# EDGAR Filing Document

**Accession Number:** 0001984192
**File Stem:** 0001213900-25-055102
**Filing Date:** 2025-6
**Character Count:** 908302
**Document Hash:** 37a0ac097fc28c1641e40e353d18ef3e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-055102.hdr.sgml**: 20250617

**ACCESSION NUMBER**: 0001213900-25-055102

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

**PUBLIC DOCUMENT COUNT**: 21

**FILED AS OF DATE**: 20250617

**DATE AS OF CHANGE**: 20250617

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Rise Smart Group Holdings Ltd
- **CENTRAL INDEX KEY:** 0001984192
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-EDUCATIONAL SERVICES [8200]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** F-1/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-279364
- **FILM NUMBER:** 251052820

**BUSINESS ADDRESS:**
- **STREET 1:** ROOM 903, FLOOR 9, TOWER 1
- **STREET 2:** SILVERCORD, 30 CANTON ROAD TSIM SHA TSUI
- **CITY:** KOWLOON
- **STATE:** K3
- **ZIP:** 000000
- **BUSINESS PHONE:** 852 2980 2306

**MAIL ADDRESS:**
- **STREET 1:** ROOM 903, FLOOR 9, TOWER 1
- **STREET 2:** SILVERCORD, 30 CANTON ROAD TSIM SHA TSUI
- **CITY:** KOWLOON
- **STATE:** K3
- **ZIP:** 000000

#### As filed with the U.S. Securities and Exchange Commission on June 1 7 , 2025.

#### Registration No. 333-279364

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

#### _________________

#### Amendment No. 6 <br>to<br>Form F-1<br>REGISTRATION STATEMENT<br>UNDER<br>THE SECURITIES ACT OF 1933

#### _________________

#### Rise Smart Group Holdings Limited<br> (Exact Name of Registrant as Specified in its Charter)

#### _________________

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| | | |
|:---|:---|:---|
|  **Cayman Islands** | **8200** | **Not Applicable** |
|  (State or Other Jurisdiction of<br>Incorporation or Organization) | (Primary Standard Industrial<br>Classification Code Number) | (I.R.S. Employer<br>Identification No.) |

---

#### Rise Smart Group Holdings Limited<br>Room 903, Floor 9, Tower 1<br>Silvercord, 30 Canton Road<br>Tsim Sha Tsui, Kowloon<br>Hong Kong<br>+852 2980 2306
(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>Phone: +1 (800) 221-0102
(Name, address, including zip code, and telephone number, including area code, of agent for service)

#### _________________

#### With a Copy to:

---

| | |
|:---|:---|
|  **Daniel D. Nauth<br>Nauth LPC<br>217 Queen Street W,<br>Toronto, ON<br>M5H 1P4<br>Canada<br>+1 (416) 477**-6031 | **Jing Ye, Esq.<br>Ye & Associates, P.C.<br>135**-15 **40**<sup>th</sup> **Road, Suite 402<br>Flushing, New York 11354<br>Telephone: (929) 300**-7489 |

---

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

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

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

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

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

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

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

____________

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

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

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**The information in this 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 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.**

#### SUBJECT TO COMPLETION

#### PRELIMINARY PROSPECTUS DATED JUNE 1 7 , 2025 ,
**1,800,000 Ordinary Shares**

#### Rise Smart Group Holdings Limited
This is an initial public offering (the "**Offering**") of our Ordinary Shares. We are offering on a firm commitment basis, 1,800,000 Ordinary Shares, par value US$0.000625 per share ("Ordinary Shares"). We expect the initial public offering price will be $4 per Ordinary Share. Prior to this Offering, there has been no public market currently for our Ordinary Shares. We intend to apply to list our Ordinary Shares on the Nasdaq Capital Market under the symbol "RSHL". This Offering is contingent upon us listing our Ordinary Shares on Nasdaq or another national exchange. There is no guarantee or assurance that our Ordinary Shares will be approved for listing on the Nasdaq Capital Market or another national exchange.

**Investors are cautioned they are not buying shares of the operating company based in Hong Kong but instead are buying shares of a shell company that the issuer incorporated in the Cayman Islands that operates through its subsidiaries in Hong Kong, which involves unique risks to investors. Investors may never hold equity interests in our subsidiaries in Hong Kong. Chinese regulatory authorities could disallow this structure, which would likely result in a material change in our Operating Subsidiary's operations and/or a material change in the value of our Ordinary Shares, including the risk that such event could cause the value of such securities to significantly decline or become worthless. Please refer to "Risk Factors — Risks related to our corporate structure — In 2023, the PRC government initiated a series of regulatory actions and statements to regulate business operations in certain areas in mainland China, including cracking down on illegal activities in the securities market, enhancing supervision over mainland China**-based **companies listed overseas using the variable interest entity structure, adopting new measures to extend the scope of cybersecurity reviews, and expanding the efforts in anti**-monopoly **enforcement. In the future, we may be subject to PRC laws and regulations related to the current business operations of our Operating Subsidiary and any changes in such laws and regulations and interpretations may impair its ability to operate profitably, which could result in a material negative impact on its operations and/or the value of our Ordinary Shares." on page 18 for further information.**

Unless otherwise stated, as used in this prospectus, the terms "we," "us," "our Company," and the "Company" refer to Rise Smart Group Holdings Limited, an exempted company with limited liability incorporated under the laws of Cayman Islands with no material operations. We conduct all of our operations through our subsidiary, Rise Smart Hong Kong, established under the laws of the Hong Kong Special Administrative Region ("Hong Kong SAR" or "Hong Kong").

We are, and will continue to be, a "controlled company" as defined under Rule 5615(c)(1) of the Nasdaq Stock Market Rules. Mr. Kin Cho Li, our Chairman and Chief Executive Officer, will beneficially own 71.20% of our then-issued and outstanding Ordinary Shares (or 70.03% of our then-issued and outstanding Ordinary Shares if the underwriters' option to purchase additional shares is exercised in full) and will be able to exercise 71.20% of the total voting power of our issued and outstanding Ordinary Shares (or 70.03% if the underwriters' option to purchase additional shares is exercised in full) immediately after the consummation of this offering, assuming the underwriters do not exercise its option to purchase additional Ordinary Shares. For further information, see "Principal Shareholders." Although we do not intend to rely on the "controlled company" exemption under Rule 5615(c)(1) of the Nasdaq Stock Market Rules, we could elect to rely on this exemption in the future. Please read the disclosures beginning on page 11 of this prospectus for more information.

We are an "emerging growth company" as defined in the Jumpstart Our Business Act of 2012, as amended, and, as such, are eligible for reduced public company reporting requirements. Investing in our ordinary shares involves risks. Please see "Risk Factors" beginning on page 17 of this prospectus for more information.

We are a "Foreign Private Issuer" under applicable U.S. federal securities laws and, as such, are eligible for reduced public company reporting requirements. Please see "Implications of Being a Foreign Private Issuer" beginning on page 11 of this prospectus for more information.

**The Regulations on Mergers and Acquisitions of Domestic Companies by Foreign Investors, or the M&A Rules, adopted by six People's Republic of China ("PRC") regulatory agencies in 2006 and amended in 2009, require an overseas special purpose vehicle formed for listing purposes through acquisitions of domestic companies** 

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**in mainland China and controlled by companies or individuals of mainland China to obtain the approval of the China Securities Regulatory Commission (**"**CSRC**"**), prior to the listing and trading of such special purpose vehicle's securities on an overseas stock exchange. In addition, on December 24, 2021, the CSRC released the Administrative Regulations of the State Council Concerning the Oversea Issuance of Security and Listing by Domestic Enterprise (Draft for Comments) (the "Draft Administrative Regulations") and the Measures for the Overseas Issuance of Securities and Listing Record**-Filings **by Domestic Enterprises (Draft for Comments) (the "Draft Filing Measures"), collectively the "Draft Rules on Overseas Listing", for public opinion.**

**On February 17, 2023, with the approval of the State Council, the CSRC released the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies, or the Trial Measures, and five supporting guidelines, which came into effect on March 31, 2023. According to the Trial Measures, (1) 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; (2) if the issuer meets both of the following conditions, the overseas offering and listing shall be determined as an indirect overseas offering and listing by a domestic company: (i) any of the total assets, net assets, revenues or profits of the domestic operating entities of the issuer in the most recent accounting year accounts for more than 50% of the corresponding figure in the issuer's audited consolidated financial statements for the same period; (ii) its major operational activities are carried out in China or its main places of business are located in China, or the senior managers in charge of operation and management of the issuer are mostly Chinese citizens or are domiciled in China; and (3) where a domestic company seeks to indirectly offer and list securities in an overseas market, the issuer shall designate a major domestic operating entity responsible for all filing procedures with the CSRC, and where an issuer makes an application for initial public offering and listing in an overseas market, the issuer shall submit filings with the CSRC within three business days after such application is submitted. On the same day, the CSRC held a press conference for the release of the Trial Measures and issued the Notice on Administration for the Filing of Overseas Offering and Listing by Domestic Companies, which, among others, clarifies that (1) a six**-month **transition period will be granted to domestic companies which, prior to the effective date of the Trial Measures, have already obtained the approval from overseas regulatory authorities or stock exchanges, such as completion of registration in the market of the United States, but have not completed the indirect overseas listing; and (2) domestic companies that have already submitted valid applications for overseas offering and listing but have not obtained approval from overseas regulatory authorities or stock exchanges on or prior to the effective date of the Trial Measures, may reasonably arrange the timing for submitting their filing applications with the CSRC, and shall complete the filing before the completion of their overseas offering and listing.**

**On February 24, 2023, the CSRC, Ministry of Finance of the PRC, National Administration of State Secrets Protection and National Archives Administration of China jointly issued the Provisions on Strengthening Confidentiality and Archives Administration Overseas Securities Offering and Listing by Domestic Companies or the Confidentiality Provisions, which came into effect on March 31, 2023. The Confidentiality Provisions require that, among other things, (1) a domestic company that conducts an overseas offering and listing both directly and indirectly should institute a sound confidentiality and archives administration system, and take necessary measures to fulfill confidentiality and archives administration obligations; (2) a domestic company that plans to, either directly or through its overseas listed entity, publicly disclose or provide to relevant individuals or entities including securities companies, securities service providers and overseas regulators, any documents and materials that contain state secrets or working secrets of government agencies, shall first obtain approval from competent authorities according to law, and file with the secrecy administrative department at the same level; (3) a domestic company that plans to, either directly or through its overseas listed entity, publicly disclose or provide to relevant individuals and entities including securities companies, securities service providers and overseas regulators, any other documents and materials that, if leaked, will be detrimental to national security or public interest, shall strictly fulfil relevant procedures stipulated by applicable national regulations; (4) where a domestic company, after fulfilling relevant procedures, provides to securities companies, securities service providers and other entities with any documents and materials that contain state secrets or working secrets of government agencies, or any other documents and materials that will be detrimental to national security or public interest if leaked, a non**-disclosure **agreement shall be signed between the provider and receiver of such information; and (5) domestic companies, securities companies or securities service providers that discover any leakage or possible leakage of state secrets, working secrets of government agencies or any other documents and materials that, if leaked, will be detrimental to national security or public interest, shall immediately take remedies and report to relevant state organs and units.**

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**Rise Smart Group Holdings Limited is a holding company incorporated in the Cayman Islands and has one Operating Subsidiary based in Hong Kong, and it does not have any subsidiary or Variable Interest Entity (**"**VIE**"**) in mainland China or intend to acquire any equity interest in any domestic companies within mainland China, nor is it controlled by any companies or individuals of mainland China. Further, we are headquartered in Hong Kong with our chief executive officer, chief financial officer and all members of the board of directors based in Hong Kong who are not mainland China citizens and all of our revenues and profits are generated by our subsidiary in Hong Kong and we have not generated any revenues or profits in mainland China. Additionally, we do not intend to operate in mainland China in the foreseeable future. As such, we do not believe we would be subject to the M&A Rules, or would be required to file with the CSRC under the Trial Measures or the Confidentiality Provisions. Moreover, pursuant to the Basic Law of the Hong Kong Special Administrative Region, 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). Therefore, as confirmed by our PRC Counsel, China Commercial Law Firm, as of the date of this prospectus, neither we nor our subsidiaries is covered by permission requirements from CSRC or any other governmental agency of mainland China that is required to approve our subsidiaries' operations or our offering. Additionally, neither we nor our subsidiaries are required to obtain CSRC approval prior to its listing on an exchange in the U.S. Hence, as of the date of this prospectus, neither we nor our Operating Subsidiary has ever applied for any such permission or approval. We or our subsidiaries are not covered by permission or approval requirements by any PRC governmental agency required to approve us or our subsidiaries' operations. No permissions or approvals from any PRC governmental agency have been denied since our incorporation up to the date of this prospectus. Notwithstanding the above opinion, our PRC Counsel has further advised us that uncertainties exist as to how the M&A Rules, the Trial Measures and the Confidentiality Provisions will be interpreted and implemented by Chinese regulators and its opinions summarized above are subject to any new laws, rules, and regulations or detailed implementations and interpretations in any form relating to the M&A Rules, the Trial Measures and the Confidentiality Provisions. If the CSRC or other PRC regulatory agencies subsequently determine that prior CSRC approvals are required for our offering, we may face regulatory actions or other sanctions from the CSRC or other PRC regulatory agencies. Moreover, if there is significant change to the applicable laws, regulations, or interpretations change, that require us to obtain approvals from the CSRC or other PRC regulatory agencies on, among others, the M&A Rules, the Trial Measures and the Confidentiality Provisions at any stage, including but not limited, upon the completion of this Offering, in the future, and, if in such event, we or our Hong Kong subsidiary (i) do not receive or maintain the approval, (ii) inadvertently conclude that such permissions or approvals are not required, (iii) are required to obtain such permissions or approvals in the future if applicable laws, regulations, or interpretations change, or (iv) are denied permission from the CSRC or any other PRC regulatory agencies, we will not be able to list our Ordinary Shares on a U.S. exchange, or continue to offer securities to investors, which would materially affect the interests of investors and cause the value of Ordinary Shares to significantly decline or be worthless. Please refer to "Risk Factors — Risks related to our corporate structure — We may become subject to a variety of PRC laws and other obligations regarding M&A Rules, the Trial Measures and data security, and any failure to comply with applicable laws and obligations could have a material and adverse effect on our business, financial condition and results of operations." on page 18 for further information.**

**Recently, the PRC government initiated a series of regulatory actions and statements to regulate business operations in certain areas in mainland China, including cracking down on illegal activities in the securities market, enhancing supervision over mainland China**-based **companies listed overseas using the variable interest entity structure, adopting new measures to extend the scope of cybersecurity reviews, and expanding the efforts in anti**-monopoly **enforcement. For example, on July 6, 2021, the General Office of the Communist Party of China Central Committee and the General Office of the State Council jointly issued a document to crack down on illegal activities in the securities market and promote the high**-quality **development of the capital market, which, among other things, requires the relevant governmental authorities to strengthen cross**-border **oversight of law**-enforcement **and judicial cooperation, to enhance supervision over mainland China**-based **companies listed overseas, and to establish and improve the system of extraterritorial application of the PRC securities laws. Also, on December 28, 2021, the Measures for Cybersecurity Review (the "Measures") were published and became effective February 15, 2022, and require that, among other things, and in addition to any "operator of critical information infrastructure", any "data processor" controlling personal information of no less than one million users (which to be further specified) which seeks to list in a foreign stock exchange should also be subject to cybersecurity review, and which the Measures further elaborate on the factors to be considered when** 

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**assessing the national security risks of the relevant activities. Our Hong Kong Operating Subsidiary currently has only served the Hong Kong local market and does not presently have any operations in mainland China. We do not currently expect the Measures to have an impact on our business, operations or this Offering, nor do we anticipate that we or our Hong Kong subsidiary are covered by permission requirements from the Cyberspace Administration of China (**"**CAC**"**) or any other government agency that is required to approve our subsidiaries' operations, as we do not believe we may be deemed to be an "operator of critical information infrastructure" or a "data processor" controlling personal information of no less than one million users, that is required to file for cybersecurity review before listing in the U.S., because (i) all of our operations are conducted by our Hong Kong Operating Subsidiary which currently solely serve the Hong Kong local market, we currently have no operations in mainland China; (ii) we do not have or intend to have any subsidiary, nor do we have or intend to establish a VIE structure with any entity in mainland China and the Measures remain unclear whether they shall be applied to a company such as ours; (iii) as of date of this prospectus, we have neither collected nor stored any personal information of any mainland China individual or within mainland China, nor do we entrust or expect to be entrusted by any individual or entity to conduct any data processing activities of any mainland China individual or within mainland China; and (iv) as of the date of this prospectus, we have not been informed by any PRC governmental authority of any requirement we must file for a cybersecurity review. Moreover, pursuant to the Basic Law of the Hong Kong Special Administrative Region, 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). As confirmed by our PRC counsel, China Commercial Law Firm, based on its understanding of the PRC laws and regulations that are currently in effect, neither we nor our Hong Kong Operating Subsidiary, are currently subject to the cybersecurity review by the CAC as provided under the Measures. Additionally, neither we nor our subsidiaries are covered by requirements from the CAC or any other governmental agency that is required to approve our subsidiaries' operations. However, there remains uncertainty as to how the Measures will be interpreted or implemented. Also, uncertainty exists in relation to the interpretation and enforcement of relevant PRC cybersecurity laws and regulations. If we were deemed to be an "operator of critical information infrastructure" or a "data processor" controlling personal information of no less than one million users under the Measures, or if other regulations promulgated in relation to the Measures are deemed to apply to us, our business operations and the listing of our Ordinary Shares in the U.S. could be subject to cybersecurity review by the CAC. Moreover, if there is significant change to the applicable laws, regulations, or interpretations change, that require our Company to obtain approval from the CAC or any other governmental agency, and, if in such event, at any stage, including but not limited to, upon the completion of this Offering, we or our Hong Kong Operating Subsidiary (i) do not receive or maintain the approval, (ii) inadvertently conclude that such permissions or approvals are not required, or (iii) are required to obtain such permissions or approvals in the future if applicable laws, regulations, or interpretations change, or (iv)are denied permission from the CAC or any other PRC regulatory agencies, we will not be able to list our Ordinary Shares on a U.S. exchange, or continue to offer securities to investors, which would materially affect the interests of investors and cause the value of Ordinary Shares to significantly decline or be worthless. As of the date of this prospectus, such recent statements and regulatory actions by the PRC government, as well as regulatory actions related to data security or anti**-monopoly **concerns in Hong Kong do not have a material impact on our ability to conduct business, accept foreign investments or list on a U.S. or other foreign exchange. However, new regulatory actions relating to data security or anti**-monopoly **concerns in Hong Kong may be taken in the future and there can be no assurance as to whether such regulatory actions may have a material impact on our ability to conduct business, accept foreign investments or continue to list on a U.S. or other foreign exchange. If any or all of the foregoing were to occur, it may result in a material change to our operations and and/or significantly limit or completely hinder our ability to offer or continue to offer securities to investors and cause the value of our Ordinary Shares to significantly decline or become worthless. Please refer to "Risk Factors — Risks related to our corporate structure — Substantially all of our Operating Subsidiary's operations are conducted in Hong Kong. However, due to the long arm provisions under the current PRC laws and regulations, the Chinese government may exercise significant oversight and discretion over the conduct of such business and may influence such operations at any time, which could result in a material change in the operations of the operating subsidiary and/or the value of our Ordinary Shares. The PRC government may also impose restrictions on our ability to transfer money out of Hong Kong to distribute earnings and pay dividends or to reinvest in our business outside of Hong Kong. Changes in the policies, regulations, rules, and the enforcement of laws of the Chinese government may also occur quickly and our assertions and beliefs of the risk imposed by the PRC legal and regulatory system cannot be certain. There are uncertainties regarding the enforcement of PRC laws, and rules and regulations** 

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**in China can change quickly with little advance notice. The Chinese government may intervene or influence our operations at any time, or may exert more control over offerings conducted overseas and/or foreign investment in China**-based **issuers, which could result in a material change in our operations and/or the value of the securities we are registering for sale" on page 21 for further information.**

**Nevertheless, since these statements and regulatory actions are new, it is uncertain how soon the legislative or administrative regulation making bodies will respond and what existing or new laws or regulations or detailed implementations and interpretations will be modified or promulgated, if any. It is also uncertain what the potential impact such modified or new laws and regulations will have on our Operating Subsidiary's daily business operation, its ability to accept foreign investments and the listing of our Ordinary Shares on a U.S. or other foreign exchanges.**

**If there is a change to the applicable laws, regulations, or interpretations change, that require our Company to obtain approval from the CAC or any other governmental agency, and, if in such event, we or our Hong Kong subsidiary at any stage, including but not limited to, upon the completion of this Offering, (i) do not receive or maintain the approval, (ii) inadvertently conclude that such permissions or approvals are not required, (iii) are required to obtain such permissions or approvals if applicable laws, regulations, or interpretations change, or (iv) are denied permission from the CSRC, the CAC or any other relevant PRC regulatory agencies, the relevant regulatory authorities, such as the CAC or the CSRC, might have broad discretion in dealing with such violations, including: imposing fines on us or the Hong Kong subsidiaries, discontinuing or restricting the operations of the subsidiaries; imposing conditions or requirements with which we or our Operating Subsidiary may not be able to comply; restricting or prohibiting our use of the proceeds from our initial public offering to finance the business and operations in Hong Kong. The imposition of any of these penalties would also result in a material and adverse effect on our ability to conduct business, and on our operations and financial condition. If any or all of the foregoing were to occur, it may significantly limit or completely hinder our ability to complete this Offering or cause the value of our Ordinary Shares to significantly decline or become worthless. Moreover, we might not be able to complete this Offering, list our Ordinary Shares on a U.S. exchange, or continue to offer securities to investors, which would also materially affect the interests of investors and cause the value of Ordinary Shares to significantly decline or be worthless. See "Risk Factors — Risks Related to Our Corporate Structure — In 2023, the PRC government initiated a series of regulatory actions and statements to regulate business operations in certain areas in mainland China, including cracking down on illegal activities in the securities market, enhancing supervision over mainland China**-based **companies listed overseas using the variable interest entity structure, adopting new measures to extend the scope of cybersecurity reviews, and expanding the efforts in anti**-monopoly **enforcement. In the future, we may be subject to PRC laws and regulations related to the current business operations of our Operating Subsidiary and any changes in such laws and regulations and interpretations may impair its ability to operate profitably, which could result in a material negative impact on its operations and/or the value of our Ordinary Shares" on page 18. We are advised by Hong Kong counsel, David Fong & Co., that neither we nor our Operating Subsidiary are required to obtain permission or approval from Hong Kong authorities to offer the securities being registered to foreign investors. Should there be any change in applicable laws, regulations, or interpretations, and we or any of our subsidiaries are required to obtain such permissions or approvals in the future, we will strive to comply with the then applicable laws, regulations, or interpretations.**

**On December 2, 2021, the SEC adopted final amendments to its rules relating to the implementation of disclosure and documentation requirements of the Holding Foreign Companies Accountable Act, or the HFCAA, which took effect January 10, 2022. We will be required to comply with these rules if the SEC identifies us as having a "non**-inspection**" year, as defined in the rules, under a process to be subsequently established by the SEC. The SEC is assessing how to implement other requirements of the HFCAA. Under the HFCAA, our securities may be prohibited from trading on the Nasdaq or other U.S. stock exchanges if our auditor is not inspected by the Public Company Accounting Oversight Board, or the PCAOB, for three consecutive years, and this could result in our shares being delisted. Furthermore, on June 22, 2021, the U.S. Senate passed the Accelerating Holding Foreign Companies Accountable Act (the "AHFCAA"), which was signed into law on December 29, 2022, amending the HFCAA and requiring the SEC to prohibit an issuer's securities from trading on any U.S. stock exchanges if its auditor is not subject to PCAOB inspections for two consecutive instead of three consecutive years, shortening the timeline for the application of the HPCAA's delisting and trading prohibition from three years to two, and thus, would reduce the time before securities may be prohibited from trading or delisted. On September 22, 2021, the PCAOB adopted a final rule implementing the HFCAA, which provides a** 

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**framework for the PCAOB to use when determining, as contemplated under the HFCAA, whether the PCAOB is unable to inspect or investigate completely registered public accounting firms located in a foreign jurisdiction because of a position taken by one or more authorities in that jurisdiction.**

**Pursuant to the HFCAA, the PCAOB issued a determination report on December 16, 2021 which found the PCAOB was unable to inspect or investigate completely registered public accounting firms headquartered in: (1) mainland China of the PRC; and (2) Hong Kong, a Special Administrative Region of the PRC, which determinations were vacated on December 15, 2022. In addition, the PCAOB's report identified the specific registered public accounting firms which were subject to these determinations, which were vacated on December 15, 2022. Our current registered public accounting firm, Wei, Wei & Co., LLP, which audited our financial statements for the fiscal years ended December 31, 2024 and 2023, is headquartered in New York, New York in the U.S. and is not headquartered in mainland China or Hong Kong and was not identified in the PCAOB's report on December 16, 2021 a firm subject to the PCAOB's determinations. Notwithstanding the foregoing, if the PCAOB is not able to fully conduct inspections of our auditor's work papers in China, investors may be deprived of the benefits of such inspection which could result in limitation or restriction of our access to the U.S. capital markets and trading of our securities may be prohibited under the HFCAA. In addition, on August 26, 2022, the PCAOB signed a Statement of Protocol, or SOP, Agreement with the CSRC and China's Ministry of Finance. The SOP, together with two protocol agreements governing inspections and investigation, establishes a specific, accountable framework to make possible complete inspections and investigations by the PCAOB of audit firms based in China and Hong Kong, as required under U.S. law. On December 15, 2022, the PCAOB announced it was able to secure complete access to inspect and investigate PCAOB**-registered **public accounting firms headquartered in mainland China and Hong Kong completely in 2022. The PCAOB vacated its previous 2021 determinations that it was unable to inspect or investigate completely registered public accounting firms headquartered in mainland China and Hong Kong. However, whether the PCAOB will continue to be able to satisfactorily conduct inspections of PCAOB**-registered **public accounting firms headquartered in mainland China and Hong Kong is subject to uncertainty and depends on a number of factors out of our, and our auditor's, control. The PCAOB is continuing to demand complete access in mainland China and Hong Kong moving forward and is already making plans to resume regular inspections in early 2023 and beyond, as well as continuing to pursue ongoing investigations and initiate new investigations as needed. The PCAOB has indicated it will act immediately to consider the need to issue new determinations with the HFCAA if needed. If the PCAOB in the future again determines it is unable to inspect and investigate completely auditors in mainland China and Hong Kong, then the companies audited by those auditors would be subject to a trading prohibition on U.S. markets pursuant to the HFCAA. See "Risk Factors — The recent joint statement by the SEC and PCAOB, proposed rule changes submitted by Nasdaq, and the HFCAA all call for additional and more stringent criteria to be applied to emerging market companies upon assessing the qualification of their auditors, especially the non**-U**.S. auditors who are not inspected by the PCAOB. These developments could add uncertainties to our Offering."**

**We do not use VIEs in our corporate structure. We, through our indirectly wholly**-owned **Operating Subsidiary, Rise Smart Holdings Limited, are engaged in providing overseas studies consultancy services in Hong Kong.**

**The Company declared a dividend of HK$406 (equivalent to USD52) per share totaling HK$4,056,000 (equivalent to USD519,420) to its shareholders on January 31, 2023, which was paid on June 30, 2023. The Company declared a dividend of HK$300 (equivalent to USD38) per share totaling HK$3,000,000 (equivalent to USD384,186) to its shareholders on December 31, 2023. HK$1,000,000 (equivalent to USD128,062) was paid to shareholders on December 31, 2023. HK$2,000,000 (equivalent to USD256,124) was paid to shareholders in 2024. Save as disclosed, as of the current date, none of our companies has distributed any cash dividends or made any cash distributions. There are no restrictions for the transfer or distribution of cash between the companies. During the normal courses of our business, cash may be transferred between our companies via wire transfer to and from bank accounts to pay certain business expenses, as loans or capital contribution. Since Rise Smart Group Holdings Limited ("RSGHL") was recently incorporated, there has not been, to date, any transfers, dividends, or distributions between the holding company, RSGHL and its subsidiaries or to its investors. Rise Smart (HK) Limited and our Operating Subsidiary are permitted under the relevant laws of British Virgin Islands and Hong Kong, respectively, to provide funding through dividend distribution without restrictions on the amount of the funds. There are no restrictions on dividends transfers from Hong Kong to** 

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**the Cayman Islands and to U.S. investors. As of the date of this prospectus, we have not established any cash management policies that dictate how funds are transferred among RSGHL, Rise Smart (HK) Limited our subsidiaries and investors.**

**However, in the future, funds or assets may not be available to fund operations or for other use outside of Hong Kong, due to the imposition of restrictions and limitations on, our ability or on our subsidiaries' ability by the PRC government to transfer cash. Any limitation on the ability of our subsidiary to make payments to us could have a material adverse effect on our ability to conduct our business and might materially decrease the value of our Ordinary Shares or cause them to be worthless.**

**Please refer to "Prospectus Summary — Transfers of Cash to and from Our Subsidiaries" and the condensed consolidating schedule and the consolidated financial statements on page 8 and "Risk Factors — Risks related to our corporate structure — We will in the future rely on dividends and other distributions on equity paid by the Operating Subsidiary to fund any cash and financing requirements we may have, and any limitation on the ability of the Operating Subsidiary to make payments to us could have a material adverse effect on our ability to conduct our business. In the future, funds or assets may not be available to fund operations or for other use outside of Hong Kong, due to the imposition of restrictions and limitations on, our ability or our subsidiary by the PRC government to transfer cash" on page 17 for further information.**

---

| | | | |
|:---|:---|:---|:---|
|  | **Per Share** | **Total Without <br>Exercise of Over-<br>Allotment Option** | **Total With Full <br>Exercise of Over-<br>Allotment Option** |
|  Public offering price<sup>(1)</sup> | $| $| $|
|  Underwriter discount<sup>(2)</sup> | $| $| $|
|  Proceeds to us, before expenses<sup>(3)</sup> | $| $| $|

---

____________

(1) Initial public offering ("IPO") price per share is assumed as US$4 per share

(2) We agreed to pay American Trust Investment Services Inc., the representative of the underwriters (the "Representative"), and Prime Number Capital LLC (together with the Representative, "underwriters"), a discount of 7.0% of the gross proceeds of the offering. We agreed to sell to the Representative of the underwriters or its designees, for nominal consideration on the applicable closing date of this offering, warrants (the "Representative's Warrants") equal to 5.0% of the number of Ordinary Shares sold by us in this offering at an exercise price of 120% of the public offering price per Ordinary Share. We also granted the Underwriters a 1.0% non-accountable expense allowance, a US$50,000 consulting fee from the gross proceeds of the offering, and agreed to reimburse certain out of pocket expenses capped at US$220,000. For a description of other terms of the Representative's Warrants and a description of the other compensation to be received by the underwriters, see "Underwriting" beginning on page 124.

(3) The total Representative' expenses related to this offering are set forth in the section entitled "Underwriting."

We expect our total cash expenses for this offering (including cash expenses payable to our underwriters for their out-of-pocket expenses and consulting fee) to be approximately US$1,755,232, exclusive of the above commissions. In addition, we will pay additional items of value in connection with this offering that are viewed by the Financial Industry Regulatory, or FINRA, as underwriting compensation. These payments will further reduce proceeds available to us before expenses. See "Underwriting".

The IPO is being conducted on a firm commitment basis. The underwriters are obligated to take and pay for all of the shares if any such shares are taken. We have granted the underwriter an option for a period of forty-five (45) days after the closing of this Offering to purchase up to an additional fifteen percent (15%) of the total number of Ordinary Shares to be offered by us pursuant to this Offering, solely for the purpose of covering over-allotments, at the IPO Price, less the underwriting discounts and commissions. If we complete this offering, net proceeds will be delivered to our company on the closing date.

**Neither the U.S. SEC 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.**

---

| | |
|:---|:---|
|  **American Trust Investment Services, Inc.**<br>| **Prime Number Capital LLC**<br>|

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The date of this prospectus is _____________, 2025.

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#### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | **Page** |
|  [ABOUT THIS PROSPECTUS](#T30) | ii |
|  [COMMONLY USED DEFINED TERMS](#T29) | iii |
|  [EXCHANGE RATE INFORMATION](#T28) | iv |
|  [CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS](#T27) | v |
|  [PROSPECTUS SUMMARY](#T26) | 1 |
|  [THE OFFERING](#T25) | 13 |
|  [RISK FACTORS](#T24) | 17 |
|  [INDUSTRY DATA AND FORECAST](#T23) | 44 |
|  [USE OF PROCEEDS](#T22) | 52 |
|  [DIVIDEND POLICY](#T21) | 54 |
|  [CAPITALIZATION](#T20) | 55 |
|  [DILUTION](#T19) | 56 |
|  [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#T99101) | 57 |
|  [BUSINESS](#T18) | 65 |
|  [REGULATIONS](#T17) | 81 |
|  [MANAGEMENT](#T16) | 86 |
|  [EXECUTIVE COMPENSATION](#T15) | 91 |
|  [RELATED PARTY TRANSACTIONS](#T14) | 92 |
|  [PRINCIPAL SHAREHOLDERS](#T13) | 93 |
|  [DESCRIPTION OF ORDINARY SHARES](#T12) | 95 |
|  [SHARES ELIGIBLE FOR FUTURE SALE](#T11) | 114 |
|  [TAXATION](#T10) | 115 |
|  [ENFORCEMENT OF CIVIL LIABILITIES](#T9) | 122 |
|  [UNDERWRITING](#T8) | 124 |
|  [EXPENSES RELATING TO THIS OFFERING](#T7) | 133 |
|  [LEGAL MATTERS](#T6) | 134 |
|  [EXPERTS](#T5) | 134 |
|  [INTERESTS OF NAMED EXPERTS AND COUNSEL](#T4) | 134 |
|  [DISCLOSURE OF COMMISSION POSITION ON INDEMNIFICATION](#T3) | 134 |
|  [WHERE YOU CAN FIND ADDITIONAL INFORMATION](#T2) | 135 |
|  [INDEX TO FINANCIAL STATEMENTS](#T1) | F-1 |
|  [PART II. — INFORMATION NOT REQUIRED IN PROSPECTUS](#T501) | II-1 |

---

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#### ABOUT THIS PROSPECTUS
We and the underwriters have not authorized anyone to provide you with information different from that 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. We are offering to sell, and seeking offers to buy, the Ordinary Shares offered hereby, but only under circumstances and in jurisdictions where offers and sales are permitted and lawful to do so. The information contained in this prospectus is current only as of the date of this prospectus, regardless of the time of delivery of this prospectus or of any sale of the ordinary shares. Our business, financial condition, results of operations and prospects may have changed since that date.

For investors outside the U.S.: Neither we, nor the underwriters have taken any action that would permit a public offering of the Ordinary Shares outside the U.S. or permit the possession or distribution of this prospectus or any related free writing prospectus outside the U.S. Persons outside the U.S. who come into possession of this prospectus or any related free writing prospectus must inform themselves about, and observe any restrictions relating to, the offering of the Ordinary Shares and the distribution of the prospectus outside the U.S.

We obtained the statistical data, market data and other industry data and forecasts described in this prospectus from market research, publicly available information and industry publications, including from Frost & Sullivan, an independent market research and consulting firm with respect to information on the Overseas Studies Consultancy Services industry in Hong Kong. While we believe that the statistical data, industry data and forecasts and market research are reliable, we have not independently verified the data.

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

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#### COMMONLY USED DEFINED TERMS
Unless otherwise indicated or the context requires otherwise, references in this prospectus to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Amended Memorandum and Articles" refers to our memorandum and articles of association to be in effect upon completion of this Offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "BNO" refers to British National (Overseas) passport, a British passport for persons with British National (Overseas) citizenship

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "China" or the "PRC" refers to the People's Republic of China;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Companies Act" refers to the Companies Act (as revised) of the Cayman Islands, as amended, supplemented or otherwise modified from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Frost & Sullivan" refers to Frost & Sullivan Limited, an independent market research agency, which is an independent third party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Government" refers to the government of Hong Kong;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Hong Kong" refers to Hong Kong Special Administrative Region, People's Republic of China;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Offering" refers to the initial public offering of Rise Smart Group Holdings Limited;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Operating Subsidiary" refers to Rise Smart Hong Kong;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "our Group" or "the Group" refers to Rise Smart Group Holdings Limited and its subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "PRC Counsel" refers to China Commercial Law Firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Rise Smart Hong Kong" refers to Rise Smart Holdings Limited, our subsidiary incorporated in Hong Kong

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Rise Smart UK" refers to Rise Smart Holdings Limited, our subsidiary incorporated in the UK

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "shares", "Share" or "Ordinary Shares" refers to the ordinary shares of Rise Smart Group Holdings Limited, with par value of $0.000625 each;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "we", "us", "our Company", "our" or "the Company" refers to Rise Smart Group Holdings Limited, an exempted company with limited liability incorporated under the laws of the Cayman Islands, and in the context of describing its operation and business, its subsidiaries;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "UK" refers to the United Kingdom of Great Britain and Northern Ireland

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "U.S. dollar", "U.S. dollars", "dollars", "USD", "US$" or "$" refers to the legal currency of the United States.

Our business is conducted by our indirectly wholly-owned Operating Subsidiary in Hong Kong, using H.K. dollars, the currency of Hong Kong. Our audited consolidated financial statements ("CFS") are presented in U.S. dollars. In this prospectus, we refer to assets, obligations, commitments, and liabilities in our audited CFS in U.S. dollars. These 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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#### EXCHANGE RATE INFORMATION
The Company's principal country of operations is Hong Kong. The financial position and results of its operations are determined using Hong Kong Dollars ("HK$"), the local currency, as the functional currency. The Company's CFS are reported using the U.S. Dollars ("US$" or "$"). The following table outlines the currency exchange rates that were used in preparing the registration statement:

---

| | | |
|:---|:---|:---|
|  | **Year Ended <br>December 31, 2024** | **Year Ended <br>December 31, 2023** |
|  Year-end spot rate | US$1 = HK$7.80 | US$1 = HK$7.81 |
|  Average rate | US$1 = HK$7.82 | US$1 = HK$7.83 |

---

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#### CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This prospectus contains forward-looking statements that involve risks and uncertainties, such as statements related to future events, business strategy, future performance, future operations, backlog, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management. All statements other than statements of historical fact may be forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "aim", "anticipate", "believe", "estimate", "expect", "going forward", "intend", "may", "plan", "potential", "predict", "propose", "seek", "should", "will", "would" and similar expressions or their negative. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on management's belief, based on currently available information, as to the outcome and timing of future events. These statements involve estimates, assumptions, known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those expressed in such forward-looking statements. When evaluating forward-looking statements, you should consider the risk factors and other cautionary statements described in the section titled "Risk Factors." We believe the expectations reflected in the forward-looking statements contained in this prospectus are reasonable, but no assurance can be given that these expectations will prove to be correct. Forward-looking statements should not be unduly relied upon.

Important factors that could cause actual results or events to differ materially from those expressed in forward-looking statements include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our business and operating strategies and plans of operation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the amount and nature of, and potential for, future development of our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our Company's dividend distribution plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the regulatory environment as well as the general industry outlook for the industry in which we operate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• future developments in the industry in which we operate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the trend of the economy of Hong Kong and the world in general.

These factors are not necessarily all of the important factors that could cause actual results or events to differ materially from those expressed in forward-looking statements. Other unknown or unpredictable factors could also cause actual results or events to differ materially from those expressed in the forward-looking statements. Our future results will depend upon various other risks and uncertainties, including those described in the section titled "Risk Factors." All forward-looking statements attributable to us are qualified in their entirety by this cautionary statement. Forward-looking statements speak only as of the date hereof. We undertake no obligation to update or revise any forward-looking statements after the date on which any such statement is made, whether as a result of new information, future events or otherwise.

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

***This prospectus contains information from a report commissioned by us and prepared by Frost & Sullivan, an independent market research firm, to provide information on the overseas studies consultancy service industry in Hong Kong.***

#### Our Mission
Our mission is to become the leading overseas studies consultancy service provider in Hong Kong. We strive to provide one-stop services to cater to students' overseas studies needs.

#### Overview
We are an exempted company incorporated under the laws of the Cayman Islands on June 14, 2023. As a holding company with no material operations, we conduct our business through our wholly-owned Hong Kong subsidiary, Rise Smart Holdings Limited, founded on January 9, 2006. We mainly provide services to local students who seek secondary and higher education in the United Kingdom ("UK"), Australia, Canada, and New Zealand. According to Frost & Sullivan, we are an established overseas studies consultancy services provider with, a market share of approximately 11.8% in terms of revenue in 2022. We principally provide overseas studies consultancy services to students in Hong Kong. We also provide other value-added services such as (i) tutoring services to students by cooperating with tutoring agencies to provide online tutoring services to students; and (ii) visa consultation services to facilitate customers' development in the UK, Canada, and Australia.

#### Our Values
At our Company, we stand by our core values, which are essential to our success. We believe these values not only guide our business and define our brand, but also deliver real financial and operational benefits for us and our customers.

Our core values include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Conducting our business with fairness and integrity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Maintaining a high level of expertise in providing overseas studies consultancy service;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Listening and responding to our customers' needs; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Providing one-stop service to address our customers' overseas studies needs.

#### Competitive Strengths
We believe that the following strengths have contributed to our success and are differentiating factors that set us apart from our peers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***• Established track record:*** In our operating history of more than 15 years, we have focused on providing overseas studies consultancy services and built up our expertise and track record in overseas studies consultancy. We devoted substantial efforts to expanding our network of overseas education providers. We take pride in our network in successfully placing students with the overseas education providers. Through our quality of service and continued marketing efforts, we believe we have established our reputation as a reliable overseas studies consultancy services provider in Hong Kong.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***• One***-stop ***service to cater to students' overseas studies need:*** We provide a one-stop service to cater to students' overseas studies needs by offering a wide range of services to students before and after their placement to overseas education providers. In 2018, we expanded our service offerings to provide value-added services such as tutoring and visa consultation to students. We believe that by providing a one-stop service to the students we can ensure their satisfaction and eliminate the hassle of looking for other service providers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Established network of subagents:*** Since 2018, we have established business relationships with subagents, which include overseas studies consultancy service providers and individuals, who refer students seeking overseas studies with overseas education providers who we have a business relationship with. Since 2021, we have actively cooperated with subagents to enhance our market presence among students. We believe having a wide network of subagents allow us to reduce reliance on word of mouth referrals from students and parents, while enabling us to broaden the base of potential students whom we can serve and ensure a stable revenue stream.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Experienced and dedicated management and education consultants:*** Our management team has extensive knowledge and experience in providing overseas studies consultancy services in Hong Kong. Mr. Kin Cho Li, our Chief Executive Officer and Chairman, has approximately 15 years of experience in the overseas studies consultancy service industry. We believe our management and our education consultants understand the needs of students and their parents well to offer them suitable study programs, assist them with their applications, and offer them value-added services to cater to their individual needs.

#### Our Growth Strategies
Our principal growth strategies are to further strengthen our market position, increase our market share and capture the growth in the Hong Kong overseas studies consultancy service industry. We intend to achieve our business objectives by expanding our scale of operation through our intended effort in actively seeking opportunities in expanding our market presence and expanding our customer base. To achieve these goals, we plan to implement the following strategies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Enhance our service capabilities by pursuing appropriate strategic acquisition opportunities:*** We believe that suitable acquisition opportunities will strengthen our one-stop service to cater to students' overseas studies needs. We plan to enhance our service capabilities by acquiring a majority stake in one or two education services providers in Hong Kong or overseas that could (i) expand our network of overseas education providers directly or indirectly; (ii) expand our reach to students; and (iii) offer services that are unique and beneficial to students and could complement our existing service offerings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Maintain stable relationships with our existing network of overseas education providers and expanding our customer base:*** We intend to arrange site visits to existing network and potential overseas education providers to continue providing a broad range of quality choices to prospective students and their parents to consider, thereby increasing our chances in successful placements. We also intend to leverage our existing wide network of overseas education providers to develop our connections with subagents to expand our reach to potential students. Further, we are constantly expanding our portfolio of services to provide a one-stop service to our students and to ensure that their overseas studies needs are addressed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Establish our service presence in the North America market:*** Leveraging our established track record and our reliable relationships with North American education service providers, we believe we will be able to tap into the huge potential of providing students with the opportunities to study in North America. We plan to expand our presence in North America by setting up regional offices at major cities in Canada and/or the U.S. We plan to selectively pursue mergers and acquisitions, investments, and corporations with local companies to deepen our connection with local education service providers. We will also explore the possibility of forming strategic partnerships with other overseas education consultancy service providers in Hong Kong with a strong establishment in North America to expand our service coverage in North America in a swift and effective manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***• Expand our information technology system and technical capabilities:*** We plan to invest in our technological platform by upgrading the function and capabilities of our existing information technology system by (i) investing in the use of artificial intelligence in the recommendation of overseas education providers to students in the application process; and (ii) improving our existing data related technology

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in relation to student relationship management and commission management. Such improvements will increase the likelihood of our successful placement and enable our management to closely monitor and manage each student's case to provide the best possible services to them.

#### Threats and Challenges
According to Frost & Sullivan, we face the following threats and challenges:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Political and economic instability:** Overseas studies consultancy services is the industry that leverages geographical barriers to create economic benefits. The market is particularly susceptible to the change in political and economic environmental between countries; this includes currency changes, diplomatic approach by each governors as well as societal activities in different regions. Also, unlike retail service industry where customer consumption can be more easily aroused by increased advertisement or a change in product package and offerings; overseas study is a rather high-value product and consumer's economic power is a critical factor to consumption behavior.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Fierce industry competition:** There is intensifying competition from both established players and new entrants in Hong Kong's overseas study consultancy industry. Existing players have been aggressively trying to gain market share through price competition, marketing and mergers/acquisitions, which puts downward pressure on prices, margins and market dominance. Staying ahead requires hefty investments in areas like marketing, technology, and acquiring and retaining talent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Emerging destinations:** Previously, the UK and Australia were among the top choices for Hong Kong students seeking overseas education due to factors such as cultural familiarity, global reputation and post-study work opportunities. In recent years, Canada has become a popular study destination due to its favorable post-graduation work and immigration policies for international students. Asia destinations are also an increasing trend. Singapore and Vietnam have high-quality yet affordable universities, as well as lower costs of living. Their proximity to Hong Kong in terms of culture and travel reduces worries for students and parents regarding adjustment and safety. Overall, popular study destinations for Hong Kong students have diverged in recent years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Diversification of consulting service scope:** With a view to seizing greater market opportunities, industry players are expanding their service offerings both vertically and horizontally. For instance, some consultancies are now targeting younger students seeking overseas high school, diploma and postgraduate course, with an aim to building long-term relationships with students from an earlier stage which opens up opportunities for cross-selling and upselling services over their entire education journey. Some consultancies offer post-educational service such as offering vocational education and skills training courses abroad, as well as internship and work placement services while students are undergoing the education program. Leveraging connections with multinational companies, organizations and alumni abroad, these consultancies open up career opportunities that enhance the appeal of study opportunities in those destinations. Accordingly, with competition intensifying in this industry, targeted and strategic diversification balanced with sustaining core strengths will be the key trend for service providers.

#### Market and Competition
According to Frost & Sullivan, the gross value of the overseas education consultancy services market in Hong Kong increased from approximately HK$82.1 million (US$10.5 million) in 2018 to HK$113.5 million (US$14.6 million) in 2022 with a Compound Annual Growth Rate ("CAGR") of 8.4% which was driven by (i) the growing economic status spurring willingness to pursue abroad education, as the per capita GNI in Hong Kong increased from HK$398,551 in 2018 to HK$410,772 in 2022. As economies prosper and more families attain middleclass status, they gain both motivation and financial means to pursue a foreign education; (ii) complicated application procedure and evolving requirements encourage students to consult consultancies to navigate the application process; (iii) growing sub-sectors in the overseas study consultancy services market from undergraduate programs to high schools, boarding schools and a wider range of programs; and (iv) the desire for students to look for diversified choices and a broad range of options in terms of destinations, programs and types of institutions encourage students to look for consultancies for guidance, we expect the demand of overseas education consultancy services will further increase. As such, we believe we should enhance our service capabilities, expand our customer base, establish our service presence in the North America market and expand our information technology system to enhance our competitiveness and capture the potential

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opportunities in the growing overseas education consultancy services market in Hong Kong. The gross value of the overseas consultancy services market in Hong Kong is expected to increase from HK$113.5 million (US$14.6 million) in 2022 to HK$153.7 million (US$19.7 million) in 2027, a CAGR of 6.4%.

#### Significant Risk Factors

#### Risks Related to Our Corporate Structure
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We will in the future rely on dividends and other distributions on equity paid by the Operating Subsidiary to fund any cash and financing requirements we may have, and any limitation on the ability of the Operating Subsidiary to make payments to us could have a material adverse effect on our ability to conduct our business. In the future, funds or assets may not be available to fund operations or for other use outside of Hong Kong, due to the imposition of restrictions and limitations on, our ability or our subsidiary by the PRC government to transfer cash (see page 17 of this prospectus).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In 2023, the PRC government initiated a series of regulatory actions and statements to regulate business operations in certain areas in mainland China, including cracking down on illegal activities in the securities market, enhancing supervision over mainland China-based companies listed overseas using the variable interest entity structure, adopting new measures to extend the scope of cybersecurity reviews, and expanding the efforts in anti-monopoly enforcement. In the future, we may be subject to PRC laws and regulations related to the current business operations of our Operating Subsidiary and any changes in such laws and regulations and interpretations may impair its ability to operate profitably, which could result in a material negative impact on its operations and/or the value of our Ordinary Shares (see page 18 of this prospectus).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may become subject to a variety of PRC laws and other obligations regarding M&A Rules, the Trial Measures and data security, and any failure to comply with applicable laws and obligations could have a material and adverse effect on our business, financial condition and results of operations (see pages 18 – 21 of this prospectus).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Substantially all of our Operating Subsidiary's operations are conducted in Hong Kong. However, due to the long arm provisions under the current PRC laws and regulations, the Chinese government may exercise oversight and discretion over the conduct of such business and may influence such operations at any time, which could result in a material change in the operations of the operating subsidiary and/or the value of our Ordinary Shares. The PRC government may also impose restrictions on our ability to transfer money out of Hong Kong to distribute earnings and pay dividends or to reinvest in our business outside of Hong Kong. Changes in the policies, regulations, rules, and the enforcement of laws of the Chinese government may also occur quickly and our assertions and beliefs of the risk imposed by the PRC legal and regulatory system cannot be certain. There are uncertainties regarding the enforcement of PRC laws, and rules and regulations in China can change quickly with little advance notice. The Chinese government may intervene or influence our operations at any time, or may exert more control over offerings conducted overseas and/or foreign investment in China-based issuers, which could result in a material change in our operations and/or the value of the securities we are registering for sale (see pages 21 – 22 of this prospectus).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If the Chinese government chooses to extend oversight and control over offerings that are conducted overseas and/or foreign investment in mainland China-based issuers to Hong Kong-based issuers, such action may significantly limit or completely hinder our ability to offer or continue to offer Ordinary Shares to investors and cause the value of our Ordinary Shares to significantly decline or be worthless (see page 22 of this prospectus).

#### Risks Related to Our Business and Industry
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We cannot guarantee if we can maintain the number of students we have successfully placed in the past and any reduction in future placements may affect our financial condition and impact our relationship with overseas education providers (see page 22 of this prospectus).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The sustainability of our business depends on the market awareness of our brand and therefore if we are not able to maintain our brand or if our brand is otherwise tarnished, our business, financial condition and results of operations may be materially and adversely affected (see page 22 – 23 of this prospectus).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A majority of our revenue was derived from overseas education providers in the UK and Australia and any material change in the landscape for studying in the UK and Australia may materially and adversely affect our business and financial performance (see page 23 of this prospectus).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes in the foreign exchange rate for foreign currencies against our functional currency may materially and adversely affect our operating performance as well as our financial position (see page 23 – 24 of this prospectus).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If we fail to maintain and expand our network of overseas education providers and sub-agents, our business, financial condition and prospects may be materially and adversely affected (see page 24 of this prospectus).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If our existing agency agreements entered with the overseas education providers are terminated or not extended or we otherwise cannot maintain a positive relationship with existing overseas education providers in our network, our business, financial position, results of operations and prospects will be materially and adversely affected (see page 24 of this prospectus).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If we cannot maintain a positive relationship with our subagents and tutoring agencies, our business, financial potion, results of operations and prospects will be materially and adversely affected (see page 24 – 25 of this prospectus).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We rely on our three education consultants in providing consultancy services to prospective students and if we fail to recruit and retain suitable education consultants on commercially acceptable terms, our operations, reputation and financial condition may be materially and adversely affected (see page 25 of this prospectus).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Loss of key management for our operations may materially affect our operations (see page 25 of this prospectus).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our operating results are affected by seasonality particularly with reference to the academic term in the UK (see page 25 – 26 of this prospectus).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Significant delays or failures in payment by our customers may affect our working capital and cash flows (see page 26 of this prospectus).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may not be able to implement our business plans effectively to achieve future growth (see page 26 of this prospectus).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Disruptions or unauthorized access to our computer systems may materially and adversely affect our operations and reputation (see page 26 of this prospectus).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our Group's business and reputation may be affected by litigation claims and our insurance may be insufficient to cover all such claims (see page 26 – 27 of this prospectus).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any deterioration in the outbreak of COVID-19 may adversely affect our operation and financial condition (see page 27 of this prospectus).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Certain data and information in this prospectus were obtained from third-party sources and were not independently verified by us (see page 27 – 28 of this prospectus).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our lack of effective internal controls over financial reporting ("ICFR") may affect our ability to accurately report our financial results or prevent fraud which may affect the market for and price of our Ordinary Shares (see page 28 of this prospectus).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are a holding company whose principal source of operating cash is the income received from our Operating Subsidiary (see page 29 of this prospectus).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our significant shareholder has considerable influence over our corporate matters (see pages 29 of this prospectus).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our significant shareholder may have potential conflicts of interest with us, which may materially and adversely affect our business and financial condition (see page 29 of this prospectus).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Events such as epidemics, natural disasters, adverse weather conditions, political unrest and terrorist attacks could significantly delay, or even prevent us from completing, our projects (see page 29 of this prospectus).

#### Risks Related to Doing Business in Hong Kong
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hong Kong's legal system is evolving and has inherent uncertainties that could limit the legal protection available to you (see pages 29 – 30 of this prospectus).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The enactment of Law of the PRC on Safeguarding National Security in the Hong Kong Special Administrative Region (the "Hong Kong National Security Law") could impact our Operating Subsidiary in Hong Kong (see page 30 of this prospectus).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Nasdaq may apply additional and more stringent criteria for our continued listing (see page 30 – 31 of this prospectus).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If we fail to meet applicable listing requirements, Nasdaq may not approve our listing application, or may delist our Ordinary Shares from trading, in which case the liquidity and market price of our Ordinary Shares could decline (see pages 31 of this prospectus).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The recent joint statement by the SEC and PCAOB, proposed rule changes submitted by Nasdaq, and the HFCAA all call for additional and more stringent criteria to be applied to emerging market companies upon assessing the qualification of their auditors, especially the non-U.S. auditors who are not inspected by the PCAOB. These developments could add uncertainties to our Offering (see pages 31 – 33 of this prospectus).

#### Risks Related to Our Initial Public Offering And Ownership of Our Ordinary Shares
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We will incur additional costs as a result of becoming a public company, which could negatively impact our net income and liquidity (see pages 33 of this prospectus).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our management team has limited experience managing a public company (see page 33 of this prospectus).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The obligation to disclose information publicly may put us at a disadvantage to competitors that are private companies (see page 34 of this prospectus).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are a "foreign private issuer," and our disclosure obligations differ from those of U.S. domestic reporting companies. As a result, we may not provide you the same information as U.S. domestic reporting companies or we may provide information at different times, which may make it more difficult for you to evaluate our performance and prospects (see page 34 of this prospectus).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are an "emerging growth company," and we cannot be certain if the reduced reporting requirements applicable to emerging growth companies will make our Ordinary Shares less attractive to investors (see page 34 – 35 of this prospectus).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are a "controlled company" defined under the Nasdaq Stock Market Rules. 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 and you will not have the same protection afforded to shareholders of companies that are subject to these corporate governance requirements (see page 35 of this prospectus).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Future sales, or the perception of future sales, by us or our shareholder in the public market following this Offering could cause the market price for our Ordinary Shares to decline (see pages 36 of this prospectus).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The requirements of being a public company may strain our resources and divert management's attention (see page 36 of this prospectus).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The market price of our Ordinary Shares may be volatile or may decline regardless of our operating performance, and you may not be able to resell your shares at or above the IPO price (see pages 36 – 37 of this prospectus).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may experience extreme stock price volatility unrelated to our actual or expected operating performance, financial condition or prospects, making it difficult for prospective investors to assess the rapidly changing value of our Ordinary Shares (see page 37 of this prospectus).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Future issuances or sales, or perceived issuances or sales, of substantial amounts of Ordinary Shares in the public market could materially and adversely affect the prevailing market price of the Ordinary Shares and our ability to raise capital in the future (see page 37 of this prospectus).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We have broad discretion in the use of the net proceeds from our IPO and may not use them effectively (see page 38 of this prospectus).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Future financing may cause a dilution in your shareholding or place restrictions on our operations (see page 38 of this prospectus).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There may not be an active, liquid trading market for our Ordinary Shares, and we do not know if a more liquid market for our Ordinary Shares will develop to provide you with adequate liquidity (see page 38 of this prospectus).

&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 costs and expenses (see pages 39 of this prospectus).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You will experience immediate and substantial dilution (see page 39 of this prospectus).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our ICFR may not be effective and our independent registered public accounting firm may not be able to certify as to their effectiveness, which could have a significant and adverse effect on our business and reputation (see page 39 of this prospectus).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You may experience difficulties in effecting service of legal process, enforcing foreign judgments or bringing original actions in the Cayman Islands or Hong Kong based on U.S. or other foreign laws against us, our management or the experts named in the prospectus (see page 39 – 40 of this prospectus).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You may face difficulties in protecting your interests, and your ability to protect your rights through U.S. courts may be limited, because we are incorporated under Cayman Islands law (see page 40 – 41 of this prospectus).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It may be difficult to enforce a judgment of U.S. courts for civil liabilities under U.S. federal securities laws against us, our directors or officers in the Cayman Islands and Hong Kong (see page 41 – 42 of this prospectus).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We employ a mail forwarding service, which may delay or disrupt our ability to receive mail in a timely manner (see page 42 of this prospectus).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We could become a passive foreign investment company, or PFIC, for U.S. federal income tax purposes for any taxable year, which could subject U.S. investors in our shares to significant adverse U.S. income tax consequences (see page 42 of this prospectus).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We do not expect to pay dividends in the foreseeable future after this Offering. You must rely on price appreciation of the Ordinary Shares for return on your investment (see page 42 – 43 of this prospectus).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• New climate-related disclosure obligations in proposed SEC rule amendments could have uncertain impacts on our business, impose additional reporting obligations on us, and increase our costs (see page 43 of this prospectus).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are subject to changing law and regulations regarding regulatory matters, corporate governance and public disclosure that have increased both our costs and the risk of non-compliance (see page 43 of this prospectus).

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#### List of Approvals or Permits
In the opinion of our Hong Kong counsel, David Fong & Co., we and our subsidiaries have all requisite permissions or approvals and no permissions or approvals have been denied. Rise Smart Holdings Limited, our Hong Kong subsidiary, has the required Business Registration Certificate from the relevant authority in Hong Kong to operate its business.

As confirmed by our PRC Counsel, China Commercial Law Firm, based on its understanding of the PRC laws and regulations currently in effect, as of the date of this prospectus, neither we nor our Operating Subsidiary, is subject to the M&A Rules, the Trial Measures, the Measures or the regulations or policies that have been issued by the CSRC or the CAC as of the date of this prospectus, nor are we currently covered by permission requirements from the CSRC, the CAC or any other PRC governmental agency that is required to approve our listing on the U.S. exchanges and offering securities. Hence, based on the foregoing, since we are not subject to the regulations or policies issued by the CAC to date, we believe that we are currently not required to be compliant with such regulations and policies issued by the CAC as of the date of this prospectus. Further, as of the date of this prospectus, neither we nor our Operating Subsidiary has ever applied for any such permission or approval, as we currently are not subject to the M&A Rules or the regulations and policies issued by the CAC. We or our subsidiaries are not covered by permission or approval requirements by any PRC governmental agency required to approve us or our subsidiaries' operations. No permissions or approvals from any PRC governmental agency have been denied since our incorporation up to the date of this prospectus.

If we or our subsidiaries: (i) do not receive or maintain such permissions or approvals, (ii) inadvertently conclude such permissions or approvals are not required, or (iii) applicable laws, regulations, or interpretations change and we and/or our subsidiaries are required to obtain such permissions or approvals, the relevant governmental authorities would have broad discretion in dealing with such violation, including levying fines, confiscating our and/or our subsidiaries' income, revoking our or our subsidiaries' business licenses or operating licenses, discontinuing or placing restrictions or onerous conditions on our operations, requiring us to undergo a costly and disruptive restructuring, restricting or prohibiting our use of proceeds from our Offering to finance our or our subsidiaries' business and operations, and taking other regulatory or enforcement actions that could be harmful to our or our subsidiaries' business. Any of these actions could cause significant disruption to our or our subsidiaries' business operations and severely damage our or our subsidiaries' reputation, which would in turn materially and adversely affect our or our subsidiaries' business, financial condition and results of operations.

#### Transfers of Cash to and from Our Subsidiaries
Our business is conducted by the Operating Subsidiary, our indirectly wholly-owned entity in Hong Kong. RSGHL, the Cayman Islands holding company will rely on dividends paid by its subsidiaries — namely Rise Smart (HK) Limited, our wholly-owned British Virgin Islands ("BVI") subsidiary and RSGHL, our wholly-owned Hong Kong subsidiary, namely the Operating Subsidiary, for RSGHL's working capital and cash needs, including the funds necessary to pay any dividends. RSGHL and Rise Smart (HK) Limited are Cayman Islands and BVI holding companies, respectively. Only Rise Smart Holdings Limited, our Operating Subsidiary, operates in Hong Kong.

During the normal course of business, cash may be transferred between our companies via wire transfer to and from bank accounts to pay certain business expenses, as loans or capital contribution. Cash is maintained by our Operating Subsidiary, in one Hong Kong Dollar bank account in Hong Kong. Rise Smart UK has one Great Britain Pound account in the UK. We will apply to open Hong Kong Dollar savings and current bank accounts and foreign currency savings and current bank accounts in Hong Kong for RSGHL. Rise Smart (HK) Limited has no bank account.

As of the date of this prospectus, there are no restrictions or limitation under the laws of Hong Kong imposed on the conversion of HK$ into foreign currencies and the remittance of currencies out of Hong Kong or across borders and to U.S investors. The PRC laws and regulations do not currently have any material impact on transfer of cash from RSGHL to our Operating Subsidiary nor our Operating Subsidiary to RSGHL, our shareholders or U.S. investors. However, in the future, funds or assets may not be available to fund operations or for other use outside of Hong Kong, due to the imposition of restrictions and limitations on, our ability or on our subsidiary's ability by the PRC government to transfer cash. Any limitation on the ability of our subsidiary to make payments to us could have a material adverse effect on our ability to conduct our business and might materially decrease the value of our Ordinary Shares or cause them to be worthless. Currently, all of our operations are in Hong Kong through our Operating Subsidiary. We do not have or intend to set up any subsidiary or enter into any contractual arrangements to establish a VIE, structure with

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any entity in mainland China. Since 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 of the Hong Kong Special Administrative Region of the PRC, or the Basic Law, providing 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". The PRC laws and regulations do not currently have any material impact on transfer of cash from RSGHL to our Operating Subsidiary or our Operating Subsidiary to RSGHL and the investors in the U.S. However, the Chinese government may, in the future, impose restrictions or limitations on our ability to transfer money out of Hong Kong, to distribute earnings and pay dividends to and from the other entities within our organization, or to reinvest in our business outside of Hong Kong. Such restrictions and limitations, if imposed in the future, may delay or hinder the expansion of our business to outside of Hong Kong and may affect our ability to receive funds from our Operating Subsidiary in Hong Kong. The promulgation of new laws or regulations, or the new interpretation of existing laws and regulations, in each case, that restrict or otherwise unfavorably impact the ability or way we conduct our business, could require us to change certain aspects of our business to ensure compliance, which could decrease demand for our services, reduce revenues, increase costs, require us to obtain more licenses, permits, approvals or certificates, or subject us to additional liabilities. To the extent any new or more stringent measures are required to be implemented, our business, financial condition and results of operations could be adversely affected and such measured could materially decrease the value of our Ordinary Shares, potentially rendering it worthless.

Since RSGHL was recently incorporated, there has not been, to date, any transfers, dividends, or distributions between the holding company, RSGHL and its subsidiaries or to its investors.

Rise Smart (HK) Limited and our Operating Subsidiary are permitted under the relevant laws of BVI and Hong Kong, respectively, to provide funding through dividend distribution without restrictions on the amount of the funds. There are no restrictions on dividends transfers from Hong Kong to the Cayman Islands and to U.S. investors. As of the date of this prospectus, we have not established any cash management policies that dictate how funds are transferred among RSGHL, Rise Smart (HK) Limited our subsidiaries and investors.

#### Our Corporate Structure
We are a Cayman Islands company that wholly owns our BVI subsidiary, Rise Smart (HK) Limited, which in turn, wholly owns our Hong Kong Operating Subsidiary and our UK subsidiary, Rise Smart UK.

The following diagram illustrates our corporate structure as of the date of this prospectus and on completion of the Offering. For further details on our corporate history, please refer to the section titled "Our Corporate History and Structure" appearing on page 78 of this prospectus.

The following diagram illustrates our corporate structure prior to the Offering:

![](tflowchart_001.jpg)

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The following diagram illustrates our corporate structure after the Offering:

![](tflowchart_002.jpg)

____________

Notes:

(1) Rise Smart Group Holdings Limited, a Cayman Islands company, is the holding company and registrant.

(2) Rise Smart (HK) Limited, a BVI company, is the holding company of our Operating Subsidiary and our UK subsidiary.

(3) Rise Smart Holdings Limited, a Hong Kong company, is our Operating Subsidiary.

(4) Rise Smart Holdings Limited, a UK company, is our UK subsidiary.

#### Corporate Information
Our Company was incorporated in the Cayman Islands on June 14, 2023. Our registered office in the Cayman Islands is located at Ogier Global (Cayman) Limited, 89 Nexus Way, Camana Bay, Grand Cayman, KY1-9009. One principal executive office is located at Room 903, Floor 9, Tower 1, Silvercord, 30 Canton Road, Tsim Sha Tsui, Kowloon, Hong Kong and our phone number is +852 2980 2306. We maintain corporate websites at *http://risesmart.com.hk/* and *http://ourvisa.hk/*. The information contained in, or accessible from, our website or any other website does not constitute a part of this prospectus.

Our agent for service of process in the U.S. is Cogency Global Inc., located at 122 East 42<sup>nd</sup> Street, 18<sup>th</sup> Floor, New York, NY 10168, with the telephone number +1 (800) 221-0102.

Because we are incorporated under the laws of the Cayman Islands, you may encounter difficulty protecting your interests as a shareholder, and your ability to protect your rights through the U.S. federal court system may be limited. Please refer to the sections entitled "Risk Factors" and "Enforcement of Civil Liabilities" for more information.

#### Implications of Our Being an "Emerging Growth Company"
We are an "emerging growth company," as defined in the Jumpstart Our Business Startups Act (the "JOBS Act"), and we are eligible to take advantage of certain exemptions from various reporting and financial disclosure requirements that are applicable to other public companies, that are not emerging growth companies, including, but not limited to, (1) presenting 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 in this prospectus, (2) not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002 (the "Sarbanes-Oxley Act"), (3) reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements, and (4) exemptions from the requirements of holding a non-binding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved. We intend to take advantage of these exemptions. As a result, investors may find investing in our Ordinary Shares less attractive.

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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 of 1933, as amended (the "Securities Act"), for complying with new or revised accounting standards. As a result, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies.

We elected to take advantage of certain of the reduced disclosure obligations in the registration statement of which this prospectus is a part and may elect to take advantage of other reduced reporting requirements in future filings. As a result, the information we provide to our shareholders may be different than you might receive from other public reporting companies in which you hold equity interests. We may take advantage of these provisions for up to five years or such earlier time that we are no longer an emerging growth company.

We elected to avail ourselves of the extended transition period for implementing new or revised financial accounting standards.

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

#### Implications of Being a Foreign Private Issuer
We are a foreign private issuer within the meaning of the rules under the Securities Exchange Act of 1934, as amended (the "**Exchange Act**"). As such, we are exempt from certain provisions applicable to U.S. 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 U.S. 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 U.S. 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.

#### Implications of Being a Controlled Company
Upon the completion of this Offering, we will be a "controlled company" as defined under the Nasdaq Stock Market Rules because we expect that our Chairman and Chief Executive Officer, Mr. Kin Cho Li will hold 71.20% of our total issued and outstanding Ordinary Shares (or 70.03% of our then-issued and outstanding Ordinary Shares if the underwriters' option to purchase additional shares is exercised in full), i.e., he will own a majority of our total issued and outstanding Ordinary Shares and will be able to exercise 71.20% of the total voting power of our issued and outstanding share capital (or 70.03% if the underwriters' option to purchase additional shares is exercised in full). For so long as we remain a "controlled company," we are permitted to elect to rely, and may so 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 ("BOD") must be independent directors;

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&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 Stock Market Rules, we could elect to rely on it in the future. If we elected to rely on the "controlled company" exemption, a majority of the members of our BOD might not be independent directors and our nominating and corporate governance and compensation committees might not consist entirely of independent directors upon the completion of this Offering. Our status as a "controlled company" could cause our 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. Please refer to the paragraph titled "Risk Factors — Our significant shareholder has considerable influence over our corporate matters."

#### Offering Summary
Following completion of our IPO, ownership of RSGHL, will be as follows:

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| | | |
|:---|:---|:---|
|  | **Ordinary Shares purchased** | **Ordinary Shares purchased** |
|  | **Number** | **Percent** |
|  **Existing shareholders** | 14375000 | 88.87% |
|  **New investors** | 1800000 | 11.13% |
|  | 16175000 | 100% |

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#### THE OFFERING

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| | |
|:---|:---|
|  **Issuer** | Rise Smart Group Holdings Limited |
|  **Price per Ordinary Share** | We currently estimate the IPO price will be $4 per share |
|  **Ordinary Shares offered by us** | 1,800,000 Ordinary Shares (or 2,070,000 Ordinary Shares if the underwriters exercise their option to purchase additional Ordinary Shares in full). |
|  **Ordinary Shares Outstanding Prior to Completion of Offering** | 14,375,000 Ordinary Shares. |
|  **Ordinary Shares outstanding immediately after this Offering** | <br>16,175,000 Ordinary Shares (or 16,445,000 Ordinary Shares if the underwriters exercise their option to purchase additional Ordinary Shares in full). |
|  **Over-allotment option to purchase additional Ordinary Shares** | <br>We have granted the underwriters an option to purchase up to 270,000 additional Ordinary Shares from us within 45 days of the date of the closing of this Offering |
|  **Listing** | We intend to apply to list our Ordinary Shares on the Nasdaq Capital Market under the symbol "RSHL". |
|  **Gross Proceeds** | $7,200,000 (or $8,280,000 if the underwriters exercise their option to purchase additional Ordinary Shares in full), assuming an offering price of US$4 per share. |
|  **Use of Proceeds** | We estimate we will receive net proceeds from this Offering of $4,940,768 (or $5,934,368 if the underwriters exercise their option to purchase additional Ordinary Shares within in full), based on an assumed price to the public in this Offering of US$4 per share, after deducting underwriting fees and commissions and estimated offering expenses. <br> We intend to use the proceeds from this Offering for pursuing acquisitions, establishing our presence in North America, expanding our information technology system and technical capabilities and working capital. <br> Please refer to the section titled "Use of Proceeds". |
|  **Risk Factors** | Investing in our Ordinary Shares involves a high degree of risk and purchasers of our Ordinary Shares may lose part or all of their investment. Please refer to the section titled "Risk Factors" for a discussion of factors you should carefully consider before deciding to invest in our Ordinary Shares beginning on page 17. |
|  **Lock-Up and Tail Fee** | Our directors, officers, and all existing shareholders who own 5% or more of the issued and outstanding Ordinary Shares as of the effective date of the registration statement will enter into customary lock-up agreements with the underwriters for a period of six (6) months from the date of the Offering. |

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| | |
|:---|:---|
|  | Each of the Company and any successors of the Company agree not to offer, sell, or otherwise transfer or dispose of, directly or indirectly, any Ordinary Shares or any securities convertible into or exercisable or exchangeable for Ordinary Shares of the Company or file or cause to be filed any registration statement with the SEC relating to the offering of any Ordinary Shares of the Company or any securities convertible or exchangeable for Ordinary Shares of the Company for a period of up to six (6) months from the closing of the Offering. Please refer to the sections titled "Shares Eligible for Future Sale" and "Underwriting". <br> If, within twelve (12) months from the effective date of termination or expiration of the underwriter engagement letter, the Company's securities are sold by the Company or any of its affiliates in a transaction or series of transactions with any person or legal entity (including their respective affiliates) to whom the Underwriters introduced the Company during the term of the underwriter engagement letter, and in which the Representative did not act as at least the exclusive joint managing underwriter or lead placement agent to the Company or its affiliate, as applicable, then the Company shall pay the Representative, at the time of each such sale, a cash fee in the amount that would otherwise have been payable with respect to the gross proceeds to the Company from each such sale. Please refer to the section titled "Underwriting". |
|  **Payment and settlement** | The underwriters expect to deliver the Ordinary Shares against payment on [\*] |
|  **Dividend Policy** | We have no present plans to declare dividends and plan to retain our earnings to continue to grow our business. |
|  **Transfer agent** | Odyssey Transfer and Trust Company. |

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#### Summary Financial Data
The following summary presents consolidated statements of operations and cash flow data for the years ended December 31, 2024 and 2023 and the summary consolidated balance sheet data as of December 31, 2024 and 2023, which were derived from our CFS included elsewhere in this prospectus. You should read this section in conjunction with our audited financial statements and the accompanying notes and the section titled "Management's Discussion and Analysis of Financial Condition and Results of Operations" included elsewhere in this prospectus. Our CFS are prepared and presented in accordance with United States generally accepted accounting principles, or U.S. GAAP. Our CFS were prepared as if the current corporate structure has been in existence throughout the periods presented.

#### Results of Operations Data:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  | **USD** | **USD** |
|  **Revenue** | 3208472 | 2757208 |
|  Cost of revenue | 918942 | 820333 |
|  Gross profit | 2289530 | 1936875 |
|  Operating expenses |  |  |
| &nbsp;&nbsp;&nbsp; Selling and marketing | 336867 | 186832 |
| &nbsp;&nbsp;&nbsp; General and administrative | 607372 | 681473 |
|  Total operating expenses | 944239 | 868305 |
|  Income from operations | 1345291 | 1068570 |
|  Other income (expense) |  |  |
| &nbsp;&nbsp;&nbsp; Interest expense, net | (24401) | (24353) |
| &nbsp;&nbsp;&nbsp; Other income (expense), net | 65700 | (6369) |
|  Total other income (expense), net | 41299 | (30722) |
|  Income before tax expense | 1386590 | 1037848 |
|  Income tax expense | (207238) | (206467) |
|  **Net income** | 1179352 | 831381 |
|  **Other comprehensive income** |  |  |
|  **Foreign currency adjustment income** | 1896 | 2923 |
|  **Earnings per share – Basic and Diluted\*** | 0.082 | 0.058 |
|  **Weighted average shares outstanding – Basic and Diluted\*** | 14375000 | 14375000 |

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____________

\* Giving retroactive effect to the 1,600-for-1 share split and 1,625,000 surrendered shares effected on May 2, 2024.

#### Balance Sheet Data:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  | **USD** | **USD** |
|  Cash and equivalents | 582777 | 374187 |
|  Accounts receivable, net | 1339096 | 1034714 |
|  Total current assets | 2682588 | 1876723 |
|  Total non-current assets | 82599 | 178248 |
|  **Total assets** | 2765187 | 2054971 |
|  Total current liabilities | 659022 | 1017594 |
|  Total non-current liabilities | 425685 | 538145 |
|  **Total liabilities** | 1084707 | 1555739 |
|  **Total shareholders' equity** | 1680480 | 499232 |

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#### Statements of Cash Flows Data:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  | **USD** | **USD** |
|  Cash provided (used) by operating activities | 533652  | (18723) |
|  Cash (used in) investing activities |  |  |
|  Cash provided by (used in) financing activities | (327114)  | 131270 |
|  Net change in cash and equivalents | 208590  | 116167 |
|  Cash and equivalents as of beginning of year | 374187  | 258020 |
|  Cash and equivalents as of the end of year | 582777  | 374187 |

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#### RISK FACTORS
*Investment in our securities involves a high degree of risk. You should carefully consider the risks described below together with all of the other information included in this prospectus before making an investment decision. The risks and uncertainties described below represent our known material risks to our business. If any of the following risks actually occurs, our business, financial condition or results of operations could suffer. In that case, you may lose all or part of your investment. You should not invest in this offering unless you can afford to lose your entire investment.*

#### Risks Related to Our Corporate Structure
***We will in the future rely on dividends and other distributions on equity paid by the Operating Subsidiary to fund any cash and financing requirements we may have, and any limitation on the ability of the Operating Subsidiary to make payments to us could have a material adverse effect on our ability to conduct our business. In the future, funds or assets may not be available to fund operations or for other use outside of Hong Kong, due to the imposition of restrictions and limitations on, our ability or our subsidiary by the PRC government to transfer cash.***

RSGHL is a holding company, and we will in the future rely on dividends and other distributions on equity paid by the Operating Subsidiary for our cash and financing requirements, including the funds necessary to pay dividends and other cash distributions to our shareholders and service any debt we may incur. We do not expect to pay cash dividends in the foreseeable future. We anticipate we will retain any earnings to support operations and to finance the growth and development of our business. If any of the Operating Subsidiary incurs debt on its own behalf in the future, the instruments governing the debt may restrict its ability to pay dividends or make other distributions to us. Please refer to the section titled "Dividend Policy" for more information.

According to the BVI Business Companies Act 2004 (as amended), a BVI company may make dividends distribution to the extent that immediately after the distribution, such company's liabilities do not exceed its assets and that such company is able to pay its debts as they fall due. According to the Companies Ordinance of Hong Kong, a Hong Kong company may only make a distribution out of profits available for distribution. Under the current practice of the Inland Revenue Department of Hong Kong, no tax is payable in Hong Kong in respect of dividends paid by us. Any limitation on the ability of our Hong Kong 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.

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

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***In 2023, the PRC government initiated a series of regulatory actions and statements to regulate business operations in certain areas in mainland China, including cracking down on illegal activities in the securities market, enhancing supervision over mainland China-based companies listed overseas using the variable interest entity structure, adopting new measures to extend the scope of cybersecurity reviews, and expanding the efforts in anti-monopoly enforcement. In the future, we may be subject to PRC laws and regulations related to the current business operations of our Operating Subsidiary and any changes in such laws and regulations and interpretations may impair its ability to operate profitably, which could result in a material negative impact on its operations and/or the value of our Ordinary Shares.***

Although we have direct ownership of our operating entity in Hong Kong and currently do not have or intend to have any subsidiary or any contractual arrangement to establish a VIE structure with any entity in mainland China, we are still subject to certain legal and operational risks associated with our Operating Subsidiary, being based in Hong Kong and having all of its operations to date in Hong Kong. Additionally, the legal and operational risks associated in mainland China may also apply to operations in Hong Kong, and we face the risks and uncertainties associated with the complex and evolving PRC laws and regulations and as to whether and how the recent PRC government statements and regulatory developments, such as those relating to data and cyberspace security and anti-monopoly concerns, would be applicable to a company such as our Operating Subsidiary and RSGHL, given the substantial operations of our Operating Subsidiary in Hong Kong and the Chinese government may exercise significant oversight over the conduct of business in Hong Kong. In the event we or our Operating Subsidiary were to become subject to PRC laws and regulations, we could incur material costs to ensure compliance, and we or our Operating Subsidiary might be subject to fines, experienced evaluation of securities or delisting, no longer be permitted to conduct offerings to foreign investors, and/or no longer be permitted to continue business operations as presently conducted. Our organizational structure involves risks to the investors, and Chinese regulatory authorities could disallow this structure, which would likely result in a material change in our Operating Subsidiary' operations and/or a material change in the value of our Ordinary Shares, including the risk that such event could cause the value of such securities to significantly decline or become worthless. Moreover, there are substantial uncertainties regarding the interpretation and application of PRC laws and regulations including, but not limited to, the laws and regulations related to our business and the enforcement and performance of our arrangements with customers in certain circumstances. The laws and regulations may be subject to future changes, and their official interpretation and enforcement may involve substantial uncertainty. The effectiveness and interpretation of newly enacted laws or regulations, including amendments to existing laws and regulations, may be delayed, and our business may be affected if we rely on laws and regulations which are subsequently adopted or interpreted in a manner different from our understanding of these laws and regulations. We cannot predict what effect the interpretation of existing or new PRC laws or regulations may have on our business.

***We may become subject to a variety of PRC laws and other obligations regarding M&A Rules, the Trial Measures and data security, and any failure to comply with applicable laws and obligations could have a material and adverse effect on our business, financial condition and results of operations.***

The Regulations on Mergers and Acquisitions of Domestic Companies by Foreign Investors, or the M&A Rules, adopted by six PRC regulatory agencies on August 8, 2006, and amended on June 22, 2009, requires an overseas special purpose vehicle formed for listing purposes through acquisitions of domestic companies in mainland China and controlled by companies or individuals of mainland China to obtain the approval of the CSRC, prior to the listing and trading of such special purpose vehicle's securities on an overseas stock exchange. In addition, on December 24, 2021, the CSRC released the Administrative Regulations of the State Council Concerning the Oversea Issuance of Security and Listing by Domestic Enterprise (Draft for Comments) (the "Draft Administrative Regulations") and the Measures for the Overseas Issuance of Securities and Listing Record-Filings by Domestic Enterprises (Draft for Comments) (the "Draft Filing Measures"), collectively the "Draft Rules on Overseas Listing", for public opinion.

RSGHL is a holding company incorporated in the Cayman Islands with one operating entity based in Hong Kong and one subsidiary based in the UK which has not engaged in any business activity, as of the date of this prospectus, we have no subsidiary, VIE structure or any direct operations in mainland China, nor do we intend to have any subsidiary or VIE structure or to acquire any equity interests in any domestic companies in mainland China, and we are not controlled by any companies or individuals of mainland China. Further, we are headquartered in Hong Kong, with our chief executive officer, chief financial officer and all members of the BOD of RSGHL are based in Hong Kong are not mainland China citizens and all of our revenues and profits are generated by our subsidiary in Hong Kong and we have not generated any revenues or profits in mainland China. Additionally, we do not intend to operate in mainland China in the foreseeable future. As such, we do not believe we would be subject to the M&A Rules, or would be required

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to file with the CSRC under the Trial Measures. Moreover, pursuant to the Basic Law of the Hong Kong Special Administrative Region, 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).Therefore, as confirmed by our PRC counsel, China Commercial Law Firm, as of the date of this prospectus, the CSRC's approval or review is not required for the listing and trading of our Ordinary Shares in the U.S. exchange as provided under the M&A Rules and the Trial Measures.

We are aware that, in 2023, the PRC government initiated a series of regulatory actions and statements to regulate business operations in certain areas in mainland China, including a cracking down on illegal activities in the securities market, enhancing supervision over mainland China-based companies listed overseas using the variable interest entity structure, adopting new measures to extend the scope of cybersecurity reviews, and expanding the efforts in anti-monopoly enforcement. For example, on July 6, 2021,the General Office of the Communist Party of China Central Committee and the General Office of the State Council jointly issued a document to crack down on illegal activities in the securities market and promote the high-quality development of the capital market, which, among other things, requires the relevant governmental authorities to strengthen cross-border oversight of law-enforcement and judicial cooperation, to enhance supervision over mainland China-based companies listed overseas, and to establish and improve the system of extraterritorial application of the PRC securities laws.

In addition, on December 28, 2021, the Measures were published and became effective February 15, 2022, and require that, among other things, and in addition to any "operator of critical information infrastructure", any "data processor" controlling personal information of no less than one million users which seeks to list in a foreign stock exchange should also be subject to cybersecurity review, and which further elaborate on the factors to be considered when assessing the national security risks of the relevant activities. The publication of the Measures indicates greater oversight by the CAC over data security, which may impact our business and this Offering in the future. As of the date of this prospectus, our Operating Subsidiary does not have any mainland China individuals as clients. However, our Operating Subsidiary may collect and store certain data (including certain personal information) from its customers for "Know Your Customers" purposes, which may include mainland China individuals in the future. As of the date of this prospectus, as confirmed by our PRC counsel, China Commercial Law Firm, we do not expect the Measures to have an impact on our business, operations or this Offering to subject us or our Operating Subsidiary to permission requirements from the CAC or any other government agency that is required to approve our subsidiaries' operations, as we do not believe we will be deemed to be an "operator of critical information infrastructure" or a "data processor" controlling personal information of no less than one million users, that are required to file for cybersecurity review before listing in the U.S., because (i) all of our operations are conducted by our Operating Subsidiary which currently solely serve the Hong Kong local market, we currently have no operations in mainland China; (ii) we do not have or intend to have any subsidiary nor do we have or intend to establish a VIE structure with any entity in mainland China and the Measures remain unclear whether they shall be applied to a company like us; (iii) as of date of this prospectus, we have neither collected nor stored any personal information of any mainland China individual or within mainland China, nor do we entrust or expect to be entrusted by any individual or entity to conduct any data processing activities of any mainland China individual or within mainland China; (iv) as of the date of this prospectus, we have not been informed by any PRC governmental authority of any requirement that we must file for a cybersecurity review; and (v) pursuant to the Basic Law of the Hong Kong Special Administrative Region, or the Basic Law, PRC laws and regulations shall not be applied in Hong Kong except for those listed in Annex III of the Basic Law (which is confined to laws relating to national defense, foreign affairs and other matters that are not within the scope of autonomy). However, there remains significant uncertainty in the interpretation and enforcement of relevant PRC cybersecurity laws and regulations. If we were deemed to be an "operator of critical information infrastructure" or a "data processor" controlling personal information of no less than one million users, or if other regulations promulgated in relation to the Measures are deemed to apply to us, our subsidiaries' business operations and the listing of our Ordinary Shares in the U.S. could be subject to CAC's cybersecurity review or we and our subsidiaries might be covered by permission from the CAC or any other government agency that is required to approve our subsidiaries' operations in the future. Nevertheless, since these statements and regulatory actions are new, it is uncertain how soon the legislative or administrative regulation making bodies will respond and what existing or new laws or regulations or detailed implementations and interpretations will be modified or promulgated, if any. It also remains uncertain what the potential impact such modified or new laws and regulations will have on our subsidiaries' daily business operations, its ability to accept foreign investments and the listing of our Ordinary Shares on a U.S. or other foreign exchanges. If any or all of the foregoing were to occur, it may significantly limit or completely hinder our ability to complete this Offering or cause the value of our Ordinary Shares to significantly decline or become worthless. As of the date of this prospectus, there are no laws or regulations in

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Hong Kong which result in similar significant oversight over data security for companies seeking to offer securities on a foreign exchange. However, we cannot guarantee that, if, in the future, such laws or regulations were issued in Hong Kong, we would be compliant with such laws or regulations in a timely manner or at all. In addition, we may have to spend significant time and costs to become compliant. If we are unable to do so, on commercially reasonable terms, in a timely manner or otherwise, we may become subject to sanctions imposed by the relevant regulatory authorities, and our ability to conduct our business, or offer securities on a U.S. or other international securities exchange may be restricted. As a result of the foregoing, our business, reputation, financial condition, and results of operations may be materially and adversely affected.

On February 17, 2023, the CSRC released the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies (the "Trial Measures"), and five supporting guidelines, which came into effect March 31, 2023. Pursuant to the Trial Measures, 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. However, since the Trial Measures was newly promulgated, its interpretation, application and enforcement remain unclear. If the filing procedure with the CSRC under the Trial Measures is required for this offering and any future offerings, listing or any other capital raising activities by us, it is uncertain whether we could complete the filing procedure in a timely manner, or at all. Any failure to complete such filings may subject us to regulatory actions or other sanctions from the CSRC or other PRC regulatory agencies. These regulatory agencies may impose fines and penalties on our operations in China, limit our ability to pay dividends outside of China, limit our operating privileges in China, delay or restrict the repatriation of the proceeds from offering of securities overseas into China or take other actions that could have a material adverse effect on our business, financial condition, results of operations and prospects, as well as the trading price of our Ordinary Shares.

On February 24, 2023, the CSRC, Ministry of Finance of the PRC, National Administration of State Secrets Protection and National Archives Administration of China jointly issued the Provisions on Strengthening Confidentiality and Archives Administration of Overseas Securities Offering and Listing by Domestic Companies or the Confidentiality Provisions, which came into effect March 31, 2023. The Confidentiality Provisions require that, among other things, (1) a domestic company that conducts an overseas offering and listing both directly and indirectly should institute a sound confidentiality and archives administration system and take the necessary measures to fulfill confidentiality and archives administration obligations; (2) a domestic company that plans to, either directly or through its overseas listed entity, publicly disclose or provide to relevant individuals or entities including securities companies, securities service providers and overseas regulators, any documents and materials that contain state secrets or working secrets of government agencies, shall first obtain approval from competent authorities according to law, and file with the secrecy administrative department at the same level; (3) domestic company that plans to, either directly or through its overseas listed entity, publicly disclose or provide to relevant individuals and entities including securities companies, securities service providers and overseas regulators, any other documents and materials that, if leaked, will be detrimental to national security or public interest, shall strictly fulfil relevant procedures stipulated by applicable national regulations; (4) where a domestic company, after fulfilling relevant procedures, provides to securities companies, securities service providers and other entities with any documents and materials that contain state secrets or working secrets of government agencies, or any other documents and materials that will be detrimental to national security or public interest if leaked, a non-disclosure agreement shall be signed between the provider and receiver of such information; and (5) domestic companies, securities companies or securities service providers that discover any leakage or possible leakage of state secretes, working secrets of government agencies or any other documents and materials that, if leaked, will be detrimental to national security or public interest, shall immediately take remedies and report to relevant state organs and units.

As of the date of this prospectus, we are advised by Hong Kong counsel, David Fong & Co., that we are not required to obtain permission or approval from Hong Kong authorities to offer the securities being registered to foreign investors. Should there be any change in applicable laws, regulations, or interpretations, and we or any of our subsidiaries are required to obtain such permissions or approvals in the future, we will strive to comply with the then applicable laws, regulations, or interpretations.

As confirmed by our PRC Counsel, China Commercial Law Firm, based on its understanding of the PRC laws and regulations currently in effect, as of the date of this prospectus, neither we nor our Operating Subsidiary, is subject to the M&A Rules, the Trial Measures, the Confidentiality Provisions, the Measures or the regulations or policies that have been issued by the CSRC or the CAC as of the date of this prospectus, nor are we currently covered by permission were from the CSRC, the CAC or any other PRC governmental agency that is required to approve our listing on the

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U.S. exchanges and offering securities. Hence, based on the foregoing, since we are not subject to the regulations or policies issued by the CAC to date, we believe we are currently not required to be compliant with such regulations and policies issued by the CAC as of the date of this prospectus. Further, as of the date of this prospectus, neither we nor our Operating Subsidiary has ever applied for any such permission or approval, as we currently are not subject to the M&A Rules or the regulations and policies issued by the CAC. We or our subsidiaries are not covered by permission or approval requirements by any PRC governmental agency required to approve us or our subsidiaries' operations. No permissions or approvals from any PRC governmental agency have been denied since our incorporation up to the date of this prospectus. Notwithstanding the above opinion, our PRC Counsel has further advised us that uncertainties exist as to how the M&A Rules and, the Trial Measures and the Confidentiality Provisions will be interpreted and implemented by Chinese regulators and its opinions summarized above are subject to any new laws, rules, and regulations or detailed implementations and interpretations in any form relating to the M&A Rules and, the Trial Measures and the Confidentiality Provisions. If the CSRC or other PRC regulatory agencies subsequently determine that prior CSRC approvals are required for our offering, we may face regulatory actions or other sanctions from the CSRC or other PRC regulatory agencies. Moreover, if there is significant change to the applicable laws, regulations, or interpretations change, that require us to obtain approvals from the CSRC or other PRC regulatory agencies on, among others, the M&A Rules, the Trial Measures and the Confidentiality Provisions at any stage, including but not limited, upon the completion of this Offering, in the future, and, if in such event, we or our Hong Kong subsidiary (i) do not receive or maintain the approval, (ii) inadvertently conclude that such permissions or approvals are not required, (iii) are required to obtain such permissions or approvals in the future if applicable laws, regulations, or interpretations change, or (iv) are denied permission from the CSRC or any other PRC regulatory agencies, we will not be able to list our Ordinary Shares on a U.S. exchange, or continue to offer securities to investors, which would materially affect the interests of investors and cause the value of Ordinary Shares to significantly decline or be worthless.

***Substantially all of our Operating Subsidiary's operations are conducted in Hong Kong. However, due to the long arm provisions under the current PRC laws and regulations, the Chinese government may exercise significant oversight and discretion over the conduct of such business and may influence such operations at any time, which could result in a material change in the operations of the operating subsidiary and/or the value of our Ordinary Shares. The PRC government may also impose restrictions on our ability to transfer money out of Hong Kong to distribute earnings and pay dividends or to reinvest in our business outside of Hong Kong. Changes in the policies, regulations, rules, and the enforcement of laws of the Chinese government may also occur quickly and our assertions and beliefs of the risk imposed by the PRC legal and regulatory system cannot be certain. There are uncertainties regarding the enforcement of PRC laws, and rules and regulations in China can change quickly with little advance notice. The Chinese government may intervene or influence our operations at any time, or may exert more control over offerings conducted overseas and/or foreign investment in China-based issuers, which could result in a material change in our operations and/or the value of the securities we are registering for sale.***

In 2023, the PRC government initiated a series of regulatory actions and statements to regulate business operations in certain areas in mainland China, including cracking down on illegal activities in the securities market, enhancing supervision over mainland China-based companies listed overseas using the VIE structure, adopting new measures to extend the scope of cybersecurity reviews, and expanding the efforts in anti-monopoly enforcement. Given the recent statements by the Chinese government indicating an intent to exert more oversight and control over offerings that are conducted overseas and/or foreign investment in mainland China-based issuers, any such action could significantly limit or completely hinder our ability to offer or continue to offer securities to investors and cause such securities to significantly decline or be worthless. Additionally, any further control over offerings conducted overseas and/or foreign investment impacting our subsidiary in Hong Kong by the Hong Kong government could result in a material change in our Operating Subsidiary's operations, financial performance and/or the value of our Ordinary Shares or impair our ability to raise money.

There are uncertainties regarding the enforcement of PRC laws, and rules and regulations in China can change with little advance notice. For example, the Chinese cybersecurity regulator announced on July 2, 2021 that it began an investigation of Didi Global Inc. (NYSE: DIDI) and two days later ordered that company's app be removed from smartphone app stores. The Chinese government has exercised, and continues to exercise, substantial control over virtually every sector of the Chinese economy through regulation and state ownership. The Chinese government may intervene or influence our operations at any time, or may exert more control over offerings conducted overseas and/or foreign investment in China-based issuers, which could result in a material change in our operations and/or the value of the securities we are registering for sale. Furthermore, given the Chinese government indicating an intent to

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exert more oversight and control over offerings that are conducted overseas, although we are currently not required to obtain permission from any of the PRC federal or local government and has not received any denial to list on the U.S. exchange, it is uncertain whether or when we might be required to obtain permission from the PRC government to list on U.S. exchanges in the future, and even if such permission is obtained, whether it will be later denied or rescinded, which could significantly limit or completely hinder our ability to offer or continue to offer our securities to investors and cause the value of our shares to significantly decline or be worthless.

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

Recent statements, laws and regulations by the Chinese government in 2022 and 2023, including the Measures, the PRC Personal Information Protection Law and the Trial Measures have already indicated an intent to exert more oversight and control over offerings that are conducted overseas and/or foreign investments in mainland China-based issuers. We could be subject to approval or review by Chinese regulatory authorities to pursue this offering. 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 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.

#### Risks Related to Our Business and Industry
***We cannot guarantee if we can maintain the number of students we have successfully placed in the past and any reduction in future placements may affect our financial condition and impact our relationship with overseas education providers.***

For the years ended December 31, 2024 and 2023, we placed 1,079 and 836 students with overseas education providers, respectively. We strive to match students in Hong Kong who seek overseas studies with overseas education providers based on each individual student's preferences and personal circumstances as well as such student's suitability for the relevant academic program. We established a wide network of overseas education providers which offer a wide range of study programs which increase the likelihood of a successful match. However, we cannot guarantee we can maintain the number of students we placed in the past in the future as the decision of the overseas education providers to enroll students the students' decision to enroll are out of our control. A reduction in the number of successful placement of students may therefore affect our financial condition and may cause pressures on our cash flow. Additionally, if we fail to place students with overseas education providers, in our network, for a substantial period of time, the relationship between us and such overseas education providers may be materially and adversely affected which may accordingly affect their decision to maintain their agency agreements with us.

***The sustainability of our business depends on the market awareness of our brand and therefore if we are not able to maintain our brand or if our brand is otherwise tarnished, our business, financial condition and results of operations may be materially and adversely affected.***

Recommendation from friends and family is one of the most important aspects for prospective students or their parents to select an overseas studies consultancy. Having a good reputation increases the possibility of recommendation by students or parents who previously benefited from our consultancy services. Overseas studies consultancies that have long establishment history, a good track record, and a good reputation are more likely to attract new prospective students based on word of mouth referrals of previous students or parents who used the services and therefore are able to enjoy a stable revenue stream. We believe that market awareness of our "Rise Smart" brand contributed significantly to the success and growth of our business particularly in our students' consultancy and placement services and the expansion of our network of overseas education providers. We place advertisements and distribute leaflets to promote our services. We host multiple online and offline seminars on overseas studies, visa consultation, and language test preparation services. However, we cannot assure you that our future marketing efforts will continue to be successful or be sufficient in further promoting our brand or in helping us remain competitive.

In addition, our ability to maintain our brand may be affected by the actions of third parties beyond our control including but not limited to (i) students' and their parents' satisfaction with the teaching or administration of the overseas education providers, accidents or mishaps encountered during their overseas studies, (ii) dissatisfaction with

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our overseas education providers based on the quality of students placed by us and (iii) negative press related to us, the students and their parents or overseas education providers in our network. If our brand is tarnished, interest in our consultancy by potential students and their parents may decrease and the overseas education providers may terminate their agreements or relationships with us and therefore our business, financial condition and results of operations may be materially and adversely affected.

***A majority of our revenue was derived from overseas education providers in the UK and Australia and any material change in the landscape for studying in the UK and Australia may materially and adversely affect our business and financial performance.***

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| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  **Geographic Segments** |  |  |
|  United Kingdom | 42.6% | 44.4% |
|  Australia | 26.7% | 17.4% |
|  Hong Kong | 13.8% | 22.4% |
|  New Zealand | 2.7% | 0.1% |
|  Canada | 9.8% | 4.8% |
|  United States of America | 4.4% | 10.9% |

---

Our revenue from overseas education providers in the UK and Australia was a combined total of 69.3% and 61.8% of our total revenue for the years ended December 31, 2024 and 2023. Individually, the UK contributed 42.6% in commission income for the year ended December 31, 2024 and 44.4% for the year ended December 31, 2023. Comparatively, individually, Australia contributed 26.7% in commission income for the year ended December 31, 2024 and 17.4% for the year ended December 31, 2023. Accordingly, the demand from students in Hong Kong for studying in the UK and Australia and therefore our operating results may be affected by any material change in the landscape for studying in the UK and Australia including but not limited to the change in (i) the education system of these countries, (ii) ranking and popularity of the education providers in these countries, (iii) complexity in admission and immigration procedures for overseas studies in these countries, and (iv) cost of overseas studies and living in these countries, all of which are beyond our control. Any failure on our part to adequately and promptly respond to changes in overseas studies landscape in the UK and Australia may materially and adversely affect our business and financial performance.

#### We are subject to concentration risk because a significant portion of our revenue was derived from two customers.
For the year ended December 31, 2024, one of our customers, contributed to 33.1% of our total revenue, respectively. For the year ended December 31, 2023, two of our customers, contributed to 23.3% and 22.2% of our total revenue, respectively. The two customers are both overseas studies consultancy service providers. For further details of the terms of the contractual agreements, please refer to the paragraph titled "Business — General terms of agency agreements with overseas studies consultancy service providers". Save from above disclosure, there is no other single customer that contributed more than 10% of our total revenue for the years ended December 31, 2024 or 2023. Generally, a high concentration of revenue from one customer means that the loss of business from them may have a significant negative impact on our business and financial positions. Even though we have entered into an agreement with both customers, our business and results of operations could be adversely affected if either customer terminates the agreement, whether for convenience, for default in the event of a breach by us, or for other reasons specified in the agreement.

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| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  Total revenue |  |  |
|  Customer A |  | 23.3% |
|  Customer B | 33.1% | 22.2% |

---

***Changes in the foreign exchange rate for foreign currencies against our functional currency may materially and adversely affect our operating performance as well as our financial position.***

For the two years ended December 31, 2024, a substantial part of our revenues were denominated in foreign currencies based on the locality of our customers including, among others, Great Britain pound, Australian dollar and Canadian dollar, with a relatively larger exposure to the Great Britain pound, Australian dollar and Canadian dollar given that a substantial amount of our revenues were generated from the UK, Australia and Canada. Aside from payables to our suppliers, including our subagents and tutoring agencies, most of our costs, including rental expenses, staff costs and

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marketing expenses are incurred in Hong Kong dollar. The value of the Hong Kong dollar against the U.S. dollar may fluctuate and may be affected by, among other things, changes in political and economic conditions. 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.

Our business is conducted in Hong Kong, our books and records are maintained in H.K. dollar, which is the currency of Hong Kong, and the financial statements we file with the SEC and provide our shareholders are presented in U.S. dollars. Changes in the exchange rate between H.K. dollar and U.S. dollar affect the value of our assets and the results of our operations, when presented in U.S. dollars. 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 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.

***If we fail to maintain and expand our network of overseas education providers and sub-agents, our business, financial condition and prospects may be materially and adversely affected.***

Our network currently consists of overseas education providers from various countries including the UK, Australia, Canada, New Zealand and the U.S. As at December 31, 2024 we entered into agency agreements for study programs with over 160 overseas education providers. We and our overseas studies consultancy services provider peers that have established business relationships with have cooperation with over 500 overseas education providers.

Since 2018, we established business relationships with subagents, which include overseas studies consultancy service providers and individuals, who refer students seeking overseas studies with overseas education providers who we have a business relationship with. Since 2021, we cooperated subagents to enhance our market presence among students.

As we strive to match students in Hong Kong with overseas education providers based on each individual student's preferences and personal circumstances as well as such student's suitability for the relevant academic program, an extensive network of overseas education providers will enhance the possibility of our successful matching of prospective students with their preferred overseas education providers. On the other hand, a wide network of subagents allow us to reduce reliance on word of mouth referrals from students and parents, while enabling us to broaden the base of potential students whom we can serve and ensure a stable revenue stream. Failure to maintain and expand our network of overseas education providers and subagents from time to time may therefore affect the number of successful placements from such matching.

***If our existing agency agreements entered with the overseas education providers are terminated or not extended or we otherwise cannot maintain a positive relationship with existing overseas education providers in our network, our business, financial position, results of operations and prospects will be materially and adversely affected.***

During the years ended December 31, 2024 and 2023, our revenue was principally derived from commission for our student placements with overseas education providers in our network. The agency agreements with overseas education providers are based on each overseas education provider's standard form and may include termination rights. If existing agency agreements entered with our customers were terminated early or if we are not able to extend such agency agreements after their expiration, if any, due to any reasons including dissatisfaction with our services or a worsening of our relationship with the overseas education providers, our business and financial condition may be materially and adversely affected.

***If we cannot maintain a positive relationship with our subagents and tutoring agencies, our business, financial potion, results of operations and prospects will be materially and adversely affected.***

Since 2018, we established business relationships with subagents, which include overseas studies consultancy service providers and individuals, which refer students seeking overseas studies with overseas education providers which we have a business relationship with. Since 2021, we have cooperated with subagents to enhance our market presence among students. We maintain relationships with our subagents and collaborate with each other in our business and operation. Our subagents can gain access to our network of overseas education providers while we can reach a wider audience of students. We believe our subagent network allows us to maximize our market presence in Hong Kong.

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If we cannot maintain a positive relationship with our subagents, the number of successful placement of students to overseas education providers in our network may be reduced, leading to an adverse impact on our operational and financial results.

We work with local tutoring agencies in the UK to provide online tutoring services to students who (i) wish to study overseas and be better prepared for the exams required; or (ii) are currently studying overseas and would like to improve their grades. We generally collect the tutoring fee from the students. We engage the tutoring agencies to provide tutoring services to our students by paying them the tutoring fee collected from our students less a certain percentage. The tutoring agencies generally invoice us once per month. If we cannot maintain a positive relationship with the tutoring agencies, the number of our course offerings may reduce, leading to an adverse impact on our operational and financial results.

***We rely on our three education consultants in providing consultancy services to prospective students and if we fail to recruit and retain suitable education consultants on commercially acceptable terms, our operations, reputation and financial condition may be materially and adversely affected.***

As at December 31, 2024, we have three education consultants. As our daily operations of overseas studies consultancy services involves frequent communications between our education consultants and students and their parents on one side and the overseas education providers on the other side, our quality of services and therefore the students' and their parents' satisfaction of our consultancy services depends on the experiences and expertise of our education consultants. Our education consultants' experiences and expertise in matching suitable overseas education providers with students pursuing overseas study are crucial to our operations, reputation and financial performance. On top of basic salaries, we incentivize our education consultants through commissions and discretionary bonuses in order to retain the services of our existing education consultants and recruit potential new education consultants for our expansion. If we fail to recruit and retain suitable education consultants, there may be a reduction in the availability and quality of consultancy services we provide to students and their parents that may impact our brand and reputation. Furthermore, if our education consultants act dishonestly or unethically while assisting prospective students and their parents, we may receive complaints and claims from students and/or their parents. In serious cases involving misconduct or our education consultants' practices that may be contrary to the standards set out in our agency agreements with overseas education providers, such overseas education providers may terminate their relationship with us.

Although we do not foresee that any of our three education consultants will depart from our group in the near future or we will encounter difficulties in recruiting suitable education consultants from the market, there is no assurance we will be able to recruit and retain sufficient suitable education consultants as and when needed. If there is any material shortage of our education consultants or we have any unsuitable education consultants engaging in misconduct during their tenure with us, our operation or reputation may be adversely affected. In the event any of our three education consultants depart from our Group, our Chief Executive Officer and Chairman, Mr. Kin Cho Li, will utilize his extensive experience in the overseas studies consultancy industry in Hong Kong and will work with our other employees to take up the responsibilities of the departing education consultants. Also, if we are unable to continue the service contracts with our education consultants on commercially acceptable terms or find a suitable replacement in a timely manner, our business could be disrupted and our financial condition and results of operations could be materially and adversely affected.

#### Loss of key management for our operations may materially affect our operations.
Our success is, to a significant extent, attributable to the leadership and contributions of our directors and senior management team, in particularly to, Mr. Kin Cho Li, our Chief Executive Officer and Chairman and has extensive experience in the overseas studies consultancy industry in Hong Kong. Our continued success is therefore dependent to a large extent on our ability to retain the services of our directors and senior management team. Any unanticipated departure of members of our directors and senior management team without appropriate replacement found may impact, among others, our business strategy and day-to-day management. Such loss may therefore have a material adverse effect on our business operations and profitability.

#### Our operating results are affected by seasonality particularly with reference to the academic term in the UK.
Operating performance of the overseas studies consultancy players if subject to seasonality. Based on the terms of the agency agreements between us and the overseas education providers, we generally record our commission income subsequent to the overseas education providers receiving payments from the students and after the students' refund

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allowance day. Therefore, our revenue tends to fluctuate during the year with reference to the commencement of the academic term particularly of the UK in the second half of the year. For further details, please refer to the section headed ''Business — Seasonality'' of this prospectus. As a result, we might record a net loss in a particular month during the low season of the year since that most of our costs of operation are fixed. Also, the comparison of our revenue and operating results between different periods in any given financial year may not be relied upon as indicators of our performance. Any unpredictable and material changes in the overseas studies market in Hong Kong during our peak seasons may materially and adversely affect our financial condition and operating performance.

#### Significant delays or failures in payment by our customers may affect our working capital and cash flows.
During the two years ended December 31, 2024, there was no specific credit term offered to our customers but our customers generally pay within 90 days. There is no assurance that our trade receivables will always be paid to us in a timely manner or in full. If we cannot maintain effective credit control and/or our customers significantly delay or fail to pay us on a timely basis, our financial condition and results of operations may be adversely affected.

#### We may not be able to implement our business plans effectively to achieve future growth.
Our expansion plan is based upon a forward-looking assessment of market prospects of the overseas education consultancy service industry in Hong Kong and there is no assurance such assessment will always turn out to be correct or that it will be able to grow our business as planned. Expansion plans may be affected by a number of factors beyond our control. Such factors include, but are not limited to, changes in economic conditions in Hong Kong, changes in supply and demand for our services and government regulations in relation to the overseas education consultancy service industry. Our future growth depends on our ability to improve our administrative, technical and operational infrastructure. As the business expands, we may encounter a range of difficulties in managing our business, such as difficulties (i) generating sufficient liquidity internally or obtaining external financing for capital needs, and (ii) allocating its resources and managing its relationships with a growing number of customers and other business partners. There can be no assurance that future growth will materialize or that we will be able to manage future growth effectively, and failure to do so would have a material adverse effect on our business, financial position and results of operations.

#### Disruptions or unauthorised access to our computer systems may materially and adversely affect our operations and reputation.
The performance and reliability of our Group's computer system is important to our business operation, in particular in relation to the storage of records of students' personal information and information on overseas education providers and study programs as we generally use such information to keep track of the current application status of students and our education consultants rely on information on our systems when providing consultancy services to prospective students. However, we may experience interruptions in our computer systems due to events beyond our control such as interruptions caused by computer viruses, hardware and software failures, power outages, telecommunications failures, fires and other similar events in the future. Any interruption or damage to any of our computer systems may have a material and adverse effect on our business operations.

In addition, our Group's computer systems may also be vulnerable to unauthorised access by our staff or third parties such as computer hackers or computer viruses and other methods that breach our security. Such unauthorised access may lead to the misappropriation of proprietary information or personal data of the students, including but not limited to, names, addresses, telephone numbers and identity card numbers. Any leakage or misappropriation of such information from our Group's system could have a material and adverse effect on our reputation and business operations.

#### Our Group's business and reputation may be affected by litigation claims and our insurance may be insufficient to cover all such claims.
We may be exposed to litigation claims such as employees' compensation claims, intellectual property claims and labour disputes during the course of our operations.

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Any such claims against us and any legal proceedings, arbitration or administrative sanctions or penalties arising therefrom, irrespective of the outcome or the merits of such claims, may materially and adversely affect our business, reputation, financial condition and results of operations. Although our Group has insurance policies against all material risks associated with our operations in line with industry norm, the scope or amount of coverage may be insufficient to cover the costs from such claims.

Even if we are able to defend any such claim successfully, we cannot assure you that our customers and students will not lose confidence in our business, which may in turn materially and adversely affect our future business.

#### Any deterioration in the outbreak of COVID-19 may adversely affect our operation and financial condition.
The first confirmed case of COVID-19 in Hong Kong was reported in January 2020. Since then, there have been multiple outbreaks of COVID-19 in Hong Kong. The Government announced various measures, including travel restrictions and safe distancing measures to reduce the risk of local transmission of COVID-19. There is no assurance that COVID-19 in Hong Kong can be effectively controlled or that the Government will not impose more stringent measures such as closure of physical workplace premises, full-scale suspension of all business, social and other activities, as well as other lockdown policies to control the spread of COVID-19.

The further outbreak of COVID-19 in Hong Kong or globally may have a material adverse impact on the economy, which may result in a slowdown and lower the availability of overseas education positions. We cannot assure you that we will not experience any impact on our business. We may experience difficulties in conducting visits and marketing our services as a result of future outbreaks in waves of any subvariant of COVID-19, which may adversely impact our business and financial condition and our results of operations.

Our operations may also be negatively affected if any of our employees is suspected of contracting or having contracted COVID-19, since this may require us to quarantine some or all of the relevant employees. If these adverse impacts materialize and persist for a substantial period of time, they may significantly and adversely affect our business operations and financial performance.

#### Certain data and information in this prospectus were obtained from third-party sources and were not independently verified by us.
We engaged Frost & Sullivan to prepare a commissioned industry report that analyzes the Hong Kong overseas education consultancy service industry. Information and data relating to the Hong Kong overseas education consultancy service industry was derived from Frost & Sullivan's industry report. Statistical data included in the Frost & Sullivan report also include projections based on a number of assumptions, including (i) the percentage of targeted business revenue generated in Hong Kong as published in the annual reports of the listed market players in Hong Kong; (ii) market data published by the Education Bureau, including the number of Hong Kong students studying in overseas, the region of study, and the type of study programs in previous years; (iii) the estimated commission rate for the business to business ("B2B") and the business to consumer ("B2C") business in the overseas consultancy industry in Hong Kong; and (iv) the adverse impact of COVID-19 on the period from 2020 to 2022.

The projected growth rate of the market size of overseas education consultancy services in Hong Kong is compiled based on the following assumptions : (i) increased demand for study abroad as a result of the easing of anti-epidemic measures and the opening up of borders in various countries following the elimination of COVID-19; (ii) increased affordability of children's tertiary education in Hong Kong due to the increase in the size of the middle class; and (iii) the growing maturity of the business of the counseling organizations and the abundance of academic resources available to cater for the processing of the increasingly complex application procedures, etc.

Market size projections are based on assumptions and estimates, and they are subject to uncertainty. The accuracy of projections depends on the quality of data, the validity of assumptions, and the complexity of the market dynamics. Unexpected events, such as economic downturns, technological advancements, or regulatory changes, can significantly affect market conditions and render projections inaccurate.

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The overseas education consultancy service industry may not grow at the rate projected by market data, or at all. Any failure of the Hong Kong overseas education consultancy service industry to grow at the projected rate may have a material adverse effect on our business and the market price of our Ordinary Shares. Furthermore, if any one or more of the assumptions underlying the market data is later found to be incorrect, actual results may differ from the projections based on these assumptions.

We have not independently verified the data and information contained in the Frost & Sullivan report or any third-party publications and reports Frost & Sullivan relied on in preparing its report. Data and information contained in such third-party publications and reports may be collected using third-party methodologies, which may differ from the data collection methods used by us. In addition, these industry publications and reports generally indicate that the information contained therein is believed to be reliable, but do not guarantee the accuracy and completeness of such information.

***Our lack of effective internal controls over financial reporting may affect our ability to accurately report our financial results or prevent fraud which may affect the market for and price of our Ordinary Shares.***

To implement Section 404 of the Sarbanes-Oxley Act of 2002, the SEC adopted rules requiring public companies to include a report of management on the company's ICFR. Prior to filing the registration statement of which this prospectus is a part, we were a private company with limited accounting personnel and other resources for addressing our ICFR. Our management did not assess the effectiveness of our ICFR and our independent registered public accounting firm did not audit our ICFR. However, in connection with the audits of our CFS as of December 31, 2024 and 2023, and for the year then ended, we and our independent registered public accounting firm identified a few material weaknesses in our ICFR PCAOB of the U.S. A "material weakness" is a deficiency, or a combination of deficiencies, in ICFR, such that there is a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented or detected on a timely basis. The material weaknesses identified related to (1) our lack of sufficient full-time personnel with appropriate levels of accounting knowledge and experience to monitor the daily recording of transactions, address complex U.S. GAAP accounting issues and to prepare and review financial statements and related disclosures under U.S. GAAP; (2) our lack of a functional internal audit department or personnel that monitors the consistencies of the preventive internal control procedures as well as adequate policies and procedures in internal audit function to ensure that our policies and procedures have been carried out as planned; (3) our lack of proper procedures developed and implemented for system security and access as well as segregation of duties in relation to the system; (4) our lack of proper procedures developed for system development, program change management policies and critical change management control processes and procedures; and (5) our lack of proper procedures developed and implemented for IT policy and procedure as well as operating system security management control.

We intend to implement measures designed to improve our ICFR to address the underlying causes of these material weaknesses, including i) hiring more qualified staff to fill up the key roles in the operations; ii) setting up a financial and system control framework with formal documentation of polices and controls in place; and iii) appointing independent directors, establishing an audit committee and strengthening corporate governance.

We will be subject to the requirement that we maintain internal controls and that management perform periodic evaluation of the effectiveness of the internal controls. Effective ICFR is important to prevent fraud. As a result, our business, financial condition, results of operations and prospects, as well as the market for and trading price of our Ordinary Shares, may be materially and adversely affected if we do not have effective internal controls. Before this Offering, we were a private company with limited resources. As a result, we may not discover any problems in a timely manner and current and potential shareholders could lose confidence in our financial reporting, which would harm our business and the trading price of our Ordinary Shares. The absence of ICFR may inhibit investors from purchasing our Ordinary Shares and may make it more difficult for us to raise funds in a debt or equity financing.

Additional material weaknesses or significant deficiencies may be identified in the future. If we identify such issues or if we are unable to produce accurate and timely financial statements, our Ordinary Share price may decline and we may be unable to maintain compliance with the NASDAQ Listing Rules.

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#### We are a holding company whose principal source of operating cash is the income received from our Operating Subsidiary.
We depend on the income generated by our Operating Subsidiary to make distributions and dividends on the shares. The amount of distributions and dividends, if any, which may be paid to us from our Operating Subsidiary will depend on many factors, including such subsidiary's results of operations and financial condition, limits on dividends under applicable law, its constitutional documents, documents governing any indebtedness, and other factors which may be outside our control. If our Operating Subsidiary does not generate sufficient cash flow, we may be unable to make distributions and dividends on the shares.

#### Our significant shareholder has considerable influence over our corporate matters.
Mr. Kin Cho Li beneficially owns and controls 11,517,250 Ordinary Shares that are 80.12% on a pre-Offering basis and will be 71.20% on a post-Offering basis of our issued and outstanding Ordinary Shares (or 70.03% if the underwriters' option to purchase additional shares is exercised in full). Mr. Kin Cho Li will hold considerable influence over corporate matters requiring shareholder approval and will independently control the operations of the Company, including without limitation, electing directors and approving material mergers, acquisitions or other business combination transactions. This concentrated control will limit your ability to influence corporate matters and could also discourage others from pursuing any potential merger, takeover or other change of control transactions, which could have the effect of depriving the holders of our Ordinary Shares of the opportunity to sell their shares at a premium over the prevailing market price.

#### Our significant shareholder may have potential conflicts of interest with us, which may materially and adversely affect our business and financial condition.
Because our significant shareholder has, considerable influence over our corporate matters, his interests may differ from the interests of our company as a whole. The shareholder could, for example, appoint directors and management without the requisite experience, relations or knowledge to steer our company properly because of their affiliations or loyalty, and such actions may materially and adversely affect our business and financial condition. Currently, we do not have any arrangements to address potential conflicts of interest between the shareholder and our company. If we cannot resolve any conflict of interest or dispute between us and the shareholders, we would have to rely on legal proceedings, which could disrupt our business and subject us to substantial uncertainty as to the outcome of any such legal proceedings.

***Events such as epidemics, natural disasters, adverse weather conditions, political unrest and terrorist attacks could significantly delay, or even prevent us from completing, our projects.***

Our operations are subject to uncertainties and contingencies beyond our control that could result in material disruptions in our operations and adversely affect our business. These include epidemics, natural disasters, fire, adverse weather conditions, political unrest, wars and terrorist attacks. Any such events could cause us to reduce or halt our operation, adversely affect our business operation, increase our costs and/or prevent us from completing our projects, any one of which could materially and adversely affect our business, financial condition and results of operations.

In such an event, our business operations may also be severely disrupted due to a negative impact on investor confidence and risk appetites, the fund-raising activities of issuers and proposed listing applicants, the macroeconomic conditions as well as the financial conditions in Hong Kong. Our business operations, financial condition as well as our fund-raising activities as contemplated by this prospectus may be materially and adversely affected as a result.

#### Risks Related to Doing Business in Hong Kong

#### Hong Kong's legal system is evolving and has inherent uncertainties that could limit the legal protection available to you.
For the two years ended December 31, 2024, our revenue mainly comprised (i) commissions from our student placements with the overseas education providers in our network; (ii) consultation income which includes our education consultancy services provided to students and other value-added services such as visa consultation services, assisting

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in collection of examination fee and school application fee and arranging for plane tickets; and (iii) tutoring income for our tutoring services. The Hong Kong legal system embodies uncertainties which could limit the legal protections available to you and us.

As one of the conditions for the handover of the sovereignty of Hong Kong to the PRC, the PRC had to accept some conditions such as Hong Kong's Basic Law before its return. The Basic Law ensured Hong Kong will retain its own currency (the Hong Kong Dollar), legal system, parliamentary system and people's rights and freedom for 50 years from 1997. This agreement gave Hong Kong the freedom to function in a high degree of autonomy. The Special Administrative Region of Hong Kong is responsible for its own 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.

Some international observers and human rights organizations have expressed doubts about the future of the relative political freedoms enjoyed in Hong Kong and the PRC's pledge to allow a high degree of autonomy in Hong Kong. On July 14, 2020, the U.S. signed an executive order to end the special status enjoyed by Hong Kong post-1997. As the autonomy currently enjoyed may be compromised, it 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. If the PRC were to, in fact, renege on its agreement to allow Hong Kong to function autonomously, this could potentially impact Hong Kong's common law legal system and may in turn bring about uncertainty in, for example, the enforcement of our contractual rights. This could, in turn, materially and adversely affect our business and operations. Additionally, intellectual property rights and confidentiality protections in Hong Kong may not be as effective as in the U.S. or other countries. 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 preemption of local regulations by national laws. These uncertainties could limit the legal protections available to us, including our ability to enforce our agreements with our customers.

***The enactment of Law of the PRC on Safeguarding National Security in the Hong Kong Special Administrative Region (the "Hong Kong National Security Law") could impact our Operating Subsidiary in Hong Kong.***

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 offences — 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 and current 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 which are 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 HKSAR chief executive Carrie Lam. 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 the foreign financial institutions as well as any third parties or customers 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 Operating Subsidiary in Hong Kong 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.

#### Nasdaq may apply additional and more stringent criteria for our continued listing.
Nasdaq Listing Rule 5101 provides Nasdaq with broad discretionary authority over the initial and continued listing of securities in Nasdaq and Nasdaq may use such discretion to deny initial listing, apply additional or more stringent criteria for the initial or continued listing of particular securities, or suspend or delist particular securities based on any event, condition, or circumstance that exists or occurs that makes initial or continued listing of the securities on Nasdaq inadvisable or unwarranted in the opinion of Nasdaq, even though the securities meet all enumerated criteria for initial or continued listing on Nasdaq. In addition, Nasdaq has used its discretion to deny initial or continued listing or to apply additional and more stringent criteria in the instances, including but not limited to (i) where the

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company engaged an auditor that has not been subject to an inspection by PCAOB, an auditor that PCAOB cannot inspect, or an auditor that has not demonstrated sufficient resources, geographic reach, or experience to adequately perform the company's audit; (ii) where a company planned a small public offering, which would result in insiders holding a large portion of the company's listed securities. Nasdaq was concerned that an offering size was insufficient to establish the company's initial valuation, and there would not be sufficient liquidity to support a public market for the company; and (iii) where the company did not demonstrate sufficient nexus to the U.S. capital market, including having no U.S. shareholders, operations, or members of the board of directors or management. In respect of any of the aforementioned concerns, we may be subject to additional and more stringent criteria of Nasdaq for our continued listing, which might cause delay or even denial of our listing application for Purchaser Common Stock.

***If we fail to meet applicable listing requirements, Nasdaq may not approve our listing application, or may delist our Ordinary Shares from trading, in which case the liquidity and market price of our Ordinary Shares could decline.***

We will seek to have our securities approved for listing on the Nasdaq Capital Market upon consummation of this offering. The closing of the Offering is conditional upon Nasdaq's final approval of our listing application. We cannot assure you that our application will be approved; if it is not approved, we will not complete the Offering.

We cannot assure you that we will be able to meet Nasdaq's initial listing standards, or that we will be able to meet the continued listing standards of Nasdaq in the future. If we fail to comply with the applicable listing standards and Nasdaq delists our Ordinary Shares, we and our shareholders could face significant material adverse consequences, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a limited availability of market quotations for our Ordinary Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reduced liquidity for our Ordinary Shares;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a limited amount of news about us and analyst coverage of us; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a decreased ability for us to issue additional equity securities or obtain additional equity or debt financing in the future.

***The recent joint statement by the SEC and PCAOB, proposed rule changes submitted by Nasdaq, and the HFCAA all call for additional and more stringent criteria to be applied to emerging market companies upon assessing the qualification of their auditors, especially the non-U.S. auditors who are not inspected by the PCAOB. These developments could add uncertainties to our Offering.***

On April 21, 2020, SEC Chairman Jay Clayton and PCAOB Chairman William D. Duhnke III, along with other senior SEC staff, released a joint statement highlighting the risks associated with investing in companies based in or have substantial operations in emerging markets including China. The joint statement emphasized the risks associated with lack of access for the PCAOB to inspect auditors and audit work papers in China and higher risks of fraud in emerging markets.

On May 18, 2020, Nasdaq filed three proposals with the SEC to (i) apply minimum offering size requirement for companies primarily operating in "Restrictive Market", (ii) adopt a new requirement relating to the qualification of management or board of director for Restrictive Market companies, and (iii) apply additional and more stringent criteria to an applicant or listed company based on the qualifications of the company's auditors.

On May 20, 2020, the U.S. Senate passed the HFCAA requiring a foreign company to certify it is not owned or controlled by a foreign government if the PCAOB is unable to audit specified reports because the company uses a foreign auditor not subject to PCAOB inspection. If the PCAOB is unable to inspect the company's auditors for three consecutive years, the issuer's securities are prohibited to trade on a national exchange. On December 2, 2020, the U.S. House of Representatives approved the HFCAA. On December 18, 2020, the HFCAA was signed into law. Additionally, in July 2020, the U.S. President's Working Group on Financial Markets issued recommendations for actions that can be taken by the executive branch, the SEC, the PCAOB or other federal agencies and department with respect to Chinese companies listed on U.S. stock exchanges and their audit firms, in an effort to protect investors in the U.S. In response, on November 23, 2020, the SEC issued guidance highlighting certain risks, and their implications to U.S. investors, associated with investments in China-based issuers and summarizing enhanced disclosures the SEC recommends China-based issuers make regarding such risks.

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On December 2, 2021, the SEC adopted final amendments to its rules relating to the implementation of certain disclosure and documentation requirements of the HFCAA, which took effect on January 10, 2022. We will be required to comply with these rules if the SEC identifies us as having a "non-inspection" year, as defined in the rules, under a process to be subsequently established by the SEC. The SEC is assessing how to implement other requirements of the HFCAA, including the listing and trading prohibition requirements described above. Under the HFCAA, our securities may be prohibited from trading on the Nasdaq or other U.S. stock exchanges if our auditor is not inspected by the PCAOB for three consecutive years, and this ultimately could result in our shares being delisted. Furthermore, on June 22, 2021, the U.S. Senate passed the AHFCAA, which was signed into law on December 29, 2022, amending the HFCAA and requiring the SEC to prohibit an issuer's securities from trading on any U.S. stock exchanges if its auditor is not subject to PCAOB inspections for two consecutive years instead of three consecutive years, shortening the timeline for the application of the HPCAA's delisting and trading prohibition from three years to two, and thus, would reduce the time before securities may be prohibited from trading or delisted. On September 22, 2021, the PCAOB adopted a final rule implementing the HFCAA, which provides a framework for the PCAOB to use when determining, as contemplated under the HFCAA, whether the PCAOB is unable to inspect or investigate completely registered public accounting firms located in a foreign jurisdiction because of a position taken by one or more authorities in that jurisdiction.

On December 16, 2021, the PCAOB issued a report which found the PCAOB is unable to inspect or investigate completely registered public accounting firms headquartered in: (1) mainland China of the PRC; and (2) Hong Kong, a Special Administrative Region of the PRC, because of positions taken by PRC authorities in those jurisdictions, which determinations were vacated on December 15, 2022. Our current auditor, Wei, Wei & Co., LLP, is not headquartered in mainland China or Hong Kong and was not identified by the PCAOB in its report on December 16, 2021 as a firm subject to the PCAOB's determinations, which determinations were vacated on December 15, 2022.

On August 26, 2022, the PCAOB signed a Statement of Protocol, or SOP, Agreement with the CSRC and China's Ministry of Finance. The SOP, together with two protocol agreements governing inspections and investigation, establishes a specific, accountable framework to make possible complete inspections and investigations by the PCAOB of audit firms based in China and Hong Kong, as required under U.S. law. On December 15, 2022, the PCAOB announced it was able to secure access to inspect and investigate PCAOB-registered public accounting firms headquartered in mainland China and Hong Kong completely in 2022. The PCAOB vacated its previous 2021 determinations that the PCAOB was unable to inspect or investigate completely registered public accounting firms headquartered in mainland China and Hong Kong. However, whether the PCAOB will continue to be able to satisfactorily conduct inspections of PCAOB-registered public accounting firms headquartered in mainland China and Hong Kong is subject to uncertainty and depends on a number of factors out of our, and our auditor's, control. The PCAOB is continuing to demand complete access in mainland China and Hong Kong moving forward and is already making plans to resume regular inspections in the second half of 2023 and beyond, as well as to continue pursuing ongoing investigations and initiate new investigations as needed. The PCAOB has indicated it will act immediately to consider the need to issue new determinations with the HFCAA if needed. If the PCAOB in the future again determines it is unable to inspect and investigate completely auditors in mainland China and Hong Kong, then the companies audited by those auditors would be subject to a trading prohibition on U.S. markets pursuant to the HFCAA.

If the PCAOB in the future again determines it is unable to inspect and investigate completely auditors in mainland China and Hong Kong, then the lack of access to the PCAOB inspection in China would prevent the PCAOB from fully evaluating audits and quality control procedures of the auditors based in China. As a result, investors could be deprived of the benefits of such PCAOB inspections, if the PCAOB again determines it is unable to inspect and investigate completely auditors in mainland China and Hong Kong. The inability of the PCAOB to conduct inspections of auditors in China would make it more difficult to evaluate the effectiveness of these accounting firms' audit procedures or quality control procedures, 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. Although our auditor was not identified by the PCAOB in its report as a firm subject to the PCAOB's determinations, which determinations were vacated on December 15, 2022, should the PCAOB be unable to fully conduct inspection of our auditor's work papers in China, this could adversely affect us and our securities for the reasons noted above.

Our auditor, the independent registered public accounting firm that issues the audit report included elsewhere in this prospectus, as an auditor of companies that are traded publicly in the U.S. and a firm registered with the PCAOB, is subject to laws in the U.S. pursuant to which the PCAOB conducts regular inspections to assess our auditor's compliance with the applicable professional standards. Our auditor is headquartered in New York, and has been inspected by the PCAOB on a regular basis with the last inspection in 2022. However, the recent developments would

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add uncertainties to our Offering and we cannot assure you whether Nasdaq or regulatory authorities would apply additional and more stringent criteria to us after considering the effectiveness of our auditor's audit procedures and quality control procedures, adequacy of personnel and training, or sufficiency of resources, geographic reach or experience as it relates to the audit of our financial statements.

#### Risks Related to Our Initial Public Offering and Ownership of Our Ordinary Shares

#### We will incur additional costs as a result of becoming a public company, which could negatively impact our net income and liquidity.
Upon completion of this Offering, we will become a public company in the U.S. As a public company, we will incur legal, accounting and other expenses that we did not incur as a private company. In addition, Sarbanes-Oxley and rules and regulations implemented by the SEC and the Nasdaq require heightened corporate governance practices for public companies. As a result, we expect these rules and regulations to increase our legal, accounting and financial compliance costs and make many corporate activities more time-consuming and costly.

We do not expect to incur materially greater costs as a result of becoming a public company than those incurred by similarly sized U.S. public companies. If we fail to comply with these rules and regulations, we could become the subject of a governmental enforcement action, investors may lose confidence in us and the market price of our Ordinary Shares could decline.

As a public company, we will incur legal, accounting and other expenses we did not incur as a private company. The Sarbanes-Oxley Act of 2002 and rules subsequently implemented by the SEC and the Nasdaq impose various requirements on the corporate governance practices of public companies. As a company with less than US$1.235 billion in net revenue for our last fiscal year, we qualify as an "emerging growth company" pursuant to the JOBS Act. An emerging growth company may take advantage of specified reduced reporting and other generally applicable requirements that are otherwise applicable generally to public companies. These provisions include exemption from the auditor attestation requirement under Section 404 of the Sarbanes-Oxley Act of 2002 in the assessment of the emerging growth company's ICFR and permission to delay adopting new or revised accounting standards until such time as those standards apply to private companies.

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

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

#### Our management team has limited experience managing a public company.
Most members of our management team have limited experience managing a publicly traded company, interacting with public company investors, and complying with the increasingly complex laws pertaining to public companies. We are subject to significant regulatory oversight and reporting obligations under the federal securities laws and

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the continuous scrutiny of securities analysts and investors. These obligations and constituents require significant attention from our senior management and could divert their attention away from the day-to-day management of our business, which could adversely affect our business, financial condition, and operating results.

#### The obligation to disclose information publicly may put us at a disadvantage to competitors that are private companies.
Upon completion of this Offering, we will be a publicly listed company in the U.S. As a publicly listed company, we will be required to file periodic reports with the SEC upon the occurrence of matters that are material to our company and shareholders. In some cases, we will need to disclose material agreements or results of financial operations that we would not be required to disclose if we were a private company. Our competitors may have access to this information, which would otherwise be confidential. This may give them advantages in competing with our Company. Similarly, as a U.S.-listed public company, we will be governed by U.S. laws that our competitors, mostly private companies, are not required to follow. To the extent compliance with U.S. laws increases our expenses or decreases our competitiveness against such companies, our public listing could affect our results of operations.

***We are a "foreign private issuer," and our disclosure obligations differ from those of U.S. domestic reporting companies. As a result, we may not provide you the same information as U.S. domestic reporting companies or we may provide information at different times, which may make it more difficult for you to evaluate our performance and prospects.***

We are a foreign private issuer and, as a result, we are not subject to the same requirements as U.S. domestic issuers. Under the Exchange Act, we will be subject to reporting obligations that, to some extent, are more lenient and less frequent than those of U.S. domestic reporting companies. For example, we will not be required to issue quarterly reports or proxy statements. In addition, we will not be required to disclose detailed individual executive compensation information. Furthermore, our directors and executive officers will not be required to report equity holdings under Section 16 of the Exchange Act and will not be subject to the insider short swing profit disclosure and recovery regime.

As a foreign private issuer, we will also be exempt from the requirements of Regulation FD (Fair Disclosure) which, generally, are meant to ensure that select groups of investors are not privy to specific information about an issuer before other investors. However, we will still be subject to the anti-fraud and anti-manipulation rules of the SEC, such as Rule 10b-5 under the Exchange Act. Since many of the disclosure obligations imposed on us as a foreign private issuer differ from those imposed on U.S. domestic reporting companies, you should not expect to receive the same information about us and at the same time as the information provided by U.S. domestic reporting companies.

The information we are required to file with or furnish to the SEC will be less extensive and less timely as compared to that required to be filed with the SEC by U.S. domestic issuers.

As a Cayman Islands exempted company listed on the Nasdaq Capital Market, we are subject to the Nasdaq Capital Market corporate governance listing standards. However, Nasdaq Capital Market rules permit a foreign private issuer like us to follow the corporate governance practices of its home country. Certain corporate governance practices in the Cayman Islands, which is our home country, may differ significantly from the Nasdaq Capital Market corporate governance listing standards. We do not currently plan to rely on home country practice with respect to any corporate governance matters. However, if we choose to follow home country practice in the future, our shareholders may be afforded less protection than they otherwise would under the Nasdaq Capital Market corporate governance listing standards applicable to U.S. domestic issuers.

***We are an "emerging growth company," and we cannot be certain if the reduced reporting requirements applicable to emerging growth companies will make our Ordinary Shares less attractive to investors.***

We are an "emerging growth company," as defined in the Jumpstart Our Business Startups Act (the "JOBS Act"). We elected to avail ourselves of the extended transition period for implementing new or revised financial accounting standards. For as long as we continue to be an emerging growth company, we may take advantage of 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 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements and exemptions from the requirements of holding a non-binding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved. We could be an emerging growth company for up to five years, although we could lose that status sooner (1) if our revenue exceeds $1.235 billion, (2) if we issue

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more than $1 billion in non-convertible debt in a three-year period, or (3) if the market value of our shares held by non-affiliates exceeds $700 million as of any March 31 before that time, in which case we would no longer be an emerging growth company as of the following March 31. We cannot predict if investors will find our Ordinary Shares less attractive because we may rely on these exemptions. If some investors find our shares less attractive as a result, there may be a less active trading market for our shares and our stock price may be more volatile.

Under the JOBS Act, emerging growth companies can also delay adopting new or revised accounting standards until such time as those standards apply to private companies. We elected to take advantage of certain of the reduced disclosure obligations in the registration statement of which this prospectus is a part and may elect to take advantage of other reduced reporting requirements in future filings. As a result, the information we provide to our shareholders may be different than you might receive from other public reporting companies in which you hold equity interests and our financial statements may not be comparable to companies that comply with public company effective dates. We may take advantage of these provisions for up to five years or such earlier time that we are no longer an emerging growth company.

***We are a "controlled company" defined under the Nasdaq Stock Market Rules. 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 and you will not have the same protection afforded to shareholders of companies that are subject to these corporate governance requirements.***

We expect that our Chairman and Chief Executive Officer, Mr. Kin Cho Li will own a majority of our Ordinary Shares following the Offering and continue to be a controlled company pursuant to "controlled company" defined under the Nasdaq Stock Market 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 BOD 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 the Offering. Our status as a controlled company could cause our 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. Please refer to the paragraph titled "Risk Factors — Our significant shareholder has considerable influence over our corporate matters."

***Ordinary Shares eligible for future sale may adversely affect the market price of our Ordinary Shares, as the future sale of a substantial amount of outstanding Ordinary Shares in the public marketplace could reduce the price of our Ordinary Shares.***

The market price of our Ordinary Shares could decline as a result of sales of substantial amounts of our Ordinary Shares in the public market, or the perception that these sales could occur. In addition, these factors could make it more difficult for us to raise funds through future offerings of our Ordinary Shares. 14,375,000 Ordinary Shares are outstanding before the consummation of this Offering and 16,175,000 Ordinary Shares will be outstanding immediately after this Offering (or 16,445,000 Ordinary Shares if the underwriters exercise their option to purchase additional Ordinary Shares in full). All of the Ordinary Shares sold in the Offering will be freely transferable without restriction or further registration under the Securities Act. The remaining Ordinary Shares will be "restricted securities" as defined in Rule 144. These shares may be sold in the future without registration under the Securities Act to the extent permitted by Rule 144 or other exemptions under the Securities Act.

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***Future sales, or the perception of future sales, by us or our shareholder in the public market following this Offering could cause the market price for our Ordinary Shares to decline.***

The sale of substantial amounts of Ordinary Shares in the public market, or the perception that such sales could occur could harm the prevailing market price of our Ordinary Shares. These sales, or the possibility that these sales may occur, also might make it more difficult for us to sell equity securities in the future at a time and at a price we deem appropriate. Upon completion of this Offering we will have 16,175,000 Ordinary Shares outstanding (or 16,445,000 Ordinary Shares if the underwriters exercise their option to purchase additional Ordinary Shares in full). Of the outstanding Ordinary Shares, the 1,800,000 Ordinary Shares sold or issued in this Offering (or 2,070,000 Ordinary Shares if the underwriters exercise their option to purchase additional Ordinary Shares in full) will be freely tradable without restriction or further registration under the Securities Act of 1933, as amended, or Securities Act, except that any Ordinary Shares held by our affiliates, as that term is defined under Rule 144 of the Securities Act, may be sold only in compliance with the limitations described in "Ordinary Shares Eligible for Future Sale." All remaining Ordinary Shares, which are currently held by our shareholder, may be sold in the public market in the future subject to the lock-up agreements and the restrictions contained in Rule 144 under the Securities Act. If our shareholder sells a substantial amount of Ordinary Shares, the prevailing market price for our Ordinary Shares could be adversely affected. Our executive officers, directors and shareholder will sign lock-up agreements with the underwriters that will, subject to certain customary exceptions, restrict the sale of our Ordinary Shares and certain other securities held by them for no less than six months following the date of this prospectus. The underwriters may, in their sole discretion and at any time without notice, release all or any portion of the Ordinary Shares subject to any such lock-up agreements. As restrictions on resale end, the market price of our Ordinary Shares could drop significantly if the holders of our restricted shares sell them or are perceived by the market as intending to sell them. These factors could also make it more difficult for us to raise additional funds through future offerings of our Ordinary Shares or other securities.

#### The requirements of being a public company may strain our resources and divert management's attention.
As a public company, we will be subject to the reporting requirements of the Securities Exchange Act of 1934, as amended, or the Exchange Act, the Sarbanes-Oxley Act, the Dodd-Frank Act, the listing requirements of the securities exchange on which we list, and other applicable securities rules and regulations. Despite recent reforms made possible by the JOBS Act, compliance with these rules and regulations will nonetheless increase our legal and financial compliance costs, make some activities more difficult, time-consuming or costly and increase demand on our systems and resources, particularly after we are no longer an "emerging growth company." The Exchange Act requires, among other things, that we file annual, quarterly, and current reports with respect to our business and operating results.

As a result of disclosure of information in this prospectus and in filings required of a public company, our business and financial condition will become more visible, which we believe may result in threatened or actual litigation, including by competitors and other third parties. If such claims are successful, our business and operating results could be harmed, and even if the claims do not result in litigation or are resolved in our favor, these claims, and the time and resources necessary to resolve them, could divert the resources of our management and adversely affect our business, brand and reputation and results of operations.

We also expect that being a public company and these new rules and regulations will make it more expensive for us to obtain director and officer liability insurance, and we may be required to accept reduced coverage or incur substantially higher costs to obtain coverage. These factors could also make it more difficult for us to attract and retain qualified members of our board of directors, particularly to serve on our audit committee and compensation committee, and qualified executive officers.

***The market price of our Ordinary Shares may be volatile or may decline regardless of our operating performance, and you may not be able to resell your shares at or above the initial public offering price.***

The IPO price for our Ordinary Shares will be determined through negotiations between the Underwriter and us and may vary from the market price of our Ordinary Shares following our IPO. If you purchase our Ordinary Shares in our IPO, you may not be able to resell those Ordinary Shares at or above the IPO price. We cannot assure you that our Ordinary Shares' IPO price, or the market price following our IPO, will equal or exceed prices in privately negotiated transactions of our Ordinary Shares that have occurred from time to time prior to our IPO. The market price of our Ordinary Shares may fluctuate significantly in response to numerous factors, many of which are beyond our control, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• actual or anticipated fluctuations in our revenue and other operating results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the financial projections we may provide to the public, any changes in these projections or our failure to meet these projections;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• actions of securities analysts who initiate or maintain coverage of us, changes in financial estimates by any securities analysts who follow our Company, or our failure to meet these estimates or the expectations of investors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• announcements by us or our competitors of significant products or features, technical innovations, acquisitions, strategic partnerships, joint ventures, or capital commitments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• price and volume fluctuations in the overall stock market, including as a result of trends in the economy as a whole;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• lawsuits threatened or filed against us; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other events or factors, including those resulting from war or incidents of terrorism, or responses to these events.

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

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

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

***Future issuances or sales, or perceived issuances or sales, of substantial amounts of Ordinary Shares in the public market could materially and adversely affect the prevailing market price of the Ordinary Shares and our ability to raise capital in the future.***

The market price of our Ordinary Shares could decline as a result of future sales of substantial amounts of shares or other securities relating to the shares in the public market, including by the Company's significant shareholder, or the issuance of new shares by the Company, or the perception that such sales or issuances may occur. Future sales, or perceived sales, of substantial amounts of the shares could also materially and adversely affect our ability to raise capital in the future at a time and at a price favorable to us, and our shareholders will experience dilution in their holdings upon our issuance or sale of additional securities in the future. In addition, these factors could make it more difficult for us to raise funds through future offerings of our Ordinary Shares. A few shareholders hold a significant portion of our Ordinary Shares and these are "restricted securities" as defined in Rule 144. These Ordinary Shares may be sold in the future without registration under the Securities Act to the extent permitted by Rule 144 or other exemptions under the Securities Act.

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#### We have broad discretion in the use of the net proceeds from our initial public offering and may not use them effectively.
To the extent (i) we raise more money than required for the purposes explained in the section titled "Use of Proceeds" or (ii) we determine the proposed uses set forth in that section are no longer in the best interests of our Company, we cannot specify with any certainty the particular uses of such net proceeds that we will receive from our IPO. Our management will have broad discretion in the application of such net proceeds, including working capital, possible acquisitions, and other general corporate purposes, and we may spend or invest these proceeds in a way with which our shareholders disagree. The failure by our management to apply these funds effectively could harm our business and financial condition. Pending their use, we may invest the net proceeds from our IPO in a manner that does not produce income or that loses value.

#### Future financing may cause a dilution in your shareholding or place restrictions on our operations.
We may need to raise additional funds to finance further expansion of our capacity and business for our existing operations, acquisitions or strategic partnerships. If additional funds are raised through the issuance of new equity or equity-linked securities of the Company other than on a pro rata basis to existing shareholders, the percentage ownership of such shareholders in the Company may be reduced, and such new securities may confer rights and privileges that take priority over those conferred by the shares. Alternatively, if we meet such funding requirements by way of additional debt financing, we may have restrictions placed on us through such debt financing arrangements which may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• further limit our ability to pay dividends or require us to seek consents for the payment of dividends;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increase our vulnerability to general adverse economic and industry conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• require us to dedicate a substantial portion of our cash flows from operations to service our debt, thereby reducing the availability of our cash flow to fund capital expenditure, working capital requirements and other general corporate needs; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• limit our flexibility in planning for, or reacting to, changes in our business and our industry.

***There may not be an active, liquid trading market for our Ordinary Shares, and we do not know if a more liquid market for our Ordinary Shares will develop to provide you with adequate liquidity.***

Prior to this Offering, there has not been a public trading market for our Ordinary Shares. We cannot assure you that an active trading market for our Ordinary Shares will develop following this Offering, or if it does develop, will be maintained. We will seek to have our securities approved for listing on the Nasdaq Capital Market upon consummation of this offering. The closing of the Offering is conditional upon Nasdaq's final approval of our listing application. We cannot assure you that our application will be approved; if it is not approved, we will not complete the Offering. You may not be able to sell your securities quickly or at the market price if trading in our securities is not active. The public offering price for the Ordinary Shares will be determined by negotiations between us and the representatives of the underwriter and may not be indicative of prices that will prevail in the trading market. We intend to apply to list our Ordinary Shares on Nasdaq but we provide no assurance that our ordinary shares will be approved for listing on Nasdaq in connection with this offering. Further, if we are successful in listing the Ordinary Shares on Nasdaq we cannot ensure that an active public market for our Ordinary Shares will develop after this Offering, or that if it does develop, it will be sustained. In the absence of a public trading market:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• you may not be able to liquidate your investment in our Ordinary Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• you may not be able to resell your Ordinary Shares at or above the public offering price;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the market price of our Ordinary Shares may experience more price volatility; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• there may be less efficiency in carrying out your purchase and sale orders.

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#### We may lose our foreign private issuer status in the future, which could result in significant additional costs and expenses.
As discussed above, we are a foreign private issuer, and therefore, not required to comply with all the periodic disclosure and current reporting requirements of the Exchange Act. The determination of foreign private issuer status is made annually on the last business day of an issuer's most recently completed second fiscal quarter. We would lose our foreign private issuer status if, for example, more than 50% of our Ordinary Shares are directly or indirectly held by residents of the U.S. and we fail to meet additional requirements necessary to maintain our foreign private issuer status. If we lose our foreign private issuer status on this date, we will be required to file with the SEC periodic reports and registration statements on U.S. domestic issuer forms, which are more detailed and extensive than the forms available to a foreign private issuer. We will also have to comply with U.S. federal proxy requirements, and our officers, directors and principal shareholders will become subject to the short-swing profit disclosure and recovery provisions of Section 16 of the Exchange Act. In addition, we will lose our ability to rely upon exemptions from certain corporate governance requirements under the Nasdaq listing rules. As a U.S. listed public company that is not a foreign private issuer, we will incur significant additional legal, accounting and other expenses that we will not incur as a foreign private issuer, and accounting, reporting and other expenses in order to maintain a listing on a U.S. securities exchange.

#### You will experience immediate and substantial dilution.
The IPO price of our Ordinary Shares is higher than the pro forma net tangible book value per share of our Ordinary Shares. Assuming completion of the Offering, if you purchase Ordinary Shares in this Offering, you will incur immediate dilution in the pro forma net tangible book value per share from the price per share that you pay. Accordingly, if you purchase shares in this Offering, you will incur immediate dilution of your investment. Please refer to the section titled "Dilution."

***Our internal controls over financial reporting may not be effective and our independent registered public accounting firm may not be able to certify as to their effectiveness, which could have a significant and adverse effect on our business and reputation.***

Prior to this Offering, we were a private company with limited accounting personnel and other resources to address our internal controls and procedures. Accordingly, we will be in a continuing process of developing, establishing, and maintaining internal controls and procedures that will allow our management to report on, and our independent registered public accounting firm to attest to, our ICFR if and when required to do so under Section 404 of the Sarbanes-Oxley Act of 2002. Although our independent registered public accounting firm is not required to attest to the effectiveness of our ICFR pursuant to Section 404(b) of the Sarbanes-Oxley Act until the date we are no longer an emerging growth company, our management will be required to report on our ICFR under Section 404.

As of December 31, 2024 our management assessed the effectiveness of our ICFR. The material weaknesses relate to the Company not having in-house accounting personnel with sufficient knowledge of US GAAP and SEC reporting experiences. Management concluded that as of December 31, 2024, our ICFR was ineffective.

To address and resolve the foregoing material weakness, we will implement measures designed to improve our ICFR to remediate this material weakness, including hiring outside financial personnel with requisite training and experience in the preparation of financial statements in compliance with applicable SEC requirements within six months from the completion of our offering.

***You may experience difficulties in effecting service of legal process, enforcing foreign judgments or bringing original actions in the Cayman Islands or Hong Kong based on U.S. or other foreign laws against us, our management or the experts named in the prospectus.***

Although we are a Cayman Islands incorporated company, we conduct substantially all of our operations in Hong Kong and substantially all of our assets are located in Hong Kong. In addition, a majority of our directors and executive officers reside within Hong Kong, and most of the assets of these persons are located within Hong Kong. As a result, it may be difficult for you to effect service of process within the U.S. upon us or these individuals, or to bring an action against us or against these individuals in the U.S. in the event you believe your rights have been infringed under the

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U.S. federal securities laws or otherwise. Even if you are successful in bringing an action of this kind, the laws of the Cayman Islands and of the Hong Kong may render you unable to enforce a judgment against our assets or the assets of our directors and officers.

Hong Kong is a Special Administrative Region of the PRC. A foreign judgment can be registered and enforced in Hong Kong either under the Foreign Judgments (Reciprocal Enforcement) Ordinance (Cap. 319) (the "Ordinance") or at common law. Registration of a foreign judgment under the Ordinance can be made by an ex parte application with the local court but this avenue is limited to judgments entered in designated jurisdictions, which currently include: Australia, Austria, Belgium, Bermuda, Brunei, France, Germany, India, Israel, Italy, Malaysia, The Netherlands, New Zealand, and Singapore and Sri Lanka. An action to enforce a foreign judgment at common law is a comparatively cumbersome process. It is in essence an independent suit in Hong Kong and the judgment creditor must follow normally applicable service procedures. Judgments entered in the U.S. and the United Kingdom can be enforced in Hong Kong only at common law. To be eligible for common-law recognition, the judgment must (1) be for a definite sum of money; (2) be final and conclusive; and (3) have been entered by a court with competent jurisdiction over the defendant. With respect to finality, a Hong Kong court will generally refrain from enforcing a judgment during the pendency of an appeal. This raises the possibility of undue delay and asset dissipation. With respect to the requirement of competent jurisdiction of the foreign judgment seeking to be enforced in Hong Kong, it is governed by private international law as interpreted in Hong Kong, not the law of the foreign forum. Jurisdiction can generally be asserted on the basis of the defendant's physical presence in the foreign forum, appearance in the underlying legal proceeding or prior contractual consent to jurisdiction. Under the common law and the Ordinance, only limited defenses on the grounds such as fraud, due process and Hong Kong public policy can be raised against a duly registered foreign judgment. There is no mechanism for reconsideration of the merits of the underlying foreign litigation.

***You may face difficulties in protecting your interests, and your ability to protect your rights through U.S. courts may be limited, because we are incorporated under Cayman Islands law.***

We are an exempted company incorporated under the laws of the Cayman Islands and conduct substantially all of our operations in Hong Kong through our wholly-owned Hong Kong Operating Subsidiary. Most of our directors and substantially all of our executive officers reside outside the U.S. and a substantial portion of their assets are located outside of the U.S. As a result, it may be difficult for our shareholders to effect service on these persons or bring an action against us or against these individuals in the Cayman Islands or in Hong Kong in the event that they believe that their rights have been infringed under the securities laws of the U.S. or otherwise. Even if shareholders are successful in bringing an action of this kind, the laws of the Cayman Islands and Hong Kong may render them unable to enforce a judgment against our assets or the assets of our directors and officers.

Our corporate affairs are governed by our Amended Memorandum and Articles, the Companies Act and the common law of the Cayman Islands. The rights of shareholders to take legal action against our directors, actions by our minority shareholders and the fiduciary duties of our directors under Cayman Islands law are to a large extent governed by the common law of the Cayman Islands. The common law of the Cayman Islands is derived in part from comparatively limited judicial precedent in the Cayman Islands as well as from English common law, the decisions of whose courts are of persuasive authority, but are not binding, on a court in the Cayman Islands. The 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 some jurisdictions in the U.S. In particular, the Cayman Islands has a less developed body of securities laws as compared to the U.S., and some states (such as Delaware) have more fully developed and judicially interpreted bodies of corporate law than the Cayman Islands. In addition, Cayman Islands companies may not have the standing to initiate a shareholder derivative action in a federal court of the U.S.

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 association and any special resolutions passed by such companies, and the register of mortgage and charges of such companies) or to obtain copies of lists of shareholders of these companies. Our directors have discretion under our Amended Memorandum and Articles 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.

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

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 U.S. For a discussion of significant differences between the provisions the Companies Act and the laws applicable to companies incorporated in the U.S. and their shareholders, please refer to the section titled "Description of Ordinary Shares — Differences in Corporate Law".

***It may be difficult to enforce a judgment of U.S. courts for civil liabilities under U.S. federal securities laws against us, our directors or officers in the Cayman Islands and Hong Kong.***

As at the date of this prospectus, our chief executive officer, Mr. Kin Cho Li, chief financial officer, Mr. Ka Nung Wu, and all members of the BOD of RSGHL, including Mr. Wang Wai Chen, Mr. King Fui Lee and Ms. San Man Leng, are based in Hong Kong. We have been advised by our Cayman Islands legal counsel that there is uncertainty as to whether the courts of the Cayman Islands would:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• recognize or enforce against us judgments of courts of the U.S. based on certain civil liability provisions of U.S. securities laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• entertain original actions brought in the Cayman Islands against us or our directors or officers predicated upon the securities laws of the U.S. or any state in the U.S.

There is no statutory enforcement in the Cayman Islands of judgments obtained in the U.S., however, the courts of the Cayman Islands will in certain circumstances recognize and enforce a foreign judgment without any re-examination or re-litigation of matters adjudicated upon, provided such judgment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is given by a foreign court of competent jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• imposes on the judgment debtor a liability to pay a liquidated sum for which the judgment has been given;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is final;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is not in respect of taxes, a fine or a penalty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• was not obtained by fraud; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is not of a kind the enforcement of which is contrary to natural justice or the public policy of the Cayman Islands.

Subject to the above limitations, in appropriate circumstances, a Cayman Islands court may give effect in the Cayman Islands to other kinds of final foreign judgments such as declaratory orders, orders for performance of contracts and injunctions.

David Fong & Co., our counsel to Hong Kong law, has advised us that there is uncertainty as to whether the courts of the Hong Kong would (i) recognize or enforce judgments of U.S. courts obtained against us or our directors or officers predicated upon the civil liability provisions of the securities laws of the U.S. or any state in the U.S. or (ii) entertain original actions brought in Hong Kong against us or our directors or officers predicated upon the securities laws of the U.S. or any state in the U.S.

Our Hong Kong counsel also advised us that in Hong Kong, foreign judgments can be enforced under statute under the Foreign Judgments (Reciprocal Enforcement) Ordinance or under common law. The Foreign Judgments (Reciprocal Enforcement) Ordinance is a registration scheme for the recognition and enforcement of foreign judgments based on reciprocity but the U.S. is not a designated country under the Foreign Judgments (Reciprocal Enforcement) Ordinance. As a result, a judgment rendered by a court in the U.S., including as a result of administrative actions brought by regulatory authorities, such as the SEC, and other actions, will not be enforced by the Hong Kong courts under the statutory regime. In addition, the Supreme People's Court of the PRC and the Government of Hong Kong have entered into the "Arrangement on Reciprocal Recognition and Enforcement of Judgments in Civil and Commercial Matters

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by the Courts of the Mainland and of the Hong Kong Special Administrative Region pursuant to Choice of Court Agreements between Parties Concerned," or the Arrangement. The Mainland Judgements (Reciprocal Enforcement) Ordinance gave effect to the Arrangement and is a registration scheme for recognition and enforcement of PRC judgements based on reciprocity. Other than the Arrangement, Hong Kong has not entered into any multilateral convention or bilateral treaty regarding the recognition and enforcement of foreign judgments. Accordingly, any judgments rendered by a court in the U.S. will need to be enforced under common law. In order to enforce a foreign judgment under common law in Hong Kong, the judgment must meet certain criteria before it can be enforced, such as the judgment being final and conclusive.

#### We employ a mail forwarding service, which may delay or disrupt our ability to receive mail in a timely manner.
Mail addressed to the Company and received at its registered office will be forwarded unopened to the forwarding address supplied by Company to be dealt with. None of the Company, its directors, officers, advisors or service providers (including the organization which provides registered office services in the Cayman Islands) will bear any responsibility for any delay howsoever caused in mail reaching the forwarding address. If such mail is delayed, it may impair your ability to communicate with us.

***We could become a passive foreign investment company, or PFIC, for United States federal income tax purposes for any taxable year, which could subject United States investors in our shares to significant adverse United States income tax consequences.***

We will be a "passive foreign investment company," or "PFIC," if, in any particular taxable year, either (a) 75% or more of our gross income for such year consists of certain types of "passive" income or (b) 50% or more of the average quarterly value of our assets (as determined on the basis of fair market value) during such year produce or are held for the production of passive income (the "asset test"). In determining whether we are a PFIC, we may take into account the assets and income of our Operating Subsidiary because we own 100% of its stock. We may be considered a PFIC in 2024 and possibly later years, depending on a number of factors, including the composition of our and our Operating Subsidiary's income and assets, how quickly we use our liquid assets, including the cash raised pursuant to this offering (if we determine not to, or are unable to, deploy significant amounts of cash for active purposes our risk of being a PFIC will substantially increase), the market price of our Ordinary Shares, and fluctuations in that price. Because there are uncertainties in the application of the relevant rules and PFIC status is a factual determination made annually after the close of each taxable year, there can be no assurance we will not be a PFIC for 2024 or any future taxable year. Please refer to the paragraph titled "Taxation — United States Federal Income Taxation".

If we are a PFIC in any taxable year, a U.S. holder may incur increased U.S. income tax on gain recognized on the sale or other disposition of the Ordinary Shares and on the receipt of distributions on the Ordinary Shares to the extent such gain or distribution is treated as an "excess distribution" under the U.S. federal income tax rules. A U.S. holder may also be subject to burdensome reporting requirements. Further, if we are a PFIC for any year during which a U.S. holder holds our Ordinary Shares, we generally will continue to be treated as a PFIC with respect to that U.S. Holder for all succeeding years during which such U.S. holder holds our Ordinary Shares. Please refer to the paragraph titled "Taxation — U.S. Federal Income Taxation".

***We do not expect to pay dividends in the foreseeable future after this Offering. You must rely on price appreciation of the Ordinary Shares for return on your investment.***

We currently intend to retain most, if not all, of our available funds and any future earnings after this offering to fund the development and growth of our business. As a result, we do not expect to pay any cash dividends in the foreseeable future. Please refer to the section titled "Dividend Policy." Therefore, you should not rely on an investment in the Ordinary Shares as a source for any future dividend income.

Our BOD has complete discretion as to whether to distribute dividends, subject to certain requirements of Cayman Islands law. In addition, our shareholders may by ordinary resolution declare a dividend, but no dividend may exceed the amount recommended by our BOD. Under Cayman Islands law, a Cayman Islands company may pay a dividend out of either profit or share premium account, provided that in no circumstances may a dividend be paid if this would result in our Company being unable to pay its debts as they fall due in the ordinary course of business. Even if we decide to declare and pay dividends, the timing, amount and form of future dividends, if any, will depend on, among other things, our future results of operations and cash flow, our capital requirements and surplus, the amount of distributions, if any,

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received by us from our subsidiaries, our financial condition, contractual restrictions and other factors deemed relevant by our BOD. Accordingly, the return on your investment in the Ordinary Shares will likely depend entirely upon any future price appreciation of the Ordinary Shares. There is no guarantee that the Ordinary Shares will appreciate in value after this offering or even maintain the price at which you purchased the Ordinary Shares. You may not realize a return on your investment in the Ordinary Shares and you may even lose your entire investment in the Ordinary Shares.

#### New climate-related disclosure obligations in proposed SEC rule amendments could have uncertain impacts on our business, impose additional reporting obligations on us, and increase our costs.
Following from 2022, the SEC proposed rule amendments that would implement a framework for the reporting of climate-related risks and create a wide range of new climate-related disclosure obligations for all registrants, including us. The proposed rules would require us to include certain climate-related information in registration statements and annual reports, including (i) climate-related risks and their actual or likely material impacts on our business, strategy, and outlook; (ii) our governance of climate-related risks and relevant risk management processes; (iii) information on our greenhouse gas emissions; (iv) certain climate-related financial statement metrics and related disclosures in a note to our audited financial statements; and (v) information about our climate-related targets, goals, and transition plans.

The proposed rules remain open to public comment and may be subject to challenges and litigation. Thus, the ultimate scope and impact of the proposed rules on our business remain uncertain. To the extent new rules, if finalized, impose additional reporting obligations on us, we could face substantial increased costs. Separately, the SEC also announced it is scrutinizing climate-change related disclosures in public filings, increasing the potential for enforcement if the SEC were to allege that our existing climate disclosures are misleading or deficient.

***We are subject to changing law and regulations regarding regulatory matters, corporate governance and public disclosure that have increased both our costs and the risk of non-compliance.***

We are subject to rules and regulations by various governing bodies, including, for example, the SEC, which are charged with the protection of investors and the oversight of companies whose securities are publicly traded, and to new and evolving regulatory measures under applicable law, including the laws of the Cayman Islands. Our efforts to comply with new and changing laws and regulations have resulted in and are likely to continue to result in, increased general and administrative expenses and a diversion of management time and attention from revenue-generating activities to compliance activities.

Moreover, because these laws, regulations and standards are subject to varying interpretations, their application in practice may evolve over time as new guidance becomes available. This evolution may result in continuing uncertainty regarding compliance matters and additional costs necessitated by ongoing revisions to our disclosure and governance practices. If we fail to address and comply with these regulations and any subsequent changes, we may be subject to penalty and our business may be harmed.

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#### INDUSTRY DATA AND FORECAST
*All the information and data presented in this section was derived from Frost & Sullivan Limited ("Frost & Sullivan")'s industry report commissioned by us entitled "Hong Kong Overseas Studies Consultancy Services Market Study" (the "Frost & Sullivan Report") unless otherwise noted. Frost & Sullivan has advised us that the statistical and graphical information contained herein is drawn from its database and other sources. The following discussion contains projections for future growth, which may not occur at the rates that are projected or at all.*

#### Overview of Overseas Study Consultancy Services in Hong Kong

#### Definition and Classification
There are two approaches students can apply for overseas educational institutions, namely direct application through platforms provided by the overseas education institution, and application through consultancy service providers.

Overseas studies consultancy services refer to two major type of services, targeting different client groups, including overseas education providers and students. With a different revenue model, overseas consultancy service providers could be classified as (i) B2C service providers who charge student consulting fees based on the services scope as requested, and (ii) B2B service providers who charge overseas education providers commission fees based on the number of students referred and the amount of tuition fees.

![](timage_001.jpg)

*Source: the Frost & Sullivan report*

The value chain of overseas studies consultancy services could be classified into two types:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Type 1**: Under this business model, B2B overseas consultancy services providers first establish business relationships with the overseas education providers by entering into agency agreements with them. B2B overseas consultancy services providers would further partner with cooperative sales agents to recruit students. Some cooperative sales agent also act as B2C consultancy services providers and charge students consulting fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Type 2**: Under this business model, integrated consultancy services providers enter into agency agreements with overseas education providers and recruit students directly by leveraging their established recruitment channel.

#### The Value Preposition of Overseas Studies Consultancy
Overseas studies consultancy service providers establish partnerships with overseas institutions and help those institutions increase their brand awareness and recognition in Hong Kong and recruit students. They organize information sessions related to overseas studies and offer development advice to overseas institutions based on overseas study consulting service providers' in-depth understanding, as well as assisting cooperative overseas education providers in student recruitment in Hong Kong by referring students to them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Top Tier Education Providers:** While there are various ways a transitional top tier education provider can recruit students and maintain a stable supply with its brand name, it normally partners with large-scale overseas study consulting service provider in origin country for multiple reasons. This includes a reduction in operation costs as consulting service providers can act as an extension to the institution recruitment team at local level and reduce the need for the intuition's staff to travel overseas for recruitment talks, workshops or related activities. In view of the increasing adoption of consulting service provider in different countries, top education providers also leverage the platform of these service providers for advertisement and promotion, as well as provide the official and correct information to local students.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Lesser**-known **Education Providers:** Education providers with less brand awareness may have difficulty in recruitment students as they are lesser known to local students and direct application from the university are not able to reach recruitment goal. Maintaining student application number, these institutions may need to put in more effort and resources to promote the schools and increase penetration to lower tier cities students to expand potential application pool. Overseas study consulting service providers give these institutions an efficient option to recruit students as they are equipped with knowledge and understanding on local needs.

Overseas studies consultancy services help students process all the application procedures, which is a critical advantage in the past as information accessibility and transparency were relatively low. With the recent development of technology and market evolution, overseas studies consultancy services providers expand their service scope to keep up with the market trend and maintain its value proposition among students. A few key factors behind the adoption of overseas studies consultancy are described as follow.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **One**-stop **solution for students:** Overseas studies consultancy offer services from profiling and positioning, application guidance, visa application to offshore assistance. The complete guidance over the overseas study journey provides relief to students who are already exposed to uncertainty making the decision to study abroad. The assistance from an experienced agency also helps comfort parents as they can have someone to rely on when helping their children to make important study choices and support their children overseas.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Increase application success rate:** A study abroad decision does not purely comprise the intention to train independency or improve languages, it usually involves the expectation to obtain a better educational certification so as to outcompete in the intense labor market. A lot of students thus consult a service provider to increase their success rate of getting into overseas schools.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Profiling and Positioning: In-house counsellors help students conduct an in-depth self-evaluation and provide suggestions for the selection of the optimal target schools and destination country after considering students' academics, language ability, economic support and others.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Application Guidance: In-house counsellors offer guidance for students on preparing application paperwork and school interviews.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Visa application: In-house counsellors assist students in preparing for visa applications and interviews.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Offshore assistance: Offshore services usually include airport pick-up services, rental services, etc.

#### Market Size Breakdown by Business Model
Along with the increase in students commencing overseas study and the rising revenue per student, the total revenue of the overseas studies consultancy services market in Hong Kong increased from HK$82.1 million in 2018 to HK$113.5 million in 2022, a CAGR of 8.4%. Growing economic status spurring willingness to pursue abroad education and complicated application procedure and evolving requirements increases the needs for overseas studies consultancy services and contributes to the market growth.

The market size of overseas studies consultancy services in Hong Kong is expected to reach HK$153.7 million in 2027, the CAGR of 6.4%, driven by the rising demand for integrated one-stop service and the increase in number of students studying overseas.

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![](tbarchart_001.jpg)

*Source: the Frost & Sullivan report*

#### Key Drivers of Overseas Study Consultancy Services in Hong Kong
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Growing economic status spurring willingness to pursue abroad education.*** A rising middle class and growing household income in source countries is a key factor driving growth in the overseas studies consultancy services industry. In particular, the per capita GNI in Hong Kong increased from HK$398,551 in 2018 to HK$410,772 in 2022, a CAGR of 0.8%. As economies prosper and more families attain middle-class status, they gain both the motivation and financial means to pursue a foreign education for their children while with greater wealth and purchasing power, parents can afford high university fees as well as consultancy expenses. Overall, middle class development goes along with higher demand for guidance in accessing prestigious and potentially more expensive foreign degree programs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Complicated application procedure and evolving requirements.*** The complex and variable nature of applying to foreign universities is a key driver of demand for overseas study consultancy services. For students and parents, navigating the application process alone can be a challenging, time-consuming endeavor with a high margin for mistakes that may negatively impact admission chances. Consultancy providers are well-positioned to address these obstacles and support clients in achieving their education abroad goals. Specifically, the requirements and criteria for applying to university abroad often differ considerably by country, school, and program. The paperwork and procedures involved frequently change, and remain largely unfamiliar to those outside the system. Consultancies mitigate these risks through comprehensive understanding of admission standards and timelines across various destinations, as well as keeping up-to-date with changes in policies and best practices to optimize each application. The partnerships with schools of overseas study consultants abroad also provide opportunity to convey meaningful insights about applicants and potentially gain admission advantages. In turn, consultancies play a prominent role in connecting clients with respective educational institutions in an effective and efficient manner

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***• Growing sub***-sectors*.*** There are few leading sub-sectors that are growing continuously in the overseas study consultancy services market. For undergraduate programs, while numerous Hong Kong students fulfill the criteria to enroll in Hong Kong universities, many are still unable to secure admission to local universities was the scarce number of seats. Moreover, students who do get admission to Hong Kong universities may not be accepted into their desired programs such as business, finance, economics, and law, as these programs tend to be competitive. As a result, there is a desire among Hong Kong students to pursue studies abroad in these disciplines. Further, there is an increasing number of Hong Kong parents eager to discover opportunities for their high school children to study in foreign boarding schools. This predilection is partly impelled by the perception of some parents and students that a private boarding school education can aid in cultivating them with academic, cultural, and linguistic competencies that may enhance their prospects of gaining admission to colleges and universities abroad.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***• Desire for diversified choices.*** In Hong Kong, the percentage of secondary school graduates pursuing further study abroad increased from 9.9% in 2018 to 12.4% in 2022. The immense demand meaning students are looking for diversified choices and overseas study often represents a broad range of options in terms of destinations, programs, and types of institutions. In particular, the number of educational institutions and faculties and programs established are constantly evolving throughout the years. While faced with so many appealing choices, students often find the options overwhelming and look to consultancies for guidance. Established overseas study consultancies services leverage their expertise and networks spanning destinations, institutions and study levels worldwide, are well positioned to help students navigate the diversity of choices. providing a holistic, personalized process for evaluating options based on students' priorities and interests before identifying a focused shortlist of choices for applications. Students are therefore continuously benefited by the service provided to reach out to different trajectory catering to their aspirations.

#### Impact Analysis of Technological Upgrade
Technology upgrade allows overseas study consultancies to enhance their student experience, expand their reach, improve operational efficiency, and provide more convenient services to students in Hong Kong. In particular, the following aspects are continuously evolving:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Personalized service delivery.*** Leveraging technology, leading consultancies can provide customized recommendations based on student data, match students with tailored program opportunities using AI, simplify routine tasks such as application form filling and follow-ups using robots, and deliver omnichannel services from any device. With data-driven insights and digital outreach, consultancies are better equipped to understand student needs, identify trending study options, and market their services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Digital marketing.*** Consultancies can now reach potential students through social media, search engines, and other digital channels and can promote their services and partner schools online to attract more students, which allows them to connect with students all over Hong Kong or even for Mainland Chinese applicants and expand their business. Besides, in contrast with conventional offline educational exhibitions, consultancies can also organize virtual events like webinars, online info sessions with university representatives, virtual campus tours, etc., allowing students attend and grasp information about study abroad opportunities and expand the reach and student engagement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Operational Efficiency.*** Technological capabilities allow consultancies to streamline operations, enhance quality, achieve differentiation. Specifically, consultancies can utilize advanced CRM systems, student databases, and other technologies to keep student records, track applications, send notifications and reminders, analyze performance, fostering more efficient, organized and data-driven internal processes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Remote service delivery.*** With online outreaching, consultancies can offer remote consulting options to students in regards to preliminary service delivering and broad guidance. Some consultancies may also offer online student portals where students can access information about the application process, check application status, download offer letters and pay fees etc., entailing transparency and convenience.

#### Key Trends of Overseas Study Consultancy Services in Hong Kong
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***• Emergence of online platform.*** In recent years, through websites optimized for search engines and profiles on social media platforms, consultancies are reaching students remotely and cost-effectively to raise brand awareness, provide information, and generate leads. By publishing regular engaging content on these channels, consultancies have been establishing themselves as trusted experts in study abroad. The emergence of online platform allow students to access information prior to starting meaningful conversation with their ideal service providers, thus improving cost efficiency in business operation. Some industry players offer student assessments, university recommendation engines and application tools via their websites to engage tech-savvy students and influence their choice of consultancy. Besides, digital events such as online seminars, webinars and virtual info sessions are hosted to share expertise and motivate student interest. By integrating online and offline operation, clients are able to refer to variety of touchpoints, service providers can therefore better utilize the data analytical tools from online platform to improve customer experience in their offline channel, which enhance their service quality.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***• Diversification of consulting service scope.*** To seize greater market opportunities, industry players are expanding their service offerings both vertically and horizontally. For instance, some consultancies are now targeting younger students seeking overseas high school, diploma and postgraduate course, with an aim to building long-term relationships with students from an earlier stage which opens up opportunities for cross-selling and upselling services over their entire education journey. Some consultancies offer post-educational service such as offering vocational education and skills training courses abroad, as well as internship and work placement services while students are undergoing the education program. Leveraging connections with multinational companies, organizations and alumni abroad, these consultancies open up career opportunities that enhance the appeal of study opportunities in those destinations. Accordingly, with competition intensifying in this industry, targeted and strategic diversification balanced with sustaining core strengths will be the key trend for service providers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Customers favoring integrated one***-stop ***service.*** Traditionally, most overseas study consultancies focused on a limited range of destinations, programs or services. However, to cater to the rising expectations of students and the growing demand to engage consultancies, overseas study consultancies that offer integrated, comprehensive services are becoming more favorable amongst industry players. Integrated service provision may guide clients throughout the consumer journey from guiding on diverse study opportunities, in-depth application assistance, helping obtaining visas and scholarships, pre-departure briefings, on-site welcome and orientation, ongoing support for issues arising abroad, arranging admission examinations, facilitating meetups, applying scholarships, regularly hosting exhibition and long-term mentoring. Consultancies growing towards the idea of student-centric and committing to students' overall success and satisfaction through long-term, supportive partnerships is gradually prevailing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Increasing networking capability of consultancy services.*** Networking and building relationships with overseas university partners and other organizations are crucial for overseas study consultancies to thrive. By working with educational institutions, established players nowadays have spent years developing wide-ranging networks that provide them privileged access to admission places, fee waivers, new program opportunities and joint marketing collaborations. The breadth and depth of service offerings is continuously advancing which attracts growing number of students reaching consultancies in order to explore more possibilities and opportunities with more niche and suitable options. Overall, networks and alliances enable overseas study consultancy to open up unique options, added-value offerings and attract increasing number of clients to look for relevant services.

#### Market Opportunities of Overseas Study Consultancy Services in Hong Kong
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Emerging destinations.*** Previously, the UK and Australia were among the top choices for Hong Kong students seeking overseas education due to factors such as cultural familiarity, global reputation and post-study work opportunities. In recent years, Canada has become a popular study destination due to its favorable post-graduation work and immigration policies for international students. Asia destinations are also an increasing trend. Singapore and Vietnam have high-quality yet affordable universities, as well as lower costs of living. Their proximity to Hong Kong in terms of culture and travel reduces worries for students and parents regarding adjustment and safety. Overall, popular study destinations for Hong Kong students have diverged in recent years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***• Mainland Chinese student.*** Due to rising affluence and desire for international education among Chinese families, Mainland Chinese students has been a fast-growing segment in recent years in Hong Kong. By strengthening marketing efforts, building relationships and providing customized service for Chinese students' needs, Hong Kong's consultancies can channel more mainland students through Hong Kong.

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#### Market Constraints of Overseas Study Consultancy Services in Hong Kong
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Political and Economic Instability.*** Overseas studies consultancy services is the industry that leverages geographical barriers to create economic benefits. The market is particularly susceptible to the change in political and economic environmental between countries; this includes currency changes, diplomatic approach by each governors as well as societal activities in different regions. Also, unlike retail service industry where customer consumption can be more easily aroused by increased advertisement or a change in product package and offerings; overseas study is a rather high-value product and consumer's economic power is a critical factor to consumption behavior

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Fierce industry competition.*** There is intensifying competition from both established players and new entrants in Hong Kong's overseas study consultancy industry. Existing players have been trying to gain market share through price competition, marketing and mergers/acquisitions, which puts downward pressure on prices, margins and market dominance. Staying ahead requires hefty investments in areas like marketing, technology, and acquiring and retaining talent.

#### Competitive Landscape of Overseas Study Consultancy Services in Hong Kong
The overseas studies consultancy services market in Hong Kong is highly competitive, with over 50 market participants employing various business models. By region, overseas studies consultancy service providers are typically divided into those from overseas or the PRC with Hong Kong branches and those operating independently in Hong Kong. In terms of operation mechanisms, they are primarily divided into the following categories:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Consulting agencies: The major competitors are established agencies that have been providing overseas studies consultancy services for a number of years and have a solid reputation, such as IDP Education, Dadi Overseas Studies Service Center, The Group, etc. Typically, they offer comprehensive services, such as application writing, school selection advice, visa application, language training, etc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Educational institutions: Many educational institutions, such as EF Education, Global Education Services, etc., are expanding their study abroad consulting services. These institutions can provide high-quality language training and academic advising, putting them in competition with conventional overseas studies consulting firms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Individual studios: Individual studios generally have more flexible options and autonomous decision-making authority. However, they normally have a smaller market share in Hong Kong due to its limited business intake.

In recent years, the overseas studies consultancy services market has become increasingly competitive, particularly during the latter stages of COVID-19 when the demand for overseas study has increased, creating opportunities for business expansion and attracting new entrants to the market. However, large overseas studies consultancy firms tend to have more client resources, developed business models, and talent development mechanisms over the long term of operation in the market. In order to further solidify their market position, they are expected to continue to innovate in response to market trends, including accelerating their Internet transformation. whereas small-scale consulting service providers is expected to find it more difficult to expand their businesses due to limited resources and capital.

Overall, the competitive landscape of the overseas study consultancy services industry in Hong Kong is competitive, and the overseas study consultancy services institutions are required to continuously improve their service quality and competitiveness to meet the needs of students and parents. To obtain a position in the market, new entrants must demonstrate i) High level of credibility; ii) Talent acquisition and management; iii) Industry networks and partnerships; and iv) Adoption of advanced technology, etc.

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The overall revenue of the top five consultancy services providers in Hong Kong for 2022 is as follows:

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| | | | |
|:---|:---|:---|:---|
|  **Million HKD** |  |  | |
|  **Ranking** | **Company** | **Total Revenue** | **Market Share** |
| 1 | Hong Kong Oversea Studies Centre (HKOSC) | 17.6 | 15.5% |
| 2 | Dadi Oversea Studies Service Center | 16.7 | 14.7% |
| 3 | IDP Education | 15.0 | 13.2% |
| 4 | The Group | 13.4 | 11.8% |
| 5 | AAS Education Consultancy | 9.3 | 8.2% |
|  | Top Five Subtotal | 72.0 | 63.4% |
|  | Others | 41.5 | 36.6% |
|  | Total | 113.5 | 100% |

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*Note: Revenue generated in Hong Kong by Integrated Consultancy Service Providers with overseas studies consulting as its main business segment is included.*

*Note: The revenues of the top five consultancy services providers are estimated from the provision of overseas studies consultancy in Hong Kong for the year ended 31 December 2022, based on published annual reports, expert interviews, and other publicly available information. Actual revenues of the private companies incorporated in Hong Kong are not available in the public domain.*

*Source: the Frost & Sullivan report*

#### Entry Barriers of Overseas Study Consultancy Services in Hong Kong
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***High level of credibility.*** Credibility is one of the most essential factors for clients when selecting an overseas studies consultancy service provider as it is based on a strong brand and reputation. A positive reputation indicates the service provider has successful application experiences and offers superior service. In addition, overseas studies consultancy service providers with professional organization or media recognition, such as industry awards and media recommendations, will enhance their credibility and distinguish themselves from a crowded field of competitors. In addition, the majority of users prefer a legally registered agency to individual workshops to protect their rights and interests, limiting the opportunities for private study abroad service providers to develop in the market. New entrants are less likely to acquire significant brand awareness and reputational advantages in the short term, and may have difficulty competing with large consulting firms due to the lack of credibility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Talent acquisition and management.*** As a primary provider of products and services, a team of experienced experts supports the growth of overseas studies consulting services. Leading overseas studies consultancy service providers typically have large and reputable teams of specialists with in-depth knowledge and experience in overseas study applications, such as subject-specific application solutions. In particular, thanks to their personal overseas study experience, the majority of experts have an understanding of the local environment and can offer services beyond the admissions application, such as advice on local housing, life experience, career planning, international student insurance, and related laws and regulations. An expert team with extensive experience can provide comprehensive and detailed services to clients, thereby increasing client satisfaction and the company's reputation. In contrast, it is difficult for new entrants to acquire sufficient talent when the majority of top competitors have established talent development systems to manage their human capital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***• Industry networks and partnerships.*** The ability of overseas education providers to provide comprehensive and personalized services to its clients depends on its network of overseas institutions. Existing service providers have already established a global network of official overseas partners, including core institutions and application agencies, allowing them to obtain first-hand information and offer their clients the highest quality service in a timely manner. Moreover, maintaining positive relationships with language-learning institutions and accommodation providers, for example, can aid overseas education providers in expanding their services and securing a unique position in a highly competitive market. A new entrant requires time and resources to evaluate and establish trust and partnerships with foreign institutions when confronted with a large number of partner institutions.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***• Adoption of advanced technology.*** Organizations that provide consulting services for study abroad must manage large amounts of school and client data, therefore, the adoption of data analysis and management technology tools is required to reduce costs and improve efficiency. Using a large database to automatically collect, update, and analyze the most recent university and major rankings, application requirements, case studies, acceptance rates, and relevant exams and competitions, for instance, will help consultants save time in information collection and improve the efficiency and accuracy of access, while also reducing labor costs for businesses. Moreover, the integration of university's online application channel can provide clients with a smooth and efficient one-stop platform, thereby enhancing their service experience. The technology platform can also assist businesses with team commission and performance management. In a highly competitive market, new entrants who do not effectively integrate advanced technology into their operations risk falling behind. Moreover, investments in advanced technology and online platforms raise the industry's entry barriers, which will lead to a further consolidation of the overseas study consultancy service market.

#### Key Success Factors of Overseas Study Consultancy Services in Hong Kong
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Overseas institutions network.*** Serving as the foundation for the growth of the overseas studies consultancy service, the network of international institutional partnerships is the key success factor. Institutions that occupy a particular market position typically have access to a multitude of authorized high school and university resources, as well as resources such as cooperation with official examination bodies, local lodging, and even insurance and other local businesses that can provide resources such as internship programs. Institutions with a broad network of partner institutions are more able to offer a variety of services to students in different countries, at varying levels of education, etc. Additionally, acquiring additional official licenses facilitates the expansion of the network of partners by demonstrating the company's credibility and capacity to recruit prospective students. However, established and reputable institutions are typically more likely to have a strong network of partners with a large number of educational institutions, and thus claim the market lead.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Comprehensive and Personalized solutions.*** To differentiate from competitors, overseas education providers must expand their spectrum of services to encompass a one-stop service from pre-study to post-study. Pre-study services concentrate on the planning of study paths, the application process to institutions, English language training, and examinations that can be administered in-country and are presently abundant and competitive on the market. Post-study services, on the other hand, are predominantly localized and companionable, revolving around study, life, and job search, and require more resources for overseas staffing, training, and service provision, however, those who can afford such costs will be able to build competitive barriers in a highly competitive market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***• Incorporation of online business and marketing.*** The overseas study consultancy services industry significantly relies on word-of-mouth, and the ability of study abroad consultancies to manage their brand image and word-of-mouth marketing is essential to their success. Meanwhile, as a result of consumers' advanced online utilization patterns, the Internet has become the primary way for users to access information and locate products and services pertinent to international studies. Overseas study consultancy must actively develop their online business and enhance their brand influence and reputation through a series of marketing activities, including SEO, social media advertising, and word-of-mouth marketing for existing and new customers to increase exposure and brand awareness in order to expand customer base and establish a strong market presence.

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#### Use of Proceeds
We estimate we will receive net proceeds from the sale of Ordinary Shares of approximately $4,940,768, or $5,934,368 if the underwriters exercise their option to purchase additional Ordinary Shares in full, based upon an assumed Offering Price of US$4 per share, and after deducting estimated underwriting fees and commissions and estimated offering expenses.

Each $1.00 increase (decrease) in the assumed Offering Price of US$4 per share would increase (decrease) the net proceeds to us from this Offering by $1,656,000, assuming the number of Ordinary Shares offered, as set forth on the cover page of this prospectus, remains the same, and after deducting estimated underwriting fees and commissions.

The primary purposes of this Offering are to create a public market for our Ordinary Shares for the benefit of all shareholders, retain talented employees by providing them with equity incentives and obtain additional capital.

We intend to use the net proceeds of this Offering as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **40%, or $1,976,307, to be used for pursuing appropriate strategic acquisition opportunities**

We believe suitable acquisition opportunities with strengthen our one-stop service to cater to students' overseas studies needs and will allow us to (i) create synergy to increase our commission income from the overseas education providers in the future; (ii) gather market intelligence on the latest trends of consumption behaviors; (iii) expand our service offerings to provide assistance to address all the students' overseas studies needs; and (iv) broaden our reach to students who may be interested in pursuing overseas studies. We plan to enhance our service capabilities by acquiring a majority stake in one or two overseas education consultancy services providers in Hong Kong or overseas that could (i) expand our network of overseas education providers, directly or indirectly; (ii) expand our reach to students; and (iii) offer services that are unique and beneficial to students and could complement our existing service offerings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **10%, or $494,077, to be used for establishing our service presence in the North American market**

We plan to expand our presence in the North American market by setting up regional offices in major cities in Canada and/or the U.S. We plan to selectively pursue mergers and acquisitions, investments, and corporations with local companies to deepen our connection with local education service providers. We will also explore the possibility of forming strategic partnerships with other overseas education consultancy service providers in Hong Kong with strong establishment in North America to expand our service coverage in North America in a swift and effective manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **20%, or $988,154, to be used for expanding our information technology system and technical capabilities**

We plan to invest in our technological platform by upgrading the function and capabilities of our existing information technology system by (i) investing in the use of artificial intelligence in the recommendation of overseas education providers to students and the application process; and (ii) improving our existing data related technology in relation to student relationship management and commission management. Such improvements will increase the likelihood of our successful placement and enable our management to closely monitor and manage each student's case to provide the best possible services to them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **The remaining 30%, or $1,482,230, to be used for general working capital.**

The precise amounts and percentage of proceeds we would devote to particular categories of activity will depend on prevailing market and business conditions as well as particular opportunities that may arise from time to time. This expected use of our net proceeds from this Offering represents our intentions based upon our current plans and business conditions, which could change in the future as our plans and business conditions evolve. The amounts and timing of our actual expenditures may vary significantly depending on numerous factors, including any unforeseen cash needs. Similarly, the priority of our prospective uses of proceeds will depend on business and market conditions as they develop. Accordingly,

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our management will have significant flexibility and broad discretion in applying the net proceeds of the Offering. If an unforeseen event occurs or business conditions change, we may use the proceeds of this Offering differently than as described in this prospectus.

Pending any use of proceeds described above, we plan to invest the net proceeds from this Offering in short-term, interest-bearing, debt instruments or demand deposits.

Although we may use a portion of the proceeds for the acquisition of, or investment in, companies, technologies, products or assets that complement our business, we have no present understandings, commitments or agreements to enter into any acquisitions or make any investments. We cannot assure you that we will make any acquisitions or investments in the future.

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#### Dividend Policy
We have no intention to declare or pay any dividends in the near future on the Ordinary Shares. We currently intend to retain most, if not all, of our available funds and any future earnings after this Offering to fund the development and growth of our business. As a result, we do not expect to pay any cash dividends in the foreseeable future.

Our BOD has complete discretion in deciding whether to distribute dividends, subject to certain restrictions under Cayman Islands law, namely that our company may only pay dividends out of profits or share premium, and provided always that in no circumstances may a dividend be paid if this would result in our company being unable to pay its debts as they fall due in the ordinary course of business. In addition, our shareholders may by ordinary resolution declare a dividend, but no dividend may exceed the amount recommended by our BOD. Even if our BOD decides to pay dividends, the timing, amount and form of future dividends, if any, will depend on, among other things, our future results of operations and cash flow, our capital requirements and surplus, the amount of distributions, if any, received by us from our subsidiaries, our financial condition, contractual restrictions and other factors deemed relevant by our board of directors. Please see the section entitled "Taxation" of this prospectus for information on the potential tax consequences of any cash dividends declared.

If we determine to pay dividends on any of our Ordinary Shares in the future, as a holding company, we will be dependent on receipt of funds from our BVI subsidiary, Rise Smart (HK) Limited, and our Hong Kong Operating Subsidiary. There are no taxes on dividend income in Hong Kong and the BVI.

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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 a pro forma basis to give effect to the sale of up to 1,800,000 Ordinary Shares by us in this Offering at the assumed Offering Price of US$4 per share, after deducting the estimated underwriting commissions and estimated Offering expenses; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On a pro forma basis assuming full exercise of the over-allotment option.

Taking into account (i) the indebtedness as of December 31, 2024, being due to a related party and bank borrowings, of US$525,190; (ii) the equity of common stock of 16,175,000 outstanding Ordinary Shares after the Offering on a pro forma as adjusted basis of US$10,109; (iii) additional paid-in capital on a pro forma as adjusted basis after the Offering of US$4,940,659; (iv) retained earnings as of December 31, 2024 of US$1,667,208; (v) accumulated other comprehensive income as of December 31, 2024 of US$3,272, the total capitalization on a pro forma as adjusted basis would be US$7,146,438.

You should read this table in conjunction with our financial statements and related notes appearing elsewhere in this prospectus and the sections titled "Use of Proceeds" and "Description of Ordinary Shares."

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| | | | |
|:---|:---|:---|:---|
|  | **Actual** | **Pro Forma <br>As adjusted<sup>(1)</sup>** | **Pro Forma As <br>Adjusted assumed <br>full exercise of the <br>over-allotment <br>option** |
|  **Indebtedness** |  |  |  |
|  Due to a related party and bank borrowings  | $525190 | $525190 | 525190 |
|  **Equity** |  |  |  |
|  Common stock, $0.000625 par value; 80,000,000 shares authorized; 14,375,000 issued and outstanding; 16,175,000 outstanding on a pro forma as adjusted <br>basis<sup>(2)</sup> | 8984 | 10109 | 10278 |
|  Additional paid-in capital | 1016 | 4940659 | 5934090 |
|  Retained earnings | 1667208 | 1667208 | 1667208 |
|  Accumulated other comprehensive income | 3272 | 3272 | 3272 |
|  **Total equity** | 1680480 | 6621248 | 7614848 |
|  **Total capitalization** | $2205670 | $7146438 | $8140038 |

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(1) Reflects the sale of Ordinary Shares in this offering at the IPO price of US$4 per share, this and after deducting the estimated underwriting discounts, and estimated offering expenses payable by us. Additional paid-in capital reflects the net proceeds we expect to receive, after deducting the underwriting discounts, accountable and non-accountable expense allowance, consulting fee and estimated offering expenses payable by us. (See note 2 below).

(2) Giving retroactive effect to the 1,600-for-1 share split and 1,625,000 surrendered shares effected on May 2, 2024.

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#### Dilution
If you invest in our Ordinary Shares, your interest will be diluted to the extent of the difference between the Offering Price per Ordinary Share and the pro forma net tangible book value per Ordinary Shares after the Offering. Our net tangible book value as of December 31, 2024 was $1,680,480, or $0.12 per share. Our net tangible book value per share set forth below is our total tangible assets less total liabilities, divided by the number of shares of our share stock outstanding before the Offering. Our pro forma net tangible book value per share set forth below is total tangible assets (as adjusted to account for the net proceeds of the Offering) less total liabilities, divided by the number of shares of our share stock outstanding after the Offering (using the assumed Offering Price of US$4 per share).

Dilution results from the per Ordinary Share Offering Price is in excess of the net tangible book value per Ordinary Share attributable to the existing shareholders for our presently outstanding Ordinary Shares. After giving effect to our issuance and sale of 1,800,000 Ordinary Shares in this Offering at an assumed Offering Price of US$4 per share, and after deducting the estimated underwriting discounts and offering expenses payable by us, the pro forma as adjusted net tangible book value as of December 31, 2024 would have been $6.621,248, or $0.41 per share. This is an immediate increase in net tangible book value to existing shareholders of $0.29 per share. The Offering Price per share will exceed the net tangible book value per share. Accordingly, new investors who purchase shares in this Offering will suffer an immediate dilution of their investment of $3.59 per share.

If the underwriters exercise their over-allotment option in full, the pro forma as adjusted net tangible book value as of December 31, 2024 would have been $7,614,848, or $0.46 per share. This is an immediate increase in net tangible book value to existing shareholders of $0.34 per share. New investors who purchase shares in this Offerings will suffer an immediate dilution of their investment of $3.54 per share.

The following table illustrates this per share dilution to the new investors purchasing shares in this Offering:

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| | | |
|:---|:---|:---|
|  | **Offering <br>without <br>Over-allotment <br>Option** | **Offering with <br>Full Exercise of <br>Over-allotment <br>Option** |
|  Assumed Offering Price per Ordinary Share | $4.00 | $4.00 |
|  Net tangible book value per Ordinary Shares as of December 31, 2024 | $0.12 | $0.12 |
|  Increase per Ordinary Shares attributable to this Offering | $0.29 | $0.34 |
|  Pro forma net tangible book value per Ordinary Share after the Offering | $0.41 | $0.46 |
|  Dilution per Ordinary Share to new investors | $3.59 | $3.54 |

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A $1.00 increase (decrease) in the assumed Offering Price of US$4 per share would increase (decrease) the pro forma net tangible book value by $1,656,000, the pro forma net tangible book value per share after this Offering by $0.10 per share and the dilution in pro forma net tangible book value per share to investors in this Offering by $0.90 per share, assuming that the number of Ordinary Shares offered by us, as set forth on the cover page of this prospectus, remains the same and after deducting the estimated underwriting fees and commissions and offering expenses payable by us.

The following chart illustrates our pro forma proportionate ownership, upon completion of this Offering by present shareholders and investors in this Offering, compared to the relative amounts paid by each. The charts reflect payment by present shareholders as of the date the consideration was received and by investors in this Offering at the assumed Offering Price without deduction of commissions or expenses. The charts further assume no changes in net tangible book value other than those resulting from the Offering.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Shares purchased** | **Shares purchased** | **Total consideration** | **Total consideration** | **Average price <br>Per Share ($)** |
|  | **Amount** | **Percent (%)** | **Amount** | **Percent (%)** | **Average price <br>Per Share ($)** |
|  Existing shareholders | 14375000 | 88.87% | 8984 | 0.12% | 0.00062 |
|  New investors | 1800000 | 11.13% | 7200000  | 99.88% | 4.00  |
|  Total | 16175000 | 100.00% | 7208984  | 100.00% | 0.45  |

---

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#### MANAGEMENT'S DISCUSSION AND ANALYSIS OF <br>FINANCIAL CONDITION AND RESULTS OF OPERATIONS
*The following discussion and analysis of our results of operations and financial condition should be read together with our CFS and the notes thereto and other financial information, which are included elsewhere in this registration statement. The following discussion and analysis of our results of operations and financial condition should be read together with the notes thereto and other financial information, which are included elsewhere in this registration statement. Our financial statements were prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP"). In addition, our financial statements and the financial information included in this registration statement reflect our organizational transactions and have been prepared as if our current corporate structure had been in place throughout the relevant periods.*

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

#### Overview
We are a Cayman Islands company incorporated on June 14, 2023, as a holding company of our business, which is primarily operated through our indirectly wholly-owned HK SAR subsidiary, Rise Smart Hong Kong.

We are, through our indirectly wholly-owned HK SAR subsidiary, Rise Smart Hong Kong, primarily engaged in providing overseas studies consultancy services. In return for our successful student placements with overseas education providers in our network, we receive commission income from such overseas education providers and overseas studies consultancy services providers.

Most of our commission income was generated from our successful student placements in secondary education and higher education providers in the UK and Australia, and to a lesser extent, in Canada. We also provide other value-added services such as (i) tutoring services to students by cooperating with tutoring agencies to provide online tutoring services to students; and (ii) visa consultation services to facilitate customers' development in the UK, Australia and Canada.

#### Critical Accounting Policies and Estimates
The preparation of financial statements in conformity with U.S. GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the audited CFS and the reported amounts of revenues and expenses during the reporting periods. Management makes these estimates using the best information available when the calculations are made; however, actual results could differ materially from those estimates.

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

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#### Use of Estimates and Assumptions
The preparation of CFS in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the CFS and the reported amounts of revenue and expenses during the periods presented. Significant accounting estimates reflected in our CFS include the useful lives of property and equipment and intangible assets, impairment of long-lived assets, allowance for doubtful accounts, allowance for deferred tax assets, uncertain tax position, and inventory allowance. Actual results could differ from these estimates.

#### Revenue recognition
Our principal service offerings include:

**Application and consultancy income:** We provide consultation services by acting as advisor for immigration, oversea-study application, in return for application and consultancy income.

**Tutorial income:** We earn tutorial income by arranging for students to enroll in tutorial classes.

**Commission income:** We also provides referral services to the schools referring to the student application and earns commission income.

Revenue recognition for each of our services is analyzed below.

#### Application and consultancy services
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Identify the contract(s) with a customer

We agree with our clients upon application of visa and school. The obligation is distinct and is identified as one performance obligation. As stipulated in the invoices, we will charge an application and consultancy service fee based on the charges agreed.

Revenue from providing application and consultancy services to clients is recognized when the transaction and our performance is completed, which is generally at the submission of application to schools.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Identify the performance obligations in the contract

We are obligated to provide application and consultancy services by acting as an advisor of such application. The application and consultancy service is considered to be distinct that we promise to transfer and is therefore considered to be one performance obligation under ASC 606-10-25-14.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Determine the transaction price

Service fees are primarily fixed and negotiated upon the scope of services and clearly identified in the communication between the clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Allocate the transaction price to the performance obligations in the contract

Not applicable as there is only one performance obligation in the contract and fees associated with the application and consultancy fees are fixed and negotiated upon the scope of services and clearly identified in the communication between the clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Recognize revenue when (or as) the entity satisfies a performance obligation

Revenue from providing application and consultancy services to a client is recognized at a point in time when the transaction and our performance is completed, as evidenced by the student application form.

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#### Tutorial income
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Identify the contract(s) with a customer

We agree with our clients for the provision of tutorial services when the clients agree to the scope of tutorial class. The revenues generated from such services are generally based on the fixed rate for classes that require the clients to prepay the tutorial services fee within particular time range.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Identify the performance obligations in the contract

When the student has completed the tutorial class, tutorial income is recognized. Only one performance obligation is identified for each tutorial class service, and the performance obligation is satisfied on the tutoring date because that is when the tutorial service is delivered to students as promised.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Determine the transaction price

Tutorial income are primarily fixed at a fixed price per tutorial class each transaction and clearly identified as agreed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Allocate the transaction price to the performance obligations in the contract

Not applicable as there is only one performance obligation in the contract and fees associated with the tutorial income are fixed price per tutorial class each transaction and clearly identified as agreed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Recognize revenue when (or as) the entity satisfies a performance

Revenue from providing tutoring services to a client is recognized at overtimes when the tutorial class is executed by the Group for the client.

#### Commission income
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Identify the contract(s) with a customer

We will enter into an agency agreement with overseas education providers and overseas studies consultancy services providers. The amount of our commission income is generated from the successful placement of students and is generally equal to a percentage of the tuition fees payable by the students for each year of their study programs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Identify the performance obligations in the contract

We receive commission income in return for successful student placements with overseas education providers and overseas studies consultancy services providers. Only one single performance obligation is identified for the relevant service and the performance obligation is satisfied after the successful placements of students with the overseas education providers and overseas studies consultancy services providers as promised.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Determine the transaction price

Commission income is determined by the tuition fees paid by the students for each year of the study programs offered by the overseas education providers and overseas studies consultancy services providers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Allocate the transaction price to the performance obligations in the contract

Not applicable as there is only one single performance obligation in the contract and the percentage of commission rate of relevant service is clearly identified in the contract with clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Recognize revenue when (or as) the entity satisfies a performance

Revenue from the relevant service is recognized subsequent to the overseas education providers receiving payments from the students and after the students' refund allowance day.

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#### Results of Operations

#### Comparison of Years Ended December 31, 2024 and 2023
The following table sets forth a summary of our consolidated results of operations for the years ended December 31, 2024 and 2023. The historical results presented below are not necessarily indicative of the results that may be expected for any future period.

#### (All amounts, other than percentages, in U.S. dollars)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  **Statement of Operations Data:** | **2024** | **2024** | **2023** | **2023** | **Amount<br>Increase<br>(Decrease)** | **Percentage<br>Increase<br>(Decrease)** |
|  **Statement of Operations Data:** | **Amount** | **As % of<br>Revenues** | **Amount** | **As % of<br>Revenues** | **Amount<br>Increase<br>(Decrease)** | **Percentage<br>Increase<br>(Decrease)** |
|  Revenues | $3208472 | 100% | $2757208 | 100% | $451264 | 16.4% |
|  Cost of revenue | 918942 | 28.6% | 820333 | 29.8% | 98609 | 12.0% |
|  Gross profit | 2289530 | 71.4% | 1936875 | 70.2% | 352655 | 18.2% |
|  Operating expenses: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Selling and marketing | 336867 | 10.5% | 186832 | 6.8% | 150035 | 80.3% |
| &nbsp;&nbsp;&nbsp; General and administrative | 607372 | 18.9% | 681473 | 25% | (74101) | (10.9)% |
|  Total operating expenses | 944239 | 29.4% | 868305 | 31.8% | 75934 | 8.7% |
|  Income from operations | 1345291 | 41.9% | 1068570 | 38.8% | 276721 | 25.9% |
|  Other income (expense) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Interest expense | (24401) | (0.8)% | (24353) | (0.9)% | (48) | 0.2% |
| &nbsp;&nbsp;&nbsp; Other income (expense), net | 65700 | 2.0% | (6369) | (0.2)% | 72069 | (1131.6)% |
|  Total other income (expense), net | 41299 | 1.3% | (30722) | (1.1)% | 72021 | (234.4)% |
|  Income before provision for income tax | 1386590 | 43.2% | 1037848 | 37.6% | 348742 | 33.6% |
|  Income tax expense | (207238) | (6.5)% | (206467) | (7.5)% | (771) | 0.4% |
|  Net income | $1179352 | 36.8% | $831381 | 30.2% | $347971 | 41.9% |

---

#### Revenues
We generate revenue from the provision of overseas studies consultancy services. Our total revenue was $3.21 million for the year ended December 31, 2024, compared to $2.76 million for the year ended December 31, 2023, an increase of $0.45 million, or 16.4%. Such increase was mainly due to an $0.63 million increase in revenue from commission income, which is partially offset by an $0.16 million decrease in revenue from consultation income, and an $0.02 million slightly decrease in revenue from tutoring income.

Revenue from commissions was $2.77 million, or 86.2% of total revenue, for the year ended December 31, 2024, increased by $0.63 million, or 29.4%, from $2.14 million for the year ended December 31, 2023. Such increase was primarily due to the branding and business expanding that brought the Company more clients. Through our quality of service and continued marketing efforts, we placed 1,079 students with overseas education providers for the year ended December 31, 2024, a 29.1% increase compared to 836 students for the year ended December, 2023.

Revenue from consultation income decreased by $0.16 million, or 30.4%, from $0.53 million or 19.1% of total revenue, for the year ended December 31, 2023, to $0.37 million, or 11.5% of total revenue for the year ended December 31, 2024.

Revenue from tutoring income decreased by $0.02 million, or 18.3%, from $0.09 million or 3.3% of total revenue, for the year ended December 31, 2023, to $0.07 million, or 2.3% of total revenue for the year ended December 31, 2024. Such decrease primarily because we allocated more manpower to expand our business with commission income.

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Our business is currently divided into two reportable segments; an education consultancy and a tutorial segment. Revenue from the education consultancy segment was $3.13 million, or 97.7% of total revenue, for the year ended December 31, 2024, an increase of $0.47 million, or 17.5%, from $2.67 million for the year ended December 31, 2023. This increase was primarily due to the branding and expansion of the business that brought the Company more clients.

Revenue from the tutorial segment was $0.07 million, or 2.3% of total revenue, for the year ended December 31, 2024, a decrease of $0.02 million, or 18.3%, from $0.09 million for the year ended December 31, 2023. This decrease was primarily because we allocated more manpower to expand our business with commission income.

#### Cost of revenue
Our cost of revenue includes service charge, tutor and consultation fee commission paid and staff cost. Our cost of revenue increased by $0.10 million, or 12.0%, to $0.92 million for the year ended December 31, 2024, from $0.82 million for the year ended December 31, 2023. Such increase was mainly due to the increase in commission paid for acquiring students from our subagents which increased by $0.08 million, or 18.7% to $0.52 million for the year ended December 31, 2024, from $0.44 million for the year ended December 31, 2023.

#### Gross profit
The gross profit increased by $0.35 million, or 18.2% to $2.29 million for the year ended December 31 2024, from $1.94 million for the year ended December 31, 2023, which was mainly because the increase in revenue (16.4%) was more than the increase in cost (12.0%). As a result of the expansion of the B2B business, we generated more commission income (29.4%) with the similar manpower and staff cost for the year ended December 31, 2024.

#### Selling and Marketing Expenses
Our selling and marketing expenses increased by $0.15 million, or 80.3%, to $0.34 million for the year ended December 31, 2024, from $0.19 million for the year ended December 31, 2023. Such an increase was primarily due to business expansion. As a percentage of revenue, selling and marketing expenses increased to 10.5% for the year ended December 31, 2024, from 6.8% for the year ended December 31, 2023.

#### General and Administrative Expenses
Our general and administrative expenses ("G&A") consist primarily of staff cost, director remuneration, depreciation of office equipment and right-of use assets, professional fee and office expenses. Our G&A expenses decreased by $0.07 million, or 10.9%, to $0.61 million for the year ended December 31, 2024, from $0.68 million for the year ended December 31, 2023. As a percentage of revenue, G&A expenses decreased to 18.9% for the year ended December 31, 2024, from 24.7% for the year ended December 31, 2023. Such a decrease was primarily due to the decrease of professional fee accrual due to the IPO, which is partial offset by the increase in staff cost on the performance.

#### Income from operations
As a result of the foregoing, we recorded income from operations of $1.35 million for year ended December 31, 2024, compared $1.07 million for the year ended December 31, 2023.

#### Other income (expense)
We had $0.04 million in total other income for the year ended December 31, 2024, compared to $0.03 million in total other expenses for the year ended December 31, 2023. Total other income for the year ended December 31, 2024 consisted of other income, net, of $0.06 million and interest expense in the amount of $0.02 million. The total expenses for the year ended December 31, 2023 consisted of other expense, net, of $0.01 million and interest expense of $0.02 million.

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#### Income tax expense
We recorded income tax expenses of $0.21 million for the year ended December 31, 2024, compared to $0.21 million for the year ended December 31, 2023; There was no significant change.

#### Net Income
As a result of the cumulative effect of the factors described above, our net income increased by $0.35 million, or 41.9%, to $1.18 million for the year ended December 31, 2024, from $0.83 million for the year ended December 31, 2023.

<u>**<u>Liquidity and Capital Resources</u>**</u>

As of December 31, 2024, we had cash of $582,777. As of December 31, 2023, we had cash of $374,187. To date, we have financed our operations primarily through net cash flow from operations. We expect to finance our operations and working capital needs in the near future from part of our net proceeds of the initial public offering and cash generated through operations.

We believe our current levels of cash, combined with the net proceeds from this offering, will be sufficient to meet our anticipated cash needs for our operations and expansion plans for at least the next 12 months. We may, however, in the future require additional cash resources, due to changing business conditions, the implementation of our strategy to expand our business, or other investments or acquisitions we may decide to pursue. If our own financial resources are insufficient to satisfy our capital requirements, we may seek to sell additional equity or debt securities or obtain additional credit facilities. The sale of additional equity securities could result in dilution to our shareholders. The incurrence of indebtedness would result in increased debt service obligations and could require us to agree to operating and financial covenants that would restrict our operations. Financing may not be available in amounts or on terms acceptable to us, if at all. Any failure by us to raise additional funds on terms favorable to us, or at all, could limit our ability to expand our business operations and could harm our overall business prospects.

---

| | | |
|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2024** | **2023** |
|  Our cash flows movement as follows: |  |  |
|  Net cash provided by (used in) operating activities | $533652 | $(18723) |
|  Net cash provided by (used in) financing activities | (327114) | 131270 |
|  Foreign currency translation adjustment | 2052 | 3620 |
|  Net change in cash and equivalents | 208590 | 116167 |
|  Cash, beginning of year | 374187 | 258020 |
|  Cash, end of year | $582777 | $374187 |

---

<u>***<u>Operating Activities:</u>***</u>

Net cash provided by operating activities was $0.53 million for the year ended December 31, 2024. For the year ended December 31, 2024, net cash provided by operating activities was mainly from the net income of $1.18 million, the depreciation of property and equipment of $0.02 million, the amortization of operating lease right-of-use assets and interest of lease liabilities of $0.07 million, tax expense payment $0.02 million, account receivables of $0.30 million, prepayment and other current assets in the amount of $0.29 million, account payables of $0.11 million, accrued expense of $0.01 million and right-of-use assets and operating lease liabilities of $0.07 million.

Net cash used in operating activities was $0.02 million for the year ended December 31, 2023. For the year ended December 31, 2023, net cash used in operating activities mainly resulted from the net income of $0.83 million, the depreciation of property and equipment of $0.03 million, the amortization of operating lease right-of-use assets and interest of lease liabilities of $0.07 million, tax expense payment $0.2 million, account receivables of $0.90 million, prepayment and other current assets of $0.3 million, account payables of $0.15 million, accrued expense of $0.03 million and right-of-use assets and operating lease liabilities of $0.07 million.

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<u>***<u>Investing Activities:</u>***</u>

No cash generated from or used in investing activities for the year ended December 31, 2023, and 2024.

<u>***<u>Financing Activities:</u>***</u>

Net cash used in financing activities was $0.33 million for the year ended December 31, 2024, compared to $0.13 million in net cash provided by financing activities for the year ended December 2023. Net cash used in financing activities for the year ended December 31, 2024, mainly resulted from proceeds repayment to loan payable of $0.07 million and dividend paid of approximately $0.26 million.

Net cash provided by financing activities was $0.13 million for the year ended December 31, 2023. Net cash provided by financing activities for the year ended December 31, 2023, mainly resulted from proceeds repayment to loan payable of $0.05 million, repayments from related parties of $0.83 million, and dividend paid of $0.65 million.

The following table sets forth our current assets and current liabilities as of the dates as indicated:

---

| | | |
|:---|:---|:---|
|  | **As at December 31,** | **As at December 31,** |
|  | **2024** | **2023** |
|  **Current assets:** |  |  |
|  Cash and equivalents | $582777 | $374187 |
|  Accounts receivable, net | 1339096 | 1034714 |
|  Prepayments and other current assets | 760715 | 467822 |
|  **Total current assets** | **2682588** | **1876723** |
|  **Current liabilities:** |  |  |
|  Due to a related party | 28357 | 30622 |
|  Dividend payable |  | 256124 |
|  Accounts payable | 195932 | 301394 |
|  Income tax payable | 294464 | 266208 |
|  Operating lease liabilities, current | 37179 | 71584 |
|  Accrued expenses and other current liabilities | 30604 | 22735 |
|  Current maturities of long-term bank borrowings | 72486 | 68927 |
|  **Total current liabilities** | **659022** | **1017594** |
|  **Net current assets** | $**2023566** | $**859129** |

---

#### Accounts Receivable
Accounts receivable is recognized and carried at original invoiced amount less an estimated allowance for doubtful accounts. We determine the adequacy of reserves for doubtful accounts based on individual account analysis and historical collection trend. We establish a provision for doubtful receivables when there is objective evidence that we may not be able to collect amounts due. The allowance is based on management's best estimate of specific losses on individual exposures, as well as a provision on historical trends of collections. Actual amounts received may differ from management's estimate of credit worthiness and the economic environment. Delinquent account balances are written-off against the allowance for doubtful accounts after management has determined that the likelihood of collection is not probable. As of December 31, 2024 and 2023, there was no allowance recorded as the Company considers all of the accounts receivable fully realizable.

Our accounts receivable balance increased by $0.30 million, or 29.4% to $1.34 million as of December 31, 2024 from $1.03 million as of December 31, 2023. The increase was mainly due to growth of our B2B business, in which most of our customers confirmed our invoice at the end of year. The aging of all accounts receivable balance is within one year as of December 31, 2024 and 2023.

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#### Prepayments and other current assets
Prepayments are advance payments made to service providers for future services. Prepayments are short-term and are reviewed periodically to determine if their carrying value has become impaired.

Our prepayments and other current assets balance increased by $0.29 million, or 62.6% to $0.76 million as of December 31, 2024 from $0.47 million as of December 31, 2023. The increase was mainly due to professional fees incurred due to the IPO.

#### Accounts Payable
Our accounts payable was the commissions payable to our sub-agent for the students referred by them. The balance decreased by $0.11 million, or 35.0% to $0.19 million as of December 31, 2024 from $0.30 million as of December 31, 2023. The decrease was mainly because we accelerated the settlement of payables to sub-agents, to maintain our relationship with them.

#### Off-balance Sheet Commitments and Arrangements
We did not have any off-balance sheet commitments or arrangements as of December 31, 2024 and 2023.

#### Impact of Inflation
To date, inflation in the HK SAR has not materially impacted our results of operations. However, we can provide no assurance we will not be affected in the future by higher rates of inflation in the HK SAR. For example, certain operating costs and expenses, such as employee compensation and office operating expenses may increase as a result of higher inflation. Additionally, because a substantial portion of our assets consists of cash and short-term investments, high inflation could significantly reduce the value and purchasing power of these assets. We are not able to hedge our exposure to higher inflation in HK SAR.

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#### BUSINESS

#### Overview
We are an established overseas studies consultancy services provider in Hong Kong. Our network consists of education providers from various countries. We mainly provide services to local students in Hong Kong who seek secondary education and higher education studies in the UK, Australia, Canada, and New Zealand. According to the Industry Report, we are the fourth largest overseas studies consultancy services provider in Hong Kong with approximately 11.8% of the market in terms of revenue in 2022.

We principally provide overseas studies consultancy services to students in Hong Kong. In return for our successful student placements with overseas education providers in our network, we receive commission income from such overseas education providers and overseas studies consultancy services providers according to the terms of their agency agreements with us. During the two years ended December 31, 2024, most of our commission income was generated from our successful student placements in secondary education and higher education providers in the UK and Australia, and to a lesser extent, in Canada. We also provide other value-added services such as (i) tutoring services to students by cooperating with tutoring agencies to provide online tutoring services to students; and (ii) visa consultation services to facilitate customers' development in the UK, Canada, and Australia.

Our network currently consists of overseas education providers from various countries including the UK, Australia, Canada, New Zealand, and the U.S. and across different education levels. The overseas education providers in our network include, or cooperate in their studies program with, a number of prestigious education institutions, ranked among the top 100 universities per the QS World University Rankings, which is a portfolio of comparative university rankings compiled by global higher education analyst, Quacquarelli Symonds ("QS").

Since 2018, we established business relationships with subagents, which include overseas studies consultancy service providers and individuals, which refer students seeking overseas studies with overseas education providers who we have a business relationship with. Since 2021, we have been actively cooperating with subagents to enhance our market presence among students.

We operate our business through our office in Tsim Sha Tsui in Hong Kong under our brand "Rise Smart". We primarily rely on our education consultants to provide consultancy services to students and their parents and to keep them up to date with relevant information in relation to their applications.

We believe our brand has established goodwill and the quality of our services has gained recognition among overseas education providers in our network as demonstrated by our accreditations. We or our staff have obtained accreditation from (i) the Board Schools' Association of the United Kingdom as a BSA certified agent; (ii) ICEF Academy as a qualified education agent counsellor; and (iii) British Council as a British Council Hong Kong IELTS partner agent.

For the two years ended December 31, 2024, our revenue mainly comprised of (i) commission income for our successful student placements with the overseas education providers in our network; (ii) consultation income which includes our education consultancy services provided to students and other value-added services such as visa consultation services, assistance in collection of examination fee and school application fee and the arrangement for plane tickets; and (iii) tutoring income for our tutoring services. The following table sets forth the breakdown of our revenue by source for each of the years ended December 31, 2024, 2023 and 2022.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2024** | **2024** | **2023** | **2023** | **2022** | **2022** |
|  | **Revenue<br>US$** | **% of Total <br>Revenue** | **Revenue <br>US$** | **% of Total <br>Revenue** | **Revenue <br>US$** | **% of Total <br>Revenue** |
|  Commission | 2766688 | 86.2 | 2138269 | 77.5 | 962114 | 56.1 |
|  Consultation | 367802 | 11.5 | 528410 | 19.2 | 632455 | 36.8 |
|  Tutoring | 73982 | 2.3 | 90529 | 3.3 | 121009 | 7.1 |
|  Total | 3208472 | 100.0 | 2757208 | 100.0 | 1715578 | 100.0 |

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#### Competitive Strengths
We believe the following key competitive strengths are crucial to our success and essential for our future growth:

#### Established track record
In our operating history of more than 15 years, we have focused on providing overseas studies consultancy services and built up our expertise and track record in overseas studies consultancy. We devoted substantial efforts to expanding our network of overseas education providers. As at December 31, 2024, we entered into agency agreements for study programs with over 160 overseas education providers, in the UK, Australia, Canada, New Zealand, and the U.S. We and our overseas studies consultancy services provider peers that we have established business relationship with have cooperation with over 500 overseas education providers. Engagement with a variety of overseas education providers allows us to be in a competitive position in the industry by enabling us to offer a variety of choices to satisfy the needs of students (and their parents) with different profiles and preferences and to broaden the base of potential students who we can serve and ensure a stable revenue stream from. We take pride in our network in successfully placing students with the overseas education providers. For the years ended December 31, 2024 and 2023, we placed 1,079 and 836 students with overseas education providers, respectively. Through our quality of service and continued marketing efforts, we believe we established our reputation as a reliable overseas studies consultancy services provider in Hong Kong.

#### One-stop service to cater to students' overseas studies need
We provide a one-stop service to cater to students' overseas studies needs by offering a wide range of services to students before and after their placement to overseas education providers. In 2018, we expanded our service offerings to provide value-added services such as tutoring services and visa consultation services to students. We offer tutoring services to assist our students to be better prepared for the language exams, public exams and/or entrance exams required by overseas educational institutions that can increase the students' probability of being admitted to the educational institutions they desire. For students who are currently studying overseas, we offer tutoring courses with tutoring agencies to improve their grades. We also offer visa consultation services. We believe by providing a one-stop service to the students we can ensure their satisfaction and eliminate the hassle of looking for other service providers.

#### Established network of subagents
Since 2018, we established business relationships with subagents, which include overseas studies consultancy service providers and individuals, who refer students seeking overseas studies with overseas education providers who we have a business relationship with. Since 2021, we have cooperated with subagents to enhance our market presence among students. As at December 31, 2024, we established business relationships with over ten subagents. We arrange regular meetings with our subagents to keep them abreast of the latest developments of our network of overseas education providers. We believe having a wide network of subagents allow us to reduce reliance on word of mouth referrals from students and parents, while enabling us to broaden the base of potential students whom we can serve and ensure a stable revenue stream.

#### Experienced and dedicated management and education consultants
Our management team has extensive knowledge and experience in providing overseas studies consultancy services in Hong Kong. Mr. Kin Cho Li, our Chief Executive Officer and Chairman, has approximately 15 years of experience in the overseas studies consultancy service industry. Mr. Kin Cho Li is primarily responsible for the overall management, formulation of business strategies and day-to-day management of our operations. We are supported by our team of three education consultants as at December 31, 2024, who are essential in providing consultancy services to students and their parents and liaise and manage our relationship with the overseas education providers in our network. Our education consultants are well-educated, hold either a bachelor's or a master's degree and a majority of them have previously studied overseas. We believe our management and our education consultants understand the needs of students and their parents well to offer them suitable study programs, assist them with their applications, and offer them with value-added services to cater to their individual needs.

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#### Business Strategies

#### Enhance our service capabilities by pursuing appropriate strategic acquisition opportunities
We believe suitable acquisition opportunities will further strengthen our one-stop service to cater to students' overseas studies needs and will allow us to (i) create synergy to increase our commission income from the overseas education providers in the future; (ii) gather market intelligence on the latest trends of consumption behaviours; (iii) expand our service offerings to provide assistance to address all the students' overseas studies needs; and (iv) broaden our reach to students who may be interested in pursuing overseas studies. We plan to enhance our service capabilities by acquiring a majority stake in one or two education services providers in Hong Kong or overseas that could (i) expand our network of overseas education providers directly or indirectly; (ii) expand our reach to students; and (iii) offer services that are unique and beneficial to students and could complement our existing service offerings.

#### Maintain stable relationships with our existing network of overseas education providers and expanding our customer base
Maintaining good relationships with our existing customers has always been important to us as it ensures a platform for cross-selling our services and improves our network and reputation within the overseas education consultancy service industry. We intend to arrange site visit to existing network and potential overseas education providers to continue providing a broad range of quality choices to prospective students and their parents to consider, thereby increasing our chances in successful placements. We also intend to leverage our existing wide network of overseas education providers to develop our connections with subagents to expand our reach to potential students. Further, we are constantly expanding our portfolio of services to provide a one-stop service to our students and to ensure that their overseas studies needs are addressed.

#### Establish our service presence in the North America market
Canada is becoming one of the biggest markets for overseas studies by Hong Kong students and the U.S. is also gaining momentum. According to the Industry report, previously, the United Kingdom and Australia were among the top choices for Hong Kong students seeking overseas education due to factors such as cultural familiarity, global reputation and post-study work opportunities. In recent years, Canada has become a popular study destination in recent years due to its favorable post-graduation work and immigration policies for international students. We have an established business presence with Canadian education institutions since 2021. Leveraging our established track record and our reliable relationships with North American education service providers, we believe we will be able to tap into the huge potential of providing students with the opportunities to study in North America. We plan to expand our presence in North America by setting up regional offices at major cities in Canada and/or the U.S. We plan to selectively pursue mergers and acquisitions, investments, and corporations with local companies to deepen our connection with local education service providers. We will also explore the possibility of forming strategic partnerships with other overseas education consultancy service providers in Hong Kong with a strong establishment in North America to expand our service coverage in North America in a swift and effective manner.

#### Expand our information technology system and technical capabilities
We plan to invest in our technological platform by upgrading the function and capabilities of our existing information technology system by (i) investing in the use of artificial intelligence in the recommendation of overseas education providers to students in the application process; and (ii) improving our existing data related technology in relation to student relationship management and commission management. Such improvements will increase the likelihood of our successful placement and enable our management to closely monitor and manage each student's case to provide the best possible services to them.

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#### Our Business Model
The diagram below illustrates our existing business model for overseas studies consultancy services:

![](tflowchart_003.jpg)

Under our business model, we first establish business relationships with overseas education providers by entering into agency agreements with them which stipulate, among other things, the following (i) incentive schedules for different study programs; (ii) payment terms; and (iii) responsibilities of each party (for details of the major terms of a typical agency agreement we enter into with overseas education providers, please see ''Customers — General terms of agency agreements with overseas education providers'' in this section). Then, we provide consultancy services to prospective students and their parents. We strive to match students in Hong Kong who are seeking overseas studies with the appropriate overseas education providers based on each individual student's preferences and personal circumstances as well as such student's suitability for the relevant academic program. We generally charge prospective students a consultancy fee for the consultation services we provide.

We deliver our consultancy services through our education consultants who consult on, among other things, (i) study locations; (ii) academic requirements of study programs; (iii) applications for the study programs; and (iv) accommodation and travelling arrangements (for details of our consultancy services to students, please refer to paragraph headed ''Student consultancy and assistance process'' in this section).

Students pay fees for the relevant study program to overseas education providers directly. In return for our successful student placements with overseas education providers in our network, we receive commissions in accordance with the terms of the overseas education providers' agency agreements with us. The major terms of our agency agreements with overseas education providers are generally determined by such overseas education providers according to a standard form offered to their agents, which we further negotiate with them. Accordingly, the form of the commission income is generally determined by the overseas education providers who may offer different terms for each of their study programs and/or the schools they operate. The amount of our commission income generated from our successful placement of students is generally equal to a percentage of the tuition fees payable by the students for each year of such programs. Such commission income is payable to us by the relevant overseas education providers subsequent to them receiving payments from the students and after the students' refund allowance day.

![](tflowchart_004.jpg)

![](tflowchart_005.jpg)

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Since 2018, we established business relationships with subagents, which include overseas studies consultancy service providers and individuals, who refer students seeking overseas studies with overseas education providers which we have a business relationship with. Since 2021, we have been cooperating with subagents to enhance our market presence among students. We provide application assistance to prospective students and their parents and receive commission from overseas education providers. In return for subagents' referrals of students, we distribute to them a portion of the commission income we receive from the overseas education providers according to the terms of agreements with the subagents.

Occasionally some of our prospective students may wish to apply to study programs with overseas education providers who we do not have established business relationships with. We refer these students to other overseas studies consultancy services providers that we have established business relationships who in turn would then provide application assistance to the prospective students and their parents. In return for our referrals, such overseas studies consultancy services providers distribute a portion of the commission income they receive from the overseas education providers according to the terms of agreements to us.

We work with tutoring agencies to provide online tutoring services to students who (i) wish to study overseas and be better prepared for the exams required; or (ii) are currently studying overseas and would like to improve their grades. Our course offerings mainly include (i) preparation courses for entrance into grammar schools, boarding schools, and universities in the UK; (ii) one-on-one online tutoring for years 5-13 with local teachers in the UK; (iii) examination preparatory courses for General Certificate of Secondary Education ("GCSE"), General Certificate of Education ("GCE") A levels, and the Scholastic Aptitude Test ("SAT"); and (iv) English proficiency examination preparatory courses for the International English Language testing System ("IELTS"), Duolingo, and the Test of English as a Foreign Language ("TOEFL"). We generally collect the tutoring fees from students. We engage tutoring agencies to provide tutoring services to our students by paying them the tutoring fee collected from our students less a certain percentage. The tutoring agencies generally invoice us once per month.

We offer visa consultation services by recommending suitable plans to facilitate customers' development in the UK, Canada, and Australia. Our customers generally include (i) students who wish to study overseas and apply for a student visa; (ii) students who have pursued overseas studies and wish to apply for work permit/ graduate visa; or (iii) others, including application for BNO passport, BNO 5+1 scheme for the UK, permanent residence pathways for Hong Kong residents for Canada or a dependent visa.

#### Our Network of Overseas Education Providers
Over our long history in the overseas studies consultancy industry, we have established a wide network of overseas education providers who offer a wide range of study programs so as to increase the likelihood of our successful matches of the overseas education providers with prospective students. As at December 31, 2024, we entered into agency agreements for programs with over 160 overseas education providers. We and our overseas studies consultancy services provider peers that we have stablished business relationship with have cooperation with over 500 overseas education providers.

Our network currently consists of overseas education providers from the UK, Australia, Canada, New Zealand, and the U.S. Among which, overseas education providers in the UK, Australia, and Canada are the most popular as enquired by students and their parents. Therefore, overseas education providers from these three countries contributed to a majority of our revenue during the years ended December 31, 2024 and 2023. The overseas education providers within our network offer a wide range of study programs across different education levels, including (i) secondary education; (ii) higher education; and (iii) short term courses.

The overseas education providers in our network include, or cooperate in their studies program with, a number of prestigious education institutions, including a number of distinguished universities ranked among the top 100 in the QS World University Ranking.

We will continue to expand our network from time to time in response to the rising popularity of certain overseas education providers or study programs for overseas studies particularly if our assistance to students leads us to certain potential education providers outside our current network. Our sales and marketing department will perform their own due diligence on potential new overseas education providers and on their respective study programs. For details on our internal procedure before entering into agency agreements with new overseas education providers, please see ''Sales and Marketing'' in this section.

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The following table sets forth the breakdown of our revenue by (i) geographical location of education service providers for commission income; and (ii) geographical location of our customers for consultation income and tutoring income for the years ended December 31, 2024, 2023 and 2022.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2024** | **2024** | **2023** | **2023** | **2022** | **2022** |
|  | **Revenue <br>US$** | **% of Total <br>Revenue** | **Revenue <br>US$** | **% of Total <br>Revenue** | **Revenue <br>US$** | **% of Total <br>Revenue** |
|  Commission income (Geographical location of education service providers) |  |  |  |  |  |  |
|  The UK | 1367302 | 42.6 | 1225125 | 44.4 | 669595 | 39.0 |
|  Australia | 856613 | 26.7 | 479945 | 17.4 | 175958 | 10.3 |
|  Canada | 315222 | 9.8 | 130943 | 4.7 | 43367 | 2.5 |
|  New Zealand | 85158 | 2.7 | 1423 | 0.1 | 22912 | 1.3 |
|  United States of America | 142393 | 4.4 | 300833 | 10.9 |  |  |
|  Hong Kong\* |  |  |  |  | 50282 | 3.0 |
|  Consultation income (Geographical location of our customers) |  |  |  |  |  |  |
|  Hong Kong | 367802 | 11.5 | 528410 | 19.2 | 632455 | 36.8 |
|  Tutoring income (Geographical location of our customers) |  |  |  |  |  |  |
|  Hong Kong | 73982 | 2.3 | 90529 | 3.3 | 121009 | 7.1 |
|  Total | 3208472 | 100.0 | 2757208 | 100.0 | 1715578 | 100.0 |

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\* To a very limited extent, we also refer students to education service providers in Hong Kong in anticipation for the students' upcoming overseas studies.

#### Student Consultancy and Assistance Process
Our student consultancy and assistance process generally follows the below pattern:

![](tflowchart_006.jpg)

#### Information collecting and consultation
Based on our understanding, students and their parents typically learn about us through word of mouth referrals from students and their parents who previously benefited from our consultancy services as well as through our promotional efforts including advertisements, leaflets, seminars and education fairs. For further details of our marketing efforts to students and their parents, please see ''Sales and marketing'' in this section. Prospective students typically come to our office or contact us by phone with preliminary enquiries and seek assistance from our education consultants in their research for overseas education providers. We generally charge prospective students a consultancy fee.

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We generally request walk-in students and/or their parents to provide us with the following: (i) personal information such as contact methods and academic background; (ii) interest of studies including the preferred location, types of study programs and intended major; and (iii) the source of how they learned about our services so that we can make an initial assessment and deliver appropriately tailored recommendations as well as any follow-up assistance. We also offer mock tests that allow students to assess their admission probability.

After the preliminary consultation, students or their parents generally contact us again around the admission deadline for applications for overseas studies. We also proactively conduct follow-up calls with students or their parents based on deadlines and based on whether the students or their parents showed a high level of interest during our consultation.

Since 2018, we have established business relationships with subagents, which include overseas studies consultancy service providers and individuals, who refer students seeking overseas studies with overseas education providers who we have a business relationship with. Since 2021, we have been cooperating with subagents to enhance our market presence among students. We provide application assistance to prospective students and their parents and receive commission from overseas education providers. In return for their referrals, we distribute a portion of the commission income we receive from overseas education providers in accordance with the terms of agreements with the subagents.

Occasionally some of our prospective students and parents wish to apply study programs with overseas education providers that we do not have established business relationships with. We refer these students to other overseas studies consultancy services providers which we have established business relationships with which in turn provide application assistance to these prospective students or their parents. In return for our referrals, the overseas studies consultancy service providers distribute a portion of the commission income they receive from the overseas education providers according to the terms of their agreements with us.

#### Assistance in preparing and submitting students' applications
Once the students have chosen which study programs they wish to apply to, we guide students and their parents through various admission requirements and request that they provide the necessary supporting documentation for submission along with the application form. As part of our procedures to verify students' personal information, we generally require the students to provide originals of the following documents to check against the information provided: (i) passport; (ii) public exam result slip (for applying to higher education programs) or school certificates (for applying to secondary education programs); and (iii) student visa (if applicable). These documents are then scanned and copies are saved in our system or kept in our records. We help submit the application to overseas education providers on behalf of the students. While the students are primarily responsible for the accuracy and genuity of the information provided in the submitted documents, we are generally responsible for assisting overseas education providers in ensuring an application free of false statements or misrepresentations pursuant to our agency agreements with such overseas education providers.

The application forms usually also require us to submit our identity to allow the overseas education providers to identify us for the arrangement of payment of the commission income for each successful placement. Alternatively, education providers may also identify us as the responsible consultancy for a student application as we regularly liaise with the staff of the overseas education providers to ensure the smooth processing of the student's application. Overseas education providers normally require a student to notify the overseas education providers of any changes in the consultancy assisting them.

#### Follow-up after submission of the application
In cases where overseas education providers require an entrance test as a condition of admission, they either organize it themselves or we assist in its arrangement. In the latter case, we liaise with relevant students or the overseas education providers provide us with the requisite test papers and such tests take place on our office in Tsim Sha Tsui. Since 2021, we have been an authorized test centre for UKiset which is a school entrance test generally required by many UK independent schools.

#### Release of application results and post-enrollment services
After our submission of the applications on behalf of the students, the admissions office of the relevant overseas education provider reviews the application and provides the application results within a period which could be as short as two to three days or as long as six months depending on each overseas education provider's internal review process.

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Depending on the students' needs, once the student accepts the offer, our education consultants provide post-enrollment services including,: (1) reminding the student to pay the necessary tuition fees and to follow the visa requirements necessary; (2) assisting the students with the arrangement of school accommodation, homestay family and/or guardianship; (3) arranging for departure and pick-up service for the students at the airport; and (4) organizing ''pre-departure'' talks that contain tips for travelling and studying abroad such as packing tips. The students generally pay the tuition fees for the study program to the overseas education providers directly but we request that students provide us with the evidence of such payment for our internal record purposes.

#### Follow-up services
After the students commence their chosen study programs, our education consultants keep in touch with the students and provide any further assistance necessary such as administrative arrangements programs. We may also offer assistance to those students who want to pursue further overseas studies after finishing their first program.

#### Tutoring Service
Students and their parents typically learn about our tutoring services through our consultation services for overseas studies and from our website. Students generally provide us with personal information and their interests in further studies including their preferred programs or objectives in mind. We make an initial assessment and deliver appropriate recommendation to the students.

Once the students have chosen appropriate courses, we prepare the relevant documents and liaise with tutoring agencies to arrange for tutoring. If the tutoring agency confirms acceptance of the student, we inform the student and arrange for the student to pay the relevant tuition fees to us. We also offer a paid trial course for certain programs to students to ensure satisfaction of the course they applied for. We generally invoice our students once per month.

After the students commence their tutoring, we keep in touch with the students and provide post-enrollment services including: (i) reminding the students to pay the necessary tuition fees when required; (ii) enquiring if they believe they are capable of achieving their objectives and making appropriately tailored recommendations; and (iii) liaising with tutoring agencies.

We believe that our tutoring services are not subjected to the Opinions on Further Reducing the Burden of Homework and Off-campus Tutoring for Compulsory Education Students promulgated by the PRC Government (the "Tutoring Opinions") in 2021 as we do not have any operation in the PRC. Therefore, we believe the Tutoring Opinions does not have any material impact to our business operations.

#### Visa consultation service
Our customers typically learn about our visa consultation services through our consultation services for overseas studies and from our website. Our customers indicate to us their objectives and their preferred countries. We make an initial assessment and provide appropriate recommendations to them. If the customers intend to pursue the application further, we collect the requisite personal information necessary and the required documentation from the customers and assist them with preparing their applications.

After submission of the application, we conduct follow-ups such as arranging for the submission of supplemental documents and assisting in addressing queries from the relevant governmental agencies. We inform our customers once the application is successful.

#### Market and Competition
According to Frost & Sullivan, the gross value of overseas education consultancy services market in Hong Kong increased from approximately HK$82.1 million (US$10.5 million) in 2018 to HK$113.5 million (US$14.6 million) in 2022, a CAGR of 8.4%. Driven by (i) the growing economic status spurring willingness to pursue abroad education, as the per

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capita GNI in Hong Kong increased from HK$398,551 in 2018 to HK$410,772 in 2022. As economies prosper and more families attain middleclass status, they gain both motivation and financial means to pursue a foreign education; (ii) complicated application procedure and evolving requirements encourage students to consult consultancies to navigate the application process; (iii) growing sub-sectors in the overseas study consultancy services market from undergraduate programs to high schools, boarding schools and a wider range of programs; and (iv) the desire for students to look for diversified choices and a broad range of options in terms of destinations, programs and types of institutions encourage students to look for consultancies for guidance, we expect that the demand of overseas education consultancy services will further increase. As such, we believe that we should enhance our service capabilities, expand our customer base, establish our service presence in the North America market and expand our information technology system to enhance our competitiveness and capture the potential opportunities in the growing overseas education consultancy services market in Hong Kong. The gross value of overseas consultancy services market in Hong Kong is expected to increase from HK$113.5 million (US$14.6 million) in 2022 to HK$153.7 million (US$19.7 million) in 2027, a CAGR of 6.4%.

#### Seasonality
Our performance is subject to seasonality. Based on the terms of the agency agreements entered into between us and the overseas education providers, we generally record our commission income subsequent to the overseas education providers receiving payments from the students and after the students' refund allowance day. Therefore, our revenue tends to fluctuate during the year with reference to the commencement of the academic term particularly that of the UK in the second half of the year.

#### Sales and Marketing

#### To the overseas education providers
We strive to expand our network of overseas education providers and the study programs offered and work towards being able to maintain relationships with existing customers in order to allow us to provide the best recommendations of overseas studies. We conduct regular research based on the latest market news and trends. Based on the feedback received from our education consultants obtained during their consultations with students, we are able to recognize the rising popularity of certain overseas education providers or study programs for overseas studies in a timely manner.

In general, in deciding whether to establish a business relationship with any potential overseas education providers, our Group will assess each potential overseas education provider based on their (i) reputation; (ii) popularity; (iii) history; (iv) teaching quality; (v) variety of study programs offered; and (vi) tuition fee.

Before entering into any new agency agreement with the potential overseas education providers, our sales and marketing department will perform the requisite due diligence necessary to ensure that the new overseas education providers not only enhance our business, but also enhance our professional image by ensuring that we would not be providing any misleading information or be making any inappropriate recommendations to the prospective students and their parents. Such due diligence includes our own desk research on the background of the overseas education providers including their history, location, environment, programs offered, and their teachers. In certain circumstances, we may also perform site visits and meet with their staff.

Besides exploring opportunities for expanding our network, our sales and marketing department manage and maintain a good relationship with some of our existing customers. Our existing overseas education providers provide us with their newsletters on a regular basis which allows us to keep up-to-date with information related to their development and study programs offered. We also hold regular meetings with our customers to discuss our performance, share up-to-date information of the overseas education providers and the studies programs they offer, and the latest trends in the overseas studies market in Hong Kong as well as our marketing activities.

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#### To our subagents
Since 2018, we have established business relationships with subagents, which include overseas studies consultancy service providers and individuals, who refer students seeking overseas studies with overseas education providers who we have a business relationship with. Since 2021, we have been cooperating with subagents to enhance our market presence among students. We maintain strong relationships with our subagents and work closely with each other. Our subagents can gain access to our network of overseas education providers while we can reach a wider audience of students. We believe that our subagent network allows us to maximize our market presence in Hong Kong.

Our sales and marketing team and our education consultants arrange for regular meetings with our subagents to keep them abreast of the latest developments of our network of overseas education providers. We also meet regularly with prospective subagents who have access to a pool of prospective students who may wish to study overseas to explore the possibility of collaboration.

#### To our students
As of the date of this registration statement, we deliver our overseas studies consultancy services primarily at our office located in Tsim Sha Tsui, Hong Kong. We primarily rely on our education consultants to provide consultancy services to students and their parents and keep them up to date with relevant information related to studying overseas.

Our education consultants arrange for regular meetings internally and with our sales and marketing team to discuss and share their experiences during their consultations as well as their findings from site visits to existing or potential overseas education providers. This helps them to keep themselves up to date with the latest market developments and information from overseas education providers and allows them to deliver the necessary market developments and information to the students and their parents.

#### Our promotion activities
We attract students primarily from referrals from prior students and their parents who as well as from our subagents. Our promotional activities are designed to raise awareness among students and their parents of our brand and our services. We place advertisements and distribute leaflets to promote our services. We host multiple online and offline seminars on overseas studies, visa consultation, and language test preparation. We accept interviews from local newspapers and magazines to share up-to-date information and latest trends in overseas studying. We also host overseas studies fairs to allow students and their parents to meet and question representatives of overseas education providers in our network directly in relation to their preferred study programs and to gather other information. Such fairs occur throughout the year for secondary education studies programs aimed at secondary school students, higher education studies programs aimed at Hong Kong Diploma of Secondary Education Examination ("DSE") graduate students and studies programs involving boarding schools in the UK aimed at students who would like to study in such schools.

#### Customers

#### Characteristics of our customers
Our customers primarily consist of (i) overseas education providers; (ii) overseas studies consultancy service providers; and (iii) students or parents. The revenue from our five largest customers was 67.4% and 55.5% of our total revenue for the years ended December 31, 2024 and 2023.

There were one customer and two customers which accounted for more than 10% of the Group's total revenue for the years ended December 31, 2024 and 2023 respectively, which were as follows:

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| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  Total revenue |  |  |
|  Customer A | \* | 23.3 |
|  Customer B | 33.1 | 22.2 |

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*\* The percentage was below 10% for the year.*

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#### General terms of agency agreements with overseas education providers
Our agency agreements with overseas education providers are based on each overseas education provider's standard form offered by it to its education agents but the main terms of each overseas education providers are generally similar and normally contain contract terms like the respective rights and obligations of the agent and the overseas education provider, commission rate, payment method, invoice policy, and termination conditions. A summary of the key general terms of the agency agreements are summarized below:

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| | |
|:---|:---|
|  Terms | Generally two or three years while some contracts are long term agreements with indefinite terms. |
|  Commission | The agency agreements generally contain circumstances which determine whether a student placement is considered to be successful and therefore whether the commission is payable. In general, successful enrollment is determined by the overseas education providers receiving payments from the students and after the students' refund allowance day. <br> Our commission income generated from our successful placement of students to higher education programs through direct enrollment instead of a foundation and pathway program is generally equal to a percentage of the tuition fees payable by the students for each year of such programs. |
|  Payment terms and credit period | Generally the payment is made via telegraphic transfer. There is generally no specific credit term offered to our customers. |
|  Responsibilities of parties | The responsibilities of the overseas education providers generally include providing us with assistance in understanding their institution, study programs offered, marketing materials, and other relevant information. <br> Our main responsibility involves our student consultancy and placement services. Overseas education providers do not generally appoint us as their exclusive agents. |

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#### General terms of agency agreements with overseas studies consultancy service providers
Occasionally some of our prospective students and parents wish to apply to study programs with overseas education providers that we do not have established business relationships with. We refer these students to other overseas studies consultancy services providers which we have established business relationships with which in turn provide application assistance to these prospective students or their parents. In return for our referrals, the overseas studies consultancy service providers distribute a portion of the commission income they receive from the overseas education providers according to the terms of their agreements with us.

Our agency agreements with overseas studies consultancy service providers are based on each service provider's standard form offered by it to its subagents but the main terms of each service providers are generally similar and normally contain contract terms like the respective rights and obligations of the parties, commission rate, and termination conditions. A summary of the key general terms of the agency agreements are summarized below:

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| | |
|:---|:---|
|  Terms | Generally two years. |
|  Commission | A student referral is considered to be successful when the overseas education providers accept the student and pay commission to the overseas studies consultancy service providers for student placements. <br> The commission payable to us is generally a portion of the tuition fees payable by the students to the overseas education providers. |
|  Payment terms and credit period | Generally the payment is made via telegraphic transfer. There is generally no specific credit term offered to our customers. |
|  Responsibilities of parties | The responsibilities of the overseas studies consultancy service providers generally include providing us with assistance in understanding with overseas education providers that they have connection with, study programs offered, marketing materials, and other relevant information. <br> Our main responsibility involves referring the students to the overseas studies consultancy service providers and provide student consultancy services. |

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For the year ended December 31, 2023, two of our customers contributed to 23.3% and 22.2% of our total revenue, respectively. The two customers are both overseas studies consultancy service providers. Our agency agreements with these two customers are largely similar to the terms with other overseas studies consultancy service providers, with key general terms summarized above. We established business relationships with the two customers in 2020 and 2022 and we have maintained a positive relationship with them. We believe such arrangements are mutually beneficial as we can gain access to overseas studies consultancy service providers' network of overseas education providers while they can reach a wider audience of students and maximize their market presence. As such, we believe such revenue may recur.

#### Suppliers
Our suppliers primarily consist of (i) tutoring agencies; and (ii) subagents.

#### Tutoring agencies
We generally engage tutoring agencies to provide tutoring services to students upon the students' request. We generally collect the tutoring fee from the students and pay the tutoring agencies the tutoring fee collected from our students less a certain percentage. The tutoring agencies generally invoice us once per month and we generally settle the fee by telegraphic transfer. There is generally no specific credit term offered by the tutoring agencies but we generally settle our payables within 90 days. The responsibilities of the tutoring agencies generally include providing us with assistance in understanding their course offerings and other relevant information as well as providing relevant services to the students. Our main responsibilities include our student consultancy services and referrals to the tutoring agencies.

#### Subagents
Since 2018, we have established business relationships with subagents, which include overseas studies consultancy service providers and individuals, which refer students seeking overseas studies with overseas education providers who we have a business relationship with. Since 2021, we have been cooperating with subagents to enhance our market presence among students. We generally enter into agreements with the subagents for the referral of students. A summary of the key general terms of the agreements are summarized below:

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|:---|:---|
|  Terms | Effective until termination. |
|  Commission | A student referral is considered to be successful when the overseas education providers accept the student and pay commission to us for student placements. <br> The commission payable to the subagents is generally a portion of the commission income we receive from the overseas education providers. |
|  Payment terms and credit period | Generally the payment is by bank or telegraphic transfer. There is generally no specific credit term offered by our subagents but we generally settle the commission payable to the subagent within 90 days after receiving it from the overseas education providers for student placements. |
|  Responsibilities of parties | The responsibilities of the subagents generally include referring the students to us and providing them with student consultancy services. <br> Our main responsibility involves providing our subagent with the latest information of overseas education providers and placing the students with the relevant overseas education providers. We do not appoint our subagents as our exclusive agents. |

---

#### Employees
All of our employees are based in Hong Kong. The following table sets down a breakdown of our employees by function as at December 31, 2024, 2023 and 2022:

---

| | | | |
|:---|:---|:---|:---|
|  **Function** | **Number of Employees** | **Number of Employees** | **Number of Employees** |
|  **Function** | **2024** | **2023** | **2022** |
|  Management | 2 | 2 | 2 |
|  Accounting and Finance | 1 | 2 | 2 |
|  Sales and Marketing | 2 | 2 | 2 |
|  Education Consultants | 3 | 3 | 3 |
|  Total | 8 | 9 | 9 |

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We offer an attractive remuneration package to our employees, which includes basic salary, commissions, allowances, discretionary bonuses, pension scheme contributions, and other staff benefits. We determine the salary of our employees mainly based on each employee's qualifications, relevant experience, position, and seniority. We conduct annual review on salary raises, bonuses, and promotions based on the performance of each employee.

We pay our education consultants a fixed basic salary plus commission and discretionary bonuses which are principally determined based on the total number of students such education consultants successfully placed and the corresponding revenue generated during each year. We strive to match students in Hong Kong with appropriate overseas education providers based on each individual student's preferences and personal circumstances as well as such student's suitability for the relevant academic program, therefore there is no compulsory placement target set by our Group for our education consultants.

We generally require our education consultants to have undergone higher education and preferably have real-life experience studying and living abroad. Our education consultants are well-educated, hold either a bachelor's or a master's degree and a majority of them have previously studied overseas. We believe such educational backgrounds and experiences of our education consultants gives them unique perspectives when providing consultancy services on matters such as admission process, local culture, and experiences when studying abroad.

All our education consultants receive basic training upon commencement of their employment concerning our core consultancy service and on-the-job training. We also formulated a series of consultancy guidelines for the day-to-day work of education consultants to improve their communication skills with parents and students and to ensure their satisfaction with us as well as to reduce the likelihood of miscommunication and misrepresentation by our education consultants with respect to our partners and their study programs, various admissions, and other specific requirements.

#### Properties
As at the date of this prospectus, we had the following lease:

---

| | | |
|:---|:---|:---|
|  **Location** | **Term** | **Usage** |
|  Office No. 903, 9/F, Tower 1 Silvercord, 30 Canton Road, Tsim Sha Tsui, Kowloon, Hong Kong | From June 21, 2023 to <br>June 20, 2025 | Office |

---

We lease the aforementioned property from Victory International Manufactory Limited. We paid rental fees of HK$588,744 (US$75,298) and HK$580,086 (US$74,077) for the years ended December 31, 2024 and 2023, respectively.

#### Intellectual Property

#### Domain Name
We are the registrant of the domain names *http://risesmart.com.hk*, *http://risesmart.hk*, *http://ourvisa.com.hk* and *http://ourvisa.hk*.

#### Trademarks
As of the date of this prospectus, we have registered two trademarks pertinent to our business. The following sets forth our major intellectual properties:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Place of registration** | **Trademark** | **Number** | **Classes** | **Expiry Date** |
|  Hong Kong | ![](tricerice_logo.jpg) | 306282009 | 41 | June 28, 2033 |
|  Hong Kong | ![](trsrs_logo.jpg) | 306281992 | 41 | June 28, 2033 |

---

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During the two years ended December 31, 2024 and up to the date of this prospectus, neither we nor any of our subsidiaries have been involved in any proceedings in respect of, nor have we received notice of any claim for, the infringement of any intellectual property rights, and we have not been charged with any breach of the relevant laws or regulations relating to its services, that had any material adverse effect on the operations or financial condition of the Company.

#### Legal Proceedings
For the two years ended December 31, 2024 and up to the date of this prospectus, neither we nor any of our subsidiaries have been involved in any litigation, claim, administrative action or arbitration which have had a material adverse effect on the operations or financial condition of the Company.

#### Awards and Recognitions
We believe our brand has established goodwill and the quality of our services has gained recognition among overseas education providers in our network as demonstrated by our accreditations. We or our staff have obtained accreditation from (i) the Board Schools' Association of the United Kingdom as a BSA certified agent; (ii) ICEF Academy as a qualified education agent counsellor; and (iii) British Council as a British Council Hong Kong IELTS partner agent.

#### Licenses
We confirm we have all material licenses, certificates, and approvals required for carrying on our business activities in Hong Kong for the two years ended December 31, 2024 and up to the date of this prospectus.

#### Our Corporate History and Structure
RSGHL, an exempted company with limited liability incorporated under the laws of the Cayman Islands on June 14, 2023, as a holding company of our business, which is primarily operated through our indirectly wholly-owned Operating Subsidiary, Rise Smart Holdings Limited, incorporated in Hong Kong, which we refer to as Rise Smart Hong Kong.

Rise Smart (HK) Limited was incorporated on June 29, 2023 under the laws of the BVI, as an intermediate holding company.

Our Operating Subsidiary, Rise Smart Hong Kong, was founded in 2006 and is principally engaged in providing overseas studies consultancy services.

Our subsidiary incorporated in the UK, Rise Smart Holdings Limited, incorporated in the UK, which we refer to as Rise Smart UK, was founded in 2020 and has not engaged in any business activity.

On June 14, 2023, the Company was incorporated in the Cayman Islands and Mr. Kin Cho Li, Mr. Wa Pang Cheong, Mr. Ho Fai Chan and Mr. Yu Ming Tang, owned 8,012 shares, 990 shares, 499 shares and 499 shares, respectively. On June 29, 2023, the Company incorporated a wholly-owned subsidiary, Rise Smart (HK) Limited, a limited company incorporated in the BVI. On July 4, 2023, Rise Smart (HK) Limited entered into agreements with Mr. Kin Cho Li, Mr. Wa Pang Cheong, Mr. Ho Fai Chan and Mr. Yu Ming Tang, pursuant to which Rise Smart (HK) Limited acquired 2,403,600 shares, 297,000 shares 149,700 shares and 149,700 shares of Rise Smart Hong Kong, our Hong Kong subsidiary, from Mr. Kin Cho Li, Mr. Wa Pang Cheong, Mr. Ho Fai Chan and Mr. Yu Ming Tang, at the consideration of HK$80.12, HK$9.9, HK$4.99 and HK$4.99, respectively. On July 5, 2023, Rise Smart (HK) Limited entered into agreement with Mr. Kin Cho Li, pursuant to which Rise Smart (HK) Limited acquired the entire issued share capital of Rise Smart UK, our UK subsidiary, from Mr. Kin Cho Li at the consideration of 100 Great Britain Pounds. Subsequently our Hong Kong subsidiary and UK subsidiary are wholly-owned by Rise Smart (HK) Limited.

On May 2, 2024, all of the shareholders of the Company, namely, Mr. Kin Cho Li, Mr. Wa Pang Cheong, Mr. Ho Fai Chan and Mr. Yu Ming Tang (the "Shareholders") approved a share subdivision pursuant to which each of the Company's existing issued and unissued shares with a par value of USD1.00 each into 1,600 shares with a par value of USD0.000625 each, and all the subdivided shares shall be ranked pari passu in all respects with each other as part of the Company's reorganization (the "Share Subdivision"). Subsequent to the Share Subdivision, the authorized share capital of the Company became USD50,000 divided into 80,000,000 ordinary shares with a par value of USD0.000625 each, and the Company had 16,000,000 Ordinary Shares issued and outstanding, of which 12,819,200, 1,584,000, 798,400 and 798,400 Ordinary Shares were held by Mr. Kin Cho Li, Mr. Wa Pang Cheong, Mr. Ho Fai Chan and Mr. Yu Ming Tang, respectively.

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Immediately upon the completion of the Share Subdivision, on May 2, 2024, the Shareholders proposed and the board of directors of the Company approved the surrender of 1,625,000 Ordinary Shares for no consideration to the Company for cancellation, among which (i) 1,301,950 Ordinary Shares were surrendered by Mr. Kin Cho Li, (ii) 160,875 Ordinary Shares were surrendered by Mr. Wa Pang Cheong, (iii) 81,088 Ordinary Shares were surrendered by Mr. Ho Fai Chan and (iv) 81,087 Ordinary Shares were surrendered by Mr. Yu Ming Tang to the Company. Subsequently, the total number of Ordinary Shares in issue and outstanding became 14,375,000, and each of Mr. Kin Cho Li, Mr. Wa Pang Cheong, Mr. Ho Fai Chan and Mr. Yu Ming Tang owns 11,517,250, 1,423,125, 717,312 and 717,313 Ordinary Shares, respectively.

On October 31, 2024, (i) Mr. Kin Cho Li executed an instrument of transfer with Glamorous Rise Limited, a BVI company legally and beneficially owned by Mr. Kin Cho Li, whereby Mr. Kin Cho Li transferred 11,517,250 Ordinary Shares to Glamorous Rise Limited; (ii) Mr. Wa Pang Cheong executed an instrument of transfer with Radiant Moonlight Limited, a BVI company legally and beneficially owned by Mr. Wa Pang Cheong, whereby Mr. Wa Pang Cheong transferred 1,423,125 Ordinary Shares to Radiant Moonlight Limited; (iii) Mr. Ho Fai Chan executed an instrument of transfer with Fabulous Time Global Limited, a BVI company legally and beneficially owned by Mr. Ho Fai Chan, whereby Mr. Ho Fai Chan transferred 717,312 Ordinary Shares to Fabulous Time Global Limited; and (iv) Mr. Yu Ming Tang executed an instrument of transfer with Absolute Rapture Limited, a BVI company legally and beneficially owned by Mr. Yu Ming Tang, whereby Mr. Yu Ming Tang transferred 717,313 Ordinary Shares to Absolute Rapture Limited. Subsequent to the transfers, Rise Smart Group Holdings Limited is owned as to 11,517,250, 1,423,125, 717,312 and 717,313 Ordinary Shares by Glamorous Rise Limited, Radiant Moonlight Limited, Fabulous Time Global Limited, and Absolute Rapture Limited.

Prior to this Offering, our Company was 80.12% owned by Glamorous Rise Limited (which is owned by Mr. Kin Cho Li, our Chief Executive Officer and Chairman), 9.90% by Radiant Moonlight Limited (which is owned by Mr. Wa Pang Cheong), 4.99% by Fabulous Time Global Limited and 4.99 by Absolute Rapture Limited.

The following diagram illustrates our corporate structure before the Offering:

![](tflowchart_001.jpg)

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The following diagram illustrates our corporate structure after the Offering:

![](tflowchart_002.jpg)

____________

Notes:

(1) Rise Smart Group Holdings Limited, a Cayman Islands company, is the holding company and registrant.

(2) Rise Smart (HK) Limited, a BVI company, is the holding company of our Operating Subsidiary and our UK subsidiary.

(3) Rise Smart Holdings Limited, a Hong Kong company, is our Operating Subsidiary.

(4) Rise Smart Holdings Limited, a UK company, is our subsidiary in the UK.

#### COVID-19 Update
The world experienced a global pandemic of a novel strain of coronavirus (COVID-19) and its variants. The pandemic has resulted in quarantines, travel restrictions and the temporary closure of businesses and facilities globally for most of the past two years. The COVID-19 pandemic does not have any significant impact on the Hong Kong overseas education consultancy service industry. As of the date of this prospectus, we do not experience disruptions to our services. Further impact of COVID-19 to our industry or us depends on the extent, duration, and resurgence of new COVID-19 cases.

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#### REGULATIONS
The section sets forth a summary of the material laws and regulations applicable to our business operations in Hong Kong.

**(A) TRADE DESCRIPTION**

#### Trade Description Ordinance (Chapter 362 of the Laws of Hong Kong)
After an amendment in 2012, which came into operation in 2013, some new provisions in the Trade Description Ordinance (''TDO'') are relevant to commercial practice including advertising and marketing.

Under section 2 of the TDO, trade description can now be applied to a service. It means in relation to a service, an indication, direct or indirect, and by whatever means given, with respect to the service or any part of the service including an indication of any of the following matters:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) nature, scope, quantity (including the number of occasions on which, and the length of time for which, the service is supplied or to be supplied), standard, quality, value or grade;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) fitness for purpose, strength, performance, effectiveness, benefits or risks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) method and procedure by which, manner in which, and location at which, the service is supplied or to be supplied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) availability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) testing by any person and the results of the testing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) approval by any person or conformity with a type approved by any person; (g) a person by whom it has been acquired, or who has agreed to acquire it; (h) the person by whom the service is supplied or to be supplied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) after-sale service assistance concerning the service;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) price, how price is calculated or the existence of any price advantage or discount.

Under section 7A of the TDO, a trader who applies a false trade description to a service supplied or offered to be supplied to a consumer; or supplies or offers to supply to a consumer a service to which a false trade description is applied commits an offence. Under section 13E of the TDO, if the commercial practice (including advertising and marketing) contains misleading omission as to material information the trader commits a criminal offence.

Under section 18 of the TDO, any person who commits an offence under inter alia, section 7A or section 13E shall be liable on conviction on indictment to a maximum fine of HK$500,000 (US$64,000) and imprisonment for 5 years; and on summary conviction to a maximum fine of HK$100,000 (US$13,000) and imprisonment for 2 years. Further, under section 18A of the TDO, on conviction of an offence under inter alia sections 7A and 13E, the court has the additional power to order the payment of compensation.

According to section 20 of the TDO, if the offence is committed by a limited company and the offence has been committed with the consent or connivance or is attributable to the neglect of a person including a director, officer or manager they also commit the offence.

**(B) MISREPRESENTATION**

#### Misrepresentation Ordinance (Chapter 284 of the laws of Hong Kong)
Under the Misrepresentation Ordinance, where a person entered into a contract after a misrepresentation has been made to him, and (a) the misrepresentation has become a term of the contract; or (b) the contract has been performed, or both, then, if otherwise he would be entitled to rescind the contract without alleging fraud, he shall be so entitled, subject to the provisions of this Ordinance, notwithstanding the matters mentioned in (a) and (b) above.

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Under section 3 of the Misrepresentation Ordinance:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Where a person entered into a contract after a misrepresentation has been made to him by another party thereto and as a result thereof he has suffered loss, then, if the person making the misrepresentation would be liable to damages in respect thereof had the misrepresentation been made fraudulently, that person shall be so liable notwithstanding that the misrepresentation was not made fraudulently, unless he proves that he had reasonable grounds to believe and did believe up to the time the contract was made that the facts represented were true.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Where a person entered into a contract after a misrepresentation has been made to him otherwise than fraudulently, and he would be entitled, by reason of the misrepresentation, to rescind the contract, then, if it is claimed, in any proceedings arising out of the contract, that the contract ought to be or has been rescinded the court or arbitrator may declare the contract subsisting and award damages in lieu of rescission, if of opinion that it would be equitable to do so, having regard to the nature of the misrepresentation and the loss that would be caused by it if the contract were upheld, as well as to the loss that rescission would cause to the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Damages may be awarded against a person under subsection (2) whether or not he is liable to damages under subsection (1), but where he is so liable any award under subsection (2) shall be taken into account in assessing his liability under subsection (1).

**(C) PERSONAL DATA**

#### Personal Data (Privacy) Ordinance (Chapter 486 of the laws of Hong Kong)
The Personal Data (Privacy) Ordinance protects the privacy interests of living individuals in relation to personal data. It covers any automated and non-automated data relating directly or indirectly to a living individual and applies to both public and private bodies as data users that control the collection, holding, processing or use of personal data.

There are six principles in respect of the purpose and manner of collection of data, the accuracy and duration of retention of data, the use of personal data, the security of personal data, the information to be generally available and the access to personal data. In general, the personal data shall be lawfully and fairly collected and steps should be taken to ensure that the data subject is explicitly or implicitly informed on or before collecting the data. Personal data should also be accurate, up-to-date and kept no longer than necessary while unless with the consent from the data subjects, personal data should be used for the purposes for which they were collected or a directly related purpose.

The Office of the Privacy Commissioner for Personal Data is the governing body to promote, administer and oversee the enforcement of the Personal Data (Privacy) Ordinance. It has the power to carry out inspections of any personal data systems, to receive complaints from individuals and to investigate data users in respect of the complaints filed.

**(D) EMPLOYMENT**

#### Minimum Wage Ordinance (Chapter 608 of the Laws of Hong Kong)
The Minimum Wage Ordinance provides for a prescribed minimum hourly wage (set at HK$42.1 (US$5.4) per hour as at the date of this prospectus) during the wage period for every employee engaged under a contract of employment under the Employment Ordinance. Any provision of the employment contract which purports to extinguish or reduce the right, benefit or protection conferred on the employee by the Minimum Wage Ordinance is void.

#### Mandatory Provident Fund Schemes Ordinance (Chapter 485 of the Laws of Hong Kong) ("MPF Schemes Ordinance")
Employers are required to enroll their regular employees (except for certain exempt persons) aged between at least 18 but under 65 years of age and employed for 60 days or more in a Mandatory Provident Fund ("MPF") scheme within the first 60 days of employment.

For both employees and employers, it is mandatory to make regular contributions into an MPF scheme. For an employee, subject to the maximum and minimum levels of income (set at HK$30,000 and HK$7,100 per month, respectively, as at the date of this prospectus), an employer will deduct 5% of the relevant income on behalf of an

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employee as mandatory contributions to a registered MPF scheme with a ceiling (set at HK$1,500 (USS$200) as at the date of this prospectus). The employer will also be required to contribute an amount equivalent to 5% of an employee's relevant income to the MPF scheme, subject only to the maximum level of income (set at HK$30,000 (US$4,000) as at the date of this prospectus).

**(E) HEALTH AND SAFETY**

#### Occupational Safety and Health Ordinance (Chapter 509 of the Laws of Hong Kong)
The Occupational Safety and Health Ordinance provides for the safety and health protection to employees in workplaces, both industrial and non-industrial.

Employers must as far as reasonably practicable ensure the safety and health in their workplaces by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• providing and maintaining plant and systems of work that are safe and without risks to health;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• making arrangements for ensuring safety and absence of risks to health in connection with the use, handling, storage or transport of plant or substances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• as regards any workplace under the employer's control: maintenance of the workplace in a condition that is safe and without risks to health; and provision and maintenance of 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;• providing all necessary information, instructions, training and supervision for ensuring safety and health; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• providing and maintaining a working environment for the employer's employees that is safe and without risks to health.

Failure to comply with any of the above provisions constitutes an offence and the employer is liable on conviction to a fine of HK$200,000 (US$26,000). An employer who fails to do so intentionally, knowingly or recklessly commits an offence and is liable on conviction to a fine of HK$200,000 (US$26,000) and to imprisonment for six months.

The Commissioner for Labor may also issue an improvement notice against non-compliance of the Occupational Safety and Health Ordinance or suspension notice against activity or condition of workplace which may create imminent risk of death or serious bodily injury. Failure to comply with such notice without reasonable excuse constitutes an offence punishable by a fine of HK$200,000 (US$26,000) and HK$500,000 (US$64,000) respectively and imprisonment of up to 12 months.

#### Employees' Compensation Ordinance (Chapter 282 of the Laws of Hong Kong)
The Employees' Compensation Ordinance establishes a no-fault and non-contributory employee compensation system for work injuries and lays down 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 by prescribed occupational diseases.

Under the Employees' Compensation Ordinance, if an employee sustains an injury or dies as a result of an accident arising out of and in the course of his employment, his employer is in general liable to pay compensation even if the employee might have committed acts of faults or negligence when the accident occurred. Similarly, an employee who suffers incapacity arising from an occupational disease is entitled to receive the same compensation as that payable to employees injured in occupational accidents.

According to section 15(1A) of the Employees' Compensation Ordinance, employer shall report work injuries of its employee to the Commissioner of Labor not later than 14 days after the accident, irrespective of whether the accident gives rise to any liability to pay compensation.

Pursuant to section 40 of the Employees' Compensation Ordinance, all employers (including contractors and subcontractors) are required to take out insurance policies to cover their liabilities both under the Employees' Compensation Ordinance and at common law for injuries at work in respect of all their employees (including full-time and part-time employees). Under section 40(1B) of the Employees' Compensation Ordinance, where a principal

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contractor has undertaken to perform any construction work, it may take out an insurance policy for an amount not less than HK$200 million (US$26 million) per event to cover his liability and that of his subcontractor(s) under the Employees' Compensation Ordinance and at common law. Where a principal contractor has a policy of insurance under section 40(1B) of the Employees' Compensation Ordinance, the principal contractor and a subcontractor insured under the policy shall be regarded as having complied with section 40(1) of the Employees' Compensation Ordinance.

An employer who fails to comply with the Employees' Compensation Ordinance to secure an insurance cover is liable on conviction upon indictment to a fine at level 6 (currently at HK$100,000 (US$13,000)) and to imprisonment for two years.

#### Limitation Ordinance (Chapter 347 of the Laws of Hong Kong)
Under the Limitation Ordinance, the time limit for an applicant to commence common law claims for personal injuries is three years from the date on which the cause of action accrued.

#### Occupiers Liability Ordinance (Chapter 314 of the Laws of Hong Kong)
The Occupiers Liability Ordinance regulates the obligations of a person occupying or having control of premises on injury resulting to persons or damage caused to goods or other property on the land.

The Occupiers Liability Ordinance imposes a common duty of care on an occupier of premises to take such care as in all the circumstances of the case is reasonable to see that the visitor will be reasonably safe in using the premises for the purposes for which he is invited or permitted by the occupier to be there.

**(F) GENERAL**

#### Business Registration Ordinance (Chapter 310 of the Laws of Hong Kong)
The Business Registration Ordinance requires every person who carries on a business in Hong Kong to apply for business registration within one month from the date of commencement of the business, and to display a valid business registration certificate at the place of business.

Any person who fails to apply for business registration or display a valid business registration certificate at the place of business shall be guilty of an offence and shall be liable to a fine of HK$5,000 (US$600) and imprisonment for one year.

#### Taxation
Effective from April 1, 2018, profits tax is levied on a two-tiered profits tax rate basis, with the first HK$2 million (US$256,000) of profits being taxed at 8.25% for corporations and 7.5% for unincorporated businesses, and profits exceeding the first HK$2 million (US$256,000) being taxed at 16.5% for corporations and 15% for unincorporated businesses.

On March 16, 2007, the National People's Congress enacted the Enterprise Income Tax Law of PRC, or the Enterprise Income Tax Law, while the State Council promulgated the Implementing Rules of the Enterprise Income Tax Law of PRC, or the Implementing Rules on December 6, 2007, both of which became effective on January 1, 2008. The Enterprise Income Tax Law was further amended by SCNPC on February 24, 2017, which stimulates that corporate income tax shall be payable by a resident enterprise for income derived from or accruing in or outside China. Corporate income tax shall be payable by a non-resident enterprise, for income derived from or accruing in China by its office or premises established in China, and for income derived from or accruing outside China for which the established office or premises has a de facto relationship. The corporate income tax shall be at the rate of 25%. The applicable tax rate for income of a non-resident enterprise under the provisions of the third paragraph of Article 3 shall be 20%. Corporate income tax for qualified small profit enterprises shall be at a reduced tax rate of 20%. Corporate income tax for key advanced and new technology enterprises supported by the State shall be at a reduced tax rate of 15%. On the other hand, the State Administration of Taxation provides certain specific criteria for determining whether the "de facto management body" of a PRC-controlled offshore enterprise is located in China. Simply speaking, the criteria is more focused on substantive rather than format. Pursuant to its Circular 82 of 2009, the criteria to determine "de facto management body" include: (a) the senior management and core management

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departments in charge of its daily operations function have their presence mainly in the PRC; (b) its financial and human resources decisions are subject to determination or approval by persons or bodies in the PRC; (c) its major assets, accounting books, company seals, and minutes and files of its board and shareholders' meetings are located or kept in the PRC; and (d) more than half of the enterprise's directors or senior management with voting rights habitually reside in the PRC. Furthermore, the SAT published Bulletin 45 in September 2011, which provides more guidance on the implementation of the definition and provides for procedures and administration details on determining resident status and administration on post-determination matters. However, the SAT Circular 82 and Bulletin 45 only apply to offshore enterprises controlled by PRC enterprises or PRC enterprise groups rather than those controlled by PRC individuals or foreign individuals. So far there is no further criteria passed yet and no applicable legal precedents either, therefore it remains unclear how the PRC tax authorities will determine the PRC tax resident treatment of a foreign company controlled by individuals. Under these existing criteria, it is unlikely that we will be classified as a PRC "resident enterprise" for PRC enterprise income tax purposes. If so, it would likely result in unfavorable tax consequences to our non-PRC shareholders and have a material adverse effect on our results of operations and the value of your investment.

On August 21, 2006, China and Hong Kong signed the Arrangement between Mainland China and Hong Kong SAR concerning Avoiding Double Taxation and Preventing Tax Evasion on Income. When a Chinese company distributes dividends to Hong Kong residents (beneficiary owners of dividends), if the recipient directly owns at least 25% of the equity interest in the above-mentioned Chinese company, the Chinese withholding tax rate is 5%, otherwise it is 10%. On October 14, 2019, the State Administration of Taxation promulgated the Announcement of State Taxation Administration on Promulgation of the Administrative Measures on Non-resident Taxpayers Enjoying Treaty Benefits, which stimulate that non-resident taxpayers claiming treaty benefits shall be handled in accordance with the principles of "self-assessment, claiming benefits, retention of the relevant materials for future inspection". Where a non-resident taxpayer self-assesses and concludes that it satisfies the criteria for claiming treaty benefits, it may enjoy treaty benefits at the time of tax declaration or at the time of withholding through the withholding agent, simultaneously gather and retain the relevant materials pursuant to the provisions of these Measures for future inspection, and accept follow-up administration by the tax authorities.

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#### MANAGEMENT
Set forth below is information concerning our directors and executive officers as of the date of this prospectus:

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| | | |
|:---|:---|:---|
|  **Name** | **Age** | **Position(s)** |
|  Kin Cho LI | 45 | Chief Executive Officer, Chairman, and Director |
|  Ka Nung WU | 48 | Chief Financial Officer |
|  Wang Wai CHEN | 49 | Independent Director\* |
|  King Fui LEE | 46 | Independent Director\* |
|  San Man LENG | 47 | Independent Director\* |

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____________

\* These individuals consent to serving in such positions upon the closing of this Offering.

The business address of each of the officers and directors is at Office No. 903, 9/F, Tower 1 Silvercord, 30 Canton Road, Tsim Sha Tsui, Kowloon, Hong Kong.

The following is a brief biography of each of our executive officers and directors:

#### Executive Officers:
*Chief Executive Officer*

Kin Cho LI, age 45, has approximately 15 years of experience in the overseas studies consultancy service industry. Mr. Li joined Rise Smart Hong Kong in 2014 as a director and in 2015 as a shareholder. He was appointed as our Chief Executive Officer and Chairman on November 21, 2023. Mr. Li is primarily responsible for the overall management, formulation of business strategies and day-to-day management of our operations. Mr. Li obtained a bachelor of computer engineering from the City University of Hong Kong in November 2001. From July 2008 to December 2012, he was a branch manager of Global Education Network in Hong Kong. Mr. Li is a qualified education agent counsellor under the ICEF Academy and a certified agent of the British Council.

*Chief Financial Officer*

Ka Nung WU, age 48, has over 20 years of experience in auditing and accounting industry. From April 2001 to July 2002, Mr. Wu worked in F.S. Li & Company, CPA Limited as an audit intermediate. From August 2002 to May 2004, Mr. Wu worked in George Yau & Ho, CPA as an audit semi-senior. From June 2004 to October 2007, Mr. Wu worked in Y.W.Ip & Co., CPA as an audit senior. From November 2007 to March 2013, Mr. Wu worked in Timex Corporate Consulting Limited as an accounting officer. From May 2013 to May 2014, Mr. Wu worked in LKKC C.P.A. Limited as an audit senior. From May 2014 to October 2018, Mr. Wu worked in JP Housing Company Limited as an accountant. From September 2018 to November 2022, Mr. Wu worked in Winsea International Limited as an executive director and company secretary. In December 2022, Mr. Wu joined Rise Smart Hong Kong as the chief financial officer. Mr. Wu obtained an honors diploma in accounting from Hong Kong Shue Yan University in 2000.

#### Independent Directors:
Wang Wai CHEN, age 49, will serve as a director immediately upon the closing of this Offering. Mr. Chen has over 20 years of experience in the accounting and finance industry. From February 2000 to November 2001, Mr. Chen worked in Fiducia Ltd. as an accountant. From September 2000 to July 2010, Mr. Chen worked in Hong Kong Shue Yan University as a lecturer on various business and accounting courses. From July 2010 to March 2012, Mr. Chen worked in Fook Woo Assorted Paper Limited as a finance manager. From March 2012 to September 2016, Mr. Chen worked in Timex Corporate Consulting Limited as a corporate finance manager. Since October 2016, Mr. Chen worked in Eminent Education Company Limited/ Wai Hung Education Company Limited as the operations and finance director. Mr. Cheng obtained a Bachelor of Commerce (accounting) from the University of Wollongong in December 1998 and a Master of Funds of Management from the University of New South Wales in December 1999. Mr. Chen is a certified practicing accountants member in Australia and a certified public accountant of the Hong Kong Institute of Certified Public Accountants.

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King Fui LEE, age 46, will serve as a director immediately upon the closing of this Offering. Mr. Lee has over 15 years of experience in the accounting and finance industry. Mr. Lee worked in KPMG with his last position as senior manager from October 2006 to March 2011. Mr. Lee worked in Aujet Industry Limited as chief financial officer from August 2013 to February 2014. Mr. Lee worked in Legend Oilfield Services Limited as chief financial officer from May 2014 to April 2015. Mr. Lee worked in Enersoon Technology Limited as the vice president in investment and finance from January 2016 to December 2016. Mr. Lee worked in Tiantian Media Hong Kong Limited as chief financial officer from March 2017 to December 2017. Mr. Lee founded Visionwide Consultancy Limited and acted as director since October 2017, mainly providing company secretarial, tax compliance and corporate finance advisory services. From August 2018 to December 2020, Mr. Lee was an independent non-executive director of Hang Tai Yue Group Holdings Limited (HKEx: 8081). From July 2019 to October 2022, Mr. Lee was an independent non-executive director of China Creative Digital Entertainment Limited (HKEx: 8078). Since July 2019 and January 2022, Mr. Lee has become an independent non-executive director of Easy Repay Finance & Investment Limited (HKEx: 8079) and S&P International Holding Limited (HKEx: 1695), respectively. Mr. Lee obtained a master of science in accountancy from the Hong Kong Polytechnic University in 2012. Mr. Lee has been an associate member of the Hong Kong Institute of Certified Public Accountants since January 2012 and a fellow member since September 2020. Mr. Lee has been an associate member of the Association of Chartered Certified Accountants since September 2003 and a fellow member since September 2008. Mr. Lee has been a chartered accountant of Malaysian Institute of Accountants since March 2004.

San Man LENG, age 47, will serve as a director immediately upon the closing of this Offering. Ms. Leng has over 20 years of experience in accounting, auditing and international tax planning, specializing in U.S. taxation. Ms. Leng worked in Jim C. Accountancy Corporation in the U.S. as an auditor/ accountant from 1999 to 2004. Ms. Leng worked in Zdonek & Wolowicz Accountancy Corporation in the U.S. as a senior auditor/ accountant from 2004 to 2005. Ms. Leng worked in Galaxy Entertainment Group Limited as a finance manager from 2006 to 2007. Ms. Leng worked in AzureTax Limited as U.S. tax manager from 2009 to February 2012. Ms. Leng worked in Lusk & Moore Group as U.S. tax principal from March 2012 to August 2014. Ms. Leng has worked in East Asia Sentinel Group as U.S. tax partner since August 2014. Ms. Leng has also served as a board member for BKR Asia Pacific, part of BKR International, which is one of the top 10 global accounting associations, since 2019. Ms. Leng has served as an independent director of Globavend Holdings Limited (NASDAQ: GVH) since November 2023. Ms. Leng obtained a Bachelor of Arts in Business Economics from the University of Southern California in 1999. Ms. Leng is a Certified Public Accountant under the California Board of Accountancy and a member of the American Institute of Certified Public Accountants.

#### Election of Officers
Our executive officers are appointed by, and serve at the discretion of, our BOD.

#### Family Relationships
None of the 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 ten years, been involved in any legal proceedings described in subparagraph (f) of Item 401 of Regulation S-K. Our directors and officers have not been involved in any transactions with us or any of our affiliates or associates which are required to be disclosed pursuant to the rules and regulations of the SEC.

#### Board of Directors
We expect our BOD will consist of four (4) directors after completion of the Offering.

A director may vote in respect of any contract or transaction in which he is interested, provided, however that the nature of the interest of any director in any such contract or transaction shall be disclosed by him at or prior to its consideration and any vote on that matter. A general notice or disclosure to the directors or otherwise contained in the minutes of a meeting or a written resolution of the directors or any committee thereof of the nature of a director's

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interest shall be sufficient disclosure and after such general notice, it shall not be necessary to give special notice relating to any particular transaction. A director may be counted for a quorum upon a motion in respect of any contract or arrangement which he shall make with our Company, or in which he is so interested and may vote on such motion.

#### Board Committees
We established three committees under the BOD: an audit committee, a compensation committee and a nominating and corporate governance committee. We have a charter for each of the three committees. Copies of our committee charters are to be posted on our corporate investor relations website at *http://risesmart.com.hk* prior to our listing on Nasdaq.

Each committee's members will be appointed upon the close of our Offering and listing on Nasdaq Their functions are described below.

*Audit Committee.* We expect that on completion of the Offering, the audit committee will be comprised of Wang Wai CHEN, King Fui LEE and San Man LENG with San Man LENG serving as chair. Our BOD has determined that Wang Wai CHEN qualifies as an "audit committee financial expert" and has the accounting or financial management expertise as defined under Item 407(d)(5) of Regulation S-K and meets the financial sophistication requirements of Rule 5605(c)(2)(A) of the Nasdaq Stock Market Rules. We have also determined that Wang Wai CHEN, King Fui LEE and San Man LENG satisfy the "independence" requirements for purposes of serving on an audit committee under Rule 10A-3 of the Exchange Act and Rule 5605(a)(2) of the Nasdaq Stock Market Rules.

Our BOD has a written charter for the audit committee which the audit committee reviews and reassesses for adequacy on an annual basis. A copy of the audit committee's current charter is available at our corporate website.

*Compensation Committee.* We expect that upon completion of the Offering, the Compensation Committee will be comprised of Wang Wai CHEN, King Fui LEE and San Man LENG, with King Fui LEE serving as chair. We have also determined that Wang Wai CHEN, King Fui LEE and San Man LENG satisfy the "independence" requirements of Rule 5605(a)(2) of the Nasdaq Stock Market Rules. The compensation committee oversees the compensation of our chief executive officer and our other executive officers and reviews our overall compensation policies for employees generally. If so authorized by the BOD, the committee may also serve as the granting and administrative committee under any option or other equity-based compensation plans which we may adopt. The compensation committee does not delegate its authority to fix compensation; however, as to officers who report to the chief executive officer, the compensation committee consults with the chief executive officer, who may make recommendations to the compensation committee. Any recommendations by the chief executive officer are accompanied by an analysis of the basis for the recommendations. The committee will also discuss compensation policies for employees who are not officers with the chief executive officer and other responsible officers. A copy of the compensation committee's current charter is available at our corporate website.

*Nominating and Corporate Governance Committee.* We expect that upon completion of the Offering, the Nominating and Corporate Governance Committee will be comprised of Wang Wai CHEN, King Fui LEE and San Man LENG, with Wang Wai CHEN serving as chairman. We determined Wang Wai CHEN, King Fui LEE and San Man LENG, satisfy the "independence" requirements of Rule 5605(a)(2) of the Nasdaq Stock Market Rules. The nominating and corporate governance committee is involved in evaluating the desirability of and recommending to the board any changes in the size and composition of the board, evaluation of and successor planning for the chief executive officer and other executive officers. The qualifications of any candidate for director will be subject to the same extensive general and specific criteria applicable to director candidates generally. A copy of the nominating and corporate governance committee's current charter is available at our corporate website.

#### Code of Business Conduct and Ethics
We have a Code of Business Conduct and Ethics that applies to our principal executive officer, principal financial officer, principal accounting officer and controller, or persons performing similar functions. The Code of Business Conduct and Ethics will be available at our corporate website after the Offering at *http://risesmart.com.hk*.

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#### Duties of Directors
Under Cayman Islands law, the directors owe fiduciary duties to our company, including a duty of loyalty, a duty to act honestly, and a duty to act in good faith in what they believe to be in our best interests. Our directors must also exercise their powers only for a proper purpose. Our directors also have a duty to exercise the skills they actually possess and such care and diligence that a reasonably prudent person would exercise in comparable circumstances.

In fulfilling their duty of care to us, our directors must ensure compliance with our memorandum and articles of association as may be amended from time to time. Our company has a right to seek damages against any director who breaches a duty owed to us.

The functions and powers of our BOD include, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• convening shareholders' annual general meetings and reporting its work to shareholders at such meetings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• declaring dividends and distributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• appointing officers and determining the term of office of officers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• exercising the borrowing powers of our company and mortgaging the property of our company.

#### Qualification
There are no membership qualifications for directors. Further, there are no share ownership qualifications for directors unless so fixed by us in a general meeting. There are no other arrangements or understandings pursuant to which our directors are selected or nominated.

#### Terms of Directors and Officers
Our officers are elected by and serve at the discretion of the BOD. Our directors are not subject to a term of office and hold office until their resignation, death or incapacity, or until their respective successors have been elected and qualified or until his or her office is otherwise vacated in accordance with our articles of association as may be amended from time to time. A director will cease to be a director if, among other things, the director (i) becomes bankrupt or makes any arrangement or composition with his or her creditors; (ii) dies or is found to be or becomes of unsound mind, (iii) resigns his or her office by notice in writing to the company, or (iv) without special leave of absence from our board, is absent from board meetings for a continuous period of six months or (v) is removed from office pursuant to any other provisions of our memorandum and articles of association as may be amended from time to time.

#### Interested Transactions
Interested director transactions are governed by the terms of a company's memorandum and articles of association.

A director may, subject to any separate requirement for audit committee approval under applicable law, our memorandum and articles of association as may be amended from time to time or the Nasdaq Stock Market Listing Rules, or disqualification by the chairman of the relevant board meeting, vote in respect of a certain contract or transaction in which he or she is interested, provided that the nature of the interest of any directors in such a contract or transaction is disclosed by him or her at or prior to its consideration and any vote in that matter.

#### Limitation on Liability and Other Indemnification Matters
Cayman Islands law allows us to indemnify our directors, officers and auditors acting in relation to any of our affairs against actions, costs, charges, losses, damages and expenses incurred by reason of any act done or omitted in the execution of their duties as our directors, officers and auditors.

Under our Amended Memorandum and Articles, we may indemnify, among other persons, our Directors and officers from and against all actions, costs, charges, losses, damages and expenses which they or any of them may incur or sustain by reason of any act done, concurred in or omitted in or about the execution of their duty or supposed duty in carrying out their respective offices or trusts, except such (if any) as they shall incur or sustain through their own fraud or dishonesty.

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#### Employment Agreements with Named Executive Officers and Director
We entered into employment agreement with our named executive officers. The named executive officers are entitled to a fixed salary and other company benefits, each as determined by the Board from time to time. We may terminate an executive officers' employment under Hong Kong Law and under other applicable laws and regulations.

The named executive officers agreed during and after the termination or expiry of his/her employment agreement, not to reveal to any person or use all information, know-how and records that is confidential or not, which may come to their knowledge during their employment, except as authorized or required by his/her duties to do so. The restriction shall cease to apply to information or knowledge which may come into the public domain.

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#### EXECUTIVE COMPENSATION
Our compensation committee approves our salaries and benefit policies. It determines the compensation to be paid to our executive officers based on our financial and operating performance and prospects, and contributions made by the officers to our success. Each of the named officers will be measured by a series of performance criteria by the board of directors, or the compensation committee on a yearly basis. Such criteria will be set forth based on certain objective parameters such as job characteristics, required professionalism, management skills, interpersonal skills, related experience, personal performance and overall corporate performance.

Our BOD has not adopted or established a formal policy or procedure for determining the amount of compensation paid to our executive officers. The BOD will make an independent evaluation of appropriate compensation to key employees, with input from management. The BOD has oversight of executive compensation plans, policies and programs.

The following table sets forth certain information with respect to compensation for the years ended December 31, 2024 and 2023 earned by or paid to our chief executive officer, Mr. Li, our director, and the chief financial officer, Mr. Wu (the "named executive officers").

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Name and principal <br>position** | **Year/<br>period** | **Fee <br>earned <br>or <br>paid in <br>cash** | **Base <br>compensation <br>and bonus** | **Share <br>awards** | **Option <br>awards** | **Non-equity <br>incentive <br>plan <br>compensation** | **Change <br>in <br>pension <br>value and <br>non-<br>qualified <br>deferred** | **All <br>other <br>compensation** | **Total** |
|  |  | ***($)*** | ***($)*** | ***($)*** | ***($)*** | ***($)*** | ***($)*** | ***($)*** | ***($)*** |
|  Mr. Kin Cho Li <br>Chief Executive <br>Officer | 2024 | 153474 |  |  |  |  |  | 2302 | 155776 |
|  | 2023 | 91954 |  |  |  |  |  | 1149 | 93103 |
|  Ka Nung Wu <br>Chief Financial <br>Officer | 2024 | 49879 |  |  |  |  |  | 2302 | 52181 |
|  | 2023 | 40868 |  |  |  |  |  | 2043 | 42911 |

---

#### Director Compensation — Non-Employee Directors
For the years ended December 31, 2024 and 2023, the Company did not have any non-employee directors. At the closing of the Offering, we will engage three independent directors, who are not employees of the Company or any of the Operating Subsidiaries, as non-employee directors. We will pay our independent directors an annual cash retainer subject to terms of the definitive agreements. We will also reimburse all directors for any out-of-pocket expenses incurred by them in connection with their services provided in such capacity. In addition, we may provide incentive grants of stock, options or other securities convertible into or exchangeable for, our securities.

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#### RELATED PARTY TRANSACTIONS
The following is a list of related parties which the Company has transactions with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Mr. Li, Kin Cho, a director of Rise Smart.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Rise Smart Immigration Consultancy Limited, controlled by Mr. Li, Kin Cho.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Venus Ng Immigration Consultancy Limited, controlled by Mr. Li, Kin Cho.

***a. Due from related parties***

As of December 31 2024, 2023 and 2022, the balances of due from related parties were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **2024** | **2023** | **2022** |
|  **Due from related parties** |  |  |  |  |
|  Mr. Li, Kin Cho (a) | (1) |  | $— | $800769 |
|  Rise Smart Immigration Consultancy Limited (b) |  |  |  | 499 |
|  Venus Ng Immigration Consultancy Limited (c) | (2) |  |  | 1114 |
|  **Total** |  |  | $— | $802382 |

---

____________

(1) The balance was advances to the director. These amounts are unsecured, interest-free and repayable on demand. The balances were repaid in July 2023.

(2) The balance was the advances to Rise Smart Immigration Consultancy Limited and Venus Ng Immigration Consultancy Limited for operational purposes. These amounts were unsecured, interest-free and repayable on demand. The balances were repaid in July 2023.

***b. Due to a related party***

As of December 31, 2024, 2023 and 2022, the balances of due to a related party were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **2024** | **2023** | **2022** |
|  **Due to a related party** |  |  |  |  |
|  Mr. Li, Kin Cho (a) | (1) | $28357 | $30622 |  |
|  **Total** |  | $28357 | $30622 |  |

---

____________

***(1) The balance is advances for operating purposes. This amount is unsecured, interest***-free ***and repayable on demand.***

***c. Dividends payable***

***As of December 31, 2024, 2023 and 2022, the balances of dividends payable were as follows:***

---

| | | | |
|:---|:---|:---|:---|
|  | **2024** | **2023** | **2022** |
|  **Dividends payable** |  |  |  |
|  Mr. Li Kin Cho | $— | $1537 | $— |
|  Mr. Wa Pang Cheong |  | 126781 |  |
|  Mr. Ho Fai Chan |  | 63903 |  |
|  Mr. Yu Ming Tang |  | 63903 |  |
|  **Total** | $— | $256124 | $— |

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#### PRINCIPAL SHAREHOLDERS
The following table sets forth information with respect to beneficial ownership of our Ordinary Shares as of the date of the prospectus by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each person who is known by us to beneficially own more than 5% of our outstanding Ordinary Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each of our director, director nominees and named executive officers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All directors and named executive officers as a group.

Our Company is authorized to issue 80,000,000 Ordinary Shares with par value of $0.000625. The number and percentage of Ordinary Shares beneficially owned before the Offering are based on 14,375,000 Ordinary Shares issued and outstanding as of the date of this prospectus and 16,175,000 Ordinary Shares post-Offering (or 16,445,000 Ordinary Shares if the underwriters exercise their option to purchase additional Ordinary Shares in full). Information with respect to beneficial ownership has been furnished by each director, officer or beneficial owner of more than 5% of our Ordinary Shares. In addition, the following table assumes that the underwriters' over-allotment option has not been exercised.

Beneficial ownership is determined in accordance with the rules of the SEC and generally requires that such person have voting or investment power with respect to securities. In computing the number of Ordinary Shares beneficially owned by a person listed below and the percentage ownership of such person, Ordinary Shares underlying options, warrants or convertible securities held by each such person that are exercisable or convertible within 60 days of the date of this prospectus are deemed outstanding but are not deemed outstanding for computing the percentage ownership of any other person.

None of our shareholders as of the date of this prospectus is a record holder in the U.S. Except as otherwise indicated in the footnotes to this table, or as required by applicable community property laws, all persons listed have sole voting and investment power for all Ordinary Shares shown as beneficially owned by them. Unless otherwise indicated in the footnotes, the address for each principal shareholder is in the care of our Company at Office No. 903, 9/F, Tower 1 Silvercord, 30 Canton Road, Tsim Sha Tsui, Kowloon, Hong Kong.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Ordinary Shares beneficially <br>owned prior to this Offering** | **Ordinary Shares beneficially <br>owned prior to this Offering** | **Ordinary Shares beneficially <br>owned after this Offering** | **Ordinary Shares beneficially <br>owned after this Offering** |
|  | **Number** | **%** | **Number** | **%** |
|  **Directors and Executive Officers:** |  |  |  |  |
|  Kin Cho LI Chief Executive Officer<sup>(1)</sup> | 11517250 | 80.12 | 11517250 | 71.20 |
|  Ka Nung WU Chief Financial Officer |  |  |  |  |
|  Wang Wai CHEN Independent Director Nominee |  |  |  |  |
|  King Fui LEE Independent Director Nominee |  |  |  |  |
|  San Man LENG Independent Director Nominee |  |  |  |  |
|  All directors and executive officers as a group | 11517250 | 80.12 | 11517250 | 71.20 |
|  **5% Beneficial Owners** |  |  |  |  |
|  Kin Cho LI<sup>(1)</sup> | 11517250 | 80.12 | 11517250 | 71.20 |
|  Wa Pang CHEONG<sup>(2)</sup> | 1423125 | 9.90 | 1423125 | 8.80 |

---

____________

(1) These shares are held by Glamorous Rise Limited, a BVI company. Mr. Kin Cho Li is the sole shareholder and sole director of Glamorous Rise Limited, and holds the sole voting and dispositive power over the Ordinary Shares held by Glamorous Rise Limited. The registered address of Glamorous Rise Limited is: Craigmuir Chambers, Road Town, Tortola, VG 1110, BVI.

(2) These shares are held by Radiant Moonlight Limited, a BVI company. Mr. Wa Pang Cheong is the sole shareholder and sole director of Radiant Moonlight Limited, and holds the sole voting and dispositive power over the Ordinary Shares held by Radiant Moonlight Limited. The registered address of Radiant Moonlight Limited is: Craigmuir Chambers, Road Town, Tortola, VG 1110, BVI.

As of the date of this prospectus, we are authorized to issue 80,000,000 shares with par value of $0.000625 in a single class. Holders of Ordinary Shares are entitled to one vote per share. We will issue and register Ordinary Shares in this Offering.

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As of the date of this prospectus, none of our outstanding Ordinary Shares are held by record holders in the U.S.

We are not aware of any arrangement that may, at a subsequent date, result in a change of control of our Company.

#### History of Share Capital
We were incorporated in the Cayman Islands as a business company with liability limited by shares on June 14, 2023 to become the legal vehicle for our Operating Subsidiary to go public in the U.S.

---

| | | | |
|:---|:---|:---|:---|
|  **Name of company** | **Place of <br>incorporation** | **Attributable <br>equity interest <br>(%)** | **Issued and <br>outstanding <br>shares** |
|  Rise Smart Group Holdings Limited | Cayman Islands | 100 | 14375000 |
|  Rise Smart (HK) Limited | BVI | 100 | 1 |
|  Rise Smart Holdings Limited | Hong Kong | 100 | 3000000 |
|  Rise Smart Holdings Limited | UK | 100 | 100 |

---

On June 14, 2023, the Company was incorporated in the Cayman Islands and Mr. Kin Cho Li, Mr. Wa Pang Cheong, Mr. Ho Fai Chan and Mr. Yu Ming Tang, owned 8,012 shares, 990 shares, 499 shares and 499 shares, respectively. On June 29, 2023, the Company incorporated a wholly-owned subsidiary, Rise Smart (HK) Limited, a limited company incorporated in the BVI. On July 4, 2023, Rise Smart (HK) Limited entered into agreements with Mr. Kin Cho Li, Mr. Wa Pang Cheong, Mr. Ho Fai Chan, and Mr. Yu Ming Tang, pursuant to which Rise Smart (HK) Limited acquired 2,403,600 shares, 297,000 shares, 149,700 shares, and 149,700 shares of Rise Smart Hong Kong, our Hong Kong Operating Subsidiary, from Mr. Kin Cho Li, Mr. Wa Pang Cheong, Mr. Ho Fai Chan and Mr. Yu Ming Tang, at the consideration of HK$80.12, HK$9.9, HK$4.99, and HK$4.99, respectively. On July 5, 2023, Rise Smart (HK) Limited entered into an agreement with Mr. Kin Cho Li, pursuant to which Rise Smart (HK) Limited acquired the entire issued share capital of Rise Smart UK, our UK subsidiary, from Mr. Kin Cho Li at the consideration of 100 Great Britain Pounds. Subsequently our Hong Kong subsidiary and UK subsidiary are wholly-owned by Rise Smart (HK) Limited.

On May 2, 2024, all of the shareholders of the Company, namely, Mr. Kin Cho Li, Mr. Wa Pang Cheong, Mr. Ho Fai Chan and Mr. Yu Ming Tang (the "Shareholders") approved a share subdivision pursuant to which each of the Company's existing issued and unissued shares with a par value of USD1.00 each into 1,600 shares with a par value of USD0.000625 each, and all the subdivided shares shall be ranked pari passu in all respects with each other as part of the Company's reorganization (the "Share Subdivision"). Subsequent to the Share Subdivision, the authorized share capital of the Company became USD50,000 divided into 80,000,000 ordinary shares with a par value of USD0.000625 each, and the Company had 16,000,000 Ordinary Shares issued and outstanding, of which 12,819,200, 1,584,000, 798,400 and 798,400 Ordinary Shares were held by Mr. Kin Cho Li, Mr. Wa Pang Cheong, Mr. Ho Fai Chan and Mr. Yu Ming Tang, respectively.

Immediately upon the completion of the Share Subdivision, on May 2, 2024, the Shareholders proposed and the board of directors of the Company approved the surrender of 1,625,000 Ordinary Shares for no consideration to the Company for cancellation, among which (i) 1,301,950 Ordinary Shares were surrendered by Mr. Kin Cho Li, (ii) 160,875 Ordinary Shares were surrendered by Mr. Wa Pang Cheong, (iii) 81,088 Ordinary Shares were surrendered by Mr. Ho Fai Chan and (iv) 81,087 Ordinary Shares were surrendered by Mr. Yu Ming Tang to the Company. Subsequently, the total number of Ordinary Shares in issue and outstanding became 14,375,000, and each of Mr. Kin Cho Li, Mr. Wa Pang Cheong, Mr. Ho Fai Chan and Mr. Yu Ming Tang owns 11,517,250, 1,423,125, 717,312 and 717,313 Ordinary Shares, respectively.

On October 31, 2024, (i) Mr. Kin Cho Li executed an instrument of transfer with Glamorous Rise Limited, a BVI company legally and beneficially owned by Mr. Kin Cho Li, whereby Mr. Kin Cho Li transferred 11,517,250 Ordinary Shares to Glamorous Rise Limited; (ii) Mr. Wa Pang Cheong executed an instrument of transfer with Radiant Moonlight Limited, a BVI company legally and beneficially owned by Mr. Wa Pang Cheong, whereby Mr. Wa Pang Cheong transferred 1,423,125 Ordinary Shares to Radiant Moonlight Limited; (iii) Mr. Ho Fai Chan executed an instrument of transfer with Fabulous Time Global Limited, a BVI company legally and beneficially owned by Mr. Ho Fai Chan, whereby Mr. Ho Fai Chan transferred 717,312 Ordinary Shares to Fabulous Time Global Limited; and (iv) Mr. Yu Ming Tang executed an instrument of transfer with Absolute Rapture Limited, a BVI company legally and beneficially owned by Mr. Yu Ming Tang, whereby Mr. Yu Ming Tang transferred 717,313 Ordinary Shares to Absolute Rapture Limited. Subsequent to the transfers, Rise Smart Group Holdings Limited is owned as to 11,517,250, 1,423,125, 717,312 and 717,313 Ordinary Shares by Glamorous Rise Limited, Radiant Moonlight Limited, Fabulous Time Global Limited, and Absolute Rapture Limited.

As of the date of this prospectus, none of our outstanding Ordinary Shares is held by record holders in the U.S.

We are not aware of any arrangement that may, at a subsequent date, result in a change in control of our Company.

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#### DESCRIPTION OF ORDINARY SHARES

#### General
RSGHL is a holding company incorporated under the laws of the Cayman Islands on June 14, 2023. Our affairs are governed by the provisions of our Amended Memorandum and Articles, as amended and/or restated from time to time, the Companies Act and the applicable laws of the Cayman Islands (including applicable common law).

The following description of our share capital and provisions of our Amended Memorandum and Articles, as amended from time to time, are summaries and do not purport to be complete. Reference is made to our Amended Memorandum and Articles, copies of which are filed as an exhibit to the registration statement of which this prospectus is a part (and which is referred to in this section as, respectively, the "memorandum" and the "articles").

We are incorporated as an exempted company with limited liability under the Companies Act on June 14, 2023. A Cayman Islands exempted company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is a company that conducts its business mainly outside the Cayman Islands;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is prohibited from trading in the Cayman Islands with any person, firm or corporation except in furtherance of the business of the exempted company carried on outside the Cayman Islands (and for this purpose can effect and conclude contracts in the Cayman Islands and exercise 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;• does not have to hold an annual general meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• does not have to make its register of members open to inspection by shareholders of that company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• may obtain an undertaking against the imposition of any future taxation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• may register by way of continuation in another jurisdiction and be deregistered in the Cayman Islands;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• may register as a limited duration company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• may register as a segregated portfolio company.

#### Ordinary Shares
All of our issued and outstanding ordinary shares are fully paid and non-assessable. Our ordinary shares are issued in registered form, and are issued when registered in our register of members. Unless the BOD determine otherwise, each holder of our ordinary shares will not receive a certificate in respect of such ordinary shares. Our shareholders who are non-residents of the Cayman Islands may freely hold and vote their ordinary shares. We may not issue shares or warrants to bearer.

As of the date of this prospectus, our authorized share capital is US$50,000 divided into 80,000,000 ordinary shares of par value US$0.000625 each. As of the date of this prospectus, there are 14,375,000 ordinary shares issued and outstanding. Subject to the provisions of the Companies Act and our articles regarding redemption and purchase of the shares, the directors have general and unconditional authority to allot (with or without confirming rights of renunciation), grant options over or otherwise deal with any unissued shares to such persons, at such times and on such terms and conditions as they may decide. The directors may deal with unissued shares either at a premium or at par, or with or without preferred, deferred or other special rights or restrictions, whether in regard to dividend, voting, return of capital or otherwise. No share may be issued at a discount except in accordance with the provisions of the Companies Act. The directors may refuse to accept any application for shares, and may accept any application in whole or in part, for any reason or for no reason.

At the completion of this offering, there will be 16,175,000 ordinary shares issued and outstanding (or 16,445,000 Ordinary Shares if the underwriters exercise their option to purchase additional Ordinary Shares in full). Shares sold in this offering will be delivered against payment from the underwriters upon the closing of the offering in New York, New York on or about [\*].

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#### Listing
We will apply to list the ordinary shares on the Nasdaq Capital Market under the symbol "RSHL".

#### Transfer Agent and Registrar
The transfer agent and registrar for the ordinary shares is Odyssey Transfer and Trust Company.

#### Dividends
Subject to the provisions of the Companies Act and any rights attaching to any class or classes of shares under and in accordance with the articles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the directors may declare dividends or distributions out of our funds which are lawfully available for that purpose; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our shareholders may, by ordinary resolution, declare dividends but no such dividend shall exceed the amount recommended by the directors.

Our BOD may decide to pay dividends to its shareholders without having to obtain shareholders' consent. Dividends are therefore usually paid pursuant to a resolution of the board of directors passed either by way of written resolution or at a board meeting.

Alternatively, dividends may also be declared pursuant to an ordinary resolution of the shareholders passed either by way of written resolution or at a general meeting. Our BOD may recommend a dividend to the shareholders either by way of written resolution or at a board meeting. Shareholders would evaluate the director's recommendation pursuant to an ordinary resolution passed either by way of written resolution or at a general meeting. However, the amount of such dividend to be paid must not exceed the amount recommended by the board.

Subject to the requirements of the Companies Act regarding the application of a company's share premium account and with the sanction of an ordinary resolution, dividends may also be declared and paid out of any share premium account. The directors when paying dividends to shareholders may make such payment either in cash or in specie.

Unless provided by the rights attached to a share, no dividend shall bear interest.

#### Voting Rights
Subject to any rights or restrictions as to voting attached to any shares, unless any share carries special voting rights, on a show of hands every shareholder who is present in person and every person representing a shareholder by proxy shall have one vote per Ordinary Share. On a poll, every shareholder who is present in person and every person representing a shareholder by proxy shall have one vote for each Ordinary Share of which he or the person represented by proxy is the holder. In addition, all shareholders holding shares of a particular class are entitled to vote at a meeting of the holders of that class of shares. Votes may be given either personally or by proxy.

#### Variation of Rights of Shares
Whenever our capital is divided into different classes of shares, the rights attaching to any class of share (unless otherwise provided by the terms of issue of the shares of that class) may be varied either with the consent in writing of the holders of not less than two-thirds of the issued shares of that class, or with the sanction of a resolution passed by a majority of not less than two-thirds of the holders of shares of the class present in person or by proxy at a separate general meeting of the holders of shares of that class.

Unless the terms on which a class of shares was issued state otherwise, the rights conferred on the shareholder holding shares of any class shall not be deemed to be varied by the creation or issue of further shares ranking pari passu with the existing shares of that class.

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#### Alteration of Share Capital
Subject to the Companies Act, our shareholders may, by ordinary resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increase our share capital by new shares of the amount fixed by that ordinary resolution and with the attached rights, priorities and privileges set out in that ordinary resolution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• consolidate and divide all or any of our share capital into shares of larger amount than our existing shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• convert all or any of our paid-up shares into stock, and reconvert that stock into paid up shares of any denomination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• sub-divide our shares or any of them into shares of an amount smaller than that fixed by the memorandum, so, however, that in the sub-division, the proportion between the amount paid and the amount, if any, unpaid on each reduced share shall be the same as it was in case of the share from which the reduced share is derived; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cancel shares which, at the date of the passing of that ordinary resolution, have not been taken or agreed to be taken by any person and diminish the amount of our share capital by the amount of the shares so cancelled or, in the case of shares without nominal par value, diminish the number of shares into which our capital is divided.

Subject to the Companies Act and to any rights for the time being conferred on the shareholders holding a particular class of shares, our shareholders may, by special resolution, reduce its share capital in any way.

#### Calls on Shares and Forfeiture or Surrender of Shares
Subject to the terms of allotment, BOD may make calls upon shareholders in respect of any monies unpaid on their shares including any premium (such as any interest which may have accrued, and any expenses which have been incurred by the Company in connection of the unpaid monies). The call may provide for payment to be by instalments. Subject to receiving at least 14 clear days' notice specifying when and where payment is to be made, each Shareholder shall pay to the Company the amount called on his shares as required by the notice. Shareholders registered as the joint holders of a share shall be jointly and severally liable to pay all calls in respect of the share. For the avoidance of doubt, if the issued shares have been fully paid in accordance with the terms of its issuance and subscription, such as the Ordinary Shares in this Offering, the BOD shall not have the right to make calls on such fully paid shares and such fully paid shares shall not be subject to forfeiture. There is no premium in connection with the Ordinary Shares in this Offering.

If a call remains unpaid after it has become due and payable the directors may give to the person from whom it is due not less than 14 clear days' notice requiring payment of the amount unpaid, any interest which may have accrued, and any expenses which have been incurred by the Company due to that person's default. The notice shall state the place where payment is to be made, and a warning that if the notice is not complied with the shares in respect of which the call is made will be liable to be forfeited.

If such notice is not complied with, the directors may, before the payment required by the notice has been received, resolve that any share the subject of that notice be forfeited. The forfeiture shall include all dividends or other monies payable in respect of the forfeited share and not paid before the forfeiture. Despite the foregoing, the BOD may determine that any share the subject of that notice be accepted by the Company as surrendered by the Shareholder holding that share in lieu of forfeiture.

A forfeited or surrendered Share may be sold, re-allotted or otherwise disposed of on such terms and in such manner as the BOD determine either to the former Shareholder who held that share or to any other person. The forfeiture or surrender may be cancelled on such terms as the directors think fit at any time before a sale, re-allotment or other disposition.

A person whose shares have been forfeited shall cease to be a shareholder in respect of the forfeited shares, but shall, notwithstanding such forfeiture, remain liable to pay to us all monies which at the date of forfeiture were payable by him to us in respect of the shares, together with all expenses and interest from the date of forfeiture or surrender until payment at the rate of which interest was payable on those monies before forfeiture; if no rate was so payable, at the rate of ten percent per annum. The directors, however, may waive payment wholly or in part.

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A declaration, whether statutory or under oath, made by a director or the secretary shall be conclusive evidence that the person making the declaration is our director or secretary and that the particular shares have been forfeited or surrendered on a particular date.

As of the date of this prospectus, as the shares have been duly registered in the Company's register of members as fully paid shares, they are considered fully paid and non-assessable, and are not subject to forfeiture.

#### Unclaimed Dividend
A dividend that remains unclaimed for a period of six years after it became due for payment shall be forfeited to, and shall cease to remain owing by, the company.

#### Share Premium Account
The directors shall establish a share premium account and shall carry the credit of such account from time to time to a sum equal to the amount or value of the premium paid on the issue of any share or capital contributed or such other amounts required by the Companies Act.

#### Redemption and Purchase of Own Shares
Subject to the Companies Act and any rights for the time being conferred on the shareholders holding a particular class of shares, we may by action of our directors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• issue shares that are to be redeemed or liable to be redeemed, at our option or the shareholder holding those redeemable shares, on the terms and in the manner our directors determine before the issue of those shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• with the consent by special resolution of the shareholders holding shares of a particular class, vary the rights attaching to that class of shares so as to provide that those shares are to be redeemed or are liable to be redeemed at our option on the terms and in the manner which the directors determine at the time of such variation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• purchase all or any of our own shares of any class including any redeemable shares on the terms and in the manner which the directors determine at the time of such purchase.

We may make a payment in respect of the redemption or purchase of our own shares in any manner authorized by the Companies Act, including out of any combination of capital, our profits and the proceeds of a fresh issue of shares.

When making a payment in respect of the redemption or purchase of shares, the directors may make the payment in cash or in specie (or partly in one and partly in the other) if so authorized by the terms of the allotment of those shares or by the terms applying to those shares, or otherwise by agreement with the shareholder holding those shares.

#### Transfer of Shares
Subject to any applicable requirements set forth in the articles and provided that a transfer of Ordinary Shares complies with applicable rules of the Nasdaq Capital Market, a shareholder may transfer Ordinary Shares to another person by completing an instrument of transfer in a common form or in a form prescribed by Nasdaq or in any other form approved by the directors, executed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• where the ordinary shares are fully paid, by or on behalf of that shareholder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• where the ordinary shares are partly paid, by or on behalf of that shareholder and the transferee.

The transferor shall be deemed to remain the holder of an Ordinary Share until the name of the transferee is entered into our register of members.

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Where the Ordinary Shares in question are not listed on or subject to the rules of the Nasdaq Capital Market, our board of directors may, in its absolute discretion, decline to register any transfer of any Ordinary Share that has not been fully paid up or is subject to a company lien. Our board of directors may also decline to register any transfer of such Ordinary Share unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the instrument of transfer is lodged with us, accompanied by the certificate for the Ordinary Shares to which it relates and such other evidence as our board of directors may reasonably require to show the right of the transferor to make the transfer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the instrument of transfer is in respect of only one class of Ordinary 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;• the Ordinary Share transferred is fully paid and free of any lien in favor of us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any fee related to the transfer has been paid to us; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the transfer is not more than four joint holders.

If our directors refuse to register a transfer, they are required, within three months after the date on which the instrument of transfer was lodged, to send to each of the transferor and the transferee notice of such refusal.

The registration of transfers may, on 14 days' notice being given by advertisement in such one or more newspapers or by electronic means, be suspended and our register of members closed at such times and for such periods as our board of directors may, in their absolute discretion, from time to time determine. The registration of transfers, however, may not be suspended, and the register may not be closed, for more than 30 days in any year.

#### Inspection of Books and Records
Holders of our Ordinary Shares will have no general right under the Companies Act to inspect or obtain copies of our register of members or our corporate records.

#### General Meetings
As a Cayman Islands exempted company, we are not obligated by the Companies Act to call shareholders' annual general meetings; accordingly, we may, but shall not be obliged to, in each year hold a general meeting as an annual general meeting. Any annual general meeting held shall be held at such time and place as may be determined by our board of directors. All general meetings other than annual general meetings shall be called extraordinary general meetings.

The directors may convene general meetings whenever they think fit. General meetings shall also be convened on the written requisition of one or more of the shareholders entitled to attend and vote at our general meetings who (together) hold not less than ten percent of the rights to vote at such general meeting in accordance with the notice provisions in the articles, specifying the purpose of the meeting and signed by or on behalf of each of the shareholders making the requisition. If the directors do not convene such meeting within 21 clear days' from the date of receipt of the written requisition, those shareholders who requested the meeting or any of them may convene the general meeting themselves within three months after the end of such period of 21 clear days in which case reasonable expenses incurred by them as a result of the directors failing to convene a meeting shall be reimbursed by us.

At least 14 clear days' notice of an extraordinary general meeting and 21 clear days' notice of an annual general meeting shall be given to shareholders entitled to attend and vote at such meeting. The notice shall specify the place, the day and the hour of the meeting and the general nature of that business. In addition, if a resolution is proposed as a special resolution, the text of that resolution shall be given to all shareholders. Notice of every general meeting shall also be given to the directors and our auditors.

Subject to the Companies Act and with the consent of the shareholders who, individually or collectively, hold at least 90 percent of the voting rights of all those who have a right to vote at a general meeting, a general meeting may be convened on shorter notice.

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A quorum shall consist of the presence (whether in person or represented by proxy) of one or more shareholders holding shares that represent not less than one-third of the outstanding shares carrying the right to vote at such general meeting.

If, within 15 minutes from the time appointed for the general meeting, or at any time during the meeting, a quorum is not present, the meeting, if convened upon the requisition of shareholders, shall be cancelled. In any other case it shall stand adjourned to the same time and place seven days or to such other time or place as is determined by the directors.

The chairman may, with the consent of a meeting at which a quorum is present, adjourn the meeting. When a meeting is adjourned for more than seven clear days, notice of the adjourned meeting shall be given in accordance with the articles.

At any general meeting a resolution put to the vote of the meeting shall be decided on a show of hands, unless a poll is (before, or on, the declaration of the result of the show of hands) demanded by the chairman of the meeting or by at least two shareholders having the right to vote on the resolutions or one or more shareholders present who together hold not less than ten percent of the voting rights of all those who are entitled to vote on the resolution. Unless a poll is so demanded, a declaration by the chairman as to the result of a resolution and an entry to that effect in the minutes of the meeting, shall be conclusive evidence of the outcome of a show of hands, without proof of the number or proportion of the votes recorded in favor of, or against, that resolution.

If a poll is duly demanded it shall be taken in such manner as the chairman directs and the result of the poll shall be deemed to be the resolution of the meeting at which the poll was demanded.

In the case of an equality of votes, whether on a show of hands or on a poll, the chairman of the meeting at which the show of hands takes place or at which the poll is demanded, shall not be entitled to a second or casting vote.

#### Directors
We may by ordinary resolution, from time to time, fix the maximum and minimum number of directors to be appointed. Under the articles, we are required to have a minimum of one director and the maximum number of Directors shall be unlimited.

A director may be appointed by ordinary resolution or by the directors. Any appointment may be to fill a vacancy or as an additional director.

Unless the remuneration of the directors is determined by the shareholders by ordinary resolution, the directors shall be entitled to such remuneration as the directors may determine.

The shareholding qualification for directors may be fixed by our shareholders by ordinary resolution and unless and until so fixed no share qualification shall be required.

A director may be removed by ordinary resolution.

A director may at any time resign from office by giving us notice in writing. Unless the notice specifies a different date, the director shall be deemed to have resigned on the date that the notice is delivered to us.

Subject to the provisions of the articles, the office of a director may be terminated forthwith if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• he is prohibited by the law of the Cayman Islands from acting as a director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• he is made bankrupt or makes an arrangement or composition with his creditors generally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• he resigns his office by notice to us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• he only held office as a director for a fixed term and such term expires;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in the opinion of a registered medical practitioner by whom he is being treated he becomes physically or mentally incapable of acting as a director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• he is given notice by the majority of the other directors (not being less than two in number) to vacate office (without prejudice to any claim for damages for breach of any agreement relating to the provision of the services of such director);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• he is made subject to any law relating to mental health or incompetence, whether by court order or otherwise; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• without the consent of the other directors, he is absent from meetings of directors for continuous period of six months.

Each of the compensation committee and the nominating and corporate governance committees shall consist of at least three directors and the majority of the committee members shall be independent within the meaning of Section 5605(a)(2) of the Nasdaq listing rules. The audit committee shall consist of at least three directors, all 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 set forth in Rule 10A-3 or Rule 10C-1 of the Exchange Act.

#### Powers and Duties of Directors
Subject to the provisions of the Companies Act and our memorandum and articles, our business shall be managed by the directors, who may exercise all our powers. No prior act of the directors shall be invalidated by any subsequent alteration of our memorandum or articles. To the extent allowed by the Companies Act, however, shareholders may by special resolution validate any prior or future act of the directors which would otherwise be in breach of their duties.

The directors may delegate any of their powers to any committee consisting of one or more persons who need not be shareholders and may include non-directors so long as the majority of those persons are directors; any committee so formed shall in the exercise of the powers so delegated conform to any regulations that may be imposed on it by the directors. Upon the initial closing of this offering, our BOD will have established an audit committee, a compensation committee, and a nomination and corporate governance committee.

The BOD may establish any local or divisional BOD or agency and delegate to it its powers and authorities (with power to sub-delegate) for managing any of our affairs whether in the Cayman Islands or elsewhere and may appoint any persons to be members of a local or divisional BOD, or to be managers or agents, and may fix their remuneration.

The directors may from time to time and at any time by power of attorney or in any other manner they determine appoint any person, either generally or in respect of any specific matter, to be our agent with or without authority for that person to delegate all or any of that person's powers.

The directors may from time to time and at any time by power of attorney or in any other manner they determine appoint any person, whether nominated directly or indirectly by the directors, to be our attorney or our authorized signatory and for such period and subject to such conditions as they may think fit. The powers, authorities and discretions, however, must not exceed those vested in, or exercisable, by the directors under the articles.

The BOD may remove any person so appointed and may revoke or vary the delegation.

The directors may exercise all of our powers to borrow money and to mortgage or charge our undertaking, property and assets both present and future and uncalled capital or any part thereof, to issue debentures and other securities whether outright or as collateral security for any debt, liability or obligation of ours or our parent undertaking (if any) or any subsidiary undertaking of us or of any third party.

A director shall not, as a director, vote in respect of any contract, transaction, arrangement or proposal in which he has an interest which (together with any interest of any person connected with him) is a material interest (otherwise than by virtue of his interests, direct or indirect, in shares or debentures or other securities of, or otherwise in or through, us) and if he shall do so his vote shall not be counted, nor in relation thereto shall he be counted in the quorum present at the meeting, but (in the absence of some other material interest than is mentioned below) none of these prohibitions shall apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the giving of any security, guarantee or indemnity in respect of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) money lent or obligations incurred by him or by any other person for our benefit or any of our subsidiaries; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a debt or obligation of ours or any of our subsidiaries for which the director himself has assumed responsibility in whole or in part and whether alone or jointly with others under a guarantee or indemnity or by the giving of security;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) where we or any of our subsidiaries is offering securities in which offer the director is or may be entitled to participate as a holder of securities or in the underwriting or sub-underwriting of which the director is to or may participate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any contract, transaction, arrangement or proposal affecting any other body corporate in which he is interested, directly or indirectly and whether as an officer, shareholder, creditor or otherwise howsoever, provided that he (together with persons connected with him) does not to his knowledge hold an interest representing one percent or more of any class of the equity share capital of such body corporate (or of any third body corporate through which his interest is derived) or of the voting rights available to shareholders of the relevant body corporate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any act or thing done or to be done in respect of any arrangement for the benefit of the employees of us or any of our subsidiaries under which he is not accorded as a director any privilege or advantage not generally accorded to the employees to whom such arrangement relates; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any matter connected with the purchase or maintenance for any director of insurance against any liability or (to the extent permitted by the Companies Act) indemnities in favor of directors, the funding of expenditure by one or more directors in defending proceedings against him or them or the doing of anything to enable such director or directors to avoid incurring such expenditure.

A director may, as a director, vote (and be counted in the quorum) in respect of any contract, transaction, arrangement or proposal in which he has an interest which is not a material interest or as described above.

#### Capitalization of Profits
The directors may resolve to capitalize:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any part of our profits not required for paying any preferential dividend (whether or not those profits are available for distribution); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any sum standing to the credit of our share premium account or capital redemption reserve, if any.

The amount resolved to be capitalized must be appropriated to the shareholders who would have been entitled to it had it been distributed by way of dividend and in the same proportions.

#### Liquidation Rights
If we are wound up, the shareholders may, subject to the articles and any other sanction required by the Companies Act, pass a special resolution allowing the liquidator to do either or both of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to divide in specie among the shareholders the whole or any part of our assets and, for that purpose, to value any assets and to determine how the division shall be carried out as between the shareholders or different classes of shareholders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to vest the whole or any part of the assets in trustees for the benefit of shareholders and those liable to contribute to the winding up.

The directors have the authority to present a petition for our winding up to the Grand Court of the Cayman Islands on our behalf without the sanction of a resolution passed at a general meeting.

#### Register of Members
Under the Companies Act, we must keep a register of members and there should be entered therein:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the names and addresses of our shareholders, and, a statement of the shares held by each member, which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• distinguishes each share by its number (so long as the share has a number);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• confirms the amount paid, or agreed to be considered as paid, on the shares of each member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• confirms the number and category of shares held by each member; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• confirms whether each relevant category of shares held by a member carries voting rights under the articles of association of the company, and if so, whether such voting rights are conditional;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the date on which the name of any person was entered on the register as a shareholder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the date on which any person ceased to be a shareholder.

Under the Companies Act, the register of members of our company is prima facie evidence of the matters set out therein (that is, the register of members will raise a presumption of fact on the matters referred to above unless rebutted) and a shareholder registered in the register of members is deemed as a matter of the Companies Act to have legal title to the shares as set against its name in the register of members. Upon the completion of this offering, the register of members will be immediately updated to record and give effect to the issuance of shares by us to the custodian or its nominee. Once our register of members has been updated, the shareholders recorded in the register of members will be deemed to have legal title to the shares set against their name.

If the name of any person is incorrectly entered in or omitted from our register of members, or if there is any default or unnecessary delay in entering on the register the fact of any person having ceased to be a shareholder of our company, the person or shareholder aggrieved (or any shareholder of our company or our company itself) may apply to the Grand Court of the Cayman Islands for an order that the register be rectified, and the Court may either refuse such application or it may, if satisfied of the justice of the case, make an order for the rectification of the register.

#### Differences in Corporate Law
The Companies Act is derived, to a large extent, from the older Companies Acts of England and Wales but does not follow recent United Kingdom statutory enactments, and accordingly there are significant differences between the Companies Act and the current Companies Act of the UK. 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 comparable laws applicable to companies incorporated in the State of Delaware in the U.S.

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| | | |
|:---|:---|:---|
|  | **Delaware** | **Cayman Islands** |
|  *Title of Organizational Documents* | Certificate of Incorporation and Bylaws | Certificate of Incorporation and Memorandum and Articles of Association |
|  *Duties of Directors* | Under Delaware law, the business and affairs of a corporation are managed by or under the direction of its board of directors. In exercising their powers, directors are charged with a fiduciary duty of care to protect the interests of the corporation and a fiduciary duty of loyalty to act in the best interests of its shareholders. The duty of care requires that directors act in an informed and deliberative manner and inform themselves, prior to making a business decision, of all material information reasonably available to them. The duty of care also requires that directors exercise care in overseeing and investigating the conduct of the corporation's employees. The duty of loyalty may be summarized as the duty to act in good faith, not out of self-interest, and in a manner which the director reasonably believes to be in the best interests of the shareholders. | As a matter of Cayman Islands law, a director owes three types of duties to the company: (i) statutory duties, (ii) fiduciary duties, and (iii) common law duties. The Companies Act imposes a number of statutory duties on a director. A Cayman Islands director's fiduciary duties are not codified, however the courts of the Cayman Islands have held that a director owes the following fiduciary duties (a) a duty to act in what the director bona fide considers to be in the best interests of the company, (b) a duty to exercise their powers for the purposes they were conferred, (c) a duty to avoid fettering his or her discretion in the future and (d) a duty to avoid conflicts of interest and of duty. The common law duties owed by a director are those to act with skill, care and diligence that may reasonably be expected of a person carrying out the same functions as are carried out by that |

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| | | |
|:---|:---|:---|
|  | **Delaware** | **Cayman Islands** |
|  |  | director in relation to the company and, also, to act with the skill, care and diligence in keeping with a standard of care commensurate with any particular skill they have which enables them to meet a higher standard than a director without those skills. In fulfilling their duty of care to us, our directors must ensure compliance with our memorandum and articles of association, as amended and restated from time to time. We have the right to seek damages where certain duties owed by any of our directors are breached. |
|  *Limitations on Personal Liability of Directors* | Subject to the limitations described below, a certificate of incorporation may provide for the elimination or limitation of the personal liability of a director to the corporation or its shareholders for monetary damages for a breach of fiduciary duty as a director. Such provision cannot limit liability for breach of loyalty, acts or omissions not in good faith, intentional misconduct, unlawful payment of dividends or unlawful share purchase or redemption. In addition, the certificate of incorporation cannot limit liability for any act or omission occurring prior to the date when such provision becomes effective. | The Cayman Islands law does not limit the extent to which a company's 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. |
|  *Indemnification of Directors, Officers, Agents, and Others* | A corporation has the power to indemnify any director, officer, employee, or agent of the corporation who was, is, or is threatened to be made a party who acted in good faith and in a manner he believed to be in the best interests of the corporation, and if with respect to a criminal proceeding, had no reasonable cause to believe his conduct would be unlawful, against amounts actually and reasonably incurred. | Cayman Islands law does not limit the extent to which a company's memorandum and articles of association may provide for indemnification of directors and officers, 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 the consequences of committing a crime, or against the indemnified person's own fraud or dishonesty. |

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| | |
|:---|:---|
|  **Delaware** | **Cayman Islands** |
|  | Our Amended Memorandum and Articles provide to the extent permitted by law, we shall indemnify each existing or former secretary, director (including alternate director), and any of our other officers (including an investment adviser or an administrator or liquidator) and their personal representatives against: (a) all actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred or sustained by the existing or former director (including alternate director), secretary or officer in or about the conduct of our business or affairs or in the execution or discharge of the existing or former director (including alternate director), secretary's or officer's duties, powers, authorities or discretions; and (b) without limitation to paragraph (a) above, all costs, expenses, losses or liabilities incurred by the existing or former director (including alternate director), secretary or officer in defending (whether successfully or otherwise) any civil, criminal, administrative or investigative proceedings (whether threatened, pending or completed) concerning us or our affairs in any court or tribunal, whether in the Cayman Islands or elsewhere. |
|  | No such existing or former director (including alternate director), secretary or officer, however, shall be indemnified in respect of any matter arising out of his own actual fraud, willful default or willful neglect.<br> To the extent permitted by law, we may make a payment, or agree to make a payment, whether by way of advance, loan or otherwise, for any legal costs incurred by an existing or former director (including alternate director), secretary or any of our officers in respect of any matter identified in above on condition that the director (including alternate director), secretary or officer must repay the amount paid by us to the extent that we are ultimately found not liable to indemnify the director (including alternate director), the secretary or that officer for those legal costs. |

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| | | |
|:---|:---|:---|
|  | **Delaware** | **Cayman Islands** |
|  *Interested Directors* | Under Delaware law, a transaction in which a director who has an interest in such transaction would not be void or voidable solely because such interested director is present at or participates in the meeting that authorizes the transaction if (i) the material facts as to such interested director's relationship or interests are disclosed or are known to the board of directors and the board in good faith authorizes the transaction by the affirmative vote of a majority of the disinterested directors, even though the disinterested directors are less than a quorum, (ii) such material facts are disclosed or are known to the shareholders entitled to vote on such transaction and the transaction is specifically approved in good faith by vote of the shareholders, or (iii) the transaction is fair as to the corporation as of the time it is authorized, approved or ratified. Under Delaware law, a director could be held liable for any transaction in which such director derived an improper personal benefit. | Interested director transactions are governed by the terms of a company's memorandum and articles of association. |
|  *Voting Requirements* | The certificate of incorporation may include a provision requiring supermajority approval by the directors or shareholders for any corporate action.<br> In addition, under Delaware law, certain business combinations involving interested shareholders require approval by a supermajority of the non-interested shareholders. | For the protection of shareholders, certain matters must be approved by special resolution of the shareholders as a matter of Cayman Islands law, including alteration of the memorandum or articles of association, appointment of inspectors to examine company affairs, reduction of share capital (subject, in relevant circumstances, to court approval), change of name, authorization of a plan of merger or transfer by way of continuation to another jurisdiction or consolidation or voluntary winding up of the company.<br> The Companies Act requires that a special resolution be passed by a majority of at least two-thirds or such higher percentage as set forth in the memorandum and articles of association, of shareholders being entitled to vote and do vote in person or by proxy at a general meeting, or by unanimous written consent of shareholders entitled to vote at a general meeting.<br> The Companies Act defines "special resolutions" only. A company's memorandum and articles of association can therefore tailor the definition of "ordinary resolutions" as a whole, or with respect to specific provisions. |

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| | | |
|:---|:---|:---|
|  | **Delaware** | **Cayman Islands** |
|  *Voting for Directors* | Under Delaware law, unless otherwise specified in the certificate of incorporation or bylaws of the corporation, directors shall be elected by a plurality of the votes of the shares present in person or represented by proxy at the meeting and entitled to vote on the election of directors. | Director election is governed by the terms of the memorandum and articles of association. |
|  *Cumulative Voting* | No cumulative voting for the election of directors unless so provided in the certificate of incorporation. | There are no prohibitions in relation to cumulative voting under the Companies Act but our Amended Memorandum and Articles do not provide for cumulative voting. |
|  *Directors' Powers Regarding Bylaws* | The certificate of incorporation may grant the directors the power to adopt, amend or repeal bylaws. | The memorandum and articles of association may only be amended by a special resolution of the shareholders. |
|  *Nomination and Removal of Directors and Filling Vacancies on Board* | Shareholders may generally nominate directors if they comply with advance notice provisions and other procedural requirements in company bylaws. Holders of a majority of the shares may remove a director with or without cause, except in certain cases involving a classified board or if the company uses cumulative voting. Unless otherwise provided for in the certificate of incorporation, directorship vacancies are filled by a majority of the directors elected or then in office. | Nomination and removal of directors and filling of board vacancies are governed by the terms of the memorandum and articles of association. |
|  *Mergers and Similar Arrangements* | Under Delaware law, with certain exceptions, a merger, consolidation, or sale of all or substantially all of the assets of a corporation must be approved by the board of directors and by a majority of the outstanding voting power of the shares entitled to vote thereon. Under Delaware law, a shareholder of a corporation participating in certain mergers are entitled to appraisal rights pursuant to which such shareholder may receive cash in the amount of the fair value (as determined by the Delaware Court of Chancery) of the shares held by such shareholder in lieu of the consideration such shareholder would otherwise receive in the transaction. | The Companies Act provides for the merger or consolidation of two or more companies into a single entity. The legislation makes a distinction between a "consolidation" and a "merger." In a consolidation, a new entity is formed from the combination of each participating company, and the separate consolidating parties, as a consequence, cease to exist and are each stricken off by the Registrar of Companies. In a merger, one company remains as the surviving entity, having in effect absorbed the other merging parties that are then stricken off and cease to exist. |

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| | |
|:---|:---|
|  **Delaware** | **Cayman Islands** |
|  Delaware law also provides that a parent entity, by resolution of its board of directors, may merge with any subsidiary corporation, of which it owns at least 90% of each class of capital stock without a vote by shareholders of such subsidiary. Upon any such merger, dissenting shareholders of the subsidiary would have appraisal rights unless the subsidiary is wholly owned. | Two or more Cayman-registered companies may merge or consolidate. Cayman-registered companies may also merge or consolidate with foreign companies provided that the laws of the foreign jurisdiction permit such merger or consolidation.<br> Under the Companies Act, a plan of merger or consolidation shall be authorized by each constituent company by way of (i) a special resolution of the members of each such constituent company; and (ii) such other authorization, if any, as may be specified in such constituent company's memorandum and articles of association. |
|  | 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 subsidiary is a company of which at least ninety percent (90%) of the votes are owned by the parent company.<br> 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.<br> Save in certain circumstances, a dissentient shareholder of a Cayman constituent company is entitled to payment of the fair value of his shares upon dissenting to a merger or consolidation. The exercise of appraisal rights will preclude the exercise of any other rights save for the right to seek relief on the grounds that the merger or consolidation is void or unlawful. |

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| | |
|:---|:---|
|  **Delaware** | **Cayman Islands** |
|  | In addition, there are statutory provisions that facilitate the reconstruction and amalgamation of companies, provided that the arrangement is approved by seventy-five percent (75%) in value of the shareholders or class of shareholders or creditors, as the case may be, that are present and voting either in person or by proxy at a meeting, or meetings, convened for that purpose. The convening of the meetings and subsequently the arrangement must be sanctioned by the Grand Court of the Cayman Islands. While a dissenting shareholder has the right to express to the court the view that the transaction ought not to be approved, the court can be expected to approve the arrangement if it determines that: |
|  | &nbsp;&nbsp;&nbsp;&nbsp;• the statutory provisions as to the required majority vote have been met;<br> &nbsp;&nbsp;&nbsp;&nbsp;• the shareholders have been fairly represented at the meeting in question;<br> &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<br> &nbsp;&nbsp;&nbsp;&nbsp;• the arrangement is not one that would more properly be sanctioned under some other provision of the Companies Act or that would amount to a "fraud on the minority". |
|  | When a takeover offer is made and accepted by holders of not less than 90.0% of the shares affected within four (4) months, the offeror may, within a two (2) month period commencing on the expiration of such four (4) month period, require the holders of the remaining shares to transfer such shares 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. |

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| | | |
|:---|:---|:---|
|  | **Delaware** | **Cayman Islands** |
|  |  | If an arrangement and reconstruction is thus approved, the dissenting shareholder would have no rights comparable to appraisal rights, which would otherwise ordinarily be available to dissenting shareholders of Delaware corporations, providing rights to receive payment in cash for the judicially determined value of the shares. |
|  ***Shareholder Suits*** | Class actions and derivative actions generally are available to shareholders under Delaware law for, among other things, breach of fiduciary duty, corporate waste and actions not taken in accordance with applicable law.<br> In such actions, the court generally has discretion to permit the winning party to recover attorneys' fees incurred in connection with such action but such discretion is rarely used. Generally, Delaware follows the American rule under which each party bears its own costs. | 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, there are exceptions to the foregoing principle, including when:<br> &nbsp;&nbsp;&nbsp;&nbsp;• a company acts or proposes to act illegally or ultra vires;<br> &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<br> &nbsp;&nbsp;&nbsp;&nbsp;• those who control the company are perpetrating a "fraud on the minority. |
|  ***Inspection of Corporate Records*** | Under Delaware law, shareholders of a corporation, upon written demand under oath stating the purpose thereof, have the right during normal business hours to inspect for any proper purpose, and to make copies and extracts of list(s) of shareholders and other books and records of the corporation and its subsidiaries, if any, to the extent the books and records of such subsidiaries are available to the corporation. | Shareholders of a Cayman Islands exempted company have no general right under Cayman Islands law to inspect or obtain copies of a list of shareholders or other corporate records (other than copies of our memorandum and articles, the register of mortgages or charges, and any special resolutions passed by our shareholders) of the company. However, these rights may be provided in the company's memorandum and articles of association. |
|  ***Shareholder Proposals*** | Under Delaware 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 corporation's governing documents. A special meeting may be called by the board of directors or any other person authorized to do so in the corporation's governing documents, but shareholders may be precluded from calling special meetings. | The Companies Act does not provide shareholders any right to bring business before a meeting or requisition a general meeting. However, these rights may be provided in the company's memorandum and articles of association. |

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| | | |
|:---|:---|:---|
|  | **Delaware** | **Cayman Islands** |
|  ***Approval of Corporate Matters by Written Consent*** | Delaware law permits shareholders to take action by written consent signed by the holders of outstanding shares having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting of shareholders unless otherwise provided in the corporation's certificate of incorporation. A corporation must send prompt notice of the taking of the corporate action approved by shareholders without a meeting by less than unanimous written consent to those shareholders who have not consented in writing and who would have otherwise been entitled to notice of the meeting at which such action would have been taken. | The Companies Act allows a special resolution to be passed in writing if signed by all the voting shareholders (if authorized by the memorandum and articles of association). |
|  ***Calling of Special Shareholders Meetings*** | Delaware law permits the board of directors or any person who is authorized under a corporation's certificate of incorporation or bylaws to call a special meeting of shareholders. | The Companies Act does not have provisions governing the proceedings of shareholders meetings which are usually provided in the memorandum and articles of association. |

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#### Anti-money Laundering — Cayman Islands
To comply with legislation or regulations aimed at the prevention of money laundering, we are required to adopt and maintain anti-money laundering procedures and may require subscribers to provide evidence to verify their identity and source of funds. Where permitted, and subject to certain conditions, we may also delegate the maintenance of our anti-money laundering procedures (including the acquisition of due diligence information) to a suitable person.

We reserve the right to request such information as is necessary to verify the identity of a subscriber. In some cases, the directors may be satisfied that no further information is required since an exemption applies under the Anti-Money Laundering Regulations (Revised) of the Cayman Islands, as amended and revised from time to time (the "Regulations"). Depending on the circumstances of each application, a detailed verification of identity might not be required where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the subscriber makes the payment for their investment from an account held in the subscriber's name at a recognized financial institution; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the subscriber is regulated by a recognized regulatory authority and is based or incorporated in, or formed under the law of, a recognized jurisdiction; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the application is made through an intermediary which is regulated by a recognized regulatory authority and is based in or incorporated in, or formed under the law of a recognized jurisdiction and an assurance is provided in relation to the procedures undertaken on the underlying investors.

For the purposes of these exceptions, recognition of a financial institution, regulatory authority, or jurisdiction will be determined in accordance with the Regulations by reference to those jurisdictions recognized by the Cayman Islands Monetary Authority as having equivalent anti-money laundering regulations.

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.

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We also reserve the right to refuse to make any redemption payment to a shareholder if our 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 our compliance with any such laws or regulations in any applicable jurisdiction.

If any person resident in the Cayman Islands knows or suspects or has reason for knowing or suspecting that another person is engaged in criminal conduct or is involved with terrorism or terrorist property and the information for that knowledge or suspicion came to their attention in the course of their business in the regulated sector, or other trade, profession, business or employment, the person will be required to report such knowledge or suspicion to (i) a nominated officer (appointed in accordance with the Proceeds of Crime Act (Revised) of the Cayman Islands) or the Financial Reporting Authority of the Cayman Islands, pursuant to the Proceeds of Crime Act (Revised), if the disclosure relates to criminal conduct or money laundering or (ii) to a police constable or a nominated officer (pursuant to the Terrorism Act (Revised) of the Cayman Islands) or the Financial Reporting Authority, pursuant to the Terrorism Act (Revised), if the disclosure relates to involvement with terrorism or terrorist financing and terrorist property. Such a report shall not be treated as a breach of confidence or of any restriction upon the disclosure of information imposed by any enactment or otherwise.

#### Data Protection in the Cayman Islands — Privacy Notice
This privacy notice explains the manner in which we collect, process, and maintain personal data about our investors pursuant to the Data Protection Act (Revised) of the Cayman Islands, as amended from time to time and any regulations, codes of practice, or orders promulgated pursuant thereto (the "DPA**"**).

We are committed to processing personal data in accordance with the DPA. In our use of personal data, we will be characterized under the DPA as a "data controller," whilst certain of our service providers, affiliates, and delegates may act as "data processors" under the DPA. These service providers may process personal information for their own lawful purposes in connection with services provided to us.

By virtue of your investment in our Company, we and certain of our service providers may collect, record, store, transfer, and otherwise process personal data by which individuals may be directly or indirectly identified.

Your personal data will be processed fairly and for lawful purposes, including (a) where the processing is necessary for us to perform a contract to which you are a party or for taking pre-contractual steps at your request, (b) where the processing is necessary for compliance with any legal, tax, or regulatory obligation to which we are subject, or (c) where the processing is for the purposes of legitimate interests pursued by us or by a service provider to whom the data are disclosed. As a data controller, we will only use your personal data for the purposes for which we collected it. If we need to use your personal data for an unrelated purpose, we will contact you.

We anticipate we will share your personal data with our service providers for the purposes set out in this privacy notice. We may also share relevant personal data where it is lawful to do so and necessary to comply with our contractual obligations or your instructions or where it is necessary or desirable to do so in connection with any regulatory reporting obligations. In exceptional circumstances, we will share your personal data with regulatory, prosecuting, and other governmental agencies or departments, and parties to litigation (whether pending or threatened), in any country or territory including to any other person where we have a public or legal duty to do so (e.g. to assist with detecting and preventing fraud, tax evasion, and financial crime or compliance with a court order).

Your personal data shall not be held by our Company for longer than necessary with regard to the purposes of the data processing.

We will not sell your personal data. Any transfer of personal data outside of the Cayman Islands shall be in accordance with the requirements of the DPA. Where necessary, we will ensure that separate and appropriate legal agreements are put in place with the recipient of that data.

We will only transfer personal data in accordance with the requirements of the DPA, and will apply appropriate technical and organizational information security measures designed to protect against unauthorized or unlawful processing of the personal data and against the accidental loss, destruction, or damage to the personal data.

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If you are a natural person, this will affect you directly. If you are a corporate investor (including, for these purposes, legal arrangements such as trusts or exempted limited partnerships) that provides us with personal data on individuals connected to you for any reason in relation to your investment into our Company, this will be relevant for those individuals and you should inform such individuals of the content.

You have certain rights under the DPA, including (a) the right to be informed as to how we collect and use your personal data (and this privacy notice fulfils our obligation in this respect), (b) the right to obtain a copy of your personal data, (c) the right to require us to stop direct marketing, (d) the right to have inaccurate or incomplete personal data corrected, (e) the right to withdraw your consent and require us to stop processing or restrict the processing, or not begin the processing of your personal data, (f) the right to be notified of a data breach (unless the breach is unlikely to be prejudicial), (g) the right to obtain information as to any countries or territories outside the Cayman Islands to which we, whether directly or indirectly, transfer, intend to transfer, or wish to transfer your personal data, general measures we take to ensure the security of personal data, and any information available to us as to the source of your personal data, (h) the right to complain to the Office of the Ombudsman of the Cayman Islands, and (i) the right to require us to delete your personal data in some limited circumstances.

If you consider that your personal data has not been handled correctly, or you are not satisfied with our responses to any requests you have made regarding the use of your personal data, you have the right to complain to the Cayman Islands' Ombudsman. The Ombudsman can be contacted by calling +1 (345) 946-6283 or by email at info@ombudsman.ky.

#### 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, applies in respect of financial years commencing July 1, 2019, onwards. However, it is anticipated that our Company may remain out of scope of the legislation or else be subject to more limited substance requirements.

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#### SHARES ELIGIBLE FOR FUTURE SALE
Upon completion of this Offering, we will have 16,175,000 Ordinary Shares outstanding (or 16,445,000 Ordinary Shares if the underwriters exercise their option to purchase additional Ordinary Shares in full). All of the Ordinary Shares sold in this Offering will be freely transferable by persons other than by our "affiliates" without restriction or further registration under the Securities Act unless purchased by one of our affiliates as that term is defined in Rule 144 under the Securities Act, which generally includes directors, officers or 10% shareholders. Sales of substantial amounts of our Ordinary Shares in the public market could adversely affect prevailing market prices of our Ordinary Shares. Prior to this Offering, there has been no public market for our Ordinary Shares. We will apply to list the ordinary shares on the Nasdaq Capital Market, but we cannot assure you that a regular trading market will develop in the Ordinary Shares. In the absence of a regular trading market, the liquidity and value of the Ordinary Shares may decline. The lack of a market may indicate a lack of bona fide market interest in the security and may impact our continued listing.

#### Lock-Up Agreements
Our directors, officers, and all existing shareholders who own 5% or more of the issued and outstanding Ordinary Shares as of the effective date of the registration statement will enter into customary lock-up agreements with the underwriters for a period of six (6) months from the date of the Offering.

Each of the Company and any successors of the Company agree not to offer, sell, or otherwise transfer or dispose of, directly or indirectly, any Ordinary Shares or any securities convertible into or exercisable or exchangeable for Ordinary Shares of the Company or file or cause to be filed any registration statement with the SEC relating to the offering of any Ordinary Shares of the Company or any securities convertible or exchangeable for Ordinary Shares of the Company for a period of up to six (6) months from the closing of the Offering.

#### Rule 144
All of our Ordinary Shares outstanding prior to this Offering are "restricted securities" as that term is defined in Rule 144 under the Securities Act and may be sold publicly in the U.S. 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 outstanding, in the form of Ordinary Shares or otherwise, which will equal approximately shares immediately after this Offering; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the average weekly trading volume of the Ordinary Shares on the Nasdaq during the four calendar weeks preceding the filing of a notice on Form 144 with respect to such sale.

Sales under Rule 144 by our affiliates or persons selling shares on behalf of our affiliates are also subject to certain manner of sale provisions and notice requirements and to the availability of current public information about us. In addition, in each case, these shares would remain subject to lock-up arrangements and would only become eligible for sale when the lock-up period expires.

#### Rule 701
In general, under Rule 701 of the Securities Act as currently in effect, each of our employees, consultants, or advisors who purchases our Ordinary Shares from us in connection with a compensatory stock plan or other written agreement executed prior to the completion of this offering is eligible to resell those 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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#### TAXATION

#### Material Tax Consequences Applicable to U.S. Holders of Our Ordinary Shares
The following sets forth the material U.S. federal income tax consequences related to an investment in our Ordinary Shares. It is directed to U.S. Holders (as defined below) of our 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 to change. This description does not deal with all possible tax consequences relating to an investment in our 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. Unless otherwise noted in the following discussion, this section is the opinion of Polaris Tax Counsel, our U.S. Tax counsel, insofar as it relates to legal conclusions with respect to matters of U.S. federal income tax law, without qualification and of David Fong & Co., our Hong Kong counsel, insofar as it relates to legal conclusions with respect to matters of Hong Kong Taxation, without qualification below.

#### Hong Kong Taxation
The following brief description of Hong Kong laws is designed to highlight the enterprise-level taxation on our earnings, which will affect the amount of dividends, if any, we are ultimately able to pay to our shareholders. Please refer to the section titled "Dividend Policy."

#### Profits Tax
No tax is imposed in Hong Kong in respect of capital gains from the sale of property, such as our Ordinary Shares. Generally, gains arising from disposal of the Ordinary Shares which are held more than two years are considered capital in nature. However, trading gains from the sale of property by persons carrying on a trade, profession or business in Hong Kong where such gains are derived from or arise in Hong Kong from such trade, profession or business will be chargeable to Hong Kong profit tax. Liability for Hong Kong profits tax would therefore arise in respect of trading gains from the sale of Ordinary Shares realized by persons in the course of carrying on a business of trading or dealing in securities in Hong Kong where the purchase or sale contracts are effected (being negotiated, concluded and/or executed) in Hong Kong. Effective from April 1, 2018, profits tax is levied on a two-tiered profits tax rate basis, with the first HK$2 million (US$260,000) of profits being taxed at 8.25% for corporations and 7.5% for unincorporated businesses, and profits exceeding the first HK$2 million (US$260,000) 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.

#### Stamp duty
Hong Kong stamp duty is generally payable on the transfer of "Hong Kong stocks". The term "stocks" refers to shares in companies incorporated in Hong Kong, as widely defined under the Stamp Duty Ordinance (Cap. 117 of the laws of Hong Kong), or SDO, and includes shares. However, our Ordinary Shares are not considered "Hong Kong stocks" under the SDO since the transfer of the Ordinary Shares are not required to be registered in Hong Kong given that the books for the transfer of Ordinary Shares are located in the U.S. The transfer of Ordinary Shares is therefore not subject to stamp duty in Hong Kong. If Hong Kong stamp duty applies, both the purchaser and the seller are liable for the stamp duty charged on each of the sold note and bought note at the ad valorem rate of 0.13% on the higher of the consideration stated on the contract notes or the fair market value of the shares transferred. In addition, a fixed duty, currently of HK$5.00, is payable on an instrument of transfer.

#### Cayman Islands Taxation
We have been advised by our Cayman Islands legal counsel Ogier on following brief description of Cayman Islands laws in relation to Cayman Islands taxation.

The Cayman Islands currently levies no taxes on individuals or corporations based upon profits, income, gains or appreciation and there is no taxation in the nature of inheritance tax or estate duty. There are no other taxes likely to be material to the Company levied by the Government of the Cayman Islands except for stamp duties which may be applicable on instruments executed in, or, after execution, brought within the jurisdiction of the Cayman Islands.

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The Cayman Islands is a party to a double tax treaty entered with the United Kingdom in 2010 but is otherwise not party to any double tax treaties that are applicable to any payments made to or by our company. There are no exchange control regulations or currency restrictions in the Cayman Islands.

Payments of dividends and capital in respect of our ordinary shares will not be subject to taxation in the Cayman Islands and no withholding will be required on the payment of a dividend or capital to any holder of our ordinary shares, as the case may be, nor will gains derived from the disposal of our ordinary shares be subject to Cayman Islands income or corporation tax.

The Cayman Islands enacted the International Tax Co-operation (Economic Substance) Act (2021 Revision) together with the Guidance Notes published by the Cayman Islands Tax Information Authority from time to time. The Company is required to comply with the economic substance requirements from July 1, 2019 and make an annual report in the Cayman Islands as to whether or not it is carrying on any relevant activities and if it is, it must satisfy an economic substance test.

#### U.S. Federal Income Taxation
**WE URGE POTENTIAL PURCHASERS OF OUR 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 ORDINARY SHARES. THIS DISCUSSION DOES NOT ADDRESS ALL ASPECTS OF UNITED STATES FEDERAL INCOME TAXATION THAT MAY BE RELEVANT TO PARTICULAR INVESTORS IN LIGHT OF THEIR SPECIFIC CIRCUMSTANCES, INCLUDING INVESTORS SUBJECT TO SPECIAL TAX RULES.**

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;• traders that elect to mark-to-market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• U.S. expatriates;

&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 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 the total combined voting power or value of our shares (including by reason of owning our Ordinary Shares);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons who acquired our Ordinary Shares pursuant to the exercise of any employee share option or otherwise as compensation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons holding our Ordinary Shares through partnerships or other pass-through entities.

The discussion set forth below is addressed only to U.S. Holders that purchase Ordinary Shares in this Offering. Prospective purchasers are urged to consult their own tax advisors about the application of 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 Ordinary Shares.

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#### Material U.S. Federal Income Tax Consequences Applicable to U.S. Holders of Our Ordinary Shares
The following sets forth the material U.S. federal income tax consequences related to the ownership and disposition of our Ordinary Shares. It is directed to U.S. Holders (as defined below) of our 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 to change. This description does not deal with all possible tax consequences relating to ownership and disposition of our Ordinary Shares or U.S. tax laws, other than the U.S. federal income tax laws, such as the tax consequences under the U.S. federal gift or estate tax, 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 Ordinary Shares as "capital assets" (generally, property held for investment) under the U.S. Internal Revenue Code of 1986, as amended (the "Code") and that have the U.S. dollar as their functional currency. This brief description is based on the federal income tax laws of the U.S. 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.

For purposes of this discussion, a "U.S. Holder" is a beneficial owner of Ordinary Shares that is, 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 U.S.;

&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 U.S., 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 U.S. 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.

#### Taxation of Dividends and Other Distributions on our Ordinary Shares
Subject to the passive foreign investment company rules discussed below, the gross amount of distributions made by us to you with respect to the Ordinary Shares (including the amount of any taxes withheld therefrom) will generally be includable in your gross income as dividend income on the date of receipt by you, but only to the extent that the distribution is paid out of our current or accumulated earnings and profits (as determined under U.S. federal income tax principles). Non-corporate U.S. Holders will also be subject to the 3.8% Net Investment Income Tax if their income exceeds the threshold amounts for such tax. A dividend distribution that exceeds our current and accumulated earnings and profits is treated as a tax-free return of your tax basis in your Ordinary Shares, and to the extent that it exceeds your tax basis, as capital gain, but only if we determine our accumulated earnings and profits under U.S. federal income tax principles. We might not calculate our earnings and profits under U.S. federal income tax principles. Therefore, a U.S. Holder should expect that a distribution may 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. The Net Investment Income Tax also applies to capital gains.

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 not qualify to be taxed at the lower capital gains rate applicable to qualified dividend income unless (1) the Ordinary Shares are readily tradable on an established securities market in the U.S., or we are eligible for the benefits of an approved qualifying income tax treaty with the U.S. that includes an exchange of information program, (2) we are not a passive foreign investment company (as discussed below) for either our taxable year in which the dividend is paid or the preceding taxable year, and (3) certain holding period requirements are met. Because there is no income tax treaty between the U.S. and the Cayman Islands, clause (1) above can be satisfied only if the Ordinary Shares are readily tradable on an established securities market in the U.S. Under U.S. Internal Revenue Service authority, Ordinary Shares are considered for purpose of clause (1) above to be readily tradable on an established securities market in the U.S.

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if they are listed on the Nasdaq Capital Market but not if they only trade on over the counter markets or electronic pink sheets. You are urged to consult your tax advisors regarding the availability of the lower rate for dividends paid with respect to our Ordinary Shares, including the effects of any change in law after the date of this prospectus.

Dividends will constitute foreign source income for foreign tax credit limitation purposes. 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 Ordinary Shares will constitute "passive category income" but could, in the case of certain U.S. Holders, constitute "general category income." A U.S. Holder who does not elect to claim a foreign tax credit for foreign tax withheld may instead claim a deduction, for U.S. federal income tax purposes, in respect of such withholdings, but only for a year in which such U.S. Holder elects to do so for all creditable foreign income taxes. The rules governing the foreign tax credit are complex. U.S. Holders are advised to consult their tax advisors regarding the availability of the foreign tax credit under their particular circumstances.

Dividends paid in non-U.S. currency will be included in the gross income of a U.S. Holder in a U.S. dollar amount calculated by reference to a spot market exchange rate in effect on the date that the dividends are received by the U.S. Holder, regardless of whether such foreign currency is in fact converted into U.S. dollars on such date. Such U.S. Holder will have a tax basis for U.S. federal income tax purposes in the foreign currency received equal to that U.S. dollar value. If such dividends are converted into U.S. dollars on the date of receipt, a U.S. Holder generally should not be required to recognize foreign currency gain or loss in respect thereof. If the foreign currency so received is not converted into U.S. dollars on the date of receipt, such U.S. Holder will have a basis in the foreign currency equal to its U.S. dollar value on the date of receipt. Any gain or loss on a subsequent conversion or other disposition of the foreign currency generally will be treated as ordinary income or loss to such U.S. Holder and generally will be income or loss from sources within the U.S. for foreign tax credit limitation purposes. U.S. Holders should consult their own tax advisors regarding the treatment of foreign currency gain or loss, if any, on any foreign currency received by a U.S. Holder that are converted into U.S. dollars on a date subsequent to receipt.

#### Taxation of Dispositions of Ordinary Shares
Subject to the passive foreign investment company rules discussed below, you will recognize taxable gain or loss on any sale, exchange or other taxable disposition of a share equal to the difference between the amount realized (in U.S. dollars) for the share and your tax basis (in U.S. dollars) in the Ordinary Shares. The gain or loss will be capital gain or loss. If you are a non-corporate U.S. Holder, including an individual U.S. Holder, who has held the Ordinary Shares for more than one year, you 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 U.S. source income or loss for foreign tax credit limitation purposes which will generally limit the availability of foreign tax credits.

#### Passive Foreign Investment Company
<u>**<u>Our status as a Passive Foreign Investment Company</u>**</u>

A non-U.S. corporation is considered a passive foreign investment company or "PFIC" 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 (the "passive income test"); 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.

In determining whether we are a PFIC, we are permitted, under Code Section 1297(c), to take into account, on a pro rata basis, the income and the assets of any entity of which we own (or are treated under the Code as owning) at least 25% of the stock by value (a so-called "look-through subsidiary"). Because we own 100% of the stock of our Operating Subsidiary, in determining our PFIC status we will take into account its income and assets (other than certain assets, or the income therefrom, that are subject to intercompany transfers), as well as the income and assets of any other look-through subsidiary.

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Taking into account the income and assets of our Operating Subsidiary, our status as a PFIC will depend on the nature of our income and the income of our Operating Subsidiary (as well as the income and assets of any other look-through subsidiary). As discussed below, PFIC status is determined on an annual basis and our status as a PFIC under the passive income test may change from year to year.

In determining whether we are a PFIC under the asset test, a number of different kinds of assets must be taken into account. In this offering we expect to raise for our Company considerable cash. The IRS has stated that cash, even if held as working capital, produces passive income and is therefore a passive asset, though proposed regulations may permit a taxpayer to treat working capital cash held in non-interest-bearing accounts as an active asset in limited circumstances. Our status as a PFIC under the asset test will therefore depend in part on how quickly we spend the cash that we raise. Our status as a PFIC could also depend on the value of our stock as determined by the market (which may be volatile). PFIC status based on assets is calculated annually and is based on the average quarterly value of our assets. Accordingly, our status as a PFIC based on the assets test could change from year to year.

Based on the foregoing, it is not possible to determine whether we will be characterized as a PFIC for the 2025 taxable year or any subsequent year until after the close of the relevant year. We must make a separate determination each year as to whether we are a PFIC (under either the asset test or the passive income test), and there can be no assurance with respect to our status as a PFIC for 2025 or any future taxable year. We or a related entity express no opinion as to the Company's or a related entity's status as a PFIC for the current or any future or prior year. U.S. Holders should consult their own tax advisors with respect to the PFIC issue and its applicability to their particular tax situation. No opinion of legal counsel or ruling from the IRS concerning our status as a PFIC has been obtained or is currently planned to be requested.

If we are a PFIC for any year during which you hold our Ordinary Shares, we will continue to be treated as a PFIC with respect to you for all succeeding years during which you hold our Ordinary Shares, even if in a succeeding taxable year we are no longer classified as a PFIC. However, if we cease to be a PFIC, you may avoid the adverse effects of the PFIC regime thereafter by making a "purging election" (as described below) with respect to the Ordinary Shares. A discussion of other ways in which you may be able to mitigate some of the adverse effects of PFIC status are also discussed below.

<u>**<u>Consequences to you of PFIC status</u>**</u>

If we are a PFIC for a taxable year during which you hold Ordinary Shares, you will be subject to special tax rules with respect to any "excess distribution" that you receive, and with respect to any gain that you realize from a sale or other disposition (including a pledge) of the Ordinary Shares, in that year and subsequent years, unless you make a "mark-to-market" election as discussed below. You will be subject to these rules for the first year in which we are a PFIC and for all subsequent years unless (i) we cease to be classified as a PFIC and (ii) you make a "purging election", as discussed below.

"Excess distributions" are distributions you receive from us in a taxable year that are greater than 125% of the average annual distributions you received from us during (i) the three preceding taxable years or (ii) your holding period for the Ordinary Shares, whichever is shorter. Under the special tax rules that apply to excess distributions, and to gains realized from a disposition of our Ordinary Shares,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the excess distribution or gain will be allocated ratably (on a daily basis) over your holding period for the Ordinary Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the amount allocated to your current taxable year, and any amount allocated to any tax year(s) in your holding period prior to the first taxable year in which we were a PFIC, will be treated as ordinary income arising in the current taxable year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the amount allocated to each of your other taxable year(s) — i.e., prior years during which we were a PFIC — will be subject to the highest tax rate in effect for that year; moreover, interest charges 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 excess distribution or disposition cannot be offset by any net operating losses for such years, and gains (but not losses) realized on the sale of the Ordinary Shares cannot be treated as capital, even if you hold the Ordinary Shares as capital assets.

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"*Mark*-to-market*" election*. To elect out of the excess distribution tax treatment discussed above, a U.S. Holder of "marketable stock" (as defined below) in a PFIC may make a mark-to-market election for such stock. The mark-to-market election is available only for "marketable stock", which is stock that is traded, other than in de minimis quantities, on at least 15 days during each calendar quarter ("regularly traded") on a qualified exchange or other market. A "qualified exchange or other market" is defined in applicable U.S. Treasury regulations as a national securities exchange registered with the SEC or a national market system established pursuant to section 11A of the Securities Exchange Act of 1934, or a foreign securities exchange or market that the IRS determines is a qualified exchange that has rules sufficient to ensure that the market price represents a legitimate and sound fair market value. The Nasdaq Capital Market is a qualified exchange or other market, but we are uncertain as to whether our Ordinary Shares will be "regularly traded." If our Ordinary Shares do not trade regularly on the Nasdaq Capital Market, the mark-to-market election would not be available to you were we to be or become a PFIC.

If the mark-to-market election is available and you make a mark-to-market election for the first taxable year which you hold (or are deemed to hold) 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 Ordinary Shares as of the close of such taxable year over your adjusted basis in such Ordinary Shares. Such excess will be treated as ordinary income and not capital gain. Under the mark-to-market rules you are allowed an ordinary loss for the excess, if any, of the adjusted basis of the Ordinary Shares over their fair market value as of the close of the taxable year. However, such ordinary loss is allowable only to the extent of any net mark-to-market gains on the Ordinary Shares included in your income for prior taxable years. Your basis in the Ordinary Shares will be adjusted to reflect any such income or loss amounts.

In you sell or otherwise dispose of any Ordinary Shares that are subject to a mark-to-market election, any gain on the sale or other disposition is treated as ordinary income. Any loss incurred on such sale or disposition is treated as an ordinary loss, but only to the extent that the amount of such loss does not exceed the net mark-to-market gains previously included for such Ordinary Shares.

If you make a valid mark-to-market election and if we subsequently make dividend distributions, the tax rules that apply to distributions by corporations which are not PFICs would apply to such distributions, except that the lower applicable capital gains rate for qualified dividend income discussed above under "— Taxation of Dividends and Other Distributions on our Ordinary Shares" generally would not apply.

"*Purging election*." If you do not make a timely "mark-to-market" election (as described above), and if we were a PFIC at any time during the period you hold our Ordinary Shares, then such Ordinary Shares will continue to be treated as stock of a PFIC with respect to you even if we cease to be a PFIC in a future year, unless you make a "purging election" for the year we cease to be a PFIC.A "purging election" creates a deemed sale of such Ordinary Shares at their fair market value on the last day of the last year in which we are treated as a PFIC. The gain recognized by the purging election will be subject to the special tax and interest charge rules, described above, that apply to excess distributions. As long as we are not thereafter a PFIC, dividends distributed by us (or gains from the sale of our Ordinary Shares) following a purging election will no longer be subject to the rules (described above) that apply to excess distributions. As a result of the purging election, you will have a new basis (equal to the fair market value of the Ordinary Shares on the last day of the last year in which we are treated as a PFIC) and a new holding period (which new holding period will begin the day after such last day) in your Ordinary Shares for tax purposes.

*Qualified electing fund election.* In some cases a U.S. Holder of stock in a PFIC may make a "qualified electing fund" election with respect to such PFIC to elect out of the tax treatment discussed above. A U.S. Holder who makes a valid qualified electing fund election with respect to a PFIC generally includes in gross income for a taxable year such holder's pro rata share of the corporation's earnings and profits for the taxable year. However, the qualified electing fund election is available only if the PFIC provides the U.S. Holder with certain information regarding its earnings and profits as required under applicable U.S. Treasury regulations. We might not prepare or provide the information that would enable you to make a qualified electing fund election.

THE PFIC RULES ARE COMPLEX. THE DISCUSSION ABOVE IS A GENERAL SUMMARY. IT DOES NOT COVER ALL TAX MATTERS THAT MAY BE OF IMPORTANCE TO A PARTICULAR INVESTOR. EACH PROSPECTIVE INVESTOR IN THE ORDINARY SHARES IS URGED TO CONSULT THEIR OWN TAX ADVISER ABOUT THE TAX CONSEQUENCES TO THEM OF OWNING AND DISPOSING OF THE SHARES IN LIGHT OF SUCH PROSPECTIVE INVESTOR'S OWN CIRCUMSTANCES.

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<u>**<u>Reporting requirements.</u>**</u>

If you hold Ordinary Shares in any taxable year in which we are a PFIC, you will in all likelihood be required to file U.S. Internal Revenue Service Form 8621 for each such year and provide certain annual information regarding such Ordinary Shares, including information on distributions received on the Ordinary Shares and any gain realized on the disposition of the Ordinary Shares. You should consult your tax advisor about Form 8621 filing requirements.

The PFIC rules are complex and uncertain. You are urged to consult your tax advisor regarding the application of the PFIC rules to your investment in our Ordinary Shares and the elections discussed above, including your ability to make a "protective election" if you are uncertain about our PFIC status, and the PFIC filing requirements.

Certain U.S. Holders are required to report information relating to our Ordinary Shares, subject to certain exceptions (including an exception for Ordinary Shares held in accounts maintained by certain financial institutions), by attaching a complete Internal Revenue Service Form 8938, Statement of Specified Foreign Financial Assets, with their tax return for each year in which they hold Ordinary Shares. U.S. Holders should consult their tax advisors regarding their reporting obligations with respect to the Ordinary Shares.

Additional reporting requirements that apply if we are classified as a PFIC are discussed above under "Passive Foreign Investment Company — Reporting Requirements".

#### Non-U .S. Holders
A non-U.S. Holder is a beneficial owner (other than a partnership or disregarded entity for U.S. federal income tax purposes) of the Ordinary Shares that is not a U.S. Holder.

Subject to the U.S. backup withholding rules described below, non-U.S. Holders of the Ordinary Shares generally will not be subject to U.S. withholding tax on distributions with respect to, or gain on sale or disposition of, the Ordinary Shares.

Non-U.S. Holders who are engaged in a trade or business in the U.S. who receive payments with respect to the Ordinary Shares that are effectively connected with such trade or business should consult their own tax advisers with respect to the U.S. tax consequences of the ownership and disposition of the Ordinary Shares. Individuals who are present in the U.S. for 183 days or more in any taxable year should also consult their own tax advisers as to the U.S. federal income tax consequences of the ownership and disposition of the Ordinary Shares.

#### Information Reporting and Backup Withholding
Dividend payments with respect to our Ordinary Shares and proceeds from the sale, exchange or redemption of our Ordinary Shares may be subject to information reporting to the U.S. Internal Revenue Service and possible U.S. backup withholding at a current rate of 24%. Backup withholding will not apply, however, to a U.S. Holder who furnishes a correct taxpayer identification number and makes any other required certification on U.S. Internal Revenue Service Form W-9 or who is otherwise exempt from backup withholding. U.S. Holders who are required to establish their exempt status generally must provide such certification on U.S. Internal Revenue Service Form W-9. U.S. Holders are urged to consult their tax advisors regarding the application of the U.S. information reporting and backup withholding rules. A non-U.S. Holder may qualify as an exempt recipient by submitting a properly completed IRS Form W-8.

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

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#### ENFORCEMENT OF CIVIL LIABILITIES
We are incorporated under the laws of the Cayman Islands as an exempted company with limited liability in order to enjoy the following benefits, such as political and economic stability, an effective judicial system, a favorable tax system, the absence of exchange control or currency restrictions and the availability of professional and support services. However, certain disadvantages accompany incorporation in the Cayman Islands. These disadvantages include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Cayman Islands has a less exhaustive body of securities laws than the United States and these securities laws provide significantly less protection to investors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cayman Islands companies may not have standing to sue before the federal courts of the United States.

Our constitutional documents do not contain provisions requiring that disputes, including those arising under the securities laws of the U.S., among us, our officers, directors and shareholders, be arbitrated.

We appointed Cogency Global Inc. as our agent upon whom process may be served in any action brought against us under the securities laws of the U.S.

As at the date of this prospectus, our chief executive officer, Mr. Kin Cho Li, chief financial officer, Mr. Ka Nung Wu, and all members of the BOD of RSGHL, including Mr. Wang Wai Chen, Mr. King Fui Lee and Ms. San Man LENG, are based in Hong Kong. We have been advised by Ogier, our Cayman Islands legal counsel that there is uncertainty as to whether the courts of the Cayman Islands would:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• recognize or enforce against us judgments of courts of the United States based on certain civil liability provisions of U.S. securities laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• entertain original actions brought in the Cayman Islands against us or our directors or officers predicated upon the securities laws of the U.S. or any state in the U.S.

There is no statutory enforcement in the Cayman Islands of judgments obtained in the U.S., however, the courts of the Cayman Islands will in certain circumstances recognize and enforce a foreign judgment without any re-examination or re-litigation of matters adjudicated upon, provided such judgment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is given by a foreign court of competent jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• imposes on the judgment debtor a liability to pay a liquidated sum for which the judgment has been given;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is final;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is not in respect of taxes, a fine or a penalty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• was not obtained by fraud; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is not of a kind the enforcement of which is contrary to natural justice or the public policy of the Cayman Islands.

Subject to the above limitations, in appropriate circumstances, a Cayman Islands court may give effect in the Cayman Islands to other kinds of final foreign judgments such as declaratory orders, orders for performance of contracts and injunctions.

David Fong & Co., our counsel to Hong Kong law, has advised us that there is uncertainty as to whether the courts of the Hong Kong would (i) recognize or enforce judgments of U.S. courts obtained against us or our directors or officers predicated upon the civil liability provisions of the securities laws of the U.S. or any state in the U.S. or (ii) entertain original actions brought in Hong Kong against us or our directors or officers predicated upon the securities laws of the U.S. or any state in the United States.

Our Hong Kong counsel also advised us that in Hong Kong, foreign judgments can be enforced under statute under the Foreign Judgments (Reciprocal Enforcement) Ordinance or under common law. The Foreign Judgments (Reciprocal Enforcement) Ordinance is a registration scheme for the recognition and enforcement of foreign judgments based on reciprocity but the U.S. is not a designated country under the Foreign Judgments (Reciprocal Enforcement) Ordinance. As a result, a judgment rendered by a court in the U.S., including as a result of administrative actions brought by

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regulatory authorities, such as the SEC, and other actions, will not be enforced by the Hong Kong courts under the statutory regime. In addition, the Supreme People's Court of the PRC and the Government of Hong Kong have entered into the "Arrangement on Reciprocal Recognition and Enforcement of Judgments in Civil and Commercial Matters by the Courts of the Mainland and of the Hong Kong Special Administrative Region pursuant to Choice of Court Agreements between Parties Concerned," or the Arrangement. The Mainland Judgements (Reciprocal Enforcement) Ordinance gave effect to the Arrangement and is a registration scheme for recognition and enforcement of PRC judgements based on reciprocity. Other than the Arrangement, Hong Kong has not entered into any multilateral convention or bilateral treaty regarding the recognition and enforcement of foreign judgments. Accordingly, any judgments rendered by a court in the U.S. will need to be enforced under common law. In order to enforce a foreign judgment under common law in Hong Kong, the judgment must meet certain criteria before it can be enforced, such as the judgment being final and conclusive.

Our director, Mr. Kin Cho LI, and all our independent directors, Mr. Wang Wai CHEN, Mr. King Fui LEE and Ms. San Man LENG, who shall serve in such position upon the closing of this Offering, are nationals or residents of Hong Kong and all or a substantial portion of their assets are located outside the U.S. As a result, it may be difficult for investors to effect service of process within the U.S. upon these persons, or to enforce against them judgments obtained in U.S. courts, including judgments predicated upon the civil liability provisions of the securities laws of the U.S. or any state in the U.S. As discussed above, due to a lack of reciprocity and treaties, any judgments rendered by a court in the U.S. will need to be enforced under the common law and the judgment must meet certain criteria before it can be enforced in Hong Kong. Therefore legal proceedings by investors against these individuals can be both costly and time-consuming.

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#### UNDERWRITING
In connection with this Offering, we will enter into an underwriting agreement with American Trust Investment Services, Inc., as the Representative of the underwriters named therein in this Offering. The Representative may retain other brokers or dealers to act as a sub-agents or selected dealers on their behalf in connection with this Offering. The underwriters agreed severally to purchase from us, and we agreed to sell to them, the number of Ordinary Shares set forth opposite to its name below, at the Offering price less the underwriting discounts set forth on the cover page of this prospectus:

---

| | |
|:---|:---|
|  **Name of Underwriter(s)** | **Number of<br>Ordinary<br>Shares** |
|  American Trust Investment Services, Inc. | [\*] |
|  Prime Number Capital LLC | [\*] |
|  Total | 1800000 |

---

The underwriters are committed to purchase all the Ordinary Shares offered by this prospectus if they purchase any Ordinary Shares. The underwriters are offering the Ordinary Shares, subject to prior sale, when, as and if issued to and accepted by them, subject to approval of legal matters by their counsel, and other conditions contained in the underwriting agreement, such as the receipt by the underwriters of officer's certificates and legal opinions. The underwriters reserve the right to withdraw, cancel or modify offers to the public and to reject orders in whole or in part.

#### Discounts and Expense Reimbursement
We will pay the underwriters a discount of seven percent (7.0%) of the public offering price on each of the Ordinary Shares being offered. The underwriters propose initially to offer the Ordinary Shares to the public at the Offering price set forth on the cover page of this prospectus and to dealers at those prices less the aforesaid fee ("underwriting discount") set forth on the cover page of this prospectus. If all of the Ordinary Shares offered by us are not sold at the Offering price, the underwriters may change the Offering price and other selling terms by means of a supplement to this prospectus.

The following table shows the per share and total IPO price, underwriting discounts, proceeds before expenses to us:

---

| | | | |
|:---|:---|:---|:---|
|  | **Per<br>Ordinary<br>Share** | **Total Without <br>Exercise of <br>Over-Allotment <br>Option** | **Total With Full <br>Exercise of <br>Over-Allotment <br>Option** |
|  IPO price<sup>(1)</sup> | $| $| $|
|  Underwriting discounts (7.0%) | $| $| $|
|  Proceeds, before expenses, to us | $| $| $|

---

____________

(1) IPO price per share is assumed as $4 per share.

We agreed to pay the Representative (i) US$50,000 consulting fee from the gross proceeds to offset the costs associated with due diligence of the Company and its business, contacting prospective co-underwriters and assembling a team of underwriters suitable for the Offering; and (ii) reimburse the Representative up to a maximum of US$220,000 for accountable fees, which include a US$30,000 expense retainer which shall be treated as a refundable advance to be applied against accountable legal fees and other expenses incurred by the Representative in connection with qualifying the Company for the Offering (the "Qualifying Expense Retainer"). Any expenses exceeding US$500, except for the US$50,000 consulting fee as mentioned above, shall require prior approval from the Company. Any unused portion of the Qualifying Expense Retainer shall be returned to the Company.

We also agreed to pay to the Representative non-accountable expenses of 1.0% of the gross proceeds raised in the Offering. Any expense deposits will be returned to us to the extent the Representative's out-of-pocket accountable expenses are not actually incurred in accordance with FINRA Rule 5110(g)(4)(A).

We estimate the total expenses payable by us in connection with the Offering, other than the underwriting fees and commissions, will be approximately US$1,755,232, including the 1.0% non-accountable expense allowance, a maximum reimbursement of US$220,000 of Representative's accountable expense and the US$50,000 consulting fee.

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#### Over-Allotment Option
The Company has granted the underwriters an option to purchase up to 270,000 additional Ordinary Shares (15% of the total number of our Ordinary Shares to be offered by us pursuant to the Offering) from us within 45 days of the date of the closing of this Offering at the IPO Price less the underwriting discounts and commissions, based on the assumed offered price of US$4 per Ordinary Share. The underwriters may exercise this option solely for the purpose of covering over-allotments, if any, in connection with the Offering. Any Ordinary Shares issued or sold under the option will be issued and sold on the same terms and conditions as the other Ordinary Shares that are the subject of the Offering.

#### Representative's Warrants
In addition, we agreed to issue to the Representative or its designees at the closing of the IPO, warrants (the "Representative's Warrants") to purchase that number of Ordinary Shares equal to 5.0% of the number of Ordinary Shares placed in the Offering including any shares sold pursuant to any over-allotment or additional investment component. The Representative's Warrants shall be in a customary form reasonably acceptable to the Representative, have a term of five (5) years beginning on the 180<sup>th</sup> day following the commencement of sales in the Offering, contain standard cashless exercise provisions, customary anti-dilution protections, and piggyback registration rights, and have an exercise price equal to 120% of the Offering Price per Ordinary Share. Upon exercising the Representative's Warrants, the Representative shall guarantee the Company will receive an amount calculated based on the exercise price (120% of the Offering price) for the number of Ordinary Shares being exercised before the Company issues Ordinary Shares to the Representative upon completion of the warrant exercise. The Representative's Warrants may not be sold, transferred, assigned, pledged, or hypothecated, or be the subject of any hedging, short sale, derivative, put, or call transaction that would result in the effective economic disposition of the securities for a period of 180 days following the commencement of sales in the Offering, in accordance with FINRA Rule 5110(e)(2). The Company shall not take any corporate action, including any merger, reorganization, or recapitalization, that would impair the rights of the Representative Warrants without providing the Representative with adequate and appropriate protections.

#### Tail Fee
If, within twelve (12) months from the effective date of termination or expiration of the underwriter engagement letter, the Company's securities are sold by the Company or any of its affiliates in a transaction or series of transactions with any person or legal entity (including their respective affiliates) to whom the underwriters introduced the Company during the term of the underwriter engagement letter, and in which the Representative did not act as at least the exclusive joint managing underwriter or lead placement agent to the Company or its affiliate, as applicable, then the Company shall pay the Representative, at the time of each such sale, a cash fee in the amount that would otherwise have been payable with respect to the gross proceeds to the Company from each such sale. Notwithstanding the foregoing, no tail fee shall be payable if the underwriter engagement letter is validly terminated by the Company for cause, including, but not limited to, a material breach by the Representative of its obligations hereunder or gross negligence or willful misconduct in the performance of its services.

#### No Sales of Similar Securities
All officers, directors, and principal shareholders who own more than five percent (5%) of the Company's securities, as of the effective date of the registration statement shall agree in writing, not to sell, transfer, or otherwise dispose of any of such securities of the Company for a period of six (6) months from the effective date of the registration statement or any longer period required by FINRA, the U.S. stock exchanges or any state, without the express written consent of the underwriter, which consent may be given or withheld in the underwriter's sole discretion.

#### Lock-Up Agreements
Our directors, officers, and all existing shareholders who own 5% or more of the issued and outstanding Ordinary Shares as of the effective date of the registration statement will enter into customary lock-up agreements with the underwriters for a period of six (6) months from the date of the Offering.

Each of the Company and any successors of the Company agree not to offer, sell, or otherwise transfer or dispose of, directly or indirectly, any Ordinary Shares or any securities convertible into or exercisable or exchangeable for Ordinary Shares of the Company or file or cause to be filed any registration statement with the SEC relating to the offering of any Ordinary Shares of the Company or any securities convertible or exchangeable for Ordinary Shares of the Company for a period of up to six (6) months from the closing of the Offering.

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The Representative may in its sole discretion and at any time without notice release some or all of the shares subject to lock-up agreements prior to the expiration of the lock-up period. When determining whether or not to release shares from the lock-up agreements, the Representative will consider, among other factors, the security holder's reasons for requesting the release, the number of shares for which the release is being requested and market conditions at the time.

#### Application for Nasdaq Listing
We intend to apply to have our Ordinary Shares approved for listing/quotation on the Nasdaq Capital Market. We will not consummate and close this Offering without a listing approval letter from the Nasdaq Capital Market. Our receipt of a listing approval letter is not the same as an actual listing on the Nasdaq Capital Market. The listing approval letter will serve only to confirm that, if we sell a number of Ordinary Shares in this Offering sufficient to satisfy applicable listing criteria, our Ordinary Shares will in fact be listed.

If the application is approved, trading of our Ordinary Shares on the Nasdaq Capital Market will begin within five days following the closing of this Offering. If our Ordinary Shares are listed on the Nasdaq Capital Market, we will be subject to continued listing requirements and corporate governance standards. We expect these new rules and regulations to significantly increase our legal, accounting and financial compliance costs.

#### Passive Market Making
Any underwriter who is a qualified market maker on Nasdaq may engage in passive market making transactions on Nasdaq, in accordance with Rule 103 of Regulation M under the Exchange Act, during a period before the commencement of offers or sales of the shares and extending through the completion of the distribution. Passive market makers must comply with applicable volume and price limitations and must be identified as a passive market maker. In general, a passive market maker must display its bid at a price not in excess of the highest independent bid for such security. If all independent bids are lowered below the passive market maker's bid, however, the passive market maker's bid must then be lowered when certain purchase limits are exceeded.

#### Price Stabilization
The underwriters will be required to comply with the Securities Act and the Exchange Act, including without limitation, Rule 10b-5 and Regulation M under the Exchange Act. These rules and regulations may limit the timing of purchases and sales of shares of capital stock by the underwriter acting as the Representative. Under these rules and regulations, the underwriter:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• may not engage in any stabilization activity in connection with our securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• may not bid for or purchase any of our securities or attempt to induce any person to purchase any of our securities, other than as permitted under the Exchange Act, until it has completed its participation in the distribution.

#### Det ermination of Offering Price
Prior to this Offering, there has been no public market for our ordinary shares. The public offering price of the shares was determined by us in consultation with the underwriters based on discussions with potential investors in light of the history and prospects of our Company, the stage of development of our business, our business plans for the future and the extent to which they have been implemented, an assessment of our management, the public stock price for similar companies, general conditions of the securities markets at the time of the Offering and such other factors as were deemed relevant.

#### Electronic Offer, Sale and Distribution of Securities
A prospectus in electronic format may be delivered to potential investors by the underwriters. The prospectus in electronic format will be identical to the paper version of such prospectus. Other than the prospectus in electronic format, the information on the underwriters' websites and any information contained on any other website maintained by the underwriters is not part of the prospectus or the registration statement of which this Prospectus forms a part.

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#### Indemnification
We agreed to indemnify the underwriters against certain liabilities, including liabilities under the Securities Act and the Exchange Act and liabilities arising from breaches of representations and warranties contained in the Underwriting Agreement, or to contribute to payments that the underwriters may be required to make in respect of those liabilities.

#### Relationships
The underwriters and their respective affiliates are full service financial institutions engaged in various activities, which may include the sales and trading of securities, commercial and investment banking, advisory, investment management, investment research, principal investment, hedging, market making, financing, brokerage and other financial and non-financial activities and services. The underwriters and their respective affiliates may have, from time to time, performed, and may in the future perform, a variety of such activities and services for us and for persons or entities with relationships with us for which they received or will receive customary fees, commissions and expenses.

In the ordinary course of their various business activities, the underwriters and their respective affiliates, directors, officers and employees may at any time purchase, sell or hold a broad array of investments, and actively trade securities, derivatives, loans, commodities, currencies, credit default swaps and other financial instruments for their own accounts and for the accounts of their customers. Such investment and trading activities may involve or relate to our assets, securities and/or instruments (directly, as collateral securing other obligations or otherwise) and/or persons and entities with relationships with us. The underwriters and their respective affiliates may also communicate independent investment recommendations, market color or trading ideas and/or publish or express independent research views in respect of such assets, securities or instruments. In addition, the underwriters and their respective affiliates may at any time hold, or recommend to clients that they should acquire, long and short positions in such assets, securities and instruments.

#### Selling Restrictions
No action has been taken in any jurisdiction (except in the U.S.) that would permit a public offering of the ordinary shares, or the possession, circulation or distribution of this prospectus or any other material relating to us or the ordinary shares, where action for that purpose is required. Accordingly, the ordinary shares may not be offered or sold, directly or indirectly, and neither this prospectus nor any other offering material or advertisements in connection with the ordinary shares may be distributed or published, in or from any country or jurisdiction except in compliance with any applicable rules and regulations of any such country or jurisdiction.

#### Notice to Prospective Investors in Australia
This prospectus:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• does not constitute a product disclosure document or a prospectus under Chapter 6D.2 of the Corporations Act 2001 (Cth), or the Corporations Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• has not been, and will not be, lodged with the Australian Securities and Investments Commission, or the ASIC, as a disclosure document for the purposes of the Corporations Act and does not purport to include the information required of a disclosure document under Chapter 6D.2 of the Corporations Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• does not constitute or involve a recommendation to acquire, an offer or invitation for issue or sale, an offer or invitation to arrange the issue or sale, or an issue or sale, of interests to a "retail client" (as defined in section 761G of the Corporations Act and applicable regulations) in Australia; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• may only be provided in Australia to select investors who are able to demonstrate that they fall within one or more of the categories of investors, or Exempt Investors, available under section 708 of the Corporations Act.

The ordinary shares may not be directly or indirectly offered for subscription or purchased or sold, and no invitations to subscribe for or buy the ordinary shares may be issued, and no draft or definitive offering memorandum, advertisement or other offering material relating to any ordinary shares may be distributed in Australia, except where disclosure to investors is not required under Chapter 6D of the Corporations Act or is otherwise in compliance with all applicable Australian laws and regulations. By submitting an application for the ordinary shares, you represent and warrant to us that you are an Exempt Investor.

As any offer of ordinary shares under this prospectus will be made without disclosure in Australia under Chapter 6D.2 of the Corporations Act, the offer of those securities for resale in Australia within 12 months may, under section 707 of the Corporations Act, require disclosure to investors under Chapter 6D.2 if none of the exemptions in section 708

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applies to that resale. By applying for the ordinary shares you undertake to us that you will not, for a period of 12 months from the date of issue of the ordinary shares, offer, transfer, assign or otherwise alienate those securities to investors in Australia except in circumstances where disclosure to investors is not required under Chapter 6D.2 of the Corporations Act or where a compliant disclosure document is prepared and lodged with ASIC.

#### Notice to Prospective Investors in Canada
**Resale restrictions.** The distribution of the ordinary shares in Canada is being made only in the provinces of Ontario, Quebec, Alberta and British Columbia on a private placement basis exempt from the requirement that we prepare and file a prospectus with the securities regulatory authorities in each province where trades of the ordinary shares are made. Any resale of the ordinary shares in Canada must be made under applicable securities laws which may vary depending on the relevant jurisdiction, and which may require resales to be made under available statutory exemptions or under a discretionary exemption granted by the applicable Canadian securities regulatory authority. Purchasers are advised to seek legal advice prior to any resale of the securities.

**Representations of Canadian purchasers.** By purchasing ordinary shares in Canada and accepting delivery of a purchase confirmation, a purchaser is representing to us and the dealer from whom the purchase confirmation is received that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the purchaser is entitled under applicable provincial securities laws to purchase the ordinary shares without the benefit of a prospectus qualified under those securities laws as it is an "accredited investor" as defined under National Instrument 45-106 — Prospectus Exemptions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the purchaser is a "permitted client" as defined in National Instrument 31-103 — Registration Requirements, Exemptions and Ongoing Registrant Obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• where required by law, the purchaser is purchasing as principal and not as agent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the purchaser has reviewed the text above under Resale Restrictions.

**Conflicts of Interest.** Canadian purchasers are hereby notified that the underwriters are relying on the exemption set out in section 3A.3 or 3A.4, if applicable, of National Instrument 33-105 — Underwriting Conflicts from having to provide certain conflict of interest disclosure in this prospectus.

**Statutory rights of action.** Securities legislation in certain provinces or territories of Canada may provide a purchaser with remedies for rescission or damages if the offering memorandum (including any amendment thereto) such as this prospectus contains a misrepresentation, provided that the remedies for rescission or damages are exercised by the purchaser within the time limit prescribed by the securities legislation of the purchaser's province or territory. The purchaser of these securities in Canada should refer to any applicable provisions of the securities legislation of the purchaser's province or territory for particulars of these rights or consult with a legal advisor.

**Enforcement of legal rights.** All of our directors and officers as well as the experts named herein may be located outside of Canada and, as a result, it may not be possible for Canadian purchasers to effect service of process within Canada upon us or those persons. All or a substantial portion of our assets and the assets of those persons may be located outside of Canada and, as a result, it may not be possible to satisfy a judgment against us or those persons in Canada or to enforce a judgment obtained in Canadian courts against us or those persons outside of Canada.

**Taxation and eligibility for investment.** Canadian purchasers of ordinary shares should consult their own legal and tax advisors with respect to the tax consequences of an investment in the ordinary shares in their particular circumstances and about the eligibility of the ordinary shares for investment by the purchaser under relevant Canadian legislation.

#### Notice to Prospective Investors in Cayman Islands
This prospectus does not constitute a public offer of the ordinary shares, whether by way of sale or subscription, in the Cayman Islands. The ordinary shares have not been offered or sold, and will not be offered or sold, directly or indirectly, in the Cayman Islands.

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#### Notice to Prospective Investors in Dubai International Financial Centre, or the DIFC
This prospectus relates to an Exempt Offer of the Dubai Financial Services Authority, or the DFSA, in accordance with the Markets Rules 2012 of the DFSA. This prospectus is intended for distribution only to persons of a type specified in the Markets Rules 2012 of the DFSA. It must not be delivered to, or relied on by, any other person. The DFSA has no responsibility for reviewing or verifying any documents in connection with Exempt Offers. The DFSA has not approved this prospectus supplement nor taken steps to verify the information set forth herein and has no responsibility for this prospectus. The securities to which this prospectus relates may be illiquid and/or subject to restrictions on their resale. Prospective purchasers of the securities offered should conduct their own due diligence on the securities. If you do not understand the contents of this prospectus you should consult an authorized financial advisor.

In relation to its use in the DIFC, this prospectus is strictly private and confidential and is being distributed to a limited number of investors and must not be provided to any person other than the original recipient, and may not be reproduced or used for any other purpose. The interests in the securities may not be offered or sold directly or indirectly to the public in the DIFC.

#### Notice to Prospective Investors in European Economic Area
In relation to each Member State of the European Economic Area (each, a Relevant State), no ordinary shares have been offered or will be offered pursuant to the offering to the public in that Relevant State prior to the publication of a prospectus in relation to the ordinary shares which has been approved by the competent authority in that Relevant State or, where appropriate, approved in another Relevant State and notified to the competent authority in that Relevant State, all in accordance with the Prospectus Regulation, except that offers of ordinary shares may be made to the public in that Relevant State at any time under the following exemptions under the Prospectus Regulation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to any legal entity which is a qualified investor as defined under the Prospectus Regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to fewer than 150 natural or legal persons (other than qualified investors as defined under the Prospectus Regulation), subject to obtaining the prior consent of the underwriters for any such offer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in any other circumstances falling within Article 1(4) of the Prospectus Regulation.

For the purposes of this provision, the expression an "offer to the public" in relation to any ordinary shares in any Relevant State means the communication in any form and by any means of sufficient information on the terms of the offer and any ordinary shares to be offered so as to enable an investor to decide to purchase or subscribe for any ordinary shares, and the expression "Prospectus Regulation" means Regulation (EU) 2017/1129.

#### Notice to Prospective Investors in France
Neither this prospectus nor any other offering material relating to the ordinary shares described in this prospectus has been submitted to the clearance procedures of the Autorité des Marchés Financiers or of the competent authority of another member state of the European Economic Area and notified to the Autorité des Marchés Financiers. The ordinary shares have not been offered or sold and will not be offered or sold, directly or indirectly, to the public in France. Neither this prospectus nor any other offering material relating to the ordinary shares has been or will be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• released, issued, distributed or caused to be released, issued or distributed to the public in France; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• used in connection with any offer for subscription or sale of the ordinary shares to the public in France.

Such offers, sales and distributions will be made in France only:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to qualified investors (investisseurs qualifiés) and/or to a restricted circle of investors (cercle restreint d'investisseurs), in each case investing for their own account, all as defined in, and in accordance with articles L.411-2, D.411-1, D.411-2, D.734-1, D.744-1, D.754-1 and D.764-1 of the FrenchCode monétaire et financier;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to investment services providers authorized to engage in portfolio management on behalf of third parties; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in a transaction that, in accordance with article L.411-2-II-1° -or-2° -or 3° of the French Code monétaire et financier and article 211-2 of the General Regulations (Règlement Général) of the Autorité des Marchés Financiers, does not constitute a public offer (appel public à l'épargne).

The ordinary shares may be resold directly or indirectly, only in compliance with articles L.411-1, L.411-2, L.412-1 and L.621-8 through L.621-8-3 of the French Code monétaire et financier.

#### Notice to Prospective Investors in Hong Kong
The ordinary shares may not be offered or sold by means of any document other than (i) in circumstances which do not constitute an offer to the public within the meaning of the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap.32, Laws of Hong Kong), (ii) to "professional investors" within the meaning of the Securities and Futures Ordinance (Cap.571, Laws of Hong Kong) and any rules promulgated thereunder, or (iii) in other circumstances which do not result in the document being a "prospectus" within the meaning of the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap.32, Laws of Hong Kong), and no advertisement, invitation or document relating to the ordinary shares may be issued or may be in the possession of any person for the purpose of issue (in each case whether in Hong Kong or elsewhere), which is directed at, or the contents of which are likely to be accessed or read by, the public in Hong Kong (except if permitted to do so under the laws of Hong Kong) other than with respect to ordinary shares which are or are intended to be disposed of only to persons outside Hong Kong or only to "professional investors" within the meaning of the Securities and Futures Ordinance (Cap. 571, Laws of Hong Kong) and any rules promulgated thereunder.

#### Notice to Prospective Investors in Japan
The ordinary shares will not be offered or sold directly or indirectly in Japan or to, or for the benefit of any Japanese person or to others, for re-offering or re-sale directly or indirectly in Japan or to any Japanese person, except in each case pursuant to an exemption from the registration requirements of, and otherwise in compliance with, the Securities and Exchange Law of Japan and any other applicable laws, rules and regulations of Japan. For purposes of this paragraph, "Japanese person" means any person resident in Japan, including any corporation or other entity organized under the laws of Japan.

#### Notice to Prospective Investors in Kuwait
Unless all necessary approvals from the Kuwait Ministry of Commerce and Industry required by Law No. 31/1990 "Regulating the Negotiation of Securities and Establishment of Investment Funds," its Executive Regulations and the various Ministerial Orders issued pursuant thereto or in connection therewith, have been given in relation to the marketing and sale of the ordinary shares, these may not be marketed, offered for sale, nor sold in the State of Kuwait. Neither this prospectus (including any related document), nor any of the information contained therein is intended to lead to the conclusion of any contract of whatsoever nature within Kuwait.

Investors in Kuwait who approach us or any of the underwriters to obtain copies of this prospectus are required by us and the underwriters to keep such prospectus confidential and not to make copies thereof nor distribute the same to any other person in Kuwait and are also required to observe the restrictions provided for in all jurisdictions with respect to offering, marketing and the sale of the ordinary shares.

#### Notice to Prospective Investors in People's Republic of China
This prospectus may not be circulated or distributed in the People's Republic of China, or the PRC, and the ordinary shares may not be offered or sold, and will not offer or sell to any person for re-offering or resale directly or indirectly to any resident of the PRC except pursuant to applicable laws, rules and regulations of the PRC. For the purpose of this paragraph only, the PRC does not include Taiwan.

#### Notice to Prospective Investors in Qatar
In the State of Qatar, the offer contained herein is made on an exclusive basis to the specifically intended recipient thereof, upon that person's request and initiative, for personal use only and shall in no way be construed as a general offer for the sale of securities to the public or an attempt to do business as a bank, an investment company or otherwise in the State of Qatar. This prospectus and the underlying securities have not been approved or licensed by the Qatar

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Central Bank or the Qatar Financial Centre Regulatory Authority or any other regulator in the State of Qatar. The information contained in this prospectus shall only be shared with any third parties in Qatar on a need to know basis for the purpose of evaluating the contained offer. Any distribution of this prospectus by the recipient to third parties in Qatar beyond the terms hereof is not permitted and shall be at the liability of such recipient.

#### Notice to Prospective Investors in Saudi Arabia
This prospectus may not be distributed in the Kingdom of Saudi Arabia except to such persons as are permitted under the Offers of Securities Regulations issued by the Capital Market Authority. The Capital Market Authority does not make any representation as to the accuracy or completeness of this prospectus, and expressly disclaims any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this prospectus. Prospective purchasers of the securities offered hereby should conduct their own due diligence on the accuracy of the information relating to the securities. If you do not understand the contents of this prospectus you should consult an authorized financial adviser.

#### Notice to Prospective Investors in Singapore
This prospectus has not been registered as a prospectus in Singapore with the Monetary Authority of Singapore. Accordingly, this prospectus and any other documents or material in connection with the offer or sale, or invitation for subscription or purchase, of the ordinary shares may not be circulated or distributed, nor may the ordinary shares be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than (i) to an institutional investor under Section 274 of the Securities and Futures Act, Chapter 289 of Singapore, or the SFA, or (ii) to a relevant person pursuant to Section 275(1), or to any person pursuant to Section 275(1A), and in accordance with the conditions specified in Section 275, of the SFA or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA.

Where our ordinary shares are subscribed or purchased under Section 275 of the SFA by a relevant person which is: (a) a corporation (which is not an accredited investor as defined in Section 4A of the SFA) the sole business of which is to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor; or (b) a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and each beneficiary of the trust is an individual who is an accredited investor; securities (as defined in Section 239(1) of the SFA) of that corporation or the beneficiaries' rights and interest in that trust shall not be transferred within six months after that corporation or that trust has acquired the ordinary shares under Section 275 of the SFA, except: (1) to an institutional investor (for corporations under Section 274 of the SFA) or to a relevant person defined in Section 275(2) of the SFA, or to any person pursuant to an offer that is made on terms that such shares, debentures and units of shares and debentures of that corporation or such rights and interest in that trust are acquired at a consideration of not less than S$200,000 (or its equivalent in a foreign currency) for each transaction, whether such amount is to be paid for in cash or by exchange of securities or other assets, and further for corporations, in accordance with the conditions, specified in Section 275 of the SFA; (2) where no consideration is or will be given for the transfer; or (3) where the transfer is by operation of law.

#### Notice to Prospective Investors in Switzerland
The ordinary shares will not be publicly offered in Switzerland and will not be listed on the SIX Swiss Exchange, or SIX, or on any other stock exchange or regulated trading facility in Switzerland. This prospectus has been prepared without regard to the disclosure standards for issuance prospectuses under art. 652a or art. 1156 of the Swiss Code of Obligations or the disclosure standards for listing prospectuses under art. 27 ff. of the SIX Listing Rules or the listing rules of any other stock exchange or regulated trading facility in Switzerland. Neither this prospectus nor any other offering or marketing material relating to our company or the ordinary shares have been or will be filed with or approved by any Swiss regulatory authority. In particular, this prospectus will not be filed with, and the offer of the ordinary shares will not be supervised by, the Swiss Financial Market Supervisory Authority, and the offer of the ordinary shares has not been and will not be authorized under the Swiss Federal Act on Collective Investment Schemes, or the CISA. The investor protection afforded to acquirers of interests in collective investment schemes under the CISA does not extend to acquirers of the ordinary shares.

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#### Notice to Prospective Investors in Taiwan
The ordinary shares have not been and will not be registered with the Financial Supervisory Commission of Taiwan pursuant to relevant securities laws and regulations and may not be sold, issued or offered within Taiwan through a public offering or in circumstances which constitutes an offer within the meaning of the Securities and Exchange Act of Taiwan that requires a registration or approval of the Financial Supervisory Commission of Taiwan. No person or entity in Taiwan has been authorized to offer, sell, give advice regarding or otherwise intermediate the offering and sale of the ordinary shares in Taiwan.

#### Notice to Prospective Investors in United Arab Emirates
The ordinary shares have not been offered or sold, and will not be offered or sold, directly or indirectly, in the United Arab Emirates, except: (i) in compliance with all applicable laws and regulations of the United Arab Emirates; and (ii) through persons or corporate entities authorized and licensed to provide investment advice and/or engage in brokerage activity and/or trade in respect of foreign securities in the United Arab Emirates. The information contained in this prospectus does not constitute a public offer of securities in the United Arab Emirates in accordance with the Commercial Companies Law (Federal Law No. 8 of 1984 (as amended)) or otherwise and is not intended to be a public offer and is addressed only to persons who are sophisticated investors.

#### Notice to Prospective Investors in United Kingdom
This prospectus is only being distributed to and is only directed at: (i) persons who are outside the United Kingdom; (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, or the Order; or (iii) high net worth companies, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons falling within (i)-(iii) together being referred to as "relevant persons"). The ordinary shares are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire the ordinary shares will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this prospectus or any of its contents.

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#### EXPENSES RELATING TO THIS OFFERING
Set forth below is an itemization of the total expenses, excluding placement discounts and commissions, 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.

---

| | |
|:---|:---|
|  SEC Registration Fee | $1334 |
|  Nasdaq Capital Market Listing Fee | 50000 |
|  FINRA Filing Fee | 1807 |
|  Legal Fees and Expenses | 557405 |
|  Accounting Fees and Expenses | 659454 |
|  Printing and Engraving Expenses | 30000 |
|  Miscellaneous Expenses | 113232 |
|  Total Expenses | $1413232 |

---

These expenses and underwriting fees and commissions will be borne by us.

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#### LEGAL MATTERS
The validity of the Ordinary Shares offered in this offering and certain legal matters as to Cayman Islands law will be passed upon for us by Ogier. Nauth LPC is acting as counsel to our Company regarding U.S. securities law matters. Polaris Tax Counsel is counsel to our Company regarding U.S. tax matters. Ye & Associates, P.C. is counsel to the underwriters. Certain legal matters as to Hong Kong law will be passed upon for us by David Fong & Co. Nauth LPC may rely upon David Fong & Co. with respect to matters governed by Hong Kong law. Legal matters as to PRC laws will be passed upon for us by China Commercial Law Firm.

#### EXPERTS
The CFS for the years ended December 31, 2024 and 2023, as set forth in this prospectus and elsewhere in the registration statement have been so included in reliance on the report of Wei, Wei & Co., LLP, an independent registered public accounting firm, given on their authority as experts in accounting and auditing. The office of Wei, Wei & Co., LLP is located at 133-10 39<sup>th</sup> Avenue, Flushing, NY 11354.

The section in this prospectus entitled "Industry Background" is based in part upon, and summaries elsewhere in this prospectus attributed to Frost & Sullivan are based upon, information either compiled or produced by Frost & Sullivan and are included in reliance upon the authority of that firm as an expert, although Frost & Sullivan has not independently verified the material provided to it by the outside sources referenced in that section. This information has been included with the consent of Frost & Sullivan and Frost & Sullivan has authorized that portions of the prospectus be attributed to it. The office of Frost & Sullivan is located at 3006, Two Exchange Square, 8 Connaught Place Central, Hong Kong.

#### INTERESTS OF NAMED EXPERTS AND COUNSEL
No expert or counsel named in this prospectus as having prepared or certified any part of this prospectus or having given an opinion upon the validity of the securities being registered or upon other legal matters in connection with the registration or offering of the Ordinary Shares was employed on a contingency basis, or had, or is to receive, in connection with the offering, a substantial interest, direct or indirect, in the registrant. Nor was any such person connected with the registrant as a promoter, managing or principal Underwriter, voting trustee, director, officer, or employee.

#### DISCLOSURE OF COMMISSION POSITION ON INDEMNIFICATION
Insofar as indemnification for liabilities arising under the Securities Act, may be permitted to our directors, officers or persons controlling us, we have been advised that it is the SEC's opinion that such indemnification is against public policy as expressed in such act and is, therefore, unenforceable.

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#### WHERE YOU CAN FIND ADDITIONAL INFORMATION
We filed with the SEC a registration statement on Form F-1 under the Securities Act with respect to the Ordinary Shares offered hereby. This prospectus, which constitutes a part of the registration statement, does not contain all of the information set forth in the registration statement or the exhibits filed therewith. For further information about us and the Ordinary Shares offered hereby, reference is made to the registration statement and the exhibits filed therewith. Statements contained in this prospectus regarding the contents of any contract or any other document that is filed as an exhibit to the registration statement are not necessarily complete, and in each instance we refer you to the copy of such contract or other document filed as an exhibit to the registration statement. However, statements in the prospectus contain the material provisions of such contracts, agreements and other documents. We currently do not file periodic reports with the SEC. Upon the closing of our IPO, we will be required to file periodic reports and other information with the SEC pursuant to the Exchange Act. A copy of the registration statement and the exhibits filed therewith may be inspected without charge at the public reference room maintained by the SEC, located at 100 F Street, NE, Washington, DC 20549, and copies of all or any part of the registration statement may be obtained from that office. Please call the SEC at 1-800-SEC-0330 for further information about the public reference room. The SEC also maintains a website that contains reports, information statements and other information regarding registrants that file electronically with the SEC. The address of the website is *www.sec.gov*.

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#### RISE SMART GROUP HOLDINGS LIMITED<br>INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

#### Audited Consolidated Financial Statements

---

| | |
|:---|:---|
|  | **Page** |
|  [Report of Independent Registered Public Accounting Firm (PCOAB ID: 2388)](#T801) | F-2 |
|  [Consolidated Balance Sheets at of December 31, 2024 and 2023](#T802) | F-3 |
|  [Consolidated Statements of Income and Comprehensive Income](#T803) | F-4 |
|  [Consolidated Statements of Cash Flows](#T804) | F-5 |
|  [Consolidated Statements of Changes in Stockholders' Equity](#T805) | F-6 |
|  [Notes to Consolidated Financial Statements](#T806) | F-7 – F-22 |

---

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---

| | |
|:---|:---|
|  ![](twei_footer.jpg)  | **REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**<br> To the Board of Directors and Stockholders of<br>Rise Smart Group Holdings Limited<br> **Opinion on the Financial Statements**<br> We have audited the consolidated balance sheets of Rise Smart Group Holdings Limited and subsidiaries (the "Company") as of December 31, 2024 and 2023, and the related consolidated statements of income and comprehensive income, changes in stockholders' equity, and cash flows for each of the years in the two-year period ended December 31, 2024, and the related notes (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the years in the two-year period ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.<br> **Basis for Opinion**<br> These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.<br> We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting. but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.<br> Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.<br> /s/ Wei, Wei & Co., LLP<br> We have served as the Company's auditor since 2022. <br> Flushing, New York<br>April 30, 2025 |

---

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#### RISE SMART GROUP HOLDINGS LIMITED<br>CONSOLIDATED BALANCE SHEETS<br>(Currency expressed in United States Dollars ("US$"), except for number of shares)

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2024** | **2023** |
|  **ASSETS** |  |  |
|  **Current assets:** |  |  |
|  Cash and equivalents | $582777 | $374187 |
|  Accounts receivable, net | 1339096 | 1034714 |
|  Prepayments and other current assets | 760715 | 467822 |
|  **Total current assets** | 2682588 | 1876723 |
|  **Non-current assets:** |  |  |
|  Property and equipment, net | 46772 | 70838 |
|  Right-of-use assets, net | 35827 | 107410 |
|  Total non-current assets | 82599 | 178248 |
|  **TOTAL ASSETS** | $2765187 | $2054971 |
|  **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |
|  **Current liabilities:** |  |  |
|  Due to a related party | $28357 | $30622 |
|  Dividend payable |  | 256124 |
|  Accounts payable | 195932 | 301394 |
|  Income tax payable | 294464 | 266208 |
|  Operating lease liabilities, current | 37179 | 71584 |
|  Accrued expenses and other current liabilities | 30604 | 22735 |
|  Current maturities of long-term bank borrowings | 72486 | 68927 |
|  **Total current liabilities** | 659022 | 1017594 |
|  **Non-current liabilities:** |  |  |
|  Operating lease liabilities, non-current |  | 37154 |
|  Long-term bank borrowings, non-current | 424347 | 496631 |
|  Deferred tax liabilities, net | 1338 | 4360 |
|  Total non-current liabilities | 425685 | 538145 |
|  **TOTAL LIABILITIES** | 1084707 | 1555739 |
|  **STOCKHOLDERS' EQUITY** |  |  |
|  Common stock, $0.000625 par value; 80,000,000 shares authorized; 14,375,000 issued and outstanding\* | 8984 | 8984 |
|  Additional paid in capital | 1016 | 1016 |
|  Accumulated other comprehensive income | 3272 | 1376 |
|  Retained earnings | 1667208 | 487856 |
|  **Total Stockholders' equity** | 1680480 | 499232 |
|  **TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY** | $2765187 | $2054971 |

---

____________

\* Giving retroactive effect to the 1,600-for-1 share split and 1,625,000 surrendered shares effected on May 2, 2024.

See accompanying notes to consolidated financial statements.

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#### RISE SMART GROUP HOLDINGS LIMITED<br>CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME<br>(Currency expressed in United States Dollars ("US$"))

---

| | | |
|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2024** | **2023** |
|  **Revenues** | $3208472 | $2757208 |
|  **Cost of revenue** | 918942 | 820333 |
|  **Gross profit** | 2289530 | 1936875 |
|  **Operating expenses:** |  |  |
| &nbsp;&nbsp;&nbsp; Selling and marketing | 336867 | 186832 |
| &nbsp;&nbsp;&nbsp; General and administrative | 607372 | 681473 |
|  **Total operating expenses** | 944239 | 868305 |
|  **Income from operations** | 1345291 | 1068570 |
|  **Other income (expense)** |  |  |
| &nbsp;&nbsp;&nbsp; Interest expense | (24401) | (24353) |
| &nbsp;&nbsp;&nbsp; Other income (expense), net | 65700 | (6369) |
|  **Total other income (expense), net** | 41299 | (30722) |
|  **Income before provision for income tax** | 1386590 | 1037848 |
|  Income tax expense | (207238) | (206467) |
|  **Net income** | 1179352 | 831381 |
|  **Other comprehensive income**  | 1896 | 2923 |
|  **Total comprehensive income for the year** | $1181248 | $834304 |
|  Earnings per share – Basic and Diluted\* | $0.082 | $0.058 |
|  Weighted average shares outstanding – Basic and Diluted\* | 14375000 | 14375000 |

---

____________

\* Giving retroactive effect to the 1,600-for-1 share split and 1,625,000 surrendered shares effected on May 2, 2024.

See accompanying notes to consolidated financial statements.

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#### RISE SMART GROUP HOLDINGS LIMITED<br>CONSOLIDATED STATEMENTS OF CASH FLOWS<br>(Currency expressed in United States Dollars ("US$"))

---

| | | |
|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2024** | **2023** |
|  **Cash flows from operating activities:** |  |  |
| &nbsp;&nbsp;&nbsp; Net income | $1179352 | $831381 |
| &nbsp;&nbsp;&nbsp; Adjustments to reconcile net income to net cash provided (used) by operating activities |  |  |
| &nbsp;&nbsp;&nbsp; Depreciation | 24065 | 24398 |
| &nbsp;&nbsp;&nbsp; Amortization of operating lease right-of-use assets and interest of lease liabilities | 71514 | 69280 |
|  **Change in operating assets and liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp; Taxes payable | 25229 | 206467 |
| &nbsp;&nbsp;&nbsp; Accounts receivable | (304382) | (895963) |
| &nbsp;&nbsp;&nbsp; Prepayments and other current assets | (292893) | (309131) |
| &nbsp;&nbsp;&nbsp; Accounts payable | (105462) | 151948 |
| &nbsp;&nbsp;&nbsp; Accrued expenses and other current liabilities | 7869 | (26666 |
| &nbsp;&nbsp;&nbsp; Right-of-use assets and operating lease liabilities | (71640) | (70437) |
|  Net cash provided (used) by operating activities | 533652 | (18723) |
|  **Cash flows from financing activities:** |  |  |
|  Repayment of loan payable | (68725) | (54252) |
|  Advances from (to) related parties | (2265) | 833004 |
|  Dividends paid | (256124) | (647482) |
|  Net cash (used in) provided by financing activities | (327114) | 131270 |
|  Foreign currency translation adjustment | 2052 | 3620 |
|  Net change in cash and equivalents | 208590 | 116167 |
|  **CASH AND EQUIVALENTS AT THE BEGINNING OF YEAR** | 374187 | 258020 |
|  **CASH AND EQUIVALENTS AT THE END OF YEAR** | $582777 | $374187 |
|  **Supplemental non-cash in investing and financing activities:** |  |  |
|  **Taxes paid** | $183233 | $— |
|  **Interest paid** | $19051 | $20729 |

---

See accompanying notes to consolidated financial statements.

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**RISE SMART GROUP HOLDINGS LIMITED<br>CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY<br>YEARS ENDED DECEMBER 31, 2024 AND 2023<br>(Currency expressed in United States Dollars ("US$"), except for number of shares)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **<br>Common stock** | **<br>Common stock** | **Accumulated <br>other <br>comprehensive <br>income (loss)** | **Additional <br>paid in <br>capital** | **Retained <br>earnings** | **Total <br>stockholders' <br>equity** |
|  | **No. of <br>shares\*** | **Amount** | **Accumulated <br>other <br>comprehensive <br>income (loss)** | **Additional <br>paid in <br>capital** | **Retained <br>earnings** | **Total <br>stockholders' <br>equity** |
|  Balance as of January 1, 2023 | 14375000 | $8984 | $(1547) | $1016 | $560081 | $568534 |
|  Foreign currency translation adjustment |  |  | 2923 |  |  | 2923 |
|  Dividend |  |  |  |  | (903606) | (903606) |
|  Net profit |  |  |  |  | 831381 | 831381 |
|  Balance as of December 31, <br>2023 | 14375000 | 8984 | 1376 | 1016 | 487856 | 499232 |
|  Foreign currency translation adjustment |  |  | 1896 |  |  | 1896 |
|  Net profit |  |  |  |  | 1179352 | 1179352 |
|  Balance as of December 31, <br>2024 | 14375000 | $8984 | $3272 | $1016 | $1667208 | $1680480 |

---

See accompanying notes to consolidated financial statements.

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#### RISE SMART GROUP HOLDINGS LIMITED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<br>DECEMBER 31, 2024 AND 2023<br>(Currency expressed in United States Dollars ("US$"), except for number of shares)

#### NOTE 1 — ORGANIZATION AND BUSINESS DESCRIPTION
Rise Smart Group Holdings Limited (the "Company") was incorporated in the Cayman Islands on June 14, 2023, as a holding company for our business, which is primarily operated through our indirectly wholly-owned Operating Subsidiary, Rise Smart Holdings Limited, incorporated in Hong Kong, which we refer to as Rise Smart Hong Kong.

Rise Smart (HK) Limited was incorporated on June 29, 2023 under the laws of the British Virgin Islands ("BVI"), as an intermediate holding company.

Our Operating Subsidiary, Rise Smart Hong Kong, was founded in 2006 and principally provides overseas studies consultancy services to local students who seek secondary and higher education in the United Kingdom ("UK"), Australia, Canada, and New Zealand. We also provide other services such as (i) tutoring to students by cooperating with tutoring agencies to provide online tutoring to students; and (ii) visa consultation to facilitate customers' development in the UK, Canada, Australia and New Zealand.

Our subsidiary incorporated in the UK, Rise Smart Holdings Limited, which we refer to as Rise Smart UK, was founded in 2020 and has not engaged in any business activity.

On June 14, 2023, the Company was incorporated in the Cayman Islands and was owned as to 8,012 shares, 990 shares, 499 shares and 499 shares by Mr. Kin Cho Li, Mr. Wa Pang Cheong, Mr. Ho Fai Chan and Mr. Yu Ming Tang, respectively. On July 4, 2023, Rise Smart (HK) Limited entered into agreements with Mr. Kin Cho Li, Mr. Wa Pang Cheong, Mr. Ho Fai Chan and Mr. Yu Ming Tang, pursuant to which Rise Smart (HK) Limited acquired 2,403,600 shares, 297,000 shares 149,700 shares and 149,700 shares of Rise Smart Hong Kong, our Hong Kong subsidiary, from Mr. Kin Cho Li, Mr. Wa Pang Cheong, Mr. Ho Fai Chan and Mr. Yu Ming Tang, for HK$80, HK$10, HK$5 and HK$5, respectively. On July 5, 2023, Rise Smart (HK) Limited purchased from Mr. Kin Cho Li, Rise Smart (HK) Limited for the entire issued share capital of Rise Smart UK, our UK subsidiary, for 100 Great Britain Pounds. Subsequently our Hong Kong and UK subsidiaries are wholly-owned by Rise Smart (HK) Limited.

On May 2, 2024, all of the shareholders of the Company, namely, Mr. Kin Cho Li, Mr. Wa Pang Cheong, Mr. Ho Fai Chan and Mr. Yu Ming Tang (the "Shareholders") approved a share subdivision pursuant to which each of the Company's existing issued and unissued shares with a par value of USD1.00 split into 1,600 shares with a par value of USD0.000625 each, and all the subdivided shares shall be ranked pari passu in all respects with each other as part of the Company's reorganization (the "Share Subdivision"). Subsequent to the Share Subdivision, the authorized share capital of the Company became USD50,000 divided into 80,000,000 ordinary shares with a par value of USD0.000625 each, and the Company had 16,000,000 Ordinary Shares issued and outstanding, of which 12,819,200, 1,584,000, 798,400 and 798,400 Ordinary Shares were held by Mr. Kin Cho Li, Mr. Wa Pang Cheong, Mr. Ho Fai Chan and Mr. Yu Ming Tang, respectively.

Immediately upon the completion of the Share Subdivision, on May 2, 2024, the Shareholders proposed and the board of directors of the Company approved the surrender of 1,625,000 Ordinary Shares for no consideration to the Company for cancellation, among which (i) 1,301,950 Ordinary Shares were surrendered by Mr. Kin Cho Li, (ii) 160,875 Ordinary Shares were surrendered by Mr. Wa Pang Cheong, (iii) 81,088 Ordinary Shares were surrendered by Mr. Ho Fai Chan and (iv) 81,087 Ordinary Shares were surrendered by Mr. Yu Ming Tang to the Company. Subsequently, the total number of Ordinary Shares in issue and outstanding became 14,375,000, and each of Mr. Kin Cho Li, Mr. Wa Pang Cheong, Mr. Ho Fai Chan and Mr. Yu Ming Tang owns 11,517,250, 1,423,125, 717,312 and 717,313 Ordinary Shares, respectively.

On November 14, 2024, Mr. Kin Cho Li, Mr. Wa Pang Cheong, Mr. Ho Fai Chan and Mr. Yu Tang transferred 11,517,250 Ordinary Shares, 1,423,125 Ordinary Shares, 717,312 Ordinary Shares and 717,313 Ordinary Shares to Glamorous Rise Limited, Radiant Moonlight Limited, Fabulous Time Global Limited, Absolute Rapture Limited respectively.

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#### RISE SMART GROUP HOLDINGS LIMITED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<br>DECEMBER 31, 2024 AND 2023<br>(Currency expressed in United States Dollars ("US$"), except for number of shares)

#### NOTE 1 — ORGANIZATION AND BUSINESS DESCRIPTION (cont.)
All Ordinary Share and per Ordinary Share amounts used elsewhere in this prospectus and the consolidated financial statements ("CFS") were retroactively restated to reflect the Share Subdivision.

Prior to this Offering, our Company was 80.12% owned by Mr. Kin Cho Li, our Chief Executive Officer and Chairman, 9.90% by Mr. Wa Pang Cheong, 4.99% by Mr. Ho Fai Chan, and 4.99% by Mr. Yu Ming Tang.

The following diagram illustrates our organization structure prior to the Offering:

![](tflowchart_007.jpg)

____________

Notes:

(1) Rise Smart Group Holdings Limited, a Cayman Islands company, is the holding company and registrant.

(2) Rise Smart (HK) Limited, a BVI company, is the holding company of our Operating Subsidiary and our UK subsidiary.

(3) Rise Smart Holdings Limited, a Hong Kong company, is our Operating Subsidiary.

(4) Rise Smart Holdings Limited, a UK company, is our subsidiary in the UK.

<u><u>Description of subsidiaries</u></u>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Subsidiaries** | **Date of<br> Incorporation** | **Jurisdiction of <br>Formation** | **Percentage of <br>direct/indirect <br>Economic <br>Ownership** | **Principal <br>Activities** |
|  Rise Smart (HK) Limited ("Rise Smart BVI") | June 29, 2023 | BVI | 100% | Investment holding |
|  Rise Smart Holdings Limited ("Rise Smart HK) | January 9, 2006 | Hong Kong | 100% | Provision of study abroad agency services and education advisory services |
|  Rise Smart Holdings Limited ("Rise Smart UK) | March 16, 2020 | United Kingdom | 100% | Not engaged business activity |

---

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#### RISE SMART GROUP HOLDINGS LIMITED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<br>DECEMBER 31, 2024 AND 2023<br>(Currency expressed in United States Dollars ("US$"), except for number of shares)

#### NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

#### Basis of preparation
The accompanying CFS were prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and applicable rules and regulations of the Securities and Exchange Commission ("SEC").

#### Principles of consolidation
The CFS include the accounts of the Company and its subsidiaries. All inter-company transactions and balances are eliminated upon consolidation.

#### Use of Estimates and Assumptions
The preparation of CFS in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates and judgments are based on historical information, information that is currently available to the Company and on various other assumptions that the Company believes to be reasonable under the circumstances. Significant estimates required to be made by management, include, but are not limited to, the allowance for doubtful accounts, the determination of the useful lives of property and equipment, impairment of long-lived assets, allowance for deferred tax assets, uncertain tax position, operating lease right-of-use assets, operating lease liabilities, revenue recognition and contingencies. Actual results could differ from those estimates.

#### Foreign Currency Translation and Transaction
The Company's principal country of operations is Hong Kong. The financial position and results of its operations are determined using Hong Kong Dollars ("HK$"), the local currency, as the functional currency. The Company's CFS are reported using the U.S. Dollars ("US$" or "$"). The results of operations and the consolidated statements of cash flows denominated in foreign currency are translated at the average rate of exchange during the reporting period. Assets and liabilities denominated in foreign currencies at the balance sheet date are translated at the applicable rates of exchange in effect at that date. The equity denominated in the functional currency is translated at the historical rate of exchange at the time of capital contribution. Because cash flows are translated based on the average translation rate, amounts related to assets and liabilities reported on the consolidated statements of cash flows will not necessarily agree with changes in the corresponding balances on the consolidated balance sheets. Translation adjustments arising from the use of different exchange rates from period to period are included as a separate component of accumulated other comprehensive income included in consolidated statements of changes in stockholders' equity. Gains and losses from foreign currency transactions are included in the Company's consolidated statements of operations and comprehensive income.

The following table outlines the currency exchange rates that were used in preparing the CFS:

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| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  Year-end sport rate | US$1 = HK$7.80 | US$1 = HK$7.81 |
|  Average rate | US$1 = HK$7.82 | US$1 = HK$7.83 |

---

#### Fair Value of Financial Instruments
The fair value ("FV") of a financial instrument is defined as the exchange price that would be received from an asset or paid to transfer a liability (as exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. The carrying amounts of financial assets and liabilities, such as cash, accounts receivable, prepayments and other current assets, accounts payable, and other current liabilities, approximate their FVs because of the short maturity of these instruments and market rates of interest.

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#### RISE SMART GROUP HOLDINGS LIMITED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<br>DECEMBER 31, 2024 AND 2023<br>(Currency expressed in United States Dollars ("US$"), except for number of shares)

#### NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)
ASC 825-10 requires certain disclosures regarding the FV of financial instruments. FV is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-level FV hierarchy prioritizes the inputs used to measure FV. The hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure FV are as follows:

---

| | |
|:---|:---|
|  Level 1 — | Quoted prices in active markets for identical assets and liabilities. |
|  Level 2 — | Quoted prices in active markets for similar assets and liabilities, or other inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. |
|  Level 3 — | Unobservable inputs that are supported by little or no market activity and that are significant to the FV of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. |

---

The Company considers the carrying amount of its financial assets and liabilities, which consist primarily of accounts receivable, contract assets, contract costs, due from related parties, operating lease, prepayments and other current assets, accounts payable, contract liabilities, income taxes payable, due to related parties, loan from related party, accrued expenses and other current liabilities approximate the FV of the respective assets and liabilities as of December 31, 2024 and 2023 due to their short-term nature.

#### Cash and equivalents
Cash and equivalents includes cash on hand and demand deposits in accounts maintained with commercial banks that can be added or withdrawn without limitation. The Company maintains the bank accounts in Hong Kong. Cash balances in bank accounts in Hong Kong are insured under the Deposit Protection Scheme introduced by the Hong Kong Government for a maximum of US$102,564 (HK$800,000) started from October 1, 2024 (FY2023: maximum of US$64,103 (HK$500,000)). Cash balances in bank accounts in Hong Kong are not otherwise insured by the Federal Deposit Insurance Corporation or other programs.

Cash and cash equivalents include cash on hand and in banks and highly liquid investments with original maturities of three months or less. As of December 31, 2024, the Company had $582,777 in cash and cash equivalents. Although cash and cash equivalents balances may at times exceed the federal insured deposit limit, the Company believes such risk is mitigated by the quality of the institutions holding such deposits.

#### Accounts Receivable, net
Accounts receivable is recognized and carried at original invoiced amount less an estimated allowance for doubtful accounts.

The Company determines the adequacy of reserves for doubtful accounts based on individual account analysis and historical collection trend. The Company establishes a provision for doubtful receivables when there is objective evidence that the Company may not be able to collect amounts due. The allowance is based on management's best estimate of specific losses on individual exposures, as well as a provision on historical trends of collections. Actual amounts received may differ from management's estimate of credit worthiness and the economic environment. Delinquent account balances are written-off against the allowance for doubtful accounts after management has determined that the likelihood of collection is not probable. As of December 31, 2024 and 2023, there was no allowance recorded as the Company considers all of the accounts receivable realizable.

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

#### RISE SMART GROUP HOLDINGS LIMITED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<br>DECEMBER 31, 2024 AND 2023<br>(Currency expressed in United States Dollars ("US$"), except for number of shares)

#### NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)

#### Prepayments
Prepayments are advance payments made to service providers for future services. Prepayments are short-term and are reviewed periodically to determine if their carrying value has become impaired. The Company considers the assets to be impaired if the realizability of the prepayments becomes doubtful. As of December 31, 2024 and 2023, there was no allowance recorded as the Company considers all of the prepayments realizable.

#### Lease
The Company follows ASU 2016-02 Leases (Topic 842) ("Topic 842") issued by the FASB. The adoption of Topic 842 resulted in the presentation of operating lease right-of-use assets ("ROU") and operating lease liabilities on the consolidated balance sheets.

The Company has assessed the following: (i) whether any expired or existing contracts are or contains a lease, (ii) the lease classification for any expired or existing leases, and (iii) initial direct costs for any expired or existing leases (i.e. whether those costs qualify for capitalization under ASU 2016-02). The Company also elected the short-term lease exemption for certain classes of underlying assets including office space, warehouses and equipment, with an initial lease term of 12 months or less.

The Company determines if an arrangement is or contain a lease at inception. A lease for which substantially all the benefits and risks incidental to ownership remain with the lessor is classified by the lessee as an operating lease. All leases of the Company are currently classified as operating leases. Operating leases are included in operating lease right-of-use ROU assets, operating lease liability, current, and operating lease liability, non-current in the Company's consolidated balance sheets.

ROU assets are the Company's right to use an underlying asset for the lease term and lease liabilities represent its obligation to make lease payments arising from the lease. The operating lease ROU assets and lease liabilities are recognized at lease commencement date based on the present value of lease payments over the lease term. As most of the Company's leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at lease commencement date in determining the present value of lease payments. The operating lease ROU assets also includes any lease payments made and excludes lease incentives. The Company's lease terms may include options to extend or terminate the lease. Renewal options are considered within the ROU assets and lease liabilities when it is reasonably certain that the Company will exercise that option. Lease expenses for lease payments are recognized on a straight-line basis over the lease term.

For operating leases with a term of one year or less, the Company elected not to recognize a lease liability or ROU asset on its consolidated balance sheets. Instead, it recognizes the lease payments as expenses on a straight-line basis over the lease term. Short-term lease costs are immaterial to its consolidated statements of operations and cash flows. The Company has operating lease agreements with insignificant non-lease components and have elected the practical expedient to combine and account for lease and non-lease components as a single lease component.

The Company reviews the impairment of its ROU assets consistent with the approach applied for its other long-lived assets. The Company reviews the recoverability of its long-lived assets when events or changes in circumstances occur that indicate that the carrying value of the asset may not be recoverable. The assessment of possible impairment is based on its ability to recover the carrying value of the asset from the expected undiscounted future pre-tax cash flows of the related operations. The Company elected to include the carrying amount of operating lease liabilities in any tested asset group and include the associated operating lease payments in the undiscounted future pre-tax cash flows.

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

#### RISE SMART GROUP HOLDINGS LIMITED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<br>DECEMBER 31, 2024 AND 2023<br>(Currency expressed in United States Dollars ("US$"), except for number of shares)

#### NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)

#### Property and equipment, net
Property and equipment are stated at cost, net of accumulated depreciation and amortization. Depreciation and amortization are provided for on a straight-line basis over the estimated useful lives of the related assets as follows:

---

| | |
|:---|:---|
|  Computer equipment | 5 years |
|  Furniture and fixtures | 5 years |
|  Leasehold improvements | 5 years |
|  Motor vehicles | 5 years |

---

Expenditures for maintenance and repairs, which do not materially extend the useful lives of the assets, are expensed as incurred. Expenditures for major renewals and betterments which substantially extend the useful life of assets are capitalized. The cost and related accumulated depreciation of assets retired or sold are removed from the respective accounts, and any gain or loss is recognized in the consolidated statements of operations and comprehensive income in other income or expenses.

The Company also re-evaluates the periods of depreciation to determine whether subsequent events and circumstances warrant revised estimates of useful lives.

#### Impairment of Long-Lived Assets
The Company reviews the recoverability of its long-lived assets, such as property and equipment, whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use of the assets) indicate that the carrying amount of an asset may no longer be recoverable. When these events occur, the Company measures impairment by comparing the carrying value of the long-lived assets to the estimated undiscounted future cash flows expected to result from the use of the assets and their eventual disposition. If the sum of the expected undiscounted cash flow is less than the carrying amount of the assets, the Company would recognize an impairment loss, which is the excess of carrying amount over the fair value of the assets, using the expected future discounted cash flows. There were no impairment losses on long-lived assets for the years ended December 31, 2024 and 2023.

#### Employee Benefit Plan
Employees of the Company located in Hong Kong participate in a compulsory saving scheme (pension fund) for the retirement of residents in Hong Kong. Employees are required to contribute monthly to mandatory provident fund schemes provided by approved private organizations, according to their salaries and the period of employment. The Company is required to contribute to the plan based on certain percentages of the employees' salaries, up to a maximum amount specified by the local government. Total expenses for the plan were $14,895 and $5,891 for the years ended December 31, 2024 and 2023, respectively.

#### Earnings Per Share
The Company computes earnings per share ("EPS") in accordance with ASC 260, "Earnings per Share" ("ASC 260"). ASC 260 requires companies with complex capital structures to present basic and diluted EPS. Basic EPS are computed by dividing income available to ordinary stockholders of the Company by the weighted average ordinary shares outstanding during the period. Diluted EPS takes into account the potential dilution that could occur if securities or other contracts to issue ordinary shares were exercised and converted into ordinary shares. For the years ended December 31, 2024 and 2023, there were no dilutive shares.

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

#### RISE SMART GROUP HOLDINGS LIMITED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<br>DECEMBER 31, 2024 AND 2023<br>(Currency expressed in United States Dollars ("US$"), except for number of shares)

#### NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)

#### Income Taxes
The Company accounts for income taxes under ASC 740. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax bases.

Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period including the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.

ASC 740-10-25, "Accounting for Uncertainty in Income Taxes," prescribes a more-likely-than-not threshold for consolidated financial statement recognition and measurement of a tax position taken (or expected to be taken) in a tax return. This interpretation also provides guidance on the recognition of income tax assets and liabilities, classification of current and deferred income tax assets and liabilities, accounting for interest and penalties associated with tax positions, and related disclosures.

The Company believes there were no uncertain tax positions at December 31, 2024 and 2023, respectively. The Company does not expect that its assessment regarding unrecognized tax positions will materially change over the next 12 months. The Company is not currently under examination by any income tax authority, nor has been notified that an examination is contemplated.

#### Commitments and Contingencies
In the normal course of business, the Company is subject to contingencies, such as legal proceedings and claims arising out of its business, which cover a wide range of matters. Liabilities for contingencies are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated.

If the assessment of a contingency indicates it is probable that a material loss is incurred and the amount of the liability can be estimated, then the estimated liability is accrued in the Company's financial statements. If the assessment indicates that a potentially material loss contingency is not probable, but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, together with an estimate of the range of possible loss, if determinable and material, would be disclosed.

Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the nature of the guarantee would be disclosed.

#### Related Parties
The Company accounts for related party transactions in accordance with FASB Accounting Standards Codification (ASC) Topic 850 (Related Party Disclosures). A party is considered to be related to the Company if the party directly or indirectly or through one or more intermediaries, controls, is controlled by, or is under common control with the Company. Related parties also include principal owners of the Company, its management, members of the immediate families of principal owners of the Company and its management and other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests. A party which can significantly influence the management or operating policies of the transacting parties or if it has an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests is also a related party.

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

#### RISE SMART GROUP HOLDINGS LIMITED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<br>DECEMBER 31, 2024 AND 2023<br>(Currency expressed in United States Dollars ("US$"), except for number of shares)

#### NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)
Recent accounting pronouncements

From time to time, new accounting pronouncements are issued by the Financial Accounting Standard Board ("FASB") or other standard setting bodies and adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on its CFS.

*Recently adopted accounting pronouncements*

The Company considers the applicability and impact of all accounting standards updates ("ASUs"). Management periodically reviews new accounting standards that are issued. Under the Jumpstart Our Business Startups Act of 2012, as amended (the "JOBS Act"), the Company meets the definition of an emerging growth company and has elected the extended transition period for complying with new or revised accounting standards, which delays the adoption of these accounting standards until they would apply to private companies.

In November 2023, the Financial Accounting Standards Board ("FASB") issued ASU 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures*, which requires public entities to disclose information about their reportable segments' significant expenses and certain other segment items on an interim and annual basis if they are regularly provided to the chief operating decision maker ("CODM"). This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied retrospectively to all prior periods presented. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. The Company expects that the adoption of ASU 2023-07 will not have a material impact on our CFS.

In November 2024, the FASB issued ASU 2024-03, Income Statement — Reporting Comprehensive Income (Topic 220-40): Expense Disaggregation Disclosures ("ASU 2024-03"). This update requires, among other things, more detailed disclosure about types of expenses in commonly presented expense captions such as cost of sales and selling, general, and administrative expenses, and is intended to improve the disclosures about an entity's expenses including purchases of inventory, employee compensation, depreciation and amortization. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Management is currently evaluating the impact of the on our CFS.

Except as mentioned above, the Company does not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the Company's CFS.

#### Revenue Recognition
The Company follows the revenue standard Accounting Standards Codification ("ASC") 606, Revenue from Contracts with Customers.

The core principle of the revenue standard is that a company should recognize revenue for the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The following five steps are applied to achieve that core principle:

Step 1: Identify the contract with the customer

Step 2: Identify the performance obligations in the contract

Step 3: Determine the transaction price

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

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

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

#### RISE SMART GROUP HOLDINGS LIMITED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<br>DECEMBER 31, 2024 AND 2023<br>(Currency expressed in United States Dollars ("US$"), except for number of shares)

#### NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)
The Company enters into agreements with clients that create enforceable rights and obligations and for which it is probable the Company will collect the consideration to which it will be entitled as services transfer to the customer. It is customary for the Company to have the agreements with its customers in writing, orally, or in accordance with other customary business practices. The Company recognizes revenue based on the consideration specified in the applicable agreement.

The majority of the Company's revenue is from contracts with its clients upon application of visa and school. The Company recognizes revenue from providing services for application of visa and school which is recognized at a point in time when the transaction and our performance is completed, as evidenced by the student application form. The Company identify the scope of services in the invoices for each party's rights regarding services to be transferred. As stipulated in the invoices, the Company will charge an application and consultancy service income based on the charges agreed with the agreed payment terms which consider commercial substance. It is probable that the Company will be entitled to receive the payment once the performance obligation has been performed by the Company. These services are provided together as a unit. The performance obligation is a service (or a bundle of services) that is distinct or a series of distinct services that are substantially the same and have the same pattern of transfer to the customer. The revenue recognized depicts the transfer of promised services to its customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those services. The Company considers the terms of the contract and all relevant facts and circumstances when applying this guidance.

Tutorial services consist of provision of tutorial services when the clients agreed the scope of tutorial class. The Company recognizes revenue from providing tutoring services to a client is recognized at overtime when the tutorial class is executed by the Group for the client. The revenues generated from such services are generally based on the fixed rate for classes that require the clients to prepay the tutorial services fee within particular time range. The progress is determined based on the Company's efforts or inputs to the satisfaction of a performance obligation relative to the total expected inputs to the satisfaction of that performance obligation. The progress is determined based on estimation of the total service time (primarily comprising staff costs to the time as recorded) of each project in measuring the Company's progress towards complete satisfaction of a performance obligation. The total expected inputs incurred are mainly based on the historical experience of similar projects. The Company's performance creates and enhances an asset that the customer controls as the asset is created and enhanced.

The Company recognizes revenue from providing referral services to school or subagents is recognized at a point in time when the transaction and our performance is completed, as evidenced by the completion record and confirmation from school applied. The contract is typically fixed rated for commission and the duration of the service period is usually two years. The Company refers clients to a school or subagent in return of referral fees. The service provided is solely the referral of clients to school or subagent. The referral service is distinct that Company promises to refer a client to the school or subagent for application of school and is therefore considered to be one single performance obligation.

#### NOTE 3 — BUSINESS SEGMENT INFORMATION
Currently, the Company has two reportable business segments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Education consultancy segment, mainly provides education consultancy services; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Tutorial segment, mainly provides tutorial services

In accordance with ASC 280-10-50-21(c), Rise Smart Group Holdings Limited's chief operating decision maker includes the chief executive officer, Mr. Kin Cho Li and chief financial officer, Mr. Ka Nung Wu.

In accordance with ASC 280-10-50-26, and ASC 280-10-50-30 (d), the Company considers the asset and liability of the tutorial segment as insignificant compared to the totality of the reportable segments; assets to the public entity's consolidated assets represent the education consultancy segment. The assets of tutorial segment account for 1.7% and 2.4% of total assets as of December 31, 2024 and 2023, respectively. The liabilities of tutorial segment account for 3.7% and 4.6% of total liabilities as of December 31, 2024 and 2023, respectively, and thus no asset information is provided for the tutorial segment and nor for the reconciliation to the total of the reportable segments' amounts to the corresponding consolidated amounts.

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

#### RISE SMART GROUP HOLDINGS LIMITED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<br>DECEMBER 31, 2024 AND 2023<br>(Currency expressed in United States Dollars ("US$"), except for number of shares)

#### NOTE 3 — BUSINESS SEGMENT INFORMATION (cont.)
The table also includes a reconciliation of the disaggregated revenue with the reportable segments.

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** |
|  | **Education <br>Consultancy** | **Tutorial** | **Total** |
|  **Revenue from external customers:** |  |  |  |
|  Service income | $367802 | $— | $367802 |
|  Tutorial income |  | 73982 | 73982 |
|  Commission income | 2766688 |  | 2766688 |
|  Total revenue, net | 3134490 | 73982 | 3208472 |
|  **Cost of revenue:** |  |  |  |
|  Service charge | (233999) |  | (233999) |
|  Tutor and consultant fee |  | (39392) | (39392) |
|  Staff cost | (523744) |  | (523744) |
|  Commission fee | (121807) |  | (121807) |
|  **Total cost of revenue** | (879550) | (39392) | (918942) |
|  Gross profit | 2254940 | 34590 | 2289530 |
|  **Operating Expenses** |  |  |  |
|  Sales and marketing | (336867) |  | (336867) |
|  General and administrative | (607372) |  | (607372) |
|  Total operating expenses | (944239) |  | (944239) |
|  **Segment profit** | $1310701 | $34590 | $1345291 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31, 2023** | **Year Ended December 31, 2023** | **Year Ended December 31, 2023** |
|  | **Education <br>Consultancy <br>Segment** | **Tutorial <br>Segment** | **Total** |
|  **Revenue from external customers:** |  |  |  |
|  Service income | $528410 | $— | $528410 |
|  Tutorial income |  | 90529 | 90529 |
|  Commission income | 2138269 |  | 2138269 |
|  Total revenue, net | 2666679 | 90529 | 2757208 |
|  **Cost of revenue:** |  |  |  |
|  Service charge | (226038) |  | (226038) |
|  Tutor and consultant fee |  | (37530) | (37530) |
|  Staff cost | (115504) |  | (115504) |
|  Commission fee | (441261) |  | (441261) |
|  **Total cost of revenue** | (782803) | (37530) | (820333) |
|  Gross profit | 1883876 | 52999 | 1936875 |
|  **Operating Expenses** |  |  |  |
|  Sales and marketing | (186832) |  | (186832) |
|  General and administrative | (681473) |  | (681473) |
|  Total operating expenses | (868305) |  | (868305) |
|  **Segment profit** | $1015571 | $52999 | $1068570 |

---

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

#### RISE SMART GROUP HOLDINGS LIMITED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<br>DECEMBER 31, 2024 AND 2023<br>(Currency expressed in United States Dollars ("US$"), except for number of shares)

#### NOTE 3 — BUSINESS SEGMENT INFORMATION (cont.)
The below revenues are based on the countries in which the customer is located. Summarized financial information concerning the geographic segments is shown in the following tables:

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2024** | **2023** |
|  United Kingdom | $1367302 | $1225125 |
|  Australia | 856613 | 479945 |
|  Hong Kong | 441784 | 618939 |
|  New Zealand | 85158 | 1423 |
|  Canada | 315222 | 130943 |
|  United States of America | 142393 | 300833 |
|  | $3208472 | $2757208 |

---

#### NOTE 4 — PREPAYMENTS AND OTHER CURRENT ASSETS
Prepayments and other current assets consisted of the following at December 31:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  Deposits | $23393 | $23960 |
|  Prepayments | 737322 | 443862 |
|  | 760715 | 467822 |
|  Less: amount classified as non-current assets |  |  |
|  Amount classified as current assets | $760715 | $467822 |

---

Deposits include activity deposits for telecommunication and electricity companies, and a guarantee deposit to a service vendor that are refundable upon the termination of services. Prepayment is the advance payment to suppliers and vendors.

#### NOTE 5 — PROPERTY AND EQUIPMENT, NET
Property and equipment, stated at cost less accumulated depreciation and amortization, consisted of the following as of December 31:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  Computer equipment | $16111 | $16100 |
|  Furniture and fixtures | 9270 | 9263 |
|  Leasehold improvements | 33075 | 33053 |
|  Motor vehicles | 64433 | 64390 |
|  Less: accumulated depreciation and amortization | (76117) | (51968) |
|  Property and Equipment, net | $46772 | $70838 |

---

#### NOTE 6 — ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
Components of accrued expenses and other current liabilities are as follows as of December 31:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  Accruals for operating expenses | $1512 | $22735 |
|  Salaries payable | 29092 |  |
|  Total | $30604 | $22735 |

---

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

#### RISE SMART GROUP HOLDINGS LIMITED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<br>DECEMBER 31, 2024 AND 2023<br>(Currency expressed in United States Dollars ("US$"), except for number of shares)

#### NOTE 7 — BANK BORROWING
Components of bank loans are as follows as of December 31:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Interest <br>rate** | **2024** | **Interest <br>rate** | **2023** |
|  HSBC – Loan 1 | (1) | 3.125% | $86589 | 3.625% | $100535 |
|  HSBC – Loan 2 | (2) | 3.125% | 94655 | 3.625% | 108497 |
|  HSBC – Loan 3 | (3) | 3.375% | 315589 | 3.625% | 356526 |
|  |  |  | 496833 |  | 565558 |
|  Less: current portion of long-term bank borrowings |  |  | (72486) |  | (68927) |
|  Non-current portion of long-term bank borrowings |  |  | $424347 |  | $496631 |

---

____________

(1) On June 26, 2020, Rise Smart borrowed $115,420 (HK$900,000) for ten years at 2.875% under the loan agreement with The Hongkong and Shanghai Banking Corporation Limited ("HSBC") signed on June 26, 2020. The loan was secured by personal guarantees from the director, Mr. Li Kin Cho of Rise Smart HK. Interest decreased from 3.625% in 2023 to 3.125% in 2024.

(2) On December 28, 2020, Rise Smart borrowed $115,420 (HK$900,000) for ten years at 2.875% under the loan agreement with HSBC signed on January 5, 2021. The loan was secured by personal guarantees from the director, Mr. Li Kin Cho of Rise Smart HK. Interest decreased from 3.625% in 2023 to 3.125% in 2024.

(3) On August 9, 2021, Rise Smart borrowed $410,383 (HK$3,200,000) for ten years at 3.125% under the loan agreement with HSBC signed on August 21, 2021. The loan was secured by personal guarantees from the director, Mr. Li Kin Cho of Rise Smart HK. Interest decreased from 3.625% in 2023 to 3.375% in 2024.

Interest expense for the above bank borrowings for the years ended December 31, 2024 and 2023 was $19,051 and $20,729, respectively.

Maturities of the bank borrowings as of December 31, 2024 were as follows:

---

| | |
|:---|:---|
|  **For the year ending December 31,** | |
| 2025 | $72486 |
| 2026 | 74784 |
| 2027 | 77154 |
| 2028 | 79600 |
| 2029 | 82124 |
| 2030 | 76091 |
| 2031 | 34594 |
|  Total | $496833 |

---

As of the date of this report, a total of $69,104 of the bank borrowings as of December 31, 2024 were repaid.

#### NOTE 8 — LEASES
The Company entered into operating leases primarily for office premises with lease terms generally of two years. The Company follows Topic 842. The Company uses a 5% rate to determine the present value of the lease payments. The remaining life of the lease was six months.

The Company excludes short-term leases (those with lease terms of less than one year at inception) from the measurement of lease liabilities or right-of-use assets.

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

#### RISE SMART GROUP HOLDINGS LIMITED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<br>DECEMBER 31, 2024 AND 2023<br>(Currency expressed in United States Dollars ("US$"), except for number of shares)

#### NOTE 8 — LEASES (cont.)
The maturity of the Company's lease obligations is presented below as of December 31, 2024:

---

| | |
|:---|:---|
|  **Year Ending December 31,** | **Future lease <br>payments** |
| 2025 | $35757 |
|  Total | 35757 |
|  Less: interest | (544) |
|  | 35213 |
|  Present value of lease liabilities – current liabilities | (35213) |
|  Present value of lease liabilities – non-current liabilities | $— |

---

#### NOTE 9 — INCOME TAX
For the years ended December 31, 2024 and 2023, the local ("United States of America") and foreign components of income before income taxes were comprised of the following:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  Tax jurisdiction from: |  |  |
|  – Local | $— | $— |
|  – Foreign, including |  |  |
| &nbsp;&nbsp;&nbsp; BVI |  |  |
| &nbsp;&nbsp;&nbsp; Cayman Islands |  |  |
| &nbsp;&nbsp;&nbsp; Hong Kong | 1386590 | 1037848 |
|  Profit before income taxes | $1386590 | $1037848 |

---

The provision for income taxes consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  Current tax: |  |  |
|  – Local | $— | $— |
|  – Foreign | 210265 | 209258 |
|  Deferred tax: |  |  |
|  – Local |  |  |
|  – Foreign | (3027) | (2791 |
|  Income tax expense | $207238 | $206467 |

---

The effective tax rate in the years presented is the result of the mix of income earned in various tax jurisdictions that apply a broad range of income tax rate. The Company mainly operates in Hong Kong that is subject to taxes in the jurisdictions in which they operate, as follows:

*United States of America*

Rise Smart is registered in the State of Delaware and is subject to the tax laws of United States of America. The Company's policy is to recognize accrued interest and penalties related to unrecognized tax benefits in its income tax provision. The Company has not accrued or paid interest or penalties which were not material to its results of operations for the periods presented. Deferred tax asset is not provided for as the tax losses may not be able to carry forward after a change in substantial ownership of the Company.

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

#### RISE SMART GROUP HOLDINGS LIMITED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<br>DECEMBER 31, 2024 AND 2023<br>(Currency expressed in United States Dollars ("US$"), except for number of shares)

#### NOTE 9 — INCOME TAX (cont.)
For the years ended December 31, 2024 and 2023, there was no operating income in the US.

*BVI*

Under the current BVI law, the Company's subsidiaries registered in BVI are not subject to tax on income.

*Cayman Islands*

Under the current Cayman Islands law, the Company registered in Cayman Islands are not subject to tax on income.

*Hong Kong*

The Company's subsidiaries operating in Hong Kong are subject to the Hong Kong Profits Tax at the two-tiered profits tax rates from 8.25% to 16.5% on the estimated assessable profits arising in Hong Kong during the current year, after deducting a tax concession for the tax year. The reconciliation of income tax rate to the effective income tax rate for the years ended December 31, 2024 and 2023 is as follows:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  Profit before income taxes | $1386590 | $1037848 |
|  Statutory income tax rate | 16.5% | 16.5% |
|  Income tax expense at statutory rate | 228787 | 171245 |
|  Tax effect of non-deductible items | 3049 | 57689 |
|  Tax effect of non-taxable items | (3303) | (1401) |
|  Tax effect on two-tier tax regime | (21103) | (21066) |
|  Tax concession | (192) |  |
|  Income tax expense | $207238 | $206467 |

---

The following table sets forth the significant components of the deferred tax liabilities of the Company:

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2024** | **2023** |
|  Deferred tax liabilities: |  |  |
|  Fixed Assets, from |  |  |
|  US tax regime | $— | $— |
|  Cayman Islands tax regime |  |  |
|  Hong Kong tax regime | 1338 | 4360 |
|  Deferred tax liabilities, net | $1338 | $4360 |

---

As of December 31, 2024, the Group had no net operating loss carryforwards.

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

#### RISE SMART GROUP HOLDINGS LIMITED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<br>DECEMBER 31, 2024 AND 2023<br>(Currency expressed in United States Dollars ("US$"), except for number of shares)

#### NOTE 10 — RELATED PARTY BALANCE AND TRANSACTIONS
The following is a list of related parties which the Company had transactions with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Mr. Li, Kin Cho, a director of Rise Smart.

***a. Due to a related party***

As of December 31, 2024 and 2023, the balances of due to a related party were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **2024** | **2023** |
|  **Due to a related party** |  |  |  |
|  Mr. Li, Kin Cho (a) | (1) | $28357 | $30622 |
|  **Total** |  | $28357 | $30622 |

---

____________

(1) The balance is advances for operating purposes. This amount is unsecured, interest-free and repayable on demand.

***b. Dividends payable***

As of December 31, 2024 and 2023, the balances of dividends payable were as follows:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  **Dividends payable** |  |  |
|  Mr. Li Kin Cho | $— | $1537 |
|  Mr. Wa Pang Cheong |  | 126781 |
|  Mr. Ho Fai Chan |  | 63903 |
|  Mr. Yu Ming Tang |  | 63903 |
|  **Total** | $— | $256124 |

---

#### NOTE 11 — CONCENTRATIONS OF RISK
The Company is exposed to the following concentrations of risk:

(a) Concentration of customers and suppliers

No supplier accounted for more than 10% of the Group's total costs and expenses for the years ended December 31, 2024 or 2023. One customer and two customers accounted for more than 10% of the Group's total revenue for the years ended December 31, 2024 and 2023 respectively. There were two and three customers which accounted for more than 10% of the Group's net receivable as of December 31, 2024 and 2023, respectively.

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  Total revenue |  |  |
|  Customer A |  | 23.3% |
|  Customer B | 33.1% | 22.2% |

---

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  Accounts receivable, net |  |  |
|  Customer A | 19.1% | 42.5% |
|  Customer B | 62.3% | 43.3% |
|  Customer C |  | 13.5% |

---

____________

*\* The percentage was below 10% for the period.*

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

#### RISE SMART GROUP HOLDINGS LIMITED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<br>DECEMBER 31, 2024 AND 2023<br>(Currency expressed in United States Dollars ("US$"), except for number of shares)

#### NOTE 11 — CONCENTRATIONS OF RISK (cont.)
(b) Economic and political risk

The Company's major operations are in Hong Kong. Accordingly, the political, economic, and legal environments in Hong Kong, as well as the state of Hong Kong's economy may influence the Company's business, financial condition, and results of operations.

(c) Exchange rate risk

The Company cannot guarantee the current exchange rate will remain steady; therefore there is a possibility the Company could post the same profit for two comparable periods and because of the fluctuating exchange rate post higher or lower profit depending on exchange rate of HKD converted to US$ for the periods.

#### NOTE 12 — COMMITMENTS AND CONTINGENCIES
As of December 31, 2024, the Company has no material commitments or contingencies.

#### NOTE 13 — EQUITY
*Ordinary shares*

The authorized number of shares was 50,000 with a par value of US$1.00 per share. On May 2, 2024, the Company completed a share split. This share split increased the authorized shares from 50,000 Ordinary Shares, par value of US$1.00 per share, to 80,000,000 Ordinary Shares, par value of US$0.000625 per share and effectuated a forward split of all issued and outstanding shares at a ratio of 1,600-for-1. All per share amounts and number of shares in the CFS and related notes were retroactively adjusted to reflect the share split.

#### NOTE 14 — DIVIDEND PAYABLE
The following table sets forth the dividend payable of the Company:

---

| | | |
|:---|:---|:---|
|  | **For the year ended<br> December 31,** | **For the year ended<br> December 31,** |
|  | **2024** | **2023** |
|  Balance carried forward | $256124 | $— |
|  Dividend declared |  | 903606 |
|  Dividend paid | (256124) | (647482) |
|  Dividend payable | $— | $256124 |

---

#### NOTE 15 — SUBSEQUENT EVENTS
In accordance with ASC Topic 855, "*Subsequent Events*", which establishes standards of accounting for and disclosure of events that occur after the balance sheet date but before CFS are issued, the Company evaluated all events or transactions that occurred after December 31, 2024, up through the date the Company issued the audited CFS. There are no other material subsequent events that require recognition or disclosure in the CFS.

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

#### Part II.<br>Information Not Required in Prospectus

#### Item 6. Indemnification of Directors and Officers
We will enter into indemnification agreements with each of our directors and executive officers. Under these agreements, we agree to indemnify our directors and executive officers against certain liabilities and expenses incurred by such persons in connection with claims made by reason of their being a director or officer of our Company.

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. We will enter into certain directors' and officers' liability insurance policies upon listing.

#### Item 7. Recent Sales of Unregistered Securities
Prior to the date of this Prospectus, we issued certain number of Ordinary Shares to Mr. Kin Cho, Mr. Wa Pang Cheong, Mr. Ho Fai Chan and Mr. Yu Ming Tang pursuant to the exemption from registration available under Section 4(a)(2) of the Securities Act and Regulation S promulgated thereunder. No underwriters were involved in these issuances of securities:

On June 14, 2023, the Company was incorporated in the Cayman Islands and Mr. Kin Cho Li, Mr. Wa Pang Cheong, Mr. Ho Fai Chan and Mr. Yu Ming Tang, owned 8,012 shares, 990 shares, 499 shares, and 499 shares, respectively. On June 29, 2023, the Company incorporated a wholly-owned subsidiary, Rise Smart (HK) Limited, a limited company incorporated in the British Virgin Islands. On July 4, 2023, Rise Smart (HK) Limited entered into agreements with Mr. Kin Cho Li, Mr. Wa Pang Cheong, Mr. Ho Fai Chan, and Mr. Yu Ming Tang, pursuant to which Rise Smart (HK) Limited acquired 2,403,600 shares, 297,000 shares, 149,700 shares, and 149,700 shares of Rise Smart Hong Kong, our Hong Kong Operating Subsidiary, from Mr. Kin Cho Li, Mr. Wa Pang Cheong, Mr. Ho Fai Chan and Mr. Yu Ming Tang, at the consideration of HK$80.12, HK$9.9, HK$4.99, and HK$4.99, respectively. On July 5, 2023, Rise Smart (HK) Limited entered into an agreement with Mr. Kin Cho Li, pursuant to which Rise Smart (HK) Limited acquired the entire issued share capital of Rise Smart UK, our UK subsidiary, from Mr. Kin Cho Li at the consideration of 100 Great Britain Pounds. Subsequently our Hong Kong subsidiary and UK subsidiary are wholly-owned by Rise Smart (HK) Limited.

On May 2, 2024, all of the shareholders of the Company, namely, Mr. Kin Cho Li, Mr. Wa Pang Cheong, Mr. Ho Fai Chan and Mr. Yu Ming Tang (the "Shareholders") approved a share subdivision pursuant to which each of the Company's existing issued and unissued shares with a par value of USD1.00 each into 1,600 shares with a par value of USD0.000625 each, and all the subdivided shares shall be ranked pari passu in all respects with each other as part of the Company's reorganization (the "Share Subdivision"). Subsequent to the Share Subdivision, the authorized share capital of the Company became USD50,000 divided into 80,000,000 ordinary shares with a par value of USD0.000625 each, and the Company had 16,000,000 Ordinary Shares issued and outstanding, of which 12,819,200, 1,584,000, 798,400 and 798,400 Ordinary Shares were held by Mr. Kin Cho Li, Mr. Wa Pang Cheong, Mr. Ho Fai Chan and Mr. Yu Ming Tang, respectively.

Immediately upon the completion of the Share Subdivision, on May 2, 2024, the Shareholders proposed and the board of directors of the Company approved the surrender of 1,625,000 Ordinary Shares for no consideration to the Company for cancellation, among which (i) 1,301,950 Ordinary Shares were surrendered by Mr. Kin Cho Li, (ii) 160,875 Ordinary Shares were surrendered by Mr. Wa Pang Cheong, (iii) 81,088 Ordinary Shares were surrendered by Mr. Ho Fai Chan and (iv) 81,087 Ordinary Shares were surrendered by Mr. Yu Ming Tang to the Company. Subsequently, the total number of Ordinary Shares in issue and outstanding became 14,375,000, and each of Mr. Kin Cho Li, Mr. Wa Pang Cheong, Mr. Ho Fai Chan and Mr. Yu Ming Tang owns 11,517,250, 1,423,125, 717,312 and 717,313 Ordinary Shares, respectively.

On October 31, 2024, (i) Mr. Kin Cho Li executed an instrument of transfer with Glamorous Rise Limited, a BVI company legally and beneficially owned by Mr. Kin Cho Li, whereby Mr. Kin Cho Li transferred 11,517,250 Ordinary Shares to Glamorous Rise Limited; (ii) Mr. Wa Pang Cheong executed an instrument of transfer with Radiant Moonlight Limited, a BVI company legally and beneficially owned by Mr. Wa Pang Cheong, whereby Mr. Wa Pang Cheong transferred 1,423,125 Ordinary Shares to Radiant Moonlight Limited; (iii) Mr. Ho Fai Chan

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executed an instrument of transfer with Fabulous Time Global Limited, a BVI company legally and beneficially owned by Mr. Ho Fai Chan, whereby Mr. Ho Fai Chan transferred 717,312 Ordinary Shares to Fabulous Time Global Limited; and (iv) Mr. Yu Ming Tang executed an instrument of transfer with Absolute Rapture Limited, a BVI company legally and beneficially owned by Mr. Yu Ming Tang, whereby Mr. Yu Ming Tang transferred 717,313 Ordinary Shares to Absolute Rapture Limited. Subsequent to the transfers, Rise Smart Group Holdings Limited is owned as to 11,517,250, 1,423,125, 717,312 and 717,313 Ordinary Shares by Glamorous Rise Limited, Radiant Moonlight Limited, Fabulous Time Global Limited, and Absolute Rapture Limited.

#### Item 8. Exhibits and Financial Statement Schedules
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The following documents are filed as part of this registration statement:

See the Exhibit Index attached to this registration statement, which is incorporated by reference herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial Statement Schedules

Schedules were omitted because the information required to be set forth therein is not applicable or has been included in the CFS or notes thereto.

#### Item 9. Undertakings
The undersigned registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the SEC pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) To file a post-effective amendment to the registration statement to include any financial statements required by Item 8.A. of Form 20-F at the start of any delayed offering or throughout a continuous offering. Financial statements and information otherwise required by Section 10(a)(3) of the Securities Act need not be furnished, provided that the registrant includes in the prospectus, by means of a post-effective amendment, financial statements required pursuant to this paragraph (a)(4) and other information necessary to ensure that all other information in the prospectus is at least as current as the date of those financial statements. Notwithstanding the foregoing, with respect to registration statements on Form F-3, a post-effective amendment need not be filed to include financial statements and information required by Section 10(a)(3) of the Act or Rule 3-19 of this chapter if such financial statements and information are contained in periodic reports filed with or furnished to the Commission by the registrant pursuant to section 13 or section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the Form F-3

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) That, for the purpose of determining liability under the Securities Act of 1933 to any purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If the registrant is relying on Rule 430B:

&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. Each prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; 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;B. Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii), or (x) for the purpose of providing the information required by section 10(a) of the Securities Act of 1933 shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness of the date of the first contract or sale of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date and underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. 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 sale prior to such effective date, 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 effective date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If the registrant is subject to Rule 430C, each prospectus filed pursuant to Rule 424(b) as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other 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;(6) That, for the purpose of determining 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.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) That, for purposes of determining any liability under the Securities Act of 1933, the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant pursuant to Rule 424(b) (1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective.

**Insofar as indemnification for liabilities arising under the Securities may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.**

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#### EXHIBIT INDEX

---

| | |
|:---|:---|
|  **Exhibit <br>Number** | **Description** |
|  1.1\*\* | [Form of Underwriting Agreement](ea020455712ex1-1_risesmart.htm) |
|  3.1\* | [Articles of Association of Rise Smart Group Holdings Limited](http://www.sec.gov/Archives/edgar/data/1984192/000121390024042260/ea020455701ex3-1_risesmart.htm) |
|  3.2\* | [Memorandum of Association of Rise Smart Group Holdings Limited](http://www.sec.gov/Archives/edgar/data/1984192/000121390024042260/ea020455701ex3-2_risesmart.htm) |
|  3.3\* | [Amended and Restated Articles of Association of Rise Smart Group Holdings Limited](http://www.sec.gov/Archives/edgar/data/1984192/000121390024042260/ea020455701ex3-3_risesmart.htm) |
|  3.4\* | [Amended and Restated Memorandum of Association of Rise Smart Group Holdings Limited](http://www.sec.gov/Archives/edgar/data/1984192/000121390024042260/ea020455701ex3-4_risesmart.htm) |
|  4.1\* | [Specimen Ordinary Share Certificate](http://www.sec.gov/Archives/edgar/data/1984192/000121390025037281/ea020455707ex4-1_risesmart.htm) |
|  5.1\* | [Opinion of Ogier as to the validity of the Ordinary Shares](http://www.sec.gov/Archives/edgar/data/1984192/000121390025037281/ea020455707ex5-1_risesmart.htm) |
|  8.1\* | [Opinion of Polaris Tax Counsel Regarding U.S. Tax Matters](http://www.sec.gov/Archives/edgar/data/1984192/000121390025037281/ea020455707ex8-1_risesmart.htm) |
|  8.2\* | [Opinion of David Fong & Co. Regarding Hong Kong Tax Matters](http://www.sec.gov/Archives/edgar/data/1984192/000121390025037281/ea020455707ex8-2_risesmart.htm) |
|  10.1\* | [Office Tenancy Agreement](http://www.sec.gov/Archives/edgar/data/1984192/000121390024042260/ea020455701ex10-1_risesmart.htm) |
|  10.2\* | [Form of Indemnification Agreement between Rise Smart Group Holdings Limited and its directors and executive officers](http://www.sec.gov/Archives/edgar/data/1984192/000121390024042260/ea020455701ex10-2_risesmart.htm) |
|  10.3\* | [Form of Director Agreement between Rise Smart Group Holdings Limited and its director, CEO and Chairman, Kin Cho Li](http://www.sec.gov/Archives/edgar/data/1984192/000121390024042260/ea020455701ex10-3_risesmart.htm) |
|  10.4\* | [Form of Employment Agreement between Rise Smart Group Holdings Limited and its CFO, Ka Nung Wu](http://www.sec.gov/Archives/edgar/data/1984192/000121390024042260/ea020455701ex10-4_risesmart.htm) |
|  10.5\* | [Form of Independent Director Agreement between Rise Smart Group Holdings Limited and each director nominee](http://www.sec.gov/Archives/edgar/data/1984192/000121390024042260/ea020455701ex10-5_risesmart.htm) |
|  21.1\* | [List of Subsidiaries](http://www.sec.gov/Archives/edgar/data/1984192/000121390024042260/ea020455701ex21-1_risesmart.htm) |
|  23.1\*\* | [Consent of Wei Wei & Co](ea020455712ex23-1_risesmart.htm) |
|  23.2\* | [Consent of Ogier (included in Exhibit 5.1)](http://www.sec.gov/Archives/edgar/data/1984192/000121390025037281/ea020455707ex5-1_risesmart.htm) |
|  23.3\* | [Consent of David Fong & Co. (included in Exhibit 8.2)](http://www.sec.gov/Archives/edgar/data/1984192/000121390025037281/ea020455707ex8-2_risesmart.htm) |
|  23.4\* | [Consent of China Commercial Law Firm (included in Exhibit 99.2)](http://www.sec.gov/Archives/edgar/data/1984192/000121390025037281/ea020455707ex99-2_risesmart.htm) |
|  23.5\* | [Consent of Frost & Sullivan](http://www.sec.gov/Archives/edgar/data/1984192/000121390025037281/ea020455707ex23-5_risesmart.htm) |
|  24.1\*\* | [Power of Attorney (included in signature page to Registration Statement)](#T5000) |
|  99.1\* | [Frost & Sullivan Report](http://www.sec.gov/Archives/edgar/data/1984192/000121390024042260/ea020455701ex99-1_risesmart.htm) |
|  99.2\* | [Opinion of China Commercial Law Firm regarding certain PRC matters](http://www.sec.gov/Archives/edgar/data/1984192/000121390025037281/ea020455707ex99-2_risesmart.htm) |
|  99.3\* | [Consent of Wang Wai Chen](http://www.sec.gov/Archives/edgar/data/1984192/000121390025021592/ea020455706ex99-3_risesmart.htm) |
|  99.4\* | [Consent of King Fui Lee](http://www.sec.gov/Archives/edgar/data/1984192/000121390025021592/ea020455706ex99-4_risesmart.htm) |
|  99.5\* | [Consent of San Man Leng](http://www.sec.gov/Archives/edgar/data/1984192/000121390025021592/ea020455706ex99-5_risesmart.htm) |
|  99.6\* | [Code of Business Conduct and Ethics of Rise Smart Group Holdings Limited](http://www.sec.gov/Archives/edgar/data/1984192/000121390024042260/ea020455701ex99-6_risesmart.htm) |
|  107\*\* | [Filing Fee Table](ea020455712ex-fee_risesmart.htm) |

---

____________

\* Previously filed.

\*\* Filed herewith.

\*\*\* To be filed by amendment.

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#### Signatures
Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form F-1 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Hong Kong on this 17<sup>th</sup> day of June, 2025.

---

| | |
|:---|:---|
|  **Rise Smart Group Holdings Limited** | **Rise Smart Group Holdings Limited** |
|  | /s/ Kin Cho Li |
|  Name: | Kin Cho Li |
|  Title: | Chairman and Chief Executive Officer |
|  | /s/ Ka Nung Wu |
|  Name: | Ka Nung Wu |
|  Title: | Chief Financial Officer |

---

#### Power of Attorney
KNOW ALL PERSONS BY THESE PRESENTS that each individual whose signature appears below hereby constitutes and appoints Kin Cho Li and Ka Nung Wu, as his or her true and lawful attorneys-in-fact and agents with full power of substitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any and all amendments, including post-effective amendments, to this registration statement, and to sign any registration statement for the same offering covered by this registration statement that is to be effective upon filing pursuant to Rule 462(b) promulgated under the Securities Act of 1933, as amended, increasing the number of shares for which registration is sought, and all post-effective amendments thereto, and to file the same, with all exhibits thereto and all documents in connection therewith, making such changes in this registration statement as such attorneys-in-fact and agents so acting deem appropriate, with the SEC, granting unto said attorneys-in-fact and agents, full power and authority to do and perform each and every act and thing requisite and necessary to be done with respect to the offering of securities contemplated by this registration statement, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents or any of them, or his, her or their substitute or substitutes, may lawfully do or cause to be done or 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.

---

| | | |
|:---|:---|:---|
|  **Signature** | **Title** | **Date** |
|  /s/ Kin Cho Li | Chairman and Chief Executive Officer | June 17, 2025 |
|  Name: Kin Cho Li | (Principal Executive Officer) |  |
|  /s/ Ka Nung Wu | Chief Financial Officer | June 17, 2025 |
|  Name: Ka Nung Wu | (Principal Financial Officer and Principal Accounting Officer) |  |
|  /s/ Wang Wai Chen | Independent Director | June 17, 2025 |
|  Name: Wang Wai Chen |  |  |
|  /s/ King Fui Lee | Independent Director | June 17, 2025 |
|  Name: King Fui Lee |  |  |
|  /s/ San Man Leng | Independent Director | June 17, 2025 |
|  Name: San Man Leng |  |  |

---

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

#### SIGNATURE OF AUTHORIZED REPRESENTATIVE IN THE UNITED STATES
Pursuant to the requirements of the Securities Act of 1933, the Registrant's duly authorized representative has signed this registration statement on Form F-1 in the City of New York, State of New York, on June 17, 2025.

---

| | |
|:---|:---|
|  **Authorized U.S. Representative — Cogency Global Inc.** | **Authorized U.S. Representative — Cogency Global Inc.** |
|  By: | /s/ Colleen A. De Vries |
|  Name: | Colleen A. De Vries |
|  Title: | Senior Vice President on behalf of Cogency Global Inc. |

---

## Exhibit 1.1

**Exhibit 1.1**

**Rise Smart Group Holdings Limited** 

**UNDERWRITING AGREEMENT**

**American Trust Investment Services, Inc.** 

501 North El Camino Real, Suite 211

San Clemente, California 92672

[●] **2025**

 

*As Representative of the Underwriters named on <u>Schedule A</u> hereto*

Ladies and Gentlemen:

The undersigned, **Rise Smart Group Holdings Limited,** an exempted company with limited liability incorporated under the laws of Cayman Islands (the "**Company**"), hereby confirms its agreement (this "**Agreement**") with the several underwriters named in <u>Schedule A hereto</u> (such underwriters including Representative together hereafter referred to as the "**Underwriters**", and each of them as an "**Underwriter**"), for which American Trust Investment Services, Inc. acting as the representative of the several Underwriters (in such capacity, the "**Representative**"), to issue and sell an aggregate of [●] ordinary shares (the "**Firm Shares**") of the Company, par value US$0.000625 per share ("**Ordinary Shares**").

The Company has also granted to the Underwriters an option to purchase up to of $[●] per share additional ordinary Shares, on the terms and for the purposes set forth in Section 2(c) hereof (the "**Additional Shares**"). The Firm Shares and any Additional Shares purchased pursuant to this Agreement are herein collectively referred to as the "**Offered Securities**". The offering and sale of the Offered Securities contemplated by this Agreement is referred to herein as the "**Offering**."

The Company confirms its agreement with the Underwriters as follows:

SECTION 1. Representations and Warranties of the Company.

The Company represents and warrants to each of the Underwriters as follows with the understanding that the same may be relied upon by the Underwriters in the Offering, as of the date hereof and as of the Closing Date (as defined below) and each Option Closing Date (as defined below), if any:

&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) *Filing of the Registration Statements*. The Company has prepared and filed with the Securities and Exchange Commission (the "**Commission**") a registration statement on Form F-1 (File No. 333-279364), which contains a form of prospectus to be used in connection with the Offering. Such registration statement, as amended, including the financial statements, exhibits and schedules thereto contained in the registration statement at the time such registration statement became effective, in the form in which it was declared effective by the Commission under the Securities Act of 1933, as amended (the "**Securities Act**"), and the rules and regulations promulgated thereunder (the "**Securities Act Regulations**"), and including any required information deemed to be a part thereof at the time of effectiveness pursuant to Rule 430A under the Securities Act, or pursuant to the Securities Exchange Act of 1934, as amended (the "**Exchange Act**") and the rules and regulations promulgated thereunder (the "**Exchange Act Regulations**"), is called the "**Registration Statement**." Any registration statement filed by the Company pursuant to Rule 462(b) under the Securities Act is called the "**Rule 462(b) Registration Statement**," and from and after the date and time of filing of the Rule 462(b) Registration Statement, the term "**Registration Statement**" shall include the Rule 462(b) Registration Statement. Such prospectus, in the form first filed pursuant to Rule 424(b) under the Securities Act after the date and time that this Agreement is executed and delivered by the parties hereto, or, if no filing pursuant to Rule 424(b) under the Securities Act is required, the form of final prospectus relating to the Offering included in the Registration Statement at the effective date of the Registration Statement ("**Effective** Date"), is called the "**Prospectus**." All references in this Agreement to the Registration Statement, the Rule 462(b) Registration Statement, the preliminary prospectus included in the Registration Statement (each, a "**preliminary prospectus**"), the Prospectus, or any amendments or supplements to any of the foregoing, shall include any copy thereof filed with the Commission pursuant to its Electronic Data Gathering, Analysis and Retrieval System ("**EDGAR**"). The preliminary prospectus that was included in the Registration Statement immediately prior to the Applicable Time (as defined below) is hereinafter called the "**Pricing Prospectus**." Any reference to the "most recent preliminary prospectus" shall be deemed to refer to the latest preliminary prospectus included in the registration statement. Any reference herein to any preliminary prospectus or the Prospectus or any supplement or amendment to either thereof shall be deemed to refer to and include any documents incorporated by reference

&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) "**Applicable Time**" means 12:10 am, Eastern Time, on the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Compliance with Registration Requirements*. The Registration Statement has been declared effective by the Commission under the Securities Act and the Securities Act Regulations on [●], 2025. The Company has complied, to the Commission's satisfaction, with all requests of the Commission for additional or supplemental information. No stop order preventing or suspending the effectiveness of the Registration Statement, or any Rule 462(b) Registration Statement is in effect and no proceedings for such purpose have been instituted or are pending or, to the knowledge of the Company, are contemplated or threatened by the Commission.

Each preliminary prospectus and the Prospectus when filed complied or will comply in all material respects with the Securities Act and, if filed by electronic transmission pursuant to EDGAR (except as may be permitted by Regulation S-T under the Securities Act), was identical in content to the copy thereof delivered to the Underwriters for use in connection with the Offering, other than with respect to any artwork and graphics that were not filed. Each of the Registration Statement and any post-effective amendment to the Registration Statement, at the time it became effective and at all subsequent times until the expiration of the prospectus delivery period required under Section 5(b) of the Securities Act, complied and will comply in all material respects with the Securities Act and the Securities Act Regulations and did not and will not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading. The Prospectus, as amended or supplemented, as of its date and at all subsequent times until the Underwriters have completed the Offering, did not and will not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading. The representations and warranties set forth in the two immediately preceding sentences do not apply to statements in or omissions from the Registration Statement or any post-effective amendment to the Registration Statement, or in the Pricing Prospectus or the Prospectus, or any amendment or supplement thereto, made in reliance upon and in conformity with information relating to the Underwriters furnished to the Company in writing expressly for use therein, it being understood and agreed that the only such information furnished on behalf of any of the Underwriters consists of (i) the name of the Underwriters contained on the cover page of the Registration Statement, the Pricing Prospectus and Prospectus and (ii) the section titled "Underwriting" in the Registration Statement, the Pricing Prospectus, the Prospectus (the "**Underwriter Information**"). There are no contracts or other documents required to be described in the Registration Statement, the Pricing Prospectus or the Prospectus or to be filed as exhibits to the Registration Statement that have not been fairly and accurately described in all material respects or filed as required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Disclosure Package*. The term "**Disclosure Package**" shall mean (i) the Pricing Prospectus, as amended or supplemented, (ii) each issuer free writing prospectus, as defined in Rule 433 under the Securities Act (each, an "**Issuer Free Writing Prospectus**"), if any, (iii) the pricing terms set forth in <u>Schedule B</u> to this Agreement, and (iv) any other free writing prospectus that the parties hereto shall hereafter expressly agree in writing to treat as part of the Disclosure Package. As of the Applicable Time, the Disclosure Package did not contain any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. The preceding sentence does not apply to statements in or omissions from the Disclosure Package based upon and in conformity with the Underwriter Information.

&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) *Company Not Ineligible Issuer*. (i) At the time of filing the Registration Statement and (ii) as of the date of the execution and delivery of this Agreement (with such date being used as the determination date for purposes of this clause (ii)), the Company was not and is not an Ineligible Issuer (as defined in Rule 405 under the Securities Act), without taking account of any determination by the Commission pursuant to Rule 405 under the Securities Act that it is not necessary that the Company be considered an Ineligible Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Issuer Free Writing Prospectuses*. No Issuer Free Writing Prospectus includes any information that conflicts with the information contained in the Registration Statement, including any document incorporated by reference therein that has not been superseded or modified. The foregoing sentence does not apply to statements in or omissions from any Issuer Free Writing Prospectus based upon and in conformity with the Underwriter Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) *Offering Materials Furnished to the Underwriters*. The Company has delivered to the Underwriters copies of the Registration Statement and of each consent and certificate of experts filed as a part thereof, and each preliminary prospectus and the Prospectus, as amended or supplemented, in such quantities and at such places as the Underwriters have reasonably requested in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) *Distribution of Offering Material by the Company*. The Company has not distributed or authorized the distribution of, and will not distribute, prior to the completion of the Offering, any offering material in connection with the Offering other than a preliminary prospectus, the Pricing Prospectus, the Prospectus, any Issuer Free Writing Prospectus reviewed and consented to by the Underwriters, and the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *The Underwriting Agreement*. This Agreement has been duly authorized, executed and delivered by, and is a valid and binding agreement of, the Company, enforceable in accordance with its terms, except as rights to indemnification hereunder may be limited by applicable law and except as the enforcement hereof may be limited by bankruptcy, insolvency, reorganization, moratorium, or other similar laws relating to or affecting the rights and remedies of creditors or by general equitable principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) *Authorization of the Offered Securities*. The Offered Securities to be sold by the Company through the Underwriters have been duly and validly authorized by all required corporate action and have been reserved for issuance and sale pursuant to this Agreement and, when so issued and delivered by the Company, will be validly issued, fully paid and non-assessable, free, and clear of all Liens (as defined below under Section 1(r)) imposed by the Company. The Company has a sufficient number of authorized Ordinary Shares for the issuance of the maximum number of Offered Securities issuable pursuant to the Offering as described in the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) *No Applicable Registration or Other Similar Rights*. There are no persons with registration or other similar rights to have any securities of the Company registered for sale under the Registration Statement and included in the Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) *No Material Adverse Change.* Except as otherwise disclosed in the Disclosure Package, subsequent to the respective dates as of which information is given in the Disclosure Package: (i) there has been no material adverse change, or any development that could reasonably be expected to result in a material adverse change, in the condition, financial or otherwise, or in the earnings, business or operations, whether or not arising from transactions in the ordinary course of business, of the Company (any such change, a "**Material Adverse Change**", and any resulting effect, a "**Material Adverse Effect**"); (ii) the Company has not incurred any material liability or obligation, indirect, direct or contingent, not in the ordinary course of business nor entered into any material transaction or agreement not in the ordinary course of business; and (iii) there has been no dividend or distribution of any kind declared, paid or made by the Company in respect of its shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) *Independent Accountant*. Wei, Wei & Co., LLP (the "**Accountant**"), which has expressed its opinions with respect to the audited financial statements (which term as used in this Agreement includes the related notes thereto) of the Company filed with the Commission as a part of the Registration Statement and included in the Disclosure Package and the Prospectus, is an independent registered public accounting firm as required by the Securities Act and the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) *Preparation of the Financial Statements*. The financial statements of the Company included in the Registration Statement, the Disclosure Package, and the Prospectus, presents fairly the information provided as of and at the dates and for the periods indicated (provided that unaudited interim financial statements are subject to year-end audit adjustments that are not expected to be material in the aggregate and do not contain all footnotes required by U.S. generally accepted accounting principles ("**U.S. GAAP**"). Such financial statements comply as to form with the applicable accounting requirements of the Securities Act and the Securities Act Regulations and have been prepared in conformity with generally accepted accounting principles applied on a consistent basis throughout the periods involved, except as may be expressly stated in the related notes thereto. Except as included therein, no other financial statements or supporting schedules are required to be included or incorporated by reference in the Registration Statement, the Disclosure Package or the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) *Incorporation and Good Standing*. The Company has been duly formed and is validly existing as a company limited by shares under the laws of the jurisdiction of its formation and has corporate power and authority to own, lease and operate its properties and to conduct its business as described in the Registration Statement, the Disclosure Package, and the Prospectus and to enter into and perform its obligations under this Agreement. As of the Closing Date, the Company does not own or control, directly or indirectly, any corporation, association or other entity that is not otherwise disclosed in the Registration Statement, the Disclosure Package, or the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) *Capitalization and Other Share Capital Matters*. The authorized, issued and outstanding shares of the Company is as set forth in each of the Disclosure Package and the Prospectus (other than for subsequent issuances, if any, pursuant to employee benefit plans described in each of the Disclosure Package and the Prospectus or upon exercise of outstanding options described in the Disclosure Package and Prospectus, as the case may be). The Ordinary Shares conform, and when issued and delivered as provided in this Agreement, the Offered Securities will conform in all material respects to the description thereof contained in each of the Disclosure Package and Prospectus. All of the issued and outstanding Ordinary Shares have been duly authorized and validly issued, are fully paid and non-assessable and have been issued in compliance with applicable laws. None of the outstanding Ordinary Shares were issued in violation of any preemptive rights, rights of first refusal or other similar rights to subscribe for or purchase securities of the Company. There are no authorized or outstanding options, warrants, preemptive rights, rights of first refusal or other rights to purchase, or equity or debt securities convertible into or exchangeable or exercisable for, any shares of the Company other than those described in the Disclosure Package and the Prospectus. No further approval from Nasdaq Capital Market or authorization of any shareholder, the Board of Directors or others is required for the issuance and sale of the Offered Securities. Except as set forth in the Registration Statement, the Disclosure Package and the Prospectus, there are no shareholders agreements, voting agreements or other similar agreements with respect to the Company's Ordinary Shares to which the Company is a party or, to the knowledge of the Company, between or among any of the Company's shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) *Non-Contravention of Existing Instruments. No Further Authorizations or Approvals Required*. The Company is not in violation of its amended and restated memorandum and articles of association or in default (or, with the giving of notice or lapse of time, would be in default) ("**Default**") under any indenture, mortgage, loan or credit agreement, note, contract, franchise, lease or other instrument to which it is a party or by which it may be bound (including, without limitation, any agreement or contract filed as an exhibit to the Registration Statement or to which any of the property or assets of the Company are subject (each, an "**Existing Instrument**")), except for such Defaults as would not, individually or in the aggregate, result in a Material Adverse Change. The Company's execution, delivery and performance of this Agreement and consummation of the transactions contemplated hereby and thereby and by the Disclosure Package and the Prospectus (i) have been duly authorized by all necessary corporate action and will not result in any violation of the provisions of the memorandum and articles of association of the Company, as amended and restated, (ii) will not conflict with or constitute a breach of, or Default under, or result in the creation or imposition of any lien, charge or encumbrance upon any property or assets of the Company pursuant to, or require the consent of any other party to, any Existing Instrument and (iii) will not result in any violation of any law, administrative regulation or administrative or court decree applicable to the Company, except in the case of each of clauses (ii) and (iii), to the extent such conflict, breach Default or violation could not reasonably be expected to result in a Material Adverse Effect. No consent, approval, authorization or other order of, or registration or filing with, any court or other governmental or regulatory authority or agency, is required for the Company's execution, delivery and performance of this Agreement and consummation of the transactions contemplated hereby and thereby and by the Disclosure Package and the Prospectus, except the registration or qualification of the Offered Securities under the Securities Act, and applicable state securities or blue sky laws and from the Financial Industry Regulatory Authority Inc. ("**FINRA**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) *Subsidiaries*. Each of the Company's direct and indirect subsidiaries (each a "**Subsidiary**" and collectively, the "**Subsidiaries**") has been identified on <u>Schedule D</u> hereto. Each of the Subsidiaries has been duly formed, is validly existing and in good standing under the laws of the jurisdiction of its incorporation, has full power and authority (corporate or otherwise) to own its property and to conduct its business as described in the Registration Statement, the Disclosure Package, the Prospectus, and is duly qualified to transact business and is in good standing in each jurisdiction in which the conduct of its business or its ownership or leasing of property requires such qualification, except to the extent that the failure to be so qualified or be in good standing would not result in a Material Adverse Change on the Company and its Subsidiaries, taken as a whole. Except as otherwise disclosed in the Registration Statement, the Disclosure Package and the Prospectus, all of the equity interests of each Subsidiary have been duly and validly authorized and issued, are owned or controlled directly or indirectly by the Company, are fully paid in accordance with its articles of association, memorandum of association or charter documents and non-assessable and are free and clear of all liens, encumbrances, equities or claims ("**Liens**"). None of the outstanding share capital or equity interest in any Subsidiary was issued in violation of preemptive or similar rights of any security holder of such Subsidiary. All of the constitutive or organizational documents of each of the Subsidiaries comply with the requirements of applicable laws of its jurisdiction of incorporation or organization and are in full force and effect. Apart from the Subsidiaries, the Company has no direct or indirect subsidiaries or any other company over which it has direct or indirect effective control. Other than the Subsidiaries, the Company does not directly or indirectly control any entity through contractual arrangements or otherwise such that the entity would be deemed a consolidated affiliated entity whose financial results would be consolidated under U.S. GAAP with the financial results of the Company on the consolidated financial statements of the Company, regardless of whether the Company directly or indirectly owns less than a majority of the equity interests of such person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) *No Material Actions or Proceedings*. Except as otherwise disclosed in the Disclosure Package and the Prospectus, there are no legal, governmental or regulatory investigations, actions, demands, claims, suits, arbitrations, inquiries or proceedings (collectively, "**Actions**") pending or, to the Company's knowledge, (i) threatened against the Company or any of its Subsidiaries or (ii) which have as the subject thereof any of the executive officers, directors, or key employees of the Company or any of its Subsidiaries or any of the properties owned or leased by the Company or any of its Subsidiaries, where in any such case (A) there is a reasonable possibility that such Action might be determined adversely to the Company and (B) any such Action, if so determined adversely, would reasonably be expected to result in a Material Adverse Change or adversely affect the consummation of the transactions contemplated by this Agreement. Except as otherwise disclosed in the Disclosure Package and the Prospectus, no material labor dispute with the employees of the Company exists or, to the Company's knowledge, is threatened or imminent. None of the Company's or its Subsidiaries' employees is a member of a union that relates to such employee's relationship with the Company or such Subsidiary, and none of the Company, any of its Subsidiaries is a party to a collective bargaining agreement, and the Company and its Subsidiaries believe that their relationships with their employees are good. No executive officer, to the knowledge of the Company, is in violation of any material term of any employment contract, confidentiality, disclosure or proprietary information agreement or non-competition agreement, or any other contract or agreement or any restrictive covenant in favor of any third party, and the continued employment of each such executive officer does not subject the Company or any of its Subsidiaries to any liability with respect to any of the foregoing matters. Except as otherwise disclosed in the Disclosure Package and the Prospectus, the Company and its Subsidiaries are in compliance with all applicable laws and regulations relating to employment and employment practices, terms and conditions of employment and wages and hours, except where the failure to be in compliance could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Change. Except as otherwise disclosed in the Disclosure Package and the Prospectus, none of the Company, any of its Subsidiaries, nor to the knowledge of the Company any director or officer of the Company, is or has within the last 10 years been the subject of any Action involving a claim of violation of or liability under federal or state securities laws or a claim of breach of fiduciary duty. Except as otherwise disclosed in the Disclosure Package and the Prospectus, there has not been, and to the knowledge of the Company, there is no pending or contemplated, any investigation by the Commission involving the Company or any current or former director or officer of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) *Intellectual Property Rights*. The Company owns, possesses or licenses, and otherwise has legally enforceable rights to use all patents, patent applications, trademarks, trade names, copyrights, domain names, licenses, approvals and trade secrets (collectively, "**Intellectual Property Rights**") reasonably necessary to conduct its business as now conducted or, otherwise, as disclosed in the Registration Statement, the Disclosure Package and the Prospectus, except to the extent such failure to own, possess or have other rights to use such Intellectual Property would not be expected to result in a Material Adverse Change. Except as otherwise disclosed in the Registration Statement, the Disclosure Package and the Prospectus: (i) the Company has not received any written notice of infringement or conflict with asserted Intellectual Property Rights of others; (ii) the Company is not a party to or bound by any options, licenses or agreements with respect to the Intellectual Property Rights of any other person or entity that are required to be set forth in the Registration Statement, Disclosure Package and the Prospectus and are not described in all material respects; (iii) none of the technology employed by the Company has been obtained or is being used by the Company in violation of any contractual obligation binding on the Company or, to the Company's knowledge, in violation of the rights of any persons; and (iv) the Company is not subject to any judgment, order, writ, injunction or decree of any court or any governmental department, commission, board, bureau, agency or instrumentality, or any arbitrator, nor has it entered into nor is it a party to any agreement made in settlement of any pending or threatened litigation, which materially restricts or impairs its use of any Intellectual Property Rights, where in any such case (A) there is a reasonable possibility that such actions mentioned above might be determined adversely to the Company and (B) any such actions mentioned above, if so determined adversely, would reasonably be expected to result in a Material Adverse Change or adversely affect the consummation of the transactions contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) *All Necessary Permits, etc*. Except as otherwise disclosed in the Disclosure Package and the Prospectus, each of the Company and its Subsidiaries possesses such valid and current certificates, authorizations or permits issued by the applicable regulatory agencies or bodies necessary to conduct its business, and has made all declarations and filings with, the appropriate national, regional, local or other governmental or regulatory authorities that are necessary for the ownership or lease of their respective properties or assets or the conduct of their respective businesses as described in the Registration Statement, the Disclosure Package and the Prospectus, except where lack of the licenses would not reasonably be expected to have, individually or in aggregate, a Material Adverse Effect, and has not received any notice of proceedings relating to the revocation or modification of any such licenses and, to the knowledge of the Company, the Company has no reason to believe that such licenses will not be renewed in the ordinary course of their respective businesses that, if determined adversely to the Company, would individually or in the aggregate have a Material Adverse Effect. Such licenses are valid and in full force and effect and contain no materially burdensome restrictions or conditions not described in the Registration Statement, the Disclosure Package or the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) *Title to Properties*. Except as otherwise disclosed in the Disclosure Package and the Prospectus, the Company has good and marketable title to all the properties and assets reflected as owned by it in the financial statements referred to in Section 1(n) above (or elsewhere in the Disclosure Package and the Prospectus), in each case free and clear of any security interest, lien, encumbrance, equity, adverse claim or other defect, except such as do not materially and adversely affect the value of such property and do not materially interfere with the use made or proposed to be made of such property by the Company. The real property, improvements, equipment, and personal property held under lease by the Company are held under valid and enforceable leases, with such exceptions as are not material and do not materially interfere with the use made or proposed to be made of such real property, improvements, equipment or personal property by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) *Tax Law Compliance*. (i) Except as otherwise disclosed in the Registration Statement, the Disclosure Package and the Prospectus, the Company and its Subsidiaries have each filed all federal, state, local and foreign income tax returns required to be filed as of the date of this Agreement or has timely and properly filed requested extensions thereof and has paid taxes required to be paid by them and, if due and payable, any related or similar assessment, fine or penalty levied against any of them in all material respects. (ii) No tax deficiency has been determined adversely to the Company or any of its Subsidiaries that has had (nor does the Company nor any of its Subsidiaries have any notice or knowledge of any tax deficiency which could reasonably be expected to be determined adversely to the Company or its Subsidiaries and which could reasonably be expected to have) a Material Adverse Effect. (iii) The Company has made adequate charges, accruals and reserves in the applicable financial statements referred to in Section 1(n) above in respect of all federal, state, and foreign income and franchise taxes for all periods as to which the tax liability of the Company has not been finally determined. (iv) All local and national Hong Kong governmental tax credit, exemptions, waivers, financial subsidies, and other local and Hong Kong tax relief, concessions and preferential treatment enjoyed by the Company or any of the Subsidiaries as disclosed in the Registration Statement, the Disclosure Package and the Prospectus and the Prospectus are valid, binding and enforceable and do not violate any laws, regulations, rules, orders, decrees, guidelines, judicial interpretations, notices or other legislation of Hong Kong.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) *Company Not an "Investment Company."* The Company is not, and after giving effect to payment for the Offered Securities and the application of the proceeds as contemplated under the caption "Use of Proceeds" in each of the Disclosure Package and the Prospectus will not be, required to register as an "investment company" within the meaning of the Investment Company Act of 1940, as amended (the "**Investment Company Act**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) *No Price Stabilization or Manipulation*. The Company has not taken and will not take, directly or indirectly, any action designed to, or that might be reasonably expected to cause or result in, stabilization or manipulation of the price of any securities of the Company to facilitate the sale or resale of the Offered 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;(z) *Related Party Transactions*. There are no material business relationships or related-party transactions, directly or indirectly, involving the Company or its Subsidiaries with any related person required to be described or filed in the Registration Statement, or described in the Disclosure Package or the Prospectus, that have not been as set forth in the Registration Statement, the Prospectus, and the Pricing Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) *Disclosure Controls and Procedures*. To the extent required, the Company, on a consolidated basis with its Subsidiaries, will establish and will maintain disclosure controls and procedures (as such term is defined in Rule 13a-15(e) of the Exchange Act Regulations) designed to ensure that information required to be disclosed by the Company in the reports it files or submits under the Exchange Act is recorded, processed, summarized, and reported, within the time periods specified in the Commission's rules and forms. Except as otherwise disclosed in the Registration Statement, the Disclosure Package and the Prospectus, the Company is not aware of (a) any significant deficiency in the design or operation of internal controls which could adversely affect the Company's ability to record, process, summarize and report financial data or any material weaknesses in internal controls or (b) any fraud, whether or not material, that involves management or other employees who have a significant role in the Company's internal controls.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) *Company's Accounting System*. To the extent required, the Company, on a consolidated basis with its Subsidiaries, maintains a system of accounting controls designed to provide reasonable assurances that (i) transactions are executed in accordance with management's general or specific authorization; (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with generally accepted accounting principles and to maintain accountability for assets; (iii) access to assets is permitted only in accordance with management's general or specific authorization; and (iv) the recorded accountability for assets is compared with existing assets at reasonable intervals and appropriate action is taken with respect to any differences.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) *Money Laundering Law Compliance*. The operations of the Company are and have been conducted at all times in material compliance with all applicable financial recordkeeping and reporting requirements, including those of the United States Bank Secrecy Act, as amended by Title III of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (USA PATRIOT Act), and the applicable anti-money laundering statutes of jurisdictions where the Company conducts business, and the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any competent governmental agency (collectively, the "**Anti-Money Laundering Laws**"), and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company with respect to any Anti-Money Laundering Laws is pending or, to the knowledge of the Company, threatened.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) *No Accounting Issues*. The Company has not received any notice, oral or written, from its Board of Directors or Audit Committee stating that it is reviewing or investigating, and neither the Company's independent auditors nor its internal auditors have recommended that the Board of Directors or Audit Committee review or investigate, (i) adding to, deleting, changing the application of, or changing the Company's disclosure with respect to, any of the Company's material accounting policies; or (ii) any matter which could result in a restatement of the Company's financial statements for any annual or interim period during the current or prior two fiscal years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) *OFAC*. (i) None of the Company, any of its Subsidiaries, nor, to the knowledge of the Company, any director, officer, employee or affiliate of the Company or any Subsidiary, is an individual or entity ("**Person**") that is, or is owned or controlled by a Person that is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. the subject of any sanctions administered or enforced by the U.S. Department of Treasury's Office of Foreign Assets Control ("**OFAC**"), the United Nations Security Council ("**UNSC**"), the European Union ("**EU**"), Her Majesty's Treasury ("**HMT**"), or other relevant sanctions authority (collectively, "**Sanctions**"), nor

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. located, organized or resident in a country or territory that is the subject of Sanctions (including, without limitation, Burma/Myanmar, Cuba, Iran, Libya, North Korea, Sudan and Syria).

&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) The Company will not, directly or indirectly, use the proceeds of the Offering, or lend, contribute or otherwise make available such proceeds to any Subsidiary, or affiliated entity, joint venture partner or other Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. to fund or facilitate any activities or business of or with any Person or in any country or territory that, at the time of such funding or facilitation, is the subject of Sanctions; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. in any other manner that will result in a violation of Sanctions by any Person (including any Person participating in the Offering, whether as underwriter, advisor, investor or otherwise).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) *Foreign Corrupt Practices Act.* To the best of the Company's knowledge, no director, officer, employee or affiliate of the Company, any Subsidiary, or any other person acting on behalf of the Company has, directly or indirectly, taken any action that (i) would result in a violation by such persons of the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder (the "**FCPA**") or otherwise subject the Company to any damage or penalty in any civil, criminal or governmental litigation or proceeding; (ii) if done in the past, might reasonably be expected to have a Material Adverse Effect or (iii) if continued in the future, might reasonably be expected to materially and adversely affect the assets, business, or operations of the Company. The foregoing includes, without limitation, giving or agreeing to give any money, gift or similar benefit (other than legal price concessions to customers in the ordinary course of business) official or employee of any governmental agency or instrumentality of any government (domestic or foreign) or other person who was, is, or may be in a position to help or hinder the business of the Company (or assist it in connection with any actual or proposed transaction).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) *Internal Control and Compliance with Sarbanes-Oxley Act of 2002*. The Company, its Subsidiaries, and the Company's Board of Directors have taken, or have planned to adopt, all necessary actions to ensure that, upon the effectiveness of the Registration Statement, it will be in compliance with any provision applicable to it of the Sarbanes-Oxley Act of 2002 (the "**Sarbanes Oxley Act**") and the rules and regulations promulgated in connection therewith, including, without limitation, Section 402 related to loans and Sections 302 and 906 related to certifications of the Sarbanes-Oxley Act and all applicable listing rules of Nasdaq Capital Market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) *Exchange Act Filing*. The Form 8-A Registration Statement in respect of the Ordinary Shares has been filed, which registration statement complies in all material respects with the Exchange Act, and the Company has taken no action designed to, or which to its knowledge is likely to have the effect of, terminating the registration of the Offered Securities under the Exchange Act nor has the Company received any notification that the Commission is contemplating terminating such registration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *Earning Statements*. The Company will make generally available (which includes filings pursuant to the Exchange Act made publicly through the EDGAR system) to its security holders as soon as practicable, but in any event not later than 16 months after the end of the Company's current fiscal year, an earnings statement (which need not be audited) covering a 12-month period that shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 of the Rules and Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) *Periodic Reporting Obligations*. During the Prospectus Delivery Period, the Company shall file, on a timely basis, with the Commission all reports and documents required to be filed under the Exchange Act. Additionally, the Company shall report the use of proceeds from the issuance of the Firm Shares as may be required under Rule 463 under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) *Forward-looking Statements.* No forward-looking statement (within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act) contained in the Registration Statement, the Disclosure Package, the Prospectus, or shall be contained in any amendments and supplements thereof, has been made or reaffirmed, or will be made, without a reasonable basis as reasonably determined by the Company at the moment such a statement is made or will be made, or has been disclosed or will be disclosed other than in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) *Foreign Tax Compliance*. Except as otherwise disclosed in the Disclosure Package and the Prospectus, no transaction, stamp, capital or other issuance, registration, transaction, transfer or withholding taxes or duties are payable in the Hong Kong or Cayman Islands to any Hong Kong or Cayman Islands taxing authority in connection with the issuance, sale and delivery of the Offered Securities, and the delivery of the Offered Securities to or for the account of the Underwriters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) *D&O Questionnaires*. To the Company's knowledge, all information contained in the questionnaires (the "**Questionnaires**") completed by each of the Company's directors and officers prior to the Offering (the "**Insiders**") as well as in the Lock-Up Agreement in the form attached hereto as <u>Exhibit A</u> provided to the Representative is true and correct in all respects and the Company has not become aware of any information which would cause the information disclosed in the Questionnaires completed by each Insider to become inaccurate and incorrect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp) *Solvency*. Based on the consolidated financial condition of the Company as of each Closing Date, after giving effect to the receipt by the Company of the proceeds from the sale of the Offered Securities hereunder, the current cash flow of the Company, together with the proceeds the Company would receive, were it to liquidate all of its assets, after taking into account all anticipated uses of the cash, are sufficient to pay all amounts on or in respect of its liabilities when such amounts are required to be paid. The Company does not intend to incur debts beyond its ability to pay such debts as they mature (taking into account the timing and amounts of cash to be payable on or in respect of its debt). Except as set forth in the Registration Statement and the Prospectus, the Company has no knowledge of any facts or circumstances which lead it to believe that it will file for reorganization or liquidation under the bankruptcy or reorganization laws of any jurisdiction within one year from each Closing Date. The Registration Statement and the Prospectus set forth as of the date hereof all outstanding secured and unsecured Indebtedness of the Company, any Subsidiary, or for which the Company, any Subsidiary has commitments. For the purposes of this Agreement, "Indebtedness" means (x) any liabilities for borrowed money or amounts owed in excess of $50,000 (other than trade accounts payable incurred in the ordinary course of business), (y) all guaranties, endorsements and other contingent obligations in respect of indebtedness of others, whether or not the same are or should be reflected in the Company's consolidated balance sheet (or the notes thereto), except guaranties by endorsement of negotiable instruments for deposit or collection or similar transactions in the ordinary course of business; and (z) the present value of any lease payments in excess of $50,000 due under leases required to be capitalized in accordance with U.S. GAAP. Except as set forth in the Registration Statement and the Prospectus, none of the Company, any Subsidiary is in default with respect to any Indebtedness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq) *Regulation M Compliance*. The Company has not, and to its knowledge no one authorized to act on its behalf has, (i) taken, directly or indirectly, any action designed to cause or to result in the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of any of the Ordinary Shares, (ii) sold, bid for, purchased, or, paid any compensation for soliciting purchases of, any of the Ordinary Shares, or (iii) paid or agreed to pay to any Person any compensation for soliciting another to purchase any other securities of the Company, other than, in the case of clauses (ii) and (iii), compensation paid to the Underwriter in connection with the Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rr) *EGC Status and Testing the Waters Communications*. From the time of initial confidential submission of the Registration Statement to the Commission (or, if earlier, the first date on which the Company engaged directly or through any person authorized to act on its behalf in any Test the Waters Communication) through the date hereof, the Company has been and is an "emerging growth company", as defined in Section 2(a) of the Act ("**Emerging Growth Company**"). "Testing the Waters Communication" means any oral or written communication with potential investors undertaken in reliance on Section 5(d) of the Act. The Company (i) has not alone engaged in any Testing-the-Waters Communications other than Testing-the-Waters Communications with the consent of the Representative with entities that are qualified institutional buyers within the meaning of Rule 144A under the Securities Act or institutions that are accredited investors within the meaning of Rule 501 under the Securities Act, and (ii) has not authorized anyone other than the Representative to engage in Testing-the-Waters Communications. The Company reconfirms that the Representative has been authorized to act on its behalf in undertaking Testing-the-Waters Communications. The Company has not distributed any Written Testing-the-Waters Communications (as defined below) other than those listed on <u>Schedule E</u> hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss) *Margin Securities*. The Company owns no "margin securities" as that term is defined in Regulation U of the Board of Governors of the Federal Reserve System (the "**Federal Reserve Board**"), and none of the proceeds of Offering will be used, directly or indirectly, for the purpose of purchasing or carrying any margin security, for the purpose of reducing or retiring any indebtedness which was originally incurred to purchase or carry any margin security or for any other purpose which might cause any of the Shares to be considered a "purpose credit" within the meanings of Regulation T, U or X of the Federal Reserve Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(tt) *Insurance*. The Company carries and is entitled to the benefits of directors and officers insurance coverage, with reputable insurers, in such amounts and covering such risks which the Company believes are adequate, and as are customary for companies engaged in similar business, and to the Company's knowledge such insurance coverage is in full force and effect. The Company has no reason to believe that it will not be able (i) to renew its existing insurance coverage as and when such policies expire or (ii) to obtain comparable coverage from similar institutions as may be necessary or appropriate and at a cost that would not reasonably be expected to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uu) *No Finder's Fee.* There are no contracts, agreements, or understandings between the Company, its Subsidiaries and any other person that would give rise to a valid claim against the Company, its Subsidiaries or any Underwriter for a brokerage commission, finder's fee or other like payment in connection with this Offering, or any other arrangements, agreements, understandings, payments, or issuance with respect to the Company, or its Subsidiaries, or any of their respective officers, directors, shareholders, partners, employees or related parties that may affect the Underwriters' compensation as determined by FINRA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vv) *No FINRA Affiliations*. To the Company's knowledge and except as disclosed to the Representative in writing, no (i) officer or director of the Company, its subsidiaries, (ii) owner of 10% or more of any class of the Company's securities or (iii) owner of any amount of the Company's unregistered securities acquired within the 180-day immediately prior to the date that the Registration Statement was initially filed to the Commission, has any direct or indirect affiliation or association with any FINRA member. The Company will advise the Representative and counsel to the Underwriters if it becomes aware that any such person described in (i) to (iii) under this Section 1(vv) is or becomes an affiliate or associated person of a FINRA member participating in the offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ww) *Third-party Data.* Any statistical, industry-related and market-related data included in the Disclosure Package and the Prospectus is based on or derived from sources that the Company reasonably and in good faith believes to be reliable and accurate, and such data agrees with the sources from which it is derived, and the Company has obtained the written consent for the use of such data from such sources to the extent required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) [Intentionally Omitted].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(yy) *Compliance with Law, Constitutive Documents and Contracts*. None of the Company, any of its Subsidiaries is (a) in breach or violation of any provision of applicable law (including, but not limited to, any applicable law concerning information collection and user privacy protection) or (b) in breach or violation of its respective constitutive documents, or (c) in default under (nor has any event occurred that, with notice, lapse of time or both, would result in any breach or violation of, constitute a default under or give the holder of any indebtedness (or a person acting on such holder's behalf) the right to require the repurchase, redemption or repayment of all or a part of such indebtedness under) any agreement or other instrument that is binding upon the Company, any of the Subsidiaries, or any judgment, order or decree of any governmental body, agency or court having jurisdiction over the Company, any of the Subsidiaries, except in the cases of (a) and (c) above, where any such breach, violation or default would not have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(zz) *Integration*. Neither the Company, nor any of its affiliates, nor any person acting on its or their behalf has, directly or indirectly, made any offers or sales of any security or solicited any offers to buy any security, under circumstances that would cause the Offering to be integrated with prior offerings by the Company for purposes of the Securities Act that would require the registration of any such securities under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aaa) *Representation of Officers*. Any certificate signed by an officer of the Company and delivered to the Representative or to counsel for the Representative shall be deemed to be a representation and warranty by the Company to the Underwriters as to the matters set forth therein. The Company acknowledges that the Underwriters and, for purposes of the opinions to be delivered pursuant to Section 6 hereof, counsel to the Company, will rely upon the accuracy and truthfulness of the foregoing representations and hereby consents to such reliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bbb) *IT Systems*. The Company's and its Subsidiaries' information technology assets and equipment, computers, systems, networks, hardware, software, websites, applications, and databases (collectively, "**IT Systems**") are adequate for, and operate and perform in all material respects as required in connection with the operation of the business of the Company and its Subsidiaries as currently conducted, free and clear of all material bugs, errors, defects, malware and other corruptants. The Company and its Subsidiaries have implemented and maintained commercially reasonable controls, policies, procedures, and safeguards to maintain and protect their material confidential information and the integrity, continuous operation, redundancy and security of all IT Systems and data (including all personal, personally identifiable, sensitive, confidential or regulated data ("**Personal Data**")) used in connection with their businesses, and there have been no breaches, violations, outages or unauthorized uses of or accesses to same, except for those that have been remedied without material cost or liability, nor any incidents under internal review or investigations relating to the same. The Company and its Subsidiaries are presently in material compliance with all applicable laws or statutes and all judgments, orders, rules and regulations of any court or arbitrator or governmental or regulatory authority, internal policies and contractual obligations relating to the privacy and security of IT Systems and Personal Data and to the protection of such IT Systems and Personal Data from unauthorized use, access, misappropriation or modification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ccc) *No Undisclosed Related Party Transactions*. No material relationships or material transactions, direct or indirect, exist between any of the Company, any of its Subsidiaries on the one hand and their respective shareholders, affiliates, officers and directors or any affiliates or family members of such persons on the other hand, except as described in the Disclosure Package and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ddd) Except as disclosed in the Registration Statement, the Disclosure Package and the Prospectus, a holder of the Ordinary Shares and each underwriter are each entitled to sue as plaintiff in the court of the jurisdiction of formation and domicile of the Company for the enforcement of their respective rights under this Agreement and the Ordinary Shares and such access to such courts will not be subject to any conditions which are not applicable to residents of such jurisdiction or a company incorporated in such jurisdiction.

SECTION 2. *Firm Shares; Additional Shares*.

&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) *Purchase of Firm Shares*. Based on the representations and warranties herein contained, but subject to the terms and conditions herein set forth, the Company agrees to issue and sell to the Underwriters the Firm Shares at a purchase price (net of discounts) of $[●] per Share. The Underwriters agree to purchase from the Company the Firm Shares in such amounts as set forth opposite their respective names on <u>Schedule A</u> attached hereto and made a part hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Delivery of and Payment for Firm Shares*. Delivery of and payment for the Firm Shares shall be made at 10:00 A.M., Eastern time, on the first (1<sup>st</sup>) business day following the Applicable Time, or at such time as shall be agreed upon by the Representative and the Company, at a place (including remotely by facsimile or other electronic transmission) as shall be agreed upon by the Representative and the Company. The hour and date of delivery of and payment for the Firm Shares is called the "**Closing Date**." The closing of the payment of the purchase price for, and delivery of certificates representing the Firm Shares, is referred to herein as the "**Closing**." Payment for the Firm Shares shall be made on the Closing Date by wire transfer in Federal (same day) funds upon delivery to the Underwriters of certificates (in form and substance reasonably satisfactory to the Underwriters) representing the Firm Shares (or if uncertificated through the full fast transfer facilities of the Depository Trust Company (the "**DTC**")) for the account of the Underwriters. The Firm Shares shall be registered in such names and in such denominations as the Underwriters may request in writing at least two business days prior to the Closing Date. If certificated, the Company will permit the Underwriters to examine and package the Firm Shares for delivery at least one full business day prior to the Closing Date. The Company shall not be obligated to sell or deliver the Firm Shares except upon tender of payment by the Underwriters for all the Firm Shares.

&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) *Additional Shares*. The Company hereby grants to the Underwriters an option (the "**Overallotment Option**") to purchase up to an additional [●] Shares (the "**Additional Shares**"), in each case solely for the purpose of covering over-allotments of such securities, if any. The Over-allotment Option is exercise at the Underwriters' sole discretion.

&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) *Exercise of Over-allotment Option*. The Over-allotment Option granted pursuant to Section 2(c) hereof may be exercised by the Representative no later than 45 days after the Effective Date. The purchase price to be paid per Additional Shares shall be equal to the price per Firm Shares in Section 2(a). The Underwriters shall not be under any obligation to purchase any Additional Shares prior to the exercise of the Over-allotment Option. The Over-allotment Option granted hereby may only be exercised by a formal written notice signed by authorized signature of the Representative setting forth the number of Additional Shares to be purchased and the date and time for delivery of and payment for the Additional Shares (the "**Exercise Notice**"). Any oral notice or email notice to the Company from the Representative shall be confirmed by the Exercise Notice via overnight mail or facsimile or other electronic transmission. The date and time for delivery of and payment for the Additional Shares (the "**Option Closing Date**") shall not be later than five (5) full Business Days after the date of the notice or such other time as shall be agreed upon by the Company and the Underwriters, at the offices of the Representative's counsel or at such other place (including remotely by facsimile or other electronic transmission) as shall be agreed upon by the Company and the Underwriters. Upon exercise of the Over-allotment Option with respect to all or any portion of the Additional Shares, subject to the terms and conditions set forth herein, (i) the Company shall become obligated to sell to the Underwriters the number of Additional Shares specified in such notice and (ii) the Underwriters shall purchase that portion of the total number of Additional Shares.

&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) *Delivery and Payment of Additional Shares*. Payment for the Additional Shares shall be made on the Option Closing Date by wire transfer in Federal (same day) funds, upon delivery to the Underwriters of certificates (in form and substance satisfactory to the Underwriters) representing the Additional Shares (or through the facilities of DTC) for the account of the Underwriters. The Additional Shares shall be registered in such name or names and in such authorized denominations as the Underwriters may request in writing at least two (2) full Business Days prior to the Option Closing Date. The Company shall not be obligated to sell or deliver the Additional Shares except upon tender of payment by the Underwriters for applicable Additional Shares. The Option Closing Date may be simultaneous with, but not earlier than, the Closing Date; and in the event that such time and date are simultaneous with the Closing Date, the term "Closing Date" shall refer to the time and date of delivery of the Firm Shares and Additional Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Underwriting Discount*. In consideration of the services to be provided for hereunder, the Company shall pay to the Underwriters underwriting discount which equals 7.0% of the gross proceeds of the Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) *Representative's Warrant*. The Company hereby agrees to issue to the Representative on the applicable Closing Date as compensation, warrants, substantially in the form of Exhibit B attached hereto, to purchase such number of Common Stock equal to 5% of the Offering (the "Representative's Warrant"). The Representative's Warrant shall be exercisable, in whole or in part, at any time on or beginning on the 180<sup>th</sup> day following the commencement of sales under the Registration Statement (the "Initial Exercise Date") and on or prior to five (5) years after the commencement of sales under the Registration Statement (the "Termination Date") but not thereafter, at an initial exercise price, which is equal to one hundred twenty percent (120%) of the initial public offering price of Firm Shares.

SECTION 3. *Covenants of the Company*.

The Company also covenants and agrees with each of the Underwriters as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Underwriter's Review of Proposed Amendments and Supplements*. During the period beginning at the Applicable Time and ending on the later of the Closing Date or such date as, in the opinion of counsel for the Underwriters, the Prospectus is no longer required by law to be delivered in connection with sales by the Underwriters or selected dealers, including under circumstances where such requirement may be satisfied pursuant to Rule 172 under the Securities Act (the "**Prospectus Delivery Period**"), prior to amending or supplementing the Registration Statement or the Prospectus, including any amendment or supplement through incorporation by reference of any report filed under the Exchange Act, the Company shall furnish to the Underwriters for review a copy of each such proposed amendment or supplement. The Company shall not file or use any such proposed amendment or supplement without the Representative's prior consent, which shall not be unreasonably withheld, conditioned or delayed.

&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) *Securities Act Compliance*. After the date of this Agreement, during the Prospectus Delivery Period, the Company shall promptly advise the Underwriters in writing (i) of the receipt of any comments of, or requests for additional or supplemental information from, the Commission, (ii) of the time and date of any filing of any post-effective amendment to the Registration Statement or any amendment or supplement to the Pricing Prospectus or the Prospectus, (iii) of the time and date that any post-effective amendment to the Registration Statement becomes effective and (iv) of the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or any post-effective amendment thereto or of any order or notice preventing or suspending the use of the Registration Statement, the Pricing Prospectus or the Prospectus, or of any proceedings to remove, suspend or terminate from listing or quotation the Ordinary Shares from any securities exchange upon which they are listed for trading or included or designated for quotation, or of the threatening or initiation of any proceedings for any of such purposes. If the Commission shall enter any such stop order or order or notice of prevention or suspension at any time, the Company will use commercially reasonable efforts to obtain the lifting of such order at the earliest possible moment or will file a new registration statement and use commercially reasonably efforts to have such new registration statement declared effective as soon as practicable. Additionally, the Company agrees that it shall comply with the provisions of Rules 424(b) and 430A, as applicable, under the Securities Act, including with respect to the timely filing of documents thereunder and will confirm that any filings made by the Company under such Rule 424(b) were received in a timely manner by the Commission.

&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) *Exchange Act Compliance*. During the Prospectus Delivery Period, to the extent the Company becomes subject to reporting obligation under the Exchange Act, the Company will file all documents required to be filed with the Commission pursuant to Sections 13, 14 or 15 of the Exchange Act in the manner and within the time periods required by the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Amendments and Supplements to the Registration Statement, Prospectus and Other Securities Act Matters*. If, during the Prospectus Delivery Period, any event or development shall occur or condition exist as a result of which the Disclosure Package or the Prospectus as then amended or supplemented would include any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein in light of the circumstances under which they were made, as the case may be, not misleading, or if it shall be necessary to amend or supplement the Disclosure Package or the Prospectus, in order to make the statements therein, in light of the circumstances under which they were made, as the case may be, not misleading, or if in the opinion of the Underwriters it is otherwise necessary to amend or supplement the Registration Statement, the Disclosure Package or the Prospectus, or to file a new registration statement containing the Prospectus, in order to comply with law, including in connection with the delivery of the Prospectus, the Company agrees to (i) notify the Underwriters of any such event or condition (unless such event or condition was previously brought to the Company's attention by the Underwriters during the Prospectus Delivery Period) and (ii) promptly prepare (subject to Section 3(a) and Section 3(d) hereof), file with the Commission (and use its commercially reasonable efforts to have any amendment to the Registration Statement or any new registration statement to be declared effective) and furnish at its own expense to the Underwriters and to dealers, amendments or supplements to the Registration Statement, the Disclosure Package or the Prospectus, or any new registration statement, necessary in order to make the statements in the Disclosure Package or the Prospectus as so amended or supplemented, in light of the circumstances under which they were made, as the case may be, not misleading or so that the Registration Statement, the Disclosure Package or the Prospectus, as amended or supplemented, will comply with law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Permitted Free Writing Prospectuses*. The Company represents that it has not made, and agrees that, unless it obtains the prior written consent of the Underwriters, it will not make, any offer relating to the Ordinary Shares that would constitute an Issuer Free Writing Prospectus or that would otherwise constitute a "**free writing prospectus**" (as defined in Rule 405 under the Securities Act) required to be filed by the Company with the Commission or retained by the Company under Rule 433 under the Securities Act. Any such free writing prospectus consented to by the Underwriters is hereinafter referred to as a "**Permitted Free Writing Prospectus**." The Company agrees that (i) it has treated and will treat, as the case may be, each Permitted Free Writing Prospectus as an Issuer Free Writing Prospectus, and (ii) has complied and will comply, as the case may be, with the requirements of Rules 164 and 433 under the Securities Act applicable to any Permitted Free Writing Prospectus, including in respect of timely filing with the Commission, legending and record keeping.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Copies of any Amendments and Supplements to the Prospectus*. The Company agrees to furnish the Underwriters, without charge, during the Prospectus Delivery Period, as many copies of each of the preliminary prospectuses, the Prospectus and the Disclosure Package and any amendments and supplements thereto (including any documents incorporated or deemed incorporated by reference therein) as the Underwriters may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) *Use of Proceeds*. The Company shall apply the net proceeds from the sale of the Ordinary Shares sold by it substantially in the manner described under the caption "Use of Proceeds" in the Disclosure Package and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) *Transfer Agent*. The Company shall engage and maintain, at its expense, a registrar and transfer agent for the Ordinary Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Internal Controls*. The Company will maintain a system of internal accounting controls designed to provide reasonable assurances that: (i) transactions are executed in accordance with management's general or specific authorization; (ii) transactions are recorded as necessary in order to permit preparation of financial statements in accordance with U.S. GAAP and to maintain accountability for assets; (iii) access to assets is permitted only in accordance with management's general or specific authorization; and (iv) the recorded accountability for assets is compared with existing assets at reasonable intervals and appropriate action is taken with respect to any differences. The internal controls, upon consummation of the Offering, will be overseen by the audit committee of the Company's board of directors in accordance with the rules of the Nasdaq Capital Market ("**Nasdaq Capital Market**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) *Exchange Listing*. The Shares have been duly authorized for listing on Nasdaq Capital Market, subject to official notice of issuance. The Company and the Representative irrevocably agree that the Offering will not be consummated if the Shares are denied for listing by Nasdaq Capital Market. Upon consummation of the Offering, the Company will be in material compliance with the provisions of the rules and regulations promulgated by Nasdaq Capital Market and has no reason to believe that it will not in the foreseeable future continue to be, in compliance with all such listing and maintenance requirements (to the extent applicable to the Company as of the date hereof or the Closing Date; and subject to all exemptions and exceptions from the requirements thereof as are set forth therein, to the extent applicable to the Company). Without limiting the generality of the foregoing and subject to the qualifications above: (i) all members of the Company's board of directors who are required to be "independent" (as that term is defined under applicable laws, rules and regulations), including, without limitation, all members of each of the audit committee, compensation committee and nominating and corporate governance committee of the Company's board of directors, meet the qualifications of independence as set forth under such laws, rules and regulations, (ii) the audit committee of the Company's board of directors has at least one member who is an "audit committee financial expert" (as that term is defined under such laws, rules and regulations), and (iii) that, based on discussions with Nasdaq Capital Market, the Company meets all requirements for listing on the Nasdaq Capital Market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) *Absence of Further Requirements.* No consent, approval, authorization, or order of, or filing or registration with, any person (including any governmental or regulatory agency or body or any court) is required to be obtained or made by the Company for the consummation of the transactions contemplated by this Agreement, and issuance and sale of the Ordinary Shares, except such as have been obtained, or made on or prior to the Closing Date, and are, or on the Closing Date will be, in full force and effect*.* No authorization, consent, approval, license, qualification or order of, or filing or registration with any person (including any governmental agency or body or any court) in any foreign jurisdiction is required for the consummation of the transactions contemplated by this Agreement in connection with the Offering, issuance and sale of the Ordinary Shares under the laws and regulations of such jurisdiction except such as have been obtained or made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) *Future Reports to the Underwriters.* For one year after the date of this Agreement, the Company will furnish, if not otherwise available on EDGAR, to the Representative pursuant to the addresses and contacts provided in Section 13 of this Agreement: (i) as soon as practicable after the end of each fiscal year, copies of the annual report of the Company containing the balance sheet of the Company as of the close of such fiscal year and statements of income, shareholders' equity and cash flows for the year then ended and the opinion thereon of the Company's independent public or certified public accountants; (ii) as soon as practicable after the filing thereof, copies of each proxy statement, annual report on Form 20-F, interim financial statements using a Form 6-K or other report filed by the Company with the Commission; and (iii) as soon as available, copies of any report or communication of the Company mailed generally to holders of its shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) *No Manipulation of Price*. The Company will not take, directly or indirectly, any action designed to cause or result in, or that has constituted or might reasonably be expected to constitute, the stabilization or manipulation of the price of any securities of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) *Existing Lock-Up Agreements*. Except as described in the Registration Statement, the Disclosure Package and the Prospectus, there are no existing agreements between the Company and its security holders that prohibit the sale, transfer, assignment, pledge, or hypothecation of any of the Company's securities. The Company will direct the transfer agent to place stop transfer restrictions upon the securities of the Company that are bound by such "lock-up" agreements for the duration of the periods contemplated therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) *Company Lock-Up.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) The Company will not, without the prior written consent of the Representative, from the date of execution of this Agreement and continuing for a period of a hundred and eighty (180) days from the closing of the sales of the Offering (the "**Lock-Up Period**"), (i) offer, pledge, announce the intention to sell, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase or otherwise transfer or dispose of, directly or indirectly, or file with the Commission a registration statement under the Securities Act relating to, any Ordinary Share or any securities convertible into or exercisable or exchangeable for Ordinary Shares, (ii) complete any offering of debt securities of the Company, other than entering into a line of credit with a traditional bank, or (iii) enter into any swap or other agreement that transfers, in whole or in part, any of the economic consequences of ownership of the Ordinary Shares or any such other securities, whether any such transaction described in clause (i), (ii)) or (iii) above is to be settled by delivery of Ordinary Shares or such other securities, in cash or otherwise, except to the Underwriters pursuant to this Agreement; (iv) publicly disclose the intention to make any offer, sale, pledge or disposition, or to enter into any transaction, swap, hedge or other arrangement relating to any Ordinary Share or such securities. The Company agrees not to accelerate the vesting of any option or warrant or the lapse of any repurchase right prior to the expiration of the Lock-Up Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) The restrictions contained in Section 3(o)a) hereof shall not apply to: (i) the Ordinary Shares to be sold hereunder, (ii) the issuance by the Company of Ordinary Shares upon the exercise of a stock option or warrant or the conversion of a security outstanding on the date hereof and disclosed in the Registration Statement, the Disclosure Package or the Prospectus, (iii) the issuance by the Company, or the filing by the Company of a Registration Statement related thereto, of stock options or shares of the Company under any equity compensation plan of the Company and (iv) securities issued pursuant to acquisitions or strategic transactions approved by a majority of the disinterested directors of the Company, provided that such securities are issued as "restricted securities" (as defined in Rule 144) and carry no registration rights that require or permit the filing of any registration statement in connection therewith during the Lock-Up Period and provided that any such issuance shall only be to a Person (or to the equity holders of a Person) which is, itself or through its subsidiaries, an operating company or an owner of an asset in a business synergistic with the business of the Company and shall provide to the Company additional benefits in addition to the investment of funds, but shall not include a transaction in which the Company is issuing securities primarily for the purpose of raising capital.

SECTION 4. *Payment of Fees and Expenses*. Whether or not the transactions contemplated in this Agreement are consummated or this Agreement is terminated, the Company agrees to pay reasonable, actual and accountable costs, fees and expenses incurred in connection with the transactions contemplated hereby, including without limitation to, (i) all expenses incident to the issuance and delivery of the Ordinary Shares (including all printing and engraving costs, if any), (ii) all fees and expenses of the clearing firm, registrar and transfer agent of the Shares, (iii) all necessary issue, transfer and other stamp taxes in connection with the Offering, (iv) all fees and expenses of the Company's counsel, independent public or certified public accountants and other advisors, (v) all costs and expenses incurred in connection with the preparation, printing, filing, shipping and distribution of the Registration Statement (including financial statements, exhibits, schedules, consents and certificates of experts), each Issuer Free Writing Prospectus, each preliminary prospectus and the Prospectus, and all amendments and supplements thereto, and this Agreement, and (vi) all filing fees, attorneys' fees and expenses incurred by the Company, or the Representative, in connection with qualifying or registering (or obtaining exemptions from the qualification or registration of) all or any part of the Ordinary Shares for offer and sale under the state securities or blue sky laws, and, if requested by the Representative, preparing and printing a "Blue Sky Survey" or memorandum, and any supplements thereto, advising the Representative of such qualifications, registrations and exemptions, less any advances previously paid which as of the date hereof.

The Company will pay the Underwriters a non-accountable expense allowance of one percent (1%) of the gross proceeds from the Offering upon the Closing of the Offering.

The Company will also pay the Representative's accountable expenses, promptly upon receipt of an invoice therefore, for out-of-pocket costs and expenses, in total up to $220,000.00 including but not limited to, (A) direct, out-of-pocket costs of Underwriters' legal counsel); (B) fees of legal counsel incurred by the underwriters in connection with the Offering; (B) all third party due diligence include the cost of any background checks; (C) IPREO book building and prospectus tracking software; (D) reasonable roadshow expenses; (E) preparation of bound volumes and Lucite cube mementos in such quantities as the underwriters including underwriter's US & local counsel shall reasonably request, (F) background check consultant, and (G) necessary travel expenses connection with the Offering.

To partially cover the Representative's out-of-pocket expenses, the Company has advanced to the Representative approximately $30,000.00. The advances will be returned to the Company to the extent such out-of-pocket expenses are not actually incurred or are less than the advances in accordance with FINRA Rule 5110(g)(4).

SECTION 5. *No Deductions and Withholding from Payment*. All sums payable by the Company under this Agreement shall be paid free and clear of and without deductions or withholdings of any present or future taxes, duties, or other amounts.

SECTION 6. *Conditions of the Obligations of the Underwriters*. The obligations of the Underwriters to purchase the Ordinary Shares as provided herein on the Closing Date or the Option Closing Date shall be subject to (1) the accuracy of the representations and warranties on the part of the Company set forth in Section 1 hereof as of the date hereof and as of the Closing Date or the Option Closing Date as though then made; (2) the timely performance by the Company of its covenants and other obligations hereunder; (3) no objections from FINRA as to the amount of compensation allowable or payable to the Underwriters as described in the Registration Statement; and (4) each of the following additional conditions:

&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) *Accountant's Comfort Letter*. On the date hereof, the Representative shall have received from the Accountant, a letter dated the date hereof addressed to the Representative, in form and substance satisfactory to the Representative, containing statements and information of the type ordinarily included in accountants' "comfort letters" to Representative, delivered according to Statement of Auditing Standards No. 72 (or any successor bulletin), with respect to the audited and unaudited financial statements and certain financial information contained in the Registration Statement and the Prospectus.

&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) *Effectiveness of Registration Statement; Compliance with Registration Requirements; No Stop Order*. During the period from and after the execution of this Agreement to and including the Closing Date or the Option Closing Date, as applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) the Company shall have filed the Prospectus with the Commission (including the information required by Rule 430A under the Securities Act) in the manner and within the period required by Rule 424(b) under the Securities Act; or the Company shall have filed a post-effective amendment to the Registration Statement containing the information required by such Rule 430A, and such post-effective amendment shall have become effective; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) no stop order suspending the effectiveness of the Registration Statement, or any post-effective amendment to the Registration Statement, shall be in effect and no proceedings for such purpose shall have been instituted or threatened by the Commission.

&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) *No Material Adverse Change*. For the period from and after the date of this Agreement to and including the Closing Date or the Option Closing Date, as applicable, in the reasonable judgment of the Representative there shall not have occurred any Material Adverse Change.

&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) *Officers' Certificate.* On the Closing Date and/or the Option Closing Date, the Representative shall have received a written certificate executed by the Chief Executive Officer and the Chief Financial Officer of the Company, dated as of such date, to the effect that the signers of such certificate have reviewed the Registration Statement, the Disclosure Package and the Prospectus and any amendment or supplement thereto, each Issuer Free Writing Prospectus and this Agreement, to the effect that, to the knowledge of such individual:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) The representations and warranties of the Company in this Agreement are true and correct, as if made on and as of such Closing Date, and the Company has complied with all the agreements and satisfied all the conditions on its part to be performed or satisfied at or prior to such Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) No stop order suspending the effectiveness of the Registration Statement or the use of the Prospectus has been issued and no proceedings for that purpose have been instituted or are pending or, to the Company's knowledge, threatened under the Securities Act; no order having the effect of ceasing or suspending the distribution of the Ordinary Shares or any other securities of the Company has been issued by any securities commission, securities regulatory authority or stock exchange in the United States and no proceedings for that purpose have been instituted or are pending or, to the knowledge of the Company, contemplated by any securities commission, securities regulatory authority or stock exchange in the United States; 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;&nbsp;&nbsp;&nbsp;&nbsp;c) Subsequent to the respective dates as of which information is given in the Registration Statement and the Prospectus, there has not been: (a) any Material Adverse Change; (b) any transaction that is material to the Company, the Subsidiaries taken as a whole, except transactions entered into in the ordinary course of business; (c) any obligation, direct or contingent, that is material to the Company, the Subsidiaries taken as a whole, incurred by the Company, any Subsidiary, except obligations incurred in the ordinary course of business; (d) any material change in the share capital (except changes thereto resulting from the exercise of outstanding options or warrants or conversion of outstanding indebtedness into Shares of the Company) or outstanding indebtedness of the Company, any Subsidiary (except for the conversion of such indebtedness into Shares of the Company); (e) any dividend or distribution of any kind declared, paid or made on Shares of the Company; or (f) any loss or damage (whether or not insured) to the property of the Company, any Subsidiary which has been sustained or will have been sustained which has a Material Adverse Effect.

&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) *Secretary's Certificate*. On the Closing Date and/or the Option Closing Date, the Representative shall have received a certificate of the Company signed by the Secretary of the Company, dated such Closing Date, certifying: (i) that the Company's memorandum and articles of association, as amended and restated, attached to such certificate is true and complete, has not been modified and is in full force and effect; (ii) that the resolutions of the Company's board of directors relating to the Offering attached to such certificate are in full force and effect and have not been modified; and (iii) the good standing of the Company (including its subsidiaries). The documents referred to in such certificate shall be attached to such certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Bring-down Comfort Letter*. On the Closing Date and/or the Option Closing Date, the Representative shall have received from the Accountant, a letter dated such date, in form and substance satisfactory to the Representative, to the effect that the Accountant reaffirms the statements made in the letter furnished by it pursuant to subsection (a) of this Section 6, except that the specified date referred to therein for the carrying out of procedures shall be no more than three business days prior to the Closing Date and/or the Option Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) *Lock-Up Agreement from Securityholders of the Company*. On or prior to the date hereof, the Company shall have furnished to the Representative an agreement substantially in the form of <u>Exhibit A</u> hereto from each of the Company's officers, directors and existing security holders of the Company's Ordinary Shares or securities convertible into or exercisable for Ordinary Shares prior to the Offering listed on <u>Schedule C</u> hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) *Exchange Listing*. The Shares to be delivered on the Closing Date and/or the Option Closing Date shall have been approved for listing on the Nasdaq Capital Market, subject to official notice of issuance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Legal Opinions*. On the Closing Date and/or the Option Closing Date, the Representative shall have received

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) the opinion of Nauth LPC, counsel to the Company, in form and substance reasonably satisfactory to the Representative including negative assurance language; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) the opinion of Ogier, Cayman counsel to the Company, in form and substance reasonably satisfactory to the Representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) the opinion of David Fong & Co., Hong Kong counsel to the Company, in form and substance reasonably satisfactory to the Representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Negative Assurance Letter of Counsel to the Underwriters. Ye & Associates, P.C., the counsel to the Underwriters, shall have furnished to the Representative its negative assurance letter, addressed to the Underwriters and dated the Closing Date and/or Option Closing Date, as the case may be, and the Company shall have furnished to such counsel such documents and information as such counsel may reasonably request to enable them to pass on such matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) *Additional Documents*. On or before the Closing Date or the Option Closing Date, as applicable, the Representative and counsel for the Representative shall have received such information, documents and opinions as they may reasonably require for the purposes of enabling them to pass upon the issuance and sale of the Ordinary Shares as contemplated herein, or in order to evidence the accuracy of any of the representations and warranties, or the satisfaction of any of the conditions or agreements, herein contained.

If any condition specified in this Section 6 is not satisfied when and as required to be satisfied, this Agreement may be terminated by the Representative by written notice to the Company at any time on or prior to the Closing Date or the Option Closing Date, as applicable, which termination shall be without liability on the part of any party to any other party, except that Section 4 (with respect to the reimbursement of out-of-pocket accountable, bona fide expenses actually incurred by the Representative) and Section 8 shall at all times be effective and shall survive such termination.

SECTION 7. *Effectiveness of this Agreement*. This Agreement shall not become effective until the later of (i) the execution of this Agreement by the parties hereto and (ii) notification (including by way of oral notification from the reviewer at the Commission) by the Commission to the Company of the effectiveness of the Registration Statement under the Securities Act.

SECTION 8. *Indemnification*.

&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) *Indemnification by the Company*. The Company shall indemnify and hold harmless the Underwriters, their respective affiliates and each of their respective directors, officers, members, employees and agents and each person, if any, who controls such Underwriters within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act (collectively, the "**Underwriter Indemnified Parties**," and each a "**Underwriter Indemnified Party**") from and against any losses, claims, damages or liabilities (including in settlement of any litigation if such settlement is effected with the prior written consent of the Company) arising out of (i) an untrue statement or alleged untrue statement of a material fact contained in the Registration Statement, including the information deemed to be a part of the Registration Statement at the time of effectiveness and at any subsequent time pursuant to Rules 430A and 430B of the Securities Act Regulations, or arise out of or are based upon the omission from the Registration Statement, or alleged omission to state therein, a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; or (ii) an untrue statement or alleged untrue statement of a material fact contained in the Prospectus, or any amendment or supplement thereto, or in any other materials used in connection with the Offering, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, and shall reimburse such Underwriter Indemnified Party for any legal or other expenses reasonably incurred by it in connection with evaluating, investigating or defending against such loss, claim, damage, liability or action; *provided, however*, that the Company shall not be liable in any such case to the extent that any such loss, claim, damage, expense or liability arises out of or is based upon an untrue statement in, or omission from any preliminary prospectus, the Registration Statement or the Prospectus, or any such amendment or supplement thereto, or any Issuer Free Writing Prospectus or in any other materials used in connection with the Offering made in reliance upon and in conformity with the Underwriter Information. The indemnification obligations under this Section 8(a) are not exclusive and will be in addition to any liability, which the Underwriters might otherwise have and shall not limit any rights or remedies which may otherwise be available at law or in equity to each Underwriter Indemnified Party.

&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) *Indemnification by the Underwriters*. The Underwriters shall indemnify and hold harmless the Company and the Company's affiliates and each of their respective directors, officers, employees, agents and each person, if any, who controls the Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act (collectively the "**Company Indemnified Parties**" and each a "**Company Indemnified Party**") from and against any losses, claims, damages or liabilities (including in settlement of any litigation if such settlement is effected with the prior written consent of the Underwriters) arising out (i) any untrue statement of a material fact contained in any preliminary prospectus, any Issuer Free Writing Prospectus, any "issuer information" filed or required to be filed pursuant to Rule 433(d) of the Securities Act Regulations, the Registration Statement or the Prospectus, or in any amendment or supplement thereto, or (ii) the omission to state in any preliminary prospectus, any Issuer Free Writing Prospectus, any "issuer information" filed or required to be filed pursuant to Rule 433(d) of the Securities Act Regulations, the Registration Statement or the Prospectus, or in any amendment or supplement thereto, a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, but in each case only to the extent that the untrue statement or omission was made in reliance upon and in conformity with the Underwriter Information and shall reimburse the Company for any legal or other expenses reasonably incurred by such party in connection with investigating or preparing to defend or defending against or appearing as third party witness in connection with any such loss, claim, damage, liability, action, investigation or proceeding, as such fees and expenses are incurred. Notwithstanding the provisions of this Section 8(b), in no event shall any indemnity by the Underwriters under this Section 8(b) exceed the total discounts received by the Underwriters in connection with the Offering. The indemnification obligations under this Section 8(b) are not exclusive and will be in addition to any liability, which the Company might otherwise have and shall not limit any rights or remedies which may otherwise be available at law or in equity to each Company Indemnified Party.

&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) *Procedure*. Promptly after receipt by an indemnified party under this Section 8 of notice of the commencement of any action, the indemnified party shall, if a claim in respect thereof is to be made against an indemnifying party under this Section 8, notify such indemnifying party in writing of the commencement of that action; provided, however, that the failure to notify the indemnifying party shall not relieve it from any liability which it may have under this Section 8 except to the extent it has been materially adversely prejudiced by such failure; and, provided, further, that the failure to notify an indemnifying party shall not relieve it from any liability which it may have to an indemnified party otherwise than under this Section 8. If any such action shall be brought against an indemnified party, and it shall notify the indemnifying party thereof, the indemnifying party shall be entitled to participate therein and, to the extent that it wishes, jointly with any other similarly notified indemnifying party, to assume the defense of such action with counsel reasonably satisfactory to the indemnified party (which counsel shall not, except with the written consent of the indemnified party, be counsel to the indemnifying party). After notice from the indemnifying party to the indemnified party of its election to assume the defense of such action, except as provided herein, the indemnifying party shall not be liable to the indemnified party under Section 8(a) or Section 8(b), as applicable, for any legal or other expenses subsequently incurred by the indemnified party in connection with the defense of such action other than reasonable costs of investigation; *provided, however*, that any indemnified party shall have the right to employ separate counsel in any such action and to participate in the defense of such action but the fees and expenses of such separate counsel (other than reasonable costs of investigation) shall be at the expense of such indemnified party unless (i) the employment thereof has been specifically authorized in writing by the Company in the case of a claim for indemnification under Section 8(a), (ii) such indemnified party shall have been advised by its counsel that there may be one or more legal defenses available to it which are different from or additional to those available to the indemnifying party, or (iii) the indemnifying party has failed to assume the defense of such action and employ counsel reasonably satisfactory to the indemnified party within a reasonable period of time after notice of the commencement of the action or the indemnifying party does not diligently defend the action after assumption of the defense, in which case, if such indemnified party notifies the indemnifying party in writing that it elects to employ separate counsel at the expense of the indemnifying party, the indemnifying party shall not have the right to assume the defense of (or, in the case of a failure to diligently defend the action after assumption of the defense, to continue to defend) such action on behalf of such indemnified party and the indemnifying party shall be responsible for reasonable legal or other expenses subsequently incurred by such indemnified party in connection with the defense of such action; *provided, however,* that the indemnifying party shall not, in connection with any one such action or separate but substantially similar or related actions in the same jurisdiction arising out of the same general allegations or circumstances, be liable for the reasonable fees and expenses of more than one separate firm of attorneys at any time for any such indemnified party (in addition to any local counsel), which firm shall be designated in writing by the Underwriters if the indemnified party under this Section 8 is an Underwriter Indemnified Party or by the Company if an indemnified party under this Section 8 is a Company Indemnified Party. Subject to this Section 8(c), the amount payable by an indemnifying party under Section 8 shall include, but not be limited to, (x) reasonable legal fees and expenses of counsel to the indemnified party and any other expenses in investigating, or preparing to defend or defending against, or appearing as a third party witness in respect of, or otherwise incurred in connection with, any action, investigation, proceeding or claim, and (y) all amounts paid in settlement of any of the foregoing. No indemnifying party shall, without the prior written consent of the indemnified parties, settle or compromise or consent to the entry of judgment with respect to any pending or threatened action or any claim whatsoever, in respect of which indemnification or contribution could be sought under this Section 8 (whether or not the indemnified parties are actual or potential parties thereto), unless such settlement, compromise or consent (i) includes an unconditional release of each indemnified party in form and substance reasonably satisfactory to such indemnified party from all liability arising out of such action or claim and (ii) does not include a statement as to or an admission of fault, culpability or a failure to act by or on behalf of any indemnified party. Subject to the provisions of the following sentence, no indemnifying party shall be liable for settlement of any pending or threatened action or any claim whatsoever that is effected without its written consent (which consent shall not be unreasonably withheld or delayed), but if settled with its written consent, if its consent has been unreasonably withheld or delayed or if there be a judgment for the plaintiff in any such matter, the indemnifying party agrees to indemnify and hold harmless any indemnified party from and against any loss or liability by reason of such settlement or judgment. In addition, if at any time an indemnified party shall have requested that an indemnifying party reimburse the indemnified party for fees and expenses of counsel, such indemnifying party agrees that it shall be liable for any settlement of the nature contemplated herein effected without its written consent if (i) such settlement is entered into more than ninety (90) days after receipt by such indemnifying party of the request for reimbursement, (ii) such indemnifying party shall have received notice of the terms of such settlement at least sixty (60) days prior to such settlement being entered into and (iii) such indemnifying party shall not have reimbursed such indemnified party in accordance with such request prior to the date of such settlement.

&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) *Contribution*. If the indemnification provided for in this Section 8 is unavailable or insufficient to hold harmless an indemnified party under Section 8(a) or Section 8(b), then each indemnifying party shall, in lieu of indemnifying such indemnified party, contribute to the amount paid, payable or otherwise incurred by such indemnified party as a result of such loss, claim, damage, expense or liability (or any action, investigation or proceeding in respect thereof), as incurred, (i) in such proportion as shall be appropriate to reflect the relative benefits received by the indemnifying party on the one hand and the indemnified party on the other hand from the Offering, or (ii) if the allocation provided by clause (i) of this Section 8(d) is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) of this Section 8(d) but also the relative fault of the indemnifying party on the one hand and the indemnified party on the other with respect to the statements, omissions, acts or failures to act which resulted in such loss, claim, damage, expense or liability (or any action, investigation or proceeding in respect thereof) as well as any other relevant equitable considerations as determined in a final judgment by a court of competent jurisdiction. The relative benefits received by the Company on the one hand and the Underwriters on the other with respect to such offering shall be deemed to be in the same proportion as the total proceeds from the Offering purchased by investors as contemplated by this Agreement (before deducting expenses) received by the Company bear to the total underwriting discounts received by the Underwriters in connection with the Offering, in each case as set forth in the table on the cover page of the Prospectus. The relative fault of the Company on the one hand and the Underwriters on the other shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company on the one hand or the Underwriters on the other, the intent of the parties and their relative knowledge, access to information and opportunity to correct or prevent such untrue statement, omission, act or failure to act; provided that the parties hereto agree that the written information furnished to the Company by the Underwriters for use in any preliminary prospectus, the Registration Statement or the Prospectus, or in any amendment or supplement thereto, consists solely of the Underwriter Information. The Company and the Underwriters agree that it would not be just and equitable if contributions pursuant to this Section 8(d) be determined by pro rata allocation or by any other method of allocation that does not take into account the equitable considerations referred to herein. The amount paid or payable by an indemnified party as a result of the loss, claim, damage, expense, liability, action, investigation or proceeding referred to above in this Section 8(d) shall be deemed to include, for purposes of this Section 8(d), any legal or other expenses reasonably incurred by such indemnified party in connection with investigating, preparing to defend or defending against or appearing as a third party witness in respect of, or otherwise incurred in connection with, any such loss, claim, damage, expense, liability, action, investigation or proceeding. Notwithstanding the provisions of this Section 8(d), the Underwriters shall not be required to contribute any amount in excess of the total discounts received in cash by the Underwriters in connection with the Offering less the amount of any damages that the Underwriters have otherwise paid or become liable to pay by reason of any untrue or alleged untrue statement, omission or alleged omission, act or alleged act or failure to act or alleged failure to act. No person, guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation.

SECTION 9. *Termination of this Agreement*. Prior to the Closing Date, whether before or after notification by the Commission to the Company of the effectiveness of the Registration Statement under the Securities Act, this Agreement may be terminated by the Underwriters by written notice given to the Company if at any time (i) trading or quotation in the Company's Shares shall have been suspended or limited by the Commission or by Nasdaq Capital Market; (ii) a general banking moratorium shall have been declared by any U.S. federal authorities; or (iii) there shall have occurred any outbreak or escalation of national or international hostilities or any crisis or calamity, or any change in the United States or international financial markets, or any substantial change or development involving a prospective substantial change in United States' or international political, financial or economic conditions that, in the reasonable judgment of the Underwriters, is material and adverse and makes it impracticable to market the Shares in the manner and on the terms described in the Prospectus or to enforce contracts for the sale of the Ordinary Shares. Any termination pursuant to this Section 9 shall be without liability on the part of (a) the Company to any of the Underwriters, except that the Company shall be, subject to demand by the Underwriters, obligated to reimburse the Underwriters for only those reasonable, accountable and properly documented out-of-pocket expenses (including the reasonable fees and expenses of their counsel, and expenses associated with a due diligence report), actually incurred by the Underwriters in connection herewith as allowed under FINRA Rule 5110, less any amounts previously paid by the Company; *provided, however,* that all such expenses shall not exceed $220,000 in the aggregate, (b) the Underwriters to the Company, or (c) of any party hereto to any other party except that the provisions of Section 4 (with respect to the reimbursement of out-of-pocket accountable, bona fide expenses actually incurred by the Underwriters) and Section 8 shall at all times be effective and shall survive such termination.

SECTION 10. *No Advisory or Fiduciary Responsibility*. The Company hereby acknowledges that the Underwriters are acting solely as underwriters in connection with the Offering. The Company further acknowledges that the Underwriters are acting pursuant to a contractual relationship created solely by this Agreement entered into on an arm's-length basis and in no event do the parties intend that the Underwriters act or be responsible as a fiduciary to the Company, its management, shareholders, creditors or any other person in connection with any activity that the Underwriters may undertake or have undertaken in furtherance of the Offering, either before or after the date hereof. The Underwriters hereby expressly disclaim any fiduciary or similar obligations to the Company, either in connection with the transactions contemplated by this Agreement or any matters leading up to such transactions, and the Company hereby confirms its understanding and agreement to that effect. The Company hereby further confirms its understanding that no Underwriter has assumed an advisory or fiduciary responsibility in favor of the Company with respect to the Offering contemplated hereby or the process leading thereto, including, without limitation, any negotiation related to the pricing of the Shares; and the Company has consulted its own legal and financial advisors to the extent it has deemed appropriate in connection with this Agreement and the Offering. The Company and the Underwriters agree that they are each responsible for making their own independent judgments with respect to any such transactions, and that any opinions or views expressed by the Underwriters to the Company regarding such transactions, including but not limited to any opinions or views with respect to the price or market for the Company's securities, do not constitute advice or recommendations to the Company. The Company hereby waives and releases, to the fullest extent permitted by law, any claims that the Company may have against the Underwriters with respect to any breach or alleged breach of any fiduciary or similar duty to the Company in connection with the transactions contemplated by this Agreement or any matters leading up to such transactions.

SECTION 11. *Underwriter Default*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If any Underwriter or Underwriters shall default in its or their obligation to purchase Firm Shares, and if the Firm Shares with respect to which such default relates (the "Default Securities") do not (after giving effect to arrangements, if any, made by the Representative pursuant to subsection (b) below) exceed in the aggregate 10% of the number of Firm Shares, each non-defaulting Underwriter, acting severally and not jointly, agrees to purchase from the Company that number of Default Securities that bears the same proportion to the total number of Default Securities then being purchased as the number of Firm Shares set forth opposite the name of such Underwriter on <u>Schedule A</u> hereto bears to the aggregate number of Firm Shares set forth opposite the names of the non-defaulting Underwriters; subject, however, to such adjustments to eliminate fractional shares as the Representative in its sole discretion shall make.

&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) In the event that the aggregate number of Default Securities exceeds 10% of the number of Firm Shares, the Representative may in its discretion arrange for itself or for another party or parties (including any non-defaulting Underwriter or Underwriters who so agree) to purchase the Default Securities on the terms contained herein. In the event that within five (5) calendar days after such a default the Representative does not arrange for the purchase of the Default Securities as provided in this Section 11, this Agreement shall thereupon terminate, without liability on the part of the Company with respect thereto (except in each case as provided in Section 4, Section 8, Section 9, Section 11 and Section 12) or the Underwriters, but nothing in this Agreement shall relieve a defaulting Underwriter or Underwriters of their liability, if any, to the other Underwriters and the Company for damages occasioned by its or their default hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event that any Default Securities are to be purchased by the non-defaulting Underwriters, or are to be purchased by another party or parties as aforesaid, the Representative or the Company shall have the right to postpone the Closing Date for a period, not exceeding five (5) Business Days, in order to effect whatever changes may thereby be necessary in the Registration Statement or the Prospectus or in any other documents and arrangements, and the Company agrees to file promptly any amendment or supplement to the Registration Statement or the Prospectus which, in the reasonable opinion of Underwriters' counsel, may be necessary or advisable. The term "Underwriter" as used in this Agreement shall include any party substituted under this Section 11 with like effect as if it had originally been a party to this Agreement with respect to such Default Securities.

SECTION 12. *Representations and Indemnities to Survive Delivery; Third Party Beneficiaries*. The respective indemnities, agreements, representations, warranties and other statements of the Company, of its officers, and of the Underwriters set forth in or made pursuant to this Agreement will remain in full force and effect, regardless of any investigation made by or on behalf of the Underwriters or the Company or any of its or their partners, officers or directors or any controlling person, as the case may be, and will survive delivery of and payment for the Shares sold hereunder and any termination of this Agreement.

SECTION 13. *Notices*. All communications hereunder shall be in writing and shall be mailed, hand delivered, emailed or telecopied and confirmed to the parties hereto as follows:

**If to the Underwriters:**

**American Trust Investment Services, Inc.** 

501 North El Camino Real, Suite 211

San Clemente, California 92672

Attn: James Dever, CEO

Email: j.dever@amtruinvest.com

**Prime Number Capital LLC** 

27F 12E 49th Street

New York, NY 10017

Attn: Shenghui Yang

Email: kris.yang@pncps.com

**With a copy (*which shall not constitute notice*) to:**

Ye & Associates, P.C.

135-15 40<sup>th</sup> Road, Suite 402

Flushing, New York 11354

Attn: Jing Ye, Esq.

Email: securities@yeassociatespc.com

**If to the Company:**

Rise Smart Group Holdings Limited

Room 903, Floor 9, Tower 1

Silvercord, 30 Canton Road

Tsim Sha Tsui, Kowloon

Hong Kong

Attention: Kin Cho Li, Chief Executive Officer/ Ka Nung Wu, Chief Financial Officer

Email: Joe@risesmart.com.hk / alex@risesmart.com.hk

Phone: +852 2980 2306

**With a copy (*which shall not constitute notice*) to:**

Nauth LPC<br> 217 Queen Street W,<br> Toronto, ON<br> M5H 1P4<br> Canada<br> Attention: Daniel D. Nauth, Esq.<br> Email: dnauth@nauth.com<br> Phone: +1 (416) 477-6031

Any party hereto may change the address for receipt of communications by giving written notice to the others.

SECTION 14. *Successors*. This Agreement will inure to the benefit of and be binding upon the parties hereto and to the benefit of the employees, officers and directors and controlling persons referred to in Section 8, and in each case their respective successors, and no other person will have any right or obligation hereunder. The term "**successors**" shall not include any purchaser of the Shares as such merely by reason of such purchase.

SECTION 15. *Partial Unenforceability*. The invalidity or unenforceability of any Section, paragraph or provision of this Agreement shall not affect the validity or enforceability of any other Section, paragraph, or provision hereof. If any Section, paragraph, or provision of this Agreement is for any reason determined to be invalid or unenforceable, there shall be deemed to be made such minor changes (and only such minor changes) as are necessary to make it valid and enforceable.

SECTION 16. *Governing Law; Submission to Jurisdiction; Trial by Jury*. This Agreement shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without giving effect to the choice of law or conflict of laws principles thereof.

Any action, proceeding or claim against it arising out of, or relating in any way to this Agreement shall be brought and enforced in the New York Supreme Court, County of New York, or in the United States District Court for the Southern District of New York (each, a "**New York Court**"), and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. The Company hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. Any process or summons to be served upon the Company may be served by transmitting a copy thereof by registered or certified mail, return receipt requested, postage prepaid, addressed to it at the address set forth in the Section 13 hereof. Such mailing shall be deemed personal service and shall be legal and binding upon the Company in any action, proceeding or claim. The Company and the Underwriters agree that the prevailing party(ies) in any such action shall be entitled to recover from the other party(ies) all its reasonable attorneys' fees and expenses relating to such action or proceeding and/or incurred in connection with the preparation therefor as determined in a final judgment by a court of competent jurisdiction. The Company and the Underwriters hereby irrevocably waive, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Agreement or the transactions contemplated hereby.

SECTION 17. *Enforceability of Judgment.* The Company agrees that any final judgment against the Company for a fixed or readily calculable sum of money rendered by a New York Court having jurisdiction under its own domestic laws in respect of any suit, action or proceeding against the Company based upon this Agreement would be recognized and enforced, without re-examination or review of the merits of the underlying dispute by the courts of the Cayman Islands or Hong Kong , or the cause of action in respect of which the original judgment was given or relitigation of the matters adjudicated upon, by an action commenced on the foreign judgment debt in the Grand Court of the Cayman Islands or the courts of Hong Kong, provided that (i) with respect to courts of the Cayman Islands (a) such New York Court had proper jurisdiction over the parties subject to such judgment; (b) such judgment was not obtained in a manner and is not of a kind the enforcement of which is contrary to natural justice or the public policy of the Cayman Islands; (c) such judgment was not obtained by fraud; (d) such judgment is not in respect of taxes, a fine or a penalty; (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, and (ii) with respect to courts of Hong Kong, (A) adequate service of process has been effected and the defendant has had a reasonable opportunity to be heard, (B) such judgments or the enforcement thereof are not contrary to the law, public policy, security or sovereignty of Hong Kong , (C) such judgments were not obtained by fraudulent means and do not conflict with any other valid judgment in the same matter between the same parties and (D) an action between the same parties in the same matter is not pending in any Hong Kong court at the time the lawsuit is instituted in a foreign court. (E) Hong Kong has international treaties or the principle of reciprocity providing for the reciprocal recognition and enforcement of judgments of such New York courts and such judgment has been reviewed by the courts of Hong Kong pursuant to such treaties or the principle of reciprocity, and (F) such judgment is a final and legally effective judgment rendered by the New York Court. The Company is not aware of any reason why the enforcement in the Cayman Islands or Hong Kong of such a New York Court judgment would be, as of the date hereof, contrary to natural justice of the public policy of the Cayman Islands or Hong Kong.

SECTION 18. *General Provisions*. This Agreement constitutes the entire agreement of the parties to this Agreement and supersedes all prior written or oral and all contemporaneous oral agreements, understandings, and negotiations with respect to the Offering. This Agreement may be executed in two or more counterparts, each one of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. This Agreement may not be amended or modified unless in writing by all the parties hereto, and no condition herein (express or implied) may be waived unless waived in writing by each party whom the condition is meant to benefit. The section headings herein are for the convenience of the parties only and shall not affect the construction or interpretation of this Agreement.

Each of the parties hereto acknowledges that it is a sophisticated business person who was adequately represented by counsel during negotiations regarding the provisions hereof, including, without limitation, the indemnification and contribution provisions of Section 8, and is fully informed regarding said provisions. Each of the parties hereto further acknowledges that the provisions of Section 8 hereto fairly allocate the risks in light of the ability of the parties to investigate the Company, its affairs and its business in order to assure that adequate disclosure has been made in the Registration Statement, any preliminary prospectus and the Prospectus (and any amendments and supplements thereto), as required by the Securities Act and the Exchange Act.

The respective indemnities, contribution agreements, representations, warranties and other statements of the Company and the Underwriters set forth in or made pursuant to this Agreement shall remain operative and in full force and effect, regardless of (i) any investigation, or statement as to the results thereof, made by or on behalf of the Underwriters, the officers or employees of the Underwriters, any person controlling any of the Underwriters, the Company, the officers or employees of the Company, or any person controlling the Company, (ii) acceptance of the Shares and payment for them as contemplated hereby and (iii) termination of this Agreement.

[*Signature Page Follows*]

If the foregoing is in accordance with your understanding of our agreement, kindly sign and return to the Company the enclosed copies hereof, whereupon this instrument, along with all counterparts hereof, shall become a binding agreement in accordance with its terms.

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| | |
|:---|:---|
|  | Very truly yours, |
|  | Rise Smart Group Holdings Limited |
| By: |  |
|  | Name: |
|  | Title: |

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The foregoing Underwriting Agreement is hereby confirmed and accepted by the Underwriters as of the date first above written.

For itself and on behalf of the several Underwriters listed on Schedule A hereto

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| | |
|:---|:---|
| **AMERICAN TRUST INVESTMENT SERVICES, INC.** | **AMERICAN TRUST INVESTMENT SERVICES, INC.** |
| By: |  |
|  | Name: |
|  | Title: |

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**SCHEDULE A**

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| | | |
|:---|:---|:---|
| American Trust Investment Services, Inc. | [●] | 5555 |
| Prime Number Capital LLC | [●] |  |
| **Total** |  |  |
| **Underwriter** | **Number of Firm Shares** | **Number of Firm Shares** |

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Sch A-1

**SCHEDULE B**

**Pricing Information**

Number of Firm Shares: [●]

Number of Additional Shares: [●]

Public Offering Price per Firm Share: $[●]

Public Offering Price per Additional Shares: $[●]

Underwriting Discount per one Firm Share: 7.0% per Firm Shares (or $[●] per share)

Underwriting Discount per one Additional Share: 7.0% per Additional Shares (or $[●] per share)

Proceeds to Company per one Firm Share (before expenses): $[●]

Proceeds to Company per one Additional Share (before expenses): $[●]

Sch B-1

**SCHEDULE C**

**Lock-Up Parties**

**Officers and Directors**

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| | |
|:---|:---|
| **No.** | **Name** |

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**Existing Shareholders**

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| | |
|:---|:---|
| **No.** | **Name** |

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Sch C-1

**SCHEDULE D**

**SUBSIDIARIES OF THE REGISTRANT**

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| | |
|:---|:---|
| **Company's Subsidiaries** | **Place of Incorporation** |
| Rise Smart Holdings Limited | Hong Kong |
| Rise Smart Holdings Limited | The United Kingdom |
| Rise Smart (HK) Limited | British Virgin Islands |

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Sch D-1

**SCHEDULE E** 

**Written Testing-the-Waters Communications** 

[●]

Sch E-1

**EXHIBIT A**

**Form of Lock-Up Agreement**

[●] 2025,

**American Trust Investment Services, Inc.** 

501 North El Camino Real, Suite 211

San Clemente, California 92672

**Prime Number Capital LLC**

27F 12E 49th Street

New York, NY 10017

As Underwriter of the Company

Ladies and Gentlemen:

The undersigned understands that American Trust Investment Services, Inc., the representative (the "<u>Representative</u>") of the underwriters (the "<u>Underwriters</u>"), proposes to enter into an underwriting agreement (the "<u>Underwriting Agreement</u>") with, **Rise Smart Group Holdings Limited**, a Cayman Islands company (the "<u>Company</u>"), in connection with the public offering (the "<u>Offering</u>") of the Company's ordinary share, par value $0.000625 per share (the "Ordinary Shares").

To induce the Underwriters to continue their efforts in connection with the Offering, the undersigned hereby agrees that, without the prior written consent of the Representative, the undersigned will not, for a period of 180 days from the closing of the sales of the Offering (the "<u>Lock-Up Period</u>"), (1) offer, pledge, announce the intention to sell, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, make any short sale, lend, or otherwise transfer or dispose of, directly or indirectly, any Ordinary Shares or any securities convertible into or exercisable or exchangeable for the Ordinary Shares, whether now owned or hereafter acquired by the undersigned or with respect to which the undersigned has or hereafter acquires the power of disposition (collectively, the "<u>Lock-Up Securities</u>"); (2) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of the Lock Up Securities, whether any such transaction described in clause (1) or (2) above is to be settled by delivery of the Lock-Up Securities, in cash or otherwise; and (3) publicly disclose the intention to make any offer, sale, pledge or disposition, or to enter into any transaction, swap, hedge or other arrangement relating to the Lock-Up Securities. The foregoing sentence shall not apply to (a) transactions relating to the Ordinary Shares or other securities acquired in open market transactions after the completion of the Offering, or (b) transfers of the Lock-Up Securities as a *bona fide* gift, by will or intestacy or to a family member or trust for the benefit of a family member (for purposes of this lock-up agreement, "family member" means any relationship by blood, marriage or adoption, not more remote than first cousin); *provided* that in the case of any transfer or distribution pursuant to clause (b), each donee or distributee shall sign and deliver a lock-up letter substantially in the form of this letter agreement; (c) transfers of Lock-Up Securities to a charity or educational institution; (d) if the undersigned, directly or indirectly, controls a corporation, partnership, limited liability company or other business entity, any transfers of Lock-Up Securities to any shareholder, partner or member of, or owner of similar equity interests in, the undersigned, as the case may be; (e) if the undersigned is a trust, to a trustee or beneficiary of the trust; *provided that* in the case of any transfer pursuant to the foregoing clauses (b), (c) or (d), (i) any such transfer shall not involve a disposition for value, (ii) each transferee shall sign and deliver to the Representative a lock-up agreement substantially in the form of this lock-up agreement, and (iii) no filing under Section 13 of the U.S. Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>") or other filing or public announcement shall be required or shall be voluntarily made, (f) the receipt by the undersigned from the Company of Shares upon the vesting of restricted share awards or share units or upon the exercise of options to purchase the Company's Ordinary Shares issued under an equity incentive plan of the Company or an employment arrangement described in the Pricing Prospectus (as defined in the Underwriting Agreement) (the "<u>Plan Shares</u>") or the transfer of Ordinary Shares or any securities convertible into Ordinary Shares to the Company upon a vesting event of the Company's securities or upon the exercise of options to purchase the Company's securities, in each case on a "cashless" or "net exercise" basis or to cover tax obligations of the undersigned in connection with such vesting or exercise, but only to the extent such right expires during the Lock-up Period, provided that no filing under Section 13 of the Exchange Act or other public announcement shall be required or shall be voluntarily made within 90 days after the date of the Underwriting Agreement, and after such 90th day, if the undersigned is required to file a report under Section 13 or Section 16(a) of the Exchange Act reporting a reduction in beneficial ownership of Ordinary Shares during the Lock-Up Period, the undersigned shall include a statement in such schedule or report to the effect that the purpose of such transfer was to cover tax withholding obligations of the undersigned in connection with such vesting or exercise and, provided further, that the Plan Shares shall be subject to the terms of this lock-up agreement; (g) the establishment of a trading plan pursuant to Rule 10b51 under the Exchange Act for the transfer of Lock-Up Securities, provided that (i) such plan does not provide for the transfer of Lock-Up Securities during the Lock-Up Period and (ii) no public announcement or filing under the Exchange Act will be voluntarily made by or on behalf of the undersigned or the Company regarding the establishment of such plan; and (h) the transfer of Lock-Up Securities that occurs by operation of law, such as pursuant to a qualified domestic order or in connection with a divorce settlement, provided that the transferee agrees to sign and deliver a lock-up agreement substantially in the form of this lock-up agreement for the balance of the Lock-Up Period, and provided further, that any filing under Section 13 of the Exchange Act that is required to be made during the LockUp Period as a result of such transfer shall include a statement that such transfer has occurred by operation of law (collectively, "**Permitted Transfers**"). In addition, the undersigned agrees that, without the prior written consent of the Representative, it will not, during the Lock-Up Period, make any demand for or exercise any right with respect to, the registration of any Lock-Up Securities or any security convertible into or exercisable or exchangeable for LockUp Securities, or publicly disclose the intention to make any offer, sale, pledge or disposition, or to enter into any transaction, swap, hedge or other arrangement relating to any Lock-Up Securities. The undersigned also agrees and consents to the entry of stop transfer instructions with the Company's transfer agent against the transfer of the undersigned's Lock-Up Securities except in compliance with the foregoing restrictions.

No provision in this lock-up agreement shall be deemed to restrict or prohibit (i) the adoption of an equity incentive plan and the grant of awards or equity pursuant to any equity incentive plan, and the filing of a registration statement on Form S-8; *provided*, however, that any sales by parties to this lock-up agreement shall be subject to this lock-up agreement, (ii) the issuance of Ordinary Shares in connection with the exercise of outstanding options or warrants of the Company; *provided* that this lock-up agreement shall apply to any of the undersigned's shares issued upon such exercise, or (iii) the issuance of securities in connection with an acquisition or a strategic relationship which may include the sale or equity securities; *provided*, that none of such shares shall be saleable in the public market until the expiration of the 180-day period described above.

If the undersigned is an officer or director of the Company, (i) the undersigned agrees that the foregoing restrictions shall be equally applicable to any securities that the undersigned may purchase in the Offering; and (ii) the Representative agrees that, at least three (3) business days before the effective date of any release or waiver of the foregoing restrictions in connection with a transfer of Lock-Up Securities, the Representative will notify the Company of the impending release or waiver. Any release or waiver granted by the Representative hereunder to any such officer or director shall only be effective two (2) business days after the release or waiver. The provisions of this paragraph will not apply if (a) the release or waiver is effected solely to permit a transfer of Lock-Up Securities not for consideration or in connection with any other Permitted Transfer and (b) the transferee has agreed in writing to be bound by the same terms described in this letter agreement to the extent and for the duration that such terms remain in effect at the time of such transfer.

The undersigned understands that the Company and the Underwriters are relying upon this lock-up agreement in proceeding toward consummation of the Offering. The undersigned further understands that this lock-up agreement is irrevocable and shall be binding upon the undersigned's heirs, legal representative, successors and assigns.

The undersigned understands that, if (i) the Underwriting Agreement is not executed by February 1, 2024, (ii) the Company notifies the Representative in writing that it does not intend to proceed with the Offering or (iii) the Underwriting Agreement (other than the provisions thereof which survive termination) shall terminate or be terminated prior to payment for and delivery of the Ordinary Shares to be sold thereunder, the undersigned shall be released from all obligations under this letter agreement.

Whether or not the Offering actually occurs depends on a number of factors, including market conditions. Any Offering will only be made pursuant to an Underwriting Agreement, the terms of which are subject to negotiation between the Company and the Underwriters. The undersigned acknowledges that no assurances are given by the Company or the Underwriters that any Offering will be consummated. This letter agreement shall be governed by, and construed in accordance with, the internal laws of the State of New York.

[*Signature Page Follows*]

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| |
|:---|
| Very truly yours, |
| (Signature) |

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| |
|:---|
| Address: |
| Email: |
| Date: |

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**EXHIBIT B**

**Form of Representative's Warrants**

**COMMON STOCK PURCHASE WARRANTS**

**Rise Smart Group Holdings Limited**

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| | |
|:---|:---|
| **Warrant Shares: [●]** | **Initial Exercise Date:** |
|  | **Issue Date:** |

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**THIS COMMON STOCK PURCHASE WARRANT (the "Warrant") certifies that, for value received, American Trust Investment Services, Inc. or its assigns (the "Holder") are entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on or after one hundred and eighty (180) days after the commencement of sales under the Registration Statement (the "Initial Exercise Date") and on or prior the date that is five years after the commencement of sales under the Registration Statement (the "Termination Date") but not thereafter, in compliance with FINRA Rule 5110(e)(1) and FINRA Rule 5110(g)(8)(B) and (C), to subscribe for and purchase from Rise Smart Group Holdings Limited, an exempted company with limited liability incorporated under the laws of Cayman Islands (the** "**Company"), up to [●] Common Stock (as defined below)(as subject to adjustment hereunder, the "Warrant Shares"). The Warrant and the underlying Warrant Shares must not be sold, transferred, assigned, pledged, or hypothecated, or be the subject of any hedging, short sale, derivative, put, or call transaction that would result in the effective economic disposition of the securities for a period of 180 days beginning on the date of the commencement of sales of the public offering under the Registration Statement, except as provided in FINRA Rule 5110 (e)(2).The purchase price of one Common Stock under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b).**

**Section 1. Definitions. In addition to the terms defined elsewhere in this Warrant, the following terms have the meanings indicated in this Section 1:**

**"Affiliate" means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control with a Person, as such terms are used in and construed under Rule 405 under the Securities Act.**

**"Bid Price" means, for any date, the price determined by the first of the following clauses that applies:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) if the Common Stock is then listed or quoted on a Trading Market, the bid price of the Common Stock for the time in question (or the nearest preceding date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (Eastern Time) to 4:02 p.m. (Eastern Time)),**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) if OTCQB or OTCQX is not a Trading Market, the volume weighted average price of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Common Stock is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Stock is then reported on the Pink Open Market (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per Common Stock so reported, or (d) in all other cases, the fair market value of a share of Common Stock as determined by an independent appraiser selected in good faith by the Holders of a majority in interest of the Warrants then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.**

**"Board of Directors" means the board of directors of the Company.**

**"Business Day" means any day other than Saturday, Sunday or other day on which commercial banks in The City of New York are authorized or required by law to remain closed; provided, however, for clarification, commercial banks shall not be deemed to be authorized or required by law to remain closed due to "stay at home", "shelter-in-place", "non-essential employee" or any other similar orders or restrictions or the closure of any physical branch locations at the direction of any governmental authority, so long as the electronic funds transfer systems (including for wire transfers) of commercial banks in The City of New York generally are open for use by customers on such day.**

**"Commission" means the United States Securities and Exchange Commission.**

**"Exchange Act" means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.**

**"Common Stock" means the Common Stock of the Company, $0.000625 par value, and any other class of securities into which such securities may hereafter be reclassified or changed.**

**"Common Stock Equivalents" means any securities of the Company or the Subsidiaries which would entitle the holder thereof to acquire at any time Common Stock, including, without limitation, any debt, preferred share, right, option, warrant or other instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common Stock.**

**"Person" means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.**

**"Registration Statement" means the Company's registration statement on Form F-1 (File No. 333-279364).**

**"Securities Act" means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.**

**"Subsidiary" means any subsidiary of the Company and shall, where applicable, also include any direct or indirect subsidiary of the Company formed or acquired after the date hereof.**

**"Trading Day" means a day on which the Common Stock is traded on a Trading Market.**

**"Trading Market" means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on the date in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New York Stock Exchange, OTCQB or OTCQX (or any successors to any of the foregoing).**

**"Transfer Agent" means Odyssey Transfer and Trust Company.**

**"Underwriting Agreement" means the underwriting agreement between the Company and American Trust Investment Services, Inc., as representative of the underwriters named therein.**

**"VWAP" means, for any date, the price determined by the first of the following clauses that applies:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) if the Common Stock is then listed or quoted on a Trading Market, the daily volume weighted average price of the Common Stock for such date (or the nearest preceding date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (Eastern Time) to 4:02 p.m. (Eastern Time)), (b) if OTCQB or OTCQX is not a Trading Market, the volume weighted average price of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Common Stock is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Stock is then reported on the Pink Open Market (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per Common Stock so reported, or (d) in all other cases, the fair market value of an Common Stock as determined by an independent appraiser selected in good faith by the holders of a majority in interest of the Warrants then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.**

**"Warrants" means this Warrant and any new Warrant or Warrants to be issued upon division, combination or partial exercise of this Warrant.**

**Section 2. Exercise.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a) Exercise of Warrant. Subject to the provisions of Section 2(e) herein, exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times on or after the Initial Exercise Date and on or before the Termination Date, by delivery to the Company of a duly executed facsimile copy or PDF copy submitted by e-mail (or e-mail attachment) of the Notice of Exercise in the form annexed hereto as Annex A (the "Notice of Exercise"), provided, however that a Notice of Exercise shall only be deemed to have been delivered to the Company upon the delivery of the aggregate Exercise Price of the Warrant Shares specified in the applicable Notice of Exercise as specified in this Section 2(a). Within two (2) Trading Days following the date of exercise as aforesaid, the Holder shall deliver the aggregate Exercise Price for the Warrant Shares specified in the applicable Notice of Exercise by wire transfer of immediately available funds or cashier's check drawn on a United States bank unless the cashless exercise procedure specified in Section 2(c) below is specified in the applicable Notice of Exercise. No ink-original Notice of Exercise shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise be required. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised in full, in which case, the Holder shall surrender this Warrant to the Company for cancellation within three (3) Trading Days of the date on which the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant Shares available hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased. The Holder and the Company shall maintain records showing the number of Warrant Shares purchased and the date of such purchases. The Company shall deliver any objection to any Notice of Exercise within one (1) Trading Day of receipt of such notice. Notwithstanding the foregoing, with respect to any Notice(s) of Exercise delivered on or prior to 4:00 p.m. (Eastern Time) on the Trading Date prior to the Initial Exercise Date, which may be delivered at any time after the time of execution of the Purchase Agreement, the Company agrees to deliver the Warrant Shares subject to such notice(s) by 4:00 p.m. (Eastern Time) on the Initial Exercise Date and the Initial Exercise Date shall be the Warrant Share Delivery Date for purposes hereunder, provided that payment of the aggregate Exercise Price (other than in the case of a cashless exercise) is received by such Warrant Share Delivery Date. The Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available for purchase hereunder at any given time may be less than the amount stated on the face hereof.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b) Exercise Price. The exercise price per Common Stock under this Warrant shall be [●], subject to adjustment hereunder (the "Exercise Price").**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c) Cashless Exercise. If at the time of exercise hereof there is no effective registration statement registering, or the prospectus contained therein is not available for the issuance of the Warrant Shares to the Holder, then this Warrant may also be exercised, in whole or in part, at such time by means of a "cashless exercise" in which the Holder shall be entitled to receive a number of Warrant Shares equal to the quotient obtained by dividing [(A- B) (X)] by (A), where:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(A) =as applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice of Exercise is (1) both executed and delivered pursuant to Section 2(a) hereof on a day that is not a Trading Day or (2) both executed and delivered pursuant to Section 2(a) hereof on a Trading Day prior to the opening of "regular trading hours" (as defined in Rule 600(b)(68) of Regulation NMS promulgated under the federal securities laws) on such Trading Day or (ii) the VWAP on the date of the applicable Notice of Exercise if the date of such Notice of Exercise is a Trading Day and such Notice of Exercise is both executed and delivered pursuant to Section 2(a) hereof after the close of "regular trading hours" on such Trading Day;**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(B) = the Exercise Price of this Warrant, as adjusted hereunder; and**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(X) = the number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such exercise were by means of a cash exercise rather than a cashless exercise.**

**If Warrant Shares are issued in such a cashless exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9) of the Securities Act, the Warrant Shares shall take on the registered characteristics of the Warrants being exercised. The Company agrees not to take any position contrary to this Section 2(c).**

**Notwithstanding anything herein to the contrary, on the Termination Date, this Warrant shall be automatically exercised via cashless exercise pursuant to this Section 2(c).**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d) Mechanics of Exercise.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i. Delivery of Warrant Shares Upon Exercise. The Company shall cause the Warrant Shares purchased hereunder to be transmitted by the Transfer Agent to the Holder by crediting the account of the Holder's or its designee's balance account with The Depository Trust Company through its Deposit or Withdrawal at Custodian system ("DWAC") if the Company is then a participant in such system and either (A) there is an effective registration statement permitting the issuance of the Warrant Shares to or resale of the Warrant Shares by Holder or (B) this Warrant is being exercised via cashless exercise, and otherwise by physical delivery of a certificate, registered in the Company's share register in the name of the Holder or its designee, for the number of Warrant Shares to which the Holder is entitled pursuant to such exercise to the address specified by the Holder in the Notice of Exercise by the date that is the earliest of (i) three (3) Trading Days after the delivery to the Company of the Notice of Exercise, or (ii) two (2) Trading Days after delivery of the aggregate Exercise Price to the Company (such date, the "Warrant Share Delivery Date"). Upon delivery of the Notice of Exercise, the Holder shall be deemed for all corporate purposes to have become the holder of record of the Warrant Shares with respect to which this Warrant has been exercised, irrespective of the date of delivery of the Warrant Shares. If the Company fails for any reason to deliver to the Holder the Warrant Shares subject to a Notice of Exercise by the Warrant Share Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares subject to such exercise (based on the VWAP of the Common Stock on the date of the applicable Notice of Exercise), $10 per Trading Day (increasing to $20 per Trading Day on the fifth Trading Day after such liquidated damages begin to accrue) for each Trading Day after such Warrant Share Delivery Date until such Warrant Shares are delivered or Holder rescinds such exercise. The Company agrees to maintain a transfer agent that is a participant in the FAST program so long as this Warrant remains outstanding and exercisable.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ii. Delivery of New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Company shall, at the request of a Holder and upon surrender of this Warrant certificate, at the time of delivery of the Warrant Shares, deliver to the Holder a new Warrant evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called for by this Warrant, which new Warrant shall in all other respects be identical with this Warrant.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iii. Rescission Rights. If the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares pursuant to Section 2(d)(i) by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iv. Compensation for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise. In addition to any other rights available to the Holder, if the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares in accordance with the provisions of Section 2(d)(i) above pursuant to an exercise on or before the Warrant Share Delivery Date, and if after such date the Holder is required by its broker to purchase (in an open market transaction or otherwise) or the Holder's brokerage firm otherwise purchases, Common Stock to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving upon such exercise (a "Buy-In"), then the Company shall at the option of the Holder, either (A) pay in cash to the Holder the amount, if any, by which (x) the Holder's total purchase price (including brokerage commissions, if any) for the Common Stock so purchased exceeds (y) the amount obtained by multiplying (1) the number of Warrant Shares that the Company was required to deliver to the Holder in connection with the exercise at issue times (2) the price at which the sell order giving rise to such purchase obligation was executed, or (B) reinstate the portion of the Warrant and equivalent number of Warrant Shares for which such exercise was not honored (in which case such exercise shall be deemed rescinded). For example, if the Holder purchases Common Stock having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of Common Stock with an aggregate sale price giving rise to such purchase obligation of $10,000, under clause (A) of the immediately preceding sentence the Company shall be required to pay the Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable to the Holder in respect of the Buy-In and, upon request of the Company, evidence of the amount of such loss. Nothing herein shall limit a Holder's right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief with respect to the Company's failure to timely deliver Common Stock upon exercise of the Warrant as required pursuant to the terms hereof.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**v. No Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise of this Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the Company shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied by the Exercise Price or round up to the next whole share.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**vi. Charges, Taxes and Expenses. Issuance of Warrant Shares shall be made without charge to the Holder for any issue or transfer tax or other incidental expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses shall be paid by the Company, and such Warrant Shares shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; provided, however, that, in the event that Warrant Shares are to be issued in a name other than the name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto as Annex B duly executed by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto. The Company shall pay all Transfer Agent fees required for same-day processing of any Notice of Exercise and all fees to the Depository Trust Company (or another established clearing corporation performing similar functions) required for same- day electronic delivery of the Warrant Shares.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**vii. Closing of Books. The Company will not close its shareholder books or records in any manner which prevents the timely exercise of this Warrant, pursuant to the terms hereof.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**e) Holder's Exercise Limitations. The Company shall not effect any exercise of this Warrant, and a Holder shall not have the right to exercise any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect to such issuance after exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder's Affiliates, and any other Persons acting as a group together with the Holder or any of the Holder's Affiliates (such Persons, "Attribution Parties")), would beneficially own in excess of the Beneficial Ownership Limitation (as defined below). For purposes of the foregoing sentence, the number of Common Stock beneficially owned by the Holder and its Affiliates and Attribution Parties shall include the number of Common Stock issuable upon exercise of this Warrant with respect to which such determination is being made, but shall exclude the number of Common Stock which would be issuable upon (i) exercise of the remaining, nonexercised portion of this Warrant beneficially owned by the Holder or any of its Affiliates or Attribution Parties and (ii) exercise or conversion of the unexercised or nonconverted portion of any other securities of the Company (including, without limitation, any other Common Stock Equivalents) subject to a limitation on conversion or exercise analogous to the limitation contained herein beneficially owned by the Holder or any of its Affiliates or Attribution Parties. Except as set forth in the preceding sentence, for purposes of this Section 2(e), beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder, it being acknowledged by the Holder that the Company is not representing to the Holder that such calculation is in compliance with Section 13(d) of the Exchange Act and the Holder is solely responsible for any schedules required to be filed in accordance therewith. To the extent that the limitation contained in this Section 2(e) applies, the determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable shall be in the sole discretion of the Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder's determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation, and the Company shall have no obligation to verify or confirm the accuracy of such determination. In addition, a determination as to any group status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. For purposes of this Section 2(e), in determining the number of outstanding Common Stock, a Holder may rely on the number of outstanding Common Stock as reflected in (A) the Company's most recent periodic or annual report filed with the Commission, as the case may be, (B) a more recent public announcement by the Company or (C) a more recent written notice by the Company or the Transfer Agent setting forth the number of Common Stock outstanding. Upon the written or oral request of a Holder, the Company shall within one Trading Day confirm orally and in writing to the Holder the number of Common Stock then outstanding. In any case, the number of outstanding Common Stock shall be determined after giving effect to the conversion or exercise of securities of the Company, including this Warrant, by the Holder or its Affiliates or Attribution Parties since the date as of which such number of outstanding Common Stock was reported. The "Beneficial Ownership Limitation" shall be 4.99% (or, upon election by a Holder prior to the issuance of any Warrant, 9.99%) of the number of Common Stock outstanding immediately after giving effect to the issuance of Common Stock issuable upon exercise of this Warrant. The Holder, upon notice to the Company, may increase or decrease the Beneficial Ownership Limitation provisions of this Section 2(e), provided that the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of Common Stock outstanding immediately after giving effect to the issuance of Common Stock upon exercise of this Warrant held by the Holder and the provisions of this Section 2(e) shall continue to apply. Any increase in the Beneficial Ownership Limitation will not be effective until the 61st day after such notice is delivered to the Company. The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 2(e) to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership Limitation herein contained or to make changes or supplements necessary or desirable to properly give effect to such limitation. The limitations contained in this paragraph shall apply to a successor holder of this Warrant.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**f) Piggyback Registration Rights. Unless all of the Shares issuable upon exercise of this Warrant (the "Registrable Securities") are included in an effective registration statement with a current prospectus, the Holders of the Purchase Warrants shall have the right for a period of not more than five (5) years from the commencement of the sales of this offering, to include the remaining Registrable Securities as part of any other registration of securities filed by the Company (other than (i) a registration effected solely to implement an employee benefit plan or a transaction to which Rule 145 of the Act is applicable, or (ii) a registration statement on Form S-4, S-8 or any successor form thereto or another form not available for registering the Shares issuable upon exercise of this Warrant for sale to the public), whether for its own account or for the account of one or more shareholders of the Company (a "Piggyback Registration"), the Company shall give prompt written notice (in any event no later than thirty (30) days prior to the filing of such registration statement) to the Holder of the Company's intention to effect such a registration and, subject to the remaining provisions of this Section 2(f), shall include in such registration such number of the Registrable Securities that the Holders have (within thirty (30) days of the respective Holder's receipt of such notice) requested in writing (including such number) to be included within such registration. If a Piggyback Registration is an underwritten offering and the managing underwriter advises the Company that it has determined in good faith that marketing factors require a limit on the number of Common Stock to be included in such registration, including all Shares issuable upon exercise of this Purchase Warrant (if the Holder has elected to include such shares in such Piggyback Registration) and all other shares of common stock proposed to be included in such underwritten offering, the Company shall include in such registration (i) first, the number of Common Stock that the Company proposes to sell and (ii) second, the number of Common Stock, if any, requested to be included therein by selling shareholders (including the Holder) allocated pro rata among all such persons on the basis of the number of Common Stock then owned by each such person. If any Piggyback Registration is initiated as a primary underwritten offering on behalf of the Company, the Company shall select the investment banking firm or firms to act as the managing underwriter or underwriters in connection with such offering. Notwithstanding anything to the contrary, the obligations of the Company pursuant to this Section 2(f) shall terminate on the earlier of (i) the third anniversary of the effective date of the Registration Statement and (ii) the date that Rule 144 would allow the Holder to sell its Registrable Securities during any ninety (90) day period, and shall not be applicable so long as the Company's Registration Statement on Form F-1 (No. 333- 279364) covering the Registrable Securities remains effective at such time.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**g) Demand Registrations. Requests for Registration. Unless all of the Registrable Securities are included in an effective registration statement with a current prospectus, and subject to the terms and conditions of this Agreement, for a period of five years after the commencement of sales of the offering in the Registration Statement, the Holder may request registration under the Securities Act of all or any portion of its Registrable Securities on Form F-1 or any similar long-form registration ("Long-Form Registrations") or on Form F-3 or any similar short-form registration ("Short-Form Registrations"), if available (any such requested registration, a "Demand Registration"). Each request for a Demand Registration must specify the approximate number or dollar value of Registrable Securities requested to be registered by the requesting Holders and (if known) the intended method of distribution. The Holder will be entitled to request (i) one (1) Demand Registration in which the Company will pay all Registration Expenses and (ii) one (1) Demand Registration in which the Holder will pay all Registration Expenses, in each case, whether or not any such registration is consummated.**

**Section 3. Certain Adjustments.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a) Stock Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or otherwise makes a distribution or distributions on Common Stock or any other equity or equity equivalent securities payable in Common Stock (which, for avoidance of doubt, shall not include any Common Stock issued by the Company upon exercise of this Warrant), (ii) subdivides outstanding Common Stock into a larger number of shares, (iii) combines (including by way of reverse stock split) outstanding Common Stock into a smaller number of shares, or (iv) issues by reclassification of Common Stock any shares of capital stock of the Company, then in each case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number of Common Stock (excluding treasury shares, if any) outstanding immediately before such event and of which the denominator shall be the number of Common Stock outstanding immediately after such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 3(a) shall become effective immediately after the record date for the determination of shareholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or re- classification.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b) Reserved.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c) Subsequent Rights Offerings. In addition to any adjustments pursuant to Section 3(a) above, if at any time the Company grants, issues or sells any Common Stock Equivalents or rights to purchase stock, warrants, securities or other property pro rata to all (or substantially all) of the record holders of any class of Common Stock (the "Purchase Rights"), then the Holder will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had held the number of Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of Common Stock are to be determined for the grant, issue or sale of such Purchase Rights (provided, however, that, to the extent that the Holder's right to participate in any such Purchase Right would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Purchase Right to such extent (or beneficial ownership of such Common Stock as a result of such Purchase Right to such extent) and such Purchase Right to such extent shall be held in abeyance for the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d) Fundamental Transaction. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company or any Subsidiary, directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one or a series of related transactions.(iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the Company or another Person) is completed pursuant to which holders of Common Stock are permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding Common Stock, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the Common Stock are effectively converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more related transactions consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off, merger or scheme of arrangement) with another Person or group of Persons whereby such other Person or group acquires more than 50% of the outstanding Common Stock (not including any Common Stock held by the other Person or other Persons making or party to, or associated or affiliated with the other Persons making or party to, such stock or share purchase agreement or other business combination) (each a "Fundamental Transaction"), then, upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder (without regard to any limitation in Section 2(e) on the exercise of this Warrant), the number of Common Stock of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration (the "Alternate Consideration") receivable as a result of such Fundamental Transaction by a holder of the number of Common Stock for which this Warrant is exercisable immediately prior to such Fundamental Transaction (without regard to any limitation in Section 2(e) on the exercise of this Warrant). For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one Common Stock in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders of Common Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction. The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor (the "Successor Entity") to assume in writing all of the obligations of the Company under this Warrant in accordance with the provisions of this Section 3(d) pursuant to written agreements in form and substance reasonably satisfactory to the Holder and approved by the Holder (without unreasonable delay) prior to such Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant which is exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity) equivalent to the Common Stock acquirable and receivable upon exercise of this Warrant (without regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and with an exercise price which applies the exercise price hereunder to such shares of capital stock (but taking into account the relative value of the Common Stock pursuant to such Fundamental Transaction and the value of such shares of capital stock, such number of shares of capital stock and such exercise price being for the purpose of protecting the economic value of this Warrant immediately prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form and substance to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so that from and after the date of such Fundamental Transaction, the provisions of this Warrant referring to the "Company" shall refer instead to the Successor Entity), and may exercise every right and power of the Company and shall assume all of the obligations of the Company under this Warrant with the same effect as if such Successor Entity had been named as the Company herein.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**e) Calculations. All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be. For purposes of this Section 3, the number of Common Stock deemed to be issued and outstanding as of a given date shall be the sum of the number of Common Stock (excluding treasury shares, if any) issued and outstanding.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**f) Notice to Holder.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i. Adjustment to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company shall promptly deliver to the Holder by facsimile or email a notice setting forth the Exercise Price after such adjustment and any resulting adjustment to the number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ii. Notice to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock, (C) the Company shall authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or purchase any shares of capital stock of any class or of any rights, (D) the approval of any shareholders of the Company shall be required in connection with any reclassification of the Common Stock, any consolidation or merger to which the Company (or any of its Subsidiaries) is a party, any sale or transfer of all or substantially all of its assets, or any compulsory share exchange whereby the Common Stock are converted into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause to be delivered by facsimile or email to the Holder at its last facsimile number or email address as it shall appear upon the Warrant Register of the Company, at least 20 calendar days prior to the applicable record or effective date hereinafter specified, a notice (unless such information is filed with the Commission, in which case a notice shall not be required) stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the Common Stock of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date as of which it is expected that holders of the Common Stock of record shall be entitled to exchange their Common Stock for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to deliver such notice or any defect therein or in the delivery thereof shall not affect the validity of the corporate action required to be specified in such notice. To the extent that any notice provided in this Warrant constitutes, or contains, material, non-public information regarding the Company or any of the Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Report on Form 6-K. The Holder shall remain entitled to exercise this Warrant during the period commencing on the date of such notice to the effective date of the event triggering such notice except as may otherwise be expressly set forth herein.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**g) Voluntary Adjustment By Company. Subject to the rules and regulations of the Trading Market, the Company may at any time during the term of this Warrant, subject to the prior written consent of the Holder, reduce the then current Exercise Price to any amount and for any period of time deemed appropriate by the board of directors of the Company.**

**Section 4. Transfer of Warrant.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a) Transferability. Commencing 180 days after the Issue Date, this Warrant and all rights hereunder (including, without limitation, any registration rights) are transferable, in whole or in part, upon surrender of this Warrant at the principal office of the Company or its designated agent, together with a written assignment of this Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant in the name of the assignee or assignees, as applicable, and in the denomination or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company unless the Holder has assigned this Warrant in full, in which case, the Holder shall surrender this Warrant to the Company within three (3) Trading Days of the date on which the Holder delivers an assignment form to the Company assigning this Warrant in full. The Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b) New Warrants. If this Warrant is not held in global form through DTC (or any successor depositary), this Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated the initial issuance date of this Warrant and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto.**

**Section 5. Reserved**

**Section 6. Miscellaneous.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a) No Rights as Shareholders until Exercise; No Settlement in Cash. This Warrant does not entitle the Holder to any voting rights, dividends or other rights as a shareholders of the Company prior to the exercise hereof as set forth in Section 2(d)(i). Without limiting any rights of a Holder to receive Warrant Shares on a "cashless exercise" pursuant to Section 2(c) or to receive cash payments pursuant to Section 2(d)(i) and Section 2(d)(iv) herein, including if the Company is for any reason unable to issue and deliver Warrant Shares upon exercise of this Warrant as required pursuant to the terms hereof, in no event shall the Company be required to net cash settle an exercise of this Warrant or cash settle in any other form.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b) Loss, Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any share certificate relating to the Warrant Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or share certificate, if mutilated, the Company will make and deliver a new Warrant or share certificate of like tenor and dated as of such cancellation, in lieu of such Warrant or share certificate.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c) Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall not be a Business Day, then such action may be taken or such right may be exercised on the next succeeding Business Day.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d) Authorized Shares.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**e) Governing Law. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts of law thereof. Each party agrees that all legal proceedings concerning the interpretations, enforcement and defense of the transactions contemplated by this Warrant (whether brought against a party hereto or their respective affiliates, directors, officers, shareholders, partners, members, employees or agents) shall be commenced exclusively in the state and federal courts sitting in the City of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the City of New York, Borough of Manhattan for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is improper or is an inconvenient venue for such proceeding. Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Warrant and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law. If either party shall commence an action, suit or proceeding to enforce any provisions of this Warrant, the prevailing party in such action, suit or proceeding shall be reimbursed by the other party for their reasonable attorneys' fees and other costs and expenses incurred with the investigation, preparation and prosecution of such action or proceeding. Notwithstanding the foregoing, nothing in this paragraph shall limit or restrict the federal district court in which a Holder may bring a claim under the federal securities laws.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**f) Restrictions. The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered, and the Holder does not utilize cashless exercise, will have restrictions upon resale imposed by state and federal securities laws.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**g) Nonwaiver and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate as a waiver of such right or otherwise prejudice the Holder's rights, powers or remedies. No provision of this Warrant shall be construed as a waiver by the Holder of any rights which the Holder may have under the federal securities laws and the rules and regulations of the Commission thereunder. Without limiting any other provision of this Warrant, if the Company willfully and knowingly fails to comply with any provision of this Warrant, which results in any material damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys' fees, including those of appellate proceedings, incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**h) Notices. Any and all notices or other communications or deliveries to be provided by the Holders hereunder including, without limitation, any Notice of Exercise, shall be in writing and delivered personally, by facsimile or e-mail, or sent by a nationally recognized overnight courier service, addressed to the Company, at Room 903, Floor 9, Tower 1, Silvercord, 30 Canton Road, Tsim Sha Tsui, Kowloon, Hong Kong, Attn: Kin Cho Li, Chief Executive Officer/ Ka Nung Wu, Chief Financial Officer, Email: Joe@risesmart.com.hk / alex@risesmart.com.hk, with a copy to Nauth LPC, 217 Queen Street W, Toronto, ON, M5H 1P4, Canada, Attention: Daniel D. Nauth, Esq., Email: dnauth@nauth.com, or such other facsimile number, email address or address as the Company may specify for such purposes by notice to the Holders. Any and all notices or other communications or deliveries to be provided by the Company hereunder shall be in writing and delivered personally, by facsimile or e-mail, or sent by a nationally recognized overnight courier service addressed to each Holder at the facsimile number, e-mail address or address of such Holder appearing on the books of the Company, with a copy to Ye & Associates, P.C. at 135-15 40th Road, Suite 402, Flushing, New York 11354, Attn: Jing Ye, Esq., Email: securities@yeassociatespc.com. Any notice or other communication or deliveries hereunder shall be deemed given and effective on the earliest of (i) the time of transmission, if such notice or communication is delivered via facsimile at the facsimile number or via e-mail at the e- mail address set forth in this Section prior to 5:30 p.m. (Eastern Time) on any date, (ii) the next Trading Day after the time of transmission, if such notice or communication is delivered via facsimile at the facsimile number or via e- mail at the e-mail address set forth in this Section on a day that is not a Trading Day or later than 5:30 p.m. (Eastern Time) on any Trading Day, (iii) the second Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service, or (iv) upon actual receipt by the party to whom such notice is required to be given. To the extent that any notice provided hereunder constitutes, or contains, material, non-public information regarding the Company or any Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Report on Form 6-K.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i) Limitation of Liability. No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant to purchase Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder for the purchase price of any Common Stock or as a shareholder of the Company, whether such liability is asserted by the Company or by creditors of the Company.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**j) Remedies. The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert the defense in any action for specific performance that a remedy at law would be adequate.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**k) Successors and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and shall be enforceable by the Holder or holder of Warrant Shares.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**l) Amendment. This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company, on the one hand, and the Holder, on the other hand.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**m) Severability. Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions of this Warrant.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**n) Headings. The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of this Warrant.**

**\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\***

**(Signature Page Follows)**

**IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer thereunto duly authorized as of 2025.**

---

| | | |
|:---|:---|:---|
| **Rise Smart Group Holdings Limited** | **Rise Smart Group Holdings Limited** | **Rise Smart Group Holdings Limited** |
| **By:** |  |  |
|  | **Name:** |  |
|  | **Title:** | **Chief Executive Officer** |

---

## Exhibit 23.1

**Exhibit 23.1**

![](ex23-1_001.jpg)

---

| | |
|:---|:---|
| ![](ex23-1_002.jpg) | **CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** <br>We hereby consent to the use in this Amendment No. 6 to the Registration Statement on Form F-1 of Rise Smart Group Holdings Limited of our report dated April 30, 2025, relating to the consolidated financial statements of Rise Smart Group Holdings Limited and Subsidiaries as of and for the years ended December 31, 2024 and 2023, which appear in this Registration Statement.<br>We also consent to the reference to us under the heading "Experts" in such Registration Statement.<br>/s/ Wei, Wei & Co., LLP<br>Flushing, New York<br> June 17, 2025 |

---

## Ex-Filing

**Exhibit 107**

**Calculation Of Filing Fee Tables**

**Form F-1**

(Form Type)

**Rise Smart Group Holdings Limited**

(Exact Name of Registrant as Specified in its Charter)

<u>Table 1: Newly Registered and Carry Forward Securities</u>

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Security Type** | **Security<br> Class <br> Title** | **Fee <br> Calculation <br> or Carry <br> Forward <br> Rule** | **Amount <br> Registered** | **Proposed <br> Maximum <br> Offering <br> Price Per <br> Unit** | **Proposed <br> Maximum <br> Aggregate <br> Offering <br> Price (1)** | **Fee Rate** | **Amount of <br> Registration <br> Fee (2)** | **Carry <br> Forward <br> Form <br> Type** | **Carry <br> Forward <br> File <br> Number** | **Carry <br> Forward <br> Initial <br> effective <br> date** | **Filing Fee<br> Previously<br> Paid<br> In Connection<br> with <br> Unsold<br> Securities<br> to be Carried<br> Forward** |
| **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** |
| Fees to Be Paid | Ordinary Shares, no par value, to be sold by the Registrant | Equity | 457(o) |  | $— | $8280000 | 0.00015310 | $1267.67 |  |  |  |  |
| Fees to Be Paid | Representative's warrants (4) | Equity | 457(g) |  |  |  |  |  |  |  |  |  |
| Fees to Be Paid | Ordinary Shares, no par value, underlying Representative's warrants (5) | Equity | 457(o) |  |  | $432000 | 0.00015310 | $66.14 |  |  |  |  |
| Fees Previously Paid | Ordinary Shares, no par value, to be sold by the Registrant | Equity | 457(o) |  |  | 8625000 | 0.00014760 | 1273.05 |  |  |  |  |
| Fees Previously Paid | Representative's warrants (4) | Equity | 457(g) |  |  |  | 0.00014760 |  |  |  |  |  |
| Fees Previously Paid | Ordinary Shares, no par value, underlying Representative's warrants (5) | Equity | 457(o) |  |  | 517500 | 0.00014760 | 76.38 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Carry Forward Securities** | &nbsp;&nbsp;&nbsp;&nbsp;**Carry Forward Securities** | &nbsp;&nbsp;&nbsp;&nbsp;**Carry Forward Securities** | &nbsp;&nbsp;&nbsp;&nbsp;**Carry Forward Securities** | &nbsp;&nbsp;&nbsp;&nbsp;**Carry Forward Securities** | &nbsp;&nbsp;&nbsp;&nbsp;**Carry Forward Securities** | &nbsp;&nbsp;&nbsp;&nbsp;**Carry Forward Securities** | &nbsp;&nbsp;&nbsp;&nbsp;**Carry Forward Securities** | &nbsp;&nbsp;&nbsp;&nbsp;**Carry Forward Securities** | &nbsp;&nbsp;&nbsp;&nbsp;**Carry Forward Securities** | &nbsp;&nbsp;&nbsp;&nbsp;**Carry Forward Securities** | &nbsp;&nbsp;&nbsp;&nbsp;**Carry Forward Securities** | &nbsp;&nbsp;&nbsp;&nbsp;**Carry Forward Securities** |
| Carry Forward Securities |  |  |  |  |  |  |  |  |  |  |  |  |
|  | **Total Offering Amounts (3)** |  |  |  |  | $8712000 |  | $1333.81 |  |  |  |  |
|  | **Total Fees Previously Paid** |  |  |  |  | $9142500 |  | $1349.43 |  |  |  |  |
|  | **Total Fee Offsets** |  |  |  |  |  |  | $- |  |  |  |  |
|  | **Net Fee Due** |  |  |  |  |  |  | $0 |  |  |  |  |

---

(1) Estimated solely for the purpose of determining the amount of registration
 fee in accordance with Rule 457(o) under the Securities Act of 1933, as amended (the "Securities Act"). Includes the
 Ordinary Shares that the underwriters have the option to purchase to cover over-allotments, if any.

(2) Calculated pursuant to Rule 457(o) under the Securities Act, based
 on an estimate of the proposed maximum aggregate offering price.

(3) Pursuant to Rule 416 under the Securities Act, the securities being
 registered hereunder include such indeterminate number of additional Ordinary Shares as may be issued after the date hereof as a
 result of share sub-divisions, share capitalization or similar transactions.

(4) No fee required pursuant to Rule 457(g) under the Securities Act.

(5) Represents Ordinary Shares underlying warrants issuable to the Representative
 to purchase a number of Ordinary Shares equal to 5% of the total number of Ordinary Shares sold in this offering, at an exercise
 price equal to 120% of the public offering price of the Ordinary Shares sold in this offering.