<SEC-DOCUMENT>0001213900-24-030405.txt : 20240404
<SEC-HEADER>0001213900-24-030405.hdr.sgml : 20240404
<ACCEPTANCE-DATETIME>20240404160523
ACCESSION NUMBER:		0001213900-24-030405
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20240404
FILED AS OF DATE:		20240404
DATE AS OF CHANGE:		20240404

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Zhibao Technology Inc.
		CENTRAL INDEX KEY:			0001966750
		STANDARD INDUSTRIAL CLASSIFICATION:	INSURANCE AGENTS BROKERS & SERVICES [6411]
		ORGANIZATION NAME:           	02 Finance
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-42000
		FILM NUMBER:		24823155

	BUSINESS ADDRESS:	
		STREET 1:		BUILDING 10, 860 XINYANG ROAD
		STREET 2:		LINGANG NEW AREA
		CITY:			SHANGHAI
		STATE:			F4
		ZIP:			000000
		BUSINESS PHONE:		862150896502

	MAIL ADDRESS:	
		STREET 1:		BUILDING 10, 860 XINYANG ROAD
		STREET 2:		LINGANG NEW AREA
		CITY:			SHANGHAI
		STATE:			F4
		ZIP:			000000
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>ea0203277-6k_zhibao.htm
<DESCRIPTION>REPORT OF FOREIGN PRIVATE ISSUER
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 6-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REPORT OF FOREIGN PRIVATE ISSUER<BR>
PURSUANT TO RULE 13a-16 OR 15d-16<BR>
UNDER THE SECURITIES EXCHANGE ACT OF 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>For the month of April 2024</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Commission File Number: 001-42000 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Zhibao Technology Inc. </U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Translation of registrant&rsquo;s name into
English)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Floor 3, Building 6, Wuxing Road, Lane 727</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pudong New Area, Shanghai, China, 201204</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Address of principal executive offices)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Form 20-F &#9746;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form
40-F &#9744;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 2pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Entry into a Material Definitive Agreement.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On April 3, 2024, Zhibao Technology
Inc., a Cayman Islands exempted company (the &ldquo;<U>Company</U>&rdquo;), consummated its initial public offering&nbsp;(&ldquo;<U>IPO</U>&rdquo;)
of 1,500,000 Class A ordinary shares, par value $0.0001 per share (the &ldquo;<U>Class A Shares</U>&rdquo;), at a public offering price
of $4.00 per share, generating gross proceeds to the Company of $6 million before deducting underwriting discounts and offering expenses.
The Company&rsquo;s Registration Statement on Form F-1 (File No.&nbsp;333-274431) for the IPO, originally filed with the U.S. Securities
and Exchange Commission (the &ldquo;<U>Commission</U>&rdquo;) on September 8, 2023, as amended, was declared effective by the Commission
on March 29, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In connection with the IPO,
the Company entered into the following agreements:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">The Underwriting Agreement, dated&nbsp;April 1, 2024, by and between the Company and EF Hutton LLC, as
representative of the underwriters, a copy of which is attached as Exhibit 1.1 hereto and incorporated herein by reference.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The Representative&rsquo;s Warrant to purchase
75,000 Class A Shares, dated April 3, 2024, to EF Hutton LLC, a copy of which is attached as Exhibit 4.1 hereto and incorporated herein
by reference.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Other Events.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On&nbsp;April 1, 2024,
the Company issued a press release announcing the pricing of the IPO, a copy of which is attached as Exhibit&nbsp;99.1 to this report
on Form 6-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On April 3, 2023, the Company
issued a press release announcing the closing of the IPO, a copy of which is attached as Exhibit 99.2 to this report on Form 6-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Financial Statements and Exhibits.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following exhibits are being filed herewith:&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 9%; border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit No.</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 90%; border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Description</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="ea020327701ex1-1_zhibao.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Underwriting Agreement, dated April 1, 2024, by and between the Company and EF Hutton LLC.</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="ea020327701ex4-1_zhibao.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Representative&rsquo;s Warrants, dated April 3, 2024, by and between the Company and EF Hutton LLC.</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="ea020327701ex99-1_zhibao.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Press Release, dated April 1, 2024.</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.2</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ea020327701ex99-2_zhibao.htm">Press Release, dated April 3, 2024.</A></FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 2; Options: NewSection -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Zhibao Technology Inc.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 35%; border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Botao Ma</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Botao Ma</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date: April 4, 2024</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 3; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1.1
<SEQUENCE>2
<FILENAME>ea020327701ex1-1_zhibao.htm
<DESCRIPTION>UNDERWRITING AGREEMENT, DATED APRIL 1, 2024, BY AND BETWEEN THE COMPANY AND EF HUTTON LLC
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; margin: 0"><B>Exhibit 1.1</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">UNDERWRITING AGREEMENT</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">between</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">ZHIBAO TECHNOLOGY INC.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">and</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">EF HUTTON LLC</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">as Representative of the Several Underwriters</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>UNDERWRITING AGREEMENT</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">New York, New York<BR>
April 1, 2024</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">EF Hutton LLC<BR>
As Representative of the several Underwriters named on Schedule 1 attached hereto<BR>
590 Madison Avenue, 39th Floor<BR>
New York, New York 10022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The undersigned, Zhibao Technology
Inc., a Cayman Islands exempted company(collectively with its subsidiaries and affiliates, including, without limitation, all entities
disclosed or described in the Registration Statement as hereinafter defined as being subsidiaries or affiliates of Zhibao Technology Inc.
the &ldquo;<B>Company</B>&rdquo;), hereby confirms its agreement (this &ldquo;<B>Agreement</B>&rdquo;) with EF Hutton LLC (hereinafter
referred to as &ldquo;you&rdquo; (including its correlatives) or the &ldquo;<B>Representative</B>&rdquo;) and with the other underwriters
named on <U>Schedule 1</U> hereto for which the Representative is acting as representative (the Representative and such other underwriters
being collectively called the &ldquo;<B>Underwriters</B>&rdquo; or, individually, an &ldquo;<B>Underwriter</B>&rdquo;; if there are no
underwriters other than the Representative, references to multiple underwriters shall be disregarded and the term Representative as used
herein shall have the same meaning as Underwriter as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase">1. </FONT><U>Purchase
and Sale of Securities</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.1 <U>Firm
Securities</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">1.1.1 <U>Nature
and Purchase of Firm Securities</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(i) On
the basis of 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 several Underwriters, an aggregate of 1,500,000 Class A ordinary shares, par value $0.0001 per share (&ldquo;<B>Ordinary
Shares</B>&rdquo;) of the Company (the &ldquo;<B>Firm Shares</B>&rdquo; or the &ldquo;<B>Firm Securities)</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(ii) The
Underwriters, severally and not jointly, agree to purchase from the Company the number of Firm Shares set forth opposite their respective
names on <U>Schedule 1</U> attached hereto and made a part hereof at the purchase price of $3.72 per Firm Share (93% of the per Firm Share
offering price). The Firm Shares are to be offered initially to the public at the offering price set forth on the cover page of the Prospectus
(as defined in Section 2.1.1 hereof).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">1.1.2 <U>Firm
Securities Payment and Delivery</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(i) Delivery
and payment for the Firm Securities shall be made at 10:00 a.m., Eastern time, on the second (2<SUP>nd</SUP>) Business Day following the
effective date (the &ldquo;<B>Effective Date</B>&rdquo;) of the Registration Statement (as defined in Section 2.1.1 below) (or the third
(3<SUP>rd</SUP>) Business Day following the Effective Date if the Registration Statement is declared effective after 4:01 p.m., Eastern
time) or at such earlier time as shall be agreed upon by the Representative and the Company, at the offices of Loeb &amp; Loeb LLP, 345
Park Avenue, New York, NY 10154 (&ldquo;<B>Representative Counsel</B>&rdquo;), or at such other place (or remotely by facsimile or other
electronic transmission) as shall be agreed upon by the Representative and the Company. The hour and date of delivery and payment for
the Firm Securities is called the &ldquo;<B>Closing Date</B>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"></P>

<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(ii) Payment
for the Firm Securities shall be made on the Closing Date by wire transfer in Federal (same day) funds, payable to the order of the Company
upon delivery of the certificates (in form and substance satisfactory to the Underwriters) representing the Firm Securities (or through
the facilities of the Depository Trust Company (&ldquo;<B>DTC</B>&rdquo;)) for the account of the Underwriters. The Firm Securities shall
be registered in such name or names and in such authorized denominations as the Representative may request in writing at least two (2)
full Business Days 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 Representative for all of the Firm Securities. The term &ldquo;<B>Business Day</B>&rdquo; means any day other than a
Saturday, a Sunday or a legal holiday or a day on which banking institutions are authorized or obligated by law to close in New York,
New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.2 <U>Over-allotment
Option</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">1.2.1 <U>Additional
Securities</U>. The Company hereby grants to the Representative an option (the &ldquo;<B>Over-allotment Option</B>&rdquo;) to purchase
up to an additional 225,000 Ordinary Shares, representing up to 15% of the Firm Shares sold in the Offering (the &ldquo;<B>Additional
Shares</B>&rdquo; and together with the Firm Shares, the &ldquo;<B>Shares</B>&rdquo;) for the purpose of covering over-allotments of such
securities, if any. The Additional Shares may be referred to herein as the &ldquo;<B>Additional Securities</B>&rdquo;. The Firm Securities
and the Additional Securities are collectively referred to herein as the &ldquo;<B>Securities</B>.&rdquo; The Securities shall be issued
directly by the Company and shall have the rights and privileges described in the Registration Statement, the Disclosure Package and the
Prospectus referred to below. The offering and sale of the Securities is herein referred to as the &ldquo;<B>Offering</B>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">1.2.2 <U>Exercise
of Option</U>. The Over-allotment Option granted pursuant to Section 1.2.1 hereof may be exercised by the Representative as to all (at
any time) or any part (from time to time) of the Additional Securities within 45 days after the Effective Date. The purchase price to
be paid per Additional Share shall be equal to the price per Firm Share set forth in Section 1.1.1(ii) hereof.. The Underwriters shall
not be under any obligation to purchase any Additional Securities prior to the exercise of the Over-allotment Option. The Over-allotment
Option granted hereby may be exercised by the giving of oral notice to the Company from the Representative, which must be confirmed in
writing by overnight mail or facsimile or other electronic transmission setting forth the number of Additional Securities to be purchased
and the date and time for delivery of and payment for the Additional Securities (the &ldquo;<B>Option Closing Date</B>&rdquo;), which
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 Representative, at the offices of Representative&rsquo;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 Representative. If such delivery and payment for the Additional
Securities does not occur on the Closing Date, the Option Closing Date will be as set forth in the notice. Upon exercise of the Over-allotment
Option with respect to all or any portion of the Additional Securities, subject to the terms and conditions set forth herein, (i) the
Company shall become obligated to sell to the Underwriters the number of Additional Securities specified in such notice and (ii) each
of the Underwriters, acting severally and not jointly, shall purchase that portion of the total number of Additional Securities then being
purchased as set forth in <U>Schedule 1</U> opposite the name of such Underwriter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

<!-- Field: Page; Sequence: 3; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">1.2.3 <U>Payment
and Delivery</U>. Payment for the Additional Securities shall be made on the Option Closing Date by wire transfer in Federal (same day)
funds, payable to the order of the Company upon delivery to you of certificates (in form and substance satisfactory to the Representative)
representing the Additional Securities (or through the facilities of DTC) for the account of the Representative. The Additional Securities
shall be registered in such name or names and in such authorized denominations as the Representative 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 Securities
except upon tender of payment by the Representative for applicable Additional Securities. 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
&ldquo;Closing Date&rdquo; shall refer to the time and date of delivery of the Firm Securities and Additional Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.3 <U>Representative&rsquo;s
Warrants</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">1.3.1 <U>Purchase
Warrants</U>. As additional compensation for its services hereunder, the Company hereby agrees to issue to the Representative (and/or
its designees) (i) on the Closing Date an Ordinary Shares Purchase Warrant (a &ldquo;<B>Representative&rsquo;s Warrant</B>&rdquo;) for
the purchase of an aggregate of 75,000 Ordinary Shares (which is equal to an aggregate of 5% of the Firm Shares sold in the Offering and
(ii) on each Option Closing Date a Representative&rsquo;s Warrant for the purchase of an aggregate of 5% of the Additional Shares sold
in the Offering. The Representative&rsquo;s Warrant, in the form attached hereto as <U>Exhibit&nbsp;A</U>, shall be exercisable, in whole
or in part, commencing on a date which is one hundred eighty (180) days after the Effective Date and expiring on the five-year anniversary
of the Effective Date at an initial exercise price per Ordinary Share of $4.40, which is equal to 110% of the initial public offering
price of the Firm Shares. The Representative&rsquo;s Warrant and the Ordinary Shares issuable upon exercise thereof (the &ldquo;<B>Representative&rsquo;s
Shares</B>&rdquo;) are hereinafter referred to together as the &ldquo;<B>Representative&rsquo;s Securities</B>.&rdquo; The Representative
understands and agrees that there are significant restrictions pursuant to FINRA Rule 5110 against transferring the Representative&rsquo;s
Warrant and the underlying Ordinary Shares during the one hundred eighty (180) days after the Effective Date and by its acceptance thereof
shall agree that it will not sell, transfer, assign, pledge or hypothecate the Representative&rsquo;s Warrant, or any portion thereof,
or be the subject of any hedging, short sale, derivative, put or call transaction that would result in the effective economic disposition
of such securities for a period of one hundred eighty (180) days following the Effective Date to anyone other than (i) an Underwriter
or a selected dealer in connection with the Offering, or (ii) a bona fide officer or partner of the Representative or of any such Underwriter
or selected dealer; and only if any such transferee agrees to the foregoing lock-up restrictions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">1.3.2 <U>Delivery</U>.
Delivery of the Representative&rsquo;s Warrant shall be made on the Closing Date and shall be issued in the name or names and in such
authorized denominations as the Representative may request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase"></FONT></P>

<!-- Field: Page; Sequence: 4; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase">2. </FONT><U>Representations
and Warranties of the Company</U>. The Company represents and warrants to the Underwriters as of the Applicable Time (as defined below),
as of the Closing Date and as of the Option Closing Date, if any, as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.1 <U>Filing
of Registration Statement</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">2.1.1 <U>Pursuant
to the Securities Act</U>. The Company has filed with the U.S. Securities and Exchange Commission (the &ldquo;<B>Commission</B>&rdquo;)
a registration statement, and an amendment or amendments thereto, on Form F-1 (File No. 333-274431), including any related prospectus
or prospectuses, for the registration of the Securities and the Representative&rsquo;s Securities under the Securities Act of 1933, as
amended (the &ldquo;<B>Securities Act</B>&rdquo;), which registration statement and amendment or amendments have been prepared by the
Company in all material respects in conformity with the requirements of the Securities Act and the rules and regulations of the Commission
under the Securities Act (the &ldquo;<B>Securities Act Regulations</B>&rdquo;) and will contain all material statements that are required
to be stated therein in accordance with the Securities Act and the Securities Act Regulations. Except as the context may otherwise require,
such registration statement, as amended, on file with the Commission at the time the registration statement became effective (including
the Preliminary Prospectus included in the registration statement, financial statements, schedules, exhibits and all other documents filed
as a part thereof or incorporated therein and all information deemed to be a part thereof as of the Effective Date pursuant to paragraph
(b) of Rule 430A of the Securities Act Regulations (the &ldquo;<B>Rule 430A Information</B>&rdquo;)), is referred to herein as the &ldquo;<B>Registration
Statement</B>.&rdquo; If the Company files any registration statement pursuant to Rule 462(b) of the Securities Act Regulations, then
after such filing, the term &ldquo;<B>Registration Statement</B>&rdquo; shall include such registration statement filed pursuant to Rule
462(b). The Registration Statement has been declared effective by the Commission on March 29, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each prospectus used prior
to the effectiveness of the Registration Statement, and each prospectus that omitted the Rule 430A Information that was used after such
effectiveness and prior to the execution and delivery of this Agreement, is herein called a &ldquo;<B>Preliminary Prospectus</B>.&rdquo;
The Preliminary Prospectus, subject to completion, dated March 22, 2024, that was included in the Registration Statement immediately prior
to the Applicable Time is hereinafter called the &ldquo;<B>Pricing Prospectus</B>.&rdquo; The final prospectus in the form first furnished
to the Underwriters for use in the Offering is hereinafter called the &ldquo;<B>Prospectus</B>.&rdquo; Any reference to the &ldquo;most
recent Preliminary Prospectus&rdquo; shall be deemed to refer to the latest Preliminary Prospectus included in the Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Applicable Time</B>&rdquo;
means 5:30 p.m., Eastern time, on the date of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Issuer Free Writing
Prospectus</B>&rdquo; means any &ldquo;issuer free writing prospectus,&rdquo; as defined in Rule 433 of the Securities Act Regulations
(&ldquo;<B>Rule 433</B>&rdquo;), including, without limitation, any &ldquo;free writing prospectus&rdquo; (as defined in Rule 405 of the
Securities Act Regulations) relating to the Securities that is (i)&nbsp;required to be filed with the Commission by the Company, (ii)&nbsp;a
&ldquo;road show that is a written communication&rdquo; within the meaning of Rule 433(d)(8)(i), whether or not required to be filed with
the Commission, or (iii)&nbsp;exempt from filing with the Commission pursuant to Rule 433(d)(5)(i) because it contains a description of
the Securities or of the Offering that does not reflect the final terms, in each case in the form filed or required to be filed with the
Commission or, if not required to be filed, in the form retained in the Company&rsquo;s records pursuant to Rule 433(g).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 5; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Issuer General Use
Free Writing Prospectus</B>&rdquo; means any Issuer Free Writing Prospectus that is intended for general distribution to prospective investors
(other than a &ldquo;<I>bona fide</I> electronic road show,&rdquo; as defined in Rule 433 (the &ldquo;<B>Bona Fide Electronic Road Show</B>&rdquo;)),
as evidenced by its being specified in <U>Schedule 2-B</U> hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Issuer Limited Use
Free Writing Prospectus</B>&rdquo; means any Issuer Free Writing Prospectus that is not an Issuer General Use Free Writing Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Pricing Disclosure
Package</B>&rdquo; means any Issuer General Use Free Writing Prospectus issued at or prior to the Applicable Time, the Pricing Prospectus
and the information included on <U>Schedule 2-A</U> hereto, all considered together.<FONT STYLE="font-size: 10pt">&#9;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.1.2 <U>Registration
Pursuant to the Exchange Act.</U> The Company has filed with the Commission a Form 8-A (File Number 001-42000) providing for the registration
pursuant to Section 12(b) under the Securities Exchange Act of 1934, as amended (the &ldquo;<B>Exchange Act</B>&rdquo;), of the Ordinary
Shares. The registration of the Ordinary Shares under the Exchange Act has been declared effective by the Commission on or prior to the
date hereof. The Company has taken no action designed to, or likely to have the effect of, terminating the registration of the Ordinary
Shares under the Exchange Act, nor has the Company received any notification that the Commission is contemplating terminating such registration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.2 <U>Trading
Market; Stock Exchange Listing</U>. The Shares have been approved for listing on the Nasdaq Capital Market (the &ldquo;<B>Exchange</B>&rdquo;),
subject to official notice of issuance, and the Company has taken no action designed to, or likely to have the effect of, delisting the
Ordinary Shares from the Exchange, nor has the Company received any notification that the Exchange is contemplating terminating such listing
except as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.3 <U>No
Stop Orders, etc</U>. Neither the Commission nor, to the Company&rsquo;s knowledge, any state regulatory authority has issued any order
preventing or suspending the use of the Registration Statement, any Preliminary Prospectus or the Prospectus or has instituted or, to
the Company&rsquo;s knowledge, threatened to institute, any proceedings with respect to such an order. The Company has complied with each
request (if any) from the Commission for additional information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.4 <U>Disclosures
in Registration Statement</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">2.4.1 <U>Compliance
with Securities Act and 10b-5 Representation</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(i) Each
of the Registration Statement and any post-effective amendment thereto, at the time it became effective, complied in all material respects
with the requirements of the Securities Act and the Securities Act Regulations. Each Preliminary Prospectus, including the prospectus
filed as part of the Registration Statement as originally filed or as part of any amendment or supplement thereto, and the Prospectus,
at the time each was filed with the Commission, complied in all material respects with the requirements of the Securities Act and the
Securities Act Regulations. Each Preliminary Prospectus delivered to the Underwriters for use in connection with this Offering and the
Prospectus was or will be identical to the electronically transmitted copies thereof filed with the Commission pursuant to EDGAR, except
to the extent permitted by Regulation S-T.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"></P>

<!-- Field: Page; Sequence: 6; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(ii) Neither
the Registration Statement nor any amendment thereto, at its effective time, as of the Applicable Time, at the Closing Date or at any
Option Closing Date (if any), contained, contains or will contain an untrue statement of a material fact or omitted, omits or will omit
to state a material fact required to be stated therein or necessary to make the statements therein not misleading.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(iii) The
Pricing Disclosure Package, as of the Applicable Time, at the Closing Date or at any Option Closing Date (if any), did not, does not and
will not include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein,
in the light of the circumstances under which they were made, not misleading; and each Issuer Limited Use Free Writing Prospectus hereto
does not conflict with the information contained in the Registration Statement, any Preliminary Prospectus, the Pricing Prospectus or
the Prospectus, and each such Issuer Limited Use Free Writing Prospectus, as supplemented by and taken together with the Pricing Prospectus
as of the Applicable Time, did not include an 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; provided, however, that this
representation and warranty shall not apply to statements made or statements omitted in reliance upon and in conformity with written information
furnished to the Company with respect to the Underwriters by the Representative expressly for use in the Registration Statement, the Pricing
Prospectus or the Prospectus or any amendment thereof or supplement thereto. The parties acknowledge and agree that such information provided
by or on behalf of any Underwriter consists solely of the following disclosure contained in the &ldquo;Underwriting&rdquo; section of
the Prospectus: (a) the information set forth under the sub-captions &ldquo;Price Stabilization, Short Position and Penalty Bids,&rdquo;
&ldquo;Passive Market Making,&rdquo; and &ldquo;Electronic Offer, Sale and Distribution&rdquo; and (b) the table showing the number of
Securities to be purchased by each Underwriter (the &ldquo;<B>Underwriters&rsquo; Information</B>&rdquo;); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(iv) Neither
the Prospectus nor any amendment or supplement thereto (including any prospectus wrapper), as of its issue date, at the time of any filing
with the Commission pursuant to Rule 424(b), at the Closing Date or at any Option Closing Date, included, includes or will include an
untrue statement of a material fact or omitted, omits or will omit to state a material fact necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not misleading; provided, however, that this representation and
warranty shall not apply to the&nbsp;Underwriters&rsquo; Information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

<!-- Field: Page; Sequence: 7; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">2.4.2 <U>Disclosure
of Agreements</U>. The agreements and documents described in the Registration Statement, the Pricing Disclosure Package and the Prospectus
conform in all material respects to the descriptions thereof contained therein and there are no agreements or other documents required
by the Securities Act and the Securities Act Regulations to be described in the Registration Statement, the Pricing Disclosure Package
and the Prospectus or to be filed with the Commission as exhibits to the Registration Statement, that have not been so described or filed.
Each agreement or other instrument (however characterized or described) to which the Company or any of its direct or indirect subsidiaries,
including each entity disclosed or described in the Registration Statement, the Pricing Disclosure Package and the Prospectus as being
a subsidiary of the Company (each a &ldquo;<B>Subsidiary</B> and collectively, the &ldquo;<B>Subsidiaries</B>&rdquo;) is a party or by
which it is or may be bound or affected and (i)&nbsp;that is referred to in the Registration Statement, the Pricing Disclosure Package
and the Prospectus, or (ii)&nbsp;is material to the business of the Company or any Subsidiary, has been duly authorized and validly executed
by the Company or any Subsidiary, is in full force and effect in all material respects and is enforceable against the Company or any Subsidiary
and, to the Company&rsquo;s knowledge, the other parties thereto, in accordance with its terms, except (x)&nbsp;as such enforceability
may be limited by bankruptcy, insolvency, reorganization or similar laws affecting creditors&rsquo; rights generally, (y)&nbsp;as enforceability
of any indemnification or contribution provision may be limited under the federal and state securities laws, and (z)&nbsp;that the remedy
of specific performance and injunctive and other forms of equitable relief may be subject to the equitable defenses and to the discretion
of the court before which any proceeding therefor may be brought. None of such agreements or instruments has been assigned by the Company
or any Subsidiary, and neither the Company, any Subsidiary nor, to the Company&rsquo;s knowledge, any other party is in default thereunder
and, to the Company&rsquo;s knowledge, no event has occurred that, with the lapse of time or the giving of notice, or both, would constitute
a default thereunder. To the best of the Company&rsquo;s knowledge, performance by the Company or any Subsidiary of the material provisions
of such agreements or instruments will not result in a violation of any existing applicable law, rule, regulation, judgment, order or
decree of any governmental or regulatory agency, body or court, domestic or foreign (including without limitation those of the Cayman
Islands, the British Virgin Islands, Hong Kong and the People&rsquo;s Republic of China), having jurisdiction over the Company, any Subsidiary
or any of their respective assets or businesses (each, a &ldquo;<B>Governmental Entity</B>&rdquo;), including, without limitation, those
relating to environmental laws and regulations, except to the extent that the violation would not result in a Material Adverse Change
(as defined in Section 2.5.1).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">2.4.3 <U>Prior
Securities Transactions</U>. Since July 1, 2021, no securities of the Company have been sold by the Company or by or on behalf of, or
for the benefit of, any person or persons controlling, controlled by or under common control with the Company, except as disclosed in
the Registration Statement, the Pricing Disclosure Package and the Preliminary Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">2.4.4 <U>Regulations</U>.
The disclosures in the Registration Statement, the Pricing Disclosure Package and the Prospectus concerning the effects of federal, state,
local and all foreign laws, rules and regulations relating to (a) the Offering (b) the respective businesses of the Company and its Subsidiaries
as currently conducted or contemplated are correct and complete in all material respects and no other such material laws, rules or regulations
are required to be disclosed in the Registration Statement, the Pricing Disclosure Package and the Prospectus which are not so disclosed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.5 <U>Changes
After Dates in Registration Statement</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">2.5.1 <U>No
Material Adverse Change</U>. Since the respective dates as of which information is given in the Registration Statement, the Pricing Disclosure
Package and the Prospectus, except as otherwise specifically stated therein: (i)&nbsp;there has been no material adverse change in the
financial position or results of operations of the Company or any Subsidiary, nor any change or development that, singularly or in the
aggregate, would involve a material adverse change or a prospective material adverse change, in or affecting the condition (financial
or otherwise), results of operations, business, assets or prospects of the Company or any Subsidiary (a &ldquo;<B>Material Adverse Change</B>&rdquo;);
(ii)&nbsp;there have been no material transactions entered into by the Company or any Subsidiary, other than as contemplated pursuant
to this Agreement; and (iii)&nbsp;no officer or director of the Company has resigned from any position with the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

<!-- Field: Page; Sequence: 8; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">2.5.2 <U>Recent
Securities Transactions, etc</U>. Subsequent to the respective dates as of which information is given in the Registration Statement, the
Pricing Disclosure Package and the Prospectus, and except as may otherwise be indicated or contemplated herein or disclosed in the Registration
Statement, the Pricing Disclosure Package and the Prospectus, the Company has not: (i)&nbsp;issued any securities or incurred any liability
or obligation, direct or contingent, for borrowed money; or (ii)&nbsp;declared or paid any dividend or made any other distribution on
or in respect to its capital shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.6 <U>Disclosures
in Commission Filings</U>. None of the Company&rsquo;s filings with the Commission, at the time of such filings, contained any untrue
statement of a material fact or omitted to state any material fact necessary in order to make the statements therein, in the light of
the circumstances under which they were made, not misleading; and the Company has made all filings with the Commission required under
the Exchange Act and the rules and regulations promulgated of the Commission promulgated thereunder (the &ldquo;<B>Exchange Act Regulations</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.7 <U>Independent
Accountants</U>. To the knowledge of the Company, Marcum Asia CPAs LLP (the &ldquo;<B>Auditor</B>&rdquo;), whose report is filed with
the Commission as part of the Registration Statement, the Pricing Disclosure Package and the Prospectus, is an independent registered
public accounting firm as required by the Securities Act and the Securities Act Regulations and the Public Company Accounting Oversight
Board. The Auditor has not, during the periods covered by the financial statements included in the Registration Statement, the Pricing
Disclosure Package and the Prospectus, provided to the Company any non-audit services, as such term is used in Section 10A(g) of the Exchange
Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.8 <U>Financial
Statements, etc</U>. The financial statements, including the notes thereto and supporting schedules included in the Registration Statement,
the Pricing Disclosure Package and the Prospectus, fairly present the financial position and the results of operations of the Company
at the dates and for the periods to which they apply; and such financial statements have been prepared in conformity with U.S. generally
accepted accounting principles (&ldquo;<B>GAAP</B>&rdquo;), consistently applied throughout the periods involved (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 GAAP); and the supporting schedules included in the Registration Statement present fairly the information
required to be stated therein. Except as included therein, no historical or pro forma financial statements are required to be included
in the Registration Statement, the Pricing Disclosure Package or the Prospectus under the Securities Act or the Securities Act Regulations.
The pro forma and pro forma as adjusted financial information and the related notes, if any, included in the Registration Statement, the
Pricing Disclosure Package and the Prospectus have been properly compiled and prepared in accordance with the applicable requirements
of the Securities Act and the Securities Act Regulations and present fairly the information shown therein, and the assumptions used in
the preparation thereof are reasonable and the adjustments used therein are appropriate to give effect to the transactions and circumstances
referred to therein. All disclosures contained in the Registration Statement, the Pricing Disclosure Package or the Prospectus regarding
&ldquo;non-GAAP financial measures&rdquo; (as such term is defined by the rules and regulations of the Commission), if any, comply with
Regulation G of the Exchange Act and Item 10 of Regulation S-K of the Securities Act, to the extent applicable. Each of the Registration
Statement, the Pricing Disclosure Package and the Prospectus discloses all material off-balance sheet transactions, arrangements, obligations
(including contingent obligations), and other relationships of the Company with unconsolidated entities or other persons that may have
a material current or future effect on the Company&rsquo;s financial condition, changes in financial condition, results of operations,
liquidity, capital expenditures, capital resources, or significant components of revenues or expenses. Except as disclosed in the Registration
Statement, the Pricing Disclosure Package and the Prospectus, (a) neither the Company nor any of its Subsidiaries has incurred any material
liabilities or obligations, direct or contingent, or entered into any material transactions other than in the ordinary course of business,
(b) the Company has not declared or paid any dividends or made any distribution of any kind with respect to its share capital, (c) there
has not been any change in the share capital of the Company or any of its Subsidiaries, or, (d) other than in the ordinary course of business
and consistent with past practice, the Company has not made any grants under any share compensation plan, and (e) there has not been any
Material Adverse Change in the long-term or short-term debt of the Company or any Material Adverse Change in the long-term or short-term
debt of any Subsidiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 9; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.9 <U>Authorized
Capital; Options, etc</U>. The Company had, at the date or dates indicated in the Registration Statement, the Pricing Disclosure Package
and the Prospectus, the duly authorized, issued and outstanding capitalization as set forth therein. Based on the assumptions stated in
the Registration Statement, the Pricing Disclosure Package and the Prospectus, the Company will have on the Closing Date the adjusted
share capitalization set forth therein. Except as set forth in, or contemplated by, the Registration Statement, the Pricing Disclosure
Package and the Prospectus, on the Effective Date, as of the Applicable Time and on the Closing Date and any Option Closing Date, there
will be no share options, warrants, or other rights to purchase or otherwise acquire any authorized, but unissued Ordinary Shares of the
Company or any security convertible or exercisable into Ordinary Shares of the Company, or any contracts or commitments to issue or sell
Ordinary Shares or any such options, warrants, rights or convertible securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.10 <U>Valid
Issuance of Securities, etc</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">2.10.1 <U>Outstanding
Securities</U>. All issued and outstanding securities of the Company issued prior to the transactions contemplated by this Agreement have
been duly authorized and validly issued and are fully paid and non-assessable; the holders thereof have no rights of rescission with respect
thereto or the ability to force the Company to repurchase such securities, and are not subject to personal liability by reason of being
such holders; and none of such securities were issued in violation of the preemptive rights, rights of first refusal or rights of participation
of any holders of any security of the Company or similar contractual rights granted by the Company. The authorized Ordinary Shares and
Class B ordinary shares, par value $0.0001 per share (&ldquo;<B>Class B Ordinary Shares</B>&rdquo;) conform in all material respects to
all statements relating thereto contained in the Registration Statement, the Pricing Disclosure Package and the Prospectus. The offers
and sales of the outstanding Ordinary Shares, Class B Ordinary Shares, options, warrants, convertible notes and other rights to purchase
or exchange such securities for Ordinary Shares were at all relevant times either registered under the Securities Act and the applicable
state securities or &ldquo;blue sky&rdquo; laws or, based in part on the representations and warranties of the purchasers of such securities,
exempt from such registration requirements. The descriptions of the Company&rsquo;s share option, share bonus and other share plans or
arrangements, and the options or other rights granted thereunder, as described in the Registration Statement, Pricing Disclosure Package
and the Prospectus, accurately and fairly present, in all material respects, the information required to be shown with respect to such
plans, arrangements, options and rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

<!-- Field: Page; Sequence: 10; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">2.10.2 <U>Securities
Sold Pursuant to this Agreement</U>. The Securities and the Representative&rsquo;s Securities have been duly authorized for issuance and
sale and, when issued and paid for, will be validly issued, fully paid and non-assessable; the holders thereof are not and will not be
subject to personal liability by reason of being such holders; the Securities and Representative&rsquo;s Securities are not and will not
be subject to the preemptive rights of any holders of any security of the Company or similar contractual rights granted by the Company;
and all corporate action required to be taken for the authorization, issuance and sale of the Securities and Representative&rsquo;s Securities
has been duly and validly taken. The Securities and Representative&rsquo;s Securities conform in all material respects to all statements
with respect thereto contained in the Registration Statement, the Pricing Disclosure Package and the Prospectus. All corporate action
required to be taken for the authorization, issuance and sale of the Representative&rsquo;s Warrant has been duly and validly taken; the
Ordinary Shares issuable upon exercise of the Representative&rsquo;s Warrant have been duly authorized and reserved for issuance by all
necessary corporate action on the part of the Company and when paid for and issued in accordance with the Representative&rsquo;s Warrant,
such Ordinary Shares will be validly issued, fully paid and non-assessable; the holders thereof are not and will not be subject to personal
liability by reason of being such holders; and such Ordinary Shares are not and will not be subject to the preemptive rights of any holders
of any security of the Company or similar contractual rights granted by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.11 <U>Registration
Rights of Third Parties</U>. Except as set forth in the Registration Statement, the Pricing Disclosure Package and the Prospectus, no
holders of any securities of the Company or any options, warrants, rights, convertible notes or other securities, exercisable for or convertible
or exchangeable into securities of the Company have the right to require the Company to register any such securities of the Company under
the Securities Act or to include any such securities in the Registration Statement or any other registration statement to be filed by
the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.12 <U>Validity
and Binding Effect of Agreements</U>. The execution, delivery and performance of this Agreement and the Representative&rsquo;s Warrant
have been duly and validly authorized by the Company, and, each of this Agreement and the Representative&rsquo;s Warrant, when executed
and delivered, will constitute, the valid and binding agreement of the Company, enforceable against the Company in accordance with their
respective terms, except: (i)&nbsp;as such enforceability may be limited by bankruptcy, insolvency, reorganization or similar laws affecting
creditors&rsquo; rights generally; (ii)&nbsp;as enforceability of any indemnification or contribution provision may be limited under the
federal and state securities laws; and (iii)&nbsp;that the remedy of specific performance and injunctive and other forms of equitable
relief may be subject to the equitable defenses and to the discretion of the court before which any proceeding therefor may be brought.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 11; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.13 <U>No
Conflicts, etc</U>. The execution, delivery and performance by the Company of this Agreement, the Representative&rsquo;s Warrant and all
ancillary documents, the consummation by the Company of the transactions herein and therein contemplated and the compliance by the Company
with the terms hereof and thereof do not and will not, with or without the giving of notice or the lapse of time or both: (i)&nbsp;result
in a material breach of, or conflict with any of the terms and provisions of, or constitute a material default under, or result in the
creation, modification, termination or imposition of any lien, charge or encumbrance upon any property or assets of the Company or any
of its Subsidiaries pursuant to the terms of any indenture, mortgage, deed of trust, loan agreement or any other agreement or instrument
to which the Company or any Subsidiary is a party or to which any property of the Company or any of its Subsidiaries is bound; (ii)&nbsp;result
in any violation of the provisions of the Company&rsquo;s Memorandum and Articles of Association (as the same may be amended or restated
from time to time, the &ldquo;<B>Charter</B>&rdquo;), the organizational documents of any Subsidiary including, the memorandum and articles
of association, certificate of incorporation or articles of incorporation of any Subsidiary or the bylaws of any Subsidiary; or (iii)&nbsp;violate
any existing applicable law, rule, regulation, judgment, order or decree of any Governmental Entity as of the date hereof, such as would
result in a Material Adverse Change .</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.14 <U>No
Defaults; Violations</U>. No material default exists in the due performance and observance of any term, covenant or condition of any material
license, contract, indenture, mortgage, deed of trust, note, loan or credit agreement, or any other agreement or instrument evidencing
an obligation for borrowed money, or any other material agreement or instrument to which the Company or any of its Subsidiaries is a party
or by which the Company or any of its Subsidiaries may be bound or to which any of the properties or assets of the Company or any of its
Subsidiaries is subject. Neither the Company nor any of its Subsidiaries is in violation of any term or provision of its Charter, by-laws
or other organizational documents, or in violation in any material respect of any franchise, license, permit, applicable law, rule, regulation,
judgment or decree of any Governmental Entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.15 <U>Corporate
Power; Licenses; Consents</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">2.15.1 <U>Conduct
of Business</U>. Except as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus, each of the Company
and its Subsidiaries has all requisite corporate power and authority, and has all necessary consents, authorizations, approvals, orders,
licenses, certificates, qualifications, registrations and permits (collectively, &ldquo;<B>Authorization</B>s&rdquo;) of and from all
Governmental Entities that it needs as of the date hereof to conduct its respective business purpose as described in the Registration
Statement, the Pricing Disclosure Package and the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">2.15.2 <U>Transactions
Contemplated Herein</U>. The Company has all corporate power and authority to enter into this Agreement and to carry out the provisions
and conditions hereof, and all Authorizations, required in connection therewith have been obtained. No Authorization of, and no filing
with, any court or Governmental Entity is required for the valid issuance, sale and delivery of the Securities and the consummation of
the transactions and agreements contemplated by this Agreement and the Representative&rsquo;s Warrant and as contemplated by the Registration
Statement, the Pricing Disclosure Package and the Prospectus, except with respect to applicable federal and state securities laws and
the rules and regulations of the Financial Industry Regulatory Authority, Inc. (&ldquo;<B>FINRA</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 12; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.16 <U>D&amp;O
Questionnaires</U>. To the Company&rsquo;s knowledge, all information contained in the questionnaires (the &ldquo;<B>Questionnaires</B>&rdquo;)
completed by each of the Company&rsquo;s directors, officers and certain shareholders immediately prior to the Offering (the &ldquo;<B>Insiders</B>&rdquo;)
as supplemented by all information concerning the Company&rsquo;s directors, officers and principal shareholders as described in the Registration
Statement, the Pricing Disclosure Package and the Prospectus, as well as in the Lock-Up Agreement (as defined in Section 2.27 below),
provided to the Underwriters, is true and correct in all material respects and the Company has not become aware of any information which
would cause the information disclosed in the Questionnaires to become materially inaccurate and incorrect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.17 <U>Litigation;
Governmental Proceedings</U>. There is no action, suit, proceeding, inquiry, arbitration, investigation, litigation or governmental proceeding
pending or, to the Company&rsquo;s knowledge, threatened against, or involving the Company, any of its Subsidiaries or, to the Company&rsquo;s
knowledge, any executive officer or director which has not been disclosed in the Registration Statement, the Pricing Disclosure Package
and the Prospectus or in connection with the Company&rsquo;s listing application for the listing of the Securities on the Exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.18 <U>Good
Standing</U>. Each of the Company and its Subsidiaries has been duly organized and is validly existing as a company or corporation and
is in good standing under the laws of its jurisdiction of incorporation (except in such jurisdictions where the concept of good standing
is not applicable), if applicable, as of the date hereof, and is duly qualified to do business and is in good standing in each other jurisdiction
in which its ownership or lease of property or the conduct of business requires such qualification, except where the failure to qualify,
singularly or in the aggregate, would not have or reasonably be expected to result in a Material Adverse Change.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.19 <U>Insurance</U>.
The Company and each of its Subsidiaries carries or is entitled to the benefits of insurance (including without limitation, as to directors&rsquo;
and officers&rsquo; insurance coverage), with reputable insurers, in such amounts and covering such risks which the Company believes are
adequate and customary for companies engaged in similar businesses, and all such insurance is in full force and effect as of the date
hereof. The Company has no reason to believe that it or any of its Subsidiaries 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 to
conduct its business as now conducted and at a cost that would not result in a Material Adverse Change, except in each case as described
in each of the Registration Statement, the Pricing Disclosure Package and the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.20 <U>Transactions
Affecting Disclosure to FINRA</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">2.20.1 <U>Finder&rsquo;s
Fees</U>. Except as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus, there are no claims, payments,
arrangements, agreements or understandings relating to the payment of a finder&rsquo;s, consulting or origination fee by the Company or
any Insider with respect to the sale of the Securities hereunder or any other arrangements, agreements or understandings of the Company
or, to the Company&rsquo;s knowledge, any of its shareholders that may affect the Underwriters&rsquo; compensation, as determined by FINRA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">2.20.2 <U>Payments
Within Twelve (12) Months</U>. Except as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus, the
Company has not made any direct or indirect payments (in cash, securities or otherwise) to: (i)&nbsp;any person, as a finder&rsquo;s fee,
consulting fee or otherwise, in consideration of such person raising capital for the Company or introducing to the Company persons who
raised or provided capital to the Company; (ii) any FINRA member; or (iii)&nbsp; any person or entity that has any direct or indirect
affiliation or association with any FINRA member, within the twelve (12) months prior to the Effective Date, other than the payment to
the Underwriters as provided hereunder in connection with the Offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

<!-- Field: Page; Sequence: 13; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">2.20.3 <U>Use
of Proceeds</U>. None of the net proceeds of the Offering will be paid by the Company to any participating FINRA member or its affiliates,
except as specifically authorized herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">2.20.4 <U>FINRA
Affiliation</U>. There is no (i) officer or director of the Company, (ii) beneficial owner of 5% or more of any class of the Company&rsquo;s
securities or (iii) beneficial owner of the Company&rsquo;s unregistered equity securities which were acquired during the 180-day period
immediately preceding the filing of the Registration Statement that is an affiliate or associated person of a FINRA member participating
in the Offering (as determined in accordance with the rules and regulations of FINRA).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">2.20.5 <U>Information</U>.
All information provided by the Company in its FINRA questionnaire to Representative Counsel specifically for use by Representative Counsel
in connection with its Public Offering System filings (and related disclosure) with FINRA is true, correct and complete in all material
respects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.21 <U>Foreign
Corrupt Practices Act</U>. Neither the Company nor any of its Subsidiaries or, to the Company&rsquo;s knowledge, any director, officer,
agent, employee or affiliate of the Company or its Subsidiaries nor any other person acting on behalf of the Company or its Subsidiaries,
has, directly or indirectly, given or agreed to give any money, gift or similar benefit (other than legal price concessions to customers
in the ordinary course of business) to any customer, supplier, employee or agent of a customer or supplier, or official or employee of
any governmental agency or instrumentality of any government (domestic or foreign) or any political party or candidate for office (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 any of its Subsidiaries
(or assist it in connection with any actual or proposed transaction) that (i)&nbsp;might subject the Company to any damage or penalty
in any civil, criminal or governmental litigation or proceeding, (ii)&nbsp;if not given in the past, might have had a Material Adverse
Change or (iii)&nbsp;if not continued in the future, might adversely affect the assets, business, operations or prospects of the Company
or any of its Subsidiaries. The Company and each of its Subsidiaries has taken reasonable steps to ensure that its accounting controls
and procedures are sufficient to cause the Company to comply in all material respects with the Foreign Corrupt Practices Act of 1977,
as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.22 <U>Compliance
with OFAC</U>. None of the Company and its Subsidiaries or, to the Company&rsquo;s knowledge, any director, officer, agent, employee or
affiliate of the Company or any of its Subsidiaries or any other person acting on behalf of the Company or any of its Subsidiaries, is
currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury (&ldquo;<B>OFAC</B>&rdquo;),
and the Company will not, directly or indirectly, use the proceeds of the Offering hereunder, or lend, contribute or otherwise make available
such proceeds to any subsidiary, joint venture partner or other person or entity, for the purpose of financing the activities of any person
currently subject to any U.S. sanctions administered by OFAC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 14; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.23 <U>Money
Laundering Laws</U>. The operations of the Company and its Subsidiaries are and have been conducted at all times in compliance with applicable
financial recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the money
laundering statutes of all jurisdictions, the rules and regulations thereunder and any related or similar rules, regulations or guidelines,
issued, administered or enforced by any Governmental Entity (collectively, the &ldquo;<B>Money Laundering Laws</B>&rdquo;); and no action,
suit or proceeding by or before any Governmental Entity involving the Company or any of its Subsidiaries with respect to the Money Laundering
Laws is pending or, to the best knowledge of the Company, threatened.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.24 [Reserved.]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.25 <U>Officers&rsquo;
Certificate</U>. Any certificate signed by any duly authorized officer of the Company and delivered to you or to Representative Counsel
shall be deemed a representation and warranty by the Company to the Underwriters as to the matters covered thereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.26 <U>Forward-Looking
Statements</U>. No forward-looking statement (within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange
Act) contained in either the Registration Statement, the Pricing Disclosure Package or the Prospectus has been made or reaffirmed without
a reasonable basis or has been disclosed other than in good faith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.27 <U>Lock-Up
Agreements</U>. <U>Schedule 3</U> hereto contains a complete and accurate list of the Company&rsquo;s officers, directors and each owner
of at least 5% of the Company&rsquo;s outstanding ordinary shares (including Ordinary Shares and Class B Ordinary Shares) (or securities
convertible or exercisable into ordinary shares) (collectively, the &ldquo;<B>Lock-Up Parties</B>&rdquo;). The Company has caused each
of the Lock-Up Parties to deliver to the Representative an executed Lock-Up Agreement, in the form attached hereto as <U>Exhibit B</U>
<B>(</B>the &ldquo;<B>Lock-Up Agreement</B>&rdquo;), prior to the execution of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.28 <U>Subsidiaries</U>.
The Company&rsquo;s ownership and control of each Subsidiary is as described in the Registration Statement, the Pricing Disclosure Package
and the Prospectus. No Subsidiary of the Company is prohibited or restricted, directly or indirectly, from paying any dividends to the
Company, from making any other distributions on such Subsidiary&rsquo;s capital stock, from repaying to the Company any loans or advances
to such Subsidiary from the Company or from transferring any of such Subsidiary&rsquo;s property or assets to the Company or any other
Subsidiary of the Company, except as set forth or contemplated in the Registration Statement, the Disclosure Package and the Prospectus.
The Subsidiaries of the Company and their jurisdictions of incorporation are listed on Schedule 4 hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.29 <U>Related
Party Transactions</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">2.29.1 <U>Business
Relationships</U>. There are no business relationships or related party transactions involving the Company and its Subsidiaries or any
other person required to be described in the Registration Statement, the Pricing Disclosure Package and the Prospectus that have not been
described as required.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1.5in"></P>

<!-- Field: Page; Sequence: 15; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">2.29.2 <U>No
Relationships with Customers and Suppliers</U>. No relationship, direct or indirect, exists between or among the Company or any of its
Subsidiaries on the one hand, and the directors, officers, 5% or greater shareholders, customers or suppliers of the Company or any of
the Company&rsquo;s Subsidiaries or affiliates on the other hand, which is required to be described in the Pricing Disclosure Package
and the Prospectus or a document incorporated by reference therein and which is not so described.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">2.29.3 <U>No
Unconsolidated Entities</U>. There are no transactions, arrangements or other relationships between and/or among the Company, any of its
Subsidiaries ot affiliates (as such term is defined in Rule 405 of the Securities Act) and any unconsolidated entity, including, but not
limited to, any structure finance, special purpose or limited purpose entity that could reasonably be expected to materially affect the
Company&rsquo;s liquidity or the availability of or requirements for its capital resources required to be described in the Pricing Disclosure
Package and the Prospectus or a document incorporated by reference therein which have not been described as required.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">2.29.4 <U>No
Loans or Advances to Affiliates</U>. There are no outstanding loans, advances (except normal advances for business expenses in the ordinary
course of business) or guarantees or indebtedness by the Company or any of its Subsidiaries to or for the benefit of any of the officers
or directors of the Company or any of their respective family members, except as disclosed in the Registration Statement, the Pricing
Disclosure Package and the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.30 <U>Board
of Directors</U>. The Board of Directors of the Company is comprised of the persons set forth under the heading of the Registration Statement,
the Pricing Prospectus and the Prospectus captioned &ldquo;Management.&rdquo; The qualifications of the persons serving as board members
and the overall composition of the board comply with the Exchange Act, the Exchange Act Regulations, the Sarbanes-Oxley Act of 2002 and
the rules promulgated thereunder (the &ldquo;<B>Sarbanes-Oxley Act</B>&rdquo;) applicable to the Company and the listing rules of the
Exchange. At least one member of the Audit Committee of the Board of Directors of the Company qualifies as an &ldquo;audit committee financial
expert,&rdquo; as such term is defined under Regulation S-K and the listing rules of the Exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.31 <U>Sarbanes-Oxley
Compliance</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">2.31.1 <U>Disclosure
Controls</U>. The Company has developed and currently maintains disclosure controls and procedures that will comply with Rule 13a-15 or
15d-15 under the Exchange Act Regulations, and such controls and procedures are effective to ensure that all material information concerning
the Company will be made known on a timely basis to the individuals responsible for the preparation of the Company&rsquo;s Exchange Act
filings and other public disclosure documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">2.31.2 <U>Compliance</U>.
The Company is, or at the Applicable Time and on the Closing Date will be, in material compliance with the provisions of the Sarbanes-Oxley
Act applicable to it, and has implemented or will implement such programs and taken reasonable steps to ensure the Company&rsquo;s future
compliance (not later than the relevant statutory and regulatory deadlines therefor) with all of the material provisions of the Sarbanes-Oxley
Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 16; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.32 <U>Accounting
Controls</U>. The Company and each of its Subsidiaries maintain systems of &ldquo;internal control over financial reporting&rdquo; (as
defined under Rules 13a-15 and 15d-15 under the Exchange Act Regulations) that comply with the requirements of the Exchange Act and have
been designed by, or under the supervision of, their respective principal executive and principal financial officers, or persons performing
similar functions, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with GAAP, including, but not limited to, internal accounting controls sufficient to provide reasonable
assurance that (i) transactions are executed in accordance with management&rsquo;s general or specific authorizations; (ii) transactions
are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain asset accountability;
(iii) access to assets is permitted only in accordance with management&rsquo;s general or specific authorization; and (iv) the recorded
accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to
any differences. Except as disclosed in the Registration Statement, the Pricing Disclosure Package and the Prospectus, the Company is
not aware of any material weaknesses in its internal controls. The Company&rsquo;s auditors and the Audit Committee of the Board of Directors
of the Company have been advised of: (i) all significant deficiencies and material weaknesses in the design or operation of internal controls
over financial reporting which are known to the Company&rsquo;s management and that have adversely affected or are reasonably likely to
adversely affect the Company&rsquo; ability to record, process, summarize and report financial information; and (ii) any fraud known to
the Company&rsquo;s management, whether or not material, that involves management or other employees who have a significant role in the
Company&rsquo;s internal controls over financial reporting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.33 <U>No
Investment Company Status</U>. The Company is not and, after giving effect to the Offering and the application of the proceeds thereof
as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus, will not be, required to register as an
&ldquo;investment company,&rdquo; as defined in the Investment Company Act of 1940, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.34 <U>No
Labor Disputes</U>. No material labor dispute with the employees of the Company or any of its Subsidiaries exists or, to the knowledge
of the Company, is imminent. The Company is not aware that any key employee or significant group of employees of the Company or any Subsidiary
plans to terminate employment with the Company or such Subsidiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 17; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.35 <U>Intellectual
Property Rights</U>. Each of the Company and its Subsidiaries owns or possesses or has valid rights to use all patents, patent applications,
trademarks, service marks, trade names, trademark registrations, service mark registrations, copyrights, approvals, licenses, domain names,
trade secrets and similar rights as applicable in both U.S. and foreign countries (&ldquo;<B>Intellectual Property Rights</B>&rdquo;)
necessary for the conduct of the business of the Company and its Subsidiaries as currently carried on and as described in the Registration
Statement, the Pricing Disclosure Package and the Prospectus. The Company has paid all required fees necessary to maintain these Intellectual
Property Rights, except as disclosed. To the knowledge of the Company, no action or use by the Company or any of its Subsidiaries necessary
for the conduct of its business as currently carried on and as described in the Registration Statement and the Prospectus will involve
or give rise to any infringement of, or license or similar fees for, any Intellectual Property Rights of others. Neither the Company nor
any of its Subsidiaries has received any notice alleging any such infringement, fee or conflict with asserted Intellectual Property Rights
of others. Except as would not reasonably be expected to result, individually or in the aggregate, in a Material Adverse Change (A) to
the knowledge of the Company, there is no infringement, misappropriation or violation by third parties of any of the Intellectual Property
Rights owned by the Company or any of its Subsidiaries; (B) there is no pending or, to the knowledge of the Company, threatened action,
suit, governmental review, proceeding or claim by others challenging the rights of the Company or any of its Subsidiaries in or to any
such Intellectual Property Rights, and the Company is unaware of any facts which would form a reasonable basis for any such claim, that
would, individually or in the aggregate, together with any other claims in this Section 2.35, reasonably be expected to result in a Material
Adverse Change; (C) the Intellectual Property Rights owned by the Company and its Subsidiaries and, to the knowledge of the Company, the
Intellectual Property Rights licensed to the Company and its Subsidiaries have not been adjudged by a court of competent jurisdiction
invalid or unenforceable, in whole or in part, and there is no pending or, to the Company&rsquo;s knowledge, threatened action, suit,
governmental review, proceeding or claim by others challenging the validity or scope of any such Intellectual Property Rights, and the
Company is unaware of any facts which would form a reasonable basis for any such claim that would, individually or in the aggregate, together
with any other claims in this Section 2.35, reasonably be expected to result in a Material Adverse Change; (D) there is no pending or,
to the Company&rsquo;s knowledge, threatened action, suit, proceeding or claim by others that the Company or any of its Subsidiaries infringes,
misappropriates or otherwise violates any Intellectual Property Rights or other proprietary rights of others, neither the Company nor
or any of its Subsidiaries has received any written notice of such claim and the Company is unaware of any other facts which would form
a reasonable basis for any such claim that would, individually or in the aggregate, together with any other claims in this Section 2.35,
reasonably be expected to result in a Material Adverse Change; and (E) to the Company&rsquo;s knowledge, no employee of the Company or
any of its Subsidiaries is in or has ever been in violation in any material respect of any term of any employment contract, patent disclosure
agreement and invention assignment agreement, as applicable, non-competition agreement, non-solicitation agreement, nondisclosure agreement
or any restrictive covenant to or with a former employer where the basis of such violation relates to such employee&rsquo;s employment
with the Company or any of its Subsidiaries, or actions undertaken by the employee while employed with the Company or any of its Subsidiaries
and could reasonably be expected to result, individually or in the aggregate, in a Material Adverse Change. To the Company&rsquo;s knowledge,
all material technical information developed by and belonging to the Company or any of its Subsidiaries which has not been patented has
been kept confidential. Neither the Company nor or any of its Subsidiaries is 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,
the Pricing Disclosure Package and the Prospectus and are not described therein. The Registration Statement, the Pricing Disclosure Package
and the Prospectus contain in all material respects the same description of the matters set forth in the preceding sentence. None of the
technology employed by the Company or any of its Subsidiaries has been obtained or is being used by the Company or any of its Subsidiaries
in violation of any contractual obligation binding on the Company or any of its Subsidiaries or, to the Company&rsquo;s knowledge, any
of its officers, directors or employees, or otherwise in violation of the rights of any persons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 18; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.36 <U>Taxes</U>.
Each of the Company and its Subsidiaries has filed all returns (as hereinafter defined) required to be filed with taxing authorities prior
to the date hereof or has duly obtained extensions of time for the filing thereof. Each of the Company and its Subsidiaries has paid all
taxes (as hereinafter defined) shown as due on such returns that were filed and has paid all taxes imposed on or assessed against the
Company or such respective Subsidiary. The provisions for taxes payable, if any, shown on the financial statements filed with or as part
of the Registration Statement are sufficient for all accrued and unpaid taxes, whether or not disputed, and for all periods to and including
the dates of such consolidated financial statements. Except as disclosed in writing to the Underwriters, (i) no issues have been raised
(and are currently pending) by any taxing authority in connection with any of the returns or taxes asserted as due from the Company or
its Subsidiaries, and (ii) no waivers of statutes of limitation with respect to the returns or collection of taxes have been given by
or requested from the Company or its Subsidiaries. The term &ldquo;<B>taxes</B>&rdquo; mean all federal, state, local, foreign and other
net income, gross income, gross receipts, sales, use, ad valorem, transfer, franchise, profits, license, lease, service, service use,
withholding, payroll, employment, excise, severance, stamp, occupation, premium, property, windfall profits, customs, duties or other
taxes, fees, assessments or charges of any kind whatever, together with any interest and any penalties, additions to tax or additional
amounts with respect thereto. The term &ldquo;<B>returns</B>&rdquo; means all returns, declarations, reports, statements and other documents
required to be filed in respect to taxes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.37 <U>Compliance
with Environmental Laws</U>. Except as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus, (i)
to the Company&rsquo;s knowledge, neither the Company nor any of its Subsidiaries is in violation of any federal, state, local or foreign
statute, law, rule, regulation, ordinance, code, policy or rule of common law or any judicial or administrative interpretation thereof,
including any judicial or administrative order, consent, decree or judgment, relating to pollution or protection of human health, the
environment (including, without limitation, ambient air, surface water, groundwater, land surface or subsurface strata) or wildlife, including,
without limitation, laws and regulations relating to the release or threatened release of chemicals, pollutants, contaminants, wastes,
toxic substances, hazardous substances, petroleum or petroleum products (collectively, &ldquo;<B>Hazardous Materials</B>&rdquo;) or to
the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of Hazardous Materials (collectively,
&ldquo;<B>Environmental Laws</B> ), (ii) the Company and each of its Subsidiaries has all material permits, authorizations and approvals
required under any applicable Environmental Laws and is in compliance with their requirements, (iii) there are no pending or, to the Company&rsquo;s
knowledge, threatened administrative, regulatory or judicial actions, suits, demands, demand letters, claims, liens, notices of noncompliance
or violation, investigation or proceedings relating to any Environmental Law against the Company or any of its Subsidiaries and (iv) to
the Company&rsquo;s knowledge, there are no events or circumstances that might reasonably be expected to form the basis of an order for
clean-up or remediation, or an action, suit or proceeding by any private party or governmental body or agency, against or affecting the
Company or any of its Subsidiaries relating to Hazardous Materials or any Environmental Laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.38 <U>ERISA
Compliance</U>. Intentionally Omitted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 19; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.39 <U>Compliance
with Laws</U>. The Company and each of its Subsidiaries: (A) is and at all times has been in compliance with all statutes, laws, rules,
and/or regulations applicable to the respective businesses conducted by the Company and each of its Subsidiaries (&ldquo;<B>Applicable
Laws</B>&rdquo;), except as could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Change; (B)
has not received any notice or other correspondence from any governmental authority alleging or asserting noncompliance with any Applicable
Laws or any licenses, certificates, approvals, clearances, authorizations, permits and supplements or amendments thereto required by any
such Applicable Laws (&ldquo;<B>Authorizations</B>&rdquo;); (C) possesses all material Authorizations and such Authorizations are valid
and in full force and effect and are not in material violation of any term of any such Authorizations; (D) has not received notice of
any claim, action, suit, proceeding, hearing, enforcement, investigation, arbitration or other action from any Governmental Entity or
third party alleging that any operation or activity is in violation of any Applicable Laws or Authorizations and has no knowledge that
any such governmental authority or third party is considering any such claim, litigation, arbitration, action, suit, investigation or
proceeding; (E) has not received notice that any Governmental Entity has taken, is taking or intends to take action to limit, suspend,
modify or revoke any Authorizations and has no knowledge that any such governmental authority is considering such action; and (F) has
filed, obtained, maintained or submitted all material reports, documents, forms, notices, applications, records, claims, submissions and
supplements or amendments as required by any Applicable Laws or Authorizations and that all such reports, documents, forms, notices, applications,
records, claims, submissions and supplements or amendments were complete and correct on the date filed (or were corrected or supplemented
by a subsequent submission).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.40 <U>Ineligible
Issuer</U>.&nbsp; At the time of filing the Registration Statement and any post-effective amendment thereto, at the time of effectiveness
of the Registration Statement and any amendment thereto, at the earliest time thereafter that the Company or another offering participant
made a bona fide offer (within the meaning of Rule 164(h)(2) of the Securities Act Regulations) of the Securities and at the date hereof,
the Company was not and is not an &ldquo;ineligible issuer,&rdquo; as defined in Rule 405, without taking account of any determination
by the Commission pursuant to Rule 405 that it is not necessary that the Company be considered an ineligible issuer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.41 <U>Smaller
Reporting Company</U>.&nbsp; Intentionally Omitted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.42 <U>Industry
Data</U>.&nbsp; The statistical and market-related data included in each of the Registration Statement, the Pricing Disclosure Package
and the Prospectus are based on or derived from sources that the Company reasonably and in good faith believes are reliable and accurate
or represent the Company&rsquo;s good faith estimates that are made on the basis of data derived from such sources.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.43 <U>Emerging
Growth Company</U> As of the time of filing of the Registration Statement and as of the Effective Date, the Company was an &ldquo;emerging
growth company,&rdquo; as defined <FONT STYLE="font-size: 10pt">in <FONT STYLE="font-family: Times New Roman, Times, Serif">Section 2(a)(19)
of the Securities Act</FONT></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.44
<U>Electronic Road Show</U>. The Company has made available a Bona Fide Electronic Road Show in compliance with Rule&nbsp;433(d)(8)(ii)
of the Securities Act Regulations such that no filing of any &ldquo;road show&rdquo; (as defined in Rule&nbsp;433(h) of the Securities
Act Regulations) is required in connection with the Offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.45 <U>Margin
Securities</U>. The Company does not own any &ldquo;margin securities&rdquo; as that term is defined in Regulation U of the Board of Governors
of the Federal Reserve System (the &ldquo;<B>Federal Reserve Board</B>&rdquo;), 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 Ordinary
Shares to be considered a &ldquo;purpose credit&rdquo; within the meanings of Regulation T, U or X of the Federal Reserve Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 20; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.46 <U>Integration</U>.
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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.47 <U>Title</U>.
Except as described in the Registration Statement, the Disclosure Package and the Prospectus, each of the Company and its Subsidiaries
has good and marketable title in fee simple to, or has valid rights to lease or otherwise use, all items of real or personal property
that are material to its respective business, free and clear of all liens, encumbrances, security interests, claims and defects that do
not, singularly or in the aggregate, materially affect the business of the Company or its Subsidiaries and do not interfere with the use
made of such property by the Company or its Subsidiaries; and all of the leases and subleases material to the business of the Company
and each of its Subsidiaries, and under which the Company or any of its Subsidiaries holds properties described in the Registration Statement,
the Disclosure Package and the Prospectus, are, to the Company&rsquo;s knowledge in full force and effect, and neither the Company nor
any of its Subsidiaries has received any notice of any material claim of any sort that have been asserted by anyone adverse to the rights
of the Company or such Subsidiaries under any of the leases or subleases mentioned above, or affecting or questioning the rights of the
Company or such Subsidiaries to the continued possession of the leased or subleased premises under any such lease or sublease, which would
result in a Material Adverse Change.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.48 <U>Corporate
Records</U>. The minute books of the Company and each of its Subsidiaries have been made available to the Underwriters and counsel for
the Underwriters, and such books (i) contain a summary of all meetings and actions of the board of directors (including each board committee)
and shareholders of the Company through the date of the latest meeting and action, and (ii) reflect all material transactions referred
to in such minutes</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.49 <U>Confidentiality
and Non-Competition</U>. To the Company&rsquo;s knowledge, no director, officer, key employee or consultant of the Company or any of its
Subsidiaries is subject to any confidentiality, non-disclosure, non-competition agreement or non-solicitation with any employer or prior
employer that could materially affect his or her ability to be and act in his or her respective capacity with the Company or such Subsidiary
or be expected to result in a Material Adverse Change.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 21; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.50 <U>M&amp;A
Rules</U>. The Company is aware of and has been advised as to the content of the Rules on Mergers and Acquisitions of Domestic Enterprises
by Foreign Investors jointly promulgated by the Ministry of Commerce, the State Assets Supervision and Administration Commission, the
State Tax Administration, the State Administration of Industry and Commerce, the China Securities Regulatory Commission (&ldquo;<B>CSRC</B>&rdquo;)
and SAFE on August 8, 2006 (the &ldquo;<B>M&amp;A Rules</B>&rdquo;), in particular the relevant provisions thereof that purport to require
offshore special purpose vehicles formed for the purpose of obtaining a stock exchange listing outside of the PRC and controlled directly
or indirectly by companies or natural persons of the PRC, to obtain the approval of the CSRC prior to the listing and trading of their
securities on a stock exchange located outside of the PRC; the Company has received legal advice specifically with respect to the M&amp;A
Rules from its PRC counsel and based on such legal advice, the Company confirms with the Underwriters:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(i) Except as disclosed
in the Registration Statement, the Pricing Disclosure Package and the Prospectus, the issuance and sale of the Offered Securities, the
listing and trading of the Offered Securities on the Nasdaq Capital Market and the consummation of the transactions contemplated by this
Agreement are not and will not be, as of the date hereof, at the Closing Date or the Option Closing Date, materially affected by the M&amp;A
Rules or any official clarifications, guidance, interpretations or implementation rules in connection with or related to the M&amp;A Rules
as amended as of the date hereof (collectively, the &ldquo;<B>M&amp;A Rules and Related Clarifications</B>&rdquo;); and&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(ii) Except as disclosed
in the Registration Statement, the Pricing Disclosure Package and the Prospectus, as of the date hereof, the M&amp;A Rules and Related
Classifications did not and do not require the Company to obtain the approval of the CSRC prior to the issuance and sale of the Offered
Securities, the listing and trading of the Offered Securities on the Nasdaq Capital Market, or the consummation of the transactions contemplated
by this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase">3. </FONT><U>Covenants
of the Company</U>. The Company covenants and agrees as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.1 <U>Amendments
to Registration Statement</U>. The Company shall deliver to the Representative, prior to filing, any amendment or supplement to the Registration
Statement or the Prospectus proposed to be filed after the Effective Date and not file any such amendment or supplement to which the Representative
shall reasonably object in writing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.2 <U>Federal
Securities Laws</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">3.2.1 <U>Compliance</U>.
The Company, subject to Section 3.2.2, shall comply with the requirements of Rule 424(b) and Rule 430A of the Securities Act Regulations,
and will notify the Representative promptly, and confirm the notice in writing, (i)&nbsp;when any post-effective amendment to the Registration
Statement shall become effective or any amendment or supplement to the Prospectus shall have been filed; (ii)&nbsp;of the receipt of any
comments from the Commission; (iii)&nbsp;of any request by the Commission for any amendment to the Registration Statement or any amendment
or supplement to the Prospectus or for additional information; (iv)&nbsp;of the issuance by the Commission of any stop order suspending
the effectiveness of the Registration Statement or any post-effective amendment or of any order preventing or suspending the use of any
Preliminary Prospectus or the Prospectus, or of the suspension of the qualification of the Securities and Representative&rsquo;s Securities
for offering or sale in any jurisdiction, or of the initiation or threatening of any proceedings for any of such purposes or of any examination
pursuant to Section&nbsp;8(d) or 8(e) of the Securities Act concerning the Registration Statement and (v)&nbsp;if the Company becomes
the subject of a proceeding under Section&nbsp;8A of the Securities Act in connection with the Offering of the Securities and Representative&rsquo;s
Securities. The Company shall effect all filings required under Rule 424(b) of the Securities Act Regulations, in the manner and within
the time period required by Rule 424(b) (without reliance on Rule 424(b)(8)), and shall take such steps as it deems necessary to ascertain
promptly whether the form of prospectus transmitted for filing under Rule 424(b) was received for filing by the Commission and, in the
event that it was not, it will promptly file such prospectus. The Company shall use its best efforts to prevent the issuance of any stop
order, prevention or suspension and, if any such order is issued, to obtain the lifting thereof at the earliest possible moment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

<!-- Field: Page; Sequence: 22; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">3.2.2 <U>Continued
Compliance</U>. The Company shall comply with the Securities Act, the Securities Act Regulations, the Exchange Act and the Exchange Act
Regulations so as to permit the completion of the distribution of the Securities as contemplated in this Agreement and in the Registration
Statement, the Pricing Disclosure Package and the Prospectus. If at any time when a prospectus relating to the Securities is (or, but
for the exception afforded by Rule 172 of the Securities Act Regulations (&ldquo;<B>Rule 172</B>&rdquo;), would be) required by the Securities
Act to be delivered in connection with sales of the Securities, any event shall occur or condition shall exist as a result of which it
is necessary, in the opinion of counsel for the Underwriters or for the Company, to (i)&nbsp;amend the Registration Statement in order
that the Registration Statement will not include an 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; (ii)&nbsp;amend or supplement the Pricing Disclosure Package
or the Prospectus in order that the Pricing Disclosure Package or the Prospectus, as the case may be, will not include any untrue statement
of a material fact or omit to state a material fact necessary in order to make the statements therein not misleading in the light of the
circumstances existing at the time it is delivered to a purchaser or (iii)&nbsp;amend the Registration Statement or amend or supplement
the Pricing Disclosure Package or the Prospectus, as the case may be, in order to comply with the requirements of the Securities Act or
the Securities Act Regulations, the Company will promptly (A)&nbsp;give the Representative notice of such event; (B)&nbsp;prepare any
amendment or supplement as may be necessary to correct such statement or omission or to make the Registration Statement, the Pricing Disclosure
Package or the Prospectus comply with such requirements and, a reasonable amount of time prior to any proposed filing or use, furnish
the Representative with copies of any such amendment or supplement and (C)&nbsp;file with the Commission any such amendment or supplement;
provided that the Company shall not file or use any such amendment or supplement to which the Representative or counsel for the Underwriters
shall reasonably object. The Company will furnish to the Underwriters such number of copies of such amendment or supplement as the Underwriters
may reasonably request. The Company has given the Representative notice of any filings made pursuant to the Exchange Act or the Exchange
Act Regulations within 48 hours prior to the Applicable Time. The Company shall give the Representative notice of its intention to make
any such filing from the Applicable Time until the later of the Closing Date and the exercise in full or expiration of the Over-allotment
Option specified in Section 1.2 hereof and will furnish the Representative with copies of the related document(s) a reasonable amount
of time prior to such proposed filing, as the case may be, and will not file or use any such document to which the Representative or counsel
for the Underwriters shall reasonably object.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">3.2.3 <U>Exchange
Act Registration</U>. For a period of three (3) years after the date of this Agreement, the Company shall use its best efforts to maintain
the registration of the Ordinary Shares under the Exchange Act provided that such provision shall not prevent a sale, merger or similar
transaction involving the Company. The Company shall not deregister the Ordinary Shares under the Exchange Act without the prior written
consent of the Representative.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

<!-- Field: Page; Sequence: 23; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">3.2.4 <U>Free
Writing Prospectuses</U>. The Company agrees that, unless it obtains the prior written consent of the Representative, it shall not make
any offer relating to the Securities that would constitute an Issuer Free Writing Prospectus or that would otherwise constitute a &ldquo;free
writing prospectus,&rdquo; or a portion thereof, required to be filed by the Company with the Commission or retained by the Company under
Rule 433; provided that the Representative shall be deemed to have consented to each Issuer General Use Free Writing Prospectus hereto
and any &ldquo;road show that is a written communication&rdquo; within the meaning of Rule 433(d)(8)(i) that has been reviewed by the
Representative. The Company represents that it has treated or agrees that it will treat each such free writing prospectus consented to,
or deemed consented to, by the Underwriters as an &ldquo;issuer free writing prospectus,&rdquo; as defined in Rule 433, and that it has
complied and will comply with the applicable requirements of Rule 433 with respect thereto, including timely filing with the Commission
where required, legending and record keeping. If at any time following issuance of an Issuer Free Writing Prospectus there occurred or
occurs an event or development as a result of which such Issuer Free Writing Prospectus conflicted or would conflict with the information
contained in the Registration Statement or included or would include an untrue statement of a material fact or omitted or would omit to
state a material fact necessary in order to make the statements therein, in the light of the circumstances existing at that subsequent
time, not misleading, the Company will promptly notify the Underwriters and will promptly amend or supplement, at its own expense, such
Issuer Free Writing Prospectus to eliminate or correct such conflict, untrue statement or omission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.3 <U>Delivery
to the Underwriters of Registration Statements</U>. The Company has delivered or made available or shall deliver or make available to
the Representative and counsel for the Representative, without charge, signed copies of the Registration Statement as originally filed
and each amendment thereto (including exhibits filed therewith) and signed copies of all consents and certificates of experts, and will
also deliver to the Underwriters, without charge, a conformed copy of the Registration Statement as originally filed and each amendment
thereto (without exhibits) for each of the Underwriters. The copies of the Registration Statement and each amendment thereto furnished
to the Underwriters will be identical to the electronically transmitted copies thereof filed with the Commission pursuant to EDGAR, except
to the extent permitted by Regulation S-T.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.4 <U>Delivery
to the Underwriters of Prospectuses</U>. The Company has delivered or made available or will deliver or make available to each Underwriter,
without charge, as many copies of each Preliminary Prospectus, Disclosure Package and Prospectus as such Underwriter reasonably requested,
and the Company hereby consents to the use of such copies for purposes permitted by the Securities Act. The Company will furnish to each
Underwriter, without charge, during the period when a prospectus relating to the Securities is (or, but for the exception afforded by
Rule 172 of the Securities Act Regulations, would be) required to be delivered under the Securities Act, such number of copies of the
Prospectus (as amended or supplemented) as such Underwriter may reasonably request. The Preliminary Prospectus, the Pricing Disclosure
Package and the Prospectus and any amendments or supplements thereto furnished to the Underwriters will be identical to the electronically
transmitted copies thereof filed with the Commission pursuant to EDGAR, except to the extent permitted by Regulation S-T.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.5 <U>Exchange
Listing</U>. The Ordinary Shares have been duly authorized for listing on the Nasdaq Capital Market, subject to official notice of issuance.
The Company shall use its reasonable best efforts to maintain the listing of the Ordinary Shares on the Nasdaq Stock Market LLC for at
least three years from the date of this Agreement; provided that such provision shall not prevent a sale, merger or similar transaction
involving the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 24; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.6 <U>Financial
Public Relations Firm</U>. The Company shall have retained a financial public relations firm reasonably acceptable to the Representative,
which firm shall be experienced in assisting issuers in initial public offerings of securities and in their relations with their security
holders, for a period of not less than two (2) years after the Effective Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.7&#9;<U>Registration with
Standard &amp; Poors</U>&#9;The Company, at its expense, shall register with and keep current, its registration in the Standard &amp;
Poor&rsquo;s Corporation Records Services (including annual report information) and shall maintain such registration for a period of not
less than two (2) years after the Effective Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.8 <U>Director
and Officer Insurance. </U>The Company shall have procured as of the Effective Date and shall maintain director and officer insurance
coverage in a manner consistent with the Company&rsquo;s business industry standards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.9&#9;<U>Key-Man Insurance</U>&#9;The
Company shall have procured as of the Effective Date and shall maintain &ldquo;key man&rdquo; life insurance in a manner consistent with
the Company&rsquo;s business industry standards and with the Company as the sole beneficiary thereof with an insurer rated at least AA
or better in the most recent edition of &ldquo;Best&rsquo;s Life Reports&rdquo; on the life of Mr. Botao Ma.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.10 <U>Transfer
Agent</U>. For a period of three (3) years after the date of this Agreement, the Company shall retain a transfer agent and registrar acceptable
to the Representative (the&nbsp;&ldquo;<B>Transfer Agent</B>&rdquo;) and shall furnish to the Representative at the Company&rsquo;s sole
cost and expense such transfer sheets of the Company&rsquo;s securities as the Representative may reasonably request, including the daily
and monthly consolidated transfer sheets of the Transfer Agent and DTC. Continental Stock Transfer &amp; Trust Company is acceptable to
the Representative to act as Transfer Agent for the Ordinary Shares of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 25; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.11 <U>Payment
of Expenses</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">3.11.1 <U>General
Expenses Related to the Offering</U>. .The Company hereby agrees to pay on each of the Closing Date and the Option Closing Date, if any,
to the extent not paid at the Closing Date, all expenses incident to the performance of the obligations of the Company under this Agreement,
including, but not limited to: (a) all filing fees and expenses relating to the registration of the Securities to be sold in the Offering
(including the Additional Securities) with the Commission; (b) all filing fees and communication expenses associated with the review of
the Offering by FINRA; (c) all fees and expenses relating to the listing of the Securities on the Exchange and on such other stock exchanges
as the Company and the Representative together determine; (d) all fees, expenses and disbursements relating to background checks of the
Company's officers and directors; (e) all fees, expenses and disbursements relating to the registration or qualification of the Securities
under the &ldquo;blue sky&rdquo; securities laws of such states and other jurisdictions as the Representative may reasonably designate
(including, without limitation, all filing and registration fees, and the reasonable fees and disbursements of &ldquo;blue sky&rdquo;
counsel; (f) all fees, expenses and disbursements relating to the registration, qualification or exemption of the Securities under the
securities laws of such foreign jurisdictions as the Representative may reasonably designate; (g) the costs of all mailing and printing
of the Offering documents (including, without limitation, the Underwriting Agreement, any Blue Sky Surveys and, if appropriate, any Agreement
Among Underwriters, Selected Dealers&rsquo; Agreement, Underwriters&rsquo; Questionnaire and Power of Attorney), Registration Statements,
Prospectuses and all amendments, supplements and exhibits thereto and as many preliminary and final Prospectuses as the Representative
may reasonably deem necessary; (h) the costs and expenses of the Company&rsquo;s public relations firm; (i) the costs of preparing, printing
and delivering certificates representing the Securities; (j) fees and expenses of the transfer agent for the Ordinary Shares; (k) share
transfer and/or stamp taxes, if any, payable upon the transfer of securities from the Company to the Representative; (l) the costs associated
with bound volumes of the public offering materials as well as commemorative mementos and lucite tombstones not to exceed $5,000 in the
aggregate., each of which the Company or its designee shall provide within a reasonable time after the Closing in such quantities as the
Representative may reasonably request; (n) the fees and expenses of the Company&rsquo;s accountants; (o) the fees and expenses of the
Company&rsquo;s legal counsel and other agents and representatives; (p) the fees and expenses of the Underwriter&rsquo;s legal counsel
not to exceed $150,000 and the fees and expenses of the Underwriter&rsquo;s PRC legal counsel, in an amount not to exceed RMB350,000 in
the event of a Closing of the Offering, or $80,000 if there is no Closing; (q) the $29,500 cost associated with the use of Ipreo&rsquo;s
book building, prospectus tracking and compliance software for the Offering; and (r) up to $20,000 of the Representative&rsquo;s actual
accountable &ldquo;road show&rdquo; expenses for the Offering. The Representative may deduct from the net proceeds of the Offering payable
to the Company on the Closing Date, or the Option Closing Date, if any, the expenses set forth herein to be paid by the Company to the
Underwriters. The Company and the Representative acknowledge that the Company has previously paid to the Representative an advance in
an amount of $30,000 (the &ldquo;Advance&rdquo;) against the Representative&rsquo;s out-of-pocket accountable expenses and the Company
is subject to make additional $50,000 payment to the Representative if there is not a closing. The advance shall be applied towards out-of-pocket
accountable expenses set forth herein and any portion of the Advance shall be returned to the Company at the Closing Date, or the Option
Closing Date, as applicable. Notwithstanding anything to the contrary in this Section 3.11.1, in the event that this Agreement is terminated
pursuant to Section 8.2 hereof, or subsequent to a Material Adverse Change, the Company will pay the out-of-pocket expenses actually incurred
as allowed under FINRA Rule 5110 to the Underwriters through the date of such termination (including the fees and disbursements of Underwriters&rsquo;
Counsel ), less the Advance previously paid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">3.11.2 <U>Non-accountable
Expenses</U>. The Company further agrees that, in addition to the expenses payable pursuant to Section 3.11.1, on the Closing Date it
shall pay to the Representative, by deduction from the net proceeds of the Offering contemplated herein, a non-accountable expense allowance
equal to one percent (1%) of the gross proceeds received by the Company from the sale of the Firm Securities (excluding the Additional
Securities).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.12 <U>Application
of Net Proceeds</U>. The Company shall apply the net proceeds from the Offering received by it in a manner consistent with the application
thereof described under the caption &ldquo;Use of Proceeds&rdquo; in the Registration Statement, the Pricing Disclosure, Package and the
Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 26; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.13 <U>Stabilization</U>.
Neither the Company nor, to its knowledge, any of its employees, directors or shareholders (without the consent of the Representative)
has taken or shall take, directly or indirectly, any action designed to or that has constituted or that might reasonably be expected to
cause or result in, under Regulation M of the Exchange Act, or otherwise, stabilization or manipulation of the price of any security of
the Company to facilitate the sale or resale of the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.14 <U>Internal
Controls</U>. The Company shall maintain and shall cause each of its Subsidiaries to maintain a system of internal accounting controls
sufficient to provide reasonable assurances that: (i)&nbsp;transactions are executed in accordance with management&rsquo;s general or
specific authorization; (ii)&nbsp;transactions are recorded as necessary in order to permit preparation of financial statements in accordance
with GAAP and to maintain accountability for assets; (iii)&nbsp;access to assets is permitted only in accordance with management&rsquo;s
general or specific authorization; and (iv)&nbsp;the recorded accountability for assets is compared with existing assets at reasonable
intervals and appropriate action is taken with respect to any differences.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.15 <U>Accountants</U>.
For a period of at least three (3) years from the Effective Date, the Company shall retain a nationally recognized Public Company Accounting
Oversight Board registered independent public accounting firm reasonably acceptable to the Representative. The Representative acknowledges
that the Auditor is acceptable to the Representative.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.16 <U>FINRA</U>.
For a period of 90 days from the later of the Closing Date or the Option Closing Date (if any), the Company shall advise the Representative
(who shall make an appropriate filing with FINRA) if it is or becomes aware that (i) any officer or director of the Company, (ii) any
beneficial owner of 10% or more of any class of the Company&rsquo;s securities or (iii) any beneficial owner of the Company&rsquo;s unregistered
equity securities which were acquired during the 180 days immediately preceding the filing of the Registration Statement is or becomes
an affiliate or associated person of a FINRA member participating in the Offering (as determined in accordance with the rules and regulations
of FINRA).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.17 <U>No
Fiduciary Duties</U>. The Company acknowledges and agrees that the Underwriters&rsquo; responsibility to the Company is solely contractual
in nature and that none of the Underwriters or their affiliates or any selling agent shall be deemed to be acting in a fiduciary capacity,
or otherwise owes any fiduciary duty to the Company or any of its affiliates in connection with the Offering and the other transactions
contemplated by this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 27; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.18 <U>Company
Lock-Up Agreement</U>. The Company, on behalf of itself and any successor entity, agrees that, without the prior written consent of the
Representative, it will not, during the period of one hundred eight (180) days from the Closing Date (the &ldquo;<B>Lock-Up Period</B>&rdquo;),
(i) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any
option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any shares of the Company or
any securities convertible into or exercisable or exchangeable for shares of the Company; (ii) file or cause to be filed any registration
statement with the Commission relating to the offering of any shares of the Company or any securities convertible into or exercisable
or exchangeable for shares of the Company, (iii) complete any offering of debt securities of the Company, other than entering into a line
of credit with a traditional bank or (iv) enter into any swap or other arrangement that transfers to another, in whole or in part, any
of the economic consequences of ownership of shares of the Company, whether any such transaction described in clause (i), (ii) (iii) or
(iv) above is to be settled by delivery of shares of the Company or such other securities, in cash or otherwise. The restrictions contained
in this Section 3.18 shall not apply to (i) the Securities to be sold hereunder, (ii) the issuance by the Company of Ordinary Shares upon
the exercise of a share option or warrant or the conversion of a security outstanding on the date hereof (including without limitation
a conversion of Class B Ordinary Shares into Ordinary Shares), which is disclosed in the Registration Statement, Pricing Disclosure Package
and Prospectus and (iii) the issuance by the Company of share options under any equity compensation plan of the Company described in the
Registration Statement, Pricing Disclosure Package and the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.19 <U>Release
of D&amp;O Lock-up Period</U>. If the Representative, in its sole discretion, agrees to release or waive the restrictions set forth in
the Lock-Up Agreements described in Section 2.27 hereof for an officer, director or shareholder of the Company, the Representative shall
provide the Company with notice of the impending release or waiver at least three (3) Business Days before the effective date of the release
or waiver, the Company agrees to announce the impending release or waiver by a press release substantially in the form of <U>Exhibit C</U>
hereto through a major news service at least two (2) Business Days before the effective date of the release or waiver.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.20 <U>Blue
Sky Qualifications</U>. The Company shall use its best efforts, in cooperation with the Underwriters, if necessary, to qualify the Securities
for offering and sale under the applicable securities laws of such states and other jurisdictions (domestic or foreign) as the Representative
may designate and to maintain such qualifications in effect so long as required to complete the distribution of the Securities; provided,
however, that the Company shall not be obligated to file any general consent to service of process or to qualify as a foreign corporation
or as a dealer in securities in any jurisdiction in which it is not so qualified or to subject itself to taxation in respect of doing
business in any jurisdiction in which it is not otherwise so subject.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.21 <U>Reporting
Requirements</U>. The Company, during the period when a prospectus relating to the Securities is (or, but for the exception afforded by
Rule 172, would be) required to be delivered under the Securities Act, will file all documents required to be filed with the Commission
pursuant to the Exchange Act within the time periods required by the Exchange Act and Exchange Act Regulations. Additionally, the Company
shall report the use of proceeds from the issuance of the Securities as may be required under Rule 463 under the Securities Act Regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.22 <U>Press
Releases</U>. Prior to the Closing Date and any Option Closing Date, the Company shall not issue any press release or other communication
directly or indirectly or hold any press conference with respect to the Company, its condition, financial or otherwise, or earnings, business
affairs or business prospects (except for routine oral marketing communications in the ordinary course of business and consistent with
the past practices of the Company and of which the Representative is notified), without the prior written consent of the Representative,
which consent shall not be unreasonably withheld, unless in the judgment of the Company and its counsel, and after notification to the
Representative, such press release or communication is required by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 28; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.23 <U>Sarbanes-Oxley</U>.
The Company shall at all times use its reasonable best efforts to materially comply with all applicable provisions of the Sarbanes-Oxley
Act in effect from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase">4. </FONT><U>Conditions
of Underwriters&rsquo; Obligations</U>. The obligations of the Underwriters to purchase and pay for the Securities, as provided herein,
shall be subject to (i) the continuing accuracy of the representations and warranties of the Company as of the date hereof and as of each
of the Closing Date and the Option Closing Date, if any; (ii) the accuracy of the statements of officers of the Company made pursuant
to the provisions hereof; (iii) the performance by the Company of its obligations hereunder; and (iv) the following conditions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.1 <U>Regulatory
Matters</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">4.1.1 <U>Absence
of Certain Commission Actions; Required Filings</U>. At each of the Closing Date and any Option Closing Date, no stop order suspending
the effectiveness of the Registration Statement or any post-effective amendment thereto has been issued or shall have been issued under
the Securities Act, no order preventing or suspending the use of any Preliminary Prospectus or the Prospectus has been issued or shall
have been issued and no proceedings for any of those purposes have been instituted or are pending or, to the Company&rsquo;s knowledge,
contemplated by the Commission. The Company has complied with each request (if any) from the Commission for additional information. A
prospectus containing the Rule 430A Information shall have been filed with the Commission in the manner and within the time frame required
by Rule 424(b) under the Securities Act Regulations (without reliance on Rule 424(b)(8)) or a post-effective amendment providing such
information shall have been filed with, and declared effective by, the Commission in accordance with the requirements of Rule 430B under
the Securities Act Regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">4.1.2 <U>FINRA
Clearance</U>. On or before the date of this Agreement, the Representative shall have received clearance from FINRA as to the amount of
compensation allowable or payable to the Underwriters as described in the Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">4.1.3 <U>Exchange
Stock Market Clearance</U>. On the Closing Date, the Company&rsquo;s Ordinary Shares, including the Firm Shares and the Representative&rsquo;s
Shares, shall have been approved for listing on the Exchange, subject only to official notice of issuance. On the first Option Closing
Date (if any), the Company&rsquo;s Ordinary Shares including the Option Shares and the Representative&rsquo;s Shares, shall have been
approved for listing on the Exchange, subject only to official notice of issuance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">4.1.4 CSRC
Clearance. On or before the date of this Agreement, each the Company and the Representative shall have received clearance from the CSRC
in connection with the Offering<U>. </U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.2 <U>Company
Counsel Matters</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">4.2.1 <U>Closing
Date Opinion of Counsel</U>. On the Closing Date and on each Option Closing Date, the Representative shall have received the favorable
opinion of Ellenoff Grossman &amp; Schole LLP, (&ldquo;<B>Company Counsel</B>&rdquo;) and a written statement from Company Counsel providing
certain &ldquo;10b-5&rdquo; negative assurances, in form and substance reasonably satisfactory to the Representative, each dated the Closing
Date and addressed to the Representative.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

<!-- Field: Page; Sequence: 29; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">4.2.2 <U>Opinion
of Cayman Islands Counsel for the Company</U>. On the Closing Date and on each Option Closing Date, the Representative shall have received
the favorable opinion of Ogier (Cayman) LLP, Cayman Islands counsel for the Company, in form and substance reasonably satisfactory to
the Representative, dated the Closing Date and addressed to the Representative.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">4.2.3 <U>Opinion
of PRC Counsel</U>. On the Closing Date and on each Option Closing Date, the Representative shall have received the favorable opinions
of AllBright Law Offices and Shanghai Riying Law Firm, PRC counsels for the Company, in form and substance reasonably satisfactory to
the Representative, dated the Closing Date and addressed to the Representative.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">4.2.4 <U>Reliance</U>.
In rendering such opinions, such counsel may rely: (i)&nbsp;as to matters involving the application of laws other than the laws of the
United States and jurisdictions in which they are admitted, to the extent such counsel deems proper and to the extent specified in such
opinion, if at all, upon an opinion or opinions (in form and substance reasonably satisfactory to the Representative) of other counsel
reasonably acceptable to the Representative, familiar with the applicable laws; and (ii)&nbsp;as to matters of fact, to the extent they
deem proper, on certificates or other written statements of officers of the Company and officers of departments of various jurisdictions
having custody of documents respecting the corporate existence or good standing of the Company, provided that copies of any such statements
or certificates shall be delivered to Representative Counsel if requested. The opinions and negative assurance letter referred to in Sections
4.2.1, 4.2.2 and 4.2.3 above and any related Option Closing Date opinions and negative assurance letter shall each include a statement
to the effect that it may be relied upon by Representative Counsel in its opinion delivered to the Underwriters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.3 <U>Comfort
Letters</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">4.3.1 <U>Cold
Comfort Letter</U>. At the time this Agreement is executed you shall have received a cold comfort letter containing statements and information
of the type customarily included in accountants&rsquo; comfort letters with respect to the financial statements and certain financial
information contained in the Registration Statement, the Pricing Disclosure Package and the Prospectus, addressed to the Representative
and in form and substance satisfactory in all respects to the Representative and to Representative&rsquo;s Counsel from the Auditor dated
the date of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">4.3.2 <U>Bring-down
Comfort Letter</U>. At each of the Closing Date and each Option Closing Date, if any, the Representative shall have received from the
Auditor a letter, dated as of the Closing Date or the Option Closing Date, as applicable, to the effect that the Auditor reaffirms the
statements made in the letter furnished pursuant to Section 4.3.1, except that the specified date referred to shall be a date not more
than one (1) business day prior to the Closing Date or the Option Closing Date, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 30; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.4 <U>Officers&rsquo;
Certificates</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">4.4.1 <U>Officers&rsquo;
Certificate</U>. The Company shall have furnished to the Representative a certificate, dated the Closing Date and any Option Closing Date
(if such date is other than the Closing Date), of its Chief Executive Officer and its Chief Financial Officer stating that (i) such officers
have carefully examined the Registration Statement, the Pricing Disclosure Package, any Issuer Free Writing Prospectus and the Prospectus
and, in their opinion, the Registration Statement and each amendment thereto, as of the Applicable Time, as of the date of this Agreement
and as of the Closing Date (or any Option Closing Date if such date is other than the Closing Date) did not include any untrue statement
of a material fact and did not omit to state a material fact required to be stated therein or necessary to make the statements therein
not misleading, and the Pricing Disclosure Package, as of the Applicable Time and as of the Closing Date (or any Option Closing Date if
such date is other than the Closing Date), any Issuer Free Writing Prospectus as of its date and as of the Closing Date (or any Option
Closing Date if such date is other than the Closing Date), the Prospectus and each amendment or supplement thereto, as of the respective
date thereof and as of the Closing Date, did not include any untrue statement of a material fact and did not omit to state a material
fact necessary in order to make the statements therein, in the light of the circumstances in which they were made, not misleading, (ii)
since the effective date of the Registration Statement, no event has occurred which should have been set forth in a supplement or amendment
to the Registration Statement, the Pricing Disclosure Package or the Prospectus, (iii) to the best of their knowledge after reasonable
investigation, as of the Closing Date (or any Option Closing Date if such date is other than the Closing Date), the representations and
warranties of the Company in this Agreement are true and correct and the Company has complied with all agreements and satisfied all conditions
on its part to be performed or satisfied hereunder at or prior to the Closing Date (or any Option Closing Date if such date is other than
the Closing Date), and (iv) there has not been, subsequent to the date of the most recent audited financial statements included or incorporated
by reference in the Pricing Disclosure Package, any Material Adverse Change in the financial position or results of operations of the
Company, or any change or development that, singularly or in the aggregate, would involve a Material Adverse Change or a prospective Material
Adverse Change, in or affecting the condition (financial or otherwise), results of operations, business, assets or prospects of the Company,
except as set forth in the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">4.4.2 <U>Chief
Executive Officer&rsquo;s Certificate in lieu of Secretary&rsquo;s Certificate</U>. At the Closing Date and each Option Closing Date,
if any, the Representative shall have received a certificate of the Company signed by the Chief Executive Officer of the Company, dated
the Closing Date or the Option Date, as the case may be, respectively, certifying: (i)&nbsp;that each of the Charter and Bylaws is true
and complete, has not been modified and is in full force and effect; (ii)&nbsp;that the resolutions of the Company&rsquo;s Board of Directors
and the Pricing Committee of the Board of Directors, if a Pricing Committee has been established, relating to the Offering are in full
force and effect and have not been modified; (iii) as to the accuracy and completeness of all correspondence between the Company or its
counsel and the Commission; and (iv)&nbsp;as to the incumbency of the officers of the Company. The documents referred to in such certificate
shall be attached to such certificate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 31; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.5 <U>No
Material Changes</U>. Prior to and on each of the Closing Date and each Option Closing Date, if any: (i)&nbsp;there shall have been no
Material Adverse Change or development involving a prospective Material Adverse Change in the condition or prospects or the business activities,
financial or otherwise, of the Company and its Subsidiaries and no change in the share capital or debt of the Company and its Subsidiaries
from the latest dates as of which such condition is set forth in the Registration Statement, the Pricing Disclosure Package and the Prospectus;
(ii)&nbsp;no action, suit or proceeding, at law or in equity, shall have been pending or threatened against the Company or any of its
Subsidiaries or Insiders before or by any court or federal or state commission, board or other administrative agency wherein an unfavorable
decision, ruling or finding may materially adversely affect the business, operations, prospects or financial condition or income of the
Company or its Subsidiaries, except as set forth in the Registration Statement, the Pricing Disclosure Package and the Prospectus; (iii)&nbsp;no
stop order shall have been issued under the Securities Act and no proceedings therefor shall have been initiated or threatened by the
Commission; (iv) no action shall have been taken and no law, statute, rule, regulation or order shall have been enacted, adopted or issued
by any Governmental Entity which would prevent the issuance or sale of the Securities or materially and adversely affect or potentially
materially and adversely affect the business or operations of the Company or any of its Subsidiaries; (v) no injunction, restraining order
or order of any other nature by any federal or state court of competent jurisdiction shall have been issued which would prevent the issuance
or sale of the Securities or materially and adversely affect or potentially materially and adversely affect the business or operations
of the Company or any of its Subsidiaries and (vi)&nbsp;the Registration Statement, the Pricing Disclosure Package and the Prospectus
and any amendments or supplements thereto shall contain all material statements which are required to be stated therein in accordance
with the Securities Act and the Securities Act Regulations and shall conform in all material respects to the requirements of the Securities
Act and the Securities Act Regulations, and neither the Registration Statement, the Pricing Disclosure Package, any Issuer Free Writing
Prospectus nor the Prospectus nor any amendment or supplement thereto shall contain any untrue statement of a material fact or omit to
state any 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.6 <U>No
Material Misstatement or Omission</U>. The Underwriters shall not have discovered and disclosed to the Company on or prior to the Closing
Date and any Option Closing Date that the Registration Statement or any amendment or supplement thereto contains an untrue statement of
a fact which, in the opinion of counsel for the Underwriters, is material or omits to state any fact which, in the opinion of such counsel,
is material and is required to be stated therein or is necessary to make the statements therein not misleading, or that the Registration
Statement, the Pricing Disclosure Package, any Issuer Free Writing Prospectus or the Prospectus or any amendment or supplement thereto
contains an untrue statement of fact which, in the opinion of such counsel, is material or omits to state any fact which, in the opinion
of such counsel, is material and is necessary in order to make the statements, in the light of the circumstances under which they were
made, not misleading.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 32; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.7 <U>Corporate
Proceedings</U>. All corporate proceedings and other legal matters incident to the authorization, form and validity of each of this Agreement,
the Representative&rsquo;s Warrant, the Securities, the Representative&rsquo;s Securities, the Registration Statement, the Pricing Disclosure
Package, each Issuer Free Writing Prospectus, if any, and the Prospectus and all other legal matters relating to this Agreement, the Representative&rsquo;s
Warrant and the transactions contemplated hereby and thereby shall be reasonably satisfactory in all material respects to counsel for
the Underwriters, and the Company shall have furnished to such counsel all documents and information that they may reasonably request
to enable them to pass upon such matters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.8 <U>Delivery
of Agreements</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">4.8.1 <U>Lock-Up
Agreements</U>. On the date of this Agreement, the Company shall have delivered to the Representative executed copies of the Lock-Up Agreements
from each of the persons listed in <U>Schedule 3</U> hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">4.8.2 <U>Representative&rsquo;s
Warrant</U>. On the Closing Date, the Company shall have delivered to the Representative executed copies of the Representative&rsquo;s
Warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.9 <U>Good
Standing Certificates. </U> On the Closing Date and the Option Closing Date, if any, the Company shall have delivered to the Representative
a certificate of good standing from the registrar of companies of the Cayman Islands for the Company and from the local government authorities
for the Subsidiaries of the Company, if applicable(except in such jurisdictions where the concept of good standing is not applicable).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.10 <U>Additional
Documents</U>. At the Closing Date and at each Option Closing Date (if any) Representative Counsel shall have been furnished with such
documents and opinions as they may reasonably require for the purpose of enabling Representative Counsel to deliver an opinion to the
Underwriters, or in order to evidence the accuracy of any of the representations or warranties, or the fulfillment of any of the conditions,
herein contained; and all proceedings taken by the Company in connection with the issuance and sale of the Securities and the Representative&rsquo;s
Securities as herein contemplated shall be reasonably satisfactory in form and substance to the Representative and Representative Counsel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase"></FONT></P>

<!-- Field: Page; Sequence: 33; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase">5. </FONT><U>Indemnification</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.1 <U>Indemnification
by the Company.</U> The Company shall indemnify and hold harmless each Underwriter, its affiliates and each of its and their respective
directors, officers, members, employees, representatives and agents and each person, if any, who controls any Underwriter within the meaning
of Section 15 of the Securities Act of or Section 20 of the Exchange Act (collectively the &ldquo;<B>Underwriter Indemnified Parties</B>,&rdquo;
and each a &ldquo;<B>Underwriter Indemnified Party</B>&rdquo;) against any loss, claim, damage, expense, fines (which may be imposed by
any governmental authority, including the CSRC) or liability whatsoever (or any action, investigation or proceeding in respect thereof),
to which such Underwriter Indemnified Party may become subject, under the Securities Act or otherwise, insofar as such loss, claim, damage,
expense, fine, liability, action, investigation or proceeding arises out of or is based upon (A) any untrue statement or alleged untrue
statement of a material fact contained in any Registration Statement, Preliminary Prospectus, Pricing Disclosure Package, Issuer Free
Writing Prospectus, any &ldquo;<B>issuer information</B>&rdquo; filed or required to be filed pursuant to Rule 433(d) of the Securities
Act Regulations, or the Prospectus, or in any amendment or supplement thereto or document incorporated by reference therein, or (B) the
omission or alleged omission to state in any Registration Statement, Preliminary Prospectus, Pricing Disclosure Package, Issuer Free Writing
Prospectus, any &ldquo;<B>issuer information</B>&rdquo; filed or required to be filed pursuant to Rule 433(d) of the Securities Act Regulations,
or the Prospectus, or in any amendment or supplement thereto or document incorporated by reference therein, a material fact required to
be stated therein or necessary to make the statements therein not misleading, and shall reimburse the Underwriter Indemnified Party promptly
upon demand for any legal fees or other expenses reasonably incurred by that Underwriter Indemnified Party in connection with 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 such loss, claim, damage, expense, liability, action, investigation or proceeding, as such fees and expenses are incurred; 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 Registration Statement, Preliminary Prospectus, Pricing Disclosure
Package, Issuer Free Writing Prospectus or the Prospectus, or any such amendment or supplement thereto, or made in reliance upon and in
conformity with written information furnished to the Company through the Representative by or on behalf of any Underwriter specifically
for use therein, which information the parties hereto agree is limited to the Underwriters&rsquo; Information. This indemnity agreement
is 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 Underwriter Indemnified Party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.2 <U>Indemnification
by the Underwriters</U>. Each Underwriter, severally and not jointly, shall indemnify and hold harmless the Company, the Company&rsquo;s
directors, its officers who signed the Registration Statement 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 &ldquo;<B>Company Indemnified Parties</B>&rdquo;
and each a &ldquo;<B>Company Indemnified Party</B>&rdquo;) against any loss, claim, damage, expense or liability whatsoever (or any action,
investigation or proceeding in respect thereof), to which such Company Indemnified Party may become subject, under the Securities Act
or otherwise, insofar as such loss, claim, damage, expense, liability, action, investigation or proceeding arises out of or is based upon
(i) any untrue statement of a material fact contained in any Registration Statement, Preliminary Prospectus, Disclosure Package, Issuer
Free Writing Prospectus, any &ldquo;<B>issuer information</B>&rdquo; filed or required to be filed pursuant to Rule 433(d) of the Securities
Act Regulations, or the Prospectus, or in any amendment or supplement thereto, or (ii) the omission to state in any Registration Statement,
Preliminary Prospectus, Disclosure Package, Issuer Free Writing Prospectus, any &ldquo;<B>issuer information</B>&rdquo; filed or required
to be filed pursuant to Rule 433(d) of the Securities Act Regulations, 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 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 written information furnished to the Company through
the Representative by or on behalf of any Underwriter specifically for use therein, which information the parties hereto agree is limited
to the Underwriters&rsquo; 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 5.2, in no event shall any indemnity by an Underwriter under this Section 5.2 exceed the total discount and
commission received by such Underwriter in connection with the Offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 34; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->34<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.3 <U>Procedure</U>.
Promptly after receipt by an indemnified party under this Section 5 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 5, notify such indemnifying party
in writing of the commencement of that action; <I>provided</I>, <I>however</I>, that the failure to notify the indemnifying party shall
not relieve it from any liability which it may have under this Section 5 except to the extent it has been materially adversely prejudiced
by such failure; and, <I>provided</I>, <I>further</I>, 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 5. 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
5 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 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 5.1 or the Representative in the case of a claim for indemnification
under Section 5.2, (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 legal or other expenses subsequently incurred by such indemnified party in connection
with the defense of such action; <I>provided</I>, <I>however</I>, 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 any such indemnified
party (in addition to any local counsel), which firm shall be designated in writing by the Representative if the indemnified party under
this Section 5 is an Underwriter Indemnified Party or by the Company if an indemnified party under this Section 5 is a Company Indemnified
Party. Subject to this Section 5.3, the amount payable by an indemnifying party under Section 5 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 5 (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 forty-five (45) 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 thirty (30) 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 35; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->35<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.4 <U>Contribution</U>.
If the indemnification provided for in this Section 5 is unavailable or insufficient to hold harmless an indemnified party under Section
5.1 or Section 5.2, 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 Company on the one hand and each of the Underwriters on the other hand from the Offering, or (ii) if the allocation provided
by clause (i) of this Section 5.4 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 5.4 but also the relative fault of the Company on the one hand and the Underwriters
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. 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 under this Agreement (before deducting expenses) received
by the Company bear to the total underwriting discounts and commissions 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 through the Representative by or on behalf of any Underwriter for use in any Preliminary Prospectus, any Registration
Statement or the Prospectus, or in any amendment or supplement thereto, consists solely of the Underwriters&rsquo; Information. The Company
and the Underwriters agree that it would not be just and equitable if contributions pursuant to this Section 5.4 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 5.4 shall be deemed to include, for purposes of this Section 5.4, 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 5.4, no Underwriter shall be required to contribute any amount
in excess of the total discount and commission received by such Underwriter in connection with the Offering less the amount of any damages
which such Underwriter has 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. The Underwriters&rsquo; obligation to contribute as provided in this Section 5.4 are several and in proportion to their
respective underwriting obligation, and not joint.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase">6. </FONT><U>Default
by an Underwriter</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.1 <U>Default
Not Exceeding 10% of Firm Securities or Additional Securities</U>. If any Underwriter or Underwriters shall default in its or their obligations
to purchase the Firm Securities or the Additional Securities, if the Over-allotment Option is exercised hereunder, and if the number of
the Firm Securities or Additional Securities with respect to which such default relates does not exceed in the aggregate 10% of the number
of Firm Securities or Additional Securities that all Underwriters have agreed to purchase hereunder, then such Firm Securities or Additional
Securities to which the default relates shall be purchased by the non-defaulting Underwriters in proportion to their respective commitments
hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.2 <U>Default
Exceeding 10% of Firm Securities or Additional Securities</U>. In the event that the default addressed in Section 6.1 relates to more
than 10% of the Firm Securities or Additional Securities, you may in your discretion arrange for yourself or for another party or parties
to purchase such Firm Securities or Additional Securities to which such default relates on the terms contained herein. If, within one
(1) Business Day after such default relating to more than 10% of the Firm Securities or Additional Securities, you do not arrange for
the purchase of such Firm Securities or Additional Securities, then the Company shall be entitled to a further period of one (1) Business
Day within which to procure another party or parties satisfactory to you to purchase said Firm Securities or Additional Securities on
such terms. In the event that neither you nor the Company arrange for the purchase of the Firm Securities or Additional Securities to
which a default relates as provided in this Section 6, this Agreement will automatically be terminated by you or the Company without liability
on the part of the Company (except as provided in Sections 3.11 and 5 hereof) or the several Underwriters (except as provided in Section
5 hereof); provided, however, that if such default occurs with respect to the Additional Securities, this Agreement will not terminate
as to the Firm Securities; and provided, further, that nothing herein shall relieve a defaulting Underwriter of its liability, if any,
to the other Underwriters and to the Company for damages occasioned by its default hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 36; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->36<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.3 <U>Postponement
of Closing Date</U>. In the event that the Firm Securities or Additional Securities to which the default relates are to be purchased by
the non-defaulting Underwriters, or are to be purchased by another party or parties as aforesaid, you or the Company shall have the right
to postpone the Closing Date or Option Closing Date for a reasonable period, but not in any event exceeding five (5) Business Days, in
order to effect whatever changes may thereby be made necessary in the Registration Statement, the Pricing Disclosure Package or the Prospectus
or in any other documents and arrangements, and the Company agrees to file promptly any amendment to the Registration Statement, the Pricing
Disclosure Package or the Prospectus that in the opinion of counsel for the Underwriter may thereby be made necessary. The term &ldquo;<B>Underwriter</B>&rdquo;
as used in this Agreement shall include any party substituted under this Section 6 with like effect as if it had originally been a party
to this Agreement with respect to such Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase">7. </FONT><U>Additional
Covenants</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.1 <U>Board
Composition and Board Designations</U>. The Company shall ensure that: (i)&nbsp;the qualifications of the persons serving as members of
the Board of Directors and the overall composition of the Board comply with the Sarbanes-Oxley Act, with the Exchange Act and with the
listing rules of the Exchange or any other national securities exchange, as the case may be, in the event the Company seeks to have its
Securities listed on another exchange or quoted on an automated quotation system, and (ii)&nbsp;if applicable, at least one member of
the Audit Committee of the Board of Directors qualifies as an &ldquo;audit committee financial expert,&rdquo; as such term is defined
under Regulation S-K and the listing rules of the Exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.2 <U>Prohibition
on Press Releases and Public Announcements</U>. The Company shall not issue press releases or engage in any other publicity, without the
Representative&rsquo;s prior written consent, for a period ending at 5:00 p.m., Eastern time, on the first (1<SUP>st</SUP>) Business Day
following the forty-fifth (45<SUP>th</SUP>) day after the Closing Date, other than normal and customary releases issued in the ordinary
course of the Company&rsquo;s business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.3 <U>Right
of First Refusal</U>. Provided that the Firm Securities are sold in accordance with the terms of this Agreement, the Representative shall
have an irrevocable right of first refusal (the &ldquo;<B>Right of First Refusal</B>&rdquo;), for a period of twelve (12) months after
the Effective Date, to act as sole investment banker, sole book runner and/or sole placement agent at Representative&rsquo;s sole discretion
for each and every future public and private equity and public debt offering, including all equity-linked financings during such twelve
(12) month period of the Company, or any successor to or any current or future subsidiary of the Company (each, a &ldquo;<B>Subject Transaction</B>&rdquo;)
on terms and conditions customary to the Representative for such Subject Transaction. The Representative shall have the sole right to
determine whether or not any other broker dealer shall have the right to participate in the Subject Transactions and the economic terms
of such participation. For the avoidance of any doubt, the Company shall not retain, engage or solicit any additional investment banker,
book-runner, financial advisor, underwriter and/or placement agent in a Subject Transaction without the express written consent of the
Representative. The Company shall notify the Representative of its intention to pursue a Subject Transaction, including the material terms
thereof, by providing written notice thereof by registered mail or overnight courier service addressed to the Representative.&nbsp; If
the Representative fails to exercise its Right of First Refusal with respect to any Subject Transaction within ten (10) Business Days
after the mailing of such written notice, then the Representative shall have no further claim or right with respect to the Subject Transaction.
The Representative may elect, in its sole and absolute discretion, not to exercise its Right of First Refusal with respect to any Subject
Transaction; <I>provided </I>that any such election by the Representative shall not adversely affect the Representative&rsquo;s Right
of First Refusal with respect to any other Subject Transaction.&nbsp;&nbsp; The terms and conditions of any such engagements shall be
set forth in separate agreements and may be subject to, among other things, satisfactory completion of due diligence by the Representative,
market conditions, the absence of a Material Adverse Change to the Company&rsquo;s business, financial condition and prospects, approval
of the Representative&rsquo;s internal committee and any other conditions that the Representative may deem appropriate for transactions
of such nature.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 37; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->37<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.4 <U>Confidentiality</U>.
Each Underwriter, severally and not jointly, shall not disclose documents and materials which they receive from PRC subsidiaries to any
third party overseas and shall be compliance with relevant PRC laws and regulations regarding to confidentiality, data compliance and
personal information protection. Otherwise, each Underwriter, severally and not jointly, shall take the liability at its own expense in
any such case to the extent that any such loss, claim, damage, expense or liability arises out of any non-compliance with relevant PRC
laws and regulations regarding to confidentiality, data compliance and personal information protection.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase">8. </FONT><U>Effective
Date of this Agreement and Termination Thereof</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">8.1 <U>Effective
Date</U>. This Agreement shall become effective when both the Company and the Representative have executed the same and delivered counterparts
of such signatures to the other party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">8.2 <U>Tail
Period / Termination</U>. The Representative shall be entitled to a cash fee equal to eight percent (8%) of the gross proceeds received
by the Company from the sale of any equity, debt and/or equity derivative instruments to any investor actually introduced by the Representative
to the Company which the Company has direct knowledge of such investor&rsquo;s participation ( excluding any existing investor of the
Company or its subsidiaries or affiliates, provided that the Company provides a list of its existing shareholders upon the execution date
of this Agreement), in connection with any public or private financing or capital raise (each, a &ldquo;Tail Financing&rdquo;), and such
Tail Financing is consummated within the twelve (12) month period following the Closing Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The Representative shall have
the right to terminate this Agreement at any time prior to any Closing Date, (i)&nbsp;if any domestic or international event or act or
occurrence has materially disrupted, or in your opinion will in the immediate future materially disrupt, general securities markets in
the United States; or (ii)&nbsp;if trading on the New York Stock Exchange or the Nasdaq Stock Market LLC shall have been suspended or
materially limited, or minimum or maximum prices for trading shall have been fixed, or maximum ranges for prices for securities shall
have been required by FINRA or by order of the Commission or any other Government Entity having jurisdiction; or (iii)&nbsp;if the United
States shall have become involved in a new war or an increase in major hostilities; or (iv)&nbsp;if a banking moratorium has been declared
by a New York State or federal authority; or (v)&nbsp;if a moratorium on foreign exchange trading has been declared which materially adversely
impacts the United States securities markets; or (vi)&nbsp;if the Company shall have sustained a material loss by fire, flood, accident,
hurricane, earthquake, theft, sabotage or other calamity or malicious act which, whether or not such loss shall have been insured, will,
in your opinion, make it inadvisable to proceed with the delivery of the Firm Securities or Additional Securities; or (vii)&nbsp;if the
Company is in material breach of any of its representations, warranties or covenants hereunder; (viii)&nbsp;if any condition set forth
in Section 4 hereof is not satisfied on or prior to any Closing Date; or (ix) if the Representative shall have become aware after the
date hereof of such a Material Adverse Change in the conditions or prospects of the Company, or such adverse material change in general
market conditions as in the Representative&rsquo;s judgment would make it impracticable to proceed with the offering, sale and/or delivery
of the Securities or to enforce contracts made by the Underwriters for the sale of the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 38; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->38<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">8.3 <U>Expenses</U>.
Notwithstanding anything to the contrary in this Agreement, except in the case of a default by the Underwriters, pursuant to Section 6.2
above, in the event that this Agreement shall not be carried out for any reason whatsoever, within the time specified herein or any extensions
thereof pursuant to the terms herein, the Company shall be obligated to pay to the Underwriters their actual and accountable out-of-pocket
expenses related to the transactions contemplated herein then due and payable (including the fees and disbursements of Representative
Counsel up to $80,000), less the Advance and upon demand the Company shall pay the full amount thereof to the Representative on behalf
of the Underwriters; provided, however, that such expense cap in no way limits or impairs the indemnification and contribution provisions
of this Agreement. Notwithstanding the foregoing, the Advance received by the Representative will be returned to the Company to the extent
not actually incurred in compliance with FINRA Rule 5110(f)(2)(C).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">8.4 <U>Indemnification</U>.
Notwithstanding any contrary provision contained in this Agreement, any election hereunder or any termination of this Agreement, and whether
or not this Agreement is otherwise carried out, the provisions of Section 5 shall remain in full force and effect and shall not be in
any way affected by, such election or termination or failure to carry out the terms of this Agreement or any part hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">8.5 <U>Representations,
Warranties, Agreements to Survive</U>. All representations, warranties and agreements contained in this Agreement or in certificates of
officers of the Company submitted pursuant hereto, shall remain operative and in full force and effect regardless of (i)&nbsp;any investigation
made by or on behalf of any Underwriter or its Affiliates or selling agents, any person controlling any Underwriter, its officers or directors
or any person controlling the Company or (ii)&nbsp;delivery of and payment for the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase">9. </FONT><U>Miscellaneous</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">9.1 <U>Notices</U>.
All communications hereunder, except as herein otherwise specifically provided, shall be in writing and shall be mailed (registered or
certified mail, return receipt requested), personally delivered or sent by facsimile transmission and confirmed and shall be deemed given
when so delivered or faxed and confirmed or if mailed, two (2) days after such mailing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">If to the Representative:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">EF Hutton LLC<BR>
590 Madison Avenue, 39th Floor<BR>
New York, New York 10022<BR>
Attn: Mr. Joseph T. Rallo, Chief Executive Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">Email: jrallo@efhuttongroup.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left"></P>

<!-- Field: Page; Sequence: 39; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->39<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">Fax No.:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">with a copy (which shall not constitute
notice) to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">Loeb &amp; Loeb LLP<BR>
345 Park Avenue<BR>
New York, NY 10154<BR>
Attn: Mitchell S. Nussbaum, Esq.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">Email: mnussbaum@loeb.com<BR>
Fax No.:&nbsp;&nbsp;212-407-4990</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">If to the Company:<B><BR>
<BR>
</B>Zhibao Technology Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">Floor 3, Building 6, Wuxing Road, Lane
727<B><BR>
</B>Pudong New Area, Shanghai 201204<BR>
Attention: Botao Ma, Chief Executive Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">Email: botao.ma@zhibao-tech.com<BR>
<BR>
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">with a copy (which shall not constitute
notice) to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">Ellenoff Grossman &amp; Schole LLP<BR>
1345 Avenue of the Americas, 11th Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">New York, NY 10105</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">Attention: Richard I. Anslow, Esq.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">Email: ranslow@egsllp.com<BR>
Fax No: (212) 370-7889</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">9.2 <U>Headings</U>.
The headings contained herein are for the sole purpose of convenience of reference, and shall not in any way limit or affect the meaning
or interpretation of any of the terms or provisions of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">9.3 <U>Research
Analyst Independence</U>. The Company acknowledges that each Underwriter&rsquo;s research analysts and research departments are required
to be independent from its investment banking division and are subject to certain regulations and internal policies, and that such Underwriter&rsquo;s
research analysts may hold views and make statements or investment recommendations and/or publish research reports with respect to the
Company and/or the offering that differ from the views of their investment banking division. The Company acknowledges that each Underwriter
is a full service securities firm and as such from time to time, subject to applicable securities laws, rules and regulations, may effect
transactions for its own account or the account of its customers and hold long or short positions in debt or equity securities of the
Company; provided, however, that nothing in this Section 9.3 shall relieve the Underwriter of any responsibility or liability it may otherwise
bear in connection with activities in violation of applicable securities laws, rules or regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">9.4 <U>Amendment</U>.
This Agreement may only be amended by a written instrument executed by each of the parties hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 40; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->40<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">9.5 <U>Entire
Agreement</U>. This Agreement (together with the other agreements and documents being delivered pursuant to or in connection with this
Agreement) constitutes the entire agreement of the parties hereto with respect to the subject matter hereof and thereof, and supersedes
all prior agreements and understandings of the parties, oral and written, with respect to the subject matter hereof. Notwithstanding anything
to the contrary set forth herein, it is understood and agreed by the parties hereto that all other terms and conditions of that certain
engagement letter between the Company and EF Hutton LLC, dated December 15, 2022, as amended, shall remain in full force and effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">9.6 <U>Binding
Effect</U>. This Agreement shall inure solely to the benefit of and shall be binding upon the Representative, the Underwriters, the Company
and the controlling persons, directors and officers referred to in Section 5 hereof, and their respective successors, legal representatives,
heirs and assigns, and no other person shall have or be construed to have any legal or equitable right, remedy or claim under or in respect
of or by virtue of this Agreement or any provisions herein contained. The term &ldquo;successors and assigns&rdquo; shall not include
a purchaser, in its capacity as such, of securities from any of the Underwriters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">9.7 <U>Governing
Law; Consent to Jurisdiction; Trial by Jury</U>. This Agreement shall be governed by and construed and enforced in accordance with the
laws of the State of New York, without giving effect to conflict of laws principles thereof. The Company hereby agrees that 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, 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 such 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
Section 9.1 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 agrees that the prevailing party(ies) in any such action shall be entitled to recover from the other party(ies)
all of its reasonable attorneys&rsquo; fees and expenses relating to such action or proceeding and/or incurred in connection with the
preparation therefor. The Company (on its behalf and, to the extent permitted by applicable law, on behalf of its shareholders and affiliates)
and each of the Underwriters hereby irrevocably waives, 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">9.8 <U>Execution
in Counterparts</U>. This Agreement may be executed in one or more counterparts, and by the different parties hereto in separate counterparts,
each of which shall be deemed to be an original, but all of which taken together shall constitute one and the same agreement, and shall
become effective when one or more counterparts has been signed by each of the parties hereto and delivered to each of the other parties
hereto. Delivery of a signed counterpart of this Agreement by facsimile or email/pdf transmission shall constitute valid and sufficient
delivery thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">9.9 <U>Waiver,
etc</U>. The failure of any of the parties hereto to at any time enforce any of the provisions of this Agreement shall not be deemed or
construed to be a waiver of any such provision, nor to in any way effect the validity of this Agreement or any provision hereof or the
right of any of the parties hereto to thereafter enforce each and every provision of this Agreement. No waiver of any breach, non-compliance
or non-fulfillment of any of the provisions of this Agreement shall be effective unless set forth in a written instrument executed by
the party or parties against whom or which enforcement of such waiver is sought; and no waiver of any such breach, non-compliance or non-fulfillment
shall be construed or deemed to be a waiver of any other or subsequent breach, non-compliance or non-fulfillment.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>[Signature Page Follows]</I></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>&nbsp;</I></P>


<!-- Field: Page; Sequence: 41; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->41<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the foregoing correctly
sets forth the understanding between the Underwriters and the Company, please so indicate in the space provided below for that purpose,
whereupon this letter shall constitute a binding agreement between us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify">Very truly yours,</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify">ZHIBAO TECHNOLOGY INC.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: justify">/s/ Botao Ma</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 4%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 5%">Name:&nbsp;</TD>
    <TD STYLE="text-align: left; width: 31%">Botao Ma</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Title:</TD>
    <TD STYLE="text-align: left">Chief Executive Officer and Director</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Confirmed as of the date first written above mentioned,
on behalf of itself and as Representative of the several Underwriters named on <U>Schedule 1</U> hereto:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">EF Hutton LLC</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 5%">By:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify; width: 35%">/s/ Sam Fleischman</TD>
    <TD STYLE="width: 60%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Name:&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Sam Fleischman</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Title:</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Supervisory Principal</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-variant: small-caps">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps">[Signature
Page]<BR>
Underwriting Agreement</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 42 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>SCHEDULE 1</U><FONT STYLE="font-size: 10pt; text-decoration: none"><BR>
&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold">Underwriter</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Total<BR>
 Number of<BR>
 Firm<BR>
 Securities<BR>
 to be<BR>
 Purchased</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Number of<BR>
 Additional<BR>
 Securities<BR>
 to be<BR>
 Purchased if<BR>
 Over-Allotment<BR>
 Option is Fully<BR>
 Exercised</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; font-weight: bold">Firm Share</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; font-weight: bold">Additional&nbsp;Shares</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; text-align: left">EF Hutton LLC</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">1,495,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">224,250</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">WestPark Capital, Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">750</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


<!-- Field: Page; Sequence: 43 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>SCHEDULE 2-A</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Pricing Information</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Number of Firm Shares: <FONT STYLE="font-size: 10pt"><B>1,500,000</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Number of Additional Shares: <FONT STYLE="font-size: 10pt"><B>225,000</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Public Offering Price per Share: $<FONT STYLE="font-size: 10pt"><B>4.00</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Underwriting Discount per Share: $<FONT STYLE="font-size: 10pt"><B>0.28</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Proceeds to Company per Share (before expenses):
$<FONT STYLE="font-size: 10pt"><B>3.72</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>


<!-- Field: Page; Sequence: 44 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>SCHEDULE 2-B</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Issuer General Use Free Writing Prospectuses</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>None.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 45 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="text-decoration: none"><B>&nbsp;</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>SCHEDULE 3</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">List of Lock-Up Parties</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Mavy Holdings Limited</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Shenbao Limited Partnership</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Beijing Koala Kunlu Internet Industry Investment
Fund (Limited Partnership)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Shanghai Xinhui Investment Consulting Co., Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Ningbo Pangu Chuangfu Hefu Equity Investment Partnership
(Limited Partnership)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Beijing 1898 Youchuang Investment Center (Limited
Partnership)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Changjiang Ming Holdings Limited</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Mangosteen International Consulting PTE. LTD.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Botao Ma</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Yuanwen Xia</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Xiao Luo</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Yugang Wang</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 46 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>SCHEDULE 4</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">List of Subsidiaries</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">Zhibao Technology Holdings
Limited, a British Virgin Islands company</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">Zhibao Technology Limited,
a Hong Kong company</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">Zhibao Technology Co., Ltd.,
a PRC company</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">Shanghai Anyi Network Technology
Co., Ltd., a PRC company</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">Sunshine Insurance Brokers
(Shanghai) Co., Ltd., a PRC company</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">Shanghai Zhongzhi Chengcheng
Healthy Service Co., Ltd., a PRC company</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>


<!-- Field: Page; Sequence: 47 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>EXHIBIT A</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Form of Representative&rsquo;s Warrant</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">THE REGISTERED HOLDER OF THIS PURCHASE WARRANT
BY ITS ACCEPTANCE HEREOF, AGREES THAT IT WILL NOT SELL, TRANSFER OR ASSIGN THIS PURCHASE WARRANT EXCEPT AS HEREIN PROVIDED AND THE REGISTERED
HOLDER OF THIS PURCHASE WARRANT AGREES THAT IT WILL NOT SELL, TRANSFER, ASSIGN, PLEDGE OR HYPOTHECATE THIS PURCHASE WARRANT FOR A PERIOD
OF ONE HUNDRED EIGHTY DAYS FOLLOWING THE EFFECTIVE DATE (DEFINED BELOW) TO ANYONE OTHER THAN (I) EF HUTTON LLC OR AN UNDERWRITER OR A
SELECTED DEALER IN CONNECTION WITH THE OFFERING, OR (II) A BONA FIDE OFFICER OR PARTNER OF EF HUTTON LLC OR OF ANY SUCH UNDERWRITER OR
SELECTED DEALER.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">THIS PURCHASE WARRANT IS NOT EXERCISABLE PRIOR
TO September 25, 2024. VOID AFTER 5:00 P.M., EASTERN TIME, March 29, 2029.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 48; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CLASS A ORDINARY SHARES PURCHASE WARRANT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">For the Purchase of 75,000 Class A Ordinary Shares</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">of Zhibao Technology Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0cm"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0cm"><FONT STYLE="text-transform: uppercase">1. </FONT><U>Purchase
Warrant</U>. THIS CERTIFIES THAT, in consideration of funds duly paid by or on behalf of EF Hutton LLC (&ldquo;<B>Holder</B>&rdquo;),
as registered owner of this Purchase Warrant, to Zhibao Technology Inc., a Cayman Islands exempted company (the &ldquo;<B>Company</B>&rdquo;),
Holder is entitled, at any time or from time to time from September 25, 2024 (the &ldquo;<B>Commencement Date</B>&rdquo;), and at or before
5:00p.m., Eastern time, March 29, 2029 (the&nbsp;&ldquo;<B>Expiration&nbsp;Date</B>&rdquo;), but not thereafter, to subscribe for, purchase
and receive, in whole or in part, up to 75,000 Class A ordinary shares, par value $0.0001 per share (&ldquo;<B>Ordinary Shares</B>&rdquo;)
of the Company (the &ldquo;<B>Shares</B>&rdquo;), subject to adjustment as provided in Section 6 hereof. If the Expiration Date is not
a Business Day, then this Purchase Warrant may be exercised on the next succeeding Business Day. During the period commencing on the Commencement
Date and ending on the Expiration Date, the Company agrees not to take any action that would terminate this Purchase Warrant. This Purchase
Warrant is initially exercisable at $4.40 per Share; <U>provided</U>, <U>however</U>, that upon the occurrence of any of the events specified
in Section 6 hereof, the rights granted by this Purchase Warrant, including the exercise price per Share and the number of Shares to be
received upon such exercise, shall be adjusted as therein specified. The term &ldquo;<B>Exercise Price</B>&rdquo; shall mean the initial
exercise price or the adjusted exercise price, depending on the context. The term &ldquo;Business Day&rdquo; shall mean a day other than
a Saturday, Sunday or any other day which is a federal legal holiday in the United States or any day on which the Federal Reserve Bank
of New York is authorized or required by law or other governmental action to close, provided that the Federal Reserve Bank of New York
shall not be deemed to be authorized or obligated to be closed due to a &ldquo;shelter in place,&rdquo; &ldquo;non-essential employee&rdquo;
or similar closure of physical location at the direction of any governmental authority if the bank&rsquo;s electronic funds transfer systems
(including for wire transfers) are open for use by customers on such day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0cm"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0cm"><FONT STYLE="text-transform: uppercase">2. </FONT><U>Exercise</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">2.1 <U>Exercise
Form</U>. In order to exercise this Purchase Warrant, the exercise form attached hereto must be duly executed and completed and delivered
to the Company, together with this Purchase Warrant and, unless exercised pursuant to Section 2.2 hereof, payment of the Exercise Price
for the Shares being purchased payable in cash by wire transfer of immediately available funds to an account designated by the Company
or by certified check or official bank check. If this Purchase Warrant is not exercised at or before 5:00 p.m., Eastern time, on the Expiration
Date, this Purchase Warrant shall become and be void without further force or effect, and all rights represented hereby shall cease and
expire.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">2.2 <U>Cashless
Exercise</U>.&nbsp; If at any time after the Commencement Date there is no effective registration statement registering, or no current
prospectus available for, the issuance or resale of the Shares by the Holder, then in lieu of exercising this Purchase Warrant by payment
of cash or check payable to the order of the Company pursuant to Section 2.1 above, Holder may elect to receive the number of Shares equal
to the value of this Purchase Warrant (or the portion thereof being exercised), by surrender of this Purchase Warrant to the Company,
together with the exercise form attached hereto, in which event the issue to Holder, Shares in accordance with the following formula:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; text-align: center; width: 5.5%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; text-align: center; width: 3%"><FONT STYLE="font-size: 10pt">X</FONT></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; text-align: center; width: 3%"><FONT STYLE="font-size: 10pt">=</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; text-align: center; width: 12%"><FONT STYLE="font-size: 10pt"><U>Y(A-B)</U></FONT></TD>
    <TD STYLE="text-align: justify; width: 76.5%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">A</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5.5%">&nbsp;</TD>
    <TD STYLE="width: 3%; text-align: left"><FONT STYLE="font-size: 10pt">Where,</FONT></TD>
    <TD STYLE="width: 3%; padding-right: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 3%; padding-right: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 85.5%; padding-right: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">X</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">=</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">The number of Shares to be issued to Holder;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Y</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">=</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">The number of Shares for which the Purchase Warrant is being exercised;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">A</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">=</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">The fair market value of one Share; and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">B</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">=</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">The Exercise Price.</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 49; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">For purposes of this Section
2.2, the fair market value of a Share is defined as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 72pt; text-align: justify; text-indent: -36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(i)</TD><TD STYLE="text-align: justify">if the Company&rsquo;s Ordinary Shares are traded on a securities exchange, the value shall be deemed
to be the closing price on such exchange on the Business Day immediately preceding the date that the exercise form is delivered in connection
with the exercise of the Purchase Warrant; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 72pt; text-align: justify; text-indent: -36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(ii)</TD><TD STYLE="text-align: justify">if the Company&rsquo;s Ordinary Shares are actively traded over-the-counter, the value shall be deemed
to be the closing bid price so reported on the Business Day immediately preceding the date that the exercise form is delivered in connection
with the exercise of the Purchase Warrant; if there is no active public market, the value shall be the fair market value thereof, as determined
in good faith by the Company&rsquo;s Board of Directors.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">2.3 <U>Legend</U>.
Unless the securities purchased under this Purchase Warrant have been registered under the Securities Act of 1933, as amended (the &ldquo;<B>Act</B>&rdquo;)
each certificate for such securities shall bear the following legend:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&ldquo;The securities represented
by this certificate have not been registered under the Securities Act of 1933, as amended (the &ldquo;<B>Securities Act</B>&rdquo;), or
applicable state law. Neither the securities nor any interest therein may be offered for sale, sold or otherwise transferred except pursuant
to an effective registration statement under the Securities Act, or pursuant to an exemption from registration under the Securities Act
and applicable state law which, in the opinion of counsel to the Company, is available.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0cm"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0cm"><FONT STYLE="text-transform: uppercase">3. </FONT><U>Transfer</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">3.1 <U>General
Restrictions</U>. The registered Holder of this Purchase Warrant agrees by his, her or its acceptance hereof, that such Holder will not:
(a) sell, transfer, assign, pledge or hypothecate this Purchase Warrant for a period of one hundred eighty (180) days following the Effective
Date to anyone other than: (i) EF Hutton) or an underwriter or a selected dealer participating in the Offering, or (ii) a bona fide officer
or partner of Hutton or of any such underwriter or selected dealer, in each case in accordance with FINRA Conduct Rule 5110(g)(1), or
(b) cause this Purchase Warrant or the securities issuable hereunder to be the subject of any hedging, short sale, derivative, put or
call transaction that would result in the effective economic disposition of this Purchase Warrant or the securities hereunder, except
as provided for in FINRA Rule 5110(g)(2). On and after 180 days after the Effective Date, transfers to others may be made subject to compliance
with or exemptions from applicable securities laws. In order to make any permitted assignment, the Holder must deliver to the Company
the assignment form attached hereto duly executed and completed, together with the Purchase Warrant and payment of all transfer taxes,
if any, payable in connection therewith. The Company shall within five (5) Business Days after receipt of the duly completed assignment
form transfer this Purchase Warrant on the books of the Company and shall execute and deliver a new Purchase Warrant or Purchase Warrants
of like tenor to the appropriate assignee(s) expressly evidencing the right to purchase the aggregate number of Shares purchasable hereunder
or such portion of such number as shall be contemplated by any such assignment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0cm"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0cm"><FONT STYLE="text-transform: uppercase"></FONT></P>

<!-- Field: Page; Sequence: 50; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0cm"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0cm"><FONT STYLE="text-transform: uppercase">4. </FONT><U>Registration
Rights</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">4.1 <U>Demand
Registration</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">4.1.1 <U>Grant
of Right</U>. The Company, upon written demand (a &ldquo;<B>Demand Notice</B>&rdquo;) of the Holder(s) of at least 51% of the Purchase
Warrants and/or the underlying Shares (&ldquo;Majority Holders&rdquo;), agrees to register, on one occasion, all or any portion of the
Shares underlying the Purchase Warrants (collectively, the &ldquo;<B>Registrable Securities</B>&rdquo;). The Company covenants and agrees
to give written notice of its receipt of any Demand Notice by the Majority Holder(s) to all other registered Holders of Registrable Securities
within ten (10) days after the date of the receipt of any such Demand Notice. Each such Holder desiring to include in such registration
statement all or any portion of the Registrable Securities then held by such Holder shall, within five (5) calendar days after receipt
of the above-described notice from the Company, so notify the Company in writing, and in such notice shall inform the Company of the number
of Registrable Securities such Holder wishes to include in such registration statement. On such occasion, the Company will file a registration
statement with the Commission covering the Registrable Securities within sixty (60) days after receipt of a Demand Notice and use its
reasonable best efforts to have the registration statement declared effective promptly thereafter, subject to compliance with review by
the Commission; <U>provided</U>, <U>however</U>, that the Company shall not be required to comply with a Demand Notice if the Company
has filed a registration statement with respect to which the Holder is entitled to piggyback registration rights pursuant to Section 4.2
hereof and either: (i) the Holder has elected to participate in the offering covered by such registration statement or (ii) if such registration
statement relates to an underwritten primary offering of securities of the Company, until the offering covered by such registration statement
has been withdrawn or until thirty (30) days after such offering is consummated. The demand for registration may be made at any time during
a period of five (5) years beginning on the Commencement Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notwithstanding the foregoing, if the board of
directors of the Company, in its good faith judgment, determines that any registration of Registrable Securities under this Section 4.1
should not be made or continued because it would materially interfere with any material or potentially material financing, acquisition,
corporate reorganization or merger or other transaction involving the Company, including negotiations related thereto, or require the
Company to disclose any material nonpublic information which would reasonably be likely to be detrimental to the Company or otherwise
make it undesirable for the Company to complete a demand registration at that time (a &ldquo;<B>Valid Business Reason</B>&rdquo;), (x)
the Company may postpone filing a Registration Statement (but not the preparation of the registration statement) relating to a Demand
Registration until such Valid Business Reason no longer exists, but in no event for more than sixty (60) days after the date when the
demand registration was requested and (y) in case a Registration Statement has been filed relating to a demand registration, the Company
may postpone amending or supplementing such registration statement, (in which case, if the Valid Business Reason no longer exists or if
more than one 60-day period has passed since such postponement, the Majority Holder(s) may request a new demand registration or request
the prompt amendment or supplement of such registration statement). The Company shall give written notice to all Holders of Registrable
Securities who have elected to participate in the demand registration of its determination to postpone filing, amending or supplementing
a Registration Statement and of the fact that the Valid Business Reason for such postponement no longer exists, in each case, promptly
after the occurrence thereof (which notice shall notify each Holder only of the occurrence of such an event or the fact that it no longer
exists and shall provide no additional information regarding such event to the extent such information would constitute material nonpublic
information)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 51; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">4.1.2 <U>Terms</U>.
The Company shall bear all fees and expenses attendant to the registration of the Registrable Securities pursuant to Section 4.1.1, but
the Holders shall pay any and all underwriting discounts and commissions with respect to the sale of the Registrable Securities and the
expenses of any legal counsel selected by the Holders to represent them in connection with the sale of the Registrable Securities. The
Company agrees to use its reasonable best efforts to cause the filing required herein to become effective promptly and to qualify or register
the Registrable Securities in such states as are reasonably requested by the Holder(s); <U>provided</U>, <U>however</U>, that in no event
shall the Company be required to register the Registrable Securities in a state in which such registration would cause the Company to
be obligated to register or license to do business in such state or submit to general service of process in such state. The Company shall
cause any registration statement filed pursuant to the demand right granted under Section 4.1.1 to remain effective for a period of at
least twelve (12) consecutive months after the date that the Holders of the Registrable Securities covered by such registration statement
are first given the opportunity to sell all of such securities. The Holders shall only use the prospectuses provided by the Company to
sell the shares covered by such registration statement, and will immediately cease to use any prospectus furnished by the Company if the
Company advises the Holder that such prospectus may no longer be used due to a material misstatement or omission. Notwithstanding the
provisions of this Section 4.1.2, the Holder shall be entitled to a demand registration under this Section 4.1.2 on only one (1) occasion
and such demand registration right shall terminate on the fifth anniversary of the effectiveness of the registration statement in accordance
with FINRA Rule 5110(g)(8)(C).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notwithstanding the foregoing, if the board of
directors of the Company, in its good faith judgment, determines that any registration of Registrable Securities under this Section 4.1
should not be made or continued because it would materially interfere with any material or potentially material financing, acquisition,
corporate reorganization or merger or other transaction involving the Company, including negotiations related thereto, or require the
Company to disclose any material nonpublic information which would reasonably be likely to be detrimental to the Company or otherwise
make it undesirable for the Company to complete a demand registration at that time (a &ldquo;<B>Valid Business Reason</B>&rdquo;), (x)
the Company may postpone filing a Registration Statement (but not the preparation of the registration statement) relating to a Demand
Registration until such Valid Business Reason no longer exists, but in no event for more than sixty (60) days after the date when the
demand registration was requested and (y) in case a Registration Statement has been filed relating to a demand registration, the Company
may postpone amending or supplementing such registration statement, (in which case, if the Valid Business Reason no longer exists or if
more than one 60-day period has passed since such postponement, the Majority Holder(s) may request a new demand registration or request
the prompt amendment or supplement of such registration statement). The Company shall give written notice to all Holders of Registrable
Securities who have elected to participate in the demand registration of its determination to postpone filing, amending or supplementing
a Registration Statement and of the fact that the Valid Business Reason for such postponement no longer exists, in each case, promptly
after the occurrence thereof (which notice shall notify each Holder only of the occurrence of such an event or the fact that it no longer
exists and shall provide no additional information regarding such event to the extent such information would constitute material nonpublic
information)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 52; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">4.2 &ldquo;<U>Piggy-Back&rdquo;
Registration</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">4.2.1 <U>Grant
of Right</U>. In addition to the demand right of registration described in Section 4.1 hereof, the Holder shall have the right, for a
period of no more than five (5) years from the date of effectiveness of the registration statement in accordance with FINRA Rule 5110(g)(8)(D),
to include the Registrable Securities as part of any other registration of securities filed by the Company (other than in connection with
a transaction contemplated by Rule 145(a) promulgated under the Securities Act or pursuant to Form S-8 or any equivalent form); <U>provided</U>,
<U>however</U>, that if, solely in connection with any primary underwritten public offering for the account of the Company, the managing
underwriter(s) thereof shall, in its reasonable discretion, impose a limitation on the number of Ordinary Shares which may be included
in the Registration Statement because, in such underwriter(s)&rsquo; judgment, marketing or other factors dictate such limitation is necessary
to facilitate public distribution, then the Company shall be obligated to include in such Registration Statement only such limited portion
of the Registrable Securities with respect to which the Holder requested inclusion hereunder as the underwriter shall reasonably permit.
Any exclusion of Registrable Securities shall be made pro rata among the Holders seeking to include Registrable Securities in proportion
to the number of Registrable Securities sought to be included by such Holders; <U>provided</U>, <U>however</U>, that the Company shall
not exclude any Registrable Securities unless the Company has first excluded all outstanding securities, the holders of which are not
entitled to inclusion of such securities in such Registration Statement or are not entitled to pro rata inclusion with the Registrable
Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">4.2.2 <U>Terms</U>.
The Company shall bear all fees and expenses attendant to registering the Registrable Securities pursuant to Section 4.2.1 hereof, but
the Holders shall pay any and all underwriting discounts and commissions in connection with the sale of the Registrable Securities and
the expenses of any legal counsel selected by the Holders to represent them in connection with the sale of the Registrable Securities.
In the event of such a proposed registration, the Company shall furnish the then Holders of outstanding Registrable Securities with not
less than twenty (20) days written notice prior to the proposed date of filing of such registration statement. Such notice to the Holders
shall continue to be given for each registration statement filed by the Company until such time as all of the Registrable Securities have
been sold by the Holder. The holders of the Registrable Securities shall exercise the &ldquo;piggy-back&rdquo; rights provided for herein
by giving written notice within ten (10) days of the receipt of the Company&rsquo;s notice of its intention to file a registration statement.
Except as otherwise provided in this Purchase Warrant, there shall be no limit on the number of times the Holder may request registration
under this Section 4.2.2; <U>provided</U>, <U>however</U>, that such registration rights shall terminate on the fifth anniversary of the
Commencement Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"></P>

<!-- Field: Page; Sequence: 53; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">4.3 <U>General
Terms</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">4.3.1 <U>Indemnification</U>.
The Company shall indemnify the Holder(s) of the Registrable Securities to be sold pursuant to any registration statement hereunder and
each person, if any, who controls such Holders within the meaning of Section 15 of the Securities Act or Section 20 (a) of the Securities
Exchange Act of 1934, as amended (&ldquo;<B>Exchange Act</B>&rdquo;), against all loss, claim, damage, expense or liability (including
all reasonable attorneys&rsquo; fees and other expenses reasonably incurred in investigating, preparing or defending against any claim
whatsoever) to which any of them may become subject under the Securities Act, the Exchange Act or otherwise, arising from such registration
statement but only to the same extent and with the same effect as the provisions pursuant to which the Company has agreed to indemnify
the Underwriters contained in Section 5.1 of the Underwriting Agreement between the Underwriters and the Company, dated as of April 1,
2024. The Holder(s) of the Registrable Securities to be sold pursuant to such registration statement, and their successors and assigns,
shall severally, and not jointly, indemnify the Company, against all loss, claim, damage, expense or liability (including all reasonable
attorneys&rsquo; fees and other expenses reasonably incurred in investigating, preparing or defending against any claim whatsoever) to
which they may become subject under the Securities Act, the Exchange Act or otherwise, arising from information furnished by or on behalf
of such Holders, or their successors or assigns, in writing, for specific inclusion in such registration statement to the same extent
and with the same effect as the provisions contained in Section 5.2 of the Underwriting Agreement pursuant to which the Underwriters have
agreed to indemnify the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">4.3.2 <U>Exercise
of Purchase Warrants</U>. Nothing contained in this Purchase Warrant shall be construed as requiring the Holder(s) to exercise their Purchase
Warrants prior to or after the initial filing of any registration statement or the effectiveness thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">4.3.3 <U>Documents
Delivered to Holders</U>. The Company shall furnish to each Holder participating in any of the foregoing offerings and to each underwriter
of any such offering, if any, a signed counterpart, addressed to such Holder or underwriter, of: (i) an opinion of counsel to the Company,
dated the effective date of such registration statement (and, if such registration includes an underwritten public offering, an opinion
dated the date of the closing under any underwriting agreement related thereto), and (ii) a &ldquo;cold comfort&rdquo; letter dated the
effective date of such registration statement (and, if such registration includes an underwritten public offering, a letter dated the
date of the closing under the underwriting agreement) signed by the independent registered public accounting firm which has issued a report
on the Company&rsquo;s financial statements included in such registration statement, in each case covering substantially the same matters
with respect to such registration statement (and the prospectus included therein) and, in the case of such accountants&rsquo; letter,
with respect to events subsequent to the date of such financial statements, as are customarily covered in opinions of issuer&rsquo;s counsel
and in accountants&rsquo; letters delivered to underwriters in underwritten public offerings of securities. The Company shall also deliver
promptly to each Holder participating in the offering requesting the correspondence and memoranda described below and to the managing
underwriter, if any, copies of all correspondence between the Commission and the Company, its counsel or auditors and all memoranda relating
to discussions with the Commission or its staff with respect to the registration statement and permit each Holder and underwriter to do
such investigation, upon reasonable advance notice, with respect to information contained in or omitted from the registration statement
as it deems reasonably necessary to comply with applicable securities laws or rules of FINRA. Such investigation shall include access
to books, records and properties and opportunities to discuss the business of the Company with its officers and independent auditors,
all to such reasonable extent and at such reasonable times, during the normal business hours, as any such Holder shall reasonably request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"></P>

<!-- Field: Page; Sequence: 54; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">4.3.4 <U>Underwriting
Agreement</U>. The Company shall enter into an underwriting agreement with the managing underwriter(s), if any, selected by any Holders
whose Registrable Securities are being registered pursuant to this Section 4, which managing underwriter shall be reasonably satisfactory
to the Company. Such agreement shall be reasonably satisfactory in form and substance to the Company, each Holder and such managing underwriters,
and shall contain such representations, warranties and covenants by the Company and such other terms as are customarily contained in agreements
of that type used by the managing underwriter. The Holders shall be parties to any underwriting agreement relating to an underwritten
sale of their Registrable Securities and may, at their option, require that any or all the representations, warranties and covenants of
the Company to or for the benefit of such underwriters shall also be made to and for the benefit of such Holders. Such Holders shall not
be required to make any representations or warranties to or agreements with the Company or the underwriters except as they may relate
to such Holders, their Shares and their intended methods of distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">4.3.5 <U>Documents
to be Delivered by Holder(s)</U>. Each of the Holder(s) participating in any of the foregoing offerings shall furnish to the Company a
completed and executed questionnaire provided by the Company requesting information customarily sought of selling security holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">4.3.6 <U>Damages</U>.
Should the registration or the effectiveness thereof required by Sections 4.1 and 4.2 hereof be delayed by the Company or the Company
otherwise fails to comply with such provisions, the Holder(s) shall, in addition to any other legal or other relief available to the Holder(s),
be entitled to obtain specific performance or other equitable (including injunctive) relief against the threatened breach of such provisions
or the continuation of any such breach, without the necessity of proving actual damages and without the necessity of posting bond or other
security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0cm"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0cm"><FONT STYLE="text-transform: uppercase">5. </FONT><U>New
Purchase Warrants to be Issued</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">5.1 <U>Partial
Exercise or Transfer</U>. Subject to the restrictions in Section 3 hereof, this Purchase Warrant may be exercised or assigned in whole
or in part. In the event of the exercise or assignment hereof in part only, upon surrender of this Purchase Warrant for cancellation,
together with the duly executed exercise or assignment form and funds sufficient to pay any Exercise Price and/or transfer tax if exercised
pursuant to Section 2.1 hereto, the Company shall cause to be delivered to the Holder without charge a new Purchase Warrant of like tenor
to this Purchase Warrant in the name of the Holder evidencing the right of the Holder to purchase the number of Shares purchasable hereunder
as to which this Purchase Warrant has not been exercised or assigned.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"></P>

<!-- Field: Page; Sequence: 55; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">5.2 <U>Lost
Certificate</U>. Upon receipt by the Company of evidence satisfactory to it of the loss, theft, destruction or mutilation of this Purchase
Warrant and of reasonably satisfactory indemnification or the posting of a bond, determined in the sole discretion of the Company, the
Company shall execute and deliver a new Purchase Warrant of like tenor and date. Any such new Purchase Warrant executed and delivered
as a result of such loss, theft, mutilation or destruction shall constitute a substitute contractual obligation on the part of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0cm"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0cm"><FONT STYLE="text-transform: uppercase">6. </FONT><U>Certain
Adjustments</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0cm">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">6.1 <U>Adjustments
to Exercise Price and Number of Securities</U>. The Exercise Price and the number of Shares underlying the Purchase Warrant shall be subject
to adjustment from time to time as hereinafter set <FONT STYLE="font-size: 10pt">forth provided that the Exercise Price shall not be adjusted
such that it would result in the Ordinary Shares being issued at a price below their par value</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">6.1.1 <U>Share
Dividends; Split Ups</U>. If, after the date hereof, and subject to the provisions of Section 6.3 below, the number of outstanding Ordinary
Shares is increased by a dividend payable in Ordinary Shares or by a split up of Ordinary Shares or other similar event, then, on the
effective day thereof, the number of Shares purchasable hereunder shall be increased in proportion to such increase in outstanding Ordinary
Shares, and the Exercise Price shall be proportionately decreased.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">6.1.2 <U>Aggregation
of Shares</U> If, after the date hereof, and subject to the provisions of Section 6.3 below, the number of outstanding Ordinary Shares
is decreased by a consolidation, combination or reclassification of Ordinary Shares or other similar event, then, on the effective date
thereof, the number of Shares purchasable hereunder shall be decreased in proportion to such decrease in outstanding Ordinary Shares,
and the Exercise Price shall be proportionately increased.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">6.1.3 <U>Subsequent
Rights Offerings</U>. In addition to any adjustments pursuant to <U>Section 6.1.1</U> above, if at any time during which this Warrant
is outstanding the Company grants, issues or sells any securities of the Company which by their terms are convertible into or exercisable
for Ordinary Shares (&ldquo;<B>Ordinary Share Equivalents</B>&rdquo;) or other rights to purchase shares, warrants, securities or other
property, pro rata to all of the record holders of the Ordinary Shares and/or Class B Ordinary Shares (the &ldquo;<B>Purchase Rights</B>&rdquo;),
and not the Holder, 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 Ordinary Shares acquirable upon complete exercise of
this Purchase Warrant 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 Ordinary Shares are to be determined for the grant, issue or
sale of such Purchase Rights. The provisions of this <U>Section 6.1.2</U> will not apply to any grant, issuance or sale of Ordinary Share
Equivalents or other rights to purchase shares, warrants, securities or other property of the Company which is not made pro rata to all
of the record holders of Ordinary Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"></P>

<!-- Field: Page; Sequence: 56; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">6.1.4 <U>Replacement
of Securities upon Reorganization, etc</U>. In case of any reclassification or reorganization of the outstanding Ordinary Shares other
than a change covered by <U>Section 6.1.1, 6.1.2</U> or <U>6.1.3</U> hereof or that solely affects the par value of such Ordinary Shares,
or in the case of any share reconstruction or amalgamation or merger or consolidation of the Company with or into another corporation
or other entity (other than a consolidation or share reconstruction or amalgamation in which the Company is the continuing corporation
and that does not result in any reclassification or reorganization of the outstanding Ordinary Shares), or in the case of any sale or
conveyance to another corporation or entity of the property of the Company as an entirety or substantially as an entirety, or in the case
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 Ordinary Shares 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 Ordinary Shares, or in the case the Company, directly or indirectly,
in one or more related transactions effects any reclassification, reorganization or recapitalization of the Ordinary Shares or any compulsory
share exchange pursuant to which the Ordinary Shares are effectively converted into or exchanged for other securities, cash or property,
or (in the case 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 or scheme of arrangement) with
another person or group of persons, whereby such other Person or group acquires more than 50% of the outstanding Ordinary Shares (not
including any Ordinary Shares 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), then the Holder of this Purchase Warrant
shall have the right thereafter (until the expiration of the right of exercise of this Purchase Warrant) to receive upon the exercise
hereof, for the same aggregate Exercise Price payable hereunder immediately prior to such event, the kind and amount of shares or other
securities or property (including cash) receivable upon such reclassification, reorganization, share reconstruction or amalgamation, or
consolidation, or upon a dissolution following any such sale or transfer, by a Holder of the number of Shares of the Company obtainable
upon exercise of this Purchase Warrant immediately prior to such event; and if any reclassification also results in a change in Shares
covered by <U>Section 6.1.1</U>, <U>6.1.2 </U>or <U>6.1.3</U>, then such adjustment shall be made pursuant to <U>Sections 6.1.1</U>, <U>6.1.2</U>
or <U>6.1.3 </U>and this <U>Section 6.1.4</U>. The provisions of this <U>Section 6.1.4</U> shall similarly apply to successive reclassifications,
reorganizations, share reconstructions or amalgamations, or consolidations, sales or other transfers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">6.1.5 <U>Changes
in Form of Purchase Warrant</U>. This form of Purchase Warrant need not be changed because of any change pursuant to this Section 6.1,
and Purchase Warrants issued after such change may state the same Exercise Price and the same number of Shares as are stated in the Purchase
Warrants initially issued pursuant to this Agreement. The acceptance by any Holder of the issuance of new Purchase Warrants reflecting
a required or permissive change shall not be deemed to waive any rights to an adjustment occurring after the Commencement Date or the
computation thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"></P>

<!-- Field: Page; Sequence: 57; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">6.2 <U>Substitute
Purchase Warrant</U>. In case of any consolidation of the Company with, or share reconstruction or amalgamation of the Company with or
into, another corporation (other than a consolidation or share reconstruction or amalgamation which does not result in any reclassification
or change of the outstanding Ordinary Shares ), the corporation formed by such consolidation or share reconstruction or amalgamation shall
execute and deliver to the Holder a supplemental Purchase Warrant providing that the holder of each Purchase Warrant then outstanding
or to be outstanding shall have the right thereafter (until the stated expiration of such Purchase Warrant) to receive, upon exercise
of such Purchase Warrant, the kind and amount of shares and other securities and property receivable upon such consolidation or share
reconstruction or amalgamation, by a holder of the number of Ordinary Shares of the Company for which such Purchase Warrant might have
been exercised immediately prior to such consolidation, share reconstruction or amalgamation, sale or transfer. Such supplemental Purchase
Warrant shall provide for adjustments which shall be identical to the adjustments provided for in this Section 6. The above provision
of this Section shall similarly apply to successive consolidations or share reconstructions or amalgamations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">6.3 <U>Elimination
of Fractional Interests</U>. The Company shall not be required to issue certificates representing fractions of Shares upon the exercise
of the Purchase Warrant, nor shall it be required to issue scrip or pay cash in lieu of any fractional interests, it being the intent
of the parties that all fractional interests shall be eliminated by rounding any fraction up or down, as the case may be, to the nearest
whole number of Shares or other securities, properties or rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">6.4&nbsp;<U>Notice to Holder</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">6.4.1&nbsp;<U>Adjustment to
Exercise Price</U>. Whenever the Exercise Price is adjusted pursuant to any provision of this <U>Section 6</U>, the Company shall promptly
provide the Holder with a notice setting forth the Exercise Price after such adjustment and any resulting adjustment to the number of
Shares and setting forth a brief statement of the facts requiring such adjustment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 72pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">6.4.2&nbsp;<U>Notice to Allow
Exercise by Holder</U>. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the Ordinary Shares,
(B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Ordinary Shares, (C) the Company shall authorize
the granting to all holders of the Ordinary Shares rights or warrants to subscribe for or purchase any shares 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 Ordinary Shares,
any consolidation or merger to which the Company is a party, any sale or transfer of all or substantially all of the assets of the Company,
or any compulsory share exchange whereby the Ordinary Shares 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 provide the Holder with, at least 10 days prior to the applicable record or effective date hereinafter specified, a
notice 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 Ordinary Shares 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
Ordinary Shares of record shall be entitled to exchange their Ordinary Shares for securities, cash or other property deliverable upon
such reclassification, consolidation, merger, sale, transfer or share exchange; <I>provided</I> that the failure to provide such notice
or any defect therein or in the provision thereof shall not affect the validity of the corporate action required to be specified in such
notice. The Holder shall remain entitled to exercise this Representative&rsquo;s 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. Notwithstanding
the foregoing, no notice need be given to the Holder if the Company makes a public announcement of the applicable event via nationally
distributed press release or via a publicly available and legally compliant filing with the U.S. Securities and Exchange Commission<FONT STYLE="font-size: 10pt">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"></P>

<!-- Field: Page; Sequence: 58; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0cm"><FONT STYLE="text-transform: uppercase">7. </FONT><U>Reservation
and Listing; Registration Rights</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0cm">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">7.1 The
Company shall at all times reserve and keep available out of its authorized Ordinary Shares, solely for the purpose of issuance upon exercise
of this Representative&rsquo;s Warrant, such number of Shares or other securities, properties or rights as shall be issuable upon the
exercise thereof. The Company covenants and agrees that, upon exercise of this Representative&rsquo;s Warrant and payment of the Exercise
Price therefor, in accordance with the terms hereby, all Shares and other securities issuable upon such exercise shall be duly and validly
issued, fully paid and non-assessable and not subject to preemptive or similar rights of any shareholder and free and clear of all liens,
taxes and charges. As long as this Representative&rsquo;s Warrant shall be outstanding, the Company shall use commercially reasonable
efforts to cause all Shares issuable upon exercise of this Representative&rsquo;s Warrant to be listed (subject to official notice of
issuance) on all national securities exchanges (or, if applicable, on the OTCQB or OTCQX Markets operated by OTC Markets Group, Inc.,
or any similar over-the-counter market) on which the Shares issued to the public in the Offering may then be listed and/or quoted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0cm"><FONT STYLE="text-transform: uppercase">8. </FONT><U>Certain
Notice Requirements</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">8.1 <U>Holder&rsquo;s
Right to Receive Notice</U>. Nothing herein shall be construed as conferring upon the Holders the right to vote or consent or to receive
notice as a shareholder for the election of directors or any other matter, or as having any rights whatsoever as a shareholder of the
Company. If, however, at any time prior to the expiration of the Purchase Warrants and their exercise, any of the events described in
Section 8.2 shall occur, then, in one or more of said events, the Company shall give written notice of such event at least fifteen days
prior to the date fixed as a record date or the date of closing the transfer books for the determination of the shareholders entitled
to such dividend, distribution, conversion or exchange of securities or subscription rights, or entitled to vote on such proposed dissolution,
liquidation, winding up or sale. Such notice shall specify such record date or the date of the closing of the transfer books, as the case
may be. Notwithstanding the foregoing, the Company shall deliver to each Holder a copy of each notice given to the other shareholders
of the Company at the same time and in the same manner that such notice is given to the shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"></P>

<!-- Field: Page; Sequence: 59; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">8.2 <U>Events
Requiring Notice</U>. The Company shall be required to give the notice described in this Section 8 upon one or more of the following events:
(i) if the Company shall take a record of the holders of its Ordinary Shares for the purpose of entitling them to receive a dividend or
distribution payable otherwise than in cash, or a cash dividend or distribution payable otherwise than out of retained earnings, as indicated
by the accounting treatment of such dividend or distribution on the books of the Company, (ii) the Company shall offer to all the holders
of its Ordinary Shares any additional shares of the Company or securities convertible into or exchangeable for shares of the Company,
or any option, right or warrant to subscribe therefor, or (iii) a dissolution, liquidation or winding up of the Company (other than in
connection with a consolidation or share reconstruction or amalgamation) or a sale of all or substantially all of its property, assets
and business shall be proposed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">8.3 <U>Notice
of Change in Exercise Price</U>. The Company shall, promptly after an event requiring a change in the Exercise Price pursuant to Section
6 hereof, send notice to the Holders of such event and change (&ldquo;<B>Price Notice</B>&rdquo;). The Price Notice shall describe the
event causing the change and the method of calculating same and shall be certified as being true and accurate by the Company&rsquo;s Chief
Financial Officer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">8.4 <U>Transmittal
of Notices</U>. All notices, requests, consents and other communications under this Purchase Warrant shall be in writing and shall be
deemed to have been duly made when hand delivered, or mailed by express mail or private courier service: (i) if to the registered Holder
of the Purchase Warrant, to the address of such Holder as shown on the books of the Company, or (ii) if to the Company, to following address
or to such other address as the Company may designate by notice to the Holders:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify">If to the Holder:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: left">EF Hutton LLC<BR>
590 Madison Avenue, 39th Floor<BR>
New York, New York 10022<BR>
Attn: Mr. Joseph T. Rallo, Chief Executive Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: left">Email: jrallo@efhuttongroup.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: left">Fax No.:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: left">with a copy (which shall not constitute
notice) to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: left">Loeb &amp; Loeb LLP<BR>
345 Park Avenue<BR>
New York, NY 10154<BR>
Attn: Mitchell S. Nussbaum, Esq.<BR>
Email:&nbsp;&nbsp;mnussbaum.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: left">If to the Company:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: left">Zhibao Technology Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: left">Floor 3, Building 6, Wuxing Road, Lane 727<B><BR>
</B>Pudong New Area, Shanghai 201204<BR>
Attention: Botao Ma, Chief Executive Officer<BR>
Email: botao.ma@zhibao-tech.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: left">with a copy (which shall not constitute
notice) to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: left">Ellenoff Grossman &amp; Schole LLP<BR>
1345 Avenue of the Americas, 11th Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: left">New York, NY 10105<BR>
Attention: Richard Anslow, Esq.<BR>
Email: ranslow@egsllp.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0cm"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0cm"><FONT STYLE="text-transform: uppercase"></FONT></P>

<!-- Field: Page; Sequence: 60; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0cm"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0cm"><FONT STYLE="text-transform: uppercase">9. </FONT><U>Miscellaneous</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">9.1 <U>Amendments</U>.
The Company and Hutton may from time to time supplement or amend this Purchase Warrant without the approval of any of the Holders in order
to cure any ambiguity, to correct or supplement any provision contained herein that may be defective or inconsistent with any other provisions
herein, or to make any other provisions in regard to matters or questions arising hereunder that the Company and Hutton may deem necessary
or desirable and that the Company and Hutton deem shall not adversely affect the interest of the Holders. All other modifications or amendments
shall require the written consent of and be signed by the party against whom enforcement of the modification or amendment is sought.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">9.2 <U>Headings</U>.
The headings contained herein are for the sole purpose of convenience of reference, and shall not in any way limit or affect the meaning
or interpretation of any of the terms or provisions of this Purchase Warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">9.3 <U>Entire
Agreement</U>. This Purchase Warrant (together with the other agreements and documents being delivered pursuant to or in connection with
this Purchase Warrant) constitutes the entire agreement of the parties hereto with respect to the subject matter hereof, and supersedes
all prior agreements and understandings of the parties, oral and written, with respect to the subject matter hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">9.4 <U>Binding
Effect</U>. This Purchase Warrant shall inure solely to the benefit of and shall be binding upon, the Holder and the Company and their
permitted assignees, respective successors, legal representative and assigns, and no other person shall have or be construed to have any
legal or equitable right, remedy or claim under or in respect of or by virtue of this Purchase Warrant or any provisions herein contained.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">9.5 <U>Governing
Law; Submission to Jurisdiction; Trial by Jury</U>. This Purchase Warrant shall be governed by and construed and enforced in accordance
with the laws of the State of New York, without giving effect to conflict of laws principles thereof. The Company hereby agrees that any
action, proceeding or claim against it arising out of, or relating in any way to this Purchase Warrant shall be brought and enforced in
the courts located in the City of New York, County of New York, or in the United States District Court for the Southern District of New
York, 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 Section 8 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 Holder agree that the prevailing party(ies) in any such action shall be
entitled to recover from the other party(ies) all of its reasonable attorneys&rsquo; fees and expenses relating to such action or proceeding
and/or incurred in connection with the preparation therefor. The Company (on its behalf and, to the extent permitted by applicable law,
on behalf of its shareholders and affiliates) and the Holder 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"></P>

<!-- Field: Page; Sequence: 61; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">9.6 <U>Waiver,
etc</U>. The failure of the Company or the Holder to at any time enforce any of the provisions of this Purchase Warrant shall not be deemed
or construed to be a waiver of any such provision, nor to in any way affect the validity of this Purchase Warrant or any provision hereof
or the right of the Company or any Holder to thereafter enforce each and every provision of this Purchase Warrant. No waiver of any breach,
non-compliance or non-fulfillment of any of the provisions of this Purchase Warrant shall be effective unless set forth in a written instrument
executed by the party or parties against whom or which enforcement of such waiver is sought; and no waiver of any such breach, non-compliance
or non-fulfillment shall be construed or deemed to be a waiver of any other or subsequent breach, non-compliance or non-fulfillment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">9.7 <U>Execution
in Counterparts</U>. This Purchase Warrant may be executed in one or more counterparts, and by the different parties hereto in separate
counterparts, each of which shall be deemed to be an original, but all of which taken together shall constitute one and the same agreement,
and shall become effective when one or more counterparts has been signed by each of the parties hereto and delivered to each of the other
parties hereto. Such counterparts may be delivered by facsimile transmission or other electronic transmission.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>[Signature Page Follows]</I></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>&nbsp;</I></P>


<!-- Field: Page; Sequence: 62; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">IN WITNESS WHEREOF, the Company
has caused this Purchase Warrant to be signed by its duly authorized officer as of the third day of April, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ZHIBAO TECHNOLOGY INC.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:&nbsp;</FONT></TD>
    <TD STYLE="width: 31%">&nbsp;</TD>
    <TD STYLE="width: 60%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"></P>


<!-- Field: Page; Sequence: 63; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>[Form to be used to exercise Purchase Warrant]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Date: __________, 20___</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">The undersigned hereby elects
irrevocably to exercise the Purchase Warrant for ______ Class A ordinary shares, par value $0.0001 per share (the &ldquo;<B>Shares</B>&rdquo;),
of Zhibao Technology Inc., a Cayman Islands company (the &ldquo;<B>Company</B>&rdquo;), and hereby makes payment of $____ (at the rate
of $____ per Share) in payment of the Exercise Price pursuant thereto. Please issue the Shares as to which this Purchase Warrant is exercised
in accordance with the instructions given below and, if applicable, a new Purchase Warrant representing the number of Shares for which
this Purchase Warrant has not been exercised.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">The undersigned hereby elects
irrevocably to convert its right to purchase ___ Shares of the Company under the Purchase Warrant for ______ Shares, as determined in
accordance with the following formula:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD ROWSPAN="2" STYLE="vertical-align: top; text-align: center; width: 5.5%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; text-align: left; width: 3%"><FONT STYLE="font-size: 10pt">X</FONT></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; text-align: center; width: 3%"><FONT STYLE="font-size: 10pt">=</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: top; text-align: center; width: 12%"><FONT STYLE="font-size: 10pt">Y(A-B)</FONT></TD>
    <TD STYLE="text-align: justify; width: 76.5%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">A</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 5.5%; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 0in; vertical-align: top; width: 3%; text-align: justify"><FONT STYLE="font-size: 10pt">Where,</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 3%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 85.5%; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-size: 10pt">X</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">=</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-size: 10pt">The number of Shares to be issued to Holder;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Y</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">=</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The number of Shares for which the Purchase Warrant is being exercised;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">A</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">=</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The fair market value of one Share which is equal to $_____; and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">B</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">=</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The Exercise Price which is equal to $______ per share</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">The undersigned agrees and
acknowledges that the calculation set forth above is subject to confirmation by the Company and any disagreement with respect to the calculation
shall be resolved by the Company in its sole discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">Please issue the Shares as
to which this Purchase Warrant is exercised in accordance with the instructions given below and, if applicable, a new Purchase Warrant
representing the number of Shares for which this Purchase Warrant has not been converted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Signature <FONT STYLE="font-size: 10pt">_______________________________</FONT>___</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Signature Guaranteed _________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">INSTRUCTIONS FOR REGISTRATION OF SECURITIES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; text-align: justify"><FONT STYLE="font-size: 10pt">Name: </FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 34%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 60%; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">(Print in Block Letters)</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Address: </FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">NOTICE: The signature to this
form must correspond with the name as written upon the face of the Purchase Warrant without alteration or enlargement or any change whatsoever,
and must be guaranteed by a bank, other than a savings bank, or by a trust company or by a firm having membership on a registered national
securities exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>


<!-- Field: Page; Sequence: 64; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>[Form to be used to assign Purchase Warrant]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ASSIGNMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(To be executed by the registered Holder to effect
a transfer of the within Purchase Warrant):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">FOR VALUE RECEIVED, __________________ does hereby
sell, assign and transfer unto the right to purchase Class A ordinary shares, par value $0.0001 per share, of Zhibao Technology Inc.,
a Cayman Islands corporation (the &ldquo;<B>Company</B>&rdquo;), evidenced by the Purchase Warrant and does hereby authorize the Company
to transfer such right on the books of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dated: __________, 20__</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Signature <FONT STYLE="font-size: 10pt">_____________________________</FONT>___</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Signature Guaranteed _______________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">NOTICE: The signature to this form must correspond
with the name as written upon the face of the within Purchase Warrant without alteration or enlargement or any change whatsoever, and
must be guaranteed by a bank, other than a savings bank, or by a trust company or by a firm having membership on a registered national
securities exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 62.15pt 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>


<!-- Field: Page; Sequence: 65; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>EXHIBIT B</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Form of Lock-Up Agreement<FONT STYLE="font-size: 10pt"><BR>
&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">[&#9679;], 2024</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">EF Hutton LLC<BR>
590 Madison Avenue, 39th Floor<BR>
New York, New York 10022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">The undersigned understands
that EF Hutton LLC (the &ldquo;<B>Representative</B>&rdquo;) proposes to enter into an Underwriting Agreement (the &ldquo;<B>Underwriting
Agreement</B>&rdquo;) with Zhibao Technology Inc., a Cayman Islands exempted company (the &ldquo;<B>Company</B>&rdquo;), providing for
the public offering (the &ldquo;<B>Public Offering</B>&rdquo;) of Class A ordinary shares, par value$0.0001 per share (&ldquo;<B>Ordinary
Shares</B>&rdquo;), of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">To induce the Representative
to continue its efforts in connection with the Public Offering, the undersigned hereby agrees that, without the prior written consent
of the Representative, the undersigned will not, during the period commencing on the date of the Underwriting Agreement and ending one
hundred eighty (180) days after such date (the &ldquo;<B>Lock-Up Period</B>&rdquo;), (1) offer, pledge, sell, contract to sell, grant,
lend, or otherwise transfer or dispose of, directly or indirectly, any Ordinary Shares or any securities convertible into or exercisable
or exchangeable for 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 &ldquo;<B>Lock-Up Securities</B>&rdquo;); (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 Lock-Up Securities, in cash or otherwise;
(3) make any demand for or exercise any right with respect to the registration of any Lock-Up Securities; or (4) 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. Notwithstanding the foregoing, and subject to the conditions below, the undersigned may transfer Lock-Up Securities
without the prior written consent of the Representative in connection with (a) transactions relating to Lock-Up Securities acquired in
open market transactions after the completion of the Public Offering; <U>provided</U> that no filing under Section 16(a) of the Securities
Exchange Act of 1934, as amended (the &ldquo;<B>Exchange Act</B>&rdquo;), shall be required or shall be voluntarily made in connection
with subsequent sales of Lock-Up Securities acquired in such open market transactions; (b) transfers of Lock-Up Securities as a <I>bona
fide</I> 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,
&ldquo;family member&rdquo; means any relationship by blood, marriage or adoption, not more remote than first cousin); (c) transfers of
Lock-Up Securities to a charity or educational institution; or (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; <U>provided</U> 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 16(a) of the Exchange Act shall be required or shall be voluntarily made. The undersigned also agrees and consents to the entry
of stop transfer instructions with the Company&rsquo;s transfer agent and registrar against the transfer of the undersigned&rsquo;s Lock-Up
Securities except in compliance with this lock-up agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"></P>

<!-- Field: Page; Sequence: 66; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">B-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">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 Ordinary Shares
that the undersigned may purchase in the Public Offering; (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; and (iii) the Company has agreed in the Underwriting Agreement to announce
the impending release or waiver by press release through a major news service at least two (2) business days before the effective date
of the 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 publication date of such press release. 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 and (b) the transferee has agreed
in writing to be bound by the same terms described in this lock-up agreement to the extent and for the duration that such terms remain
in effect at the time of such transfer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">No provision in this lock-up
agreement shall be deemed to restrict or prohibit the exercise, exchange or conversion by the undersigned of any securities exercisable
or exchangeable for or convertible into Ordinary Shares, as applicable; <U>provided</U> that the undersigned does not transfer the Ordinary
Shares acquired on such exercise, exchange or conversion during the Lock-Up Period, unless otherwise permitted pursuant to the terms of
this lock-up agreement. In addition, no provision herein shall be deemed to restrict or prohibit the entry into or modification of a so-called
&ldquo;10b5-1&rdquo; plan at any time (other than the entry into or modification of such a plan in such a manner as to cause the sale
of any Lock-Up Securities within the Lock-Up Period) or a sale of 100% of the Company&rsquo;s outstanding Ordinary Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">The undersigned understands
that the Company and the Representative are relying upon this lock-up agreement in proceeding toward consummation of the Public Offering.
The undersigned further understands that this lock-up agreement is irrevocable and shall be binding upon the undersigned&rsquo;s heirs,
legal representatives, successors and assigns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">The undersigned understands
that, if the Underwriting Agreement is not executed by ___________, 2024, or if 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, then this lock-up agreement shall be void and of no further force or effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"></P>

<!-- Field: Page; Sequence: 67; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">B-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">Whether or not the Public Offering
actually occurs depends on a number of factors, including market conditions. Any Public Offering will only be made pursuant to an Underwriting
Agreement, the terms of which are subject to negotiation between the Company and the Representative.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">Very truly yours,</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 60%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify; width: 6%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify; width: 34%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">(Name - Please Print)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">(Signature)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">(Name of Signatory, in the case of entities - Please Print)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">(Title of Signatory, in the case of entities - Please Print)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Address:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


<!-- Field: Page; Sequence: 68; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">B-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>EXHIBIT C</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Form of Press Release</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Zhibao Technology, Inc.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">[Date]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Zhibao Technology Inc. (the &ldquo;Company&rdquo;)
announced today that EF Hutton LLC, acting as representative for the underwriters in the Company&rsquo;s recent public offering of&nbsp;
_______ Class A ordinary shares of the Company , is [waiving] [releasing] a lock-up restriction with respect to _________&nbsp; of the
Company&rsquo;s Class A ordinary shares held by [certain officers or directors] [an officer or director] of the Company.&nbsp; The [waiver]
[release] will take effect on&nbsp; _________, 20___, and the shares may be sold on or after such date.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This press release is not an offer or sale
of the securities in the United States or in any other jurisdiction where such offer or sale is prohibited, and such securities may not
be offered or sold in the United States absent registration or an exemption from registration under the Securities Act of 1933, as amended.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 69; Options: NewSection Last; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">C-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0cm">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.1
<SEQUENCE>3
<FILENAME>ea020327701ex4-1_zhibao.htm
<DESCRIPTION>REPRESENTATIVE'S WARRANTS, DATED APRIL 3, 2024, BY AND BETWEEN THE COMPANY AND EF HUTTON LLC
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">Exhibit 4.1</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Form of Representative&rsquo;s Warrant</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">THE REGISTERED HOLDER OF THIS PURCHASE WARRANT BY
ITS ACCEPTANCE HEREOF, AGREES THAT IT WILL NOT SELL, TRANSFER OR ASSIGN THIS PURCHASE WARRANT EXCEPT AS HEREIN PROVIDED AND THE REGISTERED
HOLDER OF THIS PURCHASE WARRANT AGREES THAT IT WILL NOT SELL, TRANSFER, ASSIGN, PLEDGE OR HYPOTHECATE THIS PURCHASE WARRANT FOR A PERIOD
OF ONE HUNDRED EIGHTY DAYS FOLLOWING THE EFFECTIVE DATE (DEFINED BELOW) TO ANYONE OTHER THAN (I) EF HUTTON LLC OR AN UNDERWRITER OR A
SELECTED DEALER IN CONNECTION WITH THE OFFERING, OR (II) A BONA FIDE OFFICER OR PARTNER OF EF HUTTON LLC OR OF ANY SUCH UNDERWRITER OR
SELECTED DEALER.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">THIS PURCHASE WARRANT IS NOT EXERCISABLE PRIOR TO
September 25, 2024. VOID AFTER 5:00 P.M., EASTERN TIME, March 29, 2029.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">CLASS A ORDINARY SHARES PURCHASE WARRANT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the Purchase of 75,000 Class A Ordinary Shares</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">of Zhibao Technology Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase">1. </FONT><U>Purchase
Warrant</U>. THIS CERTIFIES THAT, in consideration of funds duly paid by or on behalf of EF Hutton LLC (&ldquo;<B>Holder</B>&rdquo;),
as registered owner of this Purchase Warrant, to Zhibao Technology Inc., a Cayman Islands exempted company (the &ldquo;<B>Company</B>&rdquo;),
Holder is entitled, at any time or from time to time from September 25, 2024 (the &ldquo;<B>Commencement Date</B>&rdquo;), and at or before
5:00p.m., Eastern time, March 29, 2029 (the&nbsp;&ldquo;<B>Expiration&nbsp;Date</B>&rdquo;), but not thereafter, to subscribe for, purchase
and receive, in whole or in part, up to 75,000 Class A ordinary shares, par value $0.0001 per share (&ldquo;<B>Ordinary Shares</B>&rdquo;)
of the Company (the &ldquo;<B>Shares</B>&rdquo;), subject to adjustment as provided in Section 6 hereof. If the Expiration Date is not
a Business Day, then this Purchase Warrant may be exercised on the next succeeding Business Day. During the period commencing on the Commencement
Date and ending on the Expiration Date, the Company agrees not to take any action that would terminate this Purchase Warrant. This Purchase
Warrant is initially exercisable at $4.40 per Share; <U>provided</U>, <U>however</U>, that upon the occurrence of any of the events specified
in Section 6 hereof, the rights granted by this Purchase Warrant, including the exercise price per Share and the number of Shares to be
received upon such exercise, shall be adjusted as therein specified. The term &ldquo;<B>Exercise Price</B>&rdquo; shall mean the initial
exercise price or the adjusted exercise price, depending on the context. The term &ldquo;Business Day&rdquo; shall mean a day other than
a Saturday, Sunday or any other day which is a federal legal holiday in the United States or any day on which the Federal Reserve Bank
of New York is authorized or required by law or other governmental action to close, provided that the Federal Reserve Bank of New York
shall not be deemed to be authorized or obligated to be closed due to a &ldquo;shelter in place,&rdquo; &ldquo;non-essential employee&rdquo;
or similar closure of physical location at the direction of any governmental authority if the bank&rsquo;s electronic funds transfer systems
(including for wire transfers) are open for use by customers on such day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase"></FONT></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase">2. </FONT><U>Exercise</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">2.1 <U>Exercise
Form</U>. In order to exercise this Purchase Warrant, the exercise form attached hereto must be duly executed and completed and delivered
to the Company, together with this Purchase Warrant and, unless exercised pursuant to Section 2.2 hereof, payment of the Exercise Price
for the Shares being purchased payable in cash by wire transfer of immediately available funds to an account designated by the Company
or by certified check or official bank check. If this Purchase Warrant is not exercised at or before 5:00 p.m., Eastern time, on the Expiration
Date, this Purchase Warrant shall become and be void without further force or effect, and all rights represented hereby shall cease and
expire.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">2.2 <U>Cashless
Exercise</U>.&nbsp; If at any time after the Commencement Date there is no effective registration statement registering, or no current
prospectus available for, the issuance or resale of the Shares by the Holder, then in lieu of exercising this Purchase Warrant by payment
of cash or check payable to the order of the Company pursuant to Section 2.1 above, Holder may elect to receive the number of Shares equal
to the value of this Purchase Warrant (or the portion thereof being exercised), by surrender of this Purchase Warrant to the Company,
together with the exercise form attached hereto, in which event the issue to Holder, Shares in accordance with the following formula:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 4%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="text-align: left; vertical-align: top; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">X</FONT></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">=</FONT></TD>
    <TD STYLE="vertical-align: top; width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Y(A-B)</U></FONT></TD>
    <TD STYLE="width: 74%; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="padding-left: -0.125in; text-align: left; width: 4%"><FONT STYLE="font-size: 10pt">Where,</FONT></TD>
    <TD STYLE="text-align: justify; width: 4%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 4%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 83%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">X</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">=</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The number of Shares to be issued to Holder;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Y</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">=</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The number of Shares for which the Purchase Warrant is being exercised;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">A</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">=</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The fair market value of one Share; and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">B</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">=</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The Exercise Price.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">For purposes of this Section 2.2,
the fair market value of a Share is defined as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">if the Company&rsquo;s Ordinary Shares are traded on a securities exchange, the value shall be deemed
to be the closing price on such exchange on the Business Day immediately preceding the date that the exercise form is delivered in connection
with the exercise of the Purchase Warrant; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">if the Company&rsquo;s Ordinary Shares are actively traded over-the-counter, the value shall be deemed
to be the closing bid price so reported on the Business Day immediately preceding the date that the exercise form is delivered in connection
with the exercise of the Purchase Warrant; if there is no active public market, the value shall be the fair market value thereof, as determined
in good faith by the Company&rsquo;s Board of Directors.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">2.3 <U>Legend</U>.
Unless the securities purchased under this Purchase Warrant have been registered under the Securities Act of 1933, as amended (the &ldquo;<B>Act</B>&rdquo;)
each certificate for such securities shall bear the following legend:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&ldquo;The securities represented
by this certificate have not been registered under the Securities Act of 1933, as amended (the &ldquo;<B>Securities Act</B>&rdquo;), or
applicable state law. Neither the securities nor any interest therein may be offered for sale, sold or otherwise transferred except pursuant
to an effective registration statement under the Securities Act, or pursuant to an exemption from registration under the Securities Act
and applicable state law which, in the opinion of counsel to the Company, is available.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"></P>

<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase">3. </FONT><U>Transfer</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">3.1 <U>General
Restrictions</U>. The registered Holder of this Purchase Warrant agrees by his, her or its acceptance hereof, that such Holder will not:
(a) sell, transfer, assign, pledge or hypothecate this Purchase Warrant for a period of one hundred eighty (180) days following the Effective
Date to anyone other than: (i) EF Hutton) or an underwriter or a selected dealer participating in the Offering, or (ii) a bona fide officer
or partner of Hutton or of any such underwriter or selected dealer, in each case in accordance with FINRA Conduct Rule 5110(g)(1), or
(b) cause this Purchase Warrant or the securities issuable hereunder to be the subject of any hedging, short sale, derivative, put or
call transaction that would result in the effective economic disposition of this Purchase Warrant or the securities hereunder, except
as provided for in FINRA Rule 5110(g)(2). On and after 180 days after the Effective Date, transfers to others may be made subject to compliance
with or exemptions from applicable securities laws. In order to make any permitted assignment, the Holder must deliver to the Company
the assignment form attached hereto duly executed and completed, together with the Purchase Warrant and payment of all transfer taxes,
if any, payable in connection therewith. The Company shall within five (5) Business Days after receipt of the duly completed assignment
form transfer this Purchase Warrant on the books of the Company and shall execute and deliver a new Purchase Warrant or Purchase Warrants
of like tenor to the appropriate assignee(s) expressly evidencing the right to purchase the aggregate number of Shares purchasable hereunder
or such portion of such number as shall be contemplated by any such assignment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase">4. </FONT><U>Registration
Rights</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">4.1 <U>Demand
Registration</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">4.1.1 <U>Grant
of Right</U>. The Company, upon written demand (a &ldquo;<B>Demand Notice</B>&rdquo;) of the Holder(s) of at least 51% of the Purchase
Warrants and/or the underlying Shares (&ldquo;Majority Holders&rdquo;), agrees to register, on one occasion, all or any portion of the
Shares underlying the Purchase Warrants (collectively, the &ldquo;<B>Registrable Securities</B>&rdquo;). The Company covenants and agrees
to give written notice of its receipt of any Demand Notice by the Majority Holder(s) to all other registered Holders of Registrable Securities
within ten (10) days after the date of the receipt of any such Demand Notice. Each such Holder desiring to include in such registration
statement all or any portion of the Registrable Securities then held by such Holder shall, within five (5) calendar days after receipt
of the above-described notice from the Company, so notify the Company in writing, and in such notice shall inform the Company of the number
of Registrable Securities such Holder wishes to include in such registration statement. On such occasion, the Company will file a registration
statement with the Commission covering the Registrable Securities within sixty (60) days after receipt of a Demand Notice and use its
reasonable best efforts to have the registration statement declared effective promptly thereafter, subject to compliance with review by
the Commission; <U>provided</U>, <U>however</U>, that the Company shall not be required to comply with a Demand Notice if the Company
has filed a registration statement with respect to which the Holder is entitled to piggyback registration rights pursuant to Section 4.2
hereof and either: (i) the Holder has elected to participate in the offering covered by such registration statement or (ii) if such registration
statement relates to an underwritten primary offering of securities of the Company, until the offering covered by such registration statement
has been withdrawn or until thirty (30) days after such offering is consummated. The demand for registration may be made at any time during
a period of five (5) years beginning on the Commencement Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 3; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Notwithstanding the foregoing, if the board of directors
of the Company, in its good faith judgment, determines that any registration of Registrable Securities under this Section 4.1 should not
be made or continued because it would materially interfere with any material or potentially material financing, acquisition, corporate
reorganization or merger or other transaction involving the Company, including negotiations related thereto, or require the Company to
disclose any material nonpublic information which would reasonably be likely to be detrimental to the Company or otherwise make it undesirable
for the Company to complete a demand registration at that time (a &ldquo;<B>Valid Business Reason</B>&rdquo;), (x) the Company may postpone
filing a Registration Statement (but not the preparation of the registration statement) relating to a Demand Registration until such Valid
Business Reason no longer exists, but in no event for more than sixty (60) days after the date when the demand registration was requested
and (y) in case a Registration Statement has been filed relating to a demand registration, the Company may postpone amending or supplementing
such registration statement, (in which case, if the Valid Business Reason no longer exists or if more than one 60-day period has passed
since such postponement, the Majority Holder(s) may request a new demand registration or request the prompt amendment or supplement of
such registration statement). The Company shall give written notice to all Holders of Registrable Securities who have elected to participate
in the demand registration of its determination to postpone filing, amending or supplementing a Registration Statement and of the fact
that the Valid Business Reason for such postponement no longer exists, in each case, promptly after the occurrence thereof (which notice
shall notify each Holder only of the occurrence of such an event or the fact that it no longer exists and shall provide no additional
information regarding such event to the extent such information would constitute material nonpublic information)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">4.1.2 <U>Terms</U>.
The Company shall bear all fees and expenses attendant to the registration of the Registrable Securities pursuant to Section 4.1.1, but
the Holders shall pay any and all underwriting discounts and commissions with respect to the sale of the Registrable Securities and the
expenses of any legal counsel selected by the Holders to represent them in connection with the sale of the Registrable Securities. The
Company agrees to use its reasonable best efforts to cause the filing required herein to become effective promptly and to qualify or register
the Registrable Securities in such states as are reasonably requested by the Holder(s); <U>provided</U>, <U>however</U>, that in no event
shall the Company be required to register the Registrable Securities in a state in which such registration would cause the Company to
be obligated to register or license to do business in such state or submit to general service of process in such state. The Company shall
cause any registration statement filed pursuant to the demand right granted under Section 4.1.1 to remain effective for a period of at
least twelve (12) consecutive months after the date that the Holders of the Registrable Securities covered by such registration statement
are first given the opportunity to sell all of such securities. The Holders shall only use the prospectuses provided by the Company to
sell the shares covered by such registration statement, and will immediately cease to use any prospectus furnished by the Company if the
Company advises the Holder that such prospectus may no longer be used due to a material misstatement or omission. Notwithstanding the
provisions of this Section 4.1.2, the Holder shall be entitled to a demand registration under this Section 4.1.2 on only one (1) occasion
and such demand registration right shall terminate on the fifth anniversary of the effectiveness of the registration statement in accordance
with FINRA Rule 5110(g)(8)(C).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 4; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Notwithstanding the foregoing, if the board of directors
of the Company, in its good faith judgment, determines that any registration of Registrable Securities under this Section 4.1 should not
be made or continued because it would materially interfere with any material or potentially material financing, acquisition, corporate
reorganization or merger or other transaction involving the Company, including negotiations related thereto, or require the Company to
disclose any material nonpublic information which would reasonably be likely to be detrimental to the Company or otherwise make it undesirable
for the Company to complete a demand registration at that time (a &ldquo;<B>Valid Business Reason</B>&rdquo;), (x) the Company may postpone
filing a Registration Statement (but not the preparation of the registration statement) relating to a Demand Registration until such Valid
Business Reason no longer exists, but in no event for more than sixty (60) days after the date when the demand registration was requested
and (y) in case a Registration Statement has been filed relating to a demand registration, the Company may postpone amending or supplementing
such registration statement, (in which case, if the Valid Business Reason no longer exists or if more than one 60-day period has passed
since such postponement, the Majority Holder(s) may request a new demand registration or request the prompt amendment or supplement of
such registration statement). The Company shall give written notice to all Holders of Registrable Securities who have elected to participate
in the demand registration of its determination to postpone filing, amending or supplementing a Registration Statement and of the fact
that the Valid Business Reason for such postponement no longer exists, in each case, promptly after the occurrence thereof (which notice
shall notify each Holder only of the occurrence of such an event or the fact that it no longer exists and shall provide no additional
information regarding such event to the extent such information would constitute material nonpublic information)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">4.2 <U>&ldquo;Piggy-Back&rdquo;
Registration</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">4.2.1 <U>Grant
of Right</U>. In addition to the demand right of registration described in Section 4.1 hereof, the Holder shall have the right, for a
period of no more than five (5) years from the date of effectiveness of the registration statement in accordance with FINRA Rule 5110(g)(8)(D),
to include the Registrable Securities as part of any other registration of securities filed by the Company (other than in connection with
a transaction contemplated by Rule 145(a) promulgated under the Securities Act or pursuant to Form S-8 or any equivalent form); <U>provided</U>,
<U>however</U>, that if, solely in connection with any primary underwritten public offering for the account of the Company, the managing
underwriter(s) thereof shall, in its reasonable discretion, impose a limitation on the number of Ordinary Shares which may be included
in the Registration Statement because, in such underwriter(s)&rsquo; judgment, marketing or other factors dictate such limitation is necessary
to facilitate public distribution, then the Company shall be obligated to include in such Registration Statement only such limited portion
of the Registrable Securities with respect to which the Holder requested inclusion hereunder as the underwriter shall reasonably permit.
Any exclusion of Registrable Securities shall be made pro rata among the Holders seeking to include Registrable Securities in proportion
to the number of Registrable Securities sought to be included by such Holders; <U>provided</U>, <U>however</U>, that the Company shall
not exclude any Registrable Securities unless the Company has first excluded all outstanding securities, the holders of which are not
entitled to inclusion of such securities in such Registration Statement or are not entitled to pro rata inclusion with the Registrable
Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"></P>

<!-- Field: Page; Sequence: 5; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">4.2.2 <U>Terms</U>.
The Company shall bear all fees and expenses attendant to registering the Registrable Securities pursuant to Section 4.2.1 hereof, but
the Holders shall pay any and all underwriting discounts and commissions in connection with the sale of the Registrable Securities and
the expenses of any legal counsel selected by the Holders to represent them in connection with the sale of the Registrable Securities.
In the event of such a proposed registration, the Company shall furnish the then Holders of outstanding Registrable Securities with not
less than twenty (20) days written notice prior to the proposed date of filing of such registration statement. Such notice to the Holders
shall continue to be given for each registration statement filed by the Company until such time as all of the Registrable Securities have
been sold by the Holder. The holders of the Registrable Securities shall exercise the &ldquo;piggy-back&rdquo; rights provided for herein
by giving written notice within ten (10) days of the receipt of the Company&rsquo;s notice of its intention to file a registration statement.
Except as otherwise provided in this Purchase Warrant, there shall be no limit on the number of times the Holder may request registration
under this Section 4.2.2; <U>provided</U>, <U>however</U>, that such registration rights shall terminate on the fifth anniversary of the
Commencement Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">4.3 <U>General
Terms</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">4.3.1 <U>Indemnification</U>.
The Company shall indemnify the Holder(s) of the Registrable Securities to be sold pursuant to any registration statement hereunder and
each person, if any, who controls such Holders within the meaning of Section 15 of the Securities Act or Section 20 (a) of the Securities
Exchange Act of 1934, as amended (&ldquo;<B>Exchange Act</B>&rdquo;), against all loss, claim, damage, expense or liability (including
all reasonable attorneys&rsquo; fees and other expenses reasonably incurred in investigating, preparing or defending against any claim
whatsoever) to which any of them may become subject under the Securities Act, the Exchange Act or otherwise, arising from such registration
statement but only to the same extent and with the same effect as the provisions pursuant to which the Company has agreed to indemnify
the Underwriters contained in Section 5.1 of the Underwriting Agreement between the Underwriters and the Company, dated as of April 1,
2024. The Holder(s) of the Registrable Securities to be sold pursuant to such registration statement, and their successors and assigns,
shall severally, and not jointly, indemnify the Company, against all loss, claim, damage, expense or liability (including all reasonable
attorneys&rsquo; fees and other expenses reasonably incurred in investigating, preparing or defending against any claim whatsoever) to
which they may become subject under the Securities Act, the Exchange Act or otherwise, arising from information furnished by or on behalf
of such Holders, or their successors or assigns, in writing, for specific inclusion in such registration statement to the same extent
and with the same effect as the provisions contained in Section 5.2 of the Underwriting Agreement pursuant to which the Underwriters have
agreed to indemnify the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"></P>

<!-- Field: Page; Sequence: 6; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">4.3.2 <U>Exercise
of Purchase Warrants</U>. Nothing contained in this Purchase Warrant shall be construed as requiring the Holder(s) to exercise their Purchase
Warrants prior to or after the initial filing of any registration statement or the effectiveness thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">4.3.3 <U>Documents
Delivered to Holders</U>. The Company shall furnish to each Holder participating in any of the foregoing offerings and to each underwriter
of any such offering, if any, a signed counterpart, addressed to such Holder or underwriter, of: (i) an opinion of counsel to the Company,
dated the effective date of such registration statement (and, if such registration includes an underwritten public offering, an opinion
dated the date of the closing under any underwriting agreement related thereto), and (ii) a &ldquo;cold comfort&rdquo; letter dated the
effective date of such registration statement (and, if such registration includes an underwritten public offering, a letter dated the
date of the closing under the underwriting agreement) signed by the independent registered public accounting firm which has issued a report
on the Company&rsquo;s financial statements included in such registration statement, in each case covering substantially the same matters
with respect to such registration statement (and the prospectus included therein) and, in the case of such accountants&rsquo; letter,
with respect to events subsequent to the date of such financial statements, as are customarily covered in opinions of issuer&rsquo;s counsel
and in accountants&rsquo; letters delivered to underwriters in underwritten public offerings of securities. The Company shall also deliver
promptly to each Holder participating in the offering requesting the correspondence and memoranda described below and to the managing
underwriter, if any, copies of all correspondence between the Commission and the Company, its counsel or auditors and all memoranda relating
to discussions with the Commission or its staff with respect to the registration statement and permit each Holder and underwriter to do
such investigation, upon reasonable advance notice, with respect to information contained in or omitted from the registration statement
as it deems reasonably necessary to comply with applicable securities laws or rules of FINRA. Such investigation shall include access
to books, records and properties and opportunities to discuss the business of the Company with its officers and independent auditors,
all to such reasonable extent and at such reasonable times, during the normal business hours, as any such Holder shall reasonably request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">4.3.4 <U>Underwriting
Agreement</U>. The Company shall enter into an underwriting agreement with the managing underwriter(s), if any, selected by any Holders
whose Registrable Securities are being registered pursuant to this Section 4, which managing underwriter shall be reasonably satisfactory
to the Company. Such agreement shall be reasonably satisfactory in form and substance to the Company, each Holder and such managing underwriters,
and shall contain such representations, warranties and covenants by the Company and such other terms as are customarily contained in agreements
of that type used by the managing underwriter. The Holders shall be parties to any underwriting agreement relating to an underwritten
sale of their Registrable Securities and may, at their option, require that any or all the representations, warranties and covenants of
the Company to or for the benefit of such underwriters shall also be made to and for the benefit of such Holders. Such Holders shall not
be required to make any representations or warranties to or agreements with the Company or the underwriters except as they may relate
to such Holders, their Shares and their intended methods of distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"></P>

<!-- Field: Page; Sequence: 7; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">4.3.5 <U>Documents
to be Delivered by Holder(s)</U>. Each of the Holder(s) participating in any of the foregoing offerings shall furnish to the Company a
completed and executed questionnaire provided by the Company requesting information customarily sought of selling security holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">4.3.6 <U>Damages</U>.
Should the registration or the effectiveness thereof required by Sections 4.1 and 4.2 hereof be delayed by the Company or the Company
otherwise fails to comply with such provisions, the Holder(s) shall, in addition to any other legal or other relief available to the Holder(s),
be entitled to obtain specific performance or other equitable (including injunctive) relief against the threatened breach of such provisions
or the continuation of any such breach, without the necessity of proving actual damages and without the necessity of posting bond or other
security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase">5. </FONT><U>New
Purchase Warrants to be Issued</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">5.1 <U>Partial
Exercise or Transfer</U>. Subject to the restrictions in Section 3 hereof, this Purchase Warrant may be exercised or assigned in whole
or in part. In the event of the exercise or assignment hereof in part only, upon surrender of this Purchase Warrant for cancellation,
together with the duly executed exercise or assignment form and funds sufficient to pay any Exercise Price and/or transfer tax if exercised
pursuant to Section 2.1 hereto, the Company shall cause to be delivered to the Holder without charge a new Purchase Warrant of like tenor
to this Purchase Warrant in the name of the Holder evidencing the right of the Holder to purchase the number of Shares purchasable hereunder
as to which this Purchase Warrant has not been exercised or assigned.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">5.2 <U>Lost
Certificate</U>. Upon receipt by the Company of evidence satisfactory to it of the loss, theft, destruction or mutilation of this Purchase
Warrant and of reasonably satisfactory indemnification or the posting of a bond, determined in the sole discretion of the Company, the
Company shall execute and deliver a new Purchase Warrant of like tenor and date. Any such new Purchase Warrant executed and delivered
as a result of such loss, theft, mutilation or destruction shall constitute a substitute contractual obligation on the part of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase">6. </FONT><U>Certain
Adjustments</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">6.1 <U>Adjustments
to Exercise Price and Number of Securities</U>. The Exercise Price and the number of Shares underlying the Purchase Warrant shall be subject
to adjustment from time to time as hereinafter set <FONT STYLE="font-size: 10pt">forth provided that the Exercise Price shall not be adjusted
such that it would result in the Ordinary Shares being issued at a price below their par value</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">6.1.1 <U>Share
Dividends; Split Ups</U>. If, after the date hereof, and subject to the provisions of Section 6.3 below, the number of outstanding Ordinary
Shares is increased by a dividend payable in Ordinary Shares or by a split up of Ordinary Shares or other similar event, then, on the
effective day thereof, the number of Shares purchasable hereunder shall be increased in proportion to such increase in outstanding Ordinary
Shares, and the Exercise Price shall be proportionately decreased.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"></P>

<!-- Field: Page; Sequence: 8; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">6.1.2 <U>Aggregation
of Shares</U> If, after the date hereof, and subject to the provisions of Section 6.3 below, the number of outstanding Ordinary Shares
is decreased by a consolidation, combination or reclassification of Ordinary Shares or other similar event, then, on the effective date
thereof, the number of Shares purchasable hereunder shall be decreased in proportion to such decrease in outstanding Ordinary Shares,
and the Exercise Price shall be proportionately increased.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">6.1.3 <U>Subsequent
Rights Offerings</U>. In addition to any adjustments pursuant to <U>Section 6.1.1</U> above, if at any time during which this Warrant
is outstanding the Company grants, issues or sells any securities of the Company which by their terms are convertible into or exercisable
for Ordinary Shares (&ldquo;<B>Ordinary Share Equivalents</B>&rdquo;) or other rights to purchase shares, warrants, securities or other
property, pro rata to all of the record holders of the Ordinary Shares and/or Class B Ordinary Shares (the &ldquo;<B>Purchase Rights</B>&rdquo;),
and not the Holder, 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 Ordinary Shares acquirable upon complete exercise of
this Purchase Warrant 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 Ordinary Shares are to be determined for the grant, issue or
sale of such Purchase Rights. The provisions of this <U>Section 6.1.2</U> will not apply to any grant, issuance or sale of Ordinary Share
Equivalents or other rights to purchase shares, warrants, securities or other property of the Company which is not made pro rata to all
of the record holders of Ordinary Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">6.1.4 <U>Replacement
of Securities upon Reorganization, etc</U>. In case of any reclassification or reorganization of the outstanding Ordinary Shares other
than a change covered by <U>Section 6.1.1, 6.1.2</U> or <U>6.1.3</U> hereof or that solely affects the par value of such Ordinary Shares,
or in the case of any share reconstruction or amalgamation or merger or consolidation of the Company with or into another corporation
or other entity (other than a consolidation or share reconstruction or amalgamation in which the Company is the continuing corporation
and that does not result in any reclassification or reorganization of the outstanding Ordinary Shares), or in the case of any sale or
conveyance to another corporation or entity of the property of the Company as an entirety or substantially as an entirety, or in the case
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 Ordinary Shares 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 Ordinary Shares, or in the case the Company, directly or indirectly,
in one or more related transactions effects any reclassification, reorganization or recapitalization of the Ordinary Shares or any compulsory
share exchange pursuant to which the Ordinary Shares are effectively converted into or exchanged for other securities, cash or property,
or (in the case 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 or scheme of arrangement) with
another person or group of persons, whereby such other Person or group acquires more than 50% of the outstanding Ordinary Shares (not
including any Ordinary Shares 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), then the Holder of this Purchase Warrant
shall have the right thereafter (until the expiration of the right of exercise of this Purchase Warrant) to receive upon the exercise
hereof, for the same aggregate Exercise Price payable hereunder immediately prior to such event, the kind and amount of shares or other
securities or property (including cash) receivable upon such reclassification, reorganization, share reconstruction or amalgamation, or
consolidation, or upon a dissolution following any such sale or transfer, by a Holder of the number of Shares of the Company obtainable
upon exercise of this Purchase Warrant immediately prior to such event; and if any reclassification also results in a change in Shares
covered by <U>Section 6.1.1</U>, <U>6.1.2 </U>or <U>6.1.3</U>, then such adjustment shall be made pursuant to <U>Sections 6.1.1</U>, <U>6.1.2</U>
or <U>6.1.3 </U>and this <U>Section 6.1.4</U>. The provisions of this <U>Section 6.1.4</U> shall similarly apply to successive reclassifications,
reorganizations, share reconstructions or amalgamations, or consolidations, sales or other transfers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"></P>

<!-- Field: Page; Sequence: 9; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">6.1.5 <U>Changes
in Form of Purchase Warrant</U>. This form of Purchase Warrant need not be changed because of any change pursuant to this Section 6.1,
and Purchase Warrants issued after such change may state the same Exercise Price and the same number of Shares as are stated in the Purchase
Warrants initially issued pursuant to this Agreement. The acceptance by any Holder of the issuance of new Purchase Warrants reflecting
a required or permissive change shall not be deemed to waive any rights to an adjustment occurring after the Commencement Date or the
computation thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">6.2 <U>Substitute
Purchase Warrant</U>. In case of any consolidation of the Company with, or share reconstruction or amalgamation of the Company with or
into, another corporation (other than a consolidation or share reconstruction or amalgamation which does not result in any reclassification
or change of the outstanding Ordinary Shares ), the corporation formed by such consolidation or share reconstruction or amalgamation shall
execute and deliver to the Holder a supplemental Purchase Warrant providing that the holder of each Purchase Warrant then outstanding
or to be outstanding shall have the right thereafter (until the stated expiration of such Purchase Warrant) to receive, upon exercise
of such Purchase Warrant, the kind and amount of shares and other securities and property receivable upon such consolidation or share
reconstruction or amalgamation, by a holder of the number of Ordinary Shares of the Company for which such Purchase Warrant might have
been exercised immediately prior to such consolidation, share reconstruction or amalgamation, sale or transfer. Such supplemental Purchase
Warrant shall provide for adjustments which shall be identical to the adjustments provided for in this Section 6. The above provision
of this Section shall similarly apply to successive consolidations or share reconstructions or amalgamations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">6.3 <U>Elimination
of Fractional Interests</U>. The Company shall not be required to issue certificates representing fractions of Shares upon the exercise
of the Purchase Warrant, nor shall it be required to issue scrip or pay cash in lieu of any fractional interests, it being the intent
of the parties that all fractional interests shall be eliminated by rounding any fraction up or down, as the case may be, to the nearest
whole number of Shares or other securities, properties or rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">6.4&nbsp;<U>Notice to Holder</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">6.4.1&nbsp;<U>Adjustment to Exercise
Price</U>. Whenever the Exercise Price is adjusted pursuant to any provision of this <U>Section 6</U>, the Company shall promptly provide
the Holder with a notice setting forth the Exercise Price after such adjustment and any resulting adjustment to the number of Shares and
setting forth a brief statement of the facts requiring such adjustment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"></P>

<!-- Field: Page; Sequence: 10; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">6.4.2&nbsp;<U>Notice to Allow Exercise
by Holder</U>. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the Ordinary Shares, (B) the
Company shall declare a special nonrecurring cash dividend on or a redemption of the Ordinary Shares, (C) the Company shall authorize
the granting to all holders of the Ordinary Shares rights or warrants to subscribe for or purchase any shares 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 Ordinary Shares,
any consolidation or merger to which the Company is a party, any sale or transfer of all or substantially all of the assets of the Company,
or any compulsory share exchange whereby the Ordinary Shares 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 provide the Holder with, at least 10 days prior to the applicable record or effective date hereinafter specified, a
notice 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 Ordinary Shares 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
Ordinary Shares of record shall be entitled to exchange their Ordinary Shares for securities, cash or other property deliverable upon
such reclassification, consolidation, merger, sale, transfer or share exchange; <I>provided</I> that the failure to provide such notice
or any defect therein or in the provision thereof shall not affect the validity of the corporate action required to be specified in such
notice. The Holder shall remain entitled to exercise this Representative&rsquo;s 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. Notwithstanding
the foregoing, no notice need be given to the Holder if the Company makes a public announcement of the applicable event via nationally
distributed press release or via a publicly available and legally compliant filing with the U.S. Securities and Exchange Commission<FONT STYLE="font-size: 10pt">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase">7. </FONT><U>Reservation
and Listing; Registration Rights</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">7.1 The
Company shall at all times reserve and keep available out of its authorized Ordinary Shares, solely for the purpose of issuance upon exercise
of this Representative&rsquo;s Warrant, such number of Shares or other securities, properties or rights as shall be issuable upon the
exercise thereof. The Company covenants and agrees that, upon exercise of this Representative&rsquo;s Warrant and payment of the Exercise
Price therefor, in accordance with the terms hereby, all Shares and other securities issuable upon such exercise shall be duly and validly
issued, fully paid and non-assessable and not subject to preemptive or similar rights of any shareholder and free and clear of all liens,
taxes and charges. As long as this Representative&rsquo;s Warrant shall be outstanding, the Company shall use commercially reasonable
efforts to cause all Shares issuable upon exercise of this Representative&rsquo;s Warrant to be listed (subject to official notice of
issuance) on all national securities exchanges (or, if applicable, on the OTCQB or OTCQX Markets operated by OTC Markets Group, Inc.,
or any similar over-the-counter market) on which the Shares issued to the public in the Offering may then be listed and/or quoted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 11; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase">8. </FONT><U>Certain
Notice Requirements</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">8.1 <U>Holder&rsquo;s
Right to Receive Notice</U>. Nothing herein shall be construed as conferring upon the Holders the right to vote or consent or to receive
notice as a shareholder for the election of directors or any other matter, or as having any rights whatsoever as a shareholder of the
Company. If, however, at any time prior to the expiration of the Purchase Warrants and their exercise, any of the events described in
Section 8.2 shall occur, then, in one or more of said events, the Company shall give written notice of such event at least fifteen days
prior to the date fixed as a record date or the date of closing the transfer books for the determination of the shareholders entitled
to such dividend, distribution, conversion or exchange of securities or subscription rights, or entitled to vote on such proposed dissolution,
liquidation, winding up or sale. Such notice shall specify such record date or the date of the closing of the transfer books, as the case
may be. Notwithstanding the foregoing, the Company shall deliver to each Holder a copy of each notice given to the other shareholders
of the Company at the same time and in the same manner that such notice is given to the shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">8.2 <U>Events
Requiring Notice</U>. The Company shall be required to give the notice described in this Section 8 upon one or more of the following events:
(i) if the Company shall take a record of the holders of its Ordinary Shares for the purpose of entitling them to receive a dividend or
distribution payable otherwise than in cash, or a cash dividend or distribution payable otherwise than out of retained earnings, as indicated
by the accounting treatment of such dividend or distribution on the books of the Company, (ii) the Company shall offer to all the holders
of its Ordinary Shares any additional shares of the Company or securities convertible into or exchangeable for shares of the Company,
or any option, right or warrant to subscribe therefor, or (iii) a dissolution, liquidation or winding up of the Company (other than in
connection with a consolidation or share reconstruction or amalgamation) or a sale of all or substantially all of its property, assets
and business shall be proposed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">8.3 <U>Notice
of Change in Exercise Price</U>. The Company shall, promptly after an event requiring a change in the Exercise Price pursuant to Section
6 hereof, send notice to the Holders of such event and change (&ldquo;<B>Price Notice</B>&rdquo;). The Price Notice shall describe the
event causing the change and the method of calculating same and shall be certified as being true and accurate by the Company&rsquo;s Chief
Financial Officer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">8.4 <U>Transmittal
of Notices</U>. All notices, requests, consents and other communications under this Purchase Warrant shall be in writing and shall be
deemed to have been duly made when hand delivered, or mailed by express mail or private courier service: (i) if to the registered Holder
of the Purchase Warrant, to the address of such Holder as shown on the books of the Company, or (ii) if to the Company, to following address
or to such other address as the Company may designate by notice to the Holders:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">If to the Holder:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: left">EF Hutton LLC<BR>
590 Madison Avenue, 39th Floor<BR>
New York, New York 10022<BR>
Attn: Mr. Joseph T. Rallo, Chief Executive Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: left">Email: jrallo@efhuttongroup.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: left">Fax No.:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: left"></P>

<!-- Field: Page; Sequence: 12; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: left">with a copy (which shall not constitute notice)
to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: left">Loeb &amp; Loeb LLP<BR>
345 Park Avenue<BR>
New York, NY 10154<BR>
Attn: Mitchell S. Nussbaum, Esq.<BR>
Email:&nbsp;&nbsp;mnussbaum.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: left">If to the Company:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: left">Zhibao Technology Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: left">Floor 3, Building 6, Wuxing Road, Lane 727<B><BR>
</B>Pudong New Area, Shanghai 201204<BR>
Attention: Botao Ma, Chief Executive Officer<BR>
Email: botao.ma@zhibao-tech.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: left">with a copy (which shall not constitute notice)
to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: left">Ellenoff Grossman &amp; Schole LLP<BR>
1345 Avenue of the Americas, 11th Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: left">New York, NY 10105<BR>
Attention: Richard Anslow, Esq.<BR>
Email: ranslow@egsllp.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase">9. </FONT><U>Miscellaneous</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">9.1 <U>Amendments</U>.
The Company and Hutton may from time to time supplement or amend this Purchase Warrant without the approval of any of the Holders in order
to cure any ambiguity, to correct or supplement any provision contained herein that may be defective or inconsistent with any other provisions
herein, or to make any other provisions in regard to matters or questions arising hereunder that the Company and Hutton may deem necessary
or desirable and that the Company and Hutton deem shall not adversely affect the interest of the Holders. All other modifications or amendments
shall require the written consent of and be signed by the party against whom enforcement of the modification or amendment is sought.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">9.2 <U>Headings</U>.
The headings contained herein are for the sole purpose of convenience of reference, and shall not in any way limit or affect the meaning
or interpretation of any of the terms or provisions of this Purchase Warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">9.3 <U>Entire
Agreement</U>. This Purchase Warrant (together with the other agreements and documents being delivered pursuant to or in connection with
this Purchase Warrant) constitutes the entire agreement of the parties hereto with respect to the subject matter hereof, and supersedes
all prior agreements and understandings of the parties, oral and written, with respect to the subject matter hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 13; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">9.4 <U>Binding
Effect</U>. This Purchase Warrant shall inure solely to the benefit of and shall be binding upon, the Holder and the Company and their
permitted assignees, respective successors, legal representative and assigns, and no other person shall have or be construed to have any
legal or equitable right, remedy or claim under or in respect of or by virtue of this Purchase Warrant or any provisions herein contained.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">9.5 <U>Governing
Law; Submission to Jurisdiction; Trial by Jury</U>. This Purchase Warrant shall be governed by and construed and enforced in accordance
with the laws of the State of New York, without giving effect to conflict of laws principles thereof. The Company hereby agrees that any
action, proceeding or claim against it arising out of, or relating in any way to this Purchase Warrant shall be brought and enforced in
the courts located in the City of New York, County of New York, or in the United States District Court for the Southern District of New
York, 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 Section 8 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 Holder agree that the prevailing party(ies) in any such action shall be
entitled to recover from the other party(ies) all of its reasonable attorneys&rsquo; fees and expenses relating to such action or proceeding
and/or incurred in connection with the preparation therefor. The Company (on its behalf and, to the extent permitted by applicable law,
on behalf of its shareholders and affiliates) and the Holder 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">9.6 <U>Waiver,
etc</U>. The failure of the Company or the Holder to at any time enforce any of the provisions of this Purchase Warrant shall not be deemed
or construed to be a waiver of any such provision, nor to in any way affect the validity of this Purchase Warrant or any provision hereof
or the right of the Company or any Holder to thereafter enforce each and every provision of this Purchase Warrant. No waiver of any breach,
non-compliance or non-fulfillment of any of the provisions of this Purchase Warrant shall be effective unless set forth in a written instrument
executed by the party or parties against whom or which enforcement of such waiver is sought; and no waiver of any such breach, non-compliance
or non-fulfillment shall be construed or deemed to be a waiver of any other or subsequent breach, non-compliance or non-fulfillment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">9.7 <U>Execution
in Counterparts</U>. This Purchase Warrant may be executed in one or more counterparts, and by the different parties hereto in separate
counterparts, each of which shall be deemed to be an original, but all of which taken together shall constitute one and the same agreement,
and shall become effective when one or more counterparts has been signed by each of the parties hereto and delivered to each of the other
parties hereto. Such counterparts may be delivered by facsimile transmission or other electronic transmission.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>[Signature Page Follows]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 14; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF, the Company
has caused this Purchase Warrant to be signed by its duly authorized officer as of the third day of April, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">ZHIBAO TECHNOLOGY INC.</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5.5%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 5%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 35%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 54.5%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">By:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify">/s/ Botao Ma</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Name:&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Botao Ma</FONT></TD>
    <TD STYLE="text-align: left"></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Title:</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 15; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>[Form to be used to exercise Purchase Warrant]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Date: __________, 20___</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The undersigned hereby elects
irrevocably to exercise the Purchase Warrant for ______ Class A ordinary shares, par value $0.0001 per share (the &ldquo;<B>Shares</B>&rdquo;),
of Zhibao Technology Inc., a Cayman Islands company (the &ldquo;<B>Company</B>&rdquo;), and hereby makes payment of $____ (at the rate
of $____ per Share) in payment of the Exercise Price pursuant thereto. Please issue the Shares as to which this Purchase Warrant is exercised
in accordance with the instructions given below and, if applicable, a new Purchase Warrant representing the number of Shares for which
this Purchase Warrant has not been exercised.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The undersigned hereby elects
irrevocably to convert its right to purchase ___ Shares of the Company under the Purchase Warrant for ______ Shares, as determined in
accordance with the following formula:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD ROWSPAN="2" STYLE="vertical-align: top; padding-right: 0.5pt; padding-left: 0.5pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" ROWSPAN="2" STYLE="vertical-align: top; padding-right: 0.5pt; padding-left: 0.5pt; text-align: center">X</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; padding-right: 0.5pt; padding-left: 0.5pt; text-align: center">=</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 0.5pt; padding-left: 0.5pt; text-align: center">Y(A-B)</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 0.5pt; padding-left: 0.5pt; text-align: center">A</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify">Where,</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0.5pt; padding-left: 0.5pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 0.5pt; padding-left: 0.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify">X</TD>
    <TD STYLE="vertical-align: top; padding-right: 0.5pt; padding-left: 0.5pt; text-align: center">=</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify">The number of Shares to be issued to Holder;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify">Y</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: center">=</TD>
    <TD COLSPAN="4" STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify">The number of Shares for which the Purchase Warrant is being exercised;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify">A</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: center">=</TD>
    <TD COLSPAN="4" STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify">The fair market value of one Share which is equal to $_____; and</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify">B</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: center">=</TD>
    <TD COLSPAN="4" STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify">The Exercise Price which is equal to $______ per share</TD></TR>
  <TR>
    <TD STYLE="width: 15%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 65%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The undersigned agrees and acknowledges
that the calculation set forth above is subject to confirmation by the Company and any disagreement with respect to the calculation shall
be resolved by the Company in its sole discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Please issue the Shares as to
which this Purchase Warrant is exercised in accordance with the instructions given below and, if applicable, a new Purchase Warrant representing
the number of Shares for which this Purchase Warrant has not been converted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Signature _________________________________</P>



<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Signature Guaranteed ________________________</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: justify">INSTRUCTIONS FOR REGISTRATION OF SECURITIES</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 5%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 35%">&nbsp;</TD>
    <TD STYLE="width: 60%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Name:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0in"></TD>
    <TD STYLE="text-align: center">(Print in Block Letters)</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Address:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">NOTICE: The signature to this
form must correspond with the name as written upon the face of the Purchase Warrant without alteration or enlargement or any change whatsoever,
and must be guaranteed by a bank, other than a savings bank, or by a trust company or by a firm having membership on a registered national
securities exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 16; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><I></I>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>[Form to be used to assign Purchase Warrant]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">ASSIGNMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(To be executed by the registered Holder to effect
a transfer of the within Purchase Warrant):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">FOR VALUE RECEIVED, __________________ does hereby
sell, assign and transfer unto the right to purchase Class A ordinary shares, par value $0.0001 per share, of Zhibao Technology Inc.,
a Cayman Islands corporation (the &ldquo;<B>Company</B>&rdquo;), evidenced by the Purchase Warrant and does hereby authorize the Company
to transfer such right on the books of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Dated: __________, 20__</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 8%">Signature</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify; width: 32%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 60%">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 18%">Signature Guaranteed</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify; width: 22%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 60%">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">NOTICE: The signature to this form must correspond
with the name as written upon the face of the within Purchase Warrant without alteration or enlargement or any change whatsoever, and
must be guaranteed by a bank, other than a savings bank, or by a trust company or by a firm having membership on a registered national
securities exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 17; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>4
<FILENAME>ea020327701ex99-1_zhibao.htm
<DESCRIPTION>PRESS RELEASE, DATED APRIL 1, 2024
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right"><B>Exhibit 99.1</B></P>

<P STYLE="text-align: justify; margin: 0">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify">&nbsp;<IMG SRC="ex99-1_001.jpg" ALT=""></P>

<P STYLE="margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; text-align: justify"></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-size: 12pt"><B>Zhibao
Technology Inc. Announces Pricing of Initial Public Offering</B></FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">Shanghai,
April 01, 2024 (GLOBE NEWSWIRE) --&nbsp;</FONT><B>Zhibao Technology Inc. (&ldquo;ZBAO</B>&rdquo; or the &ldquo;<B>Company</B>&rdquo;),
a leading and high growth InsurTech company primarily engaging in providing digital insurance brokerage services through its operating
entities in China, announced today the pricing of its initial public offering (the &ldquo;Offering&rdquo;) of 1,500,000 Class A ordinary
shares at a price of $4.00 per share to the public for a total of $6,000,000 of gross proceeds to the Company, before deducting underwriting
discounts and offering expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">The Company has granted a 45-day
option to the underwriters to purchase up to 225,000 additional Class A ordinary shares solely to cover over-allotments, if any. All of
the Class A ordinary shares are being offered by the Company. The Class A ordinary shares have been approved for listing on The Nasdaq
Capital Market and are expected to begin trading on April 2, 2024, under the symbol &ldquo;ZBAO.&rdquo; The offering is expected to close
on April 3, 2024, subject to customary closing conditions.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">EF Hutton LLC is acting as the
sole book-running manager for the Offering.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">A registration statement on Form
F-1 relating to the Offering, as amended, was filed with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) (File Number:
333 -274431) and was declared effective by the SEC on March 29, 2024. The Offering is being made only by means of a prospectus, forming
part of the effective registration statement. A preliminary prospectus relating to the Offering has been filed with the SEC. A copy of
the final prospectus related to the Offering, when available, will be filed with the SEC and may be obtained from EF Hutton LLC, 590 Madison
Avenue, 39th Floor, New York, NY 10022, Attention: Syndicate Department, or via email at&nbsp;syndicate@efhutton.com&nbsp;or telephone
at (212) 404-7002. In addition, a copy of the final prospectus, when available, relating to the Offering may be obtained via the SEC&rsquo;s
website at&nbsp;www.sec.gov.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Before you invest, you should read the prospectus
and other documents the Company has filed or will file with the SEC for more complete information about the Company and the Offering.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any
sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such state or jurisdiction.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>&nbsp;</B></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>About Zhibao Technology Inc.</B></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">Zhibao Technology Inc. (&ldquo;Zhibao&rdquo;
or the &ldquo;Company&rdquo;) is a leading and high growth InsurTech company primarily engaging in providing digital insurance brokerage
services through its operating entities (&ldquo;Zhibao China Group&rdquo;) in China. 2B2C (&ldquo;to-business-to-customer&rdquo;) digital
embedded insurance is the Company&rsquo;s innovative business model, which Zhibao China Group pioneered in China. Zhibao China Group launched
the first digital insurance brokerage platform in China in 2020, which is powered by their proprietary PaaS (&ldquo;Platform as a Service&rdquo;).</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Zhibao has developed more than 40 proprietary
and innovative digital insurance solutions addressing different scenarios in a wide range of industries, including but not limited to
travel, sports, logistics, utilities, and e-commerce. Zhibao China Group acquire and analyze customer data, utilize big data and artificial
intelligence technology to continually iterate and enhance its digital insurance solutions. This iterative process, in addition to continually
improving its digital insurance solutions, will keep the Company abreast of the new trends and customer preferences in the market.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">For more information,&nbsp;please visit&nbsp;the
Company&rsquo;s website at&nbsp;www.zhibao-tech.com.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><B></B></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><B>Forward-Looking Statements</B></FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">Statements in this press release
about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute
&ldquo;forward-looking statements&rdquo; within the meaning of The Private Securities Litigation Reform Act of 1995. These statements include,
but are not limited to, statements relating to the expected trading commencement and closing dates. The words &ldquo;anticipate,&rdquo;
&ldquo;believe,&rdquo; &ldquo;continue,&rdquo; &ldquo;could,&rdquo; &ldquo;estimate,&rdquo; &ldquo;expect,&rdquo; &ldquo;intend,&rdquo; &ldquo;may,&rdquo;
&ldquo;plan,&rdquo; &ldquo;is/are likely to,&rdquo; &ldquo;potential,&rdquo; &ldquo;predict,&rdquo; &ldquo;project,&rdquo; &ldquo;should,&rdquo;
&ldquo;target,&rdquo; &ldquo;will,&rdquo; &ldquo;would&rdquo; and similar expressions are intended to identify forward-looking statements, although
not all forward-looking statements contain these identifying words. The Company undertakes no obligation to update or revise publicly
any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations that arise after
the date hereof, except as may be required by law. These statements are subject to uncertainties and risks including, but not limited
to, the uncertainties related to market conditions and the completion of the initial public offering on the anticipated terms or at all,
and other factors discussed in the &ldquo;Risk Factors&rdquo; section of the registration statement filed with the SEC. Although the Company
believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations
will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results
and encourages investors to review other factors that may affect its future results in the Company&rsquo;s registration statement and
other filings with the SEC. Additional factors are discussed in the Company&rsquo;s filings with the SEC, which are available for review
at&nbsp;www.sec.gov.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>Contact Information:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>For Media and Investor Relations</B><BR>
Zhibao Technology Inc.<BR STYLE="box-sizing: border-box">
Investor Relations Office<BR STYLE="box-sizing: border-box">
ir@zhibao-tech.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>Skyline Corporate Communications Group,
LLC</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Scott Powell, President<BR STYLE="box-sizing: border-box">
Avenues Tower<BR STYLE="box-sizing: border-box">
1177 Avenue of the Americas, 5th floor<BR STYLE="box-sizing: border-box">
New York, NY 10036<BR STYLE="box-sizing: border-box">
Office: (646) 893-5835<BR STYLE="box-sizing: border-box">
Email:&nbsp;info@skylineccg.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></P>

<!-- Field: Page; Sequence: 1; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>5
<FILENAME>ea020327701ex99-2_zhibao.htm
<DESCRIPTION>PRESS RELEASE, DATED APRIL 3, 2024
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; background-color: white"><B>Exhibit 99.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><IMG SRC="ex99-2_001.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Zhibao
Technology Inc. Announces Closing of Initial Public Offering</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Shanghai, China, April 03, 2024 (GLOBE NEWSWIRE) -- Zhibao Technology
Inc. (Nasdaq: &ldquo;ZBAO&rdquo;&nbsp;</B>or the<B>&nbsp;&ldquo;Company&rdquo;)</B>, a leading and high growth InsurTech company primarily
engaging in providing digital insurance brokerage services through its operating entities in China, today announced the closing of its
initial public offering (&ldquo;Offering&rdquo;) of 1,500,000 Class A ordinary shares at a public offering price of $4.00 per Class A ordinary
share for aggregate gross proceeds of $6,000,000, before deducting underwriting discounts and offering expenses. The Company has granted
the underwriters a 45-day option to purchase up to an additional 225,000 Class A ordinary shares to cover the over-allotment at the public
offering price, less underwriting discounts and commissions. The Class A ordinary shares began trading on the Nasdaq Capital Market on
April 2, 2024 under the symbol &ldquo;ZBAO.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">EF Hutton LLC acted as the sole book-running manager for the Offering.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A registration statement on Form F-1 (File Number: 333 -274431) relating
to the Offering, as amended, was filed with the U.S. Securities and Exchange Commission (the &ldquo;SEC&rdquo;) and was declared effective
by the SEC on March 29, 2024. A final prospectus related to the Offering was filed on April 2, 2024, and made available on the SEC&rsquo;s website
at&nbsp;http://www.sec.gov. The Offering was made only by means of a prospectus, forming part of the effective registration statement.
A copy of the final prospectus related to the Offering may be obtained from EF Hutton LLC, 590 Madison Avenue, 39th Floor, New York, NY
10022, Attention: Syndicate Department, or via email at syndicate@efhutton.com or telephone at (212) 404-7002. In addition, a copy of
the final prospectus relating to the Offering may be obtained via the SEC&rsquo;s website at&nbsp;www.sec.gov.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This press release shall not constitute an offer to sell or the solicitation
of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>About Zhibao Technology Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Zhibao Technology Inc. (&ldquo;Zhibao&rdquo; or the &ldquo;Company&rdquo;)
is a leading and high growth InsurTech company primarily engaging in providing digital insurance brokerage services through its operating
entities (&ldquo;Zhibao China Group&rdquo;) in China. 2B2C (&ldquo;to-business-to-customer&rdquo;) digital embedded insurance is the Company&rsquo;s
innovative business model, which Zhibao China Group pioneered in China. Zhibao China Group launched the first digital insurance brokerage
platform in China in 2020, which is powered by their proprietary PaaS (&ldquo;Platform as a Service&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Zhibao has developed more than 40 proprietary and innovative digital
insurance solutions addressing different scenarios in a wide range of industries, including but not limited to travel, sports, logistics,
utilities, and e-commerce. Zhibao China Group acquire and analyze customer data, utilize big data and artificial intelligence technology
to continually iterate and enhance its digital insurance solutions. This iterative process, in addition to continually improving its digital
insurance solutions, will keep the Company abreast of the new trends and customer preferences in the market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For more information,&nbsp;please visit&nbsp;the Company&rsquo;s website
at&nbsp;www.zhibao-tech.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Forward-Looking Statements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Statements in this press release about future expectations, plans and
prospects, as well as any other statements regarding matters that are not historical facts, may constitute &ldquo;forward-looking statements&rdquo;
within the meaning of The Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements
relating to the expected trading commencement and closing dates. The words &ldquo;anticipate,&rdquo; &ldquo;believe,&rdquo; &ldquo;continue,&rdquo;
&ldquo;could,&rdquo; &ldquo;estimate,&rdquo; &ldquo;expect,&rdquo; &ldquo;intend,&rdquo; &ldquo;may,&rdquo; &ldquo;plan,&rdquo; &ldquo;is/are likely
to,&rdquo; &ldquo;potential,&rdquo; &ldquo;predict,&rdquo; &ldquo;project,&rdquo; &ldquo;should,&rdquo; &ldquo;target,&rdquo; &ldquo;will,&rdquo;
&ldquo;would&rdquo; and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements
contain these identifying words. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect
subsequent occurring events or circumstances, or changes in its expectations that arise after the date hereof, except as may be required
by law. These statements are subject to uncertainties and risks including, but not limited to, the uncertainties related to market conditions,
and other factors discussed in the &ldquo;Risk Factors&rdquo; section of the registration statement filed with the SEC. Although the Company
believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations
will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results
and encourages investors to review other factors that may affect its future results in the Company&rsquo;s registration statement and
other filings with the SEC. Additional factors are discussed in the Company&rsquo;s filings with the SEC, which are available for review
at&nbsp;www.sec.gov.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Contact Information:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>For Media and Investor Relations&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B>Zhibao Technology Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Investor Relations Office</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ir@zhibao-tech.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Skyline Corporate Communications Group, LLC&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B>Scott Powell, President</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Avenues Tower</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1177 Avenue of the Americas, 5th floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, NY 10036</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Office: (646) 893-5835</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Email: info@skylineccg.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>ex99-1_001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 ex99-1_001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_X0-&17AI9@  34T *@    @ !%$   0
M   !     %$!  ,    !  $  %$"  $   ,     /E$#  $    !
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M    __\ _\P _YD _V8 _S, _P  S/\ S,P S)D S&8 S#, S   F?\ F<P
MF9D F68 F3, F0  9O\ 9LP 9ID 9F8 9C, 9@  ,_\ ,\P ,YD ,V8 ,S,
M,P   /\  ,P  )D  &8  #,
M
M
M      #_VP!#  (! 0(! 0(" @(" @(" P4# P,# P8$! ,%!P8'!P<&!P<(
M"0L)" @*" <'"@T*"@L,# P,!PD.#PT,#@L,# S_VP!# 0(" @,# P8# P8,
M" <(# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,
M# P,# P,# S_P  1" !G )0# 2(  A$! Q$!_\0 'P   04! 0$! 0$
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M_2$*-HQJ54^1MK2U]+7^?J-CN/LT$T,"1Q17#[Y L4:M(W7+%%7)]\5^VO\
MP0>^$EOX?_8I2]O;%;K^VM2ENTENH58D'^%,C.P# ]"<_0?B-7]"7_!)V*UL
M/V!_AM#%-;F>XTE+EX4(#)DX)(!SSC.?]JN7%MJ#26_Z6_'^NQ^<^)^.K3P"
MG*3YI2_S>EMEY+0]]7P?I*'*Z7IP/J+9/\*4^%=+(_Y!NG_^ Z?X5H45YD9.
M*Y8Z(_!?K%7^9_>PHHHJ3$**** "BBB@ HK+\8^-=)^'OAVXU;7-1L])TRT&
MZ:YN9!''&/4DU^6?[:__  7YU'5=6O/#OP9LX[>TC)C/B"\3+S8P=\,3 ;0,
M$9?CKP1@UI"G*7PH]S).'<;FM7V>%CIU;V7_  ?)'Z>_$OXO^%O@WX>FU;Q5
MX@TGP_I]NH9Y[ZY6%0#P,9.3T/3T-?&?QM_X.#/@Q\.-5GT[PW8^)?'%["NY
M9;2U^RV+\CI/+^/ 0GIQC)'XW?$_XM^)/C!XGNM>\6:UKGB35I^6EN)_.D.3
MT4.ZJHY)XQT^E85Q&L4S*D@D4'A@",CZ&NVG@E]MGZQE?AA@Z5-5<=-U'V32
M7W?%;ST/T!^)O_!QA\5O%K2)X6\(^%_!\*MM5KG=J4[8ZL&W*F#VR@(&<\X(
M^=_B1_P5)^/_ ,38[K^TOB=XFCAF#$V^F-%IZGJ0J^2(\<G@YXXYX%>'Z=;-
M?A;:VM9+J^N'VH C2;1@GA%(+G/&,CCG/&#]+?L\?\$@?CM^T1:VVI6?A>/P
MSH\RJ\>H:U+]A60?WDA)>;G&1\N/]KO6[C2IZVMJOPV_K]#ZR>39#E-*.(G&
ME!/H]6O_  +]'?T/"?%?Q;\6>,(E;5?'7B+5',P>1;J\N;O< ,9S)(N&[9YQ
MZ&N9+117+ QLT?3'F L/HP&/TZ?G7ZB_#3_@VNE2&%O%_P 4E9O+P\>E:5DA
M_P#KI(P!!ZY\M?3'I[=X._X-[_@-X>>WDU*?QUKUQ;DDFXUG[/'(#G*LD"1@
M@J0.<D8R,$FHEB*:6]_Z^6WG\CR\1XA9#AVHTO\ R2#???FM?[_D?B:D=L4&
MZ:<-CD"$$ _]]5,MG9-#N^VNK8)V& [OYX_6OWET7_@B=^SAH=^MQ'X%FN&4
M_<N=7O)HV'H5:0C\>OO6W/\ \$@?V;;AU9OA5HN]055Q=7890<$@$2Y&<#IU
MQ42Q4.C?X'%_Q%/)X?\ +F4M.W_W1?KZ'\_$T-CJ.FK%=-J6Z(DH(;@QK^8P
M1GN.?6G:/JUYH5X)K>\FAFY!EM2ULQ4GH/F8CTY8],^U?NW?_P#!##]F^[M6
MCC\(ZK:NW26+7KPLOTW2,OY@UYUX\_X-TOA#XBOOM6C^)_'&BS1JHA5Y[>\C
MA(8GC=$'Q@X W\=:T^M4]KZ?U_7]([*7B=DM9*G7<HI;/D3V_P"WOZLC\LO
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C@]***Y.9WN?$X[.,=C'?%593]6[?=L;M%%%(\T**** /_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>7
<FILENAME>ex99-2_001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 ex99-2_001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_X0-&17AI9@  34T *@    @ !%$   0
M   !     %$!  ,    !  $  %$"  $   ,     /E$#  $    !
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M    __\ _\P _YD _V8 _S, _P  S/\ S,P S)D S&8 S#, S   F?\ F<P
MF9D F68 F3, F0  9O\ 9LP 9ID 9F8 9C, 9@  ,_\ ,\P ,YD ,V8 ,S,
M,P   /\  ,P  )D  &8  #,
M
M
M      #_VP!#  (! 0(! 0(" @(" @(" P4# P,# P8$! ,%!P8'!P<&!P<(
M"0L)" @*" <'"@T*"@L,# P,!PD.#PT,#@L,# S_VP!# 0(" @,# P8# P8,
M" <(# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,
M# P,# P,# S_P  1" !G )0# 2(  A$! Q$!_\0 'P   04! 0$! 0$
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M_2$*-HQJ54^1MK2U]+7^?J-CN/LT$T,"1Q17#[Y L4:M(W7+%%7)]\5^VO\
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MA(8GC=$'Q@X W\=:T^M4]KZ?U_7]([*7B=DM9*G7<HI;/D3V_P"WOZLC\LO
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C@]***Y.9WN?$X[.,=C'?%593]6[?=L;M%%%(\T**** /_]D!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
