within 2 years | 47969 | 46409 |
|  After 2 years | 32760 | 80461 |
|  | 80729 | 126870 |
|  | 127292 | 171878 |
|  Less: Amounts due for settlement with 12 months shown under current liabilities | (46563) | (45008) |
|  Amount due for settlement after 12 months shown under non-current <br>liabilities | 80729 | 126870 |

---

**23. SHARE CAPITAL**

(a) Share capital

The balances as at 30 June 2023 represented the share capital of Xact Digital Limited.

The balances as at 30 June 2024 represented the share capital of the Company.

The Company was incorporated in the Cayman Islands on 29 May 2024. As at the date of its incorporation, the Company had an authorized share capital of US$50,000 divided into 50,000,000,000 shares of US$0.000001 each. On the same date, one ordinary share was allotted and issued at US$1 paid to the initial subscriber and then the initial subscriber transferred the share to Terence Cheung at US$1 consideration. The Company further allotted and issued a total of 99 ordinary shares of a par value of US$0.000001 each for the consideration US$1 to Terence Cheung.

Pursuant to an resolution passed on 21 June 2024, 49,999,999,900 of the authorized but unissued shares of US$0.000001 each had been converted into 49,999,899,900 Class A Ordinary Shares of par value US$0.000001 each and 100,000 of authorized but unissued shares of US$0.000001 each had been converted into 100,000 Class B Ordinary Shares of par value US$0.000001 each. The 100 ordinary shares of a par value of US$0.000001 each issued to Terence Cheung had also been converted into Class A Ordinary Shares.

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

**23. SHARE CAPITAL** (cont.)

As part of the Reorganization, on 28 June 2024, the Company further allotted and issued an aggregate of 15,999,900 Class A Ordinary Shares and 100,000 Class B Ordinary Shares to certain investors for a total consideration of US$16 for acquisition of Xact Digital Limited.

Details of the share capital of the Company are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>shares** | **Amount** | **Shown in the<br>Financial<br>information** |
|  |  | **US$** | **US$** |
|  Class A Ordinary shares of US$0.000001 each |  |  |  |
|  Authorized: |  |  |  |
|  At 30 June 2024 | 49,999.9 Million | 49999 |  |
|  Issued and allotted: |  |  |  |
|  At 21 June 2024 | 100 | 100 |  |
|  At 28 June 2024 | 15999900 | 15 |  |
|  At 30 June 2024 | 16000000 | 115 | 115 |
|  Class B Ordinary shares of US$0.000001 each |  |  |  |
|  Authorized: |  |  |  |
|  At 30 June 2024 | 100000 | 1 |  |
|  Issued and allotted: |  |  |  |
|  At 28 June 2024 and 30 June 2024 | 100000 | 1 | 1 |
|  |  |  | 116 |

---

Our share capital comprises Class A Ordinary Shares and Class B Ordinary Shares. Each Class A Ordinary Share entitles the holder the right to one vote per share and each Class B Ordinary Share entitles the holder the right to 10,000 votes per share.

(b) Capital management

The Group's primary objective when managing capital is to safeguard its ability to continue as a going concern, so that it can continue to provide returns for shareholders and benefits for other stakeholders, by pricing products and services commensurately with the level of risk and by securing access to finance at a reasonable cost.

The Group manages capital by regularly monitoring its current and expected liquidity requirements rather than using debt/equity ratio analyses. The strategy was unchanged during 2023 and 2024.

The Group is not subject to either internally or externally imposed capital requirement.

**24. EMPLOYEE BENEFIT OBLIGATIONS**

The subsidiary of the Group operates a Mandatory Provident Fund Scheme (the MPF scheme) as disclosed in Note 2.4.13 of Basis of preparation and presentation.

The subsidiary is obliged to pay LSP to employees under certain circumstances. Meanwhile, the Group makes mandatory MPF contributions to the trustee who administers the assets held in a trust solely for the retirement benefits of each individual employee. Offsetting of LSP against an employee's accrued retirement benefits derived from employers' MPF contributions was allowed under the Employment Ordinance (Cap.57). In June 2022, the Government of the HKSAR gazetted the Employment and Retirement Schemes Legislation (Offsetting Arrangement) (Amendment) Ordinance 2022 (the "Amendment Ordinance") which abolishes the use of the accrued benefits derived from employers' mandatory MPF contributions to offset severance payment and LSP (the "Abolition"). The Abolition

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

**24. EMPLOYEE BENEFIT OBLIGATIONS** (cont.)

will officially take effect on 1 May 2025 (the "Transition Date"). In addition, under the Amendment Ordinance, the last month's salary immediately preceding the Transition Date (instead of the date of termination of employment) is used to calculate the portion of LSP in respect of the employment period before the Transition Date.

In July 2023, the HKICPA published "Accounting implications of the abolition of the MPF-LSP offsetting mechanism in Hong Kong" which provides guidance for the accounting for the offsetting mechanism and the impact arising from abolition of the MPF-LSP offsetting mechanism in Hong Kong. In light of no further guidance from IASB, the Group has implemented this guidance in connection with the LSP obligation retrospectively so as to provide more reliable and more relevant information about the effects of the offsetting mechanism and the Abolition.

The Group considered the accrued benefits arising from employer MPF contributions that have been vested with the employee and which could be used to offset the employee's LSP benefits as a deemed contribution by the employee towards the LSP. Historically, the Group has been applying the practical expedient in paragraph 93(b) of IAS 19 to account for the deemed employee contributions as a reduction of the service cost in the period in which the related service is rendered.

Based on the HKICPA's guidance, as a result of the Abolition, these contributions are no longer considered "linked solely to the employee's service in that period" since the mandatory employer MPF contributions after the Transition Date can still be used to offset the pre-transition LSP obligation. Therefore, it would not be appropriate to view the contributions as "independent of the number of years of service" and the practical expedient in paragraph 93(b) of IAS 19 is no longer applicable. Instead, these deemed contributions should be attributed to periods of service in the same manner as the gross LSP benefit applying paragraph 93(a) of IAS 19.

The application of the amendments in the current year has had no material impact on the Group's consolidated financial statements during the reporting period.

**25. RELATED PARTY TRANSACTIONS**

Other than those balances with related parties disclosed in note 16, 18, 19, 20 and 21 to the consolidated financial statements, the Group entered into the following transactions with related parties during the reporting period in which certain directors have significant influence:

---

| | | |
|:---|:---|:---|
|  | **Year ended 30 June** | **Year ended 30 June** |
|  | **2024** | **2023** |
|  | **US$** | **US$** |
|  Marketing income | 2530857 | 2492936 |
|  Public Relation service income |  | 56407 |
|  Other income |  | 36 |
|  Cost of sales |  |  |
|  – Consultancy fee | 823779 | 923779 |
|  – Rental expense | 246787 | 205655 |
|  Administrative expenses |  |  |
|  – Management fee | 137935 | 122547 |
|  – Telephone and internet | 270 | 270 |
|  – Travelling expenses | 1544 |  |

---

During the year ended 30 June 2024, the Group has total of US$246,787 of rental expenses paid to V22 Event Space Management Limited (2023: US$205,655). Terence Cheung is the beneficial owner of the Group and the director of V22 Event Space Management Limited.

During the year ended 30 June 2024, the Group has paid US$1,544 of travelling expenses to Raeon International Limited (2023: US$Nil). Terence Cheung is the beneficial owner of the Group and the director and shareholder of Raeon International Limited.

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

**25. RELATED PARTY TRANSACTIONS** (cont.)

During the year ended 30 June 2024, the Group has paid US$270 of telephone and internet expenses to Raeon International Limited (2023: US$270). Terence Cheung is the beneficial owner of the Group and the director and shareholder of Raeon International Limited.

During the year ended 30 June 2024, the Group has paid US$223,779 of consultancy expenses to Bunji Property Limited (2023: US$223,779). Terence Cheung is the beneficial owner of the Group, shareholder and director of Bunji Property Limited.

During the year ended 30 June 2024, the Group has paid US$600,000 of consultancy expenses to Tskcheung Enterprises (HK) Limited (2023: US$700,000). Terence Cheung is the beneficial owner of the Group, shareholder and director of Tskcheung Enterprises (HK) Limited.

During the year ended 30 June 2024, the Group has paid US$137,935 of management fee to Raeon International Limited (2023: US$122,547). Terence Cheung is the beneficial owner of the Group and the director and shareholder of Raeon International Limited.

During the year ended 30 June 2024, the Group has received US$Nil of other income from Coco Alexandra PR & Events Limited (2023: US$36). Lun Tak Po is the beneficial owner of the Group and the director of Coco Alexandra PR & Events Limited.

During the year ended 30 June 2024, the Group has received US$Nil of Public Relation service income from Raeon International Limited (2023: US$56,407). Terence Cheung is the beneficial owner of the Group and the director and shareholder of Raeon International Limited.

During the year ended 30 June 2024, the Group has received US$65,241 of Marketing income from Raeon International Limited (2023: US$220,494). Terence Cheung is the beneficial owner of the Group and the director and shareholder of Raeon International Limited.

During the year ended 30 June 2024, the Group has received US$734,324 of Marketing income from Top Tree International Consulting Limited (2023: US$720,000). Wong Chun Lam is the director of the Group and is acting as key management role of Top Tree International Consulting Limited.

During the year ended 30 June 2024, the Group has received US$1,098,145 of Marketing income from Raeon International Property Management Services (VIC) Pty Limited (2023: US$1,080,000). Terence Cheung is the beneficial owner of the Group and Raeon International Property Management Services (VIC) Pty Limited.

During the year ended 30 June 2024, the Group has received US$4,137 of Marketing income from V22 Event Space Management Limited (2023: US$29,393). Terence Cheung is the beneficial owner of the Group and the director of V22 Event Space Management Limited.

During the year ended 30 June 2024, the Group has received US$621,202 of Marketing income from Insight Property Wealth Pty Limited (2023: US$200,936). Terence Cheung is the beneficial owner of the Group and is acting as key management role of Insight Property Wealth Pty Limited.

During the year ended 30 June 2024, the Group has received US$6,809 of Marketing income from Coco Alexandra PR & Events Limited (2023: US$221,815). Lun Tak Po is the beneficial owner of the Group and the director of Coco Alexandra PR & Events Limited.

During the year ended 30 June 2024, the Group has received US$999 of Marketing income from Bunji Property Limited (2023: US$20,298). Terence Cheung is the beneficial owner of the Group, shareholder and director of Bunji Property Limited.

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

**26. FINANCIAL RISKS MANAGEMENT AND FAIR VALUES OF FINANCIAL INSTRUMENTS**

Exposure to credit, liquidity, interest rate and currency risks arises in the normal course of the Group's business. The Group's overall risk management programme focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on the Group's financial performance.

The Group's exposure to these risks and the financial risk management policies and practices used by the Group to manage these risks are described below.

(a) Credit risk

The Group's credit risk is primary attributable to trade and other receivables. Management has a credit policy in place and the exposures to these credit risks are monitored on an ongoing basis. It also sets credit limit on each individual customer and prior approval is required for any transaction exceeding that limit.

In respect of trade receivables, individual credit evaluations are performed on all customers requiring credit over a certain amount. These evaluations focus on the customer's past history of making payments when due and current ability to pay, and take into account information specific to the customer as well as pertaining to the economic environment in which the customer operates. Trade receivables are due within 30 days from the date of billing. Debtors with balances that are more than 3 months past due are requested to settle all outstanding balances before any further credit is granted. Normally, the Group does not obtain collateral from customers.

The Group's exposure to credit risk is influenced mainly by the individual characteristics of each customer rather than the industry or country in which the customers operate and therefore significant concentrations of credit risk primarily arise when the Group has significant exposure to individual customers. At the date of reporting period, 41.08% and 97.07% (2023: 36.88% and 90.38%) of the total trade receivables was due from the Group's largest customer and the five largest customers respectively.

In addition, the Group continuously monitors its trade receivable balances so as to ensure that the Group will not be subject to material bad debt risk.

The Group measures loss allowances for trade receivables at an amount equal to lifetime ECL, which is calculated using a provision matrix. Certain debtors with significant balances or credit-impaired are assessed individually.

There has been no change in the estimation techniques or significant assumptions made during the reporting period in assessing the loss allowance for trade receivables.

In respect of deposits, the Group recognizes lifetime ECL when there has been a significant increase in credit risk since initial recognition. However, if the credit risk on the deposits has not increased significantly since initial recognition, the Group measures the loss allowance for the deposits at an amount equal to 12-month ECL. The Group has assessed that the ECL of deposits is insignificant at the end of reporting period under 12-month ECL model and therefore, in the opinion of directors, no loss allowance provision was recognized.

In respect of bank balances, the management consider the credit risk is limited because the counterparties are reputable banks with high credit ratings assigned by international credit agencies. The Group assessed 12m ECL for bank balances by reference to information relating to probability of default and loss given default of the respective credit rating grades published by external credit rating agencies. Based on the average loss rates, the 12m ECL on bank balances is considered to be insignificant and therefore no loss allowance was recognized.

The Group does not provide any guarantees which would expose the Group to credit risk.

(b) Liquidity risk

The Group's policy is to regularly monitor current and expected liquidity requirements, to ensure that it maintains sufficient reserves of cash to meet its liquidity requirements in the short and longer term.

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**26. FINANCIAL RISKS MANAGEMENT AND FAIR VALUES OF FINANCIAL INSTRUMENTS** (cont.)

The following tables show the remaining contractual maturities at the end of the reporting period of the Group's non-derivative financial liabilities, which are based on contractual undiscounted cash flows (including interest payments computed using contractual rates or, if floating, based on rates current at the end of the reporting period) and earliest date the Group can be required to pay.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **At 30 June 2024<br>Contractual undiscounted cash outflow** | **At 30 June 2024<br>Contractual undiscounted cash outflow** | **At 30 June 2024<br>Contractual undiscounted cash outflow** | **At 30 June 2024<br>Contractual undiscounted cash outflow** | **At 30 June 2024<br>Contractual undiscounted cash outflow** |
|  | **Within 1 year<br>or on demand**  | **More than <br>1 year but less <br>than 2 years**  | **More than <br>2 years**  | **Total**  | **Carrying <br>amount**  |
|  | **US$** | **US$** | **US$** | **US$** | **US$** |
|  Trade payables |  |  |  |  |  |
|  – Independent Third Parties | 893140 |  |  | 893140 | 893140 |
|  – Related Parties | 1519682 |  |  | 1519682 | 1519682 |
|  Accruals and other payables |  |  |  |  |  |
|  – Independent Third Parties | 98396 |  |  | 98396 | 98396 |
|  – Related Parties | 6826 |  |  | 6826 | 6826 |
|  Amounts due to a director | 133732 |  |  | 133732 | 133732 |
|  Amounts due to related companies | 52949 |  |  | 52949 | 52949 |
|  Loans from a related company | 193871 |  |  | 193871 | 193871 |
|  Lease liabilities | 49667 | 49667 | 33112 | 132446 | 127292 |
|  | 2948263 | 49667 | 33112 | 3031042 | 3025888 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **At 30 June 2023 <br>Contractual undiscounted cash outflow** | **At 30 June 2023 <br>Contractual undiscounted cash outflow** | **At 30 June 2023 <br>Contractual undiscounted cash outflow** | **At 30 June 2023 <br>Contractual undiscounted cash outflow** | **At 30 June 2023 <br>Contractual undiscounted cash outflow** |
|  | **Within 1 year <br>or on demand** | **More than <br>1 year but less <br>than 2 years** | **More than <br>2 years** | **Total** | **Carrying <br>amount** |
|  | **US$** |  | **US$** |  | **US$** |
|  Trade payables |  |  |  |  |  |
|  – Independent Third Parties | 346519 |  |  | 346519 | 346519 |
|  – Related Parties | 1135874 |  |  | 1135874 | 1135874 |
|  Accruals and other payables |  |  |  |  |  |
|  – Independent Third Parties | 73550 |  |  | 73550 | 73550 |
|  Amounts due to a director | 155777 |  |  | 155777 | 155777 |
|  Amounts due to related companies | 17080 |  |  | 17080 | 17080 |
|  Loans from a related company | 229690 |  |  | 229690 | 229690 |
|  Lease liabilities | 49503 | 49502 | 82504 | 181509 | 171878 |
|  | 2007993 | 49502 | 82504 | 2139999 | 2130368 |

---

(c) Interest rate risk

The Group's interest rate risk arises primarily from bank deposits and short-term borrowings. Borrowings issued at fixed rates expose the Group to fair value interest rate risk. The Group also exposed to cash flow interest rate risk in relation to its variable-rate bank balances.

Except as stated above, the Group has no other significant interest-bearing assets and liabilities during the reporting period, its income and operating cash flows are substantially independent of changes in market interest rates.

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

**26. FINANCIAL RISKS MANAGEMENT AND FAIR VALUES OF FINANCIAL INSTRUMENTS** (cont.)

No sensitivity analysis is presented since the Directors consider that the exposure of cash flow interest rate risk arising from variable-rate bank deposits is limited due to their short maturities or the insignificant amounts involved.

(d) Currency risk

*(1)* Recognized assets and liabilities

The Group is exposed to currency risk primarily through subsidiaries' business operation which give rise to income, expenses, receivables, payables and cash balances that are denominated in a foreign currency, i.e. a currency other than the presentation currency of the operations to which the transactions relate. The currencies giving rise to this risk are primarily Hong Kong Dollar ("HKD"). As HKD is pegged to USD, it is assumed that there would be no material currency risk exposure between two currencies. The Directors considered that the Group's exposures to HKD are limited and thus, no sensitivity analysis are presented.

The Group currently does not have a foreign exchange hedging policy. However, the management of the Group monitors foreign exchange exposure and will consider hedging significant foreign exchange exposure should the need arise.

(e) Fair values

The carrying amounts of the Group's and the Company's financial assets and financial liabilities recorded at amortized cost in the consolidated financial statements and the Company's statement of financial position approximately their respectively fair values.

27. **RESERVE**

(a) The Group

The amounts of the Group's reserves and the movements therein are presented in the consolidated statements of profit or loss and other comprehensive income and the consolidated statements of changes in equity.

(b) The Company

The Company's reserves and movements are analyzed as follows:

---

| | |
|:---|:---|
|  | **Retained <br>profits** |
|  | **US$** |
|  At 29 May 2024 (date of incorporation) |  |
|  Result for the period |  |
|  At 30 June 2024 |  |

---

(c) Nature and purpose of reserves

(i) Merger reserve

Merger reserve represents the difference between the nominal value of shares issued by the Company and the aggregate fully paid registered capital of the subsidiaries being acquired pursuant to the Group Reorganization.

(ii) Exchange reserve

Exchange reserve comprises all foreign exchange differences arising from the translation of the financial statements of foreign operations. The reserve is dealt with in accordance with the accounting policies set out in note 2.4.3 to the consolidated financial statements.

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**28. EVENTS AFTER THE REPORTING PERIOD**

Subsequent to the reporting period, the Company further allotted 1,211,001 Class A Ordinary Shares to new shareholders on 16 August 2024.

Subsequent to the reporting period on 3 September 2024, the Group formed a new subsidiary, Voltage X LLC, which is incorporated in Delaware, United States.

No significant event after reporting period took place subsequent to 30 June 2024.

**29. SUBSEQUENT FINANCIAL STATEMENTS**

No audited financial statements have been prepared by the Group, the Company or any of the companies comprising the Group in respect of any period subsequent to 30 June 2024.

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

#### VOLTAGE X LIMITED<br>UNAUDITED INTERIM CONDENSED CONSOLIDATED <br>STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

---

| | | | |
|:---|:---|:---|:---|
|  | **Notes** | **1 July<br>2024 to<br>31 December<br>2024** | **1 July<br>2023 to<br>31 December<br>2023** |
|  |  | **US$** | **US$** |
|  **Revenue** | 3, 4 |  |  |
|  **– Independent Third Parties** |  | 1365327 | 982407 |
|  **– Related Parties** |  | 1108415 | 1247107 |
|  |  | 2473742 | 2229514 |
|  **Cost of sales** |  |  |  |
|  **– Independent Third Parties** |  | (1066688) | (926608) |
|  **– Related Parties** |  | (535283) | (535283) |
|  |  | (1601971) | (1461891) |
|  **Gross profit** |  | 871771 | 767623 |
|  Other revenue | 5 | 256 | 820 |
|  Administrative expenses |  | (368046) | (244950) |
|  **– Independent Third Parties** |  | (291104) | (183511) |
|  **– Related Parties** |  | (76942) | (61439) |
|  |  | (368046) | (244950) |
|  Finance costs | 6 | (1727) | (2424) |
|  **Profit before taxation** |  | 502254 | 521069 |
|  Income tax | 8(a) | (94851) | (95489) |
|  **Profit for the period** | 7 | 407403 | 425580 |
|  **Other comprehensive loss for the period:** |  |  |  |
|  Items that may be reclassified subsequently to profit or loss: |  |  |  |
|  Exchange difference on translation of financial statements of overseas subsidiaries |  | (1148) | (575) |
|  **Profit and total comprehensive income attributable to the owners of the Company for the period** |  | 406255 | 425005 |
|  Earnings per share: |  |  |  |
|  Basic and diluted | 10 | 0.0239 | 0.0264 |

---

*The above consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes.*

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

#### VOLTAGE X LIMITED<br> UNAUDITED INTERIM CONDENSED CONSOLIDATED <br>STATEMENT OF FINANCIAL POSITION

---

| | | | |
|:---|:---|:---|:---|
|  | **Notes** | **31 December<br>2024** | **30 June<br>2024** |
|  |  | **US$** | **US$** |
|  |  | | **(Audited)** |
|  **NON-CURRENT ASSETS** |  |  |  |
|  Property, plant and equipment | 11 | 18525 | 13435  |
|  Right-of-use assets | 12 | 165556 | 196434  |
|  |  | 184081 | 209869  |
|  **CURRENT ASSETS** |  |  |  |
|  Trade receivables | 13 |  |  |
|  – Independent Third Parties |  | 1624536 | 1063391 |
|  – Related Parties |  | 1692719 | 3868122 |
|  Deposits and prepayment |  | 236444 | 3317  |
|  Cash and cash equivalents |  | 48971 | 132322  |
|  |  | 3602670 | 5067152  |
|  **CURRENT LIABILITIES** |  |  |  |
|  Trade payables | 15 |  |  |
|  – Independent Third Parties |  | 201599 | 893140 |
|  – Related Parties |  | 6500 | 1519682 |
|  Accruals and other payables |  |  |  |
|  – Independent Third Parties |  | 5750 | 59984 |
|  – Related Parties |  | 71380 | 6826 |
|  Contract liabilies | 3 |  | 38412 |
|  Amounts due to a director | 16 | 153053 | 133732  |
|  Amounts due to related companies | 17 | 72998 | 52949 |
|  Loans from a director | 18 | 124676 |  |
|  Loans from related companies | 18 | 293752 | 193871 |
|  Lease liabilities | 19 | 47546 | 46563  |
|  Tax payable | 8(b) | 495777 | 400926  |
|  |  | 1473031 | 3346085  |
|  **NET CURRENT ASSETS** |  | 2129639 | 1721067  |
|  **NON-CURRENT LIABILITIES** |  |  |  |
|  Lease liabilities | 19 | (57257) | (80729) |
|  |  | (57257) | (80729) |
|  **NET ASSETS** |  | 2256463 | 1850207  |
|  **CAPITAL AND RESERVES** |  |  |  |
|  Share capital | 20 | 117 | 116  |
|  Reserves | 23(a) | 10906 | 12054  |
|  Retained profits |  | 2245440 | 1838037  |
|  **TOTAL EQUITY** |  | 2256463 | 1850207  |

---

*The above consolidated statement of financial position should be read in conjunction with the accompanying notes*

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#### VOLTAGE X LIMITED<br> UNAUDITED INTERIM CONDENSED CONSOLIDATED<br>STATEMENT OF CHANGES IN EQUITY

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Share<br>capital** | **Exchange<br>reserve** | **Merger<br>reserves** | **(Accumulated<br>losses)/<br>Retained<br>profits** | **Total** |
|  | **US$** | **US$** | **US$** | **US$** | **US$** |
|  **Balance at 1 July 2023** | 12765  | (157) |  | 871930 | 884538  |
|  Profit for the period | —  |  |  | 425580 | 425580  |
|  Other comprehensive expense | —  | (575) |  |  | (575) |
|  Total comprehensive (expense)/income for the period | —  | (575) |  | 425580 | 425005  |
|  **Balance at 31 December 2023** | 12765  | (732) |  | 1297510 | 1309543  |
|  **Balance at 1 July 2024** | 116  | (711) | 12765 | 1838037 | 1850207  |
|  Issue of share capital | 1  |  |  |  | 1  |
|  Profit for the period | —  |  |  | 407403 | 407403  |
|  Other comprehensive expense | —  | (1148) |  |  | (1148) |
|  Total comprehensive (expense)/income for the period | —  | (1148) |  | 407403 | 406255  |
|  **Balance at 31 December 2024** | 117  | (1859) | 12765 | 2245440 | 2256463  |

---

*The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes.*

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#### VOLTAGE X LIMITED<br> UNAUDITED INTERIM CONDENSED<br>CONSOLIDATED STATEMENT OF CASH FLOWS

---

| | | | |
|:---|:---|:---|:---|
|  | **Notes** | **1 July<br>2024 to<br>31 December<br>2024** | **1 July<br>2023 to<br>31 December<br>2023** |
|  | **Notes** | **1 July<br>2024 to<br>31 December<br>2024** | **1 July<br>2023 to<br>31 December<br>2023** |
|  |  | **US$** | **US$** |
|  **OPERATING ACTIVITIES** |  |  |  |
|  Cash (used in)/generated from operations | 14 | (274685) | 154487 |
|  Tax paid: |  |  |  |
| &nbsp;&nbsp;&nbsp; Tax paid/refunded |  |  |  |
|  **Net cash (used in)/generated from operating activities** |  | (274685) | 154487 |
|  **INVESTING ACTIVITIES** |  |  |  |
|  Purchases of property, plant and equipment |  | (7540) | (2627) |
|  Interest received |  | 254 | 212 |
|  **Net cash used in investing activities** |  | (7286) | (2415) |
|  **FINANCING ACTIVITIES** |  |  |  |
|  Increase in loans from related companies |  | 99881 | 765 |
|  Increase in loans from a director |  | 124676 |  |
|  Proceeds from issuance of share capital |  | 1 |  |
|  Repayment of lease liabilities |  | (23101) | (22347) |
|  Interest paid for lease liabilities | 6 | (1727) | (2424) |
|  **Net cash generated from/(used in) financing activities** |  | 199730 | (24006) |
|  **NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS** |  | (82241) | 128066 |
|  **CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD** |  | 132322 | 87445 |
|  Effect of foreign exchange rates changes |  | (1110) | (627) |
|  **CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD** |  | 48971 | 214884 |

---

*The above consolidated statement of cash flows should be read in conjunction with the accompanying notes.*

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

#### VOLTAGE X LIMITED<br>NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
**1. CORPORATE INFORMATION**

The Company was incorporated in the Cayman Islands under the Companies Act (as revised) of the Cayman Islands as an exempted company with limited liability on 29 May, 2024. Details of its subsidiaries are set out in note 13 to the consolidated financial statements. The addresses of the registered office is located at Cricket Square, Hutchins Drive, PO Box 2681, Grand Cayman KY1-1111, Cayman Islands.

The Company and its subsidiary, Voltage X Holdings Limited are investment holding companies. The principal subsidiaries, Voltage X Innovations Limited and Xact Digital Limited are mainly engaged in public relations, digital marketing strategy, social media management, video production, creative design, influencer strategy and event management across multi-channels. Voltage X Australia Pty Limited is not yet commenced business. On 3 September 2024, the Company incorporated another subsidiary, Voltage X LLC, which is not yet commenced business.

In connection with the initial listing of shares of the Company on Nasdaq, the unaudited interim condensed consolidated financial statements are presented in USD, which is also the Company's functional and the Group's presentation currency.

2. BASIS OF PREPARATION AND PRESENTATION

2.1 Group reorganization ("Reorganization") and basis of preparation of the unaudited interim condensed consolidated financial statements

Pursuant to the Reorganization, the Company became the holding company of the companies now comprising the Group on 28 June 2024. The companies now comprising the Group have been under the common control and beneficially owned by Terence Cheung and Lun Tak Po ("Controlling shareholders") throughout the reporting period or since their respective dates of incorporation. As such, the Reorganization is effectively interspersing a shell company over the subsidiaries, in which Voltage X Innovations Limited and Xact Digital Limited are only operating entity of the Group, and there was a continuation of risks and benefits to the Controlling Shareholders. Accordingly, the Reorganization has been accounted for as if the Company had always been the holding company of the Group throughout the reporting period.

The unaudited interim condensed consolidated statements of profit or loss and other comprehensive income, unaudited interim condensed consolidated statements of changes in equity and unaudited interim condensed consolidated statements of cash flows including the results and cash flows of the companies now comprising the Group have been prepared as if the current group structure had been in existence throughout the reporting period or since their respective dates of incorporation, whichever is the shorter period. The accompanying consolidated financial statements are presented assuming that the existing group structure was in existence at the beginning of the first period presented.

The condensed consolidated financial statements have been prepared in accordance with International Accounting Standard ("IAS") 34 "Interim Financial Reporting" issued by the International Accounting Standards Board ("IASB") and pursuant to the regulations of the Securities and Exchange Commission.

In the opinion of the Company's management, the unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited financial statements and include all adjustments, in normal recurring nature, as necessary for the fair statement of the Group's financial position as of 31 December 2024, and results of operations and cash flows for the six months ended 31 December 2023 and 2024. The unaudited interim condensed consolidated statement of financial position as of 30 June 2024 has been derived from the audited consolidated financial statements at that date but does not include all the information and footnotes required by the International Financial Reporting Standards ("IFRS") issued by the IASB. Interim results of operations are not necessarily indicative of the results expected for the full fiscal year or for any future period. These financial statements should be read in conjunction with the audited consolidated financial statements as of and for the years ended 30 June 2023 and 2024, and related notes included in the Company's audited consolidated financial statements.

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

2. BASIS OF PREPARATION AND PRESENTATION (cont.)

The Directors are satisfied that the Group will have sufficient financial resources to meet its financial obligations as they fall due for the foreseeable future. Accordingly, the unaudited interim condensed consolidated financial statements have been prepared on a going concern basis.

The unaudited interim condensed consolidated financial statements have been prepared on the historical cost basis.

The preparation of the unaudited interim condensed consolidated financial statements in conformity with IFRS requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The most significant estimates relate to allowance for expected credit losses. Actual results could vary from the estimates and assumptions that were used.

Other than additional/change in accounting policies resulting from application of amendments to IFRSs, and application of certain accounting policies which became relevant to the Group in the current interim period, the accounting policies and methods of computation used in the unaudited interim condensed consolidated financial statements for the six months ended 31 December 2024 are the same as those presented in the Group's annual consolidated financial statements for the year ended 30 June 2024.

**2.2 New standards and interpretations adopted**

Application of amendments to IFRSs

In the current interim period, the Group has applied the following amendments to IFRSs, for the first time, which are mandatorily effective for the Group's annual period beginning on 1 July 2024 for the preparation of the Group's unaudited interim condensed consolidated financial statements:

---

| | |
|:---|:---|
|  Amendments to IFRS 16 | Lease Liability in a Sale and Leaseback |
|  Amendments to IAS 1 | Classification of Liabilities as Current or Non-current |
|  Amendments to IAS 1 | Non-current Liabilities with Covenants |
|  Amendments to IAS 7 and IFRS 7 | Supplier Finance Arrangements |

---

The application of the amendments to IFRSs in the current interim period has had no material impact on the Group's financial position and performance for the current and prior periods and/or on the disclosures set out in these unaudited interim condensed consolidated financial statements.

3. **REVENUE FROM CONTRACTS WITH CUSTOMERS**

Disaggregation of revenue from contracts with customers:

---

| | | | |
|:---|:---|:---|:---|
|  | **Marketing <br>Income** | **Public <br>Relation <br>service <br>income** | **Total** |
|  | **US$** | **US$** | **US$** |
|  <u>1 July 2024 to 31 December 2024</u> |  |  |  |
|  Revenue from contracts with customers within the scope of <br>IFRS 15: |  |  |  |
|  Services transferred at a point in time | 482411 | 17666 | 500077 |
|  Services transferred over time | 1952117 | 21548 | 1973665 |
|  | 2434528 | 39214 | 2473742 |
|  <u>1 July 2023 to 31 December 2023</u> |  |  |  |
|  Revenue from contracts with customers within the scope of <br>IFRS 15: |  |  |  |
|  Services transferred at a point in time | 288396 | 66909 | 355305 |
|  Services transferred over time | 1813379 | 60830 | 1874209 |
|  | 2101775 | 127739 | 2229514 |

---

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

3. **REVENUE FROM CONTRACTS WITH CUSTOMERS** (cont.)

The performance obligation for the provision of monthly marketing and public relation services are satisfied over time as services are rendered and payment is generally due within 30 days from the date of billing.

The performance obligation for provision of one-off event-based marketing and public relation services are satisfied at a point in time when the services have been rendered. The payment is generally due within 30 days from the date of services rendered.

The Group has applied the practical expedient in IFRS 15 to its revenue from the provision of monthly marketing and public relation services for not disclosing the remaining performance obligations under the Group's existing contracts as the Group recognises revenue from the satisfaction of the performance obligation in the amount to which the Group has a right to consideration from a customer that corresponds directly with the value to the customer of the entity's performance completed to date. In addition, for all other contracts in which the performance obligations are expected to be recognised as revenue with an original expected duration of one year or less, the transaction price allocated to these unsatisfied contracts is not disclosed as permitted under IFRS 15.

The following table provides information about receivables and contract liabilities from contracts with customers.

---

| | | |
|:---|:---|:---|
|  | **31 December <br>2024** | **30 June <br>2024** |
|  | **US$** | **US$** |
|  Receivables | 3317255 | 4931513 |
|  Contract liabilities |  | 38412 |

---

It is the Group's standard practice to require customers to prepay 50% of the contract value as a deposit for longer-term digital marketing projects. As a result, the Group does not recognize contract assets.

Contract liabilities represent the advance consideration received from customers for services that have not yet been rendered. These balances primarily relate to longer-term marketing projects, where revenue is recognized at a point in time upon the achievement of specific performance milestones.

The amount of US$38,412 included in contract liabilities at 30 June 2024 has been recognized as revenue for the six months ended 31 December 2024. There was no contract liabilities as at 1 July 2023.

As at 31 December 2024, no contract liabilities were recognized, as all milestones for previously prepaid projects had been completed and the corresponding revenue fully recognized prior to the end of reporting period.

4. **SEGMENT INFORMATION**

IFRS 8 Operating Segments requires operating segments to be identified on the basis of internal reports about components of the Group that are regularly reviewed by the chief operating decision maker (the "CODM''), being the directors of the Company, in order to allocate resources to segments and to assess their performance.

The Group's operating activities are attributable to a single operating segment focusing on the provision of service under public relations, digital marketing strategy, social media management, video production, creative design, influencer strategy and event management across multi-channels. This operating segment has been identified on the basis of internal management reports prepared in accordance with accounting policies which conform to IFRSs, that is regularly reviewed by the CODM. The CODM monitors the revenue from the provision of design, supply and installation services and maintenance and repair services with no discrete information available to the CODM. The CODM reviews the profit for the year of the Group as a whole for performance assessment. No analysis of segment assets or liabilities is presented as they are not regularly provided to the CODM.

Since this is the only one operating segment of the Group, no segment information is presented other than entity-wide disclosures.

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4. **SEGMENT INFORMATION** (cont.)

<u><u>Geographical information</u></u>

The Group's revenue from external customers based on the location of operation is derived by country/region of domicile as follows. Non-current assets of the Group based on the location of assets are all located in Hong Kong:

---

| | | |
|:---|:---|:---|
|  | **1 July <br>2024 to<br>31 December <br>2024** | **1 July <br>2023 to<br>31 December <br>2023** |
|  | **US$** | **US$** |
|  Australia | 845656 | 845685 |
|  United Kingdom | 300000 | 300000 |
|  Taiwan | 360000 | 360000 |
|  Hong Kong | 957794 | 702226 |
|  Other countries | 10292 | 21603 |
|  | 2473742 | 2229514 |

---

There are no countries that make up greater than 10% of total revenue included in "Other countries".

<u><u>Information about major customers</u></u>

Revenue from major customers during the reporting period contributing over 10% of the total revenue of the Group are as follows:

---

| | | |
|:---|:---|:---|
|  | **1 July <br>2024 to<br>31 December <br>2024** | **1 July <br>2023 to<br>31 December <br>2023** |
|  | **US$** | **US$** |
|  Customer A | 360000 | 360000 |
|  Customer B | 300000 | 300000 |
|  Customer C | 540000 | 540000 |
|  Customer D | 305656 | 305685 |

---

5. **OTHER REVENUE**

---

| | | |
|:---|:---|:---|
|  | **1 July <br>2024 to<br>31 December <br>2024** | **1 July <br>2023 to<br>31 December <br>2023** |
|  | **US$** | **US$** |
|  Bank interest income | 254 | 212 |
|  Sundry income | 2 | 216 |
|  Exchange gain |  | 392 |
|  | 256 | 820 |

---

6. **FINANCE COSTS**

---

| | | |
|:---|:---|:---|
|  | **1 July <br>2024 to<br>31 December <br>2024** | **1 July <br>2023 to<br>31 December <br>2023** |
|  | **US$** | **US$** |
|  Interest expense on lease liabilities | 1727 | 2424 |

---

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

7. **PROFIT FOR THE PERIOD**

Profit for the period is arrived at after charging and crediting:

(a) **Staff costs**

---

| | | |
|:---|:---|:---|
|  | **1 July <br>2024 to<br>31 December <br>2024** | **1 July <br>2023 to<br>31 December <br>2023** |
|  | **US$** | **US$** |
|  MPF employers' contribution | 14590 | 17739 |
|  Directors' remuneration | 37509 | 37932 |
|  Salaries and allowances included in: |  |  |
|  – Cost of sales | 266183 | 320168 |
|  – Administrative expenses | 42244 | 40231 |
|  | 360526 | 416070 |

---

(b) **Other items**

---

| | | |
|:---|:---|:---|
|  | **1 July <br>2024 to<br>31 December <br>2024** | **1 July <br>2023 to<br>31 December <br>2023** |
|  | **US$** | **US$** |
|  Depreciation of property, plant and equipment | 2560 | 1922 |
|  Depreciation of right-of-use assets | 31846 | 31774 |
|  Listing expenses | 57177 |  |
|  Allowance for ECL of trade receivables | 17987 |  |

---

**8. INCOME TAX**

(a) Taxation in the unaudited interim condensed consolidated statement of profit or loss represents:

---

| | | |
|:---|:---|:---|
|  | **1 July <br>2024 to<br>31 December <br>2024** | **1 July <br>2023 to<br>31 December <br>2023** |
|  | **US$** | **US$** |
|  **Current tax** |  |  |
|  Hong Kong Profits Tax | 94851 | 95489 |

---

Under the current laws of Cayman Islands, entities incorporated in Cayman Islands are not subject to tax on their income or capital gain.

Corporate tax rate in Seychelles calculated at 15% on the first SCR 1 million, 25% above SCR 1 million. The Group has no chargeable profits under Seychelles Corporate tax.

For Hong Kong Profits Tax has been provided for at the rate of 16.5% on the estimated assessable profits for the reporting period.

Company tax rate in Australia calculated at 25% for aggregated turnover threshold of the Group is less than 25 million Australian Dollars or tax rate for all other companies at 30%. The Group has no chargeable profits under Australia Company tax.

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

**8. INCOME TAX** (cont.)

(b) Current taxation in the unaudited interim condensed consolidated statement of financial position represents:

---

| | | |
|:---|:---|:---|
|  | **31 December<br>2024** | **30 June<br>2024** |
|  | **US$** | **US$** |
|  Balance of Profits Tax provision relating to prior years | 400926 | 200238 |
|  Provision for the period | 94851 | 200688 |
|  Tax payable | 495777 | 400926 |

---

(c) The Group has not recognized deferred tax assets as it is not probable that future taxable profits against which the losses can be utilized will be available in the relevant tax jurisdiction and entity. The tax losses do not expire under current tax legislation. The potential deferred tax not recognized in the financial statements comprises:

---

| | | |
|:---|:---|:---|
|  | **31 December<br>2024** | **30 June<br>2024** |
|  | **US$** | **US$** |
|  Depreciation allowances in deficit of related depreciation charges | (157793) | (122924) |
|  Future benefit of tax losses | 244339 | 245672 |
|  | 86546 | 122748 |

---

9. **DIVIDEND**

No dividend has been declared or paid by the Companies now comprising the Group during the reporting period.

10. **EARNINGS PER SHARE**

(a) Reconciliations of profit used in calculating profit per share

---

| | | |
|:---|:---|:---|
|  | **1 July <br>2024 to<br>31 December <br>2024** | **1 July <br>2023 to<br>31 December <br>2023** |
|  | **US$** | **US$** |
|  Basic and diluted profit per share |  |  |
|  Profit attributable to the ordinary equity holders of the Group in calculating profit per share | 407403 | 425580 |

---

(b) Weighted average number of shares used as the denominator

---

| | | |
|:---|:---|:---|
|  | **31 December<br>2024** | **31 December<br>2023** |
|  | **Number** | **Number** |
|  Weighted average number of ordinary shares used as the denominator in calculating basis and diluted profit per share | 17,013,214 | 16,100,000 |

---

The calculation of basic earnings per share for the reporting period is based on the consolidated profit of the Group for each period attributable to equity holders of the Company. For the six-months period ended 31 December 2023, the weighted average number of ordinary shares based on the assumption that 16,100,000 shares of the Company are in issue and issuable, comprising 16,000,000 shares Class A ordinary shares and 100,000 Class B ordinary shares in issue as set out in paragraphs headed "Reorganisation" as if the shares were outstanding throughout the entire reporting period.

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

11. **PROPERTY, PLANT AND EQUIPMENT**

---

| | | |
|:---|:---|:---|
|  | **31 December<br>2024** | **30 June<br>2024** |
|  | **US$** | **US$** |
|  At cost: |  |  |
|  Computer equipment | 23897 | 16215 |
|  Office equipment | 4384 | 4358 |
|  | 28281 | 20573 |
|  Less: accumulated depreciation | (9756) | (7138) |
|  Net carrying amount | 18525 | 13435 |

---

Depreciation expenses were US$2,560 and US$1,922 for the six-months ended 31 December 2024 and 2023, respectively.

12. **RIGHT-OF-USE ASSETS**

The analysis of the net book value of right-of-use assets by class of underlying asset is as follows:

<u><u>Motor vehicle</u></u>

---

| | | |
|:---|:---|:---|
|  | **US$** | **US$** |
|  At 1 July 2024/1 July 2023 | 196434 | 259280 |
|  Depreciation | (31846) | (63548) |
|  Exchange adjustment | 968 | 702 |
|  At 31 December 2024/30 June 2024 | 165556 | 196434 |

---

The analysis of expense items in relation to leases recognized in profit or loss is as follows:

---

| | | |
|:---|:---|:---|
|  | **1 July <br>2024 to<br>31 December <br>2024** | **1 July <br>2023 to<br>31 December <br>2023** |
|  | **US$** | **US$** |
|  Depreciation charge of right-of-use assets |  |  |
|  – Motor vehicle | 31846 | 31774 |
|  Interest on lease liabilities (note 6) | 1727 | 2424 |
|  Expense relating to short-term leases | 123393 | 123393 |
|  Total cash outflow for leases | 148221 | 148164 |

---

13. **TRADE RECEIVABLES**

---

| | | |
|:---|:---|:---|
|  | **31 December<br>2024** | **30 June<br>2024** |
|  | **US$** | **US$** |
|  Trade receivables | 3402088 | 4997855 |
|  Less : Loss allowance | (84833) | (66342) |
|  | 3317255 | 4931513 |

---

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

13. **TRADE RECEIVABLES** (cont.)

Included in the trade receivables is US$1,703,630 (30 June 2024: US$3,872,932) and loss allowance US$10,911 (30 June 2024: US$4,810) in respect of trade receivables and loss allowance from the related companies.

The Group grants credit terms of 30 days to client.

The following is an analysis of trade receivables, net of allowances for credit losses, by age, presented based on the invoice date, which appropriated the revenue recognition date.

---

| | |
|:---|:---|
|  | **Net amount** |
|  | **US$** |
|  <u>31 December 2024</u> |  |
|  Within 30 days | 447004  |
|  31 – 60 Days | 305374  |
|  61 – 90 Days | 285091  |
|  91 – 365 Days | 2225706  |
|  Over 365 Days | 54080  |
|  | 3317255  |
|  <u>30 June 2024</u> |  |
|  Within 30 days | 349098  |
|  31 – 60 Days | 292147  |
|  61 – 90 Days | 284331  |
|  91 – 365 Days | 2275597  |
|  Over 365 Days | 1730340  |
|  | 4931513  |

---

Expected loss rates are based on actual loss experience over the past few years in the industry. These rates are adjusted to reflect differences between economic conditions during the year over which the historic data has been collected, current conditions and the Company's view of economic conditions over the expected lives of the receivables.

Receivables that were neither past due nor impaired relate to a wide range of clients for whom there was no recent history of default.

As at 31 December 2024, receivables with gross carrying amount of USD2,947,876 (30 June 2024: USD4,647,066) which are past due as at the reporting date. A number of independent clients that have a good track record with the Group with significant outstanding balances with gross carrying amounts of US$3,008,448 and US$4,782,195 as at 31 December 2024 and 30 June 2024 respectively were assessed individually. Based on experience, management believes that no impairment allowance is necessary in respect of these balances as there has not been a significant change in credit quality and the balances are still considered fully recoverable.

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

**VOLTAGE X LIMITED<br>NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

14. **CASH AND CASH EQUIVALENTS**

Reconciliation of profit before taxation to cash (used in)/generated from operations:

---

| | | | |
|:---|:---|:---|:---|
|  | **Notes** | **1 July <br>2024 to <br>31 December<br> 2024** | **1 July <br>2023 to <br>31 December <br>2023** |
|  |  | **US$** | **US$** |
|  Profit before taxation | 9(b) | 502254 | 521069 |
|  Adjustments for: |  |  |  |
|  Loss on expected credit loss allowance |  | 17987 |  |
|  Interest income | 5 | (254) | (212) |
|  Depreciation |  |  |  |
|  – property, plant and equipment | 7(b) | 2560 | 1922 |
|  – right-of-use assets | 7(b) | 31846 | 31774 |
|  Finance costs | 6 | 1727 | 2424 |
|  **Operating profit before working capital changes** |  | 556120 | 556977 |
|  (Increase)/decrease in trade receivables |  |  |  |
|  – Independent Third Parties |  | (573536) | (337642) |
|  – Related Parties |  | 2169303 | (1045736) |
|  Decrease in deposits and prepayment |  | (233127) | (4674) |
|  (Decrease)/increase in trade payables |  |  |  |
|  – Independent Third Parties |  | (691541) | 361844 |
|  – Related Parties |  | (1513182) | 537480 |
|  Decrease in accruals and other payables |  |  |  |
|  – Independent Third Parties |  | (54234) | (10135) |
|  – Related Parties |  | 64554 | 6826 |
|  (Decrease)/ increase in contract liabilities |  | (38412) | 80666 |
|  Increase in amounts due to a director |  | 19321 | 252 |
|  Increase in amounts due to related companies |  | 20049 | 8629 |
|  **Cash (used in)/generated from operations** |  | (274685) | 154487 |

---

15. **TRADE PAYABLES**

Included in the trade payables is US$6,500 (30 June 2024: US$1,519,682) in respect of trade payables to the related companies.

The following is an aging analysis of trade payables presented based on the invoice date at 30 June 2024 and 31 December 2024:

---

| | | |
|:---|:---|:---|
|  | **31 December<br>2024** | **30 June<br>2024** |
|  | **US$** | **US$** |
|  0 – 30 days | 138921 | 182250 |
|  31 – 90 days | 41239 | 402603 |
|  Over 90 days | 27939 | 1827969 |
|  | 208099 | 2412822 |

---

16. **AMOUNTS DUE TO A DIRECTOR**

As at 31 December 2024, amounts due to a director, Terence Cheung, of US$153,053 (30 June 2024: US$133,732) are unsecured, non-interest bearing and have no fixed repayment terms.

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

17. **AMOUNTS DUE TO RELATED COMPANIES**

---

| | | |
|:---|:---|:---|
|  | **31 December <br>2024** | **30 June <br>2024** |
|  | **US$** | **US$** |
|  Raeon International Limited | 65706 | 51289 |
|  V22 Event Space Management Limited | 7292 | 1660 |
|  | 72998 | 52949 |

---

The amounts due to related companies are unsecured, non-interest bearing and have no fixed repayment terms.

18. **LOANS FROM RELATED COMPANIES AND LOANS FROM A DIRECTOR**

As at 31 December 2024, loans from two related companies, The Fifth Element 2014 Limited and Raeon International Limited, and loans from a director, Terence Cheung, are unsecured non-interest bearing and repayable on demand by 1 month's written notice.

As at 30 June 2024, loans from a related company, The Fifth Element 2014 Limited, are unsecured, non-interest bearing and repayable on demand by 1 month's written notice.

19. **LEASE LIABILITIES**

The Group leases one of its motor vehicles under a finance lease. The lease term was 5 years. The obligation under a finance lease carried interest at 1.55% per annum during the reporting period.

<u><u>Restrictions or covenants on leases</u></u>

As at 31 December 2024, lease liabilities of US$104,803 are recognized with related right-of-use assets of US$165,556 (30 June 2024: lease liabilities of US$127,292 are recognized with related right-of-use assets of US$196,434). The lease agreements do not impose any covenants other than the security interests in the leased assets that are held by the lessor. Leased assets may not be used as security for borrowing purposes.

At 30 June 2024 and 31 December 2024, the lease liabilities were repayable as follows:

---

| | | |
|:---|:---|:---|
|  | **31 December <br>2024** | **30 June <br>2024** |
|  | **US$** | **US$** |
|  Within 1 year | 47546 | 46563 |
|  After 1 year but within 2 years | 48960 | 47969 |
|  After 2 years | 8297 | 32760 |
|  | 57257 | 80729 |
|  | 104803 | 127292 |
|  Less: Amounts due for settlement with 12 months shown under current <br>liabilities | (47546) | (46563) |
|  Amount due for settlement after 12 months shown under non-current <br>liabilities | 57257 | 80729 |

---

20. **SHARE CAPITAL**

(a) Share capital

The Company was incorporated in the Cayman Islands on 29 May 2024. As at the date of its incorporation, the Company had an authorized share capital of US$50,000 divided into 50,000,000,000 shares of US$0.000001 each. On the same date, one ordinary share of a par value of US$0.000001 each was allotted and issued at US$1 paid to the initial subscriber and then the initial subscriber transferred the share to Terence Cheung at US$1 consideration. The Company further allotted and issued a total of 99 ordinary shares of a par value of US$0.000001 each for the consideration US$1 to Terence Cheung.

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

20. **SHARE CAPITAL** (cont.)

Pursuant to a resolution passed on 21 June 2024, 49,999,999,900 of the authorized but unissued shares of US$0.000001 each had been converted into 49,999,899,900 Class A Ordinary Shares of par value US$0.000001 each and 100,000 of authorized but unissued shares of US$0.000001 each had been converted into 100,000 Class B Ordinary Shares of par value US$0.000001 each. The 100 ordinary shares of par value US$0.000001 each issued to Terence Cheung had also been converted into Class A Ordinary Shares.

As part of the Reorganization, on 28 June 2024, the Company further allotted and issued an aggregate of 15,999,900 Class A Ordinary Shares and 100,000 Class B Ordinary Shares to certain investors for a total consideration of US$16 for acquisition of Xact Digital Limited.

Pursuant to an resolution passed on 16 August 2024, 1,211,001 Class A Ordinary Shares of US$0.000001 each had been issued to certain investors at par value.

Details of the share capital of the Company are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of <br>shares** | **Amount** | **Shown in the <br>Financial <br>information** |
|  |  | **US$** | **US$** |
|  Class A Ordinary shares of US$0.000001 each |  |  |  |
|  Authorized : |  |  |  |
|  At 30 June 2024 | 49,999.9 Million | 49999 |  |
|  Issued and allotted: |  |  |  |
|  At 21 June 2024 | 100 | 100 |  |
|  At 28 June 2024 | 15999900 | 15 |  |
|  At 30 June 2024 | 16000000 | 115 | 115 |
|  At 16 August 2024 | 1211001 | 1 | 1 |
|  At 31 December 2024 | 17211001 | 116 | 116 |
|  Class B Ordinary shares of US$0.000001 each |  |  |  |
|  Authorized : |  |  |  |
|  At 30 June 2024 | 100000 | 1 |  |
|  Issued and allotted: |  |  |  |
|  At 28 June 2024 and 30 June 2024 | 100000 | 1 | 1 |
|  At 31 December 2024 |  |  | 117 |
|  At 30 June 2024 |  |  | 116 |

---

The Company's share capital comprises Class A Ordinary Shares and Class B Ordinary Shares. Each Class A Ordinary Share entitles the holder the right to one vote per share and each Class B Ordinary Shares, entitles the holder the right to 10,000 votes per share.

(b) Capital management

The Group's primary objective when managing capital is to safeguard its ability to continue as a going concern, so that it can continue to provide returns for shareholders and benefits for other stakeholders, by pricing products and services commensurately with the level of risk and by securing access to finance at a reasonable cost.

The Group manages capital by regularly monitoring its current and expected liquidity requirements rather than using debt/equity ratio analyses. The strategy was unchanged during 30 June 2024 and 31 December 2024.

The Group is not subject to either internally or externally imposed capital requirement.

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

21. **RELATED PARTY TRANSACTIONS**

Other than those balances with related parties disclosed in note 13, 15, 16, 17 and 18 to the consolidated financial statements, the Group entered into the following transactions with related parties during the reporting period in which certain directors have significant influence:

---

| | | |
|:---|:---|:---|
|  | **1 July <br>2024 to <br>31 December <br>2024** | **1 July <br>2023 to <br>31 December <br>2023** |
|  | **US$** | **US$** |
|  Marketing income | 1108415 | 1247107 |
|  Cost of sales |  |  |
|  – Consultancy fee | 411890 | 411890 |
|  – Rental expense | 123393 | 123393 |
|  Administrative expenses |  |  |
|  – Management fee | 76807 | 61304 |
|  – Telephone and internet | 135 | 135 |

---

During the six-months period ended 31 December 2024, the Group has total of US$123,393 of rental expenses paid to V22 Event Space Management Limited (31 December 2023: US$123,393). Terence Cheung is the beneficial owner of the Group and the director of V22 Event Space Management Limited.

During the six-months period ended 31 December 2024, the Group has paid US$135 of telephone and internet expenses to Raeon International Limited (31 December 2023: US$135). Terence Cheung is the beneficial owner of the Group and the director and beneficial owner of Raeon International Limited.

During the six-months period ended 31 December 2024, the Group has paid US$111,890 of consultancy expenses to Bunji Property Limited (31 December 2023: US$111,890). Terence Cheung is the beneficial owner of the Group, shareholder and director of Bunji Property Limited.

During the six-months period ended 31 December 2024, the Group has paid US$300,000 of consultancy expenses to Tskcheung Enterprises (HK) Limited (31 December 2023: US$300,000). Terence Cheung is the beneficial owner of the Group, shareholder and director of Tskcheung Enterprises (HK) Limited.

During the six-months period ended 31 December 2024, the Group has paid US$76,807 of management fee to Raeon International Limited (31 December 2023: US$61,304). Terence Cheung is the beneficial owner of the Group and the director and beneficial owner of Raeon International Limited.

During the six-months period ended 31 December 2024, the Group has received US$16,479 of Marketing income from Raeon International Limited (31 December 2023: US$31,499). Terence Cheung is the beneficial owner of the Group and the director and beneficial owner of Raeon International Limited.

During the six-months period ended 31 December 2024, the Group has received US$240,000 of Marketing income from Top Tree International Consulting Limited (31 December 2023: US$360,000). Wong Chun Lam was a director of the Company and Voltage X Innovations Limited, up to his resignation on 8 August 2024 and 1 November 2024, respectively, and is acting as key management role of Top Tree International Consulting Limited.

During the six-months period ended 31 December 2024, the Group has received US$540,000 of Marketing income from Raeon International Property Management Services (VIC) Pty Limited (31 December 2023: US$540,000). Terence Cheung is the beneficial owner of the Group and Raeon International Property Management Services (VIC) Pty Limited.

During the six-months period ended 31 December 2024, the Group has received US$6,280 of Marketing income from V22 Event Space Management Limited (31 December 2023: US$2,185). Terence Cheung is the beneficial owner of the Group and the director of V22 Event Space Management Limited.

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

21. **RELATED PARTY TRANSACTIONS** (cont.)

During the six-months period ended 31 December 2024, the Group has received US$305,656 of Marketing income from Insight Property Wealth Pty Limited (31 December 2023: US$305,685). Terence Cheung is the beneficial owner of the Group and is acting as key management role of Insight Property Wealth Pty Limited.

During the six-months period ended 31 December 2024, the Group has received US$Nil of Marketing income from Coco Alexandra PR & Events Limited (31 December 2023: US$6,809). Lun Tak Po is the beneficial owner of the Group and the director of Coco Alexandra PR & Events Limited.

During the six-months period ended 31 December 2024, the Group has received US$Nil of Marketing income from Bunji Property Limited (31 December 2023: US$929). Terence Cheung is the beneficial owner of the Group, shareholder and director of Bunji Property Limited.

22. **FINANCIAL RISKS MANAGEMENT AND FAIR VALUES OF FINANCIAL INSTRUMENTS**

Exposure to credit, liquidity, interest rate and currency risks arises in the normal course of the Group's business. The Group's overall risk management programme focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on the Group's financial performance.

The Group's exposure to these risks and the financial risk management policies and practices used by the Group to manage these risks are described below.

(a) Credit risk

The Group's credit risk is primary attributable to trade and other receivables. Management has a credit policy in place and the exposures to these credit risks are monitored on an ongoing basis. It also sets credit limit on each individual customer and prior approval is required for any transaction exceeding that limit.

In respect of trade receivables, individual credit evaluations are performed on all customers requiring credit over a certain amount. These evaluations focus on the customer's past history of making payments when due and current ability to pay, and take into account information specific to the customer as well as pertaining to the economic environment in which the customer operates. Trade receivables are due within 30 days from the date of billing. Debtors with balances that are more than 3 months past due are requested to settle all outstanding balances before any further credit is granted. Normally, the Group does not obtain collateral from customers.

The Group's exposure to credit risk is influenced mainly by the individual characteristics of each customer rather than the industry or country in which the customers operate and therefore significant concentrations of credit risk primarily arise when the Group has significant exposure to individual customers. At the date of reporting period, 32.25% and 95.14% (30 June 2024: 41.08% and 97.07%) of the total trade receivables was due from the Group's largest customer and the five largest customers respectively.

In addition, the Group continuously monitors its trade receivable balances so as to ensure that the Group will not be subject to material bad debt risk.

The Group measures loss allowances for trade receivables at an amount equal to lifetime ECL, which is calculated using a provision matrix. Certain debtors with significant balances or credit-impaired are assessed individually.

There has been no change in the estimation techniques or significant assumptions made during the reporting period in assessing the loss allowance for trade receivables.

In respect of deposits, the Group recognizes lifetime ECL when there has been a significant increase in credit risk since initial recognition. However, if the credit risk on the deposits has not increased significantly since initial recognition, the Group measures the loss allowance for the deposits at an amount equal to 12-month ECL. The Group has assessed that the ECL of deposits is insignificant at the end of reporting period under 12-month ECL model and therefore, in the opinion of directors, no loss allowance provision was recognized.

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

22. **FINANCIAL RISKS MANAGEMENT AND FAIR VALUES OF FINANCIAL INSTRUMENTS** (cont.)

In respect of bank balances, the management consider the credit risk is limited because the counterparties are reputable banks with high credit ratings assigned by international credit agencies. The Group assessed 12-month ECL for bank balances by reference to information relating to probability of default and loss given default of the respective credit rating grades published by external credit rating agencies. Based on the average loss rates, the 12-month ECL on bank balances is considered to be insignificant and therefore no loss allowance was recognized.

The Group does not provide any guarantees which would expose the Group to credit risk.

(b) Interest rate risk

The Group's interest rate risk arises primarily from bank deposits and short-term borrowings. Borrowings issued at fixed rates expose the Group to fair value interest rate risk. The Group also exposed to cash flow interest rate risk in relation to its variable-rate bank balances.

Except as stated above, the Group has no other significant interest-bearing assets and liabilities during the reporting period, its income and operating cash flows are substantially independent of changes in market interest rates.

No sensitivity analysis is presented since the Directors consider that the exposure of cash flow interest rate risk arising from variable-rate bank deposits is limited due to their short maturities or the insignificant amounts involved.

(c) Currency risk

*(i)* Recognized assets and liabilities

The Group is exposed to currency risk primarily through subsidiaries' business operation which give rise to income, expenses, receivables, payables and cash balances that are denominated in a foreign currency, i.e. a currency other than the presentation currency of the operations to which the transactions relate. The currencies giving rise to this risk are primarily Hong Kong Dollar ("HKD"). As HKD is pegged to US$, it is assumed that there would be no material currency risk exposure between two currencies. The Directors considered that the Group's exposures to HKD are limited and thus, no sensitivity analysis are presented.

The Group currently does not have a foreign exchange hedging policy. However, the management of the Group monitors foreign exchange exposure and will consider hedging significant foreign exchange exposure should the need arise.

(d) Fair values

The carrying amounts of the Group's and the Company's financial assets and financial liabilities recorded at amortized cost in the consolidated financial statements and the Company's statement of financial position approximately their respectively fair values.

23. **RESERVE**

(a) The Group

The amounts of the Group's reserves and the movements therein are presented in the unaudited interim condensed consolidated statements of profit or loss and other comprehensive income and the unaudited interim condensed consolidated statements of changes in equity.

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23. **RESERVE** (cont.)

(b) The Company

The Company's reserves and movements are analysed as follows:

---

| | |
|:---|:---|
|  | **Retained <br>profits** |
|  | **US$** |
|  At 29 May 2024 (date of incorporation) |  |
|  Result for the period |  |
|  At 30 June 2024 and 31 December 2024 |  |

---

(c) Nature and purpose of reserves

(i) Merger reserve

Merger reserve represents the difference between the nominal value of shares issued by the Company and the aggregate fully paid registered capital of the subsidiaries being acquired pursuant to the Group Reorganization.

(ii) Exchange reserve

Exchange reserve comprises all foreign exchange differences arising from the translation of the financial statements of foreign operations.

24. **EVENTS AFTER THE REPORTING PERIOD**

No significant event after reporting period took place subsequent to 31 December 2024.

25. **SUBSEQUENT FINANCIAL STATEMENTS**

No audited financial statements have been prepared by the Group, the Company or any of the companies comprising the Group in respect of any period subsequent to 31 December 2024.

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

#### PART II<br>INFORMATION NOT REQUIRED IN PROSPECTUS

#### ITEM 6. INDEMNIFICATION OF DIRECTORS AND OFFICERS.
Cayman Islands law does not limit the extent to which a company's memorandum and articles of association may provide for indemnification of officers and directors, except to the extent any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as providing indemnification against civil fraud or the consequences of committing a crime.

Our post-offering articles of association permit indemnification of our directors and officers (but not including auditors), and their personal representatives, against all actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred or sustained by them, other than by reason of their own dishonesty willful default or fraud, in or about the conduct of our Company's business or affairs (including as a result of any mistake of judgment) or in the execution or discharge of their duties, powers, authorities or discretion as directors or officers of our Company, including, without prejudice to the generality of the foregoing, any costs, expenses, losses or liabilities incurred by them in defending (whether successfully or otherwise) any civil proceedings concerning our Company or its affairs in any court whether in the Cayman Islands or elsewhere.

The Underwriting Agreement, the form of which will be filed as Exhibit 1.1 to this registration statement, will also provide for indemnification of us and our officers and directors.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling us pursuant to the foregoing provisions, we have been informed that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

#### ITEM 7. RECENT SALES OF UNREGISTERED SECURITIES.
During the past three years, we have issued securities which were not registered under the Securities Act. We believe that each of the issuance was exempt from registration under the Securities Act in reliance on Regulation D under the Securities Act or pursuant to Section 4(a)(2) of the Securities Act regarding transactions not involving a public offering or in reliance on Regulation S under the Securities Act regarding sales by an issuer in offshore transactions. No underwriters were involved in these issuances of securities.

For recent sales of unregistered securities during the past three years, see "*Description of Share Capital — History of Share Issuances*."

#### ITEM 8. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES.
**(a) Exhibits**

See Exhibit Index beginning on page II-5 of this registration statement.

**(b) Financial Statement Schedules**

Schedules have been omitted because the information required to be set forth therein is not applicable or is shown in the consolidated financial statements or the notes thereto.

#### ITEM 9. THE OFFER AND LISTING.
Not applicable.

#### ITEM 10. UNDERTAKINGS .
The undersigned registrant hereby undertakes to provide to the underwriters at the closing specified in the underwriting agreement, certificates in such denominations and registered in such names as required by the underwriters to permit prompt delivery to each purchaser.

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

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers, and controlling persons of the registrant pursuant to the provisions described in Item 6, or otherwise, the registrant has been advised that in the opinion of the U.S. Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer, or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

The undersigned registrant hereby undertakes that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) For purposes of determining any liability under the Securities Act, the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant under Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) For the purpose of determining any liability under the Securities Act, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) For the purpose of determining liability under the Securities Act to any purchaser, each prospectus filed pursuant to Rule 424(b) as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) For the purpose of determining any liability of the registrant under the Securities Act to any purchaser in the initial distribution of the securities, the undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.

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

#### SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form F-1 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Singapore, on September 2, 2025.

---

| | |
|:---|:---|
|  **Voltage X Limited** | **Voltage X Limited** |
|  By: | */s/ Cheung Terence* |
|  | Cheung Terence |
|  | Chief Executive Officer <br>(Principal Executive Officer) |

---

#### POWER OF ATTORNEY
Each person whose signature appears below constitutes and appoints each of Cheung Terence and Lai Tsun Shing as attorneys-in-fact with full power of substitution, for him or her in any and all capacities, to do any and all acts and all things and to execute any and all instruments which said attorney and agent may deem necessary or desirable to enable the registrant to comply with the Securities Act, and any rules, regulations, and requirements of the Securities and Exchange Commission thereunder, in connection with the registration under the Securities Act of Ordinary Shares of the registrant, including, without limitation, the power and authority to sign the name of each of the undersigned in the capacities indicated below to the Registration Statement on Form F-1 (the "Registration Statement") to be filed with the Securities and Exchange Commission with respect to such Shares, to any and all amendments or supplements to such Registration Statement, whether such amendments or supplements are filed before or after the effective date of such Registration Statement, to any related Registration Statement filed pursuant to Rule 462(b) under the Securities Act, and to any and all instruments or documents filed as part of or in connection with such Registration Statement or any and all amendments thereto, whether such amendments are filed before or after the effective date of such Registration Statement; and each of the undersigned hereby ratifies and confirms all that such attorney and agent shall do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
|  **Name** | **Position** | **Date** |
|  /s/ *Cheung Terence* | Chairman and Chief Executive Officer and Executive Director | September 2, 2025 |
|  Cheung Terence | (Principal executive officer) |  |
|  /s/ *Lai Tsun Shing* | Chief Financial Officer | September 2, 2025 |
|  Lai Tsun Shing | (Principal financial and accounting officer) |  |
|  /s/ *Lun Tak Po* | Chief Investment Officer and Executive Director | September 2, 2025 |
|  Lun Tak Po |  |  |
|  /s/ *Tam Chun Wai Edwin* | Independent Director | September 2, 2025 |
|  Tam Chun Wai Edwin |  |  |
|  /s/ *Levent Shevki* | Independent Director | September 2, 2025 |
|  Levent Shevki |  |  |
|  /s/ *Shum Sze Wan* | Independent Director | September 2, 2025 |
|  Shum Sze Wan |  |  |
|  /s/ *Leung Michael Chi Chung* | Independent Director | September 2, 2025 |
|  Leung Michael Chi Chung |  |  |

---

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

#### SIGNATURE OF AUTHORIZED REPRESENTATIVE IN THE UNITED STATES
Pursuant to the Securities Act of 1933, as amended, the undersigned, the duly authorized representative in the United States of America, has signed this registration statement or amendment thereto in New York on September 2, 2025.

---

| | | |
|:---|:---|:---|
|  **Cogency Global Inc.** | **Cogency Global Inc.** | **Cogency Global Inc.** |
|  Authorized U.S. Representative | Authorized U.S. Representative | Authorized U.S. Representative |
|  By: | */s/ Colleen A. De Vries* | */s/ Colleen A. De Vries* |
|  | Name: | Colleen A. De Vries |
|  | Title: | Senior Vice-President on behalf of Cogency Global Inc. |

---

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

#### EXHIBIT INDEX

---

| | |
|:---|:---|
|  | **Description** |
|  1.1\* | Form of Underwriting Agreement |
|  3.1\*\* | [Amended and Restated Memorandum and Articles of Association (as currently in effect)](http://www.sec.gov/Archives/edgar/data/2057404/000121390025071704/ea022840606ex3-1_voltage10.htm) |
| 3.2 | [Amended and Restated Memorandum and Articles of Association (effective immediately prior to the completion of this offering)](ea022840608ex3-2_voltagex.htm) |
|  4.1\*\* | [Specimen Certificate for Class A Ordinary Shares](http://www.sec.gov/Archives/edgar/data/2057404/000121390025071704/ea022840606ex4-1_voltage10.htm) |
|  5.1\*\* | [Opinion of Conyers Dill & Pearman regarding the validity of the Class A Ordinary Shares being registered](http://www.sec.gov/Archives/edgar/data/2057404/000121390025071704/ea022840606ex5-1_voltage10.htm) |
|  8.1\*\* | [Opinion of Conyers Dill & Pearman regarding certain Cayman Islands tax matters](http://www.sec.gov/Archives/edgar/data/2057404/000121390025071704/ea022840606ex8-1_voltage10.htm) |
|  10.1\*\* | [Form of Appointment Letters with the Registrant's independent directors](http://www.sec.gov/Archives/edgar/data/2057404/000121390025071704/ea022840606ex8-1_voltage10.htm) |
| 10.2 | Reserved |
|  10.3\*\* | [Convertible Note Issued to Kehpitalist Private Limited](http://www.sec.gov/Archives/edgar/data/2057404/000121390025071704/ea022840606ex10-3_voltage10.htm) |
|  10.4\*\* | [License Agreement between Voltage X Innovations Limited and Somin Pte. Ltd dated October 7, 2024](http://www.sec.gov/Archives/edgar/data/2057404/000121390025071704/ea022840606ex10-4_voltage10.htm) |
|  10.5\*\* | [Reserved](http://www.sec.gov/Archives/edgar/data/2057404/000121390025071704/ea022840606ex10-5_voltage10.htm) |
| 10.6 | Reserved |
|  10.7\*\* | [Quotation and Service Agreement between Xact and Swire Management Properties Limited dated 11/21/2023](http://www.sec.gov/Archives/edgar/data/2057404/000121390025071704/ea022840606ex10-7_voltage10.htm) |
|  10.8\*\* | [Quotation and Service Agreement between Xact and SOGO Hong Kong Company Ltd dated 5/16/2024](http://www.sec.gov/Archives/edgar/data/2057404/000121390025071704/ea022840606ex10-8_voltage10.htm) |
|  10.9\*\* | [Service Agreement between Xact and London Square Hong Kong Limited dated 2/6/2023](http://www.sec.gov/Archives/edgar/data/2057404/000121390025071704/ea022840606ex10-9_voltage10.htm) |
|  10.10\*\* | [Quotation Proposal with Henderson Development Agency Limited dated 7/19/2022](http://www.sec.gov/Archives/edgar/data/2057404/000121390025071704/ea022840606ex10-10_voltage10.htm) |
|  10.11\*\* | [Quotation and Service Agreement between Xact and Carl Zeiss Far East Co Ltd dated 4/18/2024](http://www.sec.gov/Archives/edgar/data/2057404/000121390025071704/ea022840606ex10-11_voltage10.htm) |
|  10.12\*\* | [Loan and Settlement Agreement dated 8/19/2022 between Raeon International Limited, Cheung Terence Shiu Kay and Xact](http://www.sec.gov/Archives/edgar/data/2057404/000121390025071704/ea022840606ex10-12_voltage10.htm) |
|  10.13\*\* | [Loan Agreement dated 4/28/2022 between Xact and The fifth Element 2014 Limited](http://www.sec.gov/Archives/edgar/data/2057404/000121390025071704/ea022840606ex10-13_voltage10.htm) |
|  10.14\*\* | [Loan Agreement dated 10/3/2022 between Xact and The fifth Element 2014 Limited](http://www.sec.gov/Archives/edgar/data/2057404/000121390025071704/ea022840606ex10-14_voltage10.htm) |
|  10.15\*\* | [Management Fee Agreement dated 1/1/2025 between Xact and Raeon International Limited](http://www.sec.gov/Archives/edgar/data/2057404/000121390025071704/ea022840606ex10-15_voltage10.htm) |
|  10.16\*\* | [Form of Digital marketing agreement with Raeon International Limited's property sales clients](http://www.sec.gov/Archives/edgar/data/2057404/000121390025071704/ea022840606ex10-16_voltage10.htm) |
|  10.17\*\* | [Share Incentive Plan](http://www.sec.gov/Archives/edgar/data/2057404/000121390025071704/ea022840606ex10-17_voltage10.htm) |
|  10.18\*\* | [Insight Property Wealth Pty Limited Engagement Agreement dated 3/1/2023](http://www.sec.gov/Archives/edgar/data/2057404/000121390025071704/ea022840606ex10-18_voltage10.htm) |
|  10.19\*\* | [Raeon Global Limited Engagement Agreement dated 7/1/2022](http://www.sec.gov/Archives/edgar/data/2057404/000121390025071704/ea022840606ex10-19_voltage10.htm) |
|  10.20\*\* | [Raeon International Property Management Services (VIC) Pty Limited Engagement Agreement dated 7/1/2022](http://www.sec.gov/Archives/edgar/data/2057404/000121390025071704/ea022840606ex10-20_voltage10.htm) |
|  10.21\*\* | [Top Tree International Consulting Limited Engagement Agreement dated 7/1/2022](http://www.sec.gov/Archives/edgar/data/2057404/000121390025071704/ea022840606ex10-21_voltage10.htm) |
|  10.22\*\* | [Supplemental Agreement to Insight Property Wealth Pty Limited Engagement Agreement dated 3/1/2023](http://www.sec.gov/Archives/edgar/data/2057404/000121390025071704/ea022840606ex10-22_voltage10.htm) |
|  10.23\*\* | [Supplemental Agreement to Raeon Global Limited Engagement Agreement dated 7/1/2022](http://www.sec.gov/Archives/edgar/data/2057404/000121390025071704/ea022840606ex10-23_voltage10.htm) |
|  10.24\*\* | [Supplemental Agreement to Raeon International Property Management Services (VIC) Pty Limited Engagement Agreement dated 7/1/2022](http://www.sec.gov/Archives/edgar/data/2057404/000121390025071704/ea022840606ex10-24_voltage10.htm) |
|  10.25\*\* | [Supplemental Agreement to Top Tree International Consulting Limited Engagement Agreement dated 7/1/2022](http://www.sec.gov/Archives/edgar/data/2057404/000121390025071704/ea022840606ex10-25_voltage10.htm) |
|  10.26\*\* | [Form of Template Service Agreement](http://www.sec.gov/Archives/edgar/data/2057404/000121390025071704/ea022840606ex10-26_voltage10.htm) |
|  10.27\*\* | [Form of Employee Agreement](http://www.sec.gov/Archives/edgar/data/2057404/000121390025071704/ea022840606ex10-27_voltage10.htm) |
|  10.28\*\* | [Form of Appointment Letters with the Registrant's CEO](http://www.sec.gov/Archives/edgar/data/2057404/000121390025071704/ea022840606ex10-28_voltage10.htm) |
|  10.29\*\* | [Form of Appointment Letters with the Registrant's CFO](http://www.sec.gov/Archives/edgar/data/2057404/000121390025071704/ea022840606ex10-29_voltage10.htm) |
|  10.30\*\* | [Line of Credit Agreement between Xact and Raeon International Limited dated 10/1/2021](http://www.sec.gov/Archives/edgar/data/2057404/000121390025071704/ea022840606ex10-30_voltage10.htm) |
|  10.31\*\* | [Line of Credit Agreement between Xact and Cheung Terence dated 7/1/2024](http://www.sec.gov/Archives/edgar/data/2057404/000121390025071704/ea022840606ex10-31_voltage10.htm) |
| 14.1 | [Code of Business Conduct and Ethics of the Registrant](ea022840608ex14-1_voltagex.htm) |
| 19.1 | [Insider Trading Policy of the Registrant](ea022840608ex19-1_voltagex.htm) |
|  21.1\*\* | [List of Subsidiaries](http://www.sec.gov/Archives/edgar/data/2057404/000121390025071704/ea022840606ex21-1_voltage10.htm) |
| 23.1 | [Consent of Zhen Hui Certified Public Accountants](ea022840608ex23-1_voltagex.htm) |
|  23.2\*\* | [Consent of Conyers Dill & Pearman (included in Exhibit 5.1)](http://www.sec.gov/Archives/edgar/data/2057404/000121390025071704/ea022840606ex5-1_voltage10.htm) |
|  23.3\* | Reserved |
| 23.4 | [Consent of Lamco AU](ea022840608ex23-4_voltagex.htm) |
| 23.5 | [Consent of Appleby (Seychelles)](ea022840608ex23-5_voltagex.htm) |
| 23.6 | [Consent of Lo, Wong & Tsui](ea022840608ex23-6_voltagex.htm) |

---

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

---

| | |
|:---|:---|
|  | **Description** |
| 23.7 | [Opinion of Lo, Wong & Tsui](ea022840608ex23-7_voltagex.htm) |
| 24.1 | [Powers of Attorney (included on signature page)](#T201) |
| 99.1 | [Policy Relating to Recovery of Erroneously Awarded Compensation of the Registrant](ea022840608ex99-1_voltagex.htm) |
|  99.2\*\* | [Audit Committee Charter](http://www.sec.gov/Archives/edgar/data/2057404/000121390025071704/ea022840606ex99-2_voltage10.htm) |
|  99.3\*\* | [Compensation Committee Charter](http://www.sec.gov/Archives/edgar/data/2057404/000121390025071704/ea022840606ex99-3_voltage10.htm) |
|  99.4\*\* | [Nominating and Corporate Governance Committee Charter](http://www.sec.gov/Archives/edgar/data/2057404/000121390025071704/ea022840606ex99-4_voltage10.htm) |
| 99.5 | [Representation under Item 8.A.4 of Form 20-F](ea022840608ex99-5_voltagex.htm) |
|  107\*\* | [Filing Fee Table](http://www.sec.gov/Archives/edgar/data/2057404/000121390025071704/ea022840606ex-fee_voltage10.htm) |

---

____________

\* To be filed with amendment

\*\* Previously filed

## Exhibit 3.2

**Exhibit 3.2**

**THE COMPANIES ACT (AS REVISED)**

**EXEMPTED COMPANY LIMITED BY SHARES**

**THE AMENDED AND RESTATED**

**MEMORANDUM OF ASSOCIATION**

**OF**

**Voltage X Limited**

(Conditionally adopted by way of a special resolution passed on 1 August 2025 and to become effective immediately prior to the completion of the initial public offering of the Company's Class A Ordinary Shares with effect from [●] 2025)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The name of the Company is Voltage
X Limited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The registered office of the Company shall be at the offices of Conyers Trust Company (Cayman) Limited,
Cricket Square, Hutchins Drive, PO Box 2681, Grand Cayman KY1-1111, Cayman Islands.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Subject to the following provisions of this Memorandum, the objects for which the Company is established
are unrestricted and shall include, but without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to act and perform all the functions of a holding company in all its branches and to coordinate the policy
and administration of any subsidiary company or companies wherever incorporated or carrying on business or of any group of companies of
which the Company or any subsidiary company is a member or which are in any manner controlled directly or indirectly by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to act as an investment company and for that purpose to subscribe, acquire, hold, dispose, sell, deal
in or trade upon any terms, whether conditionally or absolutely, shares, stock, debentures, debenture stock, annuities, notes, mortgages,
bonds, obligations and securities, foreign exchange, foreign currency deposits and commodities, issued or guaranteed by any company wherever
incorporated, or by any government, sovereign, ruler, commissioners, public body or authority, supreme, municipal, local or otherwise,
by original subscription, tender, purchase, exchange, underwriting, participation in syndicates or in any other manner and whether or
not fully paid up, and to meet calls thereon.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Nothing in this Memorandum shall permit the Company to carry on a business for which a licence is required
under the laws of the Cayman Islands unless duly licensed.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The liability of each member is limited to the amount from time to time unpaid on such member's shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. The share capital of the Company is US$50,000 divided into 50,000,000,000 shares of a nominal or par value
of US$0.000001 each consisting of (i) 49,999,900,000 Class A Ordinary Shares of a par value of US$0.000001 each and (ii) 100,000 Class
B Ordinary Shares of a par value of US$0.000001 each, with the power for the Company, insofar as is permitted by law, to redeem or purchase
any of its shares and to increase or reduce the said share capital subject to the provisions of the Companies Act (As Revised) and the
Articles of Association of the Company and to issue any part of its capital, whether original, redeemed or increased, with or without
any preference, priority or special privilege or subject to any postponement of rights or to any conditions or restrictions; and so that,
unless the conditions of issue shall otherwise expressly declare, every issue of shares, whether declared to be preference or otherwise,
shall be subject to the power hereinbefore contained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. The Company may exercise the power contained in the Companies Act to deregister in the Cayman Islands
and be registered by way of continuation in another jurisdiction.

The Companies Act (As Revised)

Exempted Company Limited by Shares

THE AMENDED AND RESTATED

ARTICLES OF ASSOCIATION

OF

**Voltage X Limited**

(Conditionally adopted by way of a special resolution passed on 1 August 2025 and to become effective immediately prior to the completion of the initial public offering of the Company's Class A Ordinary Shares with effect from [●] 2025)

<u>I N D E X</u>

---

| | |
|:---|:---|
| SUBJECT | Article No. |
| Table A | 1 |
| Interpretation | 2 |
| Share Capital | 3 |
| Alteration Of Capital | 4-7 |
| Share Rights | 8-10 |
| Variation Of Rights | 11-12 |
| Shares | 13-16 |
| Share Certificates | 17-22 |
| Lien | 23-25 |
| Calls On Shares | 26-34 |
| Forfeiture Of Shares | 35-43 |
| Register Of Members | 44-45 |
| Record Dates | 46 |
| Transfer Of Shares | 47-52 |
| Transmission Of Shares | 53-55 |
| Untraceable Members | 56 |
| General Meetings | 57-59 |
| Notice Of General Meetings | 60-61 |
| Proceedings At General Meetings | 62-66 |
| Voting | 67-78 |
| Proxies | 79-84 |
| Corporations Acting By Representatives | 85 |
| No Action By Written Resolutions Of Members | 86 |
| Board Of Directors | 87 |
| Disqualification Of Directors | 88 |
| Executive Directors | 89-90 |
| Alternate Directors | 91-94 |
| Directors' Fees And Expenses | 95-98 |
| Directors' Interests | 99-102 |
| General Powers Of The Directors | 103-108 |
| Borrowing Powers | 109-112 |
| Proceedings Of The Directors | 113-122 |
| Audit Committee | 123-125 |
| Officers | 126-129 |
| Register of Directors and Officers | 130 |
| Minutes | 131 |
| Seal | 132 |
| Authentication Of Documents | 133 |
| Destruction Of Documents | 134 |
| Dividends And Other Payments | 135-144 |
| Reserves | 145 |
| Capitalisation | 146-147 |
| Subscription Rights Reserve | 148 |
| Accounting Records | 149-153 |
| Audit | 154-159 |
| Notices | 160-162 |
| Signatures | 163 |
| Winding Up | 164-165 |
| Indemnity | 166 |
| Financial Year End | 167 |
| Amendment To Memorandum and Articles of Association And Name of Company | 168 |
| Information | 169 |

---

i

THE COMPANIES ACT (AS REVISED)

EXEMPTED COMPANY LIMITED BY SHARES

THE AMENDED AND RESTATED

ARTICLES OF ASSOCIATION

OF

**Voltage X Limited**

<u>TABLE A</u>

1. The regulations in Table A in the Schedule to the Act (As Revised) do not apply to the Company.

<u>INTERPRETATION</u>

2. (1) In these Articles, unless the context otherwise requires, the words standing in the first column of the following table shall bear the meaning set opposite them respectively in the second column.

---

| | |
|:---|:---|
| <u>WORD</u> | <u>MEANING</u> |
| "Act" | The Companies Act, Cap. 22 (As Revised) of the Cayman Islands. |
| "Articles" | these amended and restated articles of association in their present form or as supplemented or amended or substituted from time to time. |
| "Audit Committee" | the audit committee of the Company formed by the Board pursuant to Article 123 hereof, or any successor audit committee. |
| "Auditor" | the independent auditor of the Company which shall be an internationally recognised firm of independent accountants. |
| "Board" or "Directors" | the board of directors of the Company or the directors present at a meeting of directors of the Company at which a quorum is present. |
| "capital" | the share capital from time to time of the Company. |
| "Class A Ordinary Share" | a class A ordinary share of par value US$0.000001 in the share capital of the Company having the rights and obligations as set out in these Articles. |
| "Class B Ordinary Share" | a class B ordinary share of par value US$0.000001 in the share capital of the Company having the rights and obligations as set out in these Articles. |

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|:---|:---|
| "clear days" | in relation to the period of a notice, that period excluding the day when the notice is given or deemed to be given and the day for which it is given or on which it is to take effect. |
| "clearing house" | a clearing house recognised by the laws of the jurisdiction in which the shares of the Company (or depositary receipts therefor) are listed or quoted on a stock exchange or interdealer quotation system in such jurisdiction. |
| "Company" | Voltage X Limited. |
| "competent regulatory authority" | a competent regulatory authority in the territory where the shares of the Company (or depositary receipts therefor) are listed or quoted on a stock exchange or interdealer quotation system in such territory. |
| "debenture" and "debenture holder" | include debenture stock and debenture stockholder respectively. |
| "Designated Stock Exchange" | the stock exchange in the United States of America on which any shares are listed for trading. |
| "dollars" and "$" | dollars, the legal currency of the United States of America. |
| "Exchange Act" | the Securities Exchange Act of 1934, as amended. |
| "head office" | such office of the Company as the Directors may from time to time determine to be the principal office of the Company. |
| "Independent Director" | a director who is an independent director as defined in the applicable rules and regulations of the Designated Stock Exchange. |
| "Member" | a duly registered holder from time to time of the shares in the capital of the Company. |
| "Memorandum of Association" | the memorandum of association of the Company, as amended from time to time. |
| "month" | a calendar month. |
| "Notice" | written notice unless otherwise specifically stated and as further defined in these Articles. |
| "Office" | the registered office of the Company for the time being. |
| "ordinary resolution" | a resolution shall be an ordinary resolution when it has been passed by a simple majority of votes cast by such Members as, being entitled so to do, vote in person or, in the case of any Member being a corporation, by its duly authorised representative or, where proxies are allowed, by proxy at a general meeting of which Notice has been duly given in accordance with Article 60; |

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|:---|:---|
| "paid up" | paid up or credited as paid up. |
| "Register" | the principal register and where applicable, any branch register of Members of the Company to be maintained at such place within or outside the Cayman Islands as the Board shall determine from time to time. |
| "Registration Office" | in respect of any class of share capital such place as the Board may from time to time determine to keep a branch register of Members in respect of that class of share capital and where (except in cases where the Board otherwise directs) the transfers or other documents of title for such class of share capital are to be lodged for registration and are to be registered. |
| "SEC" | the United States Securities and Exchange Commission. |
| "Securities Act" | mean the U.S. Securities Act 1933 as amended, or any similar federal statute and the rules and regulations of the SEC thereunder as the same shall be in effect from time to time. |
| "Seal" | common seal or any one or more duplicate seals of the Company (including a securities seal) for use in the Cayman Islands or in any place outside the Cayman Islands. |
| "Secretary" | any person, firm or corporation appointed by the Board to perform any of the duties of secretary of the Company and includes any assistant, deputy, temporary or acting secretary. |
| "shares" | the Class A Ordinary Shares and the Class B Ordinary Shares. |
| "special resolution" | a resolution shall be a special resolution when it has been passed by a majority of not less than two-thirds of votes cast by such Members as, being entitled so to do, vote in person or, in the case of such Members as are corporations, by their respective duly authorised representative or, where proxies are allowed, by proxy at a general meeting of which Notice has been duly given in accordance with Article 60; |
|  | a special resolution shall be effective for any purpose for which an ordinary resolution is expressed to be required under any provision of these Articles or the Statutes. |
| "Statutes" | the Act and every other law of the Legislature of the Cayman Islands for the time being in force applying to or affecting the Company, its Memorandum of Association and/or these Articles. |
| "year" | a calendar year. |

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(2) In these Articles, unless there be something within the subject or context inconsistent with such construction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) words importing the singular include the plural and vice versa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) words importing a gender include both gender and the neuter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) words importing persons include companies, associations and bodies of persons whether corporate or not;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the words:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "may" shall be construed as permissive;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "shall" or "will" shall be construed as imperative;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) expressions referring to writing shall, unless the contrary intention appears, be construed as including
printing, lithography, email, facsimile, photography and other modes of representing words or figures in a visible form, and including
where the representation takes the form of electronic display, or represented by any other substitute or format for storage or transmission
for writing or partly one and partly another provided that both the mode of service of the relevant document or Notice and the Member's
election comply with all applicable Statutes, rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any requirement as to delivery under the Articles include delivery in the form of an electronic record
(as defined in the Electronic Transactions Act of the Cayman Islands) or an electronic communication;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) references to any law, ordinance, statute or statutory provision shall be interpreted as relating to any
statutory modification or re-enactment thereof for the time being in force;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) save as aforesaid words and expressions defined in the Statutes shall bear the same meanings in these
Articles if not inconsistent with the subject in the context;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) references to a document (including, but without limitation, a resolution in writing) being signed or
executed include references to it being signed or executed under hand or under seal or by electronic communication or by electronic signature
or by any other method and references to a Notice or document include a Notice or document recorded or stored in any digital, electronic,
electrical, magnetic or other retrievable form or medium and information in visible form whether having physical substance or not;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Sections 8 and 19 of the Electronic Transaction Act of the Cayman Islands, as amended from time to time,
shall not apply to these Articles to the extent it imposes obligations or requirements in addition to those set out in these Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) where a Member is a corporation, any reference in these Articles to a Member shall, where the context
requires, refer to a duly authorised representative of such Member; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) references to "in the ordinary course of business" and comparable expressions mean the ordinary
and usual course of business of the relevant party, consistent in all material respects (including nature and scope) with the prior practice
of such party.

<u>SHARE CAPITAL</u>

3. (1) The share capital of the Company at the date on which these Articles come into effect shall be divided into 50,000,000,000 shares of a nominal or par value of US$0.000001 each consisting of (i) 49,999,900,000 Class A Ordinary Shares of a par value of US$0.000001 each and (ii) 100,000 Class B Ordinary Shares of a par value of US$0.000001 each.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Subject to the Act, the Company's Memorandum and Articles of Association and, where applicable, the rules and regulations of the Designated Stock Exchange and/or any competent regulatory authority, the Company shall have the power to purchase or otherwise acquire its own shares and such power shall be exercisable by the Board in such manner, upon such terms and subject to such conditions as it in its absolute discretion thinks fit and any determination by the Board of the manner of purchase shall be deemed authorised by these Articles for purposes of the Act. Subject to the Act, the Company is hereby authorised to make payments in respect of a redemption or purchase of its own shares in any manner authorised by the Act, including out of its capital. The purchase of any share shall not oblige the Company to purchase any other share other than as may be required pursuant to applicable law and any other contractual obligations of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The Company is authorised to hold treasury shares in accordance with the Act and may designate as treasury shares any of its shares that it purchases or redeems, or any share surrendered to it subject to the rules and regulations of the Designated Stock Exchange and/or any competent regulatory authority. Shares held by the Company as treasury shares shall continue to be classified as treasury shares until such shares are either cancelled or transferred as the Board may determine on such terms and subject to such conditions as it in its absolute discretion thinks fits in accordance with the Act subject to the rules and regulations of the Designated Stock Exchange and/or any competent regulatory authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The Company may accept the surrender for no consideration of any fully paid share unless, as a result of such surrender, there would no longer be any issued shares of the Company other than shares held as treasury shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) No share shall be issued to bearer.

<u>ALTERATION OF CAPITAL</u>

4. The Company may from time to time by ordinary resolution in accordance with the Act alter the conditions of its Memorandum of Association to:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) consolidate and divide all or any of its capital into shares of larger amount than its existing shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) without prejudice to the powers of the Board under Article 13, divide its shares into several classes
and without prejudice to any special rights previously conferred on the holders of existing shares attach thereto respectively any preferential,
deferred, qualified or special rights, privileges, conditions or such restrictions which in the absence of any such determination by the
Company in general meeting, as the Directors may determine provided always that, for the avoidance of doubt, where a class of shares has
been authorised by the Company no resolution of the Company in general meeting is required for the issuance of shares of that class and
the Directors may issue shares of that class and determine such rights, privileges, conditions or restrictions attaching thereto as aforesaid
and further provided that where the Company issues shares which do not carry voting rights, the words "non-voting" shall appear
in the designation of such shares and where the equity capital includes shares with different voting rights, the designation of each class
of shares, other than those with the most favourable voting rights, must include the words "restricted voting" or "limited
voting";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) sub-divide its shares, or any of them, into shares of smaller amount than is fixed by the Memorandum of
Association (subject, nevertheless, to the Act), and may by such resolution determine that, as between the holders of the shares resulting
from such sub-division, one or more of the shares may have any such preferred, deferred or other rights or be subject to any such restrictions
as compared with the other or others as the Company has power to attach to unissued or new shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) cancel any shares which, at the date of the passing of the resolution, have not been taken, or agreed
to be taken, by any person, and diminish the amount of its capital by the amount of the shares so cancelled or, in the case of shares,
without par value, diminish the number of shares into which its capital is divided.

5. The Board may settle as it considers expedient any difficulty which arises in relation to any consolidation and division under the Article 4 and in particular but without prejudice to the generality of the foregoing may issue certificates in respect of fractions of shares or arrange for the sale of the shares representing fractions and the distribution of the net proceeds of sale (after deduction of the expenses of such sale) in due proportion amongst the Members who would have been entitled to the fractions, and for this purpose the Board may authorise any person to transfer the shares representing fractions to their purchaser or resolve that such net proceeds be paid to the Company for the Company's benefit. Such purchaser will not be bound to see to the application of the purchase money nor will his title to the shares be affected by any irregularity or invalidity in the proceedings relating to the sale.

6. The Company may from time to time by special resolution, subject to any confirmation or consent required by the Act, reduce its share capital or any capital redemption reserve or other undistributable reserve in any manner permitted by law.

7. Except so far as otherwise provided by the conditions of issue, or by these Articles, any capital raised by the creation of new shares shall be treated as if it formed part of the original capital of the Company, and such shares shall be subject to the provisions contained in these Articles with reference to the payment of calls and instalments, transfer and transmission, forfeiture, lien, cancellation, surrender, voting and otherwise.

<u>SHARE RIGHTS</u>

8. Subject to the provisions of the Act, the rules and regulations of the Designated Stock Exchange and the Memorandum and Articles of Association and to any special rights conferred on the holders of any shares or class of shares, and without prejudice to Article 13 hereof, any share in the Company (whether forming part of the present capital or not) may be issued with or have attached thereto such rights or restrictions whether in regard to dividend, voting, return of capital or otherwise as the Board may determine, including without limitation on terms that they may be, or at the option of the Company or the holder are, liable to be redeemed on such terms and in such manner, including out of capital, as the Board may deem fit.

9. Subject to the Act, the rules and regulations of the Designated Stock Exchange and the Memorandum and Articles of Association, and to any special rights conferred on the holders of any shares or attaching to any class of shares, shares may be issued on the terms that may be or at the option of the Company or the holder are, liable to be redeemed on such terms and in such manner, including out of capital, as the Board may deem fit.

10. Subject to Article 13(1), the Memorandum of Association and any resolution of the Members to the contrary and without prejudice to any special rights conferred thereby on the holders of any other shares or class of shares, the share capital of the Company shall be divided into two classes of shares, namely, Class A Ordinary Shares and Class B Ordinary Shares, the holders of which shall, subject to these Articles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each holder of Class A Ordinary Shares be entitled to one vote per Class A Ordinary Share and each holder
of Class B Ordinary Shares be entitled to 10,000 votes per share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) be entitled to such dividends as the Board may from time to time declare;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the event of a winding up or dissolution of the Company, whether voluntary or involuntary or for the
purpose of a reorganisation or otherwise or upon any distribution of capital, be entitled to the surplus assets of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) generally, be entitled to enjoy all of the rights attaching to shares.

10A. The holders of the Class B Ordinary Shares shall have the conversion rights set out in the following paragraphs (the "**Conversion Rights**"). In no event shall Class A Ordinary Shares be convertible into Class B Ordinary Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Right to Convert</u> 

Each fully paid Class B Ordinary Share shall be convertible, at the option of the holder thereof, at any time after the date of issuance of such Class B Ordinary Share, into such number of fully paid and non-assessable Class A Ordinary Share(s) on a one-to-one basis (the "**Conversion Rate**"), on the date on which the written notice to convert (together with any share certificate representing the Class B Ordinary Shares to which it relates, if any) is received, as provided for in these Articles, by the Company at its registered office or by any transfer agent for the Class B Ordinary Shares. The Conversion Rate for Class B Ordinary Shares shall be subject to adjustment as set out in this Article 10A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Mechanics of Conversion</u> 

Before any holder of Class B Ordinary Shares shall be entitled to elect to convert the same into Class A Ordinary Shares, such holder shall lodge, at the registered office of the Company or at the office of any transfer agent for the Class B Ordinary Shares, a written notice of the election to convert the same (together with any certificate, if any, representing the Class B Ordinary Shares to which it relates) and such written notice shall state therein the name or names that shall be entered on the Register and, if certificates are to be issued, the name or names in which the certificate or certificates for Class A Ordinary Shares are to be issued. Any conversion of Class B Ordinary Shares into Class A Ordinary Shares pursuant to this Article 10A shall be effected by means of simultaneous redemption of the relevant Class B Ordinary Share and the allotment and issuance of new Class A Ordinary Share(s) with the proceeds of such redemption of Class B Ordinary Share being applied to purchase the new Class A Ordinary Share(s). Upon conversion, the Company shall allot and issue the relevant Class A Ordinary Shares to the converting Member, enter or procure the entry of the name of the relevant holder of Class B Ordinary Shares as the holder of the relevant number of Class A Ordinary Shares resulting from the conversion of the Class B Ordinary Shares in, and make any other necessary and consequential changes to, the Register and shall procure that certificates in respect of the relevant Class A Ordinary Shares, together with a new certificate for any unconverted Class B Ordinary Shares comprised in the certificate(s) surrendered by the holder of the Class B Ordinary Shares, are issued to the holders of the Class A Ordinary Shares and Class B Ordinary Shares, as the case may be. A conversion shall become effective forthwith upon entries being made in the Register to record the conversion of the relevant Class B Ordinary Shares into Class A Ordinary Shares.

The Class A Ordinary Shares into which a holder of Class B Ordinary Shares is entitled in exercising its right to convert its Class B Ordinary Shares shall be credited as fully paid, shall rank pari passu in all respects and form one class with the Class A Ordinary Shares in issue and entitle such holder to be paid an appropriate portion of all dividends and other distributions declared, made or paid on Class A Ordinary Shares in respect of the financial year in which the relevant conversion date falls, but not in respect of an earlier financial year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Conversion Price Adjustments of Class B Ordinary Shares for Certain Dilutive Splits and Consolidations</u> 

The Conversion Rate of the Class B Ordinary Shares shall be subject to adjustment from time to time as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If the Company on or after the date of the adoption of these Articles (the "**Adoption Date** "),
fixes a record date for the effectuation of a split or subdivision of the outstanding Class A Ordinary Shares then, as of such record
date (or the date of such split or subdivision if no record date is fixed), the Conversion Rate of the Class B Ordinary Shares shall be
appropriately adjusted so that the number of Class A Ordinary Shares issuable on conversion of each share shall be increased in proportion
to such increase of the aggregate of Class A Ordinary Shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If the number of Class A Ordinary Shares outstanding at any time after the Adoption Date is decreased
by a consolidation or other combination of the outstanding Class A Ordinary Shares, then, following the record date of such consolidation
or combination, the Conversion Rate for the Class B Ordinary Shares shall be appropriately adjusted so that the number of Class A Ordinary
Shares issuable on conversion of each share shall be decreased in proportion to such decrease in outstanding shares.

(d) <u>No Fractional Shares and Certificate as to Adjustments</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) No fractional shares shall be issued upon the conversion of any Class B Ordinary Shares, and the aggregate
number of Class A Ordinary Shares to be issued to particular shareholders shall be rounded down to the nearest whole share and the Company
shall pay in cash the fair market value of any fractional shares as of the time when entitlement to receive such fractions is determined.
Whether or not fractional shares would be issuable upon such conversion shall be determined on the basis of the total number of Class
B Ordinary Shares the holder is at the time converting into Class A Ordinary Shares and the number of Class A Ordinary Shares issuable
upon such conversion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Upon the occurrence of each adjustment or readjustment of the Conversion Price of the Class B Ordinary
Shares pursuant to this Article 10A, the Company, at its expense, shall promptly compute such adjustment or readjustment in accordance
with the terms hereof and prepare and furnish to each holder of Class B Ordinary Shares a certificate setting forth such adjustment or
readjustment and showing in detail the facts upon which such adjustment or readjustment is based. The Company shall, upon the written
request at any time of any holder of Class B Ordinary Shares, furnish or cause to be furnished to such holder a like certificate setting
forth (A) such adjustment and readjustment, (B) the Conversion Rate for such Class B Ordinary Shares at the time in effect, and (C) the
number of Class A Ordinary Shares that at the time would be received upon the conversion of a Class B Ordinary Share.

(e) <u>Reservation of Shares Issuable Upon Conversion</u> 

The Company shall at all times reserve and keep available out of its authorised but unissued Class A Ordinary Shares, solely for the purpose of effecting the conversion of the Class B Ordinary Shares, such number of its Class A Ordinary Shares as shall from time to time be sufficient to effect the conversion of all outstanding Class B Ordinary Shares; and if at any time the number of authorised but unissued Class A Ordinary Shares shall not be sufficient to effect the conversion of all then outstanding Class B Ordinary Shares, in addition to such other remedies as shall be available to the holder of such Class B Ordinary Shares, the Company will take such corporate action as may be necessary to increase its authorised but unissued Class A Ordinary Shares to such number of shares as shall be sufficient for such purposes, including, without limitation, engaging in best efforts to obtain the requisite Members' approval of any necessary amendment to the memorandum of association and/or these Articles.

(f) <u>No Impairment</u> 

Subject to the right of the Company to amend its memorandum of association and these Articles or take any other corporate action upon obtaining the necessary approvals required by these Articles and applicable law, the Company will not, by amendment of these Articles or through any reorganisation, transfer of assets, consolidation, merger, amalgamation, scheme of arrangement, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms to be observed or performed hereunder by the Company, but will at all times in good faith assist in the carrying out of all the provisions of this Article 10A and in the taking of all such action as may be necessary or appropriate to protect the conversion rights of the holders of Class B Ordinary Shares against impairment.

(g) <u>Waiver of Adjustment to Conversion Rate</u> 

Notwithstanding anything herein to the contrary, any downward adjustment of the Conversion Rate of any of the Class B Ordinary Shares may be waived, either prospectively or retroactively and either generally or in a particular instance, by the consent or vote of the holders of Class B Ordinary Shares representing a majority of the votes attributable to all then outstanding Class B Ordinary Shares (voting together as a single class and on an as-converted basis). Any such waiver shall bind all future holders of Class B Ordinary Shares.

<u>VARIATION OF RIGHTS</u>

11. Subject to the Act and without prejudice to Article 8, all or any of the special rights for the time being attached to the shares or any class of shares may, unless otherwise provided by the terms of issue of the shares of that class, from time to time (whether or not the Company is being wound up) be varied, modified or abrogated with the sanction of a special resolution passed at a separate general meeting of the holders of the shares of that class. To every such separate general meeting all the provisions of these Articles relating to general meetings of the Company shall, *mutatis mutandis*, apply, but so that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) separate general meetings of the holders of a class or series of shares may be called only by (i) the
Chairman of the Board, or (ii) a majority of the entire Board (unless otherwise specifically provided by the terms of issue of the shares
of such class or series). Nothing in this Article 11 shall be deemed to give any Member or Members the right to call a class or series
meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the necessary quorum (whether at a separate general meeting or at its adjourned meeting) shall be a person
or persons or (in the case of a Member being a corporation) its duly authorised representative together holding or representing by proxy
not less than one-third in nominal value or par value of the issued shares of that class (but so that if at any adjourned meeting of such
holders a quorum as above defined is not present, those Members who are present shall form a quorum (whatever the number of shares held
by them));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) every holder of shares of the class shall be entitled on a poll to one vote for every such share held
by him; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any holder of shares of the class present in person or by proxy or authorised representative may demand
a poll.

12. The special rights conferred upon the holders of any shares or class of shares shall not, unless otherwise expressly provided in the rights attaching to or the terms of issue of such shares, be deemed to be varied, modified or abrogated by the creation or issue of further shares ranking *pari passu* therewith.

<u>SHARES</u>

13. (1) Subject to the Act, these Articles and, where applicable, the rules and regulations of the Designated Stock Exchange and without prejudice to any special rights or restrictions for the time being attached to any shares or any class of shares, the unissued shares of the Company (whether forming part of the original or any increased capital) shall be at the disposal of the Board, which may offer, allot, grant options over or otherwise dispose of them to such persons, at such times and for such consideration and upon such terms and conditions as the Board may in its absolute discretion determine but so that no shares shall be issued at a discount to their nominal value. In particular and without prejudice to the generality of the foregoing, the Board is hereby empowered to authorise by resolution or resolutions from time to time the issuance of one or more classes or series of preferred shares and to fix the designations, powers, preferences and relative, participating, optional and other rights, if any, and the qualifications, limitations and restrictions thereof, if any, including, without limitation, the number of shares constituting each such class or series, dividend rights, conversion rights, redemption privileges, voting powers, full or limited or no voting powers, and liquidation preferences, and to increase or decrease the size of any such class or series (but not below the number of shares of any class or series of preferred shares then outstanding) to the extent permitted by the Act. Without limiting the generality of the foregoing, the resolution or resolutions providing for the establishment of any class or series of preferred shares may, to the extent permitted by law, provide that such class or series shall be superior to, rank equally with or be junior to the preferred shares of any other class or series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Neither the Company nor the Board shall be obliged, when making or granting any allotment of, offer of, option over or disposal of shares, to make, or make available, any such allotment, offer, option or shares to Members or others with registered addresses in any particular territory or territories being a territory or territories where, in the absence of a registration statement or other special formalities, this would or might, in the opinion of the Board, be unlawful or impracticable. Members affected as a result of the foregoing sentence shall not be, or be deemed to be, a separate class of members for any purpose whatsoever. Except as otherwise expressly provided in the resolution or resolutions providing for the establishment of any class or series of preferred shares, no vote of the holders of preferred shares or ordinary shares shall be a prerequisite to the issuance of any shares of any class or series of the preferred shares authorised by and complying with the conditions of the Memorandum and Articles of Association.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The Board may issue options, warrants or convertible securities or securities of similar nature conferring the right upon the holders thereof to subscribe for, purchase or receive any class of shares or securities in the capital of the Company on such terms as it may from time to time determine.

14. The Company may in connection with the issue of any shares exercise all powers of paying commission and brokerage conferred or permitted by the Act. Subject to the Act, the commission may be satisfied by the payment of cash or by the allotment of fully or partly paid shares or partly in one and partly in the other.

15. Except as required by law, no person shall be recognised by the Company as holding any share upon any trust and the Company shall not be bound by or required in any way to recognise (even when having notice thereof) any equitable, contingent, future or partial interest in any share or any fractional part of a share or (except only as otherwise provided by these Articles or by law) any other rights in respect of any share except an absolute right to the entirety thereof in the registered holder.

16. Subject to the Act and these Articles, the Board may at any time after the allotment of shares but before any person has been entered in the Register as the holder, recognise a renunciation thereof by the allottee in favour of some other person and may accord to any allottee of a share a right to effect such renunciation upon and subject to such terms and conditions as the Board considers fit to impose.

<u>SHARE CERTIFICATES</u>

17. Every share certificate shall be issued under the Seal or a facsimile thereof or with the Seal printed thereon and shall specify the number and class and distinguishing numbers (if any) of the shares to which it relates, and the amount paid up thereon and may otherwise be in such form as the Directors may from time to time determine. No certificate shall be issued representing shares of more than one class. The Board may by resolution determine, either generally or in any particular case or cases, that any signatures on any such certificates (or certificates in respect of other securities) need not be autographic but may be affixed to such certificates by some mechanical means or may be printed thereon.

18. (1) In the case of a share held jointly by several persons, the Company shall not be bound to issue more than one certificate therefor and delivery of a certificate to one of several joint holders shall be sufficient delivery to all such holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Where a share stands in the names of two or more persons, the person first named in the Register shall as regards service of notices and, subject to the provisions of these Articles, all or any other matters connected with the Company, except the transfer of the shares, be deemed the sole holder thereof.

19. The Company is not obliged to issue a share certificate to a Member unless the Member requests it in writing from the Company. Every person whose name is entered, upon an allotment of shares, as a Member in the Register shall be entitled without payment, to receive one certificate for all such shares of any one class or several certificates each for one or more of such shares of such class upon payment for every certificate after the first of such reasonable out-of-pocket expenses as the Board from time to time determines.

20. Share certificates shall be issued within the relevant time limit as prescribed by the Act or as the Designated Stock Exchange may from time to time determine, whichever is the shorter, after allotment or, except in the case of a transfer which the Company is for the time being entitled to refuse to register and does not register, after lodgment of a transfer with the Company. Every share certificate of the Company shall bear legends required under the applicable laws, including the Securities Act.

21. (1) Upon every transfer of shares the certificate held by the transferor shall be given up to be cancelled, and shall forthwith be cancelled accordingly, and a new certificate shall be issued to the transferee in respect of the shares transferred to him at such fee as is provided in paragraph (2) of this Article 21. If any of the shares included in the certificate so given up shall be retained by the transferor a new certificate for the balance shall be issued to him at the aforesaid fee payable by the transferor to the Company in respect thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The fee referred to in paragraph (1) above shall be an amount not exceeding the relevant maximum amount as the Designated Stock Exchange may from time to time determine provided that the Board may at any time determine a lower amount for such fee.

22. If a share certificate shall be damaged or defaced or alleged to have been lost, stolen or destroyed a new certificate representing the same shares may be issued to the relevant Member upon request and on payment of such fee as the Board may determine and, subject to compliance with such terms (if any) as to evidence and indemnity and to payment of the costs and reasonable out-of-pocket expenses of the Company in investigating such evidence and preparing such indemnity as the Board may think fit and, in case of damage or defacement, on delivery of the old certificate to the Company provided always that where share warrants have been issued, no new share warrant shall be issued to replace one that has been lost unless the Board has determined that the original has been destroyed.

<u>LIEN</u>

23. The Company shall have a first and paramount lien on every share (not being a fully paid share) for all moneys (whether presently payable or not) called or payable at a fixed time in respect of that share. The Company shall also have a first and paramount lien on every share (not being a fully paid share) registered in the name of a Member (whether or not jointly with other Members) for all amounts of money presently payable by such Member or his estate to the Company whether the same shall have been incurred before or after notice to the Company of any equitable or other interest of any person other than such member, and whether the period for the payment or discharge of the same shall have actually become due or not, and notwithstanding that the same are joint debts or liabilities of such Member or his estate and any other person, whether a Member or not. The Company's lien on a share shall extend to all dividends or other moneys payable thereon or in respect thereof. The Board may at any time, generally or in any particular case, waive any lien that has arisen or declare any share exempt in whole or in part, from the provisions of this Article 23.

24. Subject to these Articles, the Company may sell in such manner as the Board determines any share on which the Company has a lien, but no sale shall be made unless some sum in respect of which the lien exists is presently payable, or the liability or engagement in respect of which such lien exists is liable to be presently fulfilled or discharged nor until the expiration of fourteen (14) clear days after a notice in writing, stating and demanding payment of the sum presently payable, or specifying the liability or engagement and demanding fulfilment or discharge thereof and giving notice of the intention to sell in default, has been served on the registered holder for the time being of the share or the person entitled thereto by reason of his death or bankruptcy.

25. The net proceeds of the sale shall be received by the Company and applied in or towards payment or discharge of the debt or liability in respect of which the lien exists, so far as the same is presently payable, and any residue shall (subject to a like lien for debts or liabilities not presently payable as existed upon the share prior to the sale) be paid to the person entitled to the share at the time of the sale. To give effect to any such sale the Board may authorise some person to transfer the shares sold to the purchaser thereof. The purchaser shall be registered as the holder of the shares so transferred and he shall not be bound to see to the application of the purchase money, nor shall his title to the shares be affected by any irregularity or invalidity in the proceedings relating to the sale.

<u>CALLS ON SHARES</u>

26. Subject to these Articles and to the terms of allotment, the Board may from time to time make calls upon the Members in respect of any moneys unpaid on their shares (whether on account of the nominal value of the shares or by way of premium), and each Member shall (subject to being given at least fourteen (14) clear days' Notice specifying the time and place of payment) pay to the Company as required by such notice the amount called on his shares. A call may be extended, postponed or revoked in whole or in part as the Board determines but no Member shall be entitled to any such extension, postponement or revocation except as a matter of grace and favour.

27. A call shall be deemed to have been made at the time when the resolution of the Board authorising the call was passed and may be made payable either in one lump sum or by instalments.

28. A person upon whom a call is made shall remain liable for calls made upon him notwithstanding the subsequent transfer of the shares in respect of which the call was made. The joint holders of a share shall be jointly and severally liable to pay all calls and instalments due in respect thereof or other moneys due in respect thereof.

29. If a sum called in respect of a share is not paid before or on the day appointed for payment thereof, the person from whom the sum is due shall pay interest on the amount unpaid from the day appointed for payment thereof to the time of actual payment at such rate (not exceeding twenty per cent. (20%) per annum) as the Board may determine, but the Board may in its absolute discretion waive payment of such interest in whole or in part.

30. No Member shall be entitled to receive any dividend or bonus or to be present and vote (save as proxy for another Member) at any general meeting either personally or by proxy, or be reckoned in a quorum, or exercise any other privilege as a Member until all calls or instalments due by him to the Company, whether alone or jointly with any other person, together with interest and expenses (if any) shall have been paid.

31. On the trial or hearing of any action or other proceedings for the recovery of any money due for any call, it shall be sufficient to prove that the name of the Member sued is entered in the Register as the holder, or one of the holders, of the shares in respect of which such debt accrued, that the resolution making the call is duly recorded in the minute book, and that notice of such call was duly given to the Member sued, in pursuance of these Articles; and it shall not be necessary to prove the appointment of the Directors who made such call, nor any other matters whatsoever, but the proof of the matters aforesaid shall be conclusive evidence of the debt.

32. Any amount payable in respect of a share upon allotment or at any fixed date, whether in respect of nominal value or premium or as an instalment of a call, shall be deemed to be a call duly made and payable on the date fixed for payment and if it is not paid the provisions of these Articles shall apply as if that amount had become due and payable by virtue of a call duly made and notified.

33. On the issue of shares the Board may differentiate between the allottees or holders as to the amount of calls to be paid and the times of payment.

34. The Board may, if it thinks fit, receive from any Member willing to advance the same, and either in money or money's worth, all or any part of the moneys uncalled and unpaid or instalments payable upon any shares held by him and upon all or any of the moneys so advanced (until the same would, but for such advance, become presently payable) pay interest at such rate (if any) as the Board may decide. The Board may at any time repay the amount so advanced upon giving to such Member not less than one (1) month's Notice of its intention in that behalf, unless before the expiration of such notice the amount so advanced shall have been called up on the shares in respect of which it was advanced. Such payment in advance shall not entitle the holder of such share or shares to participate in respect thereof in a dividend subsequently declared.

<u>FORFEITURE OF SHARES</u>

35. (1) If a call remains unpaid after it has become due and payable the Board may give to the person from whom it is due not less than fourteen (14) clear days' Notice:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) requiring payment of the amount unpaid together with any interest which may have accrued and which may
still accrue up to the date of actual payment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) stating that if the Notice is not complied with the shares on which the call was made will be liable to
be forfeited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If the requirements of any such Notice are not complied with, any share in respect of which such Notice has been given may at any time thereafter, before payment of all calls and interest due in respect thereof has been made, be forfeited by a resolution of the Board to that effect, and such forfeiture shall include all dividends and bonuses declared in respect of the forfeited share but not actually paid before the forfeiture.

36. When any share has been forfeited, notice of the forfeiture shall be served upon the person who was before forfeiture the holder of the share. No forfeiture shall be invalidated by any omission or neglect to give such Notice.

37. The Board may accept the surrender of any share liable to be forfeited hereunder and, in such case, references in these Articles to forfeiture will include surrender.

38. Any share so forfeited shall be deemed the property of the Company and may be sold, re-allotted or otherwise disposed of to such person, upon such terms and in such manner as the Board determines, and at any time before a sale, re-allotment or disposition the forfeiture may be annulled by the Board on such terms as the Board determines.

39. A person whose shares have been forfeited shall cease to be a Member in respect of the forfeited shares but nevertheless shall remain liable to pay the Company all moneys which at the date of forfeiture were presently payable by him to the Company in respect of the shares, with (if the Board shall in its discretion so requires) interest thereon from the date of forfeiture until payment at such rate (not exceeding twenty per cent. (20%) per annum) as the Board shall determine. The Board may enforce payment thereof if it thinks fit, and without any deduction or allowance for the value of the forfeited shares, at the date of forfeiture, but his liability shall cease if and when the Company shall have received payment in full of all such moneys in respect of the shares. For the purposes of this Article 39 any sum which, by the terms of issue of a share, is payable thereon at a fixed time which is subsequent to the date of forfeiture, whether on account of the nominal value of the share or by way of premium, shall notwithstanding that time has not yet arrived be deemed to be payable at the date of forfeiture, and the same shall become due and payable immediately upon the forfeiture, but interest thereon shall only be payable in respect of any period between the said fixed time and the date of actual payment.

40. A declaration by a Director or the Secretary that a share has been forfeited on a specified date shall be conclusive evidence of the facts therein stated as against all persons claiming to be entitled to the share, and such declaration shall (subject to the execution of an instrument of transfer by the Company if necessary) constitute a good title to the share, and the person to whom the share is disposed of shall be registered as the holder of the share and shall not be bound to see to the application of the consideration (if any), nor shall his title to the share be affected by any irregularity in or invalidity of the proceedings in reference to the forfeiture, sale or disposal of the share. When any share shall have been forfeited, notice of the declaration shall be given to the Member in whose name it stood immediately prior to the forfeiture, and an entry of the forfeiture, with the date thereof, shall forthwith be made in the Register, but no forfeiture shall be in any manner invalidated by any omission or neglect to give such notice or make any such entry.

41. Notwithstanding any such forfeiture as aforesaid the Board may at any time, before any shares so forfeited shall have been sold, re-allotted or otherwise disposed of, permit the shares forfeited to be bought back upon the terms of payment of all calls and interest due upon and expenses incurred in respect of the share, and upon such further terms (if any) as it thinks fit.

42. The forfeiture of a share shall not prejudice the right of the Company to any call already made or instalment payable thereon.

43. The provisions of these Articles as to forfeiture shall apply in the case of non-payment of any sum which, by the terms of issue of a share, becomes payable at a fixed time, whether on account of the nominal value of the share or by way of premium, as if the same had been payable by virtue of a call duly made and notified.

<u>REGISTER OF MEMBERS</u>

44. (1) The Company shall keep in one or more books a Register of its Members and shall enter therein the following particulars, that is to say:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the name and address of each Member, the number and class of shares held by him and the amount paid or
agreed to be considered as paid on such shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the date on which each person was entered in the Register; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the date on which any person ceased to be a Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Company may keep an overseas or local or other branch register of Members resident in any place, and the Board may make and vary such regulations as it determines in respect of the keeping of any such register and maintaining a Registration Office in connection therewith.

45. The Register and branch register of Members, as the case may be, shall be open to inspection for such times and on such days as the Board shall determine by Members without charge or by any other person, upon a maximum payment of $2.50 or such other sum specified by the Board, at the Office or Registration Office or such other place at which the Register is kept in accordance with the Act. The Register including any overseas or local or other branch register of Members may, after compliance with any notice requirements of the Designated Stock Exchange or by any electronic means in such manner as may be accepted by the Designated Stock Exchange to that effect, be closed for inspection at such times or for such periods not exceeding in the whole thirty (30) days in each year as the Board may determine and either generally or in respect of any class of shares.

<u>RECORD DATES</u>

46. For the purpose of determining the Members entitled to notice of or to vote at any general meeting, or any adjournment thereof, or entitled to express consent to corporate action in writing without a meeting, or entitled to receive payment of any dividend or other distribution or allotment of any rights, or entitled to exercise any rights in respect of any change, conversion or exchange of shares or for the purpose of any other lawful action, the Board may fix, in advance, a date as the record date for any such determination of Members.

If the Board does not fix a record date for any general meeting, the record date for determining the Members entitled to a notice of or to vote at such meeting shall be at the close of business on the day next preceding the day on which notice is given, or, if in accordance with these Articles notice is waived, at the close of business on the day next preceding the day on which the meeting is held. The record date for determining the Members for any other purpose shall be at the close of business on the day on which the Board adopts the resolution relating thereto.

A determination of the Members of record entitled to notice of or to vote at a meeting of the Members shall apply to any adjournment of the meeting; provided, however, that the Board may fix a new record date for the adjourned meeting.

<u>TRANSFER OF SHARES</u>

47. (1) Subject to these Articles, any Member may transfer all or any of his shares by an instrument of transfer in the usual or common form or in a form prescribed by the Designated Stock Exchange or in any other form approved by the Board and may be under hand or, if the transferor or transferee is a clearing house or a central depository house or its nominee(s), by hand or by machine imprinted signature or by such other manner of execution as the Board may approve from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Notwithstanding the provisions of subparagraph (1) above, for so long as any shares are listed on the Designated Stock Exchange, titles to such listed shares may be evidenced and transferred in accordance with the laws applicable to and the rules and regulations of the Designated Stock Exchange that are or shall be applicable to such listed shares. The register of members of the Company in respect of its listed shares (whether the Register or a branch register) may be kept by recording the particulars required by Section 40 of the Act in a form otherwise than legible if such recording otherwise complies with the laws applicable to and the rules and regulations of the Designated Stock Exchange that are or shall be applicable to such listed shares.

48. The instrument of transfer shall be executed by or on behalf of the transferor and the transferee provided that the Board may dispense with the execution of the instrument of transfer by the transferee in any case which it thinks fit in its discretion to do so. Without prejudice to Article 47, the Board may also resolve, either generally or in any particular case, upon request by either the transferor or transferee, to accept mechanically executed transfers. The transferor shall be deemed to remain the holder of the share until the name of the transferee is entered in the Register in respect thereof. Nothing in these Articles shall preclude the Board from recognising a renunciation of the allotment or provisional allotment of any share by the allottee in favour of some other person.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Board in so far as permitted by any applicable law may, in its absolute discretion, at any time and from time to time transfer any share upon the Register to any branch register or any share on any branch register to the Register or any other branch register. In the event of any such transfer, the shareholder requesting such transfer shall bear the cost of effecting the transfer unless the Board otherwise determines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Unless the Board otherwise agrees (which agreement may be on such terms and subject to such conditions as the Board in its absolute discretion may from time to time determine, and which agreement the Board shall, without giving any reason therefor, be entitled in its absolute discretion to give or withhold), no shares upon the Register shall be transferred to any branch register nor shall shares on any branch register be transferred to the Register or any other branch register and all transfers and other documents of title shall be lodged for registration, and registered, in the case of any shares on a branch register, at the relevant Registration Office, and, in the case of any shares on the Register, at the Office or such other place at which the Register is kept in accordance with the Act.

50. Without limiting the generality of the Article 49, the Board may decline to recognise any instrument of transfer unless:-

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

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

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

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

51. If the Board refuses to register a transfer of any share, it shall, within two months after the date on which the transfer was lodged with the Company, send to each of the transferor and transferee notice of the refusal.

52. The registration of transfers of shares or of any class of shares may, after compliance with any notice requirement of the Designated Stock Exchange, be suspended at such times and for such periods (not exceeding in the whole thirty (30) days in any year) as the Board may determine. The period of thirty (30) days may be extended for a further period or periods not exceeding thirty (30) days in respect of any year if approved by the Members by ordinary resolution.

<u>TRANSMISSION OF SHARES</u>

53. If a Member dies, the survivor or survivors where the deceased was a joint holder, and his legal personal representatives where he was a sole or only surviving holder, will be the only persons recognised by the Company as having any title to his interest in the shares; but nothing in this Article will release the estate of a deceased Member (whether sole or joint) from any liability in respect of any share which had been solely or jointly held by him.

54. Any person becoming entitled to a share in consequence of the death or bankruptcy or winding-up of a Member may, upon such evidence as to his title being produced as may be required by the Board, elect either to become the holder of the share or to have some person nominated by him registered as the transferee thereof. If he elects to become the holder he shall notify the Company in writing either at the Registration Office or the Office, as the case may be, to that effect. If he elects to have another person registered he shall execute a transfer of the share in favour of that person. The provisions of these Articles relating to the transfer and registration of transfers of shares shall apply to such notice or transfer as aforesaid as if the death or bankruptcy of the Member had not occurred and the notice or transfer were a transfer signed by such Member.

55. A person becoming entitled to a share by reason of the death or bankruptcy or winding-up of a Member shall be entitled to the same dividends and other advantages to which he would be entitled if he were the registered holder of the share. However, the Board may, if it thinks fit, withhold the payment of any dividend payable or other advantages in respect of such share until such person shall become the registered holder of the share or shall have effectually transferred such share, but, subject to the requirements of Article 76(2) being met, such a person may vote at meetings.

<u>UNTRACEABLE MEMBERS</u>

56. (1) Without prejudice to the rights of the Company under paragraph (2) of this Article 56, the Company may cease sending cheques for dividend entitlements or dividend warrants by post if such cheques or warrants have been left uncashed on two consecutive occasions. However, the Company may exercise the power to cease sending cheques for dividend entitlements or dividend warrants after the first occasion on which such a cheque or warrant is returned undelivered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Company shall have the power to sell, in such manner as the Board thinks fit, any shares of a Member who is untraceable, but no such sale shall be made unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all cheques or warrants in respect of dividends of the shares in question, being not less than three in
total number, for any sum payable in cash to the holder of such shares in respect of them sent during the relevant period in the manner
authorised by the Articles have remained uncashed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) so far as it is aware at the end of the relevant period, the Company has not at any time during the relevant
period received any indication of the existence of the Member who is the holder of such shares or of a person entitled to such shares
by death, bankruptcy or operation of law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Company, if so required by the rules governing the listing of shares on the Designated Stock Exchange,
has given notice to, and caused advertisement in newspapers to be made in accordance with the requirements of, the Designated Stock Exchange
of its intention to sell such shares in the manner required by the Designated Stock Exchange, and a period of three (3) months or such
shorter period as may be allowed by the Designated Stock Exchange has elapsed since the date of such advertisement.

For the purpose of the foregoing, the "relevant period" means the period commencing twelve (12) years before the date of publication of the advertisement referred to in paragraph (c) of this Article and ending at the expiry of the period referred to in that paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To give effect to any such sale the Board may authorise some person to transfer the said shares and an instrument of transfer signed or otherwise executed by or on behalf of such person shall be as effective as if it had been executed by the registered holder or the person entitled by transmission to such shares, and the purchaser shall not be bound to see to the application of the purchase money nor shall his title to the shares be affected by any irregularity or invalidity in the proceedings relating to the sale. The net proceeds of the sale will belong to the Company and upon receipt by the Company of such net proceeds it shall become indebted to the former Member for an amount equal to such net proceeds. No trust shall be created in respect of such debt and no interest shall be payable in respect of it and the Company shall not be required to account for any money earned from the net proceeds which may be employed in the business of the Company or as it thinks fit. Any sale under this Article shall be valid and effective notwithstanding that the Member holding the shares sold is dead, bankrupt or otherwise under any legal disability or incapacity.

<u>GENERAL MEETINGS</u>

57. The Company shall, if required by the Statute, in each year hold a general meeting as its annual general meeting, and shall specify the meeting as such in the notices calling it. An annual general meeting of the Company shall be held at such time and place as may be determined by the Board.

58. Each general meeting, other than an annual general meeting, shall be called an extraordinary general meeting. General meetings may be held at such times and in any location in the world as may be determined by the Board. Notwithstanding any provisions in these Articles, any general meeting or any class meeting may be held by means of such telephone, electronic or other communication facilities as to permit all persons participating in the meeting to communicate with each other, and participation in such a meeting shall constitute presence at such meeting. Unless otherwise determined by the Directors, the manner of convening and the proceedings at a general meeting set out in these Articles shall, *mutatis mutandis*, apply to a general meeting held wholly by or in-combination with electronic means.

59. A majority of the Board or the Chairman of the Board may call extraordinary general meetings, which extraordinary general meetings shall be held at such times and locations (as permitted hereby) as such person or persons shall determine.

<u>NOTICE OF GENERAL MEETINGS</u>

60. (1) An annual general meeting and any extraordinary general meeting may be called by not less than seven (7) clear days' Notice but a general meeting may be called by shorter notice, subject to the Act, if it is so agreed:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of any other meeting, by a majority in number of the Members having the right to attend and
vote at the meeting, being a majority together holding not less than ninety-five per cent. (95%) in nominal value of the issued shares
giving that right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The notice shall specify the time and place of the meeting and, in case of special business, the general nature of the business. The notice convening an annual general meeting shall specify the meeting as such. Notice of every general meeting shall be given to all Members other than to such Members as, under the provisions of these Articles or the terms of issue of the shares they hold, are not entitled to receive such notices from the Company, to all persons entitled to a share in consequence of the death or bankruptcy or winding-up of a Member and to each of the Directors.

61. The accidental omission to give Notice of a meeting or (in cases where instruments of proxy are sent out with the Notice) to send such instrument of proxy to, or the non-receipt of such Notice or such instrument of proxy by, any person entitled to receive such Notice shall not invalidate any resolution passed or the proceedings at that meeting.

<u>PROCEEDINGS AT GENERAL MEETINGS</u>

62. (1) All business shall be deemed special that is transacted at an extraordinary general meeting, and also all business that is transacted at an annual general meeting, with the exception of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the declaration and sanctioning of dividends;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) consideration and adoption of the accounts and balance sheet and the reports of the Directors and Auditors
and other documents required to be annexed to the balance sheet; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the election of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) No business other than the appointment of a chairman of a meeting shall be transacted at any general meeting unless a quorum is present at the commencement of the business. At any general meeting of the Company, one or two (2) Member(s) entitled to vote and present in person or by proxy or (in the case of a Member being a corporation) by its duly authorised representative representing not less than one-third in nominal value of the total issued voting shares in the Company throughout the meeting shall form a quorum for all purposes.

63. If within thirty (30) minutes (or such longer time not exceeding one hour as the chairman of the meeting may determine to wait) after the time appointed for the meeting a quorum is not present, the meeting shall stand adjourned to the same day in the next week at the same time and place or to such time and place as the Board may determine. If at such adjourned meeting a quorum is not present within half an hour from the time appointed for holding the meeting, the meeting shall be dissolved.

64. The Chairman of the Board shall preside as chairman at every general meeting. If at any meeting the chairman is not present within fifteen (15) minutes after the time appointed for holding the meeting, or is not willing to act as chairman, the Directors present shall choose one of their number to act, or if one Director only is present he shall preside as chairman if willing to act. If no Director is present, or if each of the Directors present declines to take the chair, or if the chairman chosen shall retire from the chair, the Members present in person or by its duly authorised representative or by proxy and entitled to vote shall elect one of their number to be chairman.

65. Prior to the holding of a general meeting, the Board may postpone, and at a general meeting, the chairman, may (without consent of the meeting) or shall at the direction of the meeting adjourn the meeting, from time to time and from place to place, but no business shall be transacted at any adjourned or postponed meeting other than the business which might lawfully have been transacted at the meeting had the adjournment or postponement not taken place. When a meeting is adjourned or postponed for fourteen (14) days or more, at least seven (7) clear days' notice of the adjourned or postponed meeting shall be given specifying the time and place of the adjourned or postponed meeting but it shall not be necessary to specify in such notice the nature of the business to be transacted at the adjourned or postponed meeting and the general nature of the business to be transacted. Save as aforesaid, it shall be unnecessary to give notice of an adjournment or postponement.

66. If an amendment is proposed to any resolution under consideration but is in good faith ruled out of order by the chairman of the meeting, the proceedings on the substantive resolution shall not be invalidated by any error in such ruling. In the case of a resolution duly proposed as a special resolution, no amendment thereto (other than a mere clerical amendment to correct a patent error) may in any event be considered or voted upon.

<u>VOTING</u>

67. Holders of ordinary shares have the right to receive notice of, attend, speak and vote at general meetings of the Company. Subject to any special rights or restrictions as to voting for the time being attached to any shares by or in accordance with these Articles, at any general meeting on a show of hands every Member present in person (or being a corporation, is present by a duly authorised representative), or by proxy shall have one vote and on a poll every Member present in person or by proxy or, in the case of a Member being a corporation, by its duly authorised representative shall have one vote for every fully paid share of which he is the holder but so that no amount paid up or credited as paid up on a share in advance of calls or instalments is treated for the foregoing purposes as paid up on the share. Notwithstanding anything contained in these Articles, where more than one proxy is appointed by a Member which is a clearing house or a central depository house (or its nominee(s)), each such proxy shall have one vote on a show of hands. A resolution put to the vote of a meeting shall be decided on a show of hands unless voting by way of a poll is required by the rules and regulations of the Designated Stock Exchange or (before or on the declaration of the result of the show of hands or on the withdrawal of any other demand for a poll) a poll is demanded:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by the chairman of such meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by at least three Members present in person or (in the case of a Member being a corporation) by its duly
authorised representative or by proxy for the time being entitled to vote at the meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) by a Member or Members present in person or (in the case of a Member being a corporation) by its duly
authorised representative or by proxy and representing not less than one tenth of the total voting rights of all Members having the right
to vote at the meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) by a Member or Members present in person or (in the case of a Member being a corporation) by its duly
authorised representative or by proxy and holding shares in the Company conferring a right to vote at the meeting being shares on which
an aggregate sum has been paid up equal to not less than one tenth of the total sum paid up on all shares conferring that right.

A demand by a person as proxy for a Member or in the case of a Member being a corporation by its duly authorised representative shall be deemed to be the same as a demand by a Member. Votes (whether on a show of hands or by way of poll) may be cast by such means, electronic or otherwise, as the Directors or the chairman of the meeting may determine.

68. Unless a poll is duly demanded and the demand is not withdrawn, a declaration by the chairman that a resolution has been carried, or carried unanimously, or by a particular majority, or not carried by a particular majority, or lost, and an entry to that effect made in the minute book of the Company, shall be conclusive evidence of the facts without proof of the number or proportion of the votes recorded for or against the resolution.

69. If a poll is duly demanded the result of the poll shall be deemed to be the resolution of the meeting at which the poll was demanded. The Company shall only be required to disclose the voting figures on a poll if such disclosure is required by the rules and regulations of the Designated Stock Exchange.

70. A poll demanded on the election of a chairman, or on a question of adjournment, shall be taken forthwith. A poll demanded on any other question shall be taken in such manner (including the use of ballot or voting papers or tickets) and either forthwith or at such time (being not later than thirty (30) days after the date of the demand) and place as the chairman directs. It shall not be necessary (unless the chairman otherwise directs) for notice to be given of a poll not taken immediately.

71. The demand for a poll shall not prevent the continuance of a meeting or the transaction of any business other than the question on which the poll has been demanded, and, with the consent of the chairman, it may be withdrawn at any time before the close of the meeting or the taking of the poll, whichever is the earlier.

72. On a poll votes may be given either personally or by proxy.

73. A person entitled to more than one vote on a poll need not use all his votes or cast all the votes he uses in the same way.

74. All questions submitted to a meeting shall be decided by a simple majority of votes except where a greater majority is required by these Articles, by the Act or the rules and regulations of the Designated Stock Exchange. In the case of an equality of votes, whether on a show of hands or on a poll, the chairman of such meeting shall be entitled to a second or casting vote in addition to any other vote he may have.

75. Where there are joint holders of any share any one of such joint holders may vote, either in person or by proxy, in respect of such share as if he were solely entitled thereto, but if more than one of such joint holders be present at any meeting the vote of the senior holder who tenders a vote, whether in person or by proxy, shall be accepted to the exclusion of the votes of the other joint holders, and for this purpose seniority shall be determined by the order in which the names stand in the Register in respect of the joint holding. Several executors or administrators of a deceased Member in whose name any share stands shall for the purposes of this Article be deemed joint holders thereof.

76. (1) A Member who is a patient for any purpose relating to mental health or in respect of whom an order has been made by any court having jurisdiction for the protection or management of the affairs of persons incapable of managing their own affairs may vote, whether on a show of hands or on a poll, by his receiver, committee, *curator bonis* or other person in the nature of a receiver, committee or *curator bonis* appointed by such court, and such receiver, committee, *curator bonis* or other person may vote on a poll by proxy, and may otherwise act and be treated as if he were the registered holder of such shares for the purposes of general meetings, provided that such evidence as the Board may require of the authority of the person claiming to vote shall have been deposited at the Office, head office or Registration Office, as appropriate, not less than forty-eight (48) hours before the time appointed for holding the meeting, or adjourned meeting or poll, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Any person entitled under Article 54 to be registered as the holder of any shares may vote at any general meeting in respect thereof in the same manner as if he were the registered holder of such shares, provided that forty-eight (48) hours at least before the time of the holding of the meeting or adjourned meeting, as the case may be, at which he proposes to vote, he shall satisfy the Board of his entitlement to such shares, or the Board shall have previously admitted his right to vote at such meeting in respect thereof.

77. No Member shall, unless the Board otherwise determines, be entitled to attend and vote and to be reckoned in a quorum at any general meeting unless he is duly registered and all calls or other sums presently payable by him in respect of shares in the Company have been paid.

78. If:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any objection shall be raised to the qualification of any voter; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any votes have been counted which ought not to have been counted or which might have been rejected; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any votes are not counted which ought to have been counted;

the objection or error shall not vitiate the decision of the meeting or adjourned meeting on any resolution unless the same is raised or pointed out at the meeting or, as the case may be, the adjourned meeting at which the vote objected to is given or tendered or at which the error occurs. Any objection or error shall be referred to the chairman of the meeting and shall only vitiate the decision of the meeting on any resolution if the chairman decides that the same may have affected the decision of the meeting. The decision of the chairman on such matters shall be final and conclusive.

<u>PROXIES</u>

79. Any Member entitled to attend and vote at a meeting of the Company shall be entitled to appoint another person as his proxy to attend and vote instead of him. A Member who is the holder of two or more shares may appoint more than one proxy to represent him and vote on his behalf at a general meeting of the Company or at a class meeting. A proxy need not be a Member. In addition, a proxy or proxies representing either a Member who is an individual or a Member which is a corporation shall be entitled to exercise the same powers on behalf of the Member which he or they represent as such Member could exercise.

80. The instrument appointing a proxy shall be in writing under the hand of the appointor or of his attorney duly authorised in writing or, if the appointor is a corporation, either under its seal or under the hand of an officer, attorney or other person authorised to sign the same. In the case of an instrument of proxy purporting to be signed on behalf of a corporation by an officer thereof it shall be assumed, unless the contrary appears, that such officer was duly authorised to sign such instrument of proxy on behalf of the corporation without further evidence of the facts.

81. Unless otherwise determined by the Board, the instrument appointing a proxy and (if required by the Board) the power of attorney or other authority (if any) under which it is signed, or a certified copy of such power or authority, shall be delivered to such place or one of such places (if any) as may be specified for that purpose in or by way of note to or in any document accompanying the notice convening the meeting (or, if no place is so specified at the Registration Office or the Office, as may be appropriate) not less than forty-eight (48) hours before the time appointed for holding the meeting or adjourned meeting at which the person named in the instrument proposes to vote or, in the case of a poll taken subsequently to the date of a meeting or adjourned meeting, not less than twenty-four (24) hours before the time appointed for the taking of the poll and in default the instrument of proxy shall not be treated as valid. No instrument appointing a proxy shall be valid after the expiration of twelve (12) months from the date named in it as the date of its execution, except at an adjourned meeting or on a poll demanded at a meeting or an adjourned meeting in cases where the meeting was originally held within twelve (12) months from such date. Delivery of an instrument appointing a proxy shall not preclude a Member from attending and voting in person at the meeting convened and in such event, the instrument appointing a proxy shall be deemed to be revoked.

82. Instruments of proxy shall be in any common form or in such other form as the Board may approve (provided that this shall not preclude the use of the two-way form) and the Board may, if it thinks fit, send out with the notice of any meeting forms of instrument of proxy for use at the meeting. The instrument of proxy shall be deemed to confer authority to demand or join in demanding a poll and to vote on any amendment of a resolution put to the meeting for which it is given as the proxy thinks fit. The instrument of proxy shall, unless the contrary is stated therein, be valid as well for any adjournment of the meeting as for the meeting to which it relates.

83. A vote given in accordance with the terms of an instrument of proxy shall be valid notwithstanding the previous death or insanity of the principal, or revocation of the instrument of proxy or of the authority under which it was executed, provided that no intimation in writing of such death, insanity or revocation shall have been received by the Company at the Office or the Registration Office (or such other place as may be specified for the delivery of instruments of proxy in the notice convening the meeting or other document sent therewith) two (2) hours at least before the commencement of the meeting or adjourned meeting, or the taking of the poll, at which the instrument of proxy is used.

84. Anything which under these Articles a Member may do by proxy he may likewise do by his duly appointed attorney and the provisions of these Articles relating to proxies and instruments appointing proxies shall apply *mutatis mutandis* in relation to any such attorney and the instrument under which such attorney is appointed.

<u>CORPORATIONS ACTING BY REPRESENTATIVES</u>

85. (1) Any corporation which is a Member may by resolution of its directors or other governing body authorise such person as it thinks fit to act as its representative at any meeting of the Company or at any meeting of any class of Members. The person so authorised shall be entitled to exercise the same powers on behalf of such corporation as the corporation could exercise if it were an individual Member and such corporation shall for the purposes of these Articles be deemed to be present in person at any such meeting if a person so authorised is present thereat.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If a clearing house (or its nominee(s)) or a central depository entity (or its nominee(s)), being a corporation, is a Member, it may authorise such persons as it thinks fit to act as its representatives at any meeting of the Company or at any meeting of any class of Members provided that the authorisation shall specify the number and class of shares in respect of which each such representative is so authorised. Each person so authorised under the provisions of this Article shall be deemed to have been duly authorised without further evidence of the facts and be entitled to exercise the same rights and powers on behalf of the clearing house or a central depository entity (or its nominee(s)) as if such person was the registered holder of the shares of the Company held by the clearing house or a central depository entity (or its nominee(s)) including the right to vote individually on a show of hands.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Any reference in these Articles to a duly authorised representative of a Member being a corporation shall mean a representative authorised under the provisions of this Article.

<u>NO ACTION BY WRITTEN RESOLUTIONS OF MEMBERS</u>

86. Any action required or permitted to be taken at any annual or extraordinary general meetings of the Company may be taken only upon the vote of the Members at an annual or extraordinary general meeting duly noticed and convened in accordance with these Articles and the Act and may not be taken by written resolution of Members without a meeting.

<u>BOARD OF DIRECTORS</u>

87. (1) Unless otherwise determined by the Company in general meeting, the number of Directors shall not be less than two (2). There shall be no maximum number of Directors unless otherwise determined from time to time by the Board. For so long as the shares are listed on the Designated Stock Exchange, the Directors shall include such number of Independent Directors as applicable law, rules or regulations or the Designated Stock Exchange require, unless the Board resolves to follow any available exceptions or exemptions. The Directors shall be elected or appointed in accordance with Article 87 and 88 and shall hold office until the expiration of his term or until their successors are elected or appointed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Subject to the Articles and the Act, the Company may by ordinary resolution elect any person to be a Director either to fill a casual vacancy or as an addition to the existing Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The Directors shall have the power from time to time and at any time to appoint any person as a Director to fill a casual vacancy on the Board or as an addition to the existing Board subject to the Company's compliance with director nomination procedures required under the rules and regulations of the Designated Stock Exchange as long as shares are listed on the Designated Stock Exchange, unless the Board resolves to follow any available exceptions or exemptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) No Director shall be required to hold any shares of the Company by way of qualification and a Director who is not a Member shall be entitled to receive notice of and to attend and speak at any general meeting of the Company and of all classes of shares of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Subject to any provision to the contrary in these Articles, a Director may be removed by way of an ordinary resolution of the Members at any time before the expiration of his period of office notwithstanding anything in these Articles or in any agreement between the Company and such Director (but without prejudice to any claim for damages under any such agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) The Company may from time to time in general meeting by ordinary resolution increase or reduce the number of Directors but so that the number of Directors shall never be less than two (2).

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|:---|:---|:---|
| 87A. | (1) | Notwithstanding any other provisions in the Articles, at each annual general meeting one-third of the Directors for the time being (or, if their number is not a multiple of three (3), the number nearest to but not greater than one-third) shall retire from office by rotation provided that every Director shall be subject to retirement at an annual general meeting at least once every three years. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) A retiring Director shall be eligible for re-election by
ordinary resolution of the members of the Company. The Directors to retire by rotation shall include (so far as necessary to ascertain
the number of directors to retire by rotation) any Director who wishes to retire and not to offer himself for re-election. Any further
Directors so to retire shall be those of the other Directors subject to retirement by rotation who have been longest in office since
their last re-election or appointment and so that as between persons who became or were last re-elected Directors on the same day those
to retire shall (unless they otherwise agree among themselves) be determined by lot.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Unless otherwise provided by the rules of the Designated
Stock Exchange, no person other than a Director retiring at the meeting shall, unless recommended by the Directors for election, be eligible
for election as a Director at any general meeting.

<u>DISQUALIFICATION OF DIRECTORS</u>

88. The office of a Director shall be vacated if the Director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) resigns his office by notice in writing delivered to the Company at the Office or tendered at a meeting of the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) becomes of unsound mind or dies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) without special leave of absence from the Board, is absent from meetings of the Board for three consecutive meetings and the Board resolves that his office be vacated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) becomes bankrupt or has a receiving order made against him or suspends payment or compounds with his creditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5) is prohibited by law from being a Director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) ceases to be a Director by virtue of any provision of the Statutes or is removed from office pursuant to these Articles.

<u>EXECUTIVE DIRECTORS</u>

89. The Board may from time to time appoint any one or more of its body to be a managing director, joint managing director or deputy managing director or to hold any other employment or executive office with the Company for such period (subject to their continuance as Directors) and upon such terms as the Board may determine and the Board may revoke or terminate any of such appointments. Any such revocation or termination as aforesaid shall be without prejudice to any claim for damages that such Director may have against the Company or the Company may have against such Director. A Director appointed to an office under this Article 91 shall be subject to the same provisions as to removal as the other Directors of the Company, and he shall (subject to the provisions of any contract between him and the Company) ipso facto and immediately cease to hold such office if he shall cease to hold the office of Director for any cause.

90. Notwithstanding Articles 95, 96, 97 and 98, an executive director appointed to an office under Article 89 hereof shall receive such remuneration (whether by way of salary, commission, participation in profits or otherwise or by all or any of those modes) and such other benefits (including pension and/or gratuity and/or other benefits on retirement) and allowances as the Board may from time to time determine, and either in addition to or in lieu of his remuneration as a Director.

<u>ALTERNATE DIRECTORS</u>

91. Any Director may at any time by Notice delivered to the Office or head office or at a meeting of the Directors appoint any person (including another Director) to be his alternate Director. Any person so appointed shall have all the rights and powers of the Director or Directors for whom such person is appointed in the alternative provided that such person shall not be counted more than once in determining whether or not a quorum is present. An alternate Director may be removed at any time by the body which appointed him and, subject thereto, the office of alternate Director shall continue until the happening of any event which, if he were a Director, would cause him to vacate such office or if his appointer ceases for any reason to be a Director. Any appointment or removal of an alternate Director shall be effected by Notice signed by the appointor and delivered to the Office or head office or tendered at a meeting of the Board. An alternate Director may also be a Director in his own right and may act as alternate to more than one Director. An alternate Director shall, if his appointor so requests, be entitled to receive notices of meetings of the Board or of committees of the Board to the same extent as, but in lieu of, the Director appointing him and shall be entitled to such extent to attend and vote as a Director at any such meeting at which the Director appointing him is not personally present and generally at such meeting to exercise and discharge all the functions, powers and duties of his appointor as a Director and for the purposes of the proceedings at such meeting the provisions of these Articles shall apply as if he were a Director save that as an alternate for more than one Director his voting rights shall be cumulative.

92. An alternate Director shall only be a Director for the purposes of the Act and shall only be subject to the provisions of the Act insofar as they relate to the duties and obligations of a Director when performing the functions of the Director for whom he is appointed in the alternative and shall alone be responsible to the Company for his acts and defaults and shall not be deemed to be the agent of or for the Director appointing him. An alternate Director shall be entitled to contract and be interested in and benefit from contracts or arrangements or transactions and to be repaid expenses and to be indemnified by the Company to the same extent *mutatis mutandis* as if he were a Director but he shall not be entitled to receive from the Company any fee in his capacity as an alternate Director except only such part, if any, of the remuneration otherwise payable to his appointor as such appointor may by Notice to the Company from time to time direct.

93. Every person acting as an alternate Director shall have one vote for each Director for whom he acts as alternate (in addition to his own vote if he is also a Director). If his appointor is for the time being absent from the People's Republic of China or otherwise not available or unable to act, the signature of an alternate Director to any resolution in writing of the Board or a committee of the Board of which his appointor is a member shall, unless the notice of his appointment provides to the contrary, be as effective as the signature of his appointor.

94. An alternate Director shall ipso facto cease to be an alternate Director if his appointor ceases for any reason to be a Director, however, such alternate Director or any other person may be re-appointed by the Directors to serve as an alternate Director. PROVIDED always that, if at any meeting any Director retires but is re-elected at the same meeting, any appointment of such alternate Director pursuant to these Articles which was in force immediately before his retirement shall remain in force as though he had not retired.

<u>DIRECTORS' FEES AND EXPENSES</u>

95. The Directors shall receive such remuneration as the Board may from time to time determine. Each Director shall be entitled to be repaid or prepaid all traveling, hotel and incidental expenses reasonably incurred or expected to be incurred by him in attending meetings of the Board or committees of the board or general meetings or separate meetings of any class of shares or of debenture of the Company or otherwise in connection with the discharge of his duties as a Director.

96. Each Director shall be entitled to be repaid or prepaid all travelling, hotel and incidental expenses reasonably incurred or expected to be incurred by him in attending meetings of the Board or committees of the Board or general meetings or separate meetings of any class of shares or of debentures of the Company or otherwise in connection with the discharge of his duties as a Director.

97. Any Director who, by request, goes or resides abroad for any purpose of the Company or who performs services which in the opinion of the Board go beyond the ordinary duties of a Director may be paid such extra remuneration (whether by way of salary, commission, participation in profits or otherwise) as the Board may determine and such extra remuneration shall be in addition to or in substitution for any ordinary remuneration provided for by or pursuant to any other Article.

98. The Board shall determine any payment to any Director or past Director of the Company by way of compensation for loss of office, or as consideration for or in connection with his retirement from office (not being payment to which the Director is contractually entitled).

<u>DIRECTORS' INTERESTS</u>

99. A Director may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) hold any other office or place of profit with the Company (except that of Auditor) in conjunction with
his office of Director for such period and upon such terms as the Board may determine. Any remuneration (whether by way of salary, commission,
participation in profits or otherwise) paid to any Director in respect of any such other office or place of profit shall be in addition
to any remuneration provided for by or pursuant to any other Article;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) act by himself or his firm in a professional capacity for the Company (otherwise than as Auditor) and
he or his firm may be remunerated for professional services as if he were not a Director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) continue to be or become a director, managing director, joint managing director, deputy managing director,
executive director, manager or other officer or member of any other company promoted by the Company or in which the Company may be interested
as a vendor, shareholder or otherwise and (unless otherwise agreed) no such Director shall be accountable for any remuneration, profits
or other benefits received by him as a director, managing director, joint managing director, deputy managing director, executive director,
manager or other officer or member of or from his interests in any such other company. Subject as otherwise provided by these Articles
the Directors may exercise or cause to be exercised the voting powers conferred by the shares in any other company held or owned by the
Company, or exercisable by them as Directors of such other company in such manner in all respects as they think fit (including the exercise
thereof in favour of any resolution appointing themselves or any of them directors, managing directors, joint managing directors, deputy
managing directors, executive directors, managers or other officers of such company) or voting or providing for the payment of remuneration
to the director, managing director, joint managing director, deputy managing director, executive director, manager or other officers of
such other company and any Director may vote in favour of the exercise of such voting rights in manner aforesaid notwithstanding that
he may be, or about to be, appointed a director, managing director, joint managing director, deputy managing director, executive director,
manager or other officer of such a company, and that as such he is or may become interested in the exercise of such voting rights in manner
aforesaid.

Notwithstanding the foregoing, no Independent Director shall without the consent of the Audit Committee take any of the foregoing actions or any other action that would reasonably be likely to affect such Director's status as an Independent Director.

100. Subject to the Act and to these Articles, no Director or proposed or intending Director shall be disqualified by his office from contracting with the Company, either with regard to his tenure of any office or place of profit or as vendor, purchaser or in any other manner whatsoever, nor shall any such contract or any other contract or arrangement in which any Director is in any way interested be liable to be avoided, nor shall any Director so contracting or being so interested be liable to account to the Company or the Members for any remuneration, profit or other benefits realised by any such contract or arrangement by reason of such Director holding that office or of the fiduciary relationship thereby established provided that such Director shall disclose the nature of his interest in any contract or arrangement in which he is interested in accordance with Article 101 herein. Any such transaction that would reasonably be likely to affect a Director's status as an Independent Director, or that would constitute a "related party transaction" as defined by the rules and regulations of the Designated Stock Exchange or under applicable laws, shall require the approval of the Audit Committee.

101. A Director who to his knowledge is in any way, whether directly or indirectly, interested in a contract or arrangement or proposed contract or arrangement with the Company shall declare the nature of his interest at the meeting of the Board at which the question of entering into the contract or arrangement is first considered, if he knows his interest then exists, or in any other case at the first meeting of the Board after he knows that he is or has become so interested. For the purposes of this Article, a general Notice to the Board by a Director to the effect that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) he is a member or officer of a specified company or firm and is to be regarded as interested in any contract
or arrangement which may after the date of the Notice be made with that company or firm; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) he is to be regarded as interested in any contract or arrangement which may after the date of the Notice
be made with a specified person who is connected with him;

shall be deemed to be a sufficient declaration of interest under this Article in relation to any such contract or arrangement, provided that no such Notice shall be effective unless either it is given at a meeting of the Board or the Director takes reasonable steps to secure that it is brought up and read at the next Board meeting after it is given.

102. Following a declaration being made pursuant to the last preceding two Articles, subject to any separate requirement for Audit Committee approval under applicable law or the rules and regulations of the Designated Stock Exchange, and unless disqualified by the chairman of the relevant Board meeting, a Director may vote in respect of any contract or proposed contract or arrangement in which such Director is interested and may be counted in the quorum at such meeting.

<u>GENERAL POWERS OF THE DIRECTORS</u>

103. (1) The business of the Company shall be managed and conducted by the Board, which may pay all expenses incurred in forming and registering the Company and may exercise all powers of the Company (whether relating to the management of the business of the Company or otherwise) which are not by the Statutes or by these Articles required to be exercised by the Company in general meeting, subject nevertheless to the provisions of the Statutes and of these Articles and to such regulations being not inconsistent with such provisions, as may be prescribed by the Company in general meeting, but no regulations made by the Company in general meeting shall invalidate any prior act of the Board which would have been valid if such regulations had not been made. The general powers given by this Article shall not be limited or restricted by any special authority or power given to the Board by any other Article.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Any person contracting or dealing with the Company in the ordinary course of business shall be entitled to rely on any written or oral contract or agreement or deed, document or instrument entered into or executed as the case may be by any one Director on behalf of the Company and the same shall be deemed to be validly entered into or executed by the Company as the case may be and shall, subject to any rule of law, be binding on the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Without prejudice to the general powers conferred by these Articles it is hereby expressly declared that the Board shall have the following powers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to give to any person the right or option of requiring at a future date that an allotment shall be made
to him of any share at par or at such premium as may be agreed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to give to any Directors, officers or employees of the Company an interest in any particular business
or transaction or participation in the profits thereof or in the general profits of the Company either in addition to or in substitution
for a salary or other remuneration; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to resolve that the Company be deregistered in the Cayman Islands and continued in a named jurisdiction
outside the Cayman Islands subject to the provisions of the Act.

104. The Board may establish any regional or local boards or agencies for managing any of the affairs of the Company in any place, and may appoint any persons to be members of such local boards, or any managers or agents, and may fix their remuneration (either by way of salary or by commission or by conferring the right to participation in the profits of the Company or by a combination of two or more of these modes) and pay the working expenses of any staff employed by them upon the business of the Company. The Board may delegate to any regional or local board, manager or agent any of the powers, authorities and discretions vested in or exercisable by the Board (other than its powers to make calls and forfeit shares), with power to sub-delegate, and may authorise the members of any of them to fill any vacancies therein and to act notwithstanding vacancies. Any such appointment or delegation may be made upon such terms and subject to such conditions as the Board may think fit, and the Board may remove any person appointed as aforesaid, and may revoke or vary such delegation, but no person dealing in good faith and without notice of any such revocation or variation shall be affected thereby.

105. The Board may by power of attorney appoint any company, firm or person or any fluctuating body of persons, whether nominated directly or indirectly by the Board, to be the attorney or attorneys of the Company for such purposes and with such powers, authorities and discretions (not exceeding those vested in or exercisable by the Board under these Articles) and for such period and subject to such conditions as it may think fit, and any such power of attorney may contain such provisions for the protection and convenience of persons dealing with any such attorney as the Board may think fit, and may also authorise any such attorney to sub-delegate all or any of the powers, authorities and discretions vested in him. Such attorney or attorneys may, if so authorised under the Seal of the Company, execute any deed or instrument under their personal seal with the same effect as the affixation of the Company's Seal.

106. The Board may entrust to and confer upon a managing director, joint managing director, deputy managing director, an executive director or any Director any of the powers exercisable by it upon such terms and conditions and with such restrictions as it thinks fit, and either collaterally with, or to the exclusion of, its own powers, and may from time to time revoke or vary all or any of such powers but no person dealing in good faith and without notice of such revocation or variation shall be affected thereby.

107. All cheques, promissory notes, drafts, bills of exchange and other instruments, whether negotiable or transferable or not, and all receipts for moneys paid to the Company shall be signed, drawn, accepted, endorsed or otherwise executed, as the case may be, in such manner as the Board shall from time to time by resolution determine. The Company's banking accounts shall be kept with such banker or bankers as the Board shall from time to time determine.

108. (1) The Board may establish or concur or join with other companies (being subsidiary companies of the Company or companies with which it is associated in business) in establishing and making contributions out of the Company's moneys to any schemes or funds for providing pensions, sickness or compassionate allowances, life assurance or other benefits for employees (which expression as used in this and the following paragraph shall include any Director or ex-Director who may hold or have held any executive office or any office of profit under the Company or any of its subsidiary companies) and ex-employees of the Company and their dependants or any class or classes of such person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Board may pay, enter into agreements to pay or make grants of revocable or irrevocable pensions or other benefits to employees and ex-employees and their dependants, or to any of such persons, including pensions or benefits additional to those, if any, to which such employees or ex-employees or their dependants are or may become entitled under any such scheme or fund as mentioned in the last preceding paragraph. Any such pension or benefit may, as the Board considers desirable, be granted to an employee either before and in anticipation of or upon or at any time after his actual retirement, and may be subject or not subject to any terms or conditions as the Board may determine.

<u>BORROWING POWERS</u>

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

110. Debentures, bonds and other securities may be made assignable free from any equities between the Company and the person to whom the same may be issued.

111. Any debentures, bonds or other securities may be issued at a discount (other than shares), premium or otherwise and with any special privileges as to redemption, surrender, drawings, allotment of shares, attending and voting at general meetings of the Company, appointment of Directors and otherwise.

112. (1) Where any uncalled capital of the Company is charged, all persons taking any subsequent charge thereon shall take the same subject to such prior charge, and shall not be entitled, by notice to the Members or otherwise, to obtain priority over such prior charge.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Board shall cause a proper register to be kept, in accordance with the provisions of the Act, of all charges specifically affecting the property of the Company and of any series of debentures issued by the Company and shall duly comply with the requirements of the Act in regard to the registration of charges and debentures therein specified and otherwise.

<u>PROCEEDINGS OF THE DIRECTORS</u>

113. The Board may meet for the despatch of business, adjourn and otherwise regulate its meetings as it considers appropriate. Questions arising at any meeting shall be determined by a majority of votes. In the case of any equality of votes the chairman of the meeting shall have an additional or casting vote.

114. A meeting of the Board may be convened by the Secretary on request of a Director or by any Director. The Secretary shall convene a meeting of the Board of which notice may be given in writing or by telephone or in such other manner as the Board may from time to time determine whenever he shall be required so to do by the president or chairman, as the case may be, or any Director.

115. (1) The quorum necessary for the transaction of the business of the Board may be fixed by the Board and, unless so fixed at any other number, shall be two (2) of the Board. An alternate Director shall be counted in a quorum in the case of the absence of a Director for whom he is the alternate provided that he shall not be counted more than once for the purpose of determining whether or not a quorum is present.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Directors may participate in any meeting of the Board by means of a conference telephone or other communications equipment through which all persons participating in the meeting can communicate with each other simultaneously and instantaneously and, for the purpose of counting a quorum, such participation shall constitute presence at a meeting as if those participating were present in person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Any Director who ceases to be a Director at a Board meeting may continue to be present and to act as a Director and be counted in the quorum until the termination of such Board meeting if no other Director objects and if otherwise a quorum of Directors would not be present.

116. The continuing Directors or a sole continuing Director may act notwithstanding any vacancy in the Board but, if and so long as the number of Directors is reduced below the minimum number fixed by or in accordance with these Articles as the quorum, the continuing Directors or Director, notwithstanding that the number of Directors is below the number fixed by or in accordance with these Articles as the quorum or that there is only one continuing Director, may act for the purpose of filling vacancies in the Board or of summoning general meetings of the Company but not for any other purpose.

117. The Chairman of the Board shall be the chairman of all meetings of the Board. If the Chairman of the Board is not present at any meeting within five (5) minutes after the time appointed for holding the same, the Directors present may choose one of their number to be chairman of the meeting.

118. A meeting of the Board at which a quorum is present shall be competent to exercise all the powers, authorities and discretions for the time being vested in or exercisable by the Board.

119. (1) The Board may delegate any of its powers, authorities and discretions to committees (including, without limitation, the Audit Committee), consisting of such Director or Directors and other persons as it thinks fit, and they may, from time to time, revoke such delegation or revoke the appointment of and discharge any such committees either wholly or in part, and either as to persons or purposes. Any committee so formed shall, in the exercise of the powers, authorities and discretions so delegated, conform to any regulations which may be imposed on it by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) All acts done by any such committee in conformity with such regulations, and in fulfilment of the purposes for which it was appointed, but not otherwise, shall have like force and effect as if done by the Board, and the Board (or if the Board delegates such power, the committee) shall have power to remunerate the members of any such committee, and charge such remuneration to the current expenses of the Company.

120. The meetings and proceedings of any committee consisting of two or more members shall be governed by the provisions contained in these Articles for regulating the meetings and proceedings of the Board so far as the same are applicable and are not superseded by any regulations imposed by the Board under the last preceding Article, indicating, without limitation, any committee charter adopted by the Board for purposes or in respect of any such committee.

121. A resolution in writing signed by all the Directors except such as are temporarily unable to act through ill-health or disability shall (provided that such number is sufficient to constitute a quorum and further provided that a copy of such resolution has been given or the contents thereof communicated to all the Directors for the time being entitled to receive notices of Board meetings in the same manner as notices of meetings are required to be given by these Articles) be as valid and effectual as if a resolution had been passed at a meeting of the Board duly convened and held. Such resolution may be contained in one document or in several documents in like form each signed by one or more of the Directors and for this purpose a facsimile signature of a Director shall be treated as valid.

122. All acts bona fide done by the Board or by any committee or by any person acting as a Director or members of a committee, shall, notwithstanding that it is afterwards discovered that there was some defect in the appointment of any member of the Board or such committee or person acting as aforesaid or that they or any of them were disqualified or had vacated office, be as valid as if every such person had been duly appointed and was qualified and had continued to be a Director or member of such committee.

<u>AUDIT COMMITTEE</u>

123. Without prejudice to the freedom of the Directors to establish any other committees, for so long as the shares of the Company (or depositary receipts therefor) are listed or quoted on the Designated Stock Exchange, the Board shall establish and maintain an Audit Committee as a committee of the Board, the composition and responsibilities of which shall comply with the rules and regulations of the Designated Stock Exchange and the rules and regulations of the SEC.

124. The Board shall adopt a formal written audit committee charter and review and assess the adequacy of the formal written charter on an annual basis.

125. For so long as the shares of the Company (or depositary receipts therefor) are listed or quoted on the Designated Stock Exchange, the Company shall conduct an appropriate review of all related party transactions on an ongoing basis and shall utilize the Audit Committee for the review and approval of potential conflicts of interest in accordance with the audit committee charter.

<u>OFFICERS</u>

126. (1) The officers of the Company shall consist of the Chairman of the Board, the Directors and Secretary and such additional officers (who may or may not be Directors) as the Board may from time to time determine, all of whom shall be deemed to be officers for the purposes of the Act and these Articles. In addition to the officers of the Company, the Board may also from time to time determine and appoint managers and delegate to the same such powers and duties as are prescribed by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Directors shall, as soon as may be after each appointment or election of Directors, elect amongst the Directors a chairman and if more than one Director is proposed for this office, the election to such office shall take place in such manner as the Directors may determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The officers shall receive such remuneration as the Directors may from time to time determine.

127. (1) The Secretary and additional officers, if any, shall be appointed by the Board and shall hold office on such terms and for such period as the Board may determine. If thought fit, two or more persons may be appointed as joint Secretaries. The Board may also appoint from time to time on such terms as it thinks fit one or more assistant or deputy Secretaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Secretary shall attend all meetings of the Members and shall keep correct minutes of such meetings and enter the same in the proper books provided for the purpose. He shall perform such other duties as are prescribed by the Act or these Articles or as may be prescribed by the Board.

128. The officers of the Company shall have such powers and perform such duties in the management, business and affairs of the Company as may be delegated to them by the Directors from time to time.

129. A provision of the Act or of these Articles requiring or authorising a thing to be done by or to a Director and the Secretary shall not be satisfied by its being done by or to the same person acting both as Director and as or in place of the Secretary.

<u>REGISTER OF DIRECTORS AND OFFICERS</u>

130. The Company shall cause to be kept in one or more books at its Office a Register of Directors and Officers in which there shall be entered the full names and addresses of the Directors and Officers and such other particulars as required by the Act or as the Directors may determine. The Company shall send to the Registrar of Companies in the Cayman Islands a copy of such register, and shall from time to time notify to the said Registrar of any change that takes place in relation to such Directors and Officers as required by the Act.

<u>MINUTES</u>

131. (1) The Board shall cause minutes to be duly entered in books provided for the purpose:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) of all elections and appointments of officers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) of the names of the Directors present at each meeting of the Directors and of any committee of the Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) of all resolutions and proceedings of each general meeting of the Members, meetings of the Board and meetings
of committees of the Board and where there are managers, of all proceedings of meetings of the managers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Minutes shall be kept by the Secretary at the Office.

<u>SEAL</u>

132. (1) The Company shall have one or more Seals, as the Board may determine. For the purpose of sealing documents creating or evidencing securities issued by the Company, the Company may have a securities seal which is a facsimile of the Seal of the Company with the addition of the word "Securities" on its face or in such other form as the Board may approve. The Board shall provide for the custody of each Seal and no Seal shall be used without the authority of the Board or of a committee of the Board authorised by the Board in that behalf. Subject as otherwise provided in these Articles, any instrument to which a Seal is affixed shall be signed autographically by one Director or by such other person (including a Director) or persons as the Board may appoint, either generally or in any particular case, save that as regards any certificates for shares or debentures or other securities of the Company the Board may by resolution determine that such signatures or either of them shall be dispensed with or affixed by some method or system of mechanical signature. Every instrument executed in manner provided by this Article 132 shall be deemed to be sealed and executed with the authority of the Board previously given.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Where the Company has a Seal for use abroad, the Board may by writing under the Seal appoint any agent or committee abroad to be the duly authorised agent of the Company for the purpose of affixing and using such Seal and the Board may impose restrictions on the use thereof as may be thought fit. Wherever in these Articles reference is made to the Seal, the reference shall, when and so far as may be applicable, be deemed to include any such other Seal as aforesaid.

<u>AUTHENTICATION OF DOCUMENTS</u>

133. Any Director or the Secretary or any person appointed by the Board for the purpose may authenticate any documents affecting the constitution of the Company and any resolution passed by the Company or the Board or any committee, and any books, records, documents and accounts relating to the business of the Company, and to certify copies thereof or extracts therefrom as true copies or extracts, and if any books, records, documents or accounts are elsewhere than at the Office or the head office the local manager or other officer of the Company having the custody thereof shall be deemed to be a person so appointed by the Board. A document purporting to be a copy of a resolution, or an extract from the minutes of a meeting, of the Company or of the Board or any committee which is so certified shall be conclusive evidence in favour of all persons dealing with the Company upon the faith thereof that such resolution has been duly passed or, as the case may be, that such minutes or extract is a true and accurate record of proceedings at a duly constituted meeting.

<u>DESTRUCTION OF DOCUMENTS</u>

134. (1) The Company shall be entitled to destroy the following documents at the following times:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any share certificate which has been cancelled at any time after the expiry of one (1) year from the date
of such cancellation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any dividend mandate or any variation or cancellation thereof or any notification of change of name or
address at any time after the expiry of two (2) years from the date such mandate variation cancellation or notification was recorded by
the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any instrument of transfer of shares which has been registered at any time after the expiry of seven (7)
years from the date of registration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any allotment letters after the expiry of seven (7) years from the date of issue thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) copies of powers of attorney, grants of probate and letters of administration at any time after the expiry
of seven (7) years after the account to which the relevant power of attorney, grant of probate or letters of administration related has
been closed;

and it shall conclusively be presumed in favour of the Company that every entry in the Register purporting to be made on the basis of any such documents so destroyed was duly and properly made and every share certificate so destroyed was a valid certificate duly and properly cancelled and that every instrument of transfer so destroyed was a valid and effective instrument duly and properly registered and that every other document destroyed hereunder was a valid and effective document in accordance with the recorded particulars thereof in the books or records of the Company. Provided always that: (1) the foregoing provisions of this Article 134 shall apply only to the destruction of a document in good faith and without express notice to the Company that the preservation of such document was relevant to a claim; (2) nothing contained in this Article 134 shall be construed as imposing upon the Company any liability in respect of the destruction of any such document earlier than as aforesaid or in any case where the conditions of proviso (1) above are not fulfilled; and (3) references in this Article 134 to the destruction of any document include references to its disposal in any manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Notwithstanding any provision contained in these Articles, the Directors may, if permitted by applicable law, authorise the destruction of documents set out in sub-paragraphs (a) to (e) of paragraph (1) of this Article 134 and any other documents in relation to share registration which have been microfilmed or electronically stored by the Company or by the share registrar on its behalf provided always that this Article shall apply only to the destruction of a document in good faith and without express notice to the Company and its share registrar that the preservation of such document was relevant to a claim.

<u>DIVIDENDS AND OTHER PAYMENTS</u>

135. Subject to the Act, the Board may from time to time declare dividends in any currency to be paid to the Members.

136. Dividends may be declared and paid out of the profits of the Company, realised or unrealised, or from any reserve set aside from profits which the Directors determine is no longer needed. The Board may also declare and pay dividends out of share premium account or any other fund or account which can be authorised for this purpose in accordance with the Act.

137. Except in so far as the rights attaching to, or the terms of issue of, any share otherwise provide:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all dividends shall be declared and paid according to the amounts paid up on the shares in respect of
which the dividend is paid, but no amount paid up on a share in advance of calls shall be treated for the purposes of this Article as
paid up on the share; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all dividends shall be apportioned and paid pro rata according to the amounts paid up on the shares during
any portion or portions of the period in respect of which the dividend is paid.

138. The Board may from time to time pay to the Members such interim dividends as appear to the Board to be justified by the profits of the Company and in particular (but without prejudice to the generality of the foregoing) if at any time the share capital of the Company is divided into different classes, the Board may pay such interim dividends in respect of those shares in the capital of the Company which confer on the holders thereof deferred or non-preferential rights as well as in respect of those shares which confer on the holders thereof preferential rights with regard to dividend and provided that the Board acts bona fide the Board shall not incur any responsibility to the holders of shares conferring any preference for any damage that they may suffer by reason of the payment of an interim dividend on any shares having deferred or non-preferential rights and may also pay any fixed dividend which is payable on any shares of the Company half-yearly or on any other dates, whenever such profits, in the opinion of the Board, justifies such payment.

139. The Board may deduct from any dividend or other moneys payable to a Member by the Company on or in respect of any shares all sums of money (if any) presently payable by him to the Company on account of calls or otherwise.

140. No dividend or other moneys payable by the Company on or in respect of any share shall bear interest against the Company.

141. Any dividend, interest or other sum payable in cash to the holder of shares may be paid by cheque or warrant sent through the post addressed to the holder at his registered address or, in the case of joint holders, addressed to the holder whose name stands first in the Register in respect of the shares at his address as appearing in the Register or addressed to such person and at such address as the holder or joint holders may in writing direct. Every such cheque or warrant shall, unless the holder or joint holders otherwise direct, be made payable to the order of the holder or, in the case of joint holders, to the order of the holder whose name stands first on the Register in respect of such shares, and shall be sent at his or their risk and payment of the cheque or warrant by the bank on which it is drawn shall constitute a good discharge to the Company notwithstanding that it may subsequently appear that the same has been stolen or that any endorsement thereon has been forged. Any one of two or more joint holders may give effectual receipts for any dividends or other moneys payable or property distributable in respect of the shares held by such joint holders.

142. All dividends or bonuses unclaimed for one (1) year after having been declared may be invested or otherwise made use of by the Board for the benefit of the Company until claimed. Any dividend or bonuses unclaimed after a period of six (6) years from the date of declaration shall be forfeited and shall revert to the Company. The payment by the Board of any unclaimed dividend or other sums payable on or in respect of a share into a separate account shall not constitute the Company a trustee in respect thereof.

143. Whenever the Board has resolved that a dividend be paid or declared, the Board may further resolve that such dividend be satisfied wholly or in part by the distribution of specific assets of any kind and in particular of paid up shares, debentures or warrants to subscribe securities of the Company or any other company, or in any one or more of such ways, and where any difficulty arises in regard to the distribution the Board may settle the same as it thinks expedient, and in particular may issue certificates in respect of fractions of shares, disregard fractional entitlements or round the same up or down, and may fix the value for distribution of such specific assets, or any part thereof, and may determine that cash payments shall be made to any Members upon the basis of the value so fixed in order to adjust the rights of all parties, and may vest any such specific assets in trustees as may seem expedient to the Board and may appoint any person to sign any requisite instruments of transfer and other documents on behalf of the persons entitled to the dividend, and such appointment shall be effective and binding on the Members. The Board may resolve that no such assets shall be made available to Members with registered addresses in any particular territory or territories where, in the absence of a registration statement or other special formalities, such distribution of assets would or might, in the opinion of the Board, be unlawful or impracticable and in such event the only entitlement of the Members aforesaid shall be to receive cash payments as aforesaid. Members affected as a result of the foregoing sentence shall not be or be deemed to be a separate class of Members for any purpose whatsoever.

144. (1) Whenever the Board has resolved that a dividend be paid or declared on any class of the share capital of the Company, the Board may further resolve either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that such dividend be satisfied wholly or in part in the form of an allotment of shares credited as fully
paid up, provided that the Members entitled thereto will be entitled to elect to receive such dividend (or part thereof if the Board so
determines) in cash in lieu of such allotment. In such case, the following provisions shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the basis of any such allotment shall be determined by the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Board, after determining the basis of allotment, shall give not less than ten (10) days' Notice
to the holders of the relevant shares of the right of election accorded to them and shall send with such notice forms of election and
specify the procedure to be followed and the place at which and the latest date and time by which duly completed forms of election must
be lodged in order to be effective;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the right of election may be exercised in respect of the whole or part of that portion of the dividend
in respect of which the right of election has been accorded; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the dividend (or that part of the dividend to be satisfied by the allotment of shares as aforesaid) shall
not be payable in cash on shares in respect whereof the cash election has not been duly exercised ("the non-elected shares")
and in satisfaction thereof shares of the relevant class shall be allotted credited as fully paid up to the holders of the non-elected
shares on the basis of allotment determined as aforesaid and for such purpose the Board shall capitalise and apply out of any part of
the undivided profits of the Company (including profits carried and standing to the credit of any reserves or other special account, share
premium account, capital redemption reserve other than the Subscription Rights Reserve) as the Board may determine, such sum as may be
required to pay up in full the appropriate number of shares of the relevant class for allotment and distribution to and amongst the holders
of the non-elected shares on such basis; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that the Members entitled to such dividend shall be entitled to elect to receive an allotment of shares
credited as fully paid up in lieu of the whole or such part of the dividend as the Board may think fit. In such case, the following provisions
shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the basis of any such allotment shall be determined by the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Board, after determining the basis of allotment, shall give not less than ten (10) days' Notice
to the holders of the relevant shares of the right of election accorded to them and shall send with such notice forms of election and
specify the procedure to be followed and the place at which and the latest date and time by which duly completed forms of election must
be lodged in order to be effective;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the right of election may be exercised in respect of the whole or part of that portion of the dividend
in respect of which the right of election has been accorded; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the dividend (or that part of the dividend in respect of which a right of election has been accorded)
shall not be payable in cash on shares in respect whereof the share election has been duly exercised ("the elected shares")
and in lieu thereof shares of the relevant class shall be allotted credited as fully paid up to the holders of the elected shares on the
basis of allotment determined as aforesaid and for such purpose the Board shall capitalise and apply out of any part of the undivided
profits of the Company (including profits carried and standing to the credit of any reserves or other special account, share premium account,
capital redemption reserve other than the Subscription Rights Reserve) as the Board may determine, such sum as may be required to pay
up in full the appropriate number of shares of the relevant class for allotment and distribution to and amongst the holders of the elected
shares on such basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) (a) The shares allotted pursuant to the provisions of paragraph (1) of this Article 144 shall rank *pari passu* in all respects with shares of the same class (if any) then in issue save only as regards participation in the relevant
dividend or in any other distributions, bonuses or rights paid, made, declared or announced prior to or contemporaneously with the payment
or declaration of the relevant dividend unless, contemporaneously with the announcement by the Board of their proposal to apply the provisions
of sub-paragraph (a) or (b) of paragraph (2) of this Article 144 in relation to the relevant dividend or contemporaneously with their
announcement of the distribution, bonus or rights in question, the Board shall specify that the shares to be allotted pursuant to the
provisions of paragraph (1) of this Article shall rank for participation in such distribution, bonus or rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Board may do all acts and things considered necessary or expedient to give effect to any capitalisation
pursuant to the provisions of paragraph (1) of this Article 144, with full power to the Board to make such provisions as it thinks fit
in the case of shares becoming distributable in fractions (including provisions whereby, in whole or in part, fractional entitlements
are aggregated and sold and the net proceeds distributed to those entitled, or are disregarded or rounded up or down or whereby the benefit
of fractional entitlements accrues to the Company rather than to the Members concerned). The Board may authorise any person to enter into
on behalf of all Members interested, an agreement with the Company providing for such capitalisation and matters incidental thereto and
any agreement made pursuant to such authority shall be effective and binding on all concerned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The Board may determine and resolve in respect of any one particular dividend of the Company that notwithstanding the provisions of paragraph (1) of this Article 144 a dividend may be satisfied wholly in the form of an allotment of shares credited as fully paid up without offering any right to shareholders to elect to receive such dividend in cash in lieu of such allotment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The Board may on any occasion determine that rights of election and the allotment of shares under paragraph (1) of this Article 144 shall not be made available or made to any shareholders with registered addresses in any territory where, in the absence of a registration statement or other special formalities, the circulation of an offer of such rights of election or the allotment of shares would or might, in the opinion of the Board, be unlawful or impracticable, and in such event the provisions aforesaid shall be read and construed subject to such determination. Members affected as a result of the foregoing sentence shall not be or be deemed to be a separate class of Members for any purpose whatsoever.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Any resolution declaring a dividend on shares of any class by the Board, may specify that the same shall be payable or distributable to the persons registered as the holders of such shares at the close of business on a particular date, notwithstanding that it may be a date prior to that on which the resolution is passed, and thereupon the dividend shall be payable or distributable to them in accordance with their respective holdings so registered, but without prejudice to the rights inter se in respect of such dividend of transferors and transferees of any such shares. The provisions of this Article shall *mutatis mutandis* apply to bonuses, capitalisation issues, distributions of realised capital profits or offers or grants made by the Company to the Members.

<u>RESERVES</u>

145. (1) The Board shall establish an account to be called the share premium account and shall carry to the credit of such account from time to time a sum equal to the amount or value of the premium paid on the issue of any share in the Company. Unless otherwise provided by the provisions of these Articles, the Board may apply the share premium account in any manner permitted by the Act. The Company shall at all times comply with the provisions of the Act in relation to the share premium account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Before recommending any dividend, the Board may set aside out of the profits of the Company such sums as it determines as reserves which shall, at the discretion of the Board, be applicable for any purpose to which the profits of the Company may be properly applied and pending such application may, also at such discretion, either be employed in the business of the Company or be invested in such investments as the Board may from time to time think fit and so that it shall not be necessary to keep any investments constituting the reserve or reserves separate or distinct from any other investments of the Company. The Board may also without placing the same to reserve carry forward any profits which it may think prudent not to distribute.

<u>CAPITALISATION</u>

146. The Company may, upon the recommendation of the Board, at any time and from time to time pass an ordinary resolution to the effect that it is desirable to capitalise all or any part of any amount for the time being standing to the credit of any reserve or fund (including a share premium account and capital redemption reserve and the profit and loss account) whether or not the same is available for distribution and accordingly that such amount be set free for distribution among the Members or any class of Members who would be entitled thereto if it were distributed by way of dividend and in the same proportions, on the basis that the same is not paid in cash but is applied either in or towards paying up the amounts for the time being unpaid on any shares in the Company held by such Members respectively or in paying up in full unissued shares, debentures or other obligations of the Company, to be allotted and distributed credited as fully paid up among such Members, or partly in one way and partly in the other, and the Board shall give effect to such resolution provided that, for the purposes of this Article 146, a share premium account and any capital redemption reserve or fund representing unrealised profits, may be applied only in paying up in full unissued shares of the Company to be allotted to such Members credited as fully paid.

147. The Board may settle, as it considers appropriate, any difficulty arising in regard to any distribution and in particular may issue certificates in respect of fractions of shares or authorise any person to sell and transfer any fractions or may resolve that the distribution should be as nearly as may be practicable in the correct proportion but not exactly so or may ignore fractions altogether, and may determine that cash payments shall be made to any Members in order to adjust the rights of all parties, as may seem expedient to the Board. The Board may appoint any person to sign on behalf of the persons entitled to participate in the distribution any contract necessary or desirable for giving effect thereto and such appointment shall be effective and binding upon the Members.

<u>SUBSCRIPTION RIGHTS RESERVE</u>

148. The following provisions shall have effect to the extent that they are not prohibited by and are in compliance with the Act:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) If, so long as any of the rights attached to any warrants issued by the Company to subscribe for shares of the Company shall remain exercisable, the Company does any act or engages in any transaction which, as a result of any adjustments to the subscription price in accordance with the provisions of the conditions of the warrants, would reduce the subscription price to below the par value of a share, then the following provisions shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as from the date of such act or transaction the Company shall establish and thereafter (subject as provided
in this Article 148) maintain in accordance with the provisions of this Article 148 a reserve (the "Subscription Rights Reserve")
the amount of which shall at no time be less than the sum which for the time being would be required to be capitalised and applied in
paying up in full the nominal amount of the additional shares required to be issued and allotted credited as fully paid pursuant to sub-paragraph
(c) below on the exercise in full of all the subscription rights outstanding and shall apply the Subscription Rights Reserve in paying
up such additional shares in full as and when the same are allotted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Subscription Rights Reserve shall not be used for any purpose other than that specified above unless
all other reserves of the Company (other than share premium account) have been extinguished and will then only be used to make good losses
of the Company if and so far as is required by law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) upon the exercise of all or any of the subscription rights represented by any warrant, the relevant subscription
rights shall be exercisable in respect of a nominal amount of shares equal to the amount in cash which the holder of such warrant is required
to pay on exercise of the subscription rights represented thereby (or, as the case may be the relevant portion thereof in the event of
a partial exercise of the subscription rights) and, in addition, there shall be allotted in respect of such subscription rights to the
exercising warrantholder, credited as fully paid, such additional nominal amount of shares as is equal to the difference between:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the said amount in cash which the holder of such warrant is required to pay on exercise of the subscription
rights represented thereby (or, as the case may be, the relevant portion thereof in the event of a partial exercise of the subscription
rights); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the nominal amount of shares in respect of which such subscription rights would have been exercisable
having regard to the provisions of the conditions of the warrants, had it been possible for such subscription rights to represent the
right to subscribe for shares at less than par and immediately upon such exercise so much of the sum standing to the credit of the Subscription
Rights Reserve as is required to pay up in full such additional nominal amount of shares shall be capitalised and applied in paying up
in full such additional nominal amount of shares which shall forthwith be allotted credited as fully paid to the exercising warrantholders;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if, upon the exercise of the subscription rights represented by any warrant, the amount standing to the
credit of the Subscription Rights Reserve is not sufficient to pay up in full such additional nominal amount of shares equal to such difference
as aforesaid to which the exercising warrantholder is entitled, the Board shall apply any profits or reserves then or thereafter becoming
available (including, to the extent permitted by law, share premium account) for such purpose until such additional nominal amount of
shares is paid up and allotted as aforesaid and until then no dividend or other distribution shall be paid or made on the fully paid shares
of the Company then in issue. Pending such payment and allotment, the exercising warrantholder shall be issued by the Company with a certificate
evidencing his right to the allotment of such additional nominal amount of shares. The rights represented by any such certificate shall
be in registered form and shall be transferable in whole or in part in units of one share in the like manner as the shares for the time
being are transferable, and the Company shall make such arrangements in relation to the maintenance of a register therefor and other matters
in relation thereto as the Board may think fit and adequate particulars thereof shall be made known to each relevant exercising warrantholder
upon the issue of such certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Shares allotted pursuant to the provisions of this Article shall rank *pari passu* in all respects with the other shares allotted on the relevant exercise of the subscription rights represented by the warrant concerned. Notwithstanding anything contained in paragraph (1) of this Article, no fraction of any share shall be allotted on exercise of the subscription rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The provision of this Article as to the establishment and maintenance of the Subscription Rights Reserve shall not be altered or added to in any way which would vary or abrogate, or which would have the effect of varying or abrogating the provisions for the benefit of any warrantholder or class of warrantholders under this Article without the sanction of a special resolution of such warrantholders or class of warrantholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) A certificate or report by the auditors for the time being of the Company as to whether or not the Subscription Rights Reserve is required to be established and maintained and if so the amount thereof so required to be established and maintained, as to the purposes for which the Subscription Rights Reserve has been used, as to the extent to which it has been used to make good losses of the Company, as to the additional nominal amount of shares required to be allotted to exercising warrantholders credited as fully paid, and as to any other matter concerning the Subscription Rights Reserve shall (in the absence of manifest error) be conclusive and binding upon the Company and all warrantholders and shareholders.

<u>ACCOUNTING RECORDS</u>

149. The Board shall cause true accounts to be kept of the sums of money received and expended by the Company, and the matters in respect of which such receipt and expenditure take place, and of the property, assets, credits and liabilities of the Company and of all other matters required by the Act or necessary to give a true and fair view of the Company's affairs and to explain its transactions.

150. The accounting records shall be kept at the Office or, at such other place or places as the Board decides and shall always be open to inspection by the Directors. No Member (other than a Director) shall have any right of inspecting any accounting record or book or document of the Company except as conferred by law or authorised by the Board or the Company in general meeting.

151. Subject to Article 152, a printed copy of the Directors' report, accompanied by the balance sheet and profit and loss account, including every document required by law to be annexed thereto, made up to the end of the applicable financial year and containing a summary of the assets and liabilities of the Company under convenient heads and a statement of income and expenditure, together with a copy of the Auditors' report, shall be sent to each person entitled thereto in any manner set out in Article 160 every year. The Directors shall have the discretion to lay these documents before the Company at any annual general meeting held in accordance with Article 57 in which case, the documents shall be sent to each person entitled thereto at least ten (10) days before the date of the general meeting. This Article shall not require a copy of those documents to be sent to any person whose address the Company is not aware or to more than one of the joint holders of any shares or debentures.

152. Subject to due compliance with all applicable Statutes, rules and regulations, including, without limitation, the rules and regulations of the Designated Stock Exchange, and to obtaining all necessary consents, if any, required thereunder, the requirements of Article 151 shall be deemed satisfied in relation to any person by sending to the person in any manner not prohibited by the Statutes, a summarised financial statements derived from the Company's annual accounts and the directors' report which shall be in the form and containing the information required by applicable laws and regulations, provided that any person who is otherwise entitled to the annual financial statements of the Company and the directors' report thereon may, if he so requires by notice in writing served on the Company, demand that the Company sends to him, in addition to a summarised financial statements, a complete printed copy of the Company's annual financial statement and the directors' report thereon.

153. The requirement to send to a person referred to in Article 151 the documents referred to in that article or a summary financial report in accordance with Article 152 shall be deemed satisfied where, in accordance with all applicable Statutes, rules and regulations, including, without limitation, the rules and regulations of the Designated Stock Exchange, the Company publishes copies of the documents referred to in Article 151 and, if applicable, a summary financial report complying with Article 152, by placing it on the Company's website or in any other manner (including by sending any form of electronic communication) permitted by Article 160.

<u>AUDIT</u>

154. Subject to applicable law and rules and regulations of the Designated Stock Exchange, the Board shall appoint an Auditor to audit the accounts of the Company and such auditor shall hold office until removed from office by a resolution of the Directors. Such auditor may be a Member but no Director or officer or employee of the Company shall, during his continuance in office, be eligible to act as an Auditor.

155. Subject to the Act the accounts of the Company shall be audited at least once in every year.

156. The remuneration of the Auditor shall be determine by the Audit Committee or, in the absence of such Audit Committee, by the Board.

157. The Board may remove the Auditor at any time before the expiration of his term of office and may by resolution appoint another Auditor in his stead.

158. The Auditor shall at all reasonable times have access to all books kept by the Company and to all accounts and vouchers relating thereto; and he may call on the Directors or officers of the Company for any information in their possession relating to the books or affairs of the Company.

159. The statement of income and expenditure and the balance sheet provided for by these Articles shall be examined by the Auditor and compared by him with the books, accounts and vouchers relating thereto; and he shall make a written report thereon stating whether such statement and balance sheet are drawn up so as to present fairly the financial position of the Company and the results of its operations for the period under review and, in case information shall have been called for from Directors or officers of the Company, whether the same has been furnished and has been satisfactory. The financial statements of the Company shall be audited by the Auditor in accordance with generally accepted auditing standards. The Auditor shall make a written report thereon in accordance with generally accepted auditing standards and the report of the Auditor shall be submitted to the Audit Committee. The generally accepted auditing standards referred to herein may be those of a country or jurisdiction other than the Cayman Islands. If so, the financial statements and the report of the Auditor should disclose this fact and name such country or jurisdiction.

<u>NOTICES</u>

160. Any Notice or document, whether or not, to be given or issued under these Articles from the Company to a Member shall be in writing or by cable, telex or facsimile transmission message or other form of electronic transmission or electronic communication and any such Notice and document may be served or delivered by the Company on or to any Member either (i) personally or (ii) by sending it through the post in a prepaid envelope addressed to such Member at his registered address as appearing in the Register or at any other address supplied by him to the Company for the purpose or (iii) by transmitting it to any such address or transmitting it to any telex or facsimile transmission number or electronic number or electronic address or website supplied by him to the Company for the giving of Notice or documents to him or which the person transmitting the notice or document reasonably and bona fide believes at the relevant time will result in the Notice or document being duly received by the Member or (iv) may also be served by advertisement in appropriate newspapers in accordance with the requirements of the Designated Stock Exchange or (v) to the extent permitted by all applicable Statutes, rules and regulations, including, without limitation, the rules and regulations of the Designated Stock Exchange, by placing it on the Company's website. In the case of joint holders of a share all notices shall be given to that one of the joint holders whose name stands first in the Register and notice so given shall be deemed a sufficient service on or delivery to all the joint holders.

161. Any Notice or other document:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if served or delivered by post, shall where appropriate be sent by airmail and shall be deemed to have
been served or delivered on the day following that on which the envelope containing the same, properly prepaid and addressed, is put into
the post; in proving such service or delivery it shall be sufficient to prove that the envelope or wrapper containing the notice or document
was properly addressed and put into the post and a certificate in writing signed by the Secretary or other officer of the Company or other
person appointed by the Board that the envelope or wrapper containing the Notice or other document was so addressed and put into the post
shall be conclusive evidence thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if sent by electronic communication, shall be deemed to be given on the day on which it is transmitted
from the server of the Company or its agent. A Notice placed on the Company's website is deemed given by the Company to a Member
on the day it is placed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if served or delivered in any other manner contemplated by these Articles, shall be deemed to have been
served or delivered at the time of personal service or delivery or, as the case may be, at the time of the relevant despatch or transmission
or publication; and in proving such service or delivery a certificate in writing signed by the Secretary or other officer of the Company
or other person appointed by the Board as to the act and time of such service, delivery, despatch or transmission or publication shall
be conclusive evidence thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) may be given to a Member in the English language or such other language as may be approved by the Directors,
subject to due compliance with all applicable Statutes, rules and regulations.

162. (1) Any Notice or other document delivered or sent by post to or left at the registered address of any Member in pursuance of these Articles shall, notwithstanding that such Member is then dead or bankrupt or that any other event has occurred, and whether or not the Company has notice of the death or bankruptcy or other event, be deemed to have been duly served or delivered in respect of any share registered in the name of such Member as sole or joint holder unless his name shall, at the time of the service or delivery of the Notice or document, have been removed from the Register as the holder of the share, and such service or delivery shall for all purposes be deemed a sufficient service or delivery of such Notice or document on all persons interested (whether jointly with or as claiming through or under him) in the share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) A Notice may be given by the Company to the person entitled to a share in consequence of the death, mental disorder or bankruptcy of a Member by sending it through the post in a prepaid letter, envelope or wrapper addressed to him by name, or by the title of representative of the deceased, or trustee of the bankrupt, or by any like description, at the address, if any, supplied for the purpose by the person claiming to be so entitled, or (until such an address has been so supplied) by giving the notice in any manner in which the same might have been given if the death, mental disorder or bankruptcy had not occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Any person who by operation of law, transfer or other means whatsoever shall become entitled to any share shall be bound by every Notice in respect of such share which prior to his name and address being entered on the Register shall have been duly given to the person from whom he derives his title to such share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Every Member or a person who is entitled to receive notice from the Company under the provisions of the Statutes or these Articles may register with the Company an electronic address to which notices can be served upon him.

<u>SIGNATURES</u>

163. For the purposes of these Articles, a cable or telex or facsimile or electronic transmission message purporting to come from a holder of shares or, as the case may be, a Director, or, in the case of a corporation which is a holder of shares from a director or the secretary thereof or a duly appointed attorney or duly authorised representative thereof for it and on its behalf, shall in the absence of express evidence to the contrary available to the person relying thereon at the relevant time be deemed to be a document or instrument in writing signed by such holder or Director in the terms in which it is received. The signature to any notice or document to be given by the Company may be written, printed or made electronically.

<u>WINDING UP</u>

164. (1) Subject to Article 164(2), the Board shall have power in the name and on behalf of the Company to present a petition to the court for the Company to be wound up.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Unless otherwise provided by the Ac, a resolution that the Company be wound up by the court or be wound up voluntarily shall be a special resolution.

165. (1) Subject to any special rights, privileges or restrictions as to the distribution of available surplus assets on liquidation for the time being attached to any class or classes of shares (i) if the Company shall be wound up and the assets available for distribution amongst the Members shall be more than sufficient to repay the whole of the capital paid up at the commencement of the winding up, the excess shall be distributed *pari passu* amongst such members in proportion to the amount paid up on the shares held by them respectively and (ii) if the Company shall be wound up and the assets available for distribution amongst the Members as such shall be insufficient to repay the whole of the paid-up capital such assets shall be distributed so that, a nearly as may be, the losses shall be borne by the Members in proportion to the capital paid up, or which ought to have been paid up, at the commencement of the winding up on the shares held by them respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If the Company shall be wound up (whether the liquidation is voluntary or by the court) the liquidator may, with the authority of a special resolution and any other sanction required by the Act, divide among the Members in specie or kind the whole or any part of the assets of the Company and whether or not the assets shall consist of properties of one kind or shall consist of properties to be divided as aforesaid of different kinds, and may for such purpose set such value as he deems fair upon any one or more class or classes of property and may determine how such division shall be carried out as between the Members or different classes of Members. The liquidator may, with the like authority, vest any part of the assets in trustees upon such trusts for the benefit of the Members as the liquidator with the like authority shall think fit, and the liquidation of the Company may be closed and the Company dissolved, but so that no contributory shall be compelled to accept any shares or other property in respect of which there is a liability.

<u>INDEMNITY</u>

166. (1) Every Director (including for the purposes of this Article any alternate Director appointed pursuant to the provisions of these Articles), Secretary, or other officer for the time being and from time to time of the Company (but not including the Auditor) and the personal representatives of the same (each an "Indemnified Person") shall be indemnified and secured harmless out of the assets and profits of the Company from and against all actions, proceeding, costs, charges, expenses, losses, damages or liabilities incurred or sustained by such Indemnified Person, other than by reason of such Indemnified Person's own dishonesty, wilful default or fraud, in or about the conduct of the Company's business or affairs (including as a result of any mistake of judgment) or in the execution or discharge of his duties, powers, authorities or discretions, including without prejudice to the generality of the foregoing, any costs, expenses, losses or liabilities incurred by such Indemnified Person in defending (whether successfully or otherwise) any civil proceedings concerning the Company or its affairs in any court whether in the Cayman Islands or elsewhere.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Each Member agrees to waive any claim or right of action he might have, whether individually or by or in the right of the Company, against any Director on account of any action taken by such Director, or the failure of such Director to take any action in the performance of his duties with or for the Company; PROVIDED THAT such waiver shall not extend to any matter in respect of any fraud, willful default or dishonesty which may attach to such Director.

<u>FINANCIAL YEAR</u>

167. Unless otherwise determined by the Directors, the financial year of the Company shall end on the 30<sup>th</sup> of June in each year.

<u>AMENDMENT TO MEMORANDUM AND ARTICLES OF ASSOCIATION</u>

<u>AND NAME OF COMPANY</u>

168. No Article shall be rescinded, altered or amended and no new Article shall be made until the same has been approved by a special resolution of the Members. A special resolution shall be required to alter the provisions of the Memorandum of Association or to change the name of the Company.

<u>INFORMATION</u>

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

## Exhibit 14.1

**Exhibit 14.1**

**VOLTAGE X LIMITED**

**CODE OF BUSINESS CONDUCT AND ETHICS**

I. PURPOSE

This Code of Business Conduct and Ethics (the "**Code**") contains general guidelines for conducting the business of Voltage X Limited, a Cayman Islands company, and its subsidiaries and affiliates (collectively, the "**Company**") consistent with the highest standards of business ethics, and is intended to qualify as a "code of ethics" within the meaning of Section 406(c) of the Sarbanes-Oxley Act of 2002 and the rules promulgated thereunder. To the extent this Code requires a higher standard than required by commercial practice or applicable laws, rules or regulations, we adhere to these higher standards.

This Code is designed to deter wrongdoing and to promote:

● honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

● full, fair, accurate, timely, and understandable disclosure in reports and documents that the Company files with, or submits to, the U.S. Securities and Exchange Commission (the "**SEC**") and in other public communications made by the Company;

● compliance with applicable laws, rules and regulations;

● prompt internal reporting of violations of the Code; and

● accountability for adherence to the Code.

II. APPLICABILITY

This Code applies to all directors, officers and employees of the Company, whether they work for the Company on a full-time, part-time, consultative or temporary basis (each, an "**employee**" and collectively, the "**employees**"). Certain provisions of the Code apply specifically to our chief executive officer, chief financial officer, senior finance officer and any other persons who perform similar functions for the Company (each, a "**senior officer**," and collectively, the "**senior officers**").

The Board of Directors of the Company (the "**Board**") has appointed the Company's Chief Financial Officer as the Compliance Officer for the Company (the "**Compliance Officer**"). If you have any questions regarding the Code or would like to report any violation of the Code, please contact the Compliance Officer.

This Code has been adopted by the Board and shall become effective (the "**Effective Time**") upon the effectiveness of the Company's registration statement on Form F-1 filed by the Company with the SEC relating to the Company's initial public offering. Following the Effective Time, the Board and the Compliance Officer, as well as any duly appointed committee charged with enforcing this Code, shall be entitled to enforce this Code to the full extent permitted by law.

 ****

III. CONFLICTS OF INTEREST

 ****

***Identifying Conflicts of Interest***

A conflict of interest occurs when an employee's private interest interferes, or appears to interfere, in any way with the interests of the Company as a whole. An employee should actively avoid any private interest that may impact such employee's ability to act in the interests of the Company or that may make it difficult to perform the employee's work objectively and effectively. In general, the following should be considered conflicts of interest:

● <u>Competing Business</u>. No employee may be employed by a business that competes with the Company or deprives it of any business.

● <u>Corporate Opportunity</u>. No employee should use corporate property, information or his/her position with the Company to secure a business opportunity that would otherwise be available to the Company. If an employee discovers a business opportunity that is in the Company's line of business through the use of the Company's property, information or position, the employee must first present the business opportunity to the Company and obtain approval from the Company's Audit Committee before pursuing the opportunity in his/her individual capacity.

● <u>Financial Interests</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. No employee may have any financial interest (ownership or otherwise), either directly or indirectly through a spouse or other family member, in any other business or entity if such interest adversely affects the employee's performance of duties or responsibilities to the Company, or requires the employee to devote time to it during such employee's working hours at the Company; provided, however that an Officer or Director may devote time to such other interest during working hours so long as it does not interfere with his/her ability to carry out his/her duties at the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. No employee may hold any ownership interest
in a privately held company that is in competition with the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. An employee may hold up to 5% ownership interest in a publicly traded company that is in competition with the Company; provided that if the employee's ownership interest in such publicly traded company increases to more than 5%, the employee must immediately report such ownership to the Compliance Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. No employee may hold any ownership interest
in a company that has a business relationship with the Company if such employee's duties at the Company include managing or supervising
the Company's business relations with that company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Notwithstanding the other provisions of this Code,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a director or any immediate family member of such director (collectively, "**Director Affiliates**") or a senior officer or any immediate family member of such senior officer (collectively, "**Officer Affiliates**") may continue to hold his/her investment or other financial interest in a business or entity (an "**Interested Business**") that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) was made or obtained either (x) before the Company invested in or otherwise became interested in such business or entity; or (y) before the director or senior officer joined the Company (for the avoidance of doubt, regardless of whether the Company had or had not already invested in or otherwise become interested in such business or entity at the time the director or senior officer joined the Company); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) may in the future be made or obtained by the director or senior officer, provided that at the time such investment or other financial interest is made or obtained, the Company has not yet invested in or otherwise become interested in such business or entity;

provided that such director or senior officer shall disclose such investment or other financial interest to the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an interested director or senior officer shall refrain from participating in any discussion among senior officers of the Company relating to an Interested Business and shall not be involved in any proposed transaction between the Company and an Interested Business; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) before any Director Affiliate or Officer Affiliate (i) invests, or otherwise acquires any equity or other financial interest, in a business or entity that is in competition with the Company; or (ii) enters into any transaction with the Company, the related director or senior officer shall obtain prior approval from the Audit Committee of the Board.

For purposes of this Code, a company or entity is deemed to be "in competition with the Company" if it competes with the Company's business of providing biomedical or biopharmaceutical products and services, or engaging in research and development of biomedical or biopharmaceutical innovations that may result in such said products or services, and/or any other business in which the Company is engaged.

● <u>Loans or Other Financial Transactions</u>. No employee may obtain loans or guarantees of personal obligations from, or enter into any other personal financial transaction with, any company that is a material customer, supplier or competitor of the Company. This guideline does not prohibit arms-length transactions with recognized banks or other financial institutions.

● <u>Service on Boards and Committees</u>. No employee shall serve on a board of directors or trustees or on a committee of any entity (whether profit or not-for-profit) whose interests could reasonably be expected to conflict with those of the Company. Employees must obtain prior approval from the Board or the Company's Audit Committee, as required by the rules of NASDAQ, before accepting any such board or committee position. The Company may revisit its approval of any such position at any time to determine whether an employee's service in such position is still appropriate.

The above is in no way a complete list of situations where conflicts of interest may arise. The following questions might serve as a useful guide in assessing a potential conflict of interest situation not specifically addressed above:

● Is the action to be taken legal?

● Is it honest and fair?

● Is it in the best interests of the Company?

 ****

***Disclosure of Conflicts of Interest***

The Company requires that employees fully disclose any situations that could reasonably be expected to give rise to a conflict of interest. If an employee suspects that he/she has a conflict of interest, or a situation that others could reasonably perceive as a conflict of interest, the employee must report it immediately to the Compliance Officer. Conflicts of interest may only be waived by the Board, the appropriate committee of the Board and in some cases, as in accordance with NASDAQ rules, only by the Company's Audit Committee, and will be promptly disclosed to the public to the extent required by law and applicable rules of Nasdaq.

 ****

***Family Members and Work***

The actions of family members outside the workplace may also give rise to conflicts of interest because they may influence an employee's objectivity in making decisions on behalf of the Company. If a member of an employee's family is interested in doing business with the Company, the criteria as to whether to enter into or continue the business relationship and the terms and conditions of the relationship must be no less favorable to the Company compared with those that would apply to an unrelated party seeking to do business with the Company under similar circumstances.

Employees should report any situation involving family members that could reasonably be expected to give rise to a conflict of interest to their supervisor or the Compliance Officer. For purposes of this Code, "family members" or "members of employee's family" include an employee's spouse, siblings, parents, in-laws and children.

IV. GIFTS AND ENTERTAINMENT

The giving and receiving of appropriate gifts may be considered common business practice. Appropriate business gifts and entertainment are welcome courtesies designed to build relationships and understanding among business partners. However, gifts and entertainment should never compromise, or appear to compromise, an employee's ability to make objective and fair business decisions.

It is the responsibility of employees to use good judgment in this area. As a general rule, employees may give or receive gifts or entertainment to or from customers or suppliers only if the gift or entertainment is in compliance with applicable law, insignificant in amount and not given in consideration or expectation of any action by the recipient. All gifts and entertainment expenses made on behalf of the Company must be properly accounted for on expense reports.

We encourage employees to submit gifts received to the Company. While it is not mandatory to submit small gifts, gifts of over USD 100 must be submitted immediately to the administration department of human resource center of the Company.

Bribes and kickbacks are criminal acts, strictly prohibited by law. An employee must not offer, give, solicit or receive any form of bribe or kickback anywhere in the world.

V. FCPA COMPLIANCE

The U.S. Foreign Corrupt Practices Act ("**FCPA**") prohibits giving anything of value, directly or indirectly, to officials of foreign governments or foreign political candidates in order to obtain or retain business. A violation of FCPA does not only violate the Company's policy but also constitute a civil or criminal offense under FCPA which the Company is subject to after the Effective Time. No employee shall give or authorize directly or indirectly any illegal payments to government officials of any country. While the FCPA does, in certain limited circumstances, allow nominal "facilitating payments" to be made, any such payment must be discussed with and approved by an employee's supervisor in advance before it can be made.

VI. PROTECTION AND USE OF COMPANY ASSETS

Employees should protect the Company's assets and ensure their efficient use for legitimate business purposes only. Theft, carelessness and waste have a direct impact on the Company's profitability. Any use of the funds or assets of the Company, whether for personal gain or not, for any unlawful or improper purpose is strictly prohibited.

To ensure the protection and proper use of the Company's assets, each employee should:

● Exercise reasonable care to prevent theft, damage or misuse of Company property;

● Promptly report any actual or suspected theft, damage or misuse of Company property;

● Safeguard all electronic programs, data, communications and written materials from unauthorized access; and

● Use Company property only for legitimate business purposes.

Except as approved in advance by the Chief Executive Officer or Chief Financial Officer of the Company, the Company prohibits political contributions (directly or through trade associations) by any employee on behalf of the Company. Prohibited political contributions include:

● any contributions of the Company's funds or other assets for political purposes;

● encouraging individual employees to make any such contribution; and

● reimbursing an employee for any political contribution.

VII. INTELLECTUAL PROPERTY AND CONFIDENTIALITY

Employees should abide by the Company's rules and policies in protecting the intellectual property and confidential information, including the following:

● All inventions, creative works, computer software, and technical or trade secrets developed by an employee in the course of performing the employee's duties or primarily through the use of the Company's assets or resources while working at the Company shall be the property of the Company.

● Employees should maintain the confidentiality of information entrusted to them by the Company or entities with which the Company has business relations, except when disclosure is authorized or legally mandated. Confidential information includes all non-public information that might be of use to competitors, or harmful to the company or its business associates, if disclosed.

● The Company maintains a strict confidentiality policy. During an employee's term of employment with the Company, the employee shall comply with any and all written or unwritten rules and policies concerning confidentiality and shall fulfill the duties and responsibilities concerning confidentiality applicable to the employee.

● In addition to fulfilling the responsibilities associated with his/her position in the Company, an employee shall not, without obtaining prior approval from the Company, disclose, announce or publish trade secrets or other confidential business information of the Company, nor shall an employee use such confidential information outside the course of his/her duties to the Company.

● Even outside the work environment, an employee must maintain vigilance and refrain from disclosing important information regarding the Company or its business, business associates or employees.

● An employee's duty of confidentiality with respect to the confidential information of the Company survives the termination of such employee's employment with the Company for any reason until such time as the Company discloses such information publicly or the information otherwise becomes available in the public sphere through no fault of the employee.

● Upon termination of employment, or at such time as the Company requests, an employee must return to the Company all of its property without exception, including all forms of medium containing confidential information, and may not retain duplicate materials.

VIII. ACCURACY OF FINANCIAL REPORTS AND OTHER PUBLIC COMMUNICATIONS

Upon the Effective Time, the Company will be required to report its financial results and other material information about its business to the public and the SEC. It is the Company's policy to promptly disclose accurate and complete information regarding its business, financial condition and results of operations. Employees must strictly comply with all applicable standards, laws, regulations and policies for accounting and financial reporting of transactions, estimates and forecasts. Inaccurate, incomplete or untimely reporting will not be tolerated and can severely damage the Company and result in legal liability.

Employees should be on guard for, and promptly report, any possibility of inaccurate or incomplete financial reporting. Particular attention should be paid to:

● Financial results that seem inconsistent with the performance of the underlying business;

● Transactions that do not seem to have an obvious business purpose; and

● Requests to circumvent ordinary review and approval procedures.

The Company's senior financial officers and other employees working in the finance department have a special responsibility to ensure that all of the Company's financial disclosures are full, fair, accurate, timely and understandable. Any practice or situation that might undermine this objective should be reported to the Compliance Officer.

Employees are prohibited from directly or indirectly taking any action to coerce, manipulate, mislead or fraudulently influence the Company's independent auditors for the purpose of rendering the financial statements of the Company materially misleading. Prohibited actions include but are not limited to:

● issuing or reissuing a report on the Company's financial statements that is not warranted in the circumstances (due to material violations of U.S. GAAP, generally accepted auditing standards or other professional or regulatory standards);

● not performing audit, review or other procedures required by generally accepted auditing standards or other professional standards;

● not withdrawing an issued report when withdrawal is warranted under the circumstances; or

● not communicating matters required to be communicated to the Company's Audit Committee.

IX. COMPANY RECORDS

Accurate and reliable records are crucial to the Company's business and form the basis of its earnings statements, financial reports and other disclosures to the public. The Company's records are a source of essential data that guides business decision-making and strategic planning. Company records include, but are not limited to, booking information, payroll, timecards, travel and expense reports, e-mails, accounting and financial data, measurement and performance records, electronic data files and all other records maintained in the ordinary course of business.

All Company records must be complete, accurate and reliable in all material respects. There is never an acceptable reason to make false or misleading entries. Undisclosed or unrecorded funds, payments or receipts are strictly prohibited. An employee is responsible for understanding and complying with the Company's recordkeeping policy. An employee should contact the Compliance Officer if he/she has any questions regarding the recordkeeping policy.

X. COMPLIANCE WITH LAWS AND REGULATIONS

Each employee has an obligation to comply with the laws of the cities, provinces, regions and countries in which the Company operates. This includes, without limitation, laws covering commercial bribery and kickbacks, patent, copyrights, trademarks and trade secrets, information privacy, insider trading, offering or receiving gratuities, employment harassment, environmental protection, occupational health and safety, false or misleading financial information, misuse of corporate assets and foreign currency exchange activities. Employees are expected to understand and comply with all laws, rules and regulations that apply to their positions at the Company. If any doubt exists about whether a course of action is lawful, the employee should seek advice immediately from the Compliance Officer.

XI. DISCRIMINATION AND HARASSMENT

The Company is firmly committed to providing equal opportunity in all aspects of employment and will not tolerate any illegal discrimination or harassment based on race, ethnicity, religion, gender, age, national origin or any other protected class. For further information, employees should consult the Compliance Officer.

XII. FAIR DEALING

Each employee should endeavor to deal fairly with the Company's customers, suppliers, competitors and employees. None should take unfair advantage of anyone through manipulation, concealment, abuse of privileged information, misrepresentation of material facts, or any other unfair-dealing practice.

XIII. HEALTH AND SAFETY

The Company strives to provide employees with a safe and healthy work environment. Each employee has responsibility for maintaining a safe and healthy workplace for other employees by following environmental, safety and health rules and practices and reporting accidents, injuries and unsafe equipment, practices or conditions. Violence or threats of violence are not permitted.

Each employee is expected to perform his/her duty to the Company in a safe manner, not under the influence of alcohol, illegal drugs or other controlled substances. The use of illegal drugs or other controlled substances in the workplace is prohibited.

XIV. VIOLATIONS OF THE CODE

All employees have a duty to report any known or suspected violation of this Code, including any violation of laws, rules, regulations or policies that apply to the Company. Reporting a known or suspected violation of this Code by others will not be considered an act of disloyalty, but an action to safeguard the reputation and integrity of the Company and its employees.

If an employee knows of or suspects a violation of this Code, it is such employee's responsibility to immediately report the violation to the Compliance Officer, who will work with the employee to investigate his/her concern. All questions and reports of known or suspected violations of this Code will be treated with sensitivity and discretion. The Compliance Officer and the Company will protect the employee's confidentiality to the extent possible, consistent with the law and the Company's need to investigate the employee's concern.

It is the Company's policy that any employee who violates this Code will be subject to appropriate discipline, including termination of employment, based upon the facts and circumstances of each particular situation. An employee's conduct, if it does not comply with the law or with this Code, can result in serious consequences for both the employee and the Company.

The Company strictly prohibits retaliation against an employee who, in good faith, seeks help or reports known or suspected violations. An employee inflicting reprisal or retaliation against another employee for reporting a known or suspected violation will be subject to disciplinary action, including termination of employment.

XV. WAIVERS OF THE CODE

Waivers of this Code will be granted on a case-by-case basis and only in extraordinary circumstances. Waivers of this Code may be made only by the Board, or the appropriate committee of the Board, and may be promptly disclosed to the public if so required by applicable laws and regulations and rules of the Nasdaq. Notwithstanding the foregoing, any waiver of this Code for a senior officer or a director may only be granted by the Board and must be publicly disclosed in accordance with the applicable rules of the Nasdaq.

XVI. CONCLUSION

This Code contains general guidelines for conducting the business of the Company consistent with the highest standards of business ethics. If employees have any questions about these guidelines, they should contact the Compliance Officer. We expect all employees to adhere to these standards. Each employee is separately responsible for his/her actions. Conduct that violates the law or this Code cannot be justified by claiming that it was ordered by a supervisor or someone in higher management positions. If an employee engages in conduct prohibited by the law or this Code, such employee will be deemed to have acted outside the scope of his/her employment. Such conduct will subject the employee to disciplinary action, including termination of employment.

\* \* \* \* \* \* \* \* \* \* \* \* \*

## Exhibit 19.1

**Exhibit 19.1**

**Insider Trading Compliance Manual**

**VOLTAGE X LIMITED** ****

<br> **Adopted August 4, 2025** 

In order to take on an active role in the prevention of insider trading violations by its officers, directors, employees, consultants, advisors, and other related individuals, the Board of Directors (the "**Board**") of Voltage X Limited, a Cayman Islands company (the "**Company**"), has adopted the policies and procedures described in this Insider Trading Compliance Manual.

**I. <u>Adoption of Insider Trading Policy</u>.**

Effective as of the date written above, the Company has adopted the Insider Trading Policy (the "**Policy**"), attached hereto as <u>Exhibit A</u>, which prohibits trading based on material, non-public information regarding the Company and its subsidiaries ("**Inside Information**"). The Policy covers all officers and directors of the Company and its subsidiaries, all other employees of the Company and its subsidiaries, all secretaries and assistants supporting such officers, directors, or employees and consultants or advisors to the Company or its subsidiaries who have or may have access to Inside Information and members of the immediate family or household of any such person. The Policy (and/or a summary thereof) is to be delivered to all new officers, directors, employees, consultants, advisors and related individuals who are within the categories of covered persons upon the commencement of their relationships with the Company, and is to be circulated to all covered personnel at least annually.

**II. <u>Designation of Certain Persons</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. <u>Insiders</u>** Section 16 of the Securities Exchange Act of 1934, as amended (the "**Exchange Act**"), prohibits "short-swing" profits by all directors and executive officers of the Company, and any direct or indirect beneficial owner of 10% or more of any of the Company's equity security of any class (collectively, the "**Insiders**") and such Insiders, in addition to any beneficial owners of 5% or more of the Company's registered securities of any class, are subject to the reporting and liability provisions of Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder (collectively, the "**Section 13(d) Individuals**"). Rule 3a12-3 under the Exchange Act exempts securities registered by a Foreign Private Issuer, or FPI from Section 16 of the Exchange Act. Accordingly, Section 13(d) Individuals of an FPI are not subject to the short-swing profit limits set forth in Section 16(b), nor are they required to comply with the Section 16(a) reporting requirements.

Under Sections 13(d) and 13(g) of the Exchange Act, and the U.S. Securities and Exchange Commission ("**SEC**") related rules, subject to certain exemptions, any person who after acquiring, directly or indirectly the beneficial ownership of a certain class of equity securities, becomes, either directly or indirectly, the beneficial owner of more than 5% of such class must deliver a statement to the issuer of the security and to each exchange where the security is traded. Delivery to each exchange can be satisfied by making a filing on EDGAR (as defined below). In addition, Section 13(d) Individuals must file with the SEC a statement containing certain information, as well as any additional information that the SEC may deem necessary or appropriate in the public interest or for the protection of investors. Attached hereto as <u>Exhibit B</u> is a separate memorandum which discusses the relevant terms of Section 13.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. <u>Other Persons Subject to Policy</u>.** In addition, certain employees, consultants, and advisors of the Company as described in Section I above have, or are likely to have, from time to time access to Inside Information and together with the Insiders, are subject to the Policy.

**III. <u>Appointment of Chief Compliance Officer</u>.**

The Company has appointed Lai Tsun Shing as the Company's Chief Compliance Officer (the "**Compliance Officer**").

**IV. <u>Duties of the Compliance Officer</u>.**

The Compliance Officer has been designated by the Board to handle any and all matters relating to the Company's Insider Trading Compliance Program. Certain duties may be delegated to outside counsel with special expertise in securities issues and relevant law. The duties of the Compliance Officer shall include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Pre-clearing all transactions involving the Company's securities by the Insiders and those individuals having regular access to Inside Information, defined for these purposes to include all officers, directors, and employees of the Company and its subsidiaries and members of the immediate family or household of any such person, in order to determine compliance with the Policy, insider trading laws, Section 13 and Section 16 of the Exchange Act and Rule 144 promulgated under the Securities Act of 1933, as amended. Attached hereto as <u>Exhibit C</u> is a Pre-Clearance Checklist to assist the Compliance Officer in the performance of his or her duties hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Assisting in the preparation and filing of Section 13(d) reports for all Section 13(d) Individuals although the filings are their individual obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Serving as the designated recipient at the Company of copies of reports filed with the SEC by Section 13(d) Individuals under Section 13(d) of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Performing periodic reviews of available materials, which may include Schedule 13D, Schedule 13G, Form 144, officers' and directors' questionnaires, as applicable, and reports received from the Company's share administrator and transfer agent, to determine trading activity by officers, directors and others who have, or may have, access to Inside Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Circulating the Policy (and/or a summary thereof) to all covered employees, including the Insiders, on an annual basis, and providing the Policy and other appropriate materials to new officers, directors and others who have, or may have, access to Inside Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Assisting the Board in implementing the Policy and Sections I and II of this memorandum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. Coordinating with Company counsel regarding all securities compliance matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. Retaining copies of all appropriate securities reports, and maintaining records of his or her activities as Compliance Officer.

**Exhibit A**

**VOLTAGE X LIMITED**

**Insider Trading Policy**

and Guidelines with Respect to Certain Transactions in the Company's Securities

**Section I**

**APPLICABILITY** **OF POLICY**

This Policy applies to all transactions in the Company's securities, including ordinary shares, options and warrants to purchase ordinary shares, and any other securities the Company may issue from time to time, such as preferred shares, and convertible debentures, as well as derivative securities relating to the Company's shares, whether issued by the Company, such as exchange-traded options. It applies to all officers and directors of the Company, all other employees of the Company and its subsidiaries, all secretaries and assistants supporting such directors, officers, and employees, and consultants or advisors to the Company or its subsidiaries who have or may have access to Material Non-public Information (as defined below) regarding the Company and members of the immediate family or household of any such person. This group of people is sometimes referred to in this Policy as "Insiders." This Policy also applies to any person who receives Material Non-public Information from any Insider.

Any person who possesses Material Non-public Information regarding the Company is an Insider for so long as such information is not publicly known.

**Section II**

**DEFINITION OF MATERIAL NON-PUBLIC INFORMATION**

It is not possible to define all categories of material information. However, information should be regarded as "material" if there is a reasonable likelihood that it would be considered important to an investor in making an investment decision regarding the purchase or sale of the Company's securities. Material information may be positive or negative. "Non-public Information" is information that has not been previously disclosed to the general public and is otherwise not available to the general public.

While it may be difficult to determine whether any particular information is material, there are various categories of information that are particularly sensitive and, as a general rule, should always be considered material. Examples of such information may include:

● Financial results;

● Entry into a material agreement or discussions regarding entry into a material agreement;

● Projections of future earnings or losses;

● Major contract awards, cancellations or write-offs;

● Joint ventures or commercial ventures with third parties;

● News of a pending or proposed merger or acquisition;

● News of the disposition of material assets;

● Impending bankruptcy or financial liquidity problems;

● Gain or loss of a significant line of credit;

● Significant breach of a material agreement;

● New business or services announcements of a significant nature;

● Share splits;

● New equity or debt offerings;

● Significant litigation exposure due to actual or threatened litigation;

● Changes in senior management or the Board;

● Capital investment plans; and

● Changes in dividend policy.

All of the foregoing categories of information and any similar information should be considered "Material Non-public Information" for purposes of this Policy. **If there are any questions regarding whether a particular item of information is Material Non-public Information, please consult the Compliance Officer or the Company's legal counsel before taking any action with respect to such information.**

**Section III**

**CERTAIN EXCEPTIONS**

For purposes of this Policy, the Company considers that the exercise of share options under the Company's share incentive plan (but <u>not</u> the sale of any such shares) is exempt from this Policy, since the other party to the transaction involving only the Company itself and the price does not vary with the market but is fixed by the terms of the option agreement or the plan.

**Section IV**

**STATEMENT OF POLICY**

**<u>General Policy</u>**

It is the policy of the Company to prohibit the unauthorized disclosure of any non-public information acquired in the workplace and the misuse of Material Non-public Information in securities trading.

**<u>Specific Policies</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. <u>Trading on Material Non-public Information</u>.** With certain exceptions, no officer or director of the Company, no employee of the Company or its subsidiaries and no consultant or advisor to the Company or any of its subsidiaries and no members of the immediate family or household of any such person, shall engage in any transaction involving a purchase or sale of the Company's securities, including any offer to purchase or offer to sell, during any period commencing with the date that he or she possesses Material Non-public Information concerning the Company, and ending at the close of business on the second Trading Day (as defined below) following the date of public disclosure of that information, or at such time as such non-public information is no longer material. However, see "Permitted Trading Period" below for a full discussion of trading pursuant to a pre-established plan or by delegation.

As used herein, the term "Trading Day" shall mean a day on which national stock exchanges are open for trading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. <u>Tipping</u>.** No Insider shall disclose ("**tip**") Material Non-public Information to any other person (including family members) where such information may be used by such person to his or her profit by trading in the securities of companies to which such information relates, nor shall such Insider or related person make recommendations or express opinions on the basis of Material Non-public Information as to trading in the Company's securities.

Regulation FD (Fair Disclosure) ("**Disclosure Regulation**") is an issuer disclosure rule implemented by the SEC that addresses selective disclosure. The Disclosure Regulation provides that when the Company, or person acting on its behalf, discloses Material Non-public Information to certain enumerated persons (in general, securities market professionals and holders of the Company's securities who may well trade on the basis of the information), it must make public disclosure of that information. The timing of the required public disclosure depends on whether the selective disclosure was intentional or unintentional; for an intentional selective disclosure, the Company must make public disclosures simultaneously; for a non-intentional disclosure, the Company must make public disclosure promptly. Under the Disclosure Regulation, the required public disclosure may be made by filing or furnishing a Form 6-K, or by another method or combination of methods that is reasonably designed to effect broad, non-exclusionary distribution of the information to the public.

It is the Company's policy that all communications with the press be handled through our Chief Financial Officer or his designated person. Please refer all press, analyst or similar requests for information to the Company's investor/public relations email (ir@voltage-x.com) and do not respond to any inquiries without prior authorization from an authorized representative of the investor/public relations department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. <u>Confidentiality of Non-public Information</u>.** Non-public information relating to the Company is the property of the Company and the unauthorized disclosure of such information (including, without limitation, via email or by posting on Internet message boards or blogs, anonymously or otherwise) is strictly forbidden.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. <u>Duty to Report Inappropriate and Irregular Conduct</u>.** All employees, and particularly executives, managers and/or supervisors, have a responsibility for maintaining financial integrity within the Company, and being consistent with generally accepted accounting principles and both federal and state securities laws. Any employee who becomes aware of any incidents involving financial or accounting manipulation or irregularities, whether by witnessing the incident or being told of it, must report it to their immediate supervisor and to the chairman of the Company's Audit Committee of the Board (or to the Chairman of the Board, if an Audit Committee has not been established). For a more complete understanding of this issue, employees should consult their employee manual and or seek the advice of the Company's general counsel or outside counsel. Our outside securities counsel is Hunter Taubman Fischer & Li LLC, attention: Louis Taubman, Esq. at (917) 512-0827, email ltaubman@htflawyers.com.

**Section V**

**POTENTIAL CRIMINAL AND CIVIL LIABILITY**

**AND/OR DISCIPLINARY ACTION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. <u>Liability for Insider Trading</u>.** Insiders may be subject to penalties of up to $5,000,000 and up to twenty (20) years in jail for engaging in transactions in the Company's securities at a time when they possess Material Non-public Information regarding the Company, regardless of whether such transactions were profitable. In addition, the SEC has the authority to seek a civil monetary penalty of up to three times the amount of profit gained or loss avoided by illegal insider trading. "Profit gained" or "loss avoided" generally means the difference between the purchase or sale price of the Company's shares and its value as measured by the trading price of the shares a reasonable period after public dissemination of the non-public information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. <u>Liability for Tipping</u>.** Insiders may also be liable for improper transactions by any person (commonly referred to as a "**tippee**") to whom they have disclosed Material Non-public Information regarding the Company or to whom they have made recommendations or expressed opinions on the basis of such information as to trading in the Company's securities. The SEC has imposed large penalties even when the disclosing person did not profit from the trading. The SEC, the stock exchanges and the Financial Industry Regulatory Authority, Inc. use sophisticated electronic surveillance techniques to monitor *all trades* and uncover insider trading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. <u>Possible Disciplinary Actions</u>.** Individuals subject to the Policy who violate this Policy shall also be subject to disciplinary action by the Company, which may include suspension, forfeiture of perquisites and ineligibility for future participation in the Company's equity incentive plans and/or termination of employment.

**Section VI**

**PERMITTED TRADING PERIOD**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. <u>Black-Out Period and Trading Window</u>.**

To ensure compliance with this Policy and applicable federal and state securities laws, the Company requires that all officers, directors, employees, and all members of the immediate family or household of any such person refrain from conducting any transactions involving the purchase or sale of the Company's securities, other than during the period in any half year commencing at the close of business on the second Trading Day following the date of public disclosure of the financial results for the prior interim period or fiscal year and ending on the twenty-fifth day of the sixth month of the half year (the "**Trading Window**"). Notwithstanding the foregoing, persons subject to this Policy may submit a request to the Company to purchase or sell the Company's securities outside the Trading Window on the basis that they do not possess any Material Non-public Information. The Compliance Officer shall review all such requests and may grant such requests on a case-by-case basis if he or she determines that the person making such request does not possess any Material Non-public Information at that time.

If such public disclosure occurs on a Trading Day before the markets close, then such date of disclosure shall be considered the first Trading Day following such public disclosure. For example, if such public disclosure occurs at 1:00 p.m. EST on June 10, then June 10 shall be considered the first Trading Day following such disclosure.

**Please be advised that these guidelines are merely estimates. The actual trading window may be different because the Company's interim report or annual report may be filed earlier or later.** The filing date of an interim report or annual report may fall on a weekend or the Company may delay filing an annual report due to an extension. Please check with the Compliance Officer to confirm whether the trading window is open.

The safest period for trading in the Company's securities, assuming the absence of Material Non-public Information, is generally the first ten Trading Days of the Trading Window. It is the Company's policy that the period when the Trading Window is "closed" is a particularly sensitive period of time for transactions in the Company's securities from the perspective of compliance with applicable securities laws. This is because the officers, directors and certain other employees are, as any half-year period progresses, increasingly likely to possess Material Non-public Information about the expected financial results for the period. The purpose of the Trading Window is to avoid any unlawful or improper transactions or even the appearance of any such transactions.

It should be noted that even during the Trading Window any person possessing Material Non-public Information concerning the Company shall not engage in any transactions involving the Company's securities until such information has been known publicly for at least two Trading Days. The Company has adopted the policy of delaying trading for "at least two Trading Days" because the securities laws require that the public be informed <u>effectively</u> of previously undisclosed material information before Insiders trade in the Company's shares. Public disclosure may occur through a widely disseminated press release or through filings, such as Form 6-K, with the SEC. Furthermore, in order for the public to be effectively informed, the public must be given time to evaluate the information disclosed by the Company. Although the amount of time necessary for the public to evaluate the information may vary depending on the complexity of the information, generally two Trading Days is sufficient.

From time to time, the Company may also require that directors, officers, selected employees, and others suspend trading because of developments known to the Company and not yet disclosed to the public. In such event, such persons may not engage in any transaction involving the purchase or sale of the Company's securities during such period and may not disclose to others the fact of such suspension of trading.

Although the Company may from time to time require during a Trading Window that directors, officers, selected employees, and others suspend trading because of developments known to the Company and not yet disclosed to the public, ***each person is individually responsible at all times for compliance with the prohibitions against insider trading. Trading in the Company's securities during the Trading Window should <u>not</u> be considered a "safe harbor," and all directors, officers and other persons should use good judgment at all times.***

Notwithstanding these general rules, Insiders may trade <u>outside</u> of the Trading Window provided that such trades are made pursuant to a pre-established plan or by delegation. These alternatives are discussed in the next section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Trading According to a Pre-established Plan or by Delegation.**

Trading which is not "on the basis of" Material Non-public Information may not give rise to insider trading liability. The SEC has adopted Rule 10b5-1 under which insider trading liability can be avoided if Insiders follow very specific procedures. In general, such procedures involve trading according to pre-established instructions (a "**Pre-established Trade**").

Pre-established Trades must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) Be documented by a contract, written plan, or formal instruction which provides that the trade take place in the future.** For example, an Insider can contract to sell his or her shares on a specific date, or simply delegate such decisions to an investment manager, 401(k) plan administrator or a similar third party. This documentation must be provided to the Compliance Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) Include in its documentation the specific amount, price and timing of the trade, or the formula for determining the amount, price and timing.** For example, the Insider can buy or sell shares in a specific amount and on a specific date each month, or according to a pre-established percentage (of the Insider's salary, for example) each time that the share price falls or rises to pre-established levels. In the case where trading decisions have been delegated, the specific amount, price and timing need <u>not</u> be provided;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) Include additional representation in its documentation for Directors and Officers.** If the person who entered into the pre-established contract, written plan, or formal instruction (discussed in Section VI.2(a) above) is a director or officer of the Company, such director or officer shall include a representation certifying that, on the date of adoption of the pre-established contract, plan, or instruction, (i) he or she is not aware of any material nonpublic information about the Company or its securities, and (ii) he or she is adopting the pre-established contract, plan, or instruction in good faith and not as part of a plan or scheme to evade prohibitions on inside trading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d) Be implemented at a time when the Insider does not possess Material Non-public Information and Upon the Expiration of a Cooling-Off Period.** As a practical matter, this means that the Insider may set up Pre-established Trades, or delegate trading discretion, <u>only</u> during a "Trading Window" (discussed in Section VI.1 above); *provided that* (i) any director or officer of the Company may not conduct a Pre-established Trade until the expiration of a cooling-off period, consisting of the later of (A) 90 days after the adoption or modification of the pre-established contract, plan, or instruction, and (B) two business days following the disclosure of the Company's financial results in a Form 20-F or Form 6-K (but, in any event, this required cooling period is subject to a maximum of 120 days after adoption of the pre-established contract, plan, or instruction), and (ii) any other persons, who are covered by the Policy (as discussed in Section I above) and are not directors or officers, may not conduct a Pre-established Trade until the expiration of a cooling-off period that is 30 days after the adoption of the pre-established contract, plan, or instruction; and,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e) Remain beyond the scope of the Insider's influence after implementation.** In general, the Insider must allow the Pre-established Trade to be executed without changes to the accompanying instructions, and the Insider cannot later execute a hedge transaction that modifies the effect of the Pre-established Trade. An Insider wishing to change the amount, price or timing of a Pre-established Trade, or terminate a Pre-established Trade, can do so <u>only</u> during a "Trading Window" (discussed in Section 1, above). If the Insider has delegated decision-making authority to a third party, the Insider cannot subsequently influence the third party in any way and such third party must not possess material non-public information at the time of any of the trades.

Prior to implementing a pre-established plan for trading, all officers and directors must receive the approval for such plan from the Compliance Officer. In addition, Insiders are generally prohibited from having more than one pre-established contract, plan, or instruction covering the same time period for open market purchase of sales of the Company's securities, unless one of the exceptions under 17 C.F.R 240.10b5-1(c)(1)(ii)(D) is met. Furthermore, Issuers are prohibited from entering into more than one pre-established contract, plan, or instruction, which is designed to effect open-market purchase or sale of the Company's securities as a single transaction, for any given 12-month period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. <u>Pre-Clearance of Trades</u>.**

Even during a Trading Window, all officers, directors, employees, as well as members of the immediate family or household of such individuals, must comply with the Company's "pre-clearance" process prior to trading in the Company's securities, implementing a pre-established plan for trading, or delegating decision-making authority over the Insider's trades. To do so, each officer and director must contact the Compliance Officer prior to initiating any of these actions. Trades executed pursuant to a properly implemented Pre-Established Trade approved by the Compliance Officer do not need to be pre-cleared. The Company may also find it necessary, from time to time, to require compliance with the pre-clearance process from certain individuals other than those mentioned above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. <u>Individual Responsibility</u>.** 

As Insiders, every person subject to this Policy has the individual responsibility to comply with this Policy against insider trading, regardless of whether the Company has established a Trading Window applicable to that Insider or any other Insiders of the Company. Each individual, and not necessarily the Company, is responsible for his or her own actions and will be individually responsible for the consequences of their actions. Therefore, appropriate judgment, diligence and caution should be exercised in connection with any trade in the Company's securities. An Insider may, from time to time, have to forego a proposed transaction in the Company's securities even if he or she planned to make the transaction before learning of the Material Non-public Information and even though the Insider believes he or she may suffer an economic loss or forego anticipated profit by waiting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. <u>Exceptions to the Policy</u>.**

Any exceptions to this Policy may only be made by advance written approval of each of: (i) the CEO, (ii) the Compliance Officer and (iii) the Chairman of the Audit Committee of the Board (or the Chairman of the Board if an Audit Committee has not been established). Any such exceptions shall be immediately reported to the remaining members of the Board.

**Section VII**

**APPLICABILITY OF POLICY TO INSIDE INFORMATION**

**REGARDING OTHER COMPANIES**

This Policy and the guidelines described herein also apply to Material Non-public Information relating to other companies, including the Company's customers, vendors or suppliers or potential acquisition targets ("**business partners**"), when that information is obtained in the course of employment or performance of other services on behalf of the Company. Civil and criminal penalties, as well as the termination of employment, may result from trading on inside information regarding the Company's business partners. All employees should treat Material Non-public Information about the Company's business partners with the same care as is required with respect to the information relating directly to the Company.

**Section VIII**

**PROHIBITION AGAINST BUYING AND SELLING**

**COMPANY ORDINARY SHARES WITHIN A SIX-MONTH PERIOD**

**Insiders**

Generally, purchases and sales (or sales and purchases) of Company ordinary shares occurring within any six-month period in which a mathematical profit is realized result in illegal "short-swing profits". The prohibition against short-swing profits is found in Section 16 of the Exchange Act. Section 16 was drafted as a prohibition against profitable "insider trading" in a company's securities within any six-month period regardless of the presence or absence of Material Non-public Information that may affect the market price of those securities. Each executive officer, director and 10% or greater shareholder of the Company is subject to the prohibition against short-swing profits under Section 16. The measure of damages is the profit computed from any purchase and sale or any sale and purchase within the short-swing (i.e., six-month) period, without regard to any setoffs for losses, any first-in or first-out rules, or the identity of the ordinary shares. This approach sometimes has been called the "lowest price in, highest price out" rule and can result in a realization of "profits" for Section 16 purposes even when the Insider has suffered a net loss on his or her trades. Rule 3a12-3 under the Exchange Act exempts securities registered by an FPI from Section 16 of the Exchange Act. Accordingly, Section 13(d) Individuals of an FPI are not subject to the short-swing profit limits set forth in Section 16(b), nor are they required to comply with the Section 16(a) reporting requirements.

**Section IX**

**INQUIRIES**

Please direct your questions as to any of the matters discussed in this Policy to the Compliance Officer.

**<u>Exhibit B</u>**

**Section 13 Memorandum**

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|:---|:---|
| **To:** | **All Officers, Directors and 5% or greater Shareholders ("Insider")** |

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| | |
|:---|:---|
| **Re:** | **Overview of Section 13 under the Exchange Act of 1934, as amended** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. <u>Introduction</u>.**

This Memorandum provides an overview of Section 13 of the Exchange Act of 1934, as amended (the "**Exchange Act**"), and the related rules promulgated by the SEC.

***Each executive officer, director and 5% or greater shareholder (commonly called an "Insider") of Voltage X Limited (the "Company") is personally responsible for complying with the provisions of Section 13, and failure by an Insider to comply strictly with his or her reporting requirements will result in an obligation by the Company to publicly disclose such failure.*** Moreover, Congress has granted the SEC authority to seek monetary court-imposed fines on Insiders who fail to timely comply with their reporting obligations.

Under Section 13 of the Exchange Act, reports made to the SEC are filed on Schedule 13D, Schedule 13G, Form 13F, and Form 13H. A securities firm (and, in some cases, its parent company or other control persons) generally will have a Section 13 reporting obligation if the firm directly or indirectly:

● beneficially owns, in the aggregate, more than 5% of a class of the voting, equity securities (the "**Section 13(d) Securities** "):

● registered under Section 12 of the Exchange Act,

● issued by any closed-end investment company registered under the Investment Company Act of 1940, as amended (the "**Investment Company Act** "), or

● issued by any insurance company that would have been required to register its securities under Section 12 of the Exchange Act but for the exemption under Section 12(g)(2)(G) thereof (see Schedules 13D and 13G: Reporting Significant Acquisition and Ownership Positions below);

● manages discretionary accounts that, in the aggregate, hold equity securities trading on a national securities exchange with an aggregate fair market value of $100 million or more; or

● manages discretionary accounts that, in the aggregate, purchase or sell any NMS securities (generally exchange-listed equity securities and standardized options) in an aggregate amount equal to or greater than (i) 2 million shares or shares with a fair market value of over $20 million during a day, or (ii) 20 million shares or shares with a fair market value of over $200 million during a calendar month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. <u>Reporting Requirements Under Section 13(d) and 13(g)</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. *<u>General</u>*.** Sections 13(d) and 13(g) of the Exchange Act require any person or group of persons<sup>1</sup> who directly or indirectly acquires or has beneficial ownership<sup>2</sup> of more than 5% of a class of an issuer's Section 13(d) Securities (the "**5% threshold**") to report such beneficial ownership on Schedule 13D or Schedule 13G, as appropriate. Both Schedule 13D and Schedule 13G require background information about the reporting persons and the Section 13(d) Securities listed on the schedule, including the name, address, and citizenship or place of organization of each reporting person, the amount of the securities beneficially owned and aggregate beneficial ownership percentage, and whether voting and investment power is held solely by the reporting persons or shared with others. Reporting persons that must report on Schedule 13D are also required to disclose a significant amount of additional information, including certain disciplinary events, the source and amount of funds or other consideration used to purchase the Section 13(d) Securities, the purpose of the acquisition, any plans to change or influence the control of the issuer, and a list of any transactions in the securities effected in the last 60 days. A reporting person may use the less burdensome Schedule 13G if it meets certain criteria described below.

<sup>1</sup> A "group" is defined in Rule 13d-5 as "two or more persons [that] agree to act together for the purpose of acquiring, holding, voting or disposing of equity securities of an issuer." See, for example, the persons described above in *Reporting Obligations of "Control Persons*". An agreement to act together does not need to be in writing and may be inferred by the SEC or a court from the concerted actions or common objective of the group members.

<sup>2</sup> Under Rule 13d-3, "**beneficial ownership**" of a security exists if a person, directly or indirectly, through any contract, arrangement, understanding, or relationship or otherwise, has or shares voting power and/or investment power over a security. "**Voting power**" means the power to vote or direct the voting of a security. **"Investment power"** means the power to dispose of or direct the disposition of a security. Under current SEC rules, a person holding securities-based swaps or other derivative contracts may be deemed to beneficially own the underlying securities if the swap or derivative contract provides the holder with voting or investment power over the underlying securities. Please contact us if you would like guidance regarding the application of Section 13 to securities-based swaps or other derivative contracts.

In general, Schedule 13G is available to any reporting person that falls within one of the following three categories:

● *Exempt Investors*. A reporting person is an "Exempt Investor" if the reporting person beneficially owns more than 5% of a class of an issuer's Section 13(d) Securities at the end of a calendar quarter, but its acquisition of the securities is exempt under Section 13(d)(6) of the Exchange Act. For example, a person that acquired all of its Section 13(d) Securities prior to the issuer's registration of such securities (or class of securities) under the Exchange Act, or acquired no more than 2% of the Section 13(d) Securities within a 12-month period, is considered to be an Exempt Investor and would be eligible to file reports on Schedule 13G.

● *Qualified Institutions*. Along with certain other institutions listed under the Exchange Act<sup>3</sup>, a reporting person that is a registered investment adviser or broker-dealer may file a Schedule 13G as a "Qualified Institution" if it (a) acquired its position in a class of an issuer's Section 13(d) Securities in the ordinary course of its business, (b) did not acquire such securities with the purpose or effect of changing or influencing control of the issuer, nor in connection with any transaction with such purpose or effect (such purpose or effect, an "**activist intent** "), and (c) promptly notifies any discretionary account owner on whose behalf the firm holds more than 5% of the Section 13(d) Securities of such account owner's potential reporting obligation.

● *Passive Investors.* A reporting person is a "Passive Investor" if it beneficially owns more than 5% but less than 20% of a class of an issuer's Section 13(d) Securities and (a) the securities were not acquired or held with an activist intent, and (b) the securities were not acquired in connection with any transaction having an activist intent. There is no requirement that a Passive Investor limit its acquisition of Section 13(d) Securities to purchases made in the ordinary course of its business. In addition, a Passive Investor does not have an obligation to notify discretionary account owners on whose behalf the firm holds more than 5% of such Section 13(d) Securities of such account owner's potential reporting obligation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. *<u>Method of Filing</u>.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) An Insider must file Section 13 schedules in electronic format via the Commission's Electronic Data Gathering Analysis and Retrieval System ("**EDGAR**") in accordance with EDGAR rules set forth in Regulation S-T.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Filing Date</u>. Schedules are deemed filed with the SEC or the applicable exchange on the date recognized by EDGAR. For Section 13 purposes, filings may be made up to 10 p.m. EST. In the event that a due date falls on a weekend or SEC holiday, the filing will be deemed timely filed if it is filed on EDGAR by the next business day after such weekend or holiday. An Insider must first obtain several different identification codes from the SEC before the filings can be submitted. In order to receive such filing codes, the Insider first submits a Form ID to the SEC. The Form ID must be signed, notarized, and submitted electronically through the SEC's Filer Management website, which can be accessed at https://www.filermanagement.edgarfiling.sec.gov. The Insider is required to retain a manually signed hard copy of all EDGAR filings (and related documents like powers of attorney) in its records available for SEC inspection for a period of five years after the date of filing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Company</u>. In addition, the rules under Section 13 require that a copy of the applicable filing be sent to the issuer of the security at its principal executive office by registered or certified mail. A copy of Schedules filed pursuant to §§ 240.13d-1(a) and 240.13d-2(a) shall also be sent to each national securities exchange where the security is traded.

<sup>3</sup> Under Rule 13d-1, a reporting person also qualifies as a Qualified Institution if it is a bank as defined in Section 3(a)(6) of the Exchange Act, an insurance company as defined in Section 3(a)(19) of the Exchange Act, an investment company registered under the Investment Company Act, or an employee benefit plan, savings association, or church plan. The term "Qualified Institution" also includes a non-U.S. institution that is the functional equivalent of any of the foregoing entities and the control persons and parent holding companies of an entity that qualifies as a Qualified Institution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Securities to be Reported</u>. A person who is subject to Section 13 must only report as beneficially owned those securities in which he or she has a pecuniary interest. See the discussion of "beneficial ownership" below at Section D.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. *<u>Initial Report of Ownership – Schedule 13D or 13G</u>.*** Under Section 13, Insiders are required to make an initial report on Schedule 13D or Schedule 13G to the SEC of their holdings of all equity securities of the corporation (whether or not such equity securities are registered under the Exchange Act). This would include all traditional types of securities, such as ordinary shares, preferred shares and junior shares, as well as all types of derivative securities, such as warrants to purchase shares, options to purchase shares, puts and calls. Even Insiders who do not beneficially own any equity securities of the Company must file a report to that effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Initial Filing Deadline</u>. An Insider who is not eligible to use Schedule 13G must file a Schedule 13D within five business days of such reporting person's direct or indirect acquisition of beneficial ownership of more than 5% of a class of an issuer's Section 13(d) Securities.

● A reporting person that is an Exempt Investor is required to file its initial Schedule 13G within 45 days after the calendar quarter-end in which the person exceeds the 5% threshold.

● A reporting person that is a Qualified Institution also is required to file its initial Schedule 13G within 45 days after the calendar quarter-end in which the person exceeds the 5% threshold. However, a Qualified Institution that acquires direct or indirect beneficial ownership of more than 10% of a class of an issuer's Section 13(d) Securities must file an initial Schedule 13G within five business days after the first month in which the person exceeds the 10% threshold.

● A reporting person that is a Passive Investor must file its initial Schedule 13G within five business days of the date on which it exceeds the 5% threshold.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Switching from Schedule 13G to Schedule 13D</u>. If an Insider that previously filed a Schedule 13G no longer satisfies the conditions to be an Exempt Investor, Qualified Institution, or Passive Investor, the person must switch to reporting its beneficial ownership of a class of an issuer's Section 13(d) Securities on a Schedule 13D (assuming that the person continues to exceed the 5% threshold). This could occur in the case of (1) an Insider that changes from acquiring or holding Section 13(d) Securities for passive investment to acquiring or holding such securities with an activist intent, (2) an Insider that is a Qualified Institution that deregisters as an investment adviser pursuant to an exemption under the Investment Advisers Act of 1940, as amended, or applicable state law, or (3) an Insider that is a Passive Investor that acquires 20% or more of a class of an issuer's Section 13(d) Securities. In each case, the Insider must file a Schedule 13D within five business days of the event that caused it to no longer satisfy the necessary conditions.

An Insider who is required to switch to reporting on a Schedule 13D will be subject to a "cooling off" period from the date of the event giving rise to a Schedule 13D obligation (such as the change to an activist intent or acquiring 20% of a class of an issuer's Section 13(d) Securities) until 10 calendar days after the filing of Schedule 13D. During the "cooling off" period, the reporting person may not vote or direct the voting of the Section 13(d) Securities or acquire additional beneficial ownership of such securities. Consequently, a person should file a Schedule 13D as soon as possible once he is obligated to switch from a Schedule 13G to reduce the duration of the "cooling off" period.

The Insider will thereafter be subject to the Schedule 13D reporting requirements with respect to the Section 13(d) Securities until such time as the former Schedule 13G reporting person once again qualifies as a Qualified Institution or Passive Investor with respect to the Section 13(d) Securities or has reduced its beneficial ownership interest below the 5% threshold. However, only a reporting person that was originally eligible to file a Schedule 13G and was later required to file a Schedule 13D may switch to reporting on Schedule 13G.<sup>4</sup>

<sup>4</sup> See Question 103.07 (September 14, 2009), Regulation 13D-G C&DIs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. *<u>Changes in Ownership – Amendments to Schedule 13D or 13G</u>*.**

*Amendments to Schedule 13D*. If there has been any material change to the information in a Schedule 13D previously filed by an Insider<sup>5</sup>, the person must file an amendment to such Schedule 13D within two business days. A material change includes, without limitation, a reporting person's acquisition or disposition of 1% or more of a class of the issuer's Section 13(d) Securities, including as a result of an issuer's repurchase of its securities. An acquisition or disposition of less than 1% may be considered a material change depending on the circumstances. A disposition that reduces a reporting person's beneficial ownership interest below the 5% threshold, but is less than a 1% reduction, is not necessarily a material change that triggers an amendment to Schedule 13D. However, an amendment in such a circumstance is recommended to eliminate the reporting person's filing obligations if the reporting person does not in the near term again expect to increase its ownership above 5%.

*Amendments to Schedule 13G.*

● **Quarterly**. If a reporting person previously filed a Schedule 13G and there has been any material change to the information reported in such Schedule 13G as of the end of a calendar quarter, then an amendment to such Schedule 13G must be filed within 45 days of the calendar quarter end. A reporting person is not required to make a quarterly amendment to Schedule 13G if there has been no change since the previously filed Schedule 13G or if the only change results from a change in the person's ownership percentage as a result of a change in the aggregate number of Section 13(d) Securities outstanding (e.g., due to an issuer's repurchase of its securities).

● **Other than Quarterly (Qualified Institutions)**. A reporting person that previously filed a Schedule 13G as a Qualified Institution reporting beneficial ownership of less than 10% of a class of an issuer's Section 13(d) Securities, must file an amendment to its Schedule 13G within five business days of the end of the first month such Qualified Institution is the direct or indirect beneficial owner of more than 10% of a class of the issuer's Section 13(d) Securities. Thereafter, within five business days after the end of any month in which the person's direct or indirect beneficial ownership of such securities increases or decreases by more than 5% of the class of securities (computed as of the end of the month), the person must file an amendment to Schedule 13G.

● **Other than Quarterly (Passive Investors)**. A reporting person that previously filed a Schedule 13G as a Passive Investor must file an amendment within two business days after it directly or indirectly acquires more than 10% of a class of an issuer's Section 13(d) Securities. Thereafter, the reporting person must file an amendment to Schedule 13G within two business days after its direct or indirect beneficial ownership of such securities increases or decreases by more than 5%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. *Reporting Identifying Information for Large Traders - Form 13H*.** Rule 13h-1 of the Exchange Act requires a Form 13H to be filed with the SEC by any individual or entity (each, a "**Large Trader**") that, directly or indirectly, exercises investment discretion over one or more accounts and effects transactions in NMS Securities (as defined below) for those accounts through one or more registered broker-dealers that, in the aggregate, equal or exceed (a) 2 million shares or $20 million in fair market value during any calendar day, or (b) 20 million shares or $200 million in fair market value during any calendar month (each, an "**identifying activity level**"). Under Regulation NMS, an "NMS Security" is defined to include any U.S. exchange-listed equity securities and any standardized options, but does not include any exchange-listed debt securities, securities futures, or shares of open-end mutual funds that are not currently reported pursuant to an effective transaction reporting plan under the Exchange Act. A Large Trader must file an initial Form 13H promptly after effecting aggregate transactions equal to or greater than one of the identifying activity levels. The SEC has indicated that filing within 10 days will be deemed a prompt filing. Amendments to Form 13H must be filed within 45 days after the end of each full calendar year and then promptly following the end of a calendar quarter if any of the information on Form 13H becomes inaccurate.

Form 13H requires that a Large Trader, reporting for itself and for any affiliate that exercises investment discretion over NMS securities, list the broker-dealers at which the Large Trader and its affiliates have accounts and designate each broker-dealer as a "prime broker," an "executing broker," and/or a "clearing broker." Form 13H filings with the SEC are confidential and exempt from disclosure under the United States Freedom of Information Act. The information is, however, subject to disclosure to Congress and other federal agencies and when ordered by a court. If a securities firm has multiple affiliates in its organization that qualify as Large Traders, Rule 13h-1 permits the Large Traders to delegate their reporting obligation to a control person that would file a consolidated Form 13H for all of the Large Traders it controls. Otherwise, each Large Trader in the organization will be required to file a separate Form 13H.

<sup>5</sup> This includes a change in the previously reported ownership percentage of a reporting person even if such change results solely from an increase or decrease in the aggregate number of outstanding securities of the issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. *<u>Reporting Obligations of Control Persons and Clients</u>*.**

*The Firm's Obligations*. As discussed above, a securities firm is deemed to be the beneficial owner of Section 13(d) Securities in all accounts over which it exercises voting and/or investment power. Therefore, a firm will be a reporting person if it directly or indirectly acquires or has beneficial ownership of more than 5% of a class of an issuer's Section 13(d) Securities. Unless a securities firm has an activist intent with respect to the issuer of the Section 13(d) Securities, the firm generally will be able to report on Schedule 13G as either a Qualified Institution or as a Passive Investor.

*Obligations of a Firm's Control Persons.* Any control person (as defined below) of a securities firm, by virtue of its ability to direct the voting and/or investment power exercised by the firm, may be considered an indirect beneficial owner of the Section 13(d) Securities. Consequently, the direct or indirect control persons of a securities firm may also be reporting persons with respect to a class of an issuer's Section 13(d) Securities. The following persons are likely to be considered "control persons" of a firm:

● any general partner, managing member, trustee, or controlling shareholder of the firm; and

● the direct or indirect parent company of the firm and any other person that indirectly controls the firm (e.g., a general partner, managing member, trustee, or controlling shareholder of the direct or indirect parent company).

If a securities firm (or parent company) is directly or indirectly owned by two partners, members, trustees, or shareholders, generally each such partner, member, trustee, or shareholder is deemed to be a control person. For example, if a private fund that beneficially owns more than 5% of a class of an issuer's Section 13(d) Securities is managed by a securities firm that is a limited partnership, the general partner of which is a limited liability company that in turn is owned in roughly equal proportions by two managing members, then each of the private fund, the securities firm, the firm's general partner, and the two managing members of the general partner likely will have an independent Section 13 reporting obligation.

*Availability of Filing on Schedule 13G by Control Persons*. Any direct and indirect control person of a securities firm may file a Schedule 13G as an Exempt Investor, a Qualified Institution or as a Passive Investor to the same extent as any other reporting person as described above. In order for a control person to file a Schedule 13G as a Qualified Institution, however, no more than 1% of a class of an issuer's Section 13(d) Securities may be held (i) directly by the control person or (ii) directly or indirectly by any of its subsidiaries or affiliates that are not Qualified Institutions. For example, a direct or indirect control person of a securities firm will not qualify as a Qualified Institution if more than 1% of a class of an issuer's Section 13(d) Securities is held by a private fund managed by the firm or other affiliate because a private fund is not among the institutions listed as a Qualified Institution under the Exchange Act.

A securities firm that has one of its control persons serving on an issuer's board of directors may not be eligible to qualify as a Passive Investor with respect to such issuer. Even though the securities firm may not otherwise have an activist intent, the staff of the SEC has stated "the fact that officers and directors have the ability to directly or indirectly influence the management and policies of an issuer will generally render officers and directors unable to certify to the requirements" necessary to file as a Passive Investor.<sup>6</sup>

*Obligations of a Firm's Clients.* If a client of a securities firm (including a private or registered fund or a separate account client) by itself beneficially owns more than 5% of a class of an issuer's Section 13(d) Securities, the client has its own independent Section 13 reporting obligation.

<sup>6</sup> See Question 103.04 (September 14, 2009), Exchange Act Sections 13(d) and 13(g) and Regulation 13D-G Beneficial Ownership Reporting Compliance and Disclosure Interpretations of the Division of Corporation Finance of the SEC (the "Regulation 13D-G C&DIs").

*Availability of Joint Filings by Reporting Persons.* As discussed above, each reporting person has an independent reporting obligation under Section 13 of the Exchange Act. The direct and indirect beneficial owners of the same Section 13(d) Securities may satisfy their reporting obligations by making a joint Schedule 13D or Schedule 13G filing, provided that:

● each reporting person is eligible to file on the Schedule used to make the Section 13 report (e.g., each person filing on a Schedule 13G is a Qualified Institution, Exempt Investor, or Passive Investor);

● each reporting person is responsible for the timely filing of the Schedule 13D or Schedule 13G and for the completeness and accuracy of its information in such filing<sup>7</sup>; and

● the Schedule 13D or Schedule 13G filed with the SEC (i) contains all of the required information with respect to each reporting person; (ii) is signed by each reporting person in his, her, or its individual capacity (including through a power of attorney); and (iii) has a joint filing agreement attached.

**C. <u>Determining Beneficial Ownership</u>.**

In determining whether a securities firm has crossed the 5% threshold with respect to a class of an issuer's Section 13(d) Securities<sup>8</sup>, it must include the positions held in any proprietary accounts and the positions held in all discretionary client accounts that it manages (including any private or registered funds, accounts managed by or for principals and employees, and accounts managed for no compensation), and positions held in any accounts managed by the firm's control persons (which may include certain officers and directors) for themselves, their spouses, and dependent children (including IRA and most trust accounts).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. *<u>Determining Who is a Five Percent Holder</u>*.** Beneficial ownership in the Section 13 context is determined by reference to Rule 13d-3, which provides that a person is the beneficial owner of securities if that person has or shares voting or disposition power with respect to such securities, or can acquire such power within 60 days through the exercise or conversion of derivative securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. *<u>Determining Beneficial Ownership for Reporting and Short-Swing Profit Liability</u>*.** For all Section 13 purposes other than determining who is a five percent holder, beneficial ownership means a direct or indirect pecuniary interest in the subject securities through any contract, arrangement, understanding, relationship or otherwise. "Pecuniary interest" means the opportunity, directly or indirectly, to profit or share in any profit derived from a transaction in the subject securities. Discussed below are several of the situations that may give rise to an indirect pecuniary interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Family Holdings</u>. An Insider is deemed to have an indirect pecuniary interest in securities held by members of the Insider's immediate family sharing the same household. Immediate family includes grandparents, parents (and step-parents), spouses, siblings, children (and step-children) and grandchildren, as well as parents-in-laws, siblings-in-laws, children-in-law and all adoptive relationships. An Insider may disclaim beneficial ownership of shares held by members of his or her immediate family, but the burden of proof will be on the Insider to uphold the lack of a pecuniary interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Partnership Holdings</u>. Beneficial ownership of a partnership's securities is attributed to the general partner of a limited partnership in proportion of such person's partnership interest. Such interest is measured by the greater of the general partner's share of partnership profits or of the general partner's capital account (including any limited partnership interest held by the general partner).

<sup>7</sup> If the reporting persons are eligible to file jointly on Schedule 13G under separate categories (e.g., a private fund as a Passive Investor and its control persons as Qualified Institutions), then the reporting persons must comply with the earliest filing deadlines applicable to the group in filing any joint Schedule 13G.

<sup>8</sup> In calculating the 5% test, a person is permitted to rely upon the issuer's most recent interim or annual report for purposes of determining the amount of outstanding voting securities of the issuer, unless the person knows or has reason to believe that such information is inaccurate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Corporate Holdings</u>. Beneficial ownership of securities held by a corporation will not be attributed to its shareholders who are not controlling shareholders and who do not have or share investment control over the corporation's portfolio securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Derivative Securities</u>. Ownership of derivative securities (warrants, share appreciation rights, convertible securities, options and the like) is treated as indirect ownership of the underlying equity securities. Acquisition of derivative securities must be reported. If the derivative securities are acquired pursuant to an employee plan, the timing of such reporting depends upon the Rule 16b-3 status of the employee plan under which the grant was made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D. <u>Delinquent Filings</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. *<u>Correcting Late Filings</u>*.** In the case of an Insider that has failed to make required amendments to its Schedule 13D or Schedule 13G in a timely manner (i.e., any material changes), the Insider must immediately amend its schedule to disclose the required information. The SEC Staff has explained that, "[r]egardless of the approach taken, the security holder must ensure that the filings contain the information that it should have disclosed in each required amendment, including the dates and details of each event that necessitated a required amendment." However, the SEC Staff has also affirmed that, irrespective of whether a security holder takes any of these actions, a security holder may still face liability under the federal securities laws for failing to promptly file a required amendment to a Schedule 13D or Schedule 13G.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. *<u>Potential Liability</u>*.** The SEC may bring an enforcement action, in the context of a Schedule 13D or Schedule 13G filing, for violations of Section 13(d), Section 13(g), Rule 10b-5 and Section 10(b), provided that the SEC specifically shows: (1) a material misrepresentation or omission made by the defendant; (2) scienter on the part of the defendant; and (3) a connection between a misrepresentation or omission and purchase or sale of a security regarding the Rule 10b-5 claim it brings. The SEC may seek civil remedies in the form of injunctive relief, a cease-and-desist order, monetary penalties, and other forms of equitable relief (e.g., disgorgement of profits). Under Section 32 of the Exchange Act, criminal sanctions may also extend to the willful violation of Section 13(d) and Section 13(g). The U.S. Department of Justice, which prosecutes criminal offenses under the Exchange Act, may seek numerous penalties against any person that violates the Exchange Act and any rules thereunder, including a monetary fine of up to $5,000,000, imprisonment for up to 20 years and/or disgorgement.

**<u>Exhibit C</u>**

**VOLTAGE X LIMITED**

**Insider Trading Compliance Program - Pre-Clearance Checklist**

**Individual Proposing to Trade:_________________________**

**Number of Shares covered by Proposed Trade:_________________________**

**Date:_________________________**

☐ <u>Trading Window</u>. Confirm that the trade will be made during the Company's "trading window."

☐ <u>Section 13 Compliance</u>. Confirm, if the individual is subject to Section 13, that the proposed trade will not give rise to any potential liability under Section 13 as a result of matched past (or intended future) transactions. Also, ensure that an amendment to Schedule 13D or 13G has been or will be completed and will be timely filed.

☐ <u>Prohibited Trades</u>. Confirm, if the individual is subject to Section 13, that the proposed transaction is not a "short sale," put, call or other prohibited or strongly discouraged transaction.

☐ <u>Rule 144 Compliance</u>. Confirm that:

☐ Current public information requirement has been met;

☐ Shares are not restricted or, if restricted, the six-month holding period has been met;

☐ Volume limitations are not exceeded (confirm that the individual is not part of an aggregated group);

☐ The manner of sale requirements has been met; and

☐ The Notice of Form 144 Sale has been completed and filed.

☐ <u>Rule 10b-5 Concerns</u>. Confirm that (i) the individual has been reminded that trading is prohibited when in possession of any material information regarding the Company that has not been adequately disclosed to the public, and (ii) the Compliance Officer has discussed with the individual any information known to the individual or the Compliance Officer which might be considered material, so that the individual has made an informed judgment as to the presence of inside information.

  <br> Signature of Compliance Officer

**Transactions Report**

Officer or Director:<u> </u>

I. TRANSACTIONS:

☐ No transactions. ☐ The transactions described below.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Owner of Record** | **Transaction** <br> **Date <sup>(1)</sup>** | **Transaction<br> Code <sup>(2)</sup>** | **Security <br> (Common, <br> Preferred)** | **Number of <br> Securities <br> Acquired** | **Number<br> of Securities <br> Disposed of** | **Purchase/<br> Sale <br> Unit Price** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) (a) Brokerage transactions - trade date<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Other purchases and sales date firm commitment is made<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Option and SAR exercises date of exercise | (d) Acquisitions under share incentive plan date of grant<br>(e) Conversion date of surrender of convertible security<br>(f) Gifts date on which gift is made |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) Transaction Codes:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(P) Pre-established Purchase or Sale<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(N) Purchase or Sale (not "Pre-established")<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) Gift<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(M) Option exercise (in the money option)<br>| <br>(Q) Transfer pursuant to marital settlement<br>(U) Tender of shares<br>(W) Acquisition or disposition of will<br>(J) Other acquisition or disposition (specify)<br>|

---

II. SECURITIES OWNERSHIP FOLLOWING TRANSACTION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Company Securities Directly or Indirectly Owned (other than share options noted below)</u>:

---

| | | | |
|:---|:---|:---|:---|
| **Title of Security (*e.g.*, Preferred, Common, etc.)** | **Number of <br> Shares/Units** | **Record<br> Holder<br> (if not Reporting <br> Person)** | **Relationship <br> to Reporting<br> Person** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Share Option Ownership</u>:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Date of Grant** | **Number<br> of Shares** | **Exercise<br> Price** | **Vesting<br> Dates** | **Expiration<br> Date** | **Exercises to<br> Date (Date,<br> No. of<br> Shares**) |

---

**<u>Exhibit D</u>**

**VOLTAGE X LIMITED**

**Transaction Reminder**

TO: [Name of Officer or Director]

FROM:

DATED:

---

| | |
|:---|:---|
| RE: | **Amendment to Schedule 13D filing** |

---

This is to remind you that if there is a change in your beneficial ownership of ordinary shares or other securities of Voltage X Limited (the "Company"), you must file an amendment to Schedule 13D with the Securities and Exchange Commission (the "SEC") within 2-5 business days following the transaction.

Our records indicate that on __________ (specify date) you had the transactions in the Company's securities indicated on the attached exhibit.

1. Please advise us whether the information on the attached exhibit
is correct:

☐ The information is complete and correct.

☐ This information is <u>not</u> complete and correct. I have marked the correct information on the attached exhibit.

2. Please advise us if we should assist you by preparing the amendment to Schedule 13D for your signature
and filing it for you with the SEC based upon the information you provided to us, or if you will prepare and file the amendment to Schedule
13D yourself. (Please note that we have prepared and attached for your convenience an amendment to Schedule 13D reflecting the information
we have, which (if it is complete and correct), you may sign and return in the envelope enclosed.)

☐ The Company should prepare and file the amendment to Schedule 13D on my behalf after receiving my signature on the form.

☐ I shall prepare and file the amendment to Schedule 13D myself.

Signed

Dated

If you have any questions, contact Lai Tsun Shing, the Company's Compliance Officer .

I understand that my amendment to Schedule 13D must be filed as follows: (i) on EDGAR (the SEC Electronic Data-Gathering, Analysis and Retrieval system) and (ii) one copy with the Company's Compliance Officer.

## Exhibit 23.1

**Exhibit 23.1**

---

| | |
|:---|:---|
| ![](ex23-1_001.jpg) | ![](ex23-1_002.jpg) |

---

<u>INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM'S CONSENT</u>

We consent to the reference to our firm under the caption "Experts" and to the use of our report dated June 25, 2025, with respect to our audit of the consolidated financial statements of Voltage X Limited (the "Company") and its subsidiaries (the "Group"), as of and for the years ended June 30, 2023 and 2024, which report appears in the Prospectus, which is part of this Registration Statement on Form F-1 of Voltage X Limited.

/s/ Zhen Hui Certified Public Accountants

Zhen Hui Certified Public Accountants

Hong Kong

4 Aug 2025

![](ex23-1_003.jpg)

## Exhibit 23.4

**Exhibit 23.4**

---

| | |
|:---|:---|
| ![](ex23-4_001.jpg) | 03 7050 8088<br> PO BOX 238 Watsonia VIC 3087<br> Suite 128, Waterman Richmond<br> Level 1 East, 678 Victoria St<br> Richmond VIC 3121<br>**lamco.au**<br>|

---

Our Ref: HL:24611

21 August 2025

Voltage X Limited

Suite 1, Level 2, 34 Queens Street

Melbourne VIC 3000

**Re: Registration Statement on Form 1 of Voltage X Limited** 

Dear Sirs,

1. We have acted as Australian counsel to Voltage X Limited (the "**Company** "), a Cayman
Islands company, in connection with its filing of a registration statement on Form F-1 (the "**Registration Statement** "),
with the United States Securities and Exchange Commission (the "**Commission** "), under the United States Securities Act
of 1933 (the "**Securities Act**") , as amended to date in relation to the offer of a certain number of the Company's
Class A ordinary shares with a par value of US$0.000001 per share (the "**Class A Ordinary Shares** "), particularly in
respect of the Company's subsidiary, Voltage X Australia Pty Ltd ()"**VX Australia** "), a company incorporated under
the laws of Australia.

2. We hereby consent the filing of this letter as an exhibit to the Registration Statement. We further consent
to the use of our name and to all references made to us in the Registration Statement and in the prospectus forming a part thereof. In
giving this consent, we do not admit that we are in the category of persons whose consent is required under Section 7 of the Securities
Act or the rules and regulations of the Commission promulgated thereunder.

3. This letter speaks as of the time of its delivery on the date it bears. We do not assume any obligation
to provide any subsequent opinion or advice by reason of any fact about which we did not have knowledge at that time, by reason of any
change subsequent to that time in any law, or for any other reason. We have assumed that there has been no relevant change or development
between the dates as of which the information cited in the Registration Statement and the date of this letter and that the information
upon which we have relied is accurate and does not omit disclosures necessary to prevent such information from being misleading.

Kind Regards

/s/ Lamco AU

**Lamco AU**

*Limited by a scheme approved under Professional Standards Legislation.*

## Exhibit 23.5

**Exhibit 23.5**

![](ex23-5_001.jpg)

---

| | |
|:---|:---|
| **Voltage X Limited** | **Email:** jally@applebyglobal.com |
| (the "Company") |  |
| Suite 1, Level 2, 34 Queen Street <br> Melbourne VIC 3000, Australia | **Direct Dial:** +248 4295 289 |
| <u>Attention: Board of Directors</u> | **Your Ref** |
| **<u>BY EMAIL ONLY</u>** | **Appleby Ref:** JA/468228.0001 |

---

25 August 2025

---

| | |
|:---|:---|
| Seychelles Office | Dear Sir/ Madam |
| Suite 202 | **FORM F-1: AS AMENDED AND SUPPLEMENTED – LETTER OF CONSENT** |

---

---

| | | |
|:---|:---|:---|
| 2nd Floor, Eden Plaza<br> Eden Island <br> PO Box 1352 <br> Mahe <br> Seychelles<br>Tel +248 4295 281<br>applebyglobal.com | 1. | We have acted as legal advisors as to the laws of the Republic of Seychelles to Voltage X Limited (the "**Company**") in connection with the Company's registration statement on Form F-1, including all amendments or supplements thereto (the "**Registration Statement**"), as filed with the United States Securities and Exchange Commission, under the United States Securities Act of 1933, as amended to date in relation to the offer of a certain number of Company's Class A ordinary shares with a par value of US$0.000001 per share (the "**Class A Ordinary Shares**"), particularly in respect of the Company's subsidiaries, which are incorporated as international business companies in Seychelles: (i) Voltage X Holdings Limited and (ii) Voltage X Innovations Limited (the "**IBCs**"). |
|  | 2. | We confirm that we do not have any objections to the descriptions of Seycheles law in respect of thee IBCs in the Registration Statement, including but not limited to the heading "Enforceability of Civil Liabilities" and elsewhere in the Registration Statement. |
|  | 3. | We hereby consent the filing of this letter as an exhibit to the Registration Statement. We further consent to the use of our name and to all references made to us in the Registration Statement and in the prospectus forming a part thereof. In giving this consent, we do not admit that we are in the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations of the Commission promulgated thereunder. |

---

---

| |
|:---|
| Yours faithfully |
| /s/ APPLEBY |
| **APPLEBY (SEYCHELLES)** |

---

Bermuda ◾British Virgin Islands ◾Cayman Islands ◾Guernsey ◾Hong Kong ◾Isle of Man ◾Jersey ◾Mauritius ◾Seychelles ◾Shanghai ◾

## Exhibit 23.6

**Exhibit 23.6**

![](ex23-6_001.jpg)

## Exhibit 23.7

**Exhibit 23.7**

![](ex23-7_001.jpg)

![](ex23-7_002.jpg)

## Exhibit 99.1

**Exhibit 99.1**

**Voltage X Limited**

**Policy for the Recovery of Erroneously Awarded Compensation**

Effective: August 4, 2025

**1. Introduction**

The Board of Directors (the "**Board**") of Voltage X Limited (the "**Company**") has adopted this policy, which provides for the recovery of certain executive compensation in the event of certain accounting restatements (the "**Policy**").

This Policy is designed to comply with Section 10D, as implemented by Rule 10D-1, of the Securities Exchange Act of 1934, as amended (the "**Exchange Act**") and is made in accordance with the applicable listing rules (the "**Nasdaq Rules**") of the Nasdaq Stock Market ("**Nasdaq**").

**2. Covered Executives**

This Policy applies to the Company's current and former executive officers, as determined by the Committee (as defined below) in accordance with Section 10D of the Exchange Act and the Nasdaq Rules, who, for the avoidance of doubt, will include, at a minimum, executive officers identified pursuant to 17 C.F.R. 229.401(b), as well as the principal financial officer and principal accounting officer (or, if there is no principal accounting officer, the controller), and such other senior executives/employees who may from time to time be deemed subject to the Policy by the Committee ("**Covered Executives**").

This Policy shall be binding and enforceable against all Covered Executives, as described herein, and, to the extent required by applicable law or guidance from the United States Securities and Exchange Commission (the "**SEC**") or Nasdaq, Covered Executives' beneficiaries, heirs, executors, administrators or other legal representatives.

**3. Recovery of Erroneously Awarded Compensation**

In the event the Company is required to prepare an Accounting Restatement of its financial statements, the Remuneration Committee (if composed entirely of independent directors, or in the absence of such a committee, a majority of independent directors serving on the Board) (the "**Committee**") will determine the amount of Erroneously Awarded Incentive Compensation (defined below) and the Company will promptly notify each Covered Executive who received Erroneously Awarded Incentive Compensation of the amount of Erroneously Awarded Incentive Compensation received by such Covered Executive and will require reimbursement or forfeiture of not less than the full amount of any Erroneously Awarded Incentive Compensation received or deemed received by any Covered Executive, except to the extent determined impracticable in Section 7 below.

Any such recovery shall apply to Incentive Compensation Eligible for Recovery paid during the three (3) completed fiscal years immediately preceding the Restatement Date and, if the Company changes its fiscal year, any transition period of less than nine months within or immediately following those three completed fiscal years (the "**Recovery Period**").

Incentive Compensation shall be deemed received in the Company's fiscal period during which the Financial Reporting Measure specified in the Incentive Compensation award is attained, even if the payment or grant of the Incentive Compensation to the Covered Executive occurs after the end of that period.

Any recovery under this Policy shall be made reasonably promptly and in accordance with the Exchange Act and Nasdaq Rules.

**4. Incentive Compensation and Financial Reporting Measures**

For purposes of this Policy:

"**Accounting Restatement**" means an accounting restatement due to the material noncompliance of the Company with any financial reporting requirement under the securities laws, including any required accounting restatement to correct an error in previously issued financial statements that is material to the previously issued financial statements (a "Big R" restatement), or that would result in a material misstatement if the error were corrected in the current period or left uncorrected in the current period (a "little r" restatement).

"**Financial Reporting Measures**" are measures that are determined and presented in accordance with the accounting principles used in preparing the Company's financial statements, and all other measures that are derived wholly or in part from such measures. Share price and total shareholder return (and any measures that are derived wholly or in part from share price or total shareholder return) shall, for purposes of this Policy, be considered Financial Reporting Measures. For the avoidance of doubt, a Financial Reporting Measure need not be presented in the Company's financial statements or included in a filing with the SEC.

"**Incentive Compensation**" means any compensation that is granted, earned, or vested based wholly or in part on the attainment of a Financial Reporting Measure, including, but not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Annual bonuses and other short- and long-term cash incentives;<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Share options;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Restricted shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Restricted share units; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Performance shares.

"**Incentive Compensation Eligible for Recovery**" means Incentive Compensation received by a Covered Executive:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) after beginning service as a Covered Executive;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) who served as a Covered Executive at any time during the performance period for the applicable Incentive Compensation (regardless of whether such individual is serving as a Covered Executive at the time the Erroneously Awarded Incentive Compensation is required to be repaid);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) while the Company had a class of securities listed on a national securities exchange or a national securities association;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) during the applicable Recovery Period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) on or after the effective date of the applicable Nasdaq Rules (i.e., October 2, 2023).

"**Restatement Date**" means the earlier to occur of (i) the date the Board, a committee of the Board or the officers of the Company authorized to take such action if Board action is not required, concludes, or reasonably should have concluded, that the Company is required to prepare an Accounting Restatement, or (ii) the date a court, regulator or other legally authorized body directs the Company to prepare an Accounting Restatement.

<sup>1</sup> To the extent that a Covered Executive receives a salary increase earned wholly or in part based on the attainment of a Financial Reporting Measure performance goal, such a salary increase is subject to recovery as a non-equity incentive plan award for purposes of Rule 10D-1.

**5. Erroneously Awarded Incentive Compensation – Amount Subject to Recovery**

The amount to be recovered will be the excess of the Incentive Compensation Eligible for Recovery paid to the Covered Executive based on the erroneous data over the Incentive Compensation Eligible for Recovery that would have been paid to the Covered Executive had it been based on the restated results (calculated without regard to any taxes paid), as determined by the Committee (the "**Erroneously Awarded Incentive Compensation**").

If the Committee cannot determine the amount of Erroneously Awarded Incentive Compensation received by the Covered Executive directly from the information in the Accounting Restatement (i.e., the Erroneously Awarded Incentive Compensation is not subject to mathematical recalculation directly from the information in the applicable Accounting Restatement), then it will make its determination based on a reasonable estimate of the effect of the Accounting Restatement. The Company shall maintain documentation of the determination of such reasonable estimate and provide the relevant documentation to Nasdaq.

The Company shall promptly notify each Covered Executive with a written notice containing the amount of any Erroneously Awarded Incentive Compensation and a demand for repayment or return of such compensation, as applicable.

**6. Method of Recovery**

The Committee will determine, in its sole discretion, the method for recouping Erroneously Awarded Incentive Compensation hereunder which may include, without limitation, any of the following or combination thereof:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) requiring reimbursement of cash Incentive Compensation Eligible for Recovery previously paid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) seeking recovery of any gain realized on the vesting, exercise, settlement, sale, transfer, or other disposition of any equity-based awards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) offsetting the recouped amount from any compensation otherwise owed by the Company to the Covered Executive;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) cancelling outstanding vested or unvested equity awards; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) taking any other remedial and recovery action permitted by law, as determined by the Committee.

Except as set forth in Section 7 below, in no event may the Company accept an amount that is less than the amount of Erroneously Awarded Incentive Compensation in satisfaction of a Covered Executive's obligations hereunder. To the extent that a Covered Executive fails to repay all Erroneously Awarded Incentive Compensation to the Company when due, the Company shall take all actions reasonable and appropriate to recover such Erroneously Awarded Incentive Compensation from the applicable Covered Executive. The applicable Covered Executive shall be required to reimburse the Company for any and all expenses reasonably incurred (including legal fees) by the Company in recovering such Erroneously Awarded Incentive Compensation in accordance with the immediately preceding sentence.

To the extent that the Covered Executive has already reimbursed the Company for any Erroneously Awarded Incentive Compensation received under any duplicative recovery obligations established by the Company or applicable law, it shall be appropriate for any such reimbursed amount to be credited to the amount of Erroneously Awarded Incentive Compensation that is subject to recovery under this Policy.

**7. Impracticality**

The Company shall recover any Erroneously Awarded Incentive Compensation in accordance with this Policy, unless such recovery would be duplicative of compensation recovered by the Company from the Covered Executive pursuant to Section 304 of the Sarbanes-Oxley Act or would be impracticable, as determined by the Committee in accordance with Rule 10D-1 of the Exchange Act and the Nasdaq Rules, <u>and</u> any of the following conditions are satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Committee has determined that the direct expenses paid to a third party to assist in enforcing the Policy would exceed the amount to be recovered. Before making this determination, the Company must make a reasonable attempt to recover the Erroneously Awarded Incentive Compensation, documented such attempt(s) and provide such documentation to Nasdaq; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Recovery would violate home country law where that law was adopted prior to November 28, 2022, provided that, before determining that it would be impracticable to recover any amount of Erroneously Awarded Incentive Compensation based on violation of home country law, the Company has obtained an opinion of home country counsel, acceptable to Nasdaq, that recovery would result in such a violation and a copy of the opinion is provided to Nasdaq; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Recovery would likely cause an otherwise tax-qualified retirement plan, under which benefits are broadly available to employees of the Company, to fail to meet the requirements of Section 401(a)(13) or Section 411(a) of the Internal Revenue Code of 1986, as amended, and regulations thereunder.

**8. No Indemnification**

The Company shall not insure or indemnify any Covered Executive against the loss of any Erroneously Awarded Incentive Compensation that is repaid, returned or recovered in accordance with the terms of this Policy, or for any claims relating to the Company's enforcement of any of its rights under this Policy.

The Company shall not enter into any agreement or arrangement that exempts any Incentive Compensation that is granted, paid or awarded to any Covered Executive from the application of this Policy or that waives the Company's right to recover any Incentive Compensation Eligible for Recovery, and this Policy shall supersede any such agreement (whether entered into before, on or after the Effective Date of this Policy).

**9. Other Recovery Rights**

The Committee intends that this Policy will be applied to the fullest extent required by applicable law. Any employment agreement, equity award agreement, compensatory plan or any other agreement or arrangement with a Covered Executive shall be deemed to include, as a condition to the grant of any benefit thereunder, an agreement by the Covered Executive to abide by the terms of this Policy.

The Committee may require that any employment agreement, equity award agreement, or similar agreement entered into on or after the Effective Date shall, as a condition to the grant of any benefit thereunder, require a Covered Executive to agree to abide by the terms of this Policy.

Any right of recovery under this Policy is in addition to, and not in lieu of, any other remedies or rights of recovery that may be available to the Company under applicable law, regulation or rule or pursuant to the terms of any similar policy in any employment agreement, equity award agreement, or similar agreement and any other legal remedies available to the Company.

**10. Disclosure Requirements**

The Company shall file all disclosures with respect to this Policy required by applicable SEC filings and rules.

**11. Interpretation**

The Committee is authorized to interpret and construe this Policy and to make all determinations necessary, appropriate, or advisable for the administration of this Policy, and for the Company's compliance with Nasdaq Rules, Section 10D, Rule 10D-1 and any other applicable law, regulation, rule or interpretation of the SEC or Nasdaq promulgated or issued in connection therewith. It is intended that this Policy be interpreted in a manner that is consistent with the requirements of Section 10D of the Exchange Act and any applicable rules or standards adopted by the SEC or Nasdaq.

**12. Amendment and Termination**

The Committee may amend or terminate this Policy from time to time in its discretion; provided, that, no amendment or termination of this Policy shall be effective if such amendment or termination would cause the Company to violate any applicable federal securities laws, SEC rule or Nasdaq Rule.

**13. Effective Date**

This Policy shall be effective as of August 4, 2025 (the "**Effective Date**") and shall apply to Incentive Compensation that is approved, awarded or granted to Covered Executives on or after October 2, 2023.

**14. Policy Administration**

This Policy shall be administered by the Committee, and any determinations made by the Committee shall be final and binding on all affected individuals.

**<u>ANNEX A</u>**

**Voltage X Limited**

**Policy for the Recovery of Erroneously Awarded Compensation**

**Acknowledgement Form**

By signing below, the undersigned acknowledges and confirms they have received and reviewed a copy of the Voltage X Limited Policy for the Recovery of Erroneously Award Compensation (the "**Policy**"). Capitalized terms used but not otherwise defined in this Acknowledgement Form shall have the meanings given to such terms in the Policy.

By signing this Acknowledgement Form, the undersigned acknowledges and agrees that they are and will continue to be subject to the Policy and that the Policy will apply both during and after the undersigned's employment with the Company. Further, by signing below, the undersigned agrees to abide by the terms of the Policy, including, without limitation, by returning any Erroneously Awarded Incentive Compensation (as defined in the Policy) to the Company to the extent required by, and in a manner permitted by, the Policy.

For the avoidance of doubt, any recovery affected under the Policy shall not constitute grounds to terminate the undersigned's employment for "Good Reason" (or any term of similar meaning) under any employment, change in control or severance, equity award or compensation arrangements, agreements, plans or programs.

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|:---|
| Signed |
| Name (Printed) |
| Date |

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## Exhibit 99.5

**Exhibit 99.5**

September 2, 2025

**<u>VIA EDGAR</u>**

Division of Corporation Finance

U.S. Securities and Exchange Commission

100 F Street, N.E.

Washington, D.C. 20549

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| | |
|:---|:---|
| **Re:** | **Voltage X Limited – Registration Statement on Form F-1** <br> **Request for Waiver and Representation Under Item 8.A.4 of Form 20-F** |

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Ladies and Gentlemen:

The undersigned, Voltage X Limited , a foreign private issuer organized under the laws of the Cayman Islands (the "Company"), is submitting this letter via EDGAR to the U.S. Securities and Exchange Commission (the "SEC") in connection with the Company's filing on the date hereof of its registration statement on Form F-1 (the "Registration Statement") relating to the initial public offering ("IPO") of the Company's ordinary shares. This letter respectfully requests a waiver of the requirements of Item 8.A.4 of Form 20-F ("Item 8.A.4").

The Registration Statement contains consolidated financial statements for the two years ended June 30, 2023 and June 30, 2024, in each case prepared in accordance with International Financial Reporting Standards, and unaudited interim condensed consolidated financial statements for the six months ended December 31, 2023 and December 31, 2024.

Item 8. A.4 of Form 20-F states that in the case of a company's initial public offering, the registration statement on Form F-1 must contain audited financial statements as of a date not older than 12 months from the date of the offering unless a representation is made pursuant to Instruction 2 to Item 8.A.4. The Company is making this representation pursuant to Instruction 2 to Item 8.A.4, as amended and in effect as of the date hereof, which provides that a company may instead comply with the 15-month requirement "if the company is able to represent that it is not required to comply with the 12-month requirement in any other jurisdiction outside the United States and that complying with the 12-month requirement is impracticable or involves undue hardship."

The Company hereby represents that:

1. The Company is not currently a public reporting company in any jurisdiction.

2. The Company is not required by any jurisdiction outside the United States to prepare, and has not prepared, financial statements audited under any generally accepted auditing standards for any interim period subsequent to December 31, 2024.

3. Compliance with Item 8.A.4 at present is impracticable and involves undue hardship for the Company.

4. The Company does not anticipate that its audited financial statements for the fiscal year ended June 30, 2025 will be available until after September 30, 2025

5. In no event will the Company seek effectiveness of its Registration Statement if its audited financial statements are older than 15 months at the time of the offering.

The Company is filing this representation as an exhibit to the Registration Statement pursuant to Instruction 2 to Item 8.A.4.

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| |
|:---|
| Sincerely, |
| */s/ Cheung Terence* |
| Cheung Terence |
| Chief Executive Officer |

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