<SEC-DOCUMENT>0001731122-21-001106.txt : 20210629
<SEC-HEADER>0001731122-21-001106.hdr.sgml : 20210629
<ACCEPTANCE-DATETIME>20210629172413
ACCESSION NUMBER:		0001731122-21-001106
CONFORMED SUBMISSION TYPE:	424B3
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20210629
DATE AS OF CHANGE:		20210629

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Blue Hat Interactive Entertainment Technology
		CENTRAL INDEX KEY:			0001759136
		STANDARD INDUSTRIAL CLASSIFICATION:	GAMES, TOYS & CHILDREN'S VEHICLES (NO DOLLS & BICYCLES) [3944]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-257265
		FILM NUMBER:		211059271

	BUSINESS ADDRESS:	
		STREET 1:		7TH FLOOR, BUILDING C, NO. 1010,
		STREET 2:		ANLING ROAD
		CITY:			HULI DISTRICT, XIAMEN
		STATE:			F4
		ZIP:			00000
		BUSINESS PHONE:		865922280081

	MAIL ADDRESS:	
		STREET 1:		7TH FLOOR, BUILDING C, NO. 1010,
		STREET 2:		ANLING ROAD
		CITY:			HULI DISTRICT, XIAMEN
		STATE:			F4
		ZIP:			00000
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B3
<SEQUENCE>1
<FILENAME>e2882_424b3.htm
<DESCRIPTION>FORM 424B3
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

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

<P STYLE="text-align: right; margin: 0"><B>Filed Pursuant to Rule 424B3</B></P>

<P STYLE="text-align: right; margin: 0"><B>File No. 333-257265</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: red"><FONT STYLE="color: Black"><B>PROSPECTUS</B></FONT></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: center"><B>4,403,000 Ordinary Shares underlying Warrants</B></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"><FONT STYLE="font-size: 10pt"><IMG SRC="image_001.jpg" ALT="(BLUE HAT LOGO)" STYLE="height: 151px; width: 450px"></FONT></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: justify; background-color: white">This prospectus relates to
the offer and sale of up to 4,403,000 ordinary shares, par value $0.001 per share, of Blue Hat Interactive Entertainment Technology, a
Cayman Islands corporation, issuable upon exercise of certain warrants currently held by such selling shareholders as follows: (i) 4,088,500
ordinary shares underlying 4,088,500 warrants issued to the selling shareholders on May 6, 2021 and (ii) 314,500 ordinary shares underlying
the placement agent warrants issued in connection with the private placement of the ordinary shares on May 6, 2021. The warrants are exercisable
for one ordinary share at an initial exercise price of $1.12 per share.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">This prospectus covers any
additional ordinary share that may become issuable by reason of stock splits, stock dividends, and other events described therein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">The selling shareholders
may offer their shares from time to time directly or through one or more underwriters, broker-dealers or agents, in the over-the-counter
market at market prices prevailing at the time of sale, in one or more privately negotiated transactions at prices acceptable to the selling
shareholder, or otherwise, so long as our ordinary shares are trading on the Nasdaq Capital Market or the OTCQB, and if they are not trading
on the OTCQB, OTCQX or a listed exchange, sales may only take place at fixed prices.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">We are registering these
ordinary shares for resale by the selling shareholders named in this prospectus, or their transferees, pledgees, donees or assigns or
other successors-in-interest that receive any of the shares as a gift, distribution, or other non-sale related transfer. We will not receive
any proceeds from the sale of shares by the selling shareholders. These shares are being registered to permit the selling shareholders
to sell shares from time to time, in amounts, at prices and on terms determined at the time of offering. The selling shareholders may
sell these ordinary shares through ordinary brokerage transactions, directly to market makers of our shares or through any other means
described in the section entitled &ldquo;Plan of Distribution.&rdquo; In connection with any sales of the ordinary shares offered hereunder,
the selling shareholders, any underwriters, agents, brokers or dealers participating in such sales may be deemed to be &ldquo;underwriters&rdquo;
within the meaning of the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">We will pay the expenses
related to the registration of the shares covered by this prospectus. The selling shareholders will pay any commissions and selling expenses
they may incur.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Our ordinary shares trade
on the Nasdaq Capital Market under the symbol &ldquo;BHAT&rdquo;. The closing sale price on the Nasdaq Capital Market on June 14<FONT STYLE="background-color: white">,
2021, was $</FONT>0.903 <FONT STYLE="background-color: white">per share.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our principal executive offices are located at 7th
Floor, Building C, No. 1010 Anling Road, Huli District, Xiamen, China 361009.</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: 21.6pt"><B>Investing in our ordinary
shares involves a high degree of risk. Before buying any shares, you should carefully read the discussion of material risks of investing
in our ordinary shares in &ldquo;Risk Factors&rdquo; beginning on page 13 of this prospectus and in the documents incorporated by reference
in this prospectus.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt"><B>Neither the Securities and
Exchange Commission nor any other regulatory body has approved or disapproved of these securities or passed upon the accuracy or adequacy
of this prospectus. Any representation to the contrary is a criminal offense.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>The date of this prospectus is June
29, 2021.</B></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"></P>

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<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"><B>TABLE OF CONTENTS</B></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"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding: 0.25pt 0.25pt 1pt; width: 95%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 5%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Page</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="#a_001">Prospectus Summary</A></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">1</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="#a_002">Summary Consolidated Financial and Operating Data</A></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">11</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="#a_003">Risk Factors</A></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">13</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="#a_004">Special Note Regarding Forward-Looking Statements</A></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">13</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="#a_005">Industry and Market Data</A></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">14</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="#a_006">Use of Proceeds</A></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">15</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="#a_007">Capitalization</A></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">15</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="#a_008">Dividend Policy</A></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">16</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="#a_009">Exchange Rate Information</A></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">16</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="#a_010">Operating and Financial Review and Prospects</A></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">16</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="#a_011">Corporate History and Structure</A></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">17</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="#a_012">Business</A></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">22</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="#a_013">Management</A></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">47</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="#a_014">Principal Shareholders</A></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">51</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="#a_015">Related Party Transactions</A></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">53</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="#a_016">Description of Share Capital and Governing Documents</A></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">54</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt; text-align: justify"><A HREF="#a_017"><FONT STYLE="font-size: 10pt">Description of Ordinary Shares</FONT></A></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">54</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="#a_018">Material Income Tax Considerations</A></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">68</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="#a_019">Selling Shareholders</A></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">72</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="#a_020">Plan of Distribution</A></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">74</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="#a_021">Expenses Related of this Offering</A></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">75</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="#a_022">Legal Matters</A></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">75</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="#a_023">Experts</A></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">75</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="#a_024">Enforcement of Liabilities</A></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">75</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-size: 10pt"><A HREF="#a_025">Where You Can Find Additional Information</A></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">77</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-size: 10pt"><A HREF="#a_026">Incorporation of Certain Information by Reference</A></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">77</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></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"></P>

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<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"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>We are responsible for the information contained
in this prospectus, in the documents incorporated herein by reference and any free writing prospectus we prepare or authorize. We have
not authorized anyone to provide you with different information, and we take no responsibility for any other information others may give
you. We are not making an offer to sell our ordinary shares in any jurisdiction where the offer or sale is not permitted. You should not
assume that the information contained in this prospectus or in any document incorporated herein by reference is accurate as of any date
other than the date on the front cover of this prospectus or such document, as applicable, regardless of the time of delivery of this
prospectus, the sale of any ordinary shares or the date of any document incorporated herein by reference.</B></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 investors outside the United States: We have not
done anything that would permit this offering or possession or distribution of this prospectus in any jurisdiction, other than the United
States, where action for that purpose is required. Persons outside the United States who come into possession of this prospectus must
inform themselves about, and observe any restrictions relating to, the offering of the ordinary shares and the distribution of this prospectus
outside the United States.</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"><FONT STYLE="background-color: white">We are incorporated
under the laws of the Cayman Islands as an exempted company with limited liability and a majority of our outstanding securities are owned
by non-U.S. residents. Under the rules of the U.S. Securities and Exchange Commission, or the SEC, we currently qualify for treatment
as a &ldquo;foreign private issuer.&rdquo; As a foreign private issuer, we will not be required to file periodic reports and financial
statements with the Securities and Exchange Commission, or the SEC, as frequently or as promptly as domestic registrants whose securities
are registered under the Securities Exchange Act of 1934, as amended, or the Exchange Act.</FONT></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"><FONT STYLE="background-color: white"><B>Conventions that Apply to this
Prospectus</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: white">Unless otherwise
indicated or the context otherwise requires, all references in this prospectus to the terms &ldquo;Blue Hat,&rdquo; the &ldquo;Company,&rdquo;
&ldquo;we,&rdquo; &ldquo;us&rdquo; and &ldquo;our&rdquo; refer to </FONT>Blue Hat Interactive Entertainment Technology <FONT STYLE="background-color: white">and
its subsidiaries, its variable interest entity and the subsidiaries of its variable interest entity.</FONT></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">&ldquo;PRC&rdquo; or &ldquo;China&rdquo; refers to
the People&rsquo;s Republic of China, excluding, for the purpose of this prospectus, Taiwan, Hong Kong and Macau. &ldquo;RMB&rdquo; or
&ldquo;Renminbi&rdquo; refers to the legal currency of China and &ldquo;$&rdquo; or &ldquo;U.S. Dollars&rdquo; refers to the legal currency
of the United States.</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">We have made rounding adjustments to some of the figures
included in this prospectus. Accordingly, numerical figures shown as totals in some tables may not be an arithmetic aggregation of the
figures that preceded them.</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">Unless the context indicates otherwise, all information
in this prospectus assumes no exercise by the underwriters of their over-allotment option.</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: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></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; background-color: white"><B><A NAME="a_001"></A>PROSPECTUS SUMMARY</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 43.2pt; background-color: white"><I>This
summary is not complete and does not contain all of the information that you should consider before investing in the securities offered
by this prospectus. You should read this summary together with the entire prospectus, including our risk factors (as provided for herein
and incorporated by reference), Operating and Financial Review and Prospects (as provided for herein and incorporated by reference) financial
statements, the notes to those financial statements and the other documents that are incorporated by reference in this prospectus, before
making an investment decision. You should carefully read the information described under the heading &ldquo;Where You Can Find More Information.&rdquo;
We have not authorized anyone to provide you with information different from that contained in this prospectus. The information contained
in this prospectus is accurate only as of the date of this prospectus, regardless of the time of delivery of this prospectus or of any
sale of our securities.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 43.2pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 43.2pt; background-color: white"><I>Unless
the context otherwise requires, the terms &ldquo;BHAT,&rdquo; &ldquo;the Company,&rdquo; &ldquo;we,&rdquo; &ldquo;us,&rdquo; and &ldquo;our&rdquo;
in this prospectus each refer to Blue Hat Interactive Entertainment Technology, our subsidiaries, and our consolidated entities. &ldquo;China&rdquo;
and the &ldquo;PRC&rdquo; refer to the People&rsquo;s Republic of China.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 43.2pt; background-color: white">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">We are a producer, developer
and operator of augmented reality, or AR, interactive entertainment games and toys in China, including interactive educational materials,
mobile games, toys with mobile game features, and Immersive Education Classes and recently we expanded into the Internet Data Center (IDC)
business. Our mobile-connected entertainment platform enables us to connect physical items to mobile devices through wireless technologies,
creating a unique interactive user experience. Our goal is to create a rich visual and interactive environment for users through the integration
of real objects and virtual scenery. We believe this combination provides users with a more natural form of human-computer interaction
and enhances users&rsquo; perception of reality, thus providing a more diversified entertainment experience. By leveraging our strong
technological capabilities and infrastructure, we believe we are able to deliver a superior user experience and conduct our operations
in a highly efficient manner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">The core of our business is our
proprietary&nbsp;technology.&nbsp;Our patents, trademarks, copyrights, and other intellectual property rights serve to distinguish our
products, protect our products from infringement, and contribute to our competitive advantages.&nbsp;To&nbsp;secure the value of our technology
and developments, we are aggressive in pursuing a combination of patent, trademark and copyright protection for our proprietary technologies.
As of June 9, 2021, our intellectual property portfolio included 207 authorized patents, 14 applications for PCT international patents,
738 artistic copyrights, 62 patents pending in various stages of the application process, 13 applications for PCT international patents,
90 registered trademarks and 28 software copyrights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">We strive to create an engaging,
interactive and immersive community for users of our products. The majority of our users are among the young Chinese generation between
the ages of 3 and 23, although many of our products appeal to users outside of this demographic. We intend to further penetrate the Chinese
market with new products that will target users ages 14 and above. Specifically, our strategies include marketing Fidolle, a ball-jointed
&ldquo;smart doll&rdquo;, and QI, a gaming and entertainment platform designed for both family home use and amusement arcades. We believe
our high-quality content is a magnet for users with common interests to connect, interact and share their passions on our platform, which
helps to cultivate a strong sense of belonging, effectively strengthening our user retention. In the meantime, we are licensed to sell
products with &ldquo;WUHUANGWANSHUI&rdquo; brand images. We are also developing our IDC business. As for educational products, we provide
our Augmented Reality Immersive Classes (&ldquo;ARIC&rdquo;) to pre-schools and plan to work closely with these schools to integrate our
digital solutions with a new STEAM-focused curriculum for young students. We believe our high-quality content attracts users with common
interests to connect and share their passion on our platform, which cultivates a strong sense of belonging and effectively strengthens
our user retention.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">Our products resemble traditional
children&rsquo;s toys - including cars, ladybugs, picture books, and dolls - which are enabled with wireless technology to facilitate
a broad variety of interactive functions. The interactive functionality of our products broadens the user experience, creates a communicative
environment, and facilitates an ongoing relationship between us and our end users and between our end users and our products. We believe
such an immersive entertainment experience allows our users to build strong emotional connections to our products, resulting in our products
typically having longer life cycles than traditional toys.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">Our proprietary technology, product
research and development, marketing channels and brand operation are the cornerstones of our business. We focus on the combination of
&ldquo;online&rdquo; and &ldquo;offline&rdquo; activity and the interaction between &ldquo;entertainment&rdquo; and &ldquo;product&rdquo;
to create a high-tech entertainment platform combining mobile games and AR. With the help of computer graphics and visualization technologies,
we are able to accurately &ldquo;place&rdquo; virtual objects into the physical world, thus creating a new and stimulating visual environment
for our users.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">For information on our financial
performance, see &ldquo;Operating and Financial Review and Prospects.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">We currently offer the following
primary AR interactive product lines: AR Racer, AR Crazy Bug, AR 3D Magic Box, AR Dinosaur, &ldquo;Talking Tom and Friends&rdquo; Bouncing
Bubble, AR Shake Bouncing Bubble, &ldquo;WUHUANGWANSHUI&rdquo; authorized products, Immersive Education Classes and IDC business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>AR Racer</I></B></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: 21.6pt">AR Racer is a car-racing mobile
game played using a physical toy car stuck onto the user&rsquo;s mobile device screen using non-adhesive materials. Blue Hat&rsquo;s photosensitive
recognition technology allows the toy car to be used as a controller, so that users can virtually race one another via the simulated racing
track, as well as engage in individual races. In addition, we developed a new generation product, the &ldquo;Mini Car&rdquo; series, that
retains the car model attributes and the original AR interactive function, while upgrading the gameplay, structure and aesthetics of the
game.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>AR Crazy Bug</I></B></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: 21.6pt">AR Crazy Bug is an exciting combat
game played using a ladybug-shaped electronic toy. Blue Hat&rsquo;s infrared induction technology allows the user to control the toy&rsquo;s
movement via their mobile device for game play in battle dynamics, while simultaneously moving the toy in reality. The mobile device shows
virtual enemies while also capturing the position of the toy in the real world, allowing the user to approach or escape its combatants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>AR 3D Magic Box</I></B></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: 21.6pt">AR 3D Magic Box has the unique
ability to transport children&rsquo;s drawings into diverse backgrounds, giving the user a discovery-based experience. AR 3D Magic Box
uses AR recognition technology to allow children to draw shapes or objects onto a physical card while the mobile game captures the drawings
and animates them onto a set background, for example, under the sea.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>AR Dinosaur</I></B></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: 21.6pt">AR Dinosaur is an educational
toy that comes in a variety of five different types of dinosaur, each of which has their own personality and emotions. Through interacting
with the toy and its accompanying mobile app, children can learn a wealth of information about dinosaurs. The product comes with five
physical &ldquo;AR cards&rdquo;, which when placed under the toy will activate its AR features.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&ldquo;Talking Tom and Friends&rdquo; Bouncing
Bubble</I></B></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: 21.6pt">Bouncing Bubble is a product
designed using environmentally-friendly and toxic-free liquid, allowing for larger, stronger bubbles that won&rsquo;t easily pop. Children
can bounce these bubbles using a paddle or gloves as if they were ping pong balls. The new &ldquo;Talking Tom and Friends&rdquo; Bouncing
Bubble product range features images of characters from the universe of the globally renowned &ldquo;Talking Tom and Friends&rdquo; media
franchise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>AR Shake Bouncing Bubble</I></B></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: 21.6pt">AR Shake Bouncing Bubble is a
product developed in 2020. The product is known for its soothing interface and magical background music. It contains an exclusive structural
design of Blue Hat. The AR interactive software has been shown to help to improve children&rsquo;s concentration and reaction. Children
can also use regular bubble liquid to blow bubbles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>WUHUANGWANSHUI Authorized Products</I></B></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: 21.6pt">&ldquo;WUHUANGWANSHUI&rdquo;
is a famous brand for Chinese cartoon images that consist of a cat (Wu Huang) and a dog (Ba Zahey). The brand is owned by Cup of Cosmo
Studio (Beijing) Culture Co., Ltd., and is easily recognizable in Chinese popular culture. Primarily seen in cartoon images, comics, animations
and emoticon packages, &ldquo;WUHUANGWANSHUI&rdquo; has over 30 million followers online, which brings over RMB2 billion in licensed product
sales. We are licensed to use &ldquo;WUHUANGWANSHUI&rdquo; images on our products and our e-commerce website. We expect to launch approximately
20 interactive toys with the licensed images in the near future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Immersive Education Classes</I></B></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: 21.6pt">Immersive Education Classes is
Blue Hat&rsquo;s range of immersive educational products that utilize AR technology to create a dynamic and engaging model for teaching
in China&rsquo;s preschools, including &ldquo;Smart Screen Immersive Education Classes&rdquo;, &ldquo;Smart Immersive Physical Education
Classes&rdquo; and &ldquo;Smart Immersive Cognitive Education Classes.&rdquo;&nbsp;The three products are suitable for different teaching
scenarios and can be used independently or together with one another to promote children&rsquo;s overall development.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt"><I>&ldquo;Smart Screen Immersive
Education Classes&rdquo;</I>&nbsp;use a projector to cast education-related content and games onto the classroom wall. Activities featured
within the product aim to improve students&rsquo; hand-eye coordination and analytical abilities, and students are guided by teachers
trained in the product&rsquo;s use. After students have completed a task, their results are shown on the screen and specific feedback
for improvement is provided.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></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: justify; text-indent: 21.6pt"><I>&ldquo;Smart Immersive Physical
Education Classes&rdquo;&nbsp;</I>integrate a projector and motion-capture system to project activities and games onto the floor of the
teaching area. Students who participate in activities are required to imitate movements and react in time, while competing or coordinating
with others for the best score. Data is analyzed simultaneously for each student, with feedback, including scores and suggestions for
improvement, that can be reviewed by teachers and parents. All activities are carefully guided by teachers trained in the product&rsquo;s
use.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt"><I>&ldquo;Smart Immersive Cognitive
Education Classes&rdquo;&nbsp;</I>offer a wide variety of AR-enabled tasks designed to exercise the cognitive abilities of children between
the ages of three and six years old by projecting images and activities onto a classroom tabletop. As the images projected on the tabletop
react to children&rsquo;s movements, they can learn for themselves, with feedback, including scores and suggestions for improvement, projected
onto the table after completion. A tabletop can be used by up to six children at one time, supporting both independent learning and group
activities or competitions. The product&rsquo;s content has been designed by our in-house team of educational experts and all activities
are carefully guided by teachers trained in the product&rsquo;s use.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt"><I>&ldquo;AR Immersive Class&rdquo;
(&ldquo;ARIC&rdquo;)</I>&nbsp;offers full collection of our immersive educational products that utilize AR technology to create a dynamic
and engaging model to teach preschoolers in China. With our proprietary AR technology, the ARIC greatly enriches children&rsquo;s learning
experience and enables educators to track and analyze students&rsquo; progress.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>IDC Business</I></B></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: 21.6pt">Xunpusen, a subsidiary of our
company, recently signed a cooperation agreement with&nbsp;China Mobile Communications Group Guangdong Co., Ltd.&nbsp;(&ldquo;China Mobile&rdquo;)
for a series of telecom value-added services relating to&nbsp;Internet Data Center&nbsp;(&ldquo;IDC&rdquo;). IDC hosts a group of hosting
providers, merchants, or web servers. It is an infrastructure that ensures e-commerce websites operate securely. It also helps businesses
and their alliances to implement value chain management for their distributors, suppliers and customers.&nbsp;Namely, IDC related services
enable big companies to promote and sell products with Xunpusen&rsquo;s message marketing services and integrated solutions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Corporate History and Structure</B></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: 21.6pt">Our company, Blue Hat Interactive
Entertainment Technology, or Blue Hat, is a holding company incorporated on June 13, 2018 under the laws of the Cayman Islands.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">We have no substantive operations
other than holding all of the issued and outstanding shares of Brilliant Hat Limited, or Blue Hat BVI, established under the laws of the
British Virgin Islands on June 26, 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">Blue Hat BVI is also a holding
company holding all of the outstanding equity of Blue Hat Interactive Entertainment Technology Limited, or Blue Hat HK, which was established
in Hong Kong on June 26, 2018. Blue Hat HK is also a holding company holding all of the outstanding equity of Xiamen Duwei Consulting
Management Co., Ltd., or Blue Hat WFOE, which was established on July 26, 2018 under the laws of the PRC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">We, through our variable interest
entity, or VIE, Fujian Blue Hat Interactive Entertainment Technology Ltd., or Blue Hat Fujian, a PRC company, and through its wholly owned
subsidiaries, including Hunan Engaomei Animation Culture Development Co., Ltd., or Blue Hat Hunan, and Shenyang Qimengxing Trading Co.,
Ltd., or Blue Hat Shenyang, each a PRC company, engage in designing, producing, promoting and selling animated toys with mobile games
features, original intellectual property and peripheral derivatives features worldwide.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">On September 18, 2017, Blue Hat
Fujian formed a joint venture with Xiamen Youth Education Development Co., Ltd. and Youying Wang, contributing a 48.5% equity interest
in Fujian Youth Hand in Hand Educational Technology Co., Ltd., or Fujian Youth, a PRC company. As of December 31, 2020, Fujian Youth had
normal operations. And on March 24, 2021, Fujian Youth Hand in Hand Educational Technology Co., Ltd controlled 100% equity interest in
Fuzhou Qiande Educational Technology Co., Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">On January 25, 2018, Blue Hat
Fujian established its wholly owned subsidiary, Chongqing Lanhui Technology Co. Ltd., or Blue Hat Chongqing, a PRC company. As of December
31, 2019, Blue Hat Chongqing had no operations. On December 14, 2020, it deregistered Chongqing Lanhui Technology Co. Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">On September 10, 2018, Blue Hat
Fujian established its wholly owned subsidiary, Pingxiang Blue Hat Technology Co. Ltd., or Blue Hat Pingxiang, a PRC company. Blue Hat
Pingxiang also engages in designing, producing, promoting and selling interactive toys with mobile games features, original intellectual
property and peripheral derivatives features worldwide.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">On September 20, 2018, Blue Hat
Fujian formed a joint venture with Fujian Jin Ge Tie Ma Information Technology Co., contributing a 15.0% equity interest in Xiamen Blue
Wave Technology Co. Ltd., or Xiamen Blue Wave, a PRC company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">On October 16, 2018, Blue Hat
Fujian formed a joint venture with Renchao Huyu (Shanghai) Culture Development Co. Ltd., contributing a 49% ownership interest in Renchao
Huyu (Shanghai) Culture Propagation Co. Ltd., or Renchao Huyu, with the remaining 51% ownership owned by Renchao Huyu (Shanghai) Culture
Development Co. Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></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: justify; text-indent: 21.6pt">On November 13, 2018, Blue Hat
completed a reorganization of entities under common control of its then existing shareholders, who collectively owned a majority of the
equity interests of Blue Hat prior to the reorganization. Blue Hat, Blue Hat BVI, and Blue Hat HK were established as the holding companies
of Blue Hat WFOE. Blue Hat WFOE is the primary beneficiary of Blue Hat Fujian and its subsidiaries, and all of these entities included
in Blue Hat are under common control which results in the consolidation of Blue Hat Fujian and subsidiaries which have been accounted
for as a reorganization of entities under common control at carrying value. The consolidated financial statements are prepared on the
basis as if the reorganization became effective as of the beginning of the first period presented in the consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">On March 31, 2020, the Company
established its wholly owned subsidiary, Xiamen Jiuqiao Technology Co.,Ltd. (&ldquo;Jiuqiao&rdquo;), a PRC company. Jiuqiao engages in
designing, producing, producing, promoting and selling interactive toys with mobile games features, original intellectual property, peripheral
derivatives features worldwide and also providing consultation service.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">On August 3, 2020, the Company
acquired 60% of Xunpusen (Xiamen) Technology Co.,Ltd. which provides telecommunication service and internet access. On March 9, 2021,
Xunpusen (Xiamen) Technology Co., Ltd which it acquired 100% equity interestes of Xingjuyun (Xiamen) Technology Co., Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">On January 25, 2021, Blue Hat
Cayman closed an acquisition pursuant to which it acquired 100% equity interests of Fresh Joy. Fresh joy, through its affiliated Hong
Kong Xinyou Entertainment Company and Fujian Xinyou Technology Co., Ltd., signed a series of VIE agreements with Fujian Roar Game Technology
Co., Ltd. (&ldquo;Fujian Roar Game&rdquo;). Fujian Roar Game holds 51% equity of Fuzhou CSFCTECH Co., Ltd and 100% equity of Fuzhou UC71
Co., Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">On February 20, 2021, the Company
establised its wholly owned subsidiary, Xiamen Bluehat Research Institution of Education Co., Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Blue Hat Interactive Entertainment Technology<BR>
VIE Structure</B></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"><FONT STYLE="font-size: 10pt"><IMG SRC="image_002.jpg" ALT="" STYLE="height: 411px; width: 526px"></FONT></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"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></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: justify; text-indent: 21.6pt">The charts below summarize our
corporate legal structure and identify our subsidiaries, our VIE and its subsidiaries:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 43.2pt"></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 STYLE="border-bottom: black 1pt solid; white-space: nowrap; width: 25%; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Name</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 2%; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; width: 46%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Background</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 2%; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; width: 25%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Ownership</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">Brilliant Hat Limited</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&#9679; &nbsp;&nbsp;&nbsp;A British Virgin Islands company</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&#9679; &nbsp;&nbsp;&nbsp;Incorporated on June 26, 2018</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&#9679; &nbsp;&nbsp;&nbsp;A holding company</P></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">100% owned by Blue Hat Interactive Entertainment Technology</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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-size: 10pt">Blue Hat Interactive Entertainment Technology Limited</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&#9679; &nbsp;&nbsp;&nbsp;A Hong Kong company</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&#9679; &nbsp;&nbsp;&nbsp;Incorporated on June 26, 2018</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&#9679; &nbsp;&nbsp;&nbsp;A holding company</P></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">100% owned by Brilliant Hat Limited</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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-size: 10pt">Xiamen Duwei Consulting Management Co., Ltd.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&#9679; &nbsp;&nbsp;&nbsp;A PRC limited liability company
    and deemed a wholly foreign owned enterprise, or WFOE</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&#9679; &nbsp;&nbsp;&nbsp;Incorporated on July 26, 2018</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&#9679; &nbsp;&nbsp;&nbsp;Registered capital of $ 736,073
    (RMB 5,000,000)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&#9679; &nbsp;&nbsp;&nbsp;A holding company</P></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">100% owned by Blue Hat Interactive Entertainment Technology Limited</FONT></TD></TR>
    <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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-size: 10pt">Fresh Joy Entertainment Ltd</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&#9679; &nbsp;&nbsp;&nbsp;A holding company</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">100% owned by Blue Hat Interactive Entertainment Technology Limited</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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-size: 10pt">Fujian Blue Hat Interactive Entertainment Technology Ltd.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&#9679; &nbsp;&nbsp;&nbsp;A PRC limited liability company</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&#9679; &nbsp;&nbsp;&nbsp;Incorporated on January 7, 2010</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&#9679; &nbsp;&nbsp;&nbsp;Registered capital of $4,697,526
    (RMB 31,054,000)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&#9679; &nbsp;&nbsp;&nbsp;Designing, producing, promoting
    and selling animated toys with mobile games features, original intellectual property and peripheral derivatives features.</P></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">VIE of Blue Hat Xiamen Duwei Consulting Management Co., Ltd.</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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-size: 10pt">Hunan Engaomei Animation Culture Development Co., Ltd.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&#9679; &nbsp;&nbsp;&nbsp;A PRC limited liability company</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&#9679; &nbsp;&nbsp;&nbsp;Incorporated on October 19,
    2017</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&#9679; &nbsp;&nbsp;&nbsp;Registered capital of $302,540
    (RMB 2,000,000)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&#9679; &nbsp;&nbsp;&nbsp;Designing, producing, promoting
    and selling animated toys with mobile games features, original intellectual property and peripheral derivatives features.</P></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">100% owned by Fujian Blue Hat Interactive Entertainment Technology Ltd.</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 14.05pt; text-indent: -14.05pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">Shenyang Qimengxing Trading Co.Ltd.(China)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&#9679; &nbsp;&nbsp;&nbsp;A PRC limited liability company</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&#9679; &nbsp;&nbsp;&nbsp;Incorporated
on October 19, 2017&nbsp;</P></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">100% owned by Fujian Blue Hat Interactive Entertainment Technology Ltd.</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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-size: 10pt">Fuzhou Csfctech Co., Ltd.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&#9679; &nbsp;&nbsp;&nbsp;A PRC limited liability company</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&#9679; &nbsp;&nbsp;&nbsp;Incorporated on August 5, 2011</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&#9679; &nbsp;&nbsp;&nbsp;Registered capital of $ (RMB
    20,000,000)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#9679; &nbsp;&nbsp;&nbsp;Developing and distributing network games in China. Csfctech also
    promotes diversified development and brings together the latest popular games, including 2D and 3D games, integrating role-playing, casual,
    real-time, horizontal fighting, card, strategy and other types of game products in a comprehensive layout.</P></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">51% controlled by Fresh Joy Entertainment Ltd via VIE</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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-size: 10pt">Fuzhou UC71 Co., Ltd.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&#9679; &nbsp;&nbsp;&nbsp;A PRC limited liability company</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">100% controlled by Fresh Joy Entertainment Ltd via VIE</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Pingxiang Blue Hat Technology Co. Ltd.</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&#9679; &nbsp;&nbsp;&nbsp;A PRC limited liability company</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&#9679; &nbsp;&nbsp;&nbsp;Incorporated on September 10,
    2018</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&#9679; &nbsp;&nbsp;&nbsp;Registered capital of $302,540
    (RMB 2,000,000)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&#9679; &nbsp;&nbsp;&nbsp;Designing, producing, promoting
    and selling animated toys with mobile games features, original intellectual property and peripheral derivatives features.</P></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">Xiamen Jiuqiao Technology Co. Ltd.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&#9679; &nbsp;&nbsp;&nbsp;A PRC limited liability company</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&#9679; &nbsp;&nbsp;&nbsp;Incorporated on March 31, 2020</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&#9679;&nbsp;&nbsp;&nbsp; Registered capital of $15,325,905
    (RMB 100,000,000)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&#9679; &nbsp;&nbsp;&nbsp;Designing, producing, promoting
    and selling animated toys with mobile games features, original intellectual property and peripheral derivatives features, and consultation
    service.</P></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">40% owned controlled by Fujian Blue Hat Interactive Entertainment Technology Ltd. 60% owned by Duwei Consulting Management Co. Ltd</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 14.05pt; text-indent: -14.05pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">Fujian Youth Hand in Hand Educational Technology Co., Ltd</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&#9679; &nbsp;&nbsp;&nbsp;A PRC limited liability company</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&#9679; &nbsp;&nbsp;&nbsp;Incorporated on September 18,
    2017</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD>&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">48.5% owned controlled by Fujian Blue Hat Interactive Entertainment Technology
    Ltd.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">51.5% owned by Duwei Consulting Management Co. Ltd</P></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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-size: 10pt">Fuzhou Qiande Educational Technology Co., Ltd</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&#9679; &nbsp;&nbsp;&nbsp;A PRC limited liability company</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&#9679; &nbsp;&nbsp;&nbsp;Incorporated on September 18,
    2017</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&nbsp;&nbsp;</P></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">100% controlled by Fujian Youth Hand in Hand Educational Technology Co., Ltd</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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-size: 10pt">Xiamen Bluehat Research Institution of Education Co.,Ltd</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&#9679; &nbsp;&nbsp;&nbsp;A PRC limited liability company</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&#9679; &nbsp;&nbsp;&nbsp;Incorporated on February 20,
    2021</P></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">100% owned by Blue Hat Interactive Entertainment Technology</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Xunpusen (Xun Pu Sen) Technology Co., Ltd.</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 14.05pt; text-indent: -14.05pt"><FONT STYLE="font-size: 10pt">&#9679; &nbsp;&nbsp;&nbsp;A PRC limited liability company</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">60% controlled by Fujian Blue Hat Interactive Entertainment Technology Ltd.</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 14.05pt; text-indent: -14.05pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Xingjuyun (Xiamen) Technology Co., Ltd.</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; vertical-align: top; padding-left: 0pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 14.05pt; text-indent: -14.05pt">&#9679;&nbsp;&nbsp;&nbsp; A PRC limited liability company</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 14.05pt; text-indent: -14.05pt">&nbsp;</P>
    <P STYLE="text-indent: -14.05pt; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 14.05pt">&#9679; &nbsp;&nbsp;&nbsp;Incorporated on March , 2021</P>
    <P STYLE="text-indent: -14.05pt; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 14.05pt">&nbsp;</P>
    <P STYLE="text-indent: -14.05pt; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 14.05pt">&#9679; &nbsp;&nbsp;&nbsp;On
May 19, 2021, Xingwangyun Technology Co., Ltd changed the name to Xingjuyun (Xiamen<FONT STYLE="font-family: DengXian">&#65289;</FONT>Technology
Co., Ltd.&nbsp;</P></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">100% controlled by Xunpusen (Xun Pu Sen) Technology Co., Ltd.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></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"></P>

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<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: justify"><B>Recent Developments</B></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: 43.2pt">On November 30, 2020, the Company,
Joyful Castale International Limited, Chief Choice Global Limited, Fresh Joy Entertainment Ltd. (&ldquo;Fresh Joy&rdquo;), Fujian Roar
Game Technology Co., Ltd. (the &ldquo;Target Company&rdquo;), the shareholders of the Target Company and certain other parties entered
into an Agreement on Transfer of Shares of Fresh Joy and Realization of Actual Control over Fujian Roar Game Technology Co., Ltd. (the
&ldquo;Acquisition Agreement&rdquo;), pursuant to which the Company shall acquire 100% of the equity shares of Fresh Joy, a Cayman Islands
company (the transaction, the &ldquo;Acquisition&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 43.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 43.2pt">As of the date of the Acquisition
Agreement, Joyful Castale International Limited and Chief Choice Global Limited (collectively, the &ldquo;Transferors&rdquo;) together
owned 100% of the equity shares of Fresh Joy, which, through its affiliate companies, Hong Kong Xinyou Entertainment Company and Fujian
Xinyou Technology Co., Ltd., entered into a series of structured contracts with the Target Company. The Target Company is a limited liability
company formed under the laws of the People&rsquo;s Republic of China and holds 51% of the equity interest of Fuzhou Csfctech Co., Ltd.
(&ldquo;Csfctech&rdquo;) and 100% of the equity interest of Fuzhou UC71 Co., Ltd. (&ldquo;UC71&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 43.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 43.2pt">Pursuant to the Acquisition Agreement,
the Company shall acquire 100% of the equity shares of Fresh Joy from the Transferors for an aggregated purchase price of $7.7736 million
(the &ldquo;Purchase Price&rdquo;), of which 50% shall be paid in cash (which percentage could be increased subject to the Transferors&rsquo;
intention according to the actual circumstances) and the other half shall be paid in the Company&rsquo;s restricted ordinary shares (the
&ldquo;Ordinary Shares&rdquo;) at a per share price of the higher of the weighted average volume price of the 20 trading days prior to
the issuance of such Ordinary Shares, or $4, the IPO price of the Company&rsquo;s Ordinary Shares, subject to certain performance targets.
The Acquisition closed on January 25, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 43.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">Subsequent to the above acquisition,
the Company entered into information services and communication services. IDC business can enable larger companies to promote and sell
products using Xunpusen&rsquo;s expertise in message marketing and integrated solutions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 25pt">Our principal executive&nbsp;office&nbsp;is
located at 7th&nbsp;Floor,&nbsp;Building C, No. 1010 Anling Road, Huli District, Xiamen, China 361009. Our telephone number is 86-592-2280081.
Our registered&nbsp;office&nbsp;in the Cayman Islands is located at the&nbsp;office&nbsp;of&nbsp;Walkers&nbsp;Corporate Limited, Cayman
Corporate Centre, 27 Hospital Road,&nbsp;George&nbsp;Town,&nbsp;Grand Cayman KY1-9008, Cayman Islands.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 25pt">Our agent for service of process
in the United States is Puglisi &amp; Associates, located at 850 Library Ave., Suite 204, Newark, DE 19711. Our website is located at&nbsp;http://www.bluehatgroup.net.&nbsp;Information
contained on, or that can be accessed through, our website is not a part of, and shall not be incorporated by reference into, this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 25pt">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">Due to legal restrictions on
foreign ownership and investment in, among other areas, the production, development and operation of AR interactive entertainment games
and toys in China, including interactive educational materials, mobile games, and toys with mobile game features, we operate our businesses
in which foreign investment is restricted or prohibited in the PRC through certain PRC domestic companies. As such, Blue Hat Fujian is
controlled through contractual arrangements in lieu of direct equity ownership by us or any of our subsidiaries. Such contractual arrangements
consist of a series of three agreements, along with shareholders&rsquo; POAs and irrevocable commitment letters, or collectively, the
Contractual Arrangements, which were signed on November 13, 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">The significant terms of the
Contractual Arrangements are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Exclusive Business Cooperation Agreement</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; text-indent: 21.6pt">Pursuant to the exclusive business
cooperation agreement between Blue Hat WFOE and Blue Hat Fujian, Blue Hat WFOE has the exclusive right to provide Blue Hat Fujian with
technical support services, consulting services and other services, including technical support, technical assistance, technical consulting,
and professional training necessary for Blue Hat Fujian&rsquo;s operation, network support, database support, software services, business
management consulting, grant use rights of intellectual property rights, lease hardware and device, provide system integration service,
research and development of software and system maintenance, provide labor support and to develop the related technologies based on Blue
Hat Fujian&rsquo;s needs. In exchange, Blue Hat WFOE is entitled to a service fee that equals to all of the consolidated net income after
offsetting previous year&rsquo;s loss (if any) of Blue Hat Fujian. The service fee may be adjusted by Blue Hat WFOE based on the actual
scope of services rendered by Blue Hat WFOE and the operational needs and expanding demands of Blue Hat Fujian.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">Pursuant to the exclusive business
cooperation agreement, Blue Hat WFOE has the unilateral right to adjust the service fee at any time, and Blue Hat Fujian has no right
to adjust the service fee. We believe that such conditions under which the service fee may be adjusted will be primarily based on the
needs of Blue Hat Fujian to operate and develop its business in the AR market. For example, if Blue Hat Fujian needs to expand its business,
increase research input or consummate mergers or acquisitions in the future, Blue Hat WFOE has the right to decrease the amount of the
service fee, which would allow Blue Hat Fujian to have additional capital to operate and develop its business in the AR market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></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: justify; text-indent: 21.6pt">The exclusive business cooperation
agreement remains in effect until November 13, 2028 and shall be automatically renewed for one year at the expiration date of the validity
term. However, Blue Hat WFOE has the right to terminate this agreement upon giving 30 days&rsquo; prior written notice to Blue Hat Fujian
at any time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Call Option Agreements</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; text-indent: 21.6pt">Pursuant to the call option agreements,
among Blue Hat WFOE, Blue Hat Fujian and the shareholders who collectively owned all of Blue Hat Fujian, such shareholders jointly and
severally grant Blue Hat WFOE an option to purchase their equity interests in Blue Hat Fujian. The purchase price shall be the lowest
price then permitted under applicable PRC laws. Blue Hat WFOE or its designated person may exercise such option at any time to purchase
all or part of the equity interests in Blue Hat Fujian until it has acquired all equity interests of Blue Hat Fujian, which is irrevocable
during the term of the agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">The call option agreements remain
in effect until November 13, 2028 and shall be automatically renewed for one year at the expiration date of the validity term. However,
Blue Hat WFOE has the right to terminate these agreements upon giving 30 days&rsquo; prior written notice to Blue Hat Fujian at any time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Equity Pledge Agreement</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; text-indent: 21.6pt">Pursuant to the equity pledge
agreement among the shareholders who collectively owned all of Blue Hat Fujian, such shareholders pledge all of the equity interests in
Blue Hat Fujian to Blue Hat WFOE as collateral to secure the obligations of Blue Hat Fujian under the exclusive business cooperation agreement
and call option agreements. These shareholders are prohibited or may not transfer the pledged equity interests without prior consent of
Blue Hat WFOE unless transferring the equity interests to Blue Hat WFOE or its designated person in accordance to the call option agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">The equity pledge agreement shall
come into force the date on which the pledged interests is recorded, which is three days after signing of the Agreement on November 13,
2018, under Blue Hat Fujian&rsquo;s register of shareholders and is registered with competent administration for industry and commerce
of Blue Hat Fujian until all of the liabilities and debts to Blue Hat WFOE have been fulfilled completely by Blue Hat Fujian. Blue Hat
Fujian and the shareholders who collectively owned all of Blue Hat Fujian shall not terminate these agreements in any circumstance for
any reason. However, Blue Hat WFOE has the right to terminate these agreements upon giving 30 days&rsquo; prior written notice to Blue
Hat Fujian at any time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">Pursuant to the shareholders&rsquo;
POAs, the shareholders of Blue Hat Fujian give Blue Hat WFOE an irrevocable proxy to act on their behalf on all matters pertaining to
Blue Hat Fujian and to exercise all of their rights as shareholders of Blue Hat Fujian, including the right to attend shareholders meetings,
to exercise voting rights and all of the other rights, and to sign transfer documents and any other documents in relation to the fulfillment
of the obligations under the call option agreements and the equity pledge agreement. The POAs shall remain in effect while the shareholders
of Blue Hat Fujian hold the equity interests in Blue Hat Fujian.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Irrevocable Commitment Letters</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; text-indent: 21.6pt">Pursuant to the irrevocable commitment
letters, the shareholders of Blue Hat Fujian commit that their spouses or inheritors have no right to claim any rights or interest in
relation to the shares that they hold in Blue Hat Fujian and have no right to impose any impact on the daily managing duties of Blue Hat
Fujian, and commit that if any event which refrains them from exercising shareholders&rsquo; rights as a registered shareholder, such
as death, incapacity, divorce or any other event, could happen to them, the shareholders of Blue Hat Fujian will take corresponding measures
to guarantee the rights of other registered shareholders and the performance of the Contractual Arrangements. The letters are irrevocable
and shall not be withdrawn without the consent of Blue Hat WFOE.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">Based on the foregoing contractual
arrangements, which grant Blue Hat WFOE effective control of Blue Hat Fujian and enable Blue Hat WFOE to receive all of their expected
residual returns, we account for Blue Hat Fujian as a VIE. Accordingly, we consolidate the accounts of Blue Hat Fujian for the periods
presented herein, in accordance with Regulation S-X-3A-02 promulgated by the SEC, and ASC 810-10, Consolidation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">On July 30, 2019, we completed
our initial public offering, and since July 26, 2019, our ordinary shares have been listed on the Nasdaq Capital Market under the symbol
&ldquo;BHAT&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">Our principal executive office
is located at 7th Floor, Building C, No. 1010 Anling Road, Huli District, Xiamen, China 361009. Our telephone number is 86-592-228-0081.
Our registered office in the Cayman Islands is located at the offices of Walkers Corporate Limited, Cayman Corporate Centre, 27 Hospital
Road, George Town, Grand Cayman KY1-9008, Cayman Islands.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">The SEC maintains a website that
contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC on www.sec.gov.
You can also find information on our website located at http://www.irbluehatgroup.com. Information contained on, or that can be accessed
through, our website is not a part of, and shall not be incorporated by reference into, this annual report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 21.6pt">We have not had any material commitments for capital
expenditures for the last three financial years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 21.6pt">&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">This prospectus relates to
the offer and resale by the selling shareholders of an aggregate of 4,403,000 ordinary shares issuable upon the exercise of the warrants.
All of the ordinary shares underlying the warrants, when sold, will be sold by the selling shareholders. The selling shareholders may
sell the ordinary shares underlying the warrants from time to time at prevailing market prices or at privately negotiated prices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&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: 26%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Issuer:</FONT></TD>
<TD STYLE="width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="width: 72%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Blue Hat Interactive Entertainment Technology</FONT></TD></TR>
<TR>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Ordinary shares offered by the selling shareholders:</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4,403,000 ordinary shares, consisting of (i) 4,088,500 ordinary shares issuable upon exercise of certain warrants issued to the selling shareholders on May 10, 2021 and (ii) 314,500 ordinary shares underlying the placement agent warrants issued in connection with the registered direct offering closed on May 10, 2021.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Ordinary shares outstanding <SUP>(1)</SUP>:</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">53,417,200 shares</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Use of proceeds:</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We will not receive any proceeds from the offer and resale of the ordinary shares underlying the Warrants by the selling shareholders. We intend to use the net proceeds we may receive from the cash exercise of the Warrants by the selling shareholders for working capital and other general corporate purposes. There is no assurance that any of the Warrants will ever be exercised for cash, if at all. See &ldquo;Use of Proceeds&rdquo; on page 15.</FONT></TD></TR>
<TR>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Risk factors:&nbsp;</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">You should read the &ldquo;Risk Factors&rdquo; section beginning on page 13 of this prospectus, and the &ldquo;Risk Factors&rdquo; section in our Annual Report for the year ended December 31, 2020 on Form 20-F incorporated herein by reference for a discussion of factors to consider before deciding to purchase our securities.</FONT></TD></TR>
<TR>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Transfer agent and registrar:</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The transfer agent and registrar for our ordinary shares is VStock Transfer, LLC, with an address at 18 Lafayette Place, Woodmere, NY 11598.</FONT></TD></TR>
<TR>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">NASDAQ Capital Market Symbol:</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Our ordinary shares are quoted and traded on the NASDAQ Capital Market under the symbol &ldquo;BHAT.&rdquo;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 7pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 29px"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The number of ordinary shares currently outstanding is based on the actual number of shares outstanding as of June 9, 2021, which was 53,417,200, and does not include:</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 72px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the 4,403,000 ordinary shares offered
    hereby;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 72px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">784,000 ordinary shares issuable to investors upon the exercise of warrants to purchase ordinary shares at an exercise price of $1.25 per share;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 72px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">521,380 ordinary shares issuable to the placement agent upon the exercise of warrants to purchase ordinary shares at an exercise price of $1.25 per share;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 72px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">288,462 ordinary shares issuable upon the conversion of convertible promissory notes in the aggregate principal amount of $75,000 at a conversion floor price of $0.26 per share;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 72px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">971,700 ordinary shares in connection with the closing of Fuzhou Csfctech Co., Ltd on January 25, 2021; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 72px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">6,000,000 ordinary shares reserved under the Company&rsquo;s 2020 Equity Incentive Plan.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 43.2pt; background-color: white">Unless
otherwise stated, outstanding share information throughout this prospectus excludes the above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 43.2pt; background-color: white">&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 43.2pt">Our business is subject to a
number of risks, including risks that may prevent us from achieving our business objectives or may adversely affect our business, financial
condition, results of operations, cash flows and prospects that you should consider before making a decision to invest in our ordinary
shares. These risks are discussed more fully in &ldquo;Risk Factors&rdquo; beginning on page <FONT STYLE="background-color: white">13
of this prospectus </FONT>and in our Annual Report on Form 20-F for the year ended December 31, 2020, which is incorporated by reference
into this prospectus. These risks include, but are not limited to, the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 43.2pt">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 58px">&nbsp;</TD>
    <TD STYLE="width: 29px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">We depend upon the Contractual Arrangements in conducting our business in China, which may not be as effective as direct ownership;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 58px">&nbsp;</TD>
    <TD STYLE="width: 29px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">We operate in a highly competitive market and the size and resources of many of our competitors may allow them to compete more effectively than we can, preventing us from achieving profitability;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 58px">&nbsp;</TD>
    <TD STYLE="width: 29px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Issues with products may lead to product liability, personal injury or property damage claims, recalls, withdrawals, replacements of products, or regulatory actions by governmental authorities that could divert resources, affect business operations, decrease sales, increase costs, and put us at a competitive disadvantage, any of which could have a significant adverse effect on our financial condition;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 58px">&nbsp;</TD>
    <TD STYLE="width: 29px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">As a developer and seller of consumer products, we are subject to various government regulations and may be subject to additional regulations in the future, violation of which could subject us to sanctions or otherwise harm our business;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 58px">&nbsp;</TD>
    <TD STYLE="width: 29px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">If we are not able to adequately protect our proprietary intellectual property and information, and protect against third party claims that we are infringing on their intellectual property rights, our results of operations could be adversely affected; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 58px">&nbsp;</TD>
    <TD STYLE="width: 29px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Uncertainties with respect to China&rsquo;s legal system could adversely affect us.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Implications of Being an Emerging Growth Company and a Foreign Private
Issuer</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 43.2pt">As a company with less than $1.07
billion in revenue during our last fiscal year, we qualify as an &ldquo;emerging growth company&rdquo; as defined in the Jumpstart Our
Business Startups Act, or JOBS Act, enacted in April 2012, and may take advantage of reduced reporting requirements that are otherwise
applicable to public companies. These provisions include, but are not limited to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 43.2pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 58px">&nbsp;</TD>
    <TD STYLE="width: 29px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">being permitted to present only two years of audited financial statements and only two years of related Operating and Financial Review and Prospects in our filings with the SEC;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 58px">&nbsp;</TD>
    <TD STYLE="width: 29px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">not being required to comply with the auditor attestation requirements in the assessment of our internal control over financial reporting;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 58px">&nbsp;</TD>
    <TD STYLE="width: 29px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">reduced disclosure obligations regarding executive compensation in periodic reports, proxy statements and registration statements; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 58px">&nbsp;</TD>
    <TD STYLE="width: 29px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 7pt; text-align: justify; text-indent: 25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 43.2pt">We may take advantage of these
provisions until the last day of our fiscal year following the fifth anniversary of the date of the first sale of our ordinary shares
pursuant to this offering. However, if certain events occur before the end of such five-year period, including if we become a &ldquo;large
accelerated filer,&rdquo; our annual gross revenues exceed $1.07 billion or we issue more than $1.0 billion of non-convertible debt in
any three-year period, we will cease to be an emerging growth company before the end of such five-year period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 43.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 43.2pt">In addition, Section 107 of the
JOBS Act provides that an &ldquo;emerging growth company&rdquo; can take advantage of the extended transition period provided in Section
7(a)(2)(B) of the Securities Act of 1933, as amended, or the Securities Act, for complying with new or revised accounting standards. We
have elected to take advantage of the extended transition period for complying with new or revised accounting standards and acknowledge
such election is irrevocable pursuant to Section 107 of the JOBS Act. We are a &ldquo;foreign private issuer,&rdquo; as defined by the
SEC. As a result, in accordance with the rules and regulations of The Nasdaq Stock Market LLC, or Nasdaq, we may comply with home country
governance requirements and certain exemptions thereunder rather than complying with Nasdaq corporate governance standards. We may choose
to take advantage of the following exemptions afforded to foreign private issuers:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 43.2pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 58px">&nbsp;</TD>
    <TD STYLE="width: 29px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Exemption from filing quarterly reports on Form 10-Q or provide current reports on Form 8-K disclosing significant events within four days of their occurrence.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 58px">&nbsp;</TD>
    <TD STYLE="width: 29px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Exemption from Section 16 rules regarding sales of ordinary shares by insiders, which will provide less data in this regard than shareholders of U.S. companies that are subject to the Exchange Act.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 58px">&nbsp;</TD>
    <TD STYLE="width: 29px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Exemption from the Nasdaq rules applicable to domestic issuers requiring disclosure within four business days of any determination to grant a waiver of the code of business conduct and ethics to directors and officers. Although we will require board approval of any such waiver, we may choose not to disclose the waiver in the manner set forth in the Nasdaq rules, as permitted by the foreign private issuer exemption.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 58px">&nbsp;</TD>
    <TD STYLE="width: 29px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Exemption from the requirement that our board of directors have a remuneration committee that is composed entirely of independent directors with a written charter addressing the committee&rsquo;s purpose and responsibilities.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 58px">&nbsp;</TD>
    <TD STYLE="width: 29px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Exemption from the requirements that director nominees are selected, or recommended for selection by our board of directors, either by (1) independent directors constituting a majority of our board of directors&rsquo; independent directors in a vote in which only independent directors participate, or (2) a committee comprised solely of independent directors, and that a formal written charter or board resolution, as applicable, addressing the nominations process is adopted.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></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"></P>

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<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: justify; text-indent: 43.2pt">Furthermore, Nasdaq Rule 5615(a)(3)
provides that a foreign private issuer, such as us, may rely on our home country corporate governance practices in lieu of certain of
the rules in the Nasdaq Rule 5600 Series and Rule 5250(d), provided that we nevertheless comply with Nasdaq&rsquo;s Notification of Noncompliance
requirement (Rule 5625), the Voting Rights requirement (Rule 5640) and that we have an audit committee that satisfies Rule 5605(c)(3),
consisting of committee members that meet the independence requirements of Rule 5605(c)(2)(A)(ii). If we rely on our home country corporate
governance practices in lieu of certain of the rules of Nasdaq, our shareholders may not have the same protections afforded to shareholders
of companies that are subject to all of the corporate governance requirements of Nasdaq. If we choose to do so, we may utilize these exemptions
for as long as we continue to qualify as a foreign private issuer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 43.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 43.2pt">The Company&rsquo;s corporate
governance practices do not differ from those followed by domestic companies listed on the NASDAQ Capital Market other than disclosed
below. NASDAQ Listing Rule 5635 generally provides that shareholder approval is required of U.S. domestic companies listed on the NASDAQ
Capital Market prior to issuance (or potential issuance) of securities (i) equaling 20% or more of the company&rsquo;s common stock or
voting power for less than the greater of market or book value (ii) resulting in a change of control of the company; and (iii) which is
being issued pursuant to a stock option or purchase plan to be established or materially amended or other equity compensation arrangement
made or materially amended. Notwithstanding this general requirement, NASDAQ Listing Rule 5615(a)(3)(A) permits foreign private issuers
to follow their home country practice rather than these shareholder approval requirements. The Cayman Islands do not require shareholder
approval prior to any of the foregoing types of issuances. The Company, therefore, is not required to obtain such shareholder approval
prior to entering into a transaction with the potential to issue securities as described above. The Board of Directors of the Company
has elected to follow the Company&rsquo;s home country rules as to such issuances and will not be required to seek shareholder approval
prior to entering into such a transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 43.2pt">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></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 7pt; text-align: center"><FONT STYLE="background-color: white"><B><A NAME="a_002"></A>SUMMARY
CONSOLIDATED FINANCIAL AND OPERATING DATA</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 7pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt; background-color: white">The
following summary consolidated statements of operations and comprehensive income data for the years ended December 31, 2019 and 2020,
summary consolidated balance sheet data as of December 31, 2019 and 2020 have been derived from our audited consolidated financial statements
incorporated by reference into this prospectus. You should read this Summary Consolidated Financial and Operating Data section together
with our consolidated financial statements and the related notes and &ldquo;Operating and Financial Review and Prospects&rdquo; incorporated
by reference in this prospectus. Our consolidated financial statements are prepared and presented in accordance with U.S. GAAP. Our historical
results are not necessarily indicative of results expected for future periods.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt; background-color: white">The
following table shows our summary consolidated statements of operations and comprehensive income data for the years ended December 31,
2019 and 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt; background-color: white">&nbsp;</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding: 0 0 0 10; text-align: center; text-indent: -10"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="font-weight: bold"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD COLSPAN="3" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">December
31,<BR> 2020</FONT></TD>
<TD STYLE="font-weight: bold"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD COLSPAN="3" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">December
31,<BR> 2019</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding: 0 0 0 10; font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ASSETS</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding: 0 0 0 10; text-align: left; text-indent: -10"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Current
assets:</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding: 0 0 0 20pt; width: 56%; text-align: left; text-indent: -10"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Cash
and cash equivalents</FONT></TD>
<TD STYLE="width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
<TD STYLE="width: 12%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">15,800,563</FONT></TD>
<TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
<TD STYLE="width: 12%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10,478,587</FONT></TD>
<TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding: 0 0 0 20pt; text-indent: -10"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Inventories</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">117,075</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">125,264</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding: 0 0 0 20pt; text-align: left; text-indent: -10"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Accounts
receivable, net</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">16,594,533</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">13,631,359</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding: 0 0 0 20pt; text-align: left; text-indent: -10"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Accounts
receivables - related party</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,906,101</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding: 0 0 0 20pt; text-align: left; text-indent: -10"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Other
receivables, net</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">14,350,223</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">13,182,529</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding: 0 0 0 20pt; text-align: left; text-indent: -10"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Prepayments,
net</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,917,780</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">299,577</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding: 0 0 0 20pt; text-align: left; text-indent: -10"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Restricted
cash</FONT></TD>
<TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
<TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5,000,000</FONT></TD>
<TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding: 0 0 0 10; text-align: left; text-indent: -10"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Total
current assets</FONT></TD>
<TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">50,686,275</FONT></TD>
<TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">42,717,316</FONT></TD>
<TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding: 0 0 0 10; text-indent: -10"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Non-current assets:</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding: 0 0 0 20pt; text-align: left; text-indent: -10"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Operating
lease, right-of-use asset</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">290,410</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">679,850</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding: 0 0 0 20pt; text-indent: -10"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Prepayments</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4,164,274</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4,425,849</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding: 0 0 0 20pt; text-align: left; text-indent: -10"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Property,
plant and equipment, net</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4,258,121</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,324,823</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding: 0 0 0 20pt; text-align: left; text-indent: -10"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Intangible
assets, net</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">14,252,575</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6,758,316</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding: 0 0 0 20pt; text-indent: -10"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Long-term investments</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,914,668</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,727,301</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding: 0 0 0 20pt; text-align: left; text-indent: -10"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Deferred
tax assets</FONT></TD>
<TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">119,127</FONT></TD>
<TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">182,234</FONT></TD>
<TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding: 0 0 0 10; text-align: left; text-indent: -10"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Total
non-current assets</FONT></TD>
<TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">24,999,175</FONT></TD>
<TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">16,098,373</FONT></TD>
<TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding: 0 0 0 10; text-align: left; text-indent: -10"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Total
assets</FONT></TD>
<TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">75,685,450</FONT></TD>
<TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">58,815,689</FONT></TD>
<TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding: 0 0 0 10; text-indent: -10"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding: 0 0 0 10; font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">LIABILITIES
AND EQUITY</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding: 0 0 0 10; text-align: left; text-indent: -10"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Current
liabilities:</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding: 0 0 0 20pt; text-align: left; text-indent: -10"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Short-term
loans - banks</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5,129,295</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5,819,787</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding: 0 0 0 20pt; text-align: left; text-indent: -10"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Current
maturities of long-term loans - third party</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">14,117</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">77,493</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding: 0 0 0 20pt; text-align: left; text-indent: -10"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Taxes
payable</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6,802,454</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,525,153</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding: 0 0 0 20pt; text-align: left; text-indent: -10"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Accounts
payable</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">935,588</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">293,985</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding: 0 0 0 20pt; text-align: left; text-indent: -10"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Other
payables and accrued liabilities</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,846,917</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,628,809</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding: 0 0 0 20pt; text-align: left; text-indent: -10"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Other
payables - related party</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">25,837</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">21,341</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding: 0 0 0 20pt; text-align: left; text-indent: -10"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Operating
lease liabilities - current</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">300,468</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">313,460</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding: 0 0 0 20pt; text-align: left; text-indent: -10"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Customer
deposits</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">941,877</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding: 0 0 0 20pt; text-align: left; text-indent: -10"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Convertible
bonds payable</FONT></TD>
<TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">739,189</FONT></TD>
<TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
<TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding: 0 0 0 10; text-align: left; text-indent: -10"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Total
current liabilities</FONT></TD>
<TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">16,735,742</FONT></TD>
<TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">13,680,028</FONT></TD>
<TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding: 0 0 0 10; text-indent: -10"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Non-current liabilities:</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding: 0 0 0 20pt; text-align: left; text-indent: -10"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Operating
lease liability</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">372,051</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding: 0 0 0 20pt; text-align: left; text-indent: -10"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Long-term
loans - third party</FONT></TD>
<TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
<TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">13,328</FONT></TD>
<TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding: 0 0 0 10; text-align: left; text-indent: -10"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Total
other liabilities</FONT></TD>
<TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
<TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">385,379</FONT></TD>
<TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding: 0 0 0 10; text-align: left; text-indent: -10"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Total
liabilities</FONT></TD>
<TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">16,735,742</FONT></TD>
<TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">14,065,407</FONT></TD>
<TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding: 0 0 0 10; text-indent: -10"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding: 0 0 0 10; text-align: left; text-indent: -10"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Shareholder&rsquo;s
equity</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding: 0 0 0 10; text-indent: -10"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Ordinary shares, $0.001
par value, 100,000,000 shares authorized, 38,553,694 shares issued and outstanding as of December 31, 2020 35,141,114 shares issued
and outstanding as of December 31, 2019</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">38,554</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">35,141</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding: 0 0 0 20pt; text-align: left; text-indent: -10"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Additional
paid-in capital</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">23,466,482</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">20,771,849</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding: 0 0 0 20pt; text-align: left; text-indent: -10"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Statutory
reserves</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,204,174</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,289,765</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding: 0 0 0 20pt; text-align: left; text-indent: -10"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Retained
earnings</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">31,387,398</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">24,132,194</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding: 0 0 0 20pt; text-align: left; text-indent: -10"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Accumulated
other comprehensive loss</FONT></TD>
<TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,741,696</FONT></TD>
<TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1,478,667</FONT></TD>
<TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding: 0 0 0 10; text-align: left; text-indent: -10"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Total
Blue Hat Interactive Entertainment Technology shareholders&rsquo; equity</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">58,838,304</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">44,750,282</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding: 0 0 0 10; text-indent: -10"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Non-controlling interests</FONT></TD>
<TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">111,404</FONT></TD>
<TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
<TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding: 0 0 0 10; text-align: left; text-indent: -10"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Total
Equity</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">58,949,708</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding: 0 0 0 10; text-align: left; text-indent: -10"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Total
liabilities and shareholders&rsquo; equity</FONT></TD>
<TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">75,685,450</FONT></TD>
<TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">58,815,689</FONT></TD>
<TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>


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

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<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: justify"><B>CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE
INCOME</B></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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding: 0 0 0 10; text-align: center; text-indent: -10"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="font-weight: bold"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD COLSPAN="3" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Year ended</FONT></TD>
<TD STYLE="font-weight: bold"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD COLSPAN="3" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Year ended</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding: 0 0 0 10; text-align: center; text-indent: -10"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="font-weight: bold"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD COLSPAN="3" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">December
31,<BR> 2020</FONT></TD>
<TD STYLE="font-weight: bold"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD COLSPAN="3" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">December
31,<BR> 2019</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding: 0 0 0 10; width: 56%; text-indent: -10"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Revenues</FONT></TD>
<TD STYLE="width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
<TD STYLE="width: 12%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">30,191,069</FONT></TD>
<TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
<TD STYLE="width: 12%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">23,834,129</FONT></TD>
<TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding: 0 0 0 10; text-indent: -10"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Cost of revenue</FONT></TD>
<TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(16,206,823</FONT></TD>
<TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
<TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(7,531,800</FONT></TD>
<TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding: 0 0 0 10; text-align: left; text-indent: -10"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Gross
profit</FONT></TD>
<TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">13,984,246</FONT></TD>
<TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">16,302,329</FONT></TD>
<TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding: 0 0 0 10; text-indent: -10"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding: 0 0 0 10; text-align: left; text-indent: -10"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Operating
expenses:</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding: 0 0 0 10; text-indent: -10"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Selling</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(522,168</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(928,680</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding: 0 0 0 10; text-align: left; text-indent: -10"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Research
and development</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(281,618</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1,031,204</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding: 0 0 0 10; text-align: left; text-indent: -10"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">General
and administrative expenses</FONT></TD>
<TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(3,613,361</FONT></TD>
<TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
<TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(4,860,189</FONT></TD>
<TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding: 0 0 0 10; text-align: left; text-indent: -10"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Total
operating expenses</FONT></TD>
<TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(4,417,147</FONT></TD>
<TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
<TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(6,820,073</FONT></TD>
<TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding: 0 0 0 10; text-indent: -10"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding: 0 0 0 10; text-align: left; text-indent: -10"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Income
from operations</FONT></TD>
<TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9,567,099</FONT></TD>
<TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9,482,256</FONT></TD>
<TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding: 0 0 0 10; text-indent: -10"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding: 0 0 0 10; text-align: left; text-indent: -10"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Other
income (expense)</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding: 0 0 0 10; text-align: left; text-indent: -10"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Interest
income</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">147,840</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">629</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding: 0 0 0 10; text-align: left; text-indent: -10"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Interest
expense</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(439,607</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(171,938</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding: 0 0 0 10; text-align: left; text-indent: -10"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Other
finance expenses</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(82,338</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(4,415</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding: 0 0 0 10; text-align: left; text-indent: -10"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Other
income, net</FONT></TD>
<TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">864,198</FONT></TD>
<TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">221,146</FONT></TD>
<TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding: 0 0 0 10; text-align: left; text-indent: -10"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Total
other income, net</FONT></TD>
<TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">490,093</FONT></TD>
<TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">45,422</FONT></TD>
<TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding: 0 0 0 10; text-indent: -10"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding: 0 0 0 10; text-align: left; text-indent: -10"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Income
before income taxes</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10,057,192</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9,527,678</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding: 0 0 0 10; text-align: left; text-indent: -10"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Provision
for income taxes</FONT></TD>
<TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,776,175</FONT></TD>
<TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">453,724</FONT></TD>
<TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding: 0 0 0 10; text-align: left; text-indent: -10"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Net income</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8,281,017</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9,073,954</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding: 0 0 0 10; text-indent: -10"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding: 0 0 0 10; text-align: left; text-indent: -10"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Other
comprehensive (loss) income Foreign currency translation adjustment</FONT></TD>
<TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(3,220,363</FONT></TD>
<TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
<TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(521,738</FONT></TD>
<TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding: 0 0 0 10; text-align: left; text-indent: -10"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Comprehensive
income</FONT></TD>
<TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5,060,654</FONT></TD>
<TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8,552,216</FONT></TD>
<TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding: 0 0 0 10; text-align: left; text-indent: -10"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Less:
Comprehensive income attributable to non-controlling interests</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(111,404</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding: 0 0 0 10; text-indent: -10"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding: 0 0 0 10; text-align: left; text-indent: -10"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Comprehensive
income attributable to Blue Hat Interactive Entertainment</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding: 0 0 0 10; text-indent: -10"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding: 0 0 0 10; text-indent: -10"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Weighted average number
of ordinary shares</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding: 0 0 0 10; text-indent: -10"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Basic</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">38,553,694</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">35,141,114</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding: 0 0 0 10; text-indent: -10"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Diluted</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">39,859,074</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">35,141,114</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding: 0 0 0 10; text-indent: -10"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Earnings per share</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding: 0 0 0 10; text-indent: -10"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Basic</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.21</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.26</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding: 0 0 0 10; text-indent: -10"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Diluted</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.21</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.26</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>


<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"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></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"><B><A NAME="a_003"></A>RISK FACTORS</B></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: justify; text-indent: 43.2pt"><I>Investing in our securities
involves a high degree of risk. You should carefully consider the risks described under the heading &ldquo;Risk Factors&rdquo; in our
Annual Report on Form 20-F for the fiscal year ended December 31, 2020, which is incorporated by reference into this prospectus, as well
as the other information in this prospectus or incorporated by reference into this prospectus (including our financial statements and
the related notes), before deciding whether to invest in our securities. Investment risks can be market-wide as well as unique to a specific
industry or company. Additional risks and uncertainties not presently known to us or that we currently deem immaterial also may impair
our business operations. The occurrence of any of the risks described here or in our Annual Report could harm our business, financial
condition, results of operations or growth prospects. In that case, the trading price of our securities could decline, and you may lose
all or part of your investment.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 43.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Risks Related to this Offering</B></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: 43.2pt; background-color: white"><B><I>Sales
of substantial amounts of our ordinary shares by the selling shareholders, or the perception that these sales could occur, could adversely
affect the price of our ordinary shares.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 43.2pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">The sale by the selling shareholders
of a significant number of ordinary shares could have a material adverse effect on the market price of our ordinary shares. In addition,
the perception in the public markets that the selling shareholders may sell all or a portion of their shares as a result of the registration
of such shares pursuant to the Registration Statement could also in and of itself have a material adverse effect on the market price of
our ordinary shares. We cannot predict the effect, if any, that market sales of those ordinary shares or the availability of those ordinary
shares for sale will have on the market price of our ordinary shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 21.6pt"><B><A NAME="a_004"></A>SPECIAL NOTE REGARDING FORWARD-LOOKING
STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This prospectus and our SEC filings that are incorporated
by reference into this prospectus contain or incorporate by reference forward-looking statements that involve substantial risks and uncertainties.
In some cases, you can identify forward-looking statements by the words &ldquo;may,&rdquo; &ldquo;might,&rdquo; &ldquo;will,&rdquo; &ldquo;could,&rdquo;
&ldquo;would,&rdquo; &ldquo;should,&rdquo; &ldquo;expect,&rdquo; &ldquo;intend,&rdquo; &ldquo;plan,&rdquo; &ldquo;objective,&rdquo; &ldquo;anticipate,&rdquo;
&ldquo;believe,&rdquo; &ldquo;estimate,&rdquo; &ldquo;predict,&rdquo; &ldquo;potential,&rdquo; &ldquo;continue&rdquo; and &ldquo;ongoing,&rdquo;
or the negative of these terms, or other comparable terminology intended to identify statements about the future. These statements involve
known and unknown risks, uncertainties and other important factors that may cause our actual results, levels of activity, performance
or achievements to be materially different from the information expressed or implied by these forward-looking statements. The forward-looking
statements and opinions contained or incorporated by reference in this prospectus are based upon information available to us as of the
date of this prospectus and, while we believe such information forms a reasonable basis for such statements, such information may be limited
or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all
potentially available relevant information. Forward-looking statements include statements about:</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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 58px">&nbsp;</TD>
    <TD STYLE="width: 29px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">our ability to develop and market new products;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 58px">&nbsp;</TD>
    <TD STYLE="width: 29px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the continued market acceptance of our products;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 58px">&nbsp;</TD>
    <TD STYLE="width: 29px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">exposure to product liability and defect claims;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 58px">&nbsp;</TD>
    <TD STYLE="width: 29px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">protection of our intellectual property rights;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 58px">&nbsp;</TD>
    <TD STYLE="width: 29px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">changes in the laws that affect our operations;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 58px">&nbsp;</TD>
    <TD STYLE="width: 29px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">inflation and fluctuations in foreign currency exchange rates;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 58px">&nbsp;</TD>
    <TD STYLE="width: 29px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">our ability to obtain all necessary government certifications, approvals, and/or licenses to conduct our business;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 58px">&nbsp;</TD>
    <TD STYLE="width: 29px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">continued development of a public trading market for our securities;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 58px">&nbsp;</TD>
    <TD STYLE="width: 29px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the cost of complying with current and future governmental regulations and the impact of any changes in the regulations on our operations; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 58px">&nbsp;</TD>
    <TD STYLE="width: 29px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">managing our growth effectively;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 58px">&nbsp;</TD>
    <TD STYLE="width: 29px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">fluctuations in operating results;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 58px">&nbsp;</TD>
    <TD STYLE="width: 29px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">dependence on our senior management and key employees; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 58px">&nbsp;</TD>
    <TD STYLE="width: 29px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">other factors set forth under &ldquo;Risk Factors.&rdquo;</FONT></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">You should refer to the section titled &ldquo;Risk
Factors&rdquo; contained or incorporated by reference in this prospectus for a discussion of important factors that may cause our actual
results to differ materially from those expressed or implied by our forward-looking statements. As a result of these factors, we cannot
assure you that the forward-looking statements in or incorporated by reference into this prospectus will prove to be accurate. Furthermore,
if our forward-looking statements prove to be inaccurate, the inaccuracy may be material. In light of the significant uncertainties in
these forward-looking statements, you should not regard these statements as a representation or warranty by us or any other person that
we will achieve our objectives and plans in any specified time frame, or at all. We undertake no obligation to publicly update any forward-looking
statements, whether as a result of new information, future events or otherwise, except as required by law.</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">You should read this prospectus and the documents
that we reference in this prospectus and have filed as exhibits to the registration statement, of which this prospectus forms a part,
completely and with the understanding that our actual future results may be materially different from what we expect. We qualify all of
our forward-looking statements by these cautionary statements.</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: center"><B><A NAME="a_005"></A>INDUSTRY AND MARKET DATA</B></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: justify">This prospectus includes statistical and other industry
and market data that we obtained from industry publications and research, surveys and studies conducted by third parties, as well estimates
by our management based on such data. The market data and estimates used in this prospectus involve a number of assumptions and limitations,
and you are cautioned not to give undue weight to such data and estimates. While we believe that the information from these industry publications,
surveys and studies is reliable, the industry in which we operate is subject to a high degree of uncertainty and risk due to a variety
of important factors, including those described in the section titled &ldquo;Risk Factors.&rdquo; These and other factors could cause
results to differ materially from those expressed in the estimates made by the independent parties and by us.</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: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></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"><B><A NAME="a_006"></A>USE OF PROCEEDS</B></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: justify"><FONT STYLE="background-color: white">We are not selling
any of the ordinary shares being offered by this prospectus and will receive no proceeds from the sale of the shares by the selling shareholders.
All of the proceeds from the sale of ordinary shares offered by this prospectus will go to the selling shareholders at the time they offer
and sell such shares. We will bear all costs associated with registering the ordinary shares offered by this prospectus.</FONT></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: center"><FONT STYLE="background-color: white"><B><A NAME="a_007"></A>CAPITALIZATION</B></FONT></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: justify; text-indent: 43.2pt">The following table sets forth
our capitalization as of April 30, 2021:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 43.2pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 58px">&nbsp;</TD>
    <TD STYLE="width: 29px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">on an actual basis;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 54pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 58px">&nbsp;</TD>
    <TD STYLE="width: 29px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">on a pro forma, as adjusted basis to give effect to the issuance and sale of 4,403,000 ordinary shares at the average offering price of $1.12 per share in this offering, after deducting the estimated offering expenses payable by us;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding: 0 0 0 10; text-align: center; text-indent: -10"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD COLSPAN="7" STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">As of</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding: 0 0 0 10; text-align: center; text-indent: -10"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD COLSPAN="7" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">April 30, 2021</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding: 0 0 0 10; text-align: center; text-indent: -10"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Actual</FONT></TD>
<TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pro Forma</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding: 0 0 0 10; text-align: center; text-indent: -10"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(unaudited)</FONT></TD>
<TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(unaudited)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding: 0 0 0 10; text-align: center; text-indent: -10"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD COLSPAN="7" STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(in $ millions)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding: 0 0 0 10; width: 56%; text-align: left; text-indent: -10"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Cash and cash equivalents</FONT></TD>
<TD STYLE="width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="width: 12%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">14.20</FONT></TD>
<TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="width: 12%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">24.36</FONT></TD>
<TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding: 0 0 0 10; text-align: left; text-indent: -10"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Equity:</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding: 0 0 0 10; text-align: left; text-indent: -10"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Ordinary shares and Other paid in capital</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">31.50</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">41.67</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding: 0 0 0 10; text-align: left; text-indent: -10"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Other reserves</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.20</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.20</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding: 0 0 0 10; text-align: left; text-indent: -10"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Accumulated earnings</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">34.13</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">34.13</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding: 0 0 0 10; text-align: left; text-indent: -10"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Equity attributable to owners of the parent</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">67.84</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">78.01</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding: 0 0 0 10; text-align: left; text-indent: -10"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Total capitalization</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">67.84</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">78.01</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 43.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 43.2pt">The above discussion and table
are based on 53,417,200 ordinary shares outstanding as of June 9, 2021 and excludes, as of such date, the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 43.2pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 58px">&nbsp;</TD>
<TD STYLE="width: 29px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
<TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the 4,403,000 ordinary shares offered hereby;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD>&#9679;</TD>
<TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">3,580,000 ordinary shares issuable to investors upon the exercise of warrants to purchase ordinary shares at an exercise price of $1.33 per share</FONT><FONT STYLE="font-size: 12pt">, </FONT><FONT STYLE="font-size: 10pt">which was adjusted to $0.90 per share as a result of the offering closed on May 10, 2021;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD>&#9679;</TD>
<TD STYLE="text-align: justify">358,000 ordinary shares issuable to the placement agent upon the exercise of warrants to purchase ordinary shares at an exercise price of $1.33 per share</TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 58px">&nbsp;</TD>
    <TD STYLE="width: 29px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">784,000 ordinary shares issuable to investors upon the exercise of warrants to purchase ordinary shares at an exercise price of $1.25 per share;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 58px">&nbsp;</TD>
    <TD STYLE="width: 29px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">521,380 ordinary shares issuable to the placement agent upon the exercise of warrants to purchase ordinary shares at an exercise price of $1.25 per share;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 58px">&nbsp;</TD>
    <TD STYLE="width: 29px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">1,568,268.96 ordinary shares issuable upon the conversion of convertible promissory notes in the aggregate principal amount of $407,749.93 at a conversion floor price of $0.26 per share;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 58px">&nbsp;</TD>
    <TD STYLE="width: 29px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">971,700 ordinary shares in connection with the closing of Fuzhou Csfctech Co., Ltd on January 25, 2021; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 58px">&nbsp;</TD>
    <TD STYLE="width: 29px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">6,000,000 ordinary shares reserved under the Company&rsquo;s 2020 Equity Incentive Plan.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 43.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 43.2pt">To the extent that we grant additional
options or other awards under our stock incentive plan or issue additional warrants, or we issue additional Ordinary Shares in the future,
there may be further dilution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 43.2pt">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></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"><B><A NAME="a_008"></A>DIVIDEND POLICY</B></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: justify">Blue Hat Cayman has never declared or paid a dividend,
and we do not anticipate declaring or paying dividends in the foreseeable future. We intend to retain all available funds and any future
earnings to fund the development and expansion of our business.</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">We are a holding company incorporated in the Cayman
Islands. We may rely on dividends from our subsidiaries in China for our cash requirements, including any payment of dividends to our
shareholders. PRC, Hong Kong and British Virgin Islands regulations may restrict the ability of our PRC, Hong Kong and British Virgin
Islands subsidiaries to pay dividends to us.</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: center"><B><A NAME="a_009"></A>EXCHANGE RATE INFORMATION</B></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: justify">Our business is primarily conducted in China, and
the financial records of our subsidiaries in China are maintained in RMB, their functional currency. However, we use the U.S. dollar as
our reporting and functional currency; therefore, periodic reports made to shareholders will include current period amounts translated
into U.S. dollars using the then-current exchange rates, for the convenience of the readers. Our consolidated financial statements have
been translated into U.S. dollars in accordance with ASC Topic 830, &ldquo;Foreign Currency Matters.&rdquo; The financial information
is first prepared in RMB and then is translated into U.S. dollars at period-end exchange rates as to assets and liabilities and average
exchange rates as to revenue and expenses. Capital accounts are translated at their historical exchange rates when the capital transactions
occurred. The effects of foreign currency translation adjustments are included as a component of accumulated other comprehensive income
in shareholders&rsquo; equity.</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">We make no representation that any RMB or U.S. dollar
amounts could have been, or could be, converted into U.S. dollars or RMB, as the case may be, at any particular rate, or at all. The PRC
government imposes control over its foreign currency reserves in part through direct regulation of the conversion of RMB into foreign
exchange and through restrictions on foreign trade. We do not currently engage in currency hedging transactions.</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: center"><B><A NAME="a_010"></A>OPERATING AND FINANCIAL REVIEW AND PROSPECTS</B></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: justify; text-indent: 21.6pt"><I>Item 5.&mdash;Operating and
Financial Review and Prospects in our Annual Report on 20-F for the year ended December 31, 2020 is incorporated by reference herein.
You should read the discussion and analysis of our financial condition and results of operations incorporated by reference herein in conjunction
with our consolidated financial statements and the related notes incorporated by reference into this prospectus. Such discussion may contain
forward-looking statements based upon current expectations that involve risks and uncertainties. Our actual results may differ materially
from those anticipated in these forward-looking statements as a result of various factors, including those set forth under &ldquo;Risk
Factors&rdquo; or in other parts of this prospectus and incorporated by reference herein.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></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"><B><A NAME="a_011"></A>CORPORATE HISTORY AND STRUCTURE</B></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: justify"><B>Corporate History</B></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: 21.6pt">Our company, Blue Hat Interactive
Entertainment Technology, or Blue Hat, is a holding company incorporated on June 13, 2018 under the laws of the Cayman Islands.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">We have no substantive operations
other than holding all of the issued and outstanding shares of Brilliant Hat Limited, or Blue Hat BVI, established under the laws of the
British Virgin Islands on June 26, 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">Blue Hat BVI is also a holding
company holding all of the outstanding equity of Blue Hat Interactive Entertainment Technology Limited, or Blue Hat HK, which was established
in Hong Kong on June 26, 2018. Blue Hat HK is also a holding company holding all of the outstanding equity of Xiamen Duwei Consulting
Management Co., Ltd., or Blue Hat WFOE, which was established on July 26, 2018 under the laws of the PRC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">We, through our variable interest
entity, or VIE, Fujian Blue Hat Interactive Entertainment Technology Ltd., or Blue Hat Fujian, a PRC company, and through its wholly owned
subsidiaries, including Hunan Engaomei Animation Culture Development Co., Ltd., or Blue Hat Hunan, and Shenyang Qimengxing Trading Co.,
Ltd., or Blue Hat Shenyang, each a PRC company, engage in designing, producing, promoting and selling animated toys with mobile games
features, original intellectual property and peripheral derivatives features worldwide.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">On September 18, 2017, Blue Hat
Fujian formed a joint venture with Xiamen Youth Education Development Co., Ltd. and Youying Wang, contributing a 48.5% equity interest
in Fujian Youth Hand in Hand Educational Technology Co., Ltd., or Fujian Youth, a PRC company. As of December 31, 2020, Fujian Youth had
normal operations. And on March 24, 2021, Fujian Youth Hand in Hand Educational Technology Co., Ltd controlled 100% equity interest in
Fuzhou Qiande Educational Technology Co., Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">On January 25, 2018, Blue Hat
Fujian established its wholly owned subsidiary, Chongqing Lanhui Technology Co. Ltd., or Blue Hat Chongqing, a PRC company. As of December
31, 2019, Blue Hat Chongqing had no operations. On December 14, 2020, it deregistered Chongqing Lanhui Technology Co. Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">On September 10, 2018, Blue Hat
Fujian established its wholly owned subsidiary, Pingxiang Blue Hat Technology Co. Ltd., or Blue Hat Pingxiang, a PRC company. Blue Hat
Pingxiang also engages in designing, producing, promoting and selling interactive toys with mobile games features, original intellectual
property and peripheral derivatives features worldwide.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">On September 20, 2018, Blue Hat
Fujian formed a joint venture with Fujian Jin Ge Tie Ma Information Technology Co., contributing a 15.0% equity interest in Xiamen Blue
Wave Technology Co. Ltd., or Xiamen Blue Wave, a PRC company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">On October 16, 2018, Blue Hat
Fujian formed a joint venture with Renchao Huyu (Shanghai) Culture Development Co. Ltd., contributing a 49% ownership interest in Renchao
Huyu (Shanghai) Culture Propagation Co. Ltd., or Renchao Huyu, with the remaining 51% ownership owned by Renchao Huyu (Shanghai) Culture
Development Co. Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">On November 13, 2018, Blue Hat
completed a reorganization of entities under common control of its then existing shareholders, who collectively owned a majority of the
equity interests of Blue Hat prior to the reorganization. Blue Hat, Blue Hat BVI, and Blue Hat HK were established as the holding companies
of Blue Hat WFOE. Blue Hat WFOE is the primary beneficiary of Blue Hat Fujian and its subsidiaries, and all of these entities included
in Blue Hat are under common control which results in the consolidation of Blue Hat Fujian and subsidiaries which have been accounted
for as a reorganization of entities under common control at carrying value. The consolidated financial statements are prepared on the
basis as if the reorganization became effective as of the beginning of the first period presented in the consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">On March 31, 2020, the Company
established its wholly owned subsidiary, Xiamen Jiuqiao Technology Co.,Ltd. (&ldquo;Jiuqiao&rdquo;), a PRC company. Jiuqiao engages in
designing, producing, producing, promoting and selling interactive toys with mobile games features, original intellectual property, peripheral
derivatives features worldwide and also providing consultation service.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">On August 3, 2020, the Company
acquired 60% of Xunpusen (Xiamen) Technology Co.,Ltd. which provides telecommunication service and internet access. And on March 24, 2021,
Fujian Youth Hand in Hand Educational Technology Co., Ltd controlled 100% equity interest in Fuzhou Qiande Educational Technology Co.,
Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">On January 25, 2021, Blue Hat
Cayman closed an acquisition pursuant to which it acquired 100% equity interests of Fresh Joy. Fresh joy, through its affiliated Hong
Kong Xinyou Entertainment Company and Fujian Xinyou Technology Co., Ltd., signed a series of VIE agreements with Fujian Roar Game Technology
Co., Ltd. (&ldquo;Fujian Roar Game&rdquo;). Fujian Roar Game holds 51% equity of Fuzhou CSFCTECH Co., Ltd and 100% equity of Fuzhou UC71
Co., Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">On February 20, 2021, the Company
establised its wholly owned subsidiary, Xiamen Bluehat Research Institution of Education Co.,Ltd.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The charts below summarize our corporate legal structure
and identify our subsidiaries, our VIE and its subsidiaries:</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: bottom">
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; width: 25%; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Name</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 2%; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; width: 46%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Background</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 2%; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; width: 25%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Ownership</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">Brilliant Hat Limited</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&#9679; &nbsp;&nbsp;&nbsp;A British Virgin Islands company</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&#9679; &nbsp;&nbsp;&nbsp;Incorporated on June 26, 2018</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&#9679; &nbsp;&nbsp;&nbsp;A holding company</P></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">100% owned by Blue Hat Interactive Entertainment Technology</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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-size: 10pt">Blue Hat Interactive Entertainment Technology Limited</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&#9679; &nbsp;&nbsp;&nbsp;A Hong Kong company</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&#9679; &nbsp;&nbsp;&nbsp;Incorporated on June 26, 2018</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&#9679; &nbsp;&nbsp;&nbsp;A holding company</P></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">100% owned by Brilliant Hat Limited</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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-size: 10pt">Xiamen Duwei Consulting Management Co., Ltd.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&#9679; &nbsp;&nbsp;&nbsp;A PRC limited liability company
    and deemed a wholly foreign owned enterprise, or WFOE</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&#9679; &nbsp;&nbsp;&nbsp;Incorporated on July 26, 2018</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&#9679; &nbsp;&nbsp;&nbsp;Registered capital of $ 736,073
    (RMB 5,000,000)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&#9679; &nbsp;&nbsp;&nbsp;A holding company</P></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">100% owned by Blue Hat Interactive Entertainment Technology Limited</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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-size: 10pt">Fresh Joy Entertainment Ltd</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&#9679; &nbsp;&nbsp;&nbsp;A holding company</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">100% owned by Blue Hat Interactive Entertainment Technology Limited</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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-size: 10pt">Fujian Blue Hat Interactive Entertainment Technology Ltd.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&#9679; &nbsp;&nbsp;&nbsp;A PRC limited liability company</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&#9679;&nbsp;&nbsp;&nbsp; Incorporated on January 7, 2010</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&#9679; &nbsp;&nbsp;&nbsp;Registered capital of $4,697,526
    (RMB 31,054,000)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&#9679; &nbsp;&nbsp;&nbsp;Designing, producing, promoting
    and selling animated toys with mobile games features, original intellectual property and peripheral derivatives features.</P></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">VIE of Blue Hat Xiamen Duwei Consulting Management Co., Ltd.</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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-size: 10pt">Hunan Engaomei Animation Culture Development Co., Ltd.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&#9679; &nbsp;&nbsp;&nbsp;A PRC limited liability company</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&#9679; &nbsp;&nbsp;&nbsp;Incorporated on October 19,
    2017</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&#9679; &nbsp;&nbsp;&nbsp;Registered capital of $302,540
    (RMB 2,000,000)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&#9679; &nbsp;&nbsp;&nbsp;Designing, producing, promoting
    and selling animated toys with mobile games features, original intellectual property and peripheral derivatives features.</P></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">100% owned by Fujian Blue Hat Interactive Entertainment Technology Ltd.</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 14.05pt; text-indent: -14.05pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">Shenyang Qimengxing Trading Co.Ltd.(China)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&#9679;&nbsp;&nbsp;&nbsp; A PRC limited liability company</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&#9679; &nbsp;&nbsp;&nbsp;Incorporated
on October 19, 2017&nbsp;</P></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">100% owned by Fujian Blue Hat Interactive Entertainment Technology Ltd.</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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-size: 10pt">Shenyang Qimengxing Trading Co., Ltd.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&#9679; &nbsp;&nbsp;&nbsp;A PRC limited liability company</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&#9679; &nbsp;&nbsp;&nbsp;Incorporated on July 27, 2017</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&#9679; &nbsp;&nbsp;&nbsp;Registered capital of $302,540
    (RMB 2,000,000)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&#9679; &nbsp;&nbsp;&nbsp;Designing, producing, promoting
    and selling animated toys with mobile games features, original intellectual property and peripheral derivatives features.</P></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">100% owned by Fujian Blue Hat Interactive Entertainment Technology Ltd.</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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-size: 10pt">Fuzhou Csfctech Co., Ltd.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 14.05pt; text-indent: -14.05pt">&#9679; &nbsp;&nbsp;&nbsp;A PRC limited liability company</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 14.05pt; text-indent: -14.05pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 14.05pt; text-indent: -14.05pt">&#9679; &nbsp;&nbsp;&nbsp;Incorporated on August 5, 2011</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 14.05pt; text-indent: -14.05pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 14.05pt; text-indent: -14.05pt">&#9679;&nbsp;&nbsp; Registered capital of $ (RMB
    20,000,000)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 14.05pt; text-indent: -14.05pt">&nbsp;</P>
    <P STYLE="text-indent: -14.05pt; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 14.05pt">&#9679; &nbsp;&nbsp;&nbsp;Developing and distributing network games in China. Csfctech also
    promotes diversified development and brings together the latest popular games, including 2D and 3D games, integrating role-playing, casual,
    real-time, horizontal fighting, card, strategy and other types of game products in a comprehensive layout.</P></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">51% controlled by Fresh Joy Entertainment Ltd via VIE</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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-size: 10pt">Fuzhou UC71 Co., Ltd.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&#9679; &nbsp;&nbsp;&nbsp;A PRC limited liability company</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">100% controlled by Fresh Joy Entertainment Ltd via VIE</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Pingxiang Blue Hat Technology Co. Ltd.</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&#9679; &nbsp;&nbsp;&nbsp;A PRC limited liability company</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&#9679; &nbsp;&nbsp;&nbsp;Incorporated on September 10,
    2018</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&#9679; &nbsp;&nbsp;&nbsp;Registered capital of $302,540
    (RMB 2,000,000)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&#9679; &nbsp;&nbsp;&nbsp;Designing, producing, promoting
    and selling animated toys with mobile games features, original intellectual property and peripheral derivatives features.</P></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">Xiamen Jiuqiao Technology Co. Ltd.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&#9679; &nbsp;&nbsp;&nbsp;A PRC limited liability company</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&#9679; &nbsp;&nbsp;&nbsp;Incorporated on March 31, 2020</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&#9679; &nbsp;&nbsp;&nbsp;Registered capital of $15,325,905
    (RMB 100,000,000)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&#9679; &nbsp;&nbsp;&nbsp;Designing, producing, promoting
    and selling animated toys with mobile games features, original intellectual property and peripheral derivatives features, and consultation
    service.</P></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">40% owned controlled by Fujian Blue Hat Interactive Entertainment Technology Ltd. 60% owned by Duwei Consulting Management Co. Ltd</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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-size: 10pt">Fujian Youth Hand in Hand Educational Technology Co., Ltd</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&#9679; &nbsp;&nbsp;&nbsp;A PRC limited liability company</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&#9679; &nbsp;&nbsp;&nbsp;Incorporated on September 18,
    2017</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">48.5% owned controlled by Fujian Blue Hat Interactive Entertainment Technology Ltd. 51.5% owned by Duwei Consulting Management Co. Ltd</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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-size: 10pt">Fuzhou Qiande Educational Technology Co., Ltd</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&#9679; &nbsp;&nbsp;&nbsp;A PRC limited liability company</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&#9679; &nbsp;&nbsp;&nbsp;Incorporated on September 18,
    2017</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&nbsp;</P></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">100% controlled by Fujian Youth Hand in Hand Educational Technology Co., Ltd</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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-size: 10pt">Xiamen Bluehat Research Institution of Education Co.,Ltd</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&#9679; &nbsp;&nbsp;&nbsp;A PRC limited liability company</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.05pt; text-indent: -14.05pt">&#9679; &nbsp;&nbsp;&nbsp;Incorporated
on February 20, 2021&nbsp;</P></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">100% owned by Blue Hat Interactive Entertainment Technology</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Xunpusen (Xun Pu Sen) Technology Co., Ltd.</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 14.05pt; text-indent: -14.05pt"><FONT STYLE="font-size: 10pt">&#9679; &nbsp;&nbsp;&nbsp;A PRC limited liability company</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">60% controlled by Fujian Blue Hat Interactive Entertainment Technology Ltd.</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 14.05pt; text-indent: -14.05pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Xingjuyun (Xiamen) Technology Co., Ltd.</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; vertical-align: top; padding-left: 0pt">
    <P STYLE="text-indent: -14.05pt; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 14.05pt">&#9679; &nbsp;&nbsp;&nbsp;A PRC limited liability company</P>
    <P STYLE="text-indent: -14.05pt; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 14.05pt">&nbsp;</P>
    <P STYLE="text-indent: -14.05pt; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 14.05pt">&#9679; &nbsp;&nbsp;&nbsp;Incorporated on March , 2021</P>
    <P STYLE="text-indent: -14.05pt; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 14.05pt">&nbsp;</P>
    <P STYLE="text-indent: -14.05pt; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 14.05pt">&#9679; &nbsp;&nbsp;&nbsp;On
May 19, 2021, Xingwangyun Technology Co., Ltd changed the name to Xingjuyun (Xiamen<FONT STYLE="font-family: DengXian">&#65289;</FONT>Technology
Co., Ltd.&nbsp;</P></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">100% controlled by Xunpunsen(Xun Pu Sen) Technology Co., Ltd.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></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"></P>

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<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"><B><U>Contractual Arrangements</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">Due to legal restrictions on
foreign ownership and investment in, among other areas, the production, development and operation of AR interactive entertainment games
and toys in China, including interactive educational materials, mobile games, and toys with mobile game features, we operate our businesses
in which foreign investment is restricted or prohibited in the PRC through certain PRC domestic companies. As such, Blue Hat Fujian is
controlled through contractual arrangements in lieu of direct equity ownership by us or any of our subsidiaries. Such contractual arrangements
consist of a series of three agreements, along with shareholders&rsquo; POAs and irrevocable commitment letters, or collectively, the
Contractual Arrangements, which were signed on November 13, 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">The significant terms of the
Contractual Arrangements are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Exclusive Business Cooperation Agreement</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; text-indent: 21.6pt">Pursuant to the exclusive business
cooperation agreement between Blue Hat WFOE and Blue Hat Fujian, Blue Hat WFOE has the exclusive right to provide Blue Hat Fujian with
technical support services, consulting services and other services, including technical support, technical assistance, technical consulting,
and professional training necessary for Blue Hat Fujian&rsquo;s operation, network support, database support, software services, business
management consulting, grant use rights of intellectual property rights, lease hardware and device, provide system integration service,
research and development of software and system maintenance, provide labor support and to develop the related technologies based on Blue
Hat Fujian&rsquo;s needs. In exchange, Blue Hat WFOE is entitled to a service fee that equals to all of the consolidated net income after
offsetting previous year&rsquo;s loss (if any) of Blue Hat Fujian. The service fee may be adjusted by Blue Hat WFOE based on the actual
scope of services rendered by Blue Hat WFOE and the operational needs and expanding demands of Blue Hat Fujian.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">Pursuant to the exclusive business
cooperation agreement, Blue Hat WFOE has the unilateral right to adjust the service fee at any time, and Blue Hat Fujian has no right
to adjust the service fee. We believe that such conditions under which the service fee may be adjusted will be primarily based on the
needs of Blue Hat Fujian to operate and develop its business in the AR market. For example, if Blue Hat Fujian needs to expand its business,
increase research input or consummate mergers or acquisitions in the future, Blue Hat WFOE has the right to decrease the amount of the
service fee, which would allow Blue Hat Fujian to have additional capital to operate and develop its business in the AR market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">The exclusive business cooperation
agreement remains in effect until November 13, 2028 and shall be automatically renewed for one year at the expiration date of the validity
term. However, Blue Hat WFOE has the right to terminate this agreement upon giving 30 days&rsquo; prior written notice to Blue Hat Fujian
at any time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Call Option Agreements</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; text-indent: 21.6pt">Pursuant to the call option agreements,
among Blue Hat WFOE, Blue Hat Fujian and the shareholders who collectively owned all of Blue Hat Fujian, such shareholders jointly and
severally grant Blue Hat WFOE an option to purchase their equity interests in Blue Hat Fujian. The purchase price shall be the lowest
price then permitted under applicable PRC laws. Blue Hat WFOE or its designated person may exercise such option at any time to purchase
all or part of the equity interests in Blue Hat Fujian until it has acquired all equity interests of Blue Hat Fujian, which is irrevocable
during the term of the agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">The call option agreements remain
in effect until November 13, 2028 and shall be automatically renewed for one year at the expiration date of the validity term. However,
Blue Hat WFOE has the right to terminate these agreements upon giving 30 days&rsquo; prior written notice to Blue Hat Fujian at any time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Equity Pledge Agreement</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; text-indent: 21.6pt">Pursuant to the equity pledge
agreement among the shareholders who collectively owned all of Blue Hat Fujian, such shareholders pledge all of the equity interests in
Blue Hat Fujian to Blue Hat WFOE as collateral to secure the obligations of Blue Hat Fujian under the exclusive business cooperation agreement
and call option agreements. These shareholders are prohibited or may not transfer the pledged equity interests without prior consent of
Blue Hat WFOE unless transferring the equity interests to Blue Hat WFOE or its designated person in accordance to the call option agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></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: justify; text-indent: 21.6pt">The equity pledge agreement shall
come into force the date on which the pledged interests is recorded, which is three days after signing of the Agreement on November 13,
2018, under Blue Hat Fujian&rsquo;s register of shareholders and is registered with competent administration for industry and commerce
of Blue Hat Fujian until all of the liabilities and debts to Blue Hat WFOE have been fulfilled completely by Blue Hat Fujian. Blue Hat
Fujian and the shareholders who collectively owned all of Blue Hat Fujian shall not terminate these agreements in any circumstance for
any reason. However, Blue Hat WFOE has the right to terminate these agreements upon giving 30 days&rsquo; prior written notice to Blue
Hat Fujian at any time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">Pursuant to the shareholders&rsquo;
POAs, the shareholders of Blue Hat Fujian give Blue Hat WFOE an irrevocable proxy to act on their behalf on all matters pertaining to
Blue Hat Fujian and to exercise all of their rights as shareholders of Blue Hat Fujian, including the right to attend shareholders meetings,
to exercise voting rights and all of the other rights, and to sign transfer documents and any other documents in relation to the fulfillment
of the obligations under the call option agreements and the equity pledge agreement. The POAs shall remain in effect while the shareholders
of Blue Hat Fujian hold the equity interests in Blue Hat Fujian.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Irrevocable Commitment Letters</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; text-indent: 21.6pt">Pursuant to the irrevocable commitment
letters, the shareholders of Blue Hat Fujian commit that their spouses or inheritors have no right to claim any rights or interest in
relation to the shares that they hold in Blue Hat Fujian and have no right to impose any impact on the daily managing duties of Blue Hat
Fujian, and commit that if any event which refrains them from exercising shareholders&rsquo; rights as a registered shareholder, such
as death, incapacity, divorce or any other event, could happen to them, the shareholders of Blue Hat Fujian will take corresponding measures
to guarantee the rights of other registered shareholders and the performance of the Contractual Arrangements. The letters are irrevocable
and shall not be withdrawn without the consent of Blue Hat WFOE.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">Based on the foregoing contractual
arrangements, which grant Blue Hat WFOE effective control of Blue Hat Fujian and enable Blue Hat WFOE to receive all of their expected
residual returns, we account for Blue Hat Fujian as a VIE. Accordingly, we consolidate the accounts of Blue Hat Fujian for the periods
presented herein, in accordance with Regulation S-X-3A-02 promulgated by the SEC, and ASC 810-10, Consolidation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">On July 30, 2019, we completed
our initial public offering, and since July 26, 2019, our ordinary shares have been listed on the Nasdaq Capital Market under the symbol
&ldquo;BHAT&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">Our principal executive office
is located at 7th Floor, Building C, No. 1010 Anling Road, Huli District, Xiamen, China 361009. Our telephone number is 86-592-228-0081.
Our registered office in the Cayman Islands is located at the offices of Walkers Corporate Limited, Cayman Corporate Centre, 27 Hospital
Road, George Town, Grand Cayman KY1-9008, Cayman Islands.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">The SEC maintains a website that
contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC on www.sec.gov.
You can also find information on our website located at http://www.irbluehatgroup.com. Information contained on, or that can be accessed
through, our website is not a part of, and shall not be incorporated by reference into, this annual report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 21.6pt">We have not had any material commitments for capital
expenditures for the last three financial years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 21.6pt">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></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"><B><A NAME="a_012"></A>BUSINESS</B></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: justify"><B>Overview</B></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: 21.6pt">We are a producer, developer
and operator of augmented reality (&ldquo;AR&rdquo;) interactive entertainment games, toys and educational materials in China. Our mobile-connected
entertainment platform enables us to connect physical items to mobile devices through wireless technologies, creating a unique interactive
user experience. Our goal is to create a rich visual and interactive environment for users through the integration of real objects and
virtual scenery. We believe this combination provides users with a more natural form of human-computer interaction and enhances users&rsquo;
perception of reality, thus providing a more diversified entertainment experience. By leveraging our strong technological capabilities
and infrastructure, we believe we are able to deliver a superior user experience and conduct our operations in a highly efficient manner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">The core of our business is our
proprietary&nbsp;technology.&nbsp;Our patents, trademarks, copyrights, and other intellectual property rights serve to distinguish our
products, protect our products from infringement, and contribute to our competitive advantages.&nbsp;To&nbsp;secure the value of our technology
and developments, we are aggressive in pursuing a combination of patent, trademark and copyright protection for our proprietary technologies.
As of June 9, 2021, our intellectual property portfolio included 207 authorized patents, 14 applications for PCT international patents,
738 artistic copyrights, 62 patents pending in various stages of the application process, 13 applications for PCT international patents,
90 registered trademarks and 28 software copyrights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">We strive to create an engaging,
interactive and immersive community for users of our products. The majority of our users are among the young Chinese generation between
the ages of 3 and 23, although many of our products appeal to users outside of this demographic. We intend to further penetrate the Chinese
market with new products that will target users in the range of ages 14 and above. Specifically, our strategies include marketing Fidolle,
a ball-jointed &ldquo;smart doll&rdquo;, and QI, a gaming and entertainment platform designed for both family home use and amusement arcades.
In the meantime, we are licensed to sell products with &ldquo;WUHUANGWANSHUI&rdquo; brand images. We are also developing our internet
data center business. As for educational products, we provide our Augmented Reality Immersive Classes (&ldquo;ARIC&rdquo;)&nbsp;to pre-schools
and plan to work closely with these schools on integrating our digital solutions with a new STEAM-focused curriculum for young students.&nbsp;We
believe our high-quality content attracts users with common interests to connect and share their passion on our platform, which cultivates
a strong sense of belonging and effectively strengthens our user retention.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">Our products resemble traditional
children&rsquo;s toys - including cars, ladybugs, picture books, and dolls - which are enabled with wireless technology to facilitate
a broad variety of interactive functions. The interactive functionality of our products broadens the user experience, creates a communicative
environment, and facilitates an ongoing relationship between us and our end users and between our end users and our products. We believe
such an immersive entertainment experience allows our users to build strong emotional connections to our products, resulting in our products
typically having longer life cycles than traditional toys.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">Our proprietary technology, product
research and development, marketing channels and brand operation are the cornerstones of our business. We focus on the combination of
&ldquo;online&rdquo; and &ldquo;offline&rdquo; activity and the interaction between &ldquo;entertainment&rdquo; and &ldquo;product&rdquo;
to create a high-tech entertainment platform combining mobile games and AR. With the help of computer graphics and visualization technologies,
we are able to accurately &ldquo;place&rdquo; virtual objects into the physical world, thus creating a new and stimulating visual environment
for our users.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">We have grown rapidly since our
inception. We generate revenues primarily from sales of our interactive toys, specifically our animation and game series, and mobile games
and Immersive Education Classes and the Internet Data Center (IDC) business. Our total revenues increased by $6,356,940, or 26.7%, to
$30,191,069 for the year ended December 31, 2020 as compared to $23,834,129 for the year ended December 31, 2019 mainly due to additional
revenues from our new lines of business&mdash;information services revenues of $4.32 million and communication services revenue of $ 5.5
million since the acquisition. The interactive toys segment was adversely impacted by COVID-19 during the first half of 2020 and as a
result, revenue generated from interactive toys decreased by $3.44 million, or 16%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></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: justify"><B>Products</B></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: 21.6pt">In an effort to capture a substantive
share of the AR interactive toy market in China, we have increased our investment in the research and development of our AR interactive
toys and games. Investment in research and development internally in the years ended December 31, 2020 and 2019 were $281,618 and $1,031,204,
respectively. We have collaborated with external developers in the AR interactive toys and games industry. As of December 31, 2020 and
2019, we prepaid approximately $4.2 million and $4.4 million to such developers for the development of more advanced technology for our
AR interactive toys and games.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Products in the Market</I></B></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"><I>AR Racer</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; text-indent: 21.6pt">AR Racer provides an innovative
way for users to interact and play a traditional game. <FONT STYLE="background-color: white">AR Racer is a car-racing mobile game that
attaches a physical toy car onto a user&rsquo;s mobile device screen using non-adhesive materials. Blue Hat&rsquo;s photosensitive recognition
technology allows the toy car to be used as a controller, so that users can virtually race one another via the simulated racing track,
as well as engage in individual races. In addition, we developed a new generation product, the &ldquo;Mini Car&rdquo; series, that retains
the car model attributes and the original AR interactive function, while upgrading the gameplay, structure and aesthetics of the game.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>AR Crazy Bug (previously named &ldquo;AR Need a
Spanking&rdquo;)</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; text-indent: 21.6pt">AR Crazy Bug is an exciting combat
game played using a ladybug-shaped electronic toy. Blue Hat&rsquo;s infrared induction technology allows users to control the toy&rsquo;s
movement via their mobile device for game play in battle dynamics, while simultaneously moving the toy in reality. The mobile device shows
virtual enemies while also capturing the position of the toy in the real world, allowing users to approach or escape its combatants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>AR 3D Magic Box</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; text-indent: 21.6pt">AR 3D Magic Box has the unique
ability to transport children&rsquo;s drawings into diverse backgrounds, giving a user a discovery-based experience. AR 3D Magic Box uses
AR recognition technology to allow children to draw shapes or objects onto a physical card while the mobile game captures the drawings
and animates them onto a set background, for example, under the sea.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>AR Dinosaur</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; text-indent: 21.6pt">AR Dinosaur is an educational
toy that comes in a variety of five different types of dinosaurs, each of which has their own personality and emotions. Through interacting
with the toy and its accompanying mobile app, children can learn a wealth of information about dinosaurs. The product comes with five
physical &ldquo;AR cards&rdquo;, which when placed under the toy will activate its AR features.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&ldquo;Talking Tom and Friends&rdquo; Bouncing
Bubble</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; text-indent: 21.6pt">Bouncing Bubble is a product
designed using environmentally-friendly and toxic-free liquid, allowing for larger, stronger bubbles that won&rsquo;t easily pop. Children
can bounce these bubbles using a paddle or gloves as if they were ping pong balls. The new &ldquo;Talking Tom and Friends&rdquo; Bouncing
Bubble product range features images of characters from the universe of the globally renowned &ldquo;Talking Tom and Friends&rdquo; media
franchise. Talking Tom and Friends is a media franchise created by&nbsp;Outfit7 Limited. The franchise focuses on various mobile apps
involving anthropomorphic animal-like characters. The first app, Talking Tom Cat, was launched in 2010. As of December 31, 2020, Talking
Tom and Friends related apps from Outfit7 have achieved more than 16 billion downloads.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>AR Shake Bouncing Bubble</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; text-indent: 21.6pt">AR Shake Bouncing Bubble is a
product developed in 2020. The product is known for its soothing interface and magical background music. It contains an exclusive structural
design of Blue Hat. The AR interactive software helps to improve children&rsquo;s concentration and reaction. Children can even use regular
bubble liquid to blow bubbles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

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

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<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: justify"><I>WUHUANGWANSHUI Authorized Products</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; text-indent: 21.6pt">&ldquo;WUHUANGWANSHUI&rdquo;
is a famous brand for Chinese cartoon images that consist of a cat (Wu Huang) and a dog (Ba Zahey). The brand is owned by Cup of Cosmo
Studio (Beijing) Culture Co., Ltd., and is easily recognizable in Chinese popular culture. Primarily seen in cartoon images, comics, animations
and emoticon packages, &ldquo;WUHUANGWANSHUI&rdquo; has over 30 million followers online, which brings over RMB2 billion in licensed product
sales. We are licensed to use &ldquo;WUHUANGWANSHUI&rdquo; images on our products and our e-commerce website. We expect to launch approximately
20 interactive toys with the licensed images in the near future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Products in Development</I></B></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: 21.6pt">We plan to continue to invest
significant amounts of our resources towards product development and bringing new and exciting products to the market. We believe our
current reserves are sufficient for product development for the next three to five years. We introduced two new products, Fidolle in 2019
and QI in 2021, and we plan to release two additional new products in 2021. We intend to launch new generations of our four existing products
within the next three years. We are currently developing Fidolle and QI.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Fidolle</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; text-indent: 21.6pt">Fidolle, a ball-jointed &ldquo;smart
doll&rdquo;, is an educational, interactive product that we plan to launch in the further. We also plan to develop five additional unique
Fidolle characters, with the third character expected to launch in 2021. We expect Fidolle to aid users in the development of communication
and interpersonal skills. Fidolle is composed of a physical life-like &ldquo;smart doll&rdquo; and features a mobile game application
and an online user community. Users will be able to influence the character of, and their relationship with, Fidolle by playing the game
through the mobile application as well as by physically interacting with the doll. Fidolle contains multiple built-in sensor chips that
will allow users to trigger challenges in the game through Bluetooth technology. Our next step in the development of Fidolle is to enable
the doll to verbally communicate with users. We are also partnering with Zerodiv Inc., a Japanese company, through D&amp;S Technology
to design the mobile application to be high quality and user friendly. In addition, we intend to build a Fidolle community that will integrate
online and offline relationships and activities. Users will have access to a dedicated communications forum where they will be able to
interact with others in the community. We intend to promote frequent interactions between users through the Fidolle platform, including
by hosting a variety of social games to provide further entertainment content for users.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">The trend of collecting and interacting
with ball-jointed dolls originated in Japan. We believe that the fans of ball-jointed dolls have formed a community in Japan as well as
in China. We believe that customers in China have a preference towards ball-jointed dolls with Japanese elements. For this reason, we
have cooperated with a Japanese company in developing Fidolle.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">We believe that Fidolle will
generate revenue through in-application purchases of virtual objects and sales of derivative products, such as clothing and merchandise.
We do not believe that there are current products comparable to Fidolle in the major toy markets of Fuzhou, and we believe Fidolle will
attract the large group of anime fans in China. The target demographic for Fidolle includes teenagers and adults between the ages of 18
and 35, although we also expect Fidolle to appeal to users outside of this demographic.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&ldquo;QI&rdquo; Platform</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; text-indent: 21.6pt">QI is a community-based gaming
platform powered by multi-bus technology, designated self-organization technology and near field communication. QI is composed of foundational
network communication terminals with a chessboard layered above such foundation. QI is connected to a tablet computer for the online gaming
aspect of the product. The foundational communication terminals will enable users to customize and adjust the chessboard settings, allowing
users to play various different board games on the same mobile device. QI connects physical board game play with video game content and
graphics, which will allow users to physically interact with one another as if they were playing a board game in reality, while enjoying
the animation and sound effects of a video game. We believe QI will be popular among a variety of users, particularly users ages 14 and
above, although we also expect QI to appeal to users outside of this demographic.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></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: justify"><B><I>Immersive Education Classes</I></B></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: 21.6pt">Immersive Education Classes is
Blue Hat&rsquo;s range of immersive educational products that utilize AR technology to create a dynamic and engaging model for teaching
in China&rsquo;s preschools, including &ldquo;Smart Screen Immersive Education Classes&rdquo;, &ldquo;Smart Immersive Physical Education
Classes&rdquo; and &ldquo;Smart Immersive Cognitive Education Classes.&rdquo;&nbsp;The three products are suitable for different teaching
scenarios, and can be used independently or together with one another to promote children&rsquo;s overall development.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt"><I>&ldquo;Smart Screen Immersive
Education Classes&rdquo;</I>&nbsp;use a projector to cast education-related content and games onto the classroom wall. Activities featured
within the product aim to improve students&rsquo; hand-eye coordination and analytical abilities, and students are guided by teachers
trained in the product&rsquo;s use. After students have completed a task, their results are shown on the screen and specific feedback
for improvement is provided.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt"><I>&ldquo;Smart Immersive Physical
Education Classes&rdquo;&nbsp;</I>integrate a projector and motion-capture system to project activities and games onto the floor of the
teaching area. Students who participate in activities are required to imitate movements and react in time, while competing or coordinating
with others for the best score. Data is analyzed simultaneously for each student, with feedback, including scores and suggestions for
improvement, that can be reviewed by teachers and parents. All activities are carefully guided by teachers trained in the product&rsquo;s
use.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt"><I>&ldquo;Smart Immersive Cognitive
Education Classes&rdquo;&nbsp;</I>offer a wide variety of AR-enabled tasks designed to exercise the cognitive abilities of children between
the ages of three and six years old by projecting images and activities onto a classroom tabletop. As the images projected on the tabletop
react to children&rsquo;s movements, they can learn for themselves, with feedback, including scores and suggestions for improvement, projected
onto the table after completion. A tabletop can be used by up to six children at one time, supporting both independent learning and group
activities or competitions. The product&rsquo;s content has been designed by our in-house team of educational experts and all activities
are carefully guided by teachers trained in the product&rsquo;s use.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt"><I>&ldquo;AR Immersive Class&rdquo;(&ldquo;ARIC&rdquo;)</I>&nbsp;offers
full collection of our immersive educational products that utilize AR technology to create a dynamic and engaging model to teach preschoolers
in China. With our proprietary AR technology, the ARIC greatly enriches children&rsquo;s learning experience as well as enables educators
to track and analyze students&rsquo; progress. We are currently developing a cooperation agreement to launch new AR immersive classes
in Guangdong-Hongkong-Macao Greater Bay Area. As part of this strategic expansion, the Company previously delivered ARIC course demonstrations
and teaching experiments to eight preschools in&nbsp;Guangzhou&nbsp;and cooperated with the Second Preschool of&nbsp;Guangzhou&nbsp;to
further strengthen its market presence.&nbsp;The Company also signed a three-year partnership with smart education service provider,&nbsp;Sutesen
Information Technology Ltd.&nbsp;(&ldquo;Sutesen&rdquo;), to expand ARIC, in&nbsp;Guangxi&nbsp;province,&nbsp;China. The partnership aims
to commercially launch ARIC in up to 1,000&nbsp;Guangxi&nbsp;preschools in three years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>IDC Business</I></B></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: 21.6pt">Xunpusen, a subsidiary of our
company, recently signed a cooperation agreement with&nbsp;China Mobile Communications Group Guangdong Co., Ltd.&nbsp;(&ldquo;China Mobile&rdquo;)
for a series of telecom value-added services relating to&nbsp;Internet Data Center&nbsp;(&ldquo;IDC&rdquo;). IDC hosts a group of hosting
providers, merchants, or web servers. It is an infrastructure that ensures e-commerce websites operate securely. It also helps businesses
and their alliances to implement value chain management for their distributors, suppliers and customers.&nbsp;Namely, IDC related services
enable big companies to promote and sell products with Xunpusen&rsquo;s message marketing services and integrated solutions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Acquisition of Fuzhou Csfctech Co., Ltd.</I></B></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: 21.6pt">On January 28, 2021 the Company
announced&nbsp;the closing of the acquisition of 51% of&nbsp;Fuzhou Csfctech Co., Ltd.&nbsp;(&ldquo;Csfctech&rdquo;) and its two subsidiaries.&nbsp;Csfctech
is a developer and distributor of mobile games in&nbsp;China, boasting a portfolio of more than 100 games available on various platforms,
with an international user base across Mainland China,&nbsp;Japan,&nbsp;Taiwan, the&nbsp;United Arab Emirates&nbsp;and&nbsp;Africa. The
business has grown according to both companies&rsquo; projected budgets, with Csfctech exceeding the net profit performance target of&nbsp;$2.2
million&nbsp;for 2020. Over a longer period, this combination presents an opportunity for Blue Hat to drive sales through an expanded
interactive gaming portfolio, increased avenues for global distribution and increased brand recognition. Our goal is to bring increasingly
engaging games, AR toys and AR education to our diverse audiences.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

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

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<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: justify"><B><I>Streaming E-Commerce Initiative</I></B></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: 21.6pt">On September 23, 2020, the Company
announced solid initial results from the Direct-to-Consumer (&ldquo;DTC&rdquo;) partnership with&nbsp;Xiamen Xing Meng Wei Lai Culture
Media Co. LTD&nbsp;(&ldquo;Xing Meng Wei Lai&rdquo;), which was initially announced in&nbsp;June 2020&nbsp;(Previously Announced Partnership&nbsp;with
Leading Chinese Multi-Channel Network). Xing Meng&nbsp;Wei Lai is a leading Chinese multi-channel network and internet content development
agency that specializes in building DTC social content marketing via short videos and live streaming. After the initial two-month implementation
period, Blue Hat held several&nbsp;live shows&nbsp;displaying its interactive software and products, which in aggregate totaled an audience
of over fifty thousand consumers. Because of Blue Hat&rsquo;s interactive component with software and AR products such as AR racer, Xing
Meng&nbsp;Wei Lai developed operation strategies that the Company could implement to engage with end customers. Xing Meng&nbsp;Wei Lai
assisted Blue Hat in coordinating live events over the past month following the establishment of an online channel for purchase. During
the events, the click-through rate was about 20%, which exceeded the average industry level of 10% - 12.5%. The transaction conversion
rate of nearly 7% was based on the sale of nearly 250 products. The Company believes that this establishes a solid foundation for the
further development of e-commerce content. We have placed a renewed focus on leveraging new technologies and mobile purchasing trends
to strengthen Blue Hat&rsquo;s marketing initiatives. To date, we have been pleased with our cooperation with Xing Meng&nbsp;Wei Lai.
The click-through rate exceeded expectations, and has led to a direct increase in sales during the quarter. In future periods, we expect
to continue hosting live-event content as we unveil new interactive software and AR applications to the market. Following the onset of
COVID-19, we have gained considerable traction in engaging customers through a variety of strategic marketing initiatives, and to date
the results have led to strong sales results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Manufacturing and Distribution</B></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: 21.6pt">The initial design, appearance
and structure of our products are created in our on-site studio located in Xiamen. We outsource the manufacture of our products to more
than 20 factories through purchase contracts. We contract with multiple suppliers in an effort to mitigate any risk that our business
will be restricted by a single supply shortage or manufacturing delay. In addition, our continuing relationships with multiple manufacturers
allow us to quickly adjust to changing market demands.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 21.6pt">Manufacturers are responsible solely for production
of our products and rely on us for design and technology support, as we maintain all of the proprietary rights to our products. The standard
production process, from initial design to final manufacture, typically takes between 35 to 40 days. For the year ended December 31, 2020,
our two largest suppliers accounted for 26.48% and 25.32%, respectively, of our total purchases.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">Our distribution channels include
domestic distributors, e-commerce platforms, supermarkets and export distributors. We intend to minimize direct selling and shift our
focus towards selling to distributors and e-commerce platforms. 100% of our products sold in 2020 were sold domestically in China, and
81% of those products were generated from Chinese distributors. Our Chinese distributors are organized regionally by province, including
Zhejiang, Hubei, Jiangsu, Hunan, Guizhou, Liaoning, and Shandong. Our products are sold in several supermarkets and specialty stores,
including Walmart, Carrefour, Toys-R-Us, Vanguard, Tesco and Lotus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Our continuing partnerships with regional distributors allow us to penetrate
the market in numerous provinces in China. In 2020, we primarily relied on five Chinese distributors for the sale of our products, which
accounted for 28% of our total revenue. In 2020, 100% of our products were sold in China and, of these sales, approximately 81% were generated
from Chinese distributors.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></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: justify; text-indent: 21.6pt">One or a few customers have in
the past and may in the future represent a substantial portion of our revenues and gross profits in any one year or over a period of several
consecutive years. For example, in 2020, one customer accounted for 10.4% of the Company&rsquo;s total revenues.. Therefore, the loss
of business from any one of such customers could have a material adverse effect on our business or results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">We are in the process of expanding
our brand to physical experience stores. We are leveraging our experience and insight into traditional toy and gaming park industries
and our strength in AR technologies to build experience stores that provide customers with a variety of AR interactive activities, as
well as a location to purchase AR interactive toys. We expect such stores will generate revenues from sales of membership cards and direct
sales of our products. Five types of membership cards, (i) one-year cards, (ii) half-year cards, (iii) three-month cards, (iv) monthly
cards and (v) one-time cards, may be purchased by customers, and, depending on the type of membership card purchased, customers may purchase
multiple toys in the stores for the same value of the membership card. For example, if a customer purchased a one-year membership card,
the customer may take home multiple toys from the stores up to the total price paid for the membership card. If the price of the toys
exceeds the price of the membership card, the customer would pay the difference between the price of the toys and the price of the membership
cards. In April 2019, we began selling membership cards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Our Position</B></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">We have positioned our company as a leading producer,
developer and operator of AR interactive entertainment games and toys as a result of the following key factors:</P>

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

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    <TD STYLE="width: 29px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><I>Market Expansion due to Two-Child Policy.</I> The size of the toy market in China has increased significantly in the recent past. We believe this growth is a direct result of the implementation of China&rsquo;s two-child policy. The Chinese government began to gradually disregard the one-child policy in the early 2010s and the two-child policy was fully implemented in 2016. A new round of baby boomers and rising consumption levels are driving the domestic market to accelerate. Among the many factors affecting toy consumption, the total number of children, birth policy, family income and consumption consciousness are the most critical. A new baby boom triggered by the &ldquo;two-child policy&rdquo; and the rise of middle class consumption caused by social structural change, among other factors, is promoting the growth of China&rsquo;s toy consumption market. Chinese children&rsquo;s per capita consumption of toys is low compared with that of children in developed countries, and growth in the toy industry is expected to promote the Company&rsquo;s growth.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 29px; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><I>Shift Towards Intelligent Toys.</I> Chinese culture is experiencing a fundamental shift away from traditional, medium- to low-end toys towards intelligent, interactive and innovative toys and games.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 29px; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><I>Rapid AR Industry Growth. </I>The global AR industry is still in its infancy, with many companies currently investing heavily in research and development.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></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"></P>

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    <TD STYLE="width: 29px; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><I>Supportive Economic Conditions in China.</I> According to the National Bureau of Statistics of China, per capita annual disposable income of urban residents in China is expected to increase to RMB43,836 (approximately US$6,743) in 2021, an expected increase of 3.5% over the last year. Increases in annual disposable income and per capita expenditure correlate to increases in market growth for recreational, educational and leisure markets in China, such as the AR interactive toy market.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 29px; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><I>Few Direct Competitors in China.</I> The AR interactive toy industry in China is new and evolving. We do not believe that large traditional toy companies, or companies that focus on high-tech toys and games, have captured a significant portion of the AR interactive toy market in China.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">We have received a number of
industry, trade association and governmental awards relating to our business and operations, which serve to enhance our brand and reputation,
including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

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    <TD STYLE="width: 29px; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><I>Best Industrial Value Excellence Award</I> in the Fifth International Animation Expo and the National First Animation and Derivatives Design and Development Competition (2010);</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 29px">&nbsp;</TD>
    <TD STYLE="width: 29px; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><I>Vice-Chairman of Animation and Game Industry</I> in Fujian Province by Fujian Association of Animation and Game Industry (2013);</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 29px">&nbsp;</TD>
    <TD STYLE="width: 29px; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><I>High and New Technology Enterprises</I> by Xiamen Municipal Bureau for Science and Technology, Finance Bureau of Xiamen, Xiamen Provincial Office of State Administration of Taxation and Xiamen Local Taxation Bureau (2015);</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 29px">&nbsp;</TD>
    <TD STYLE="width: 29px; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><I>Leading Company As a Technology Small Giant</I> by Fujian Provincial Department of Science and Technology, Fujian Development and Reform Commission, Fujian Provincial Commission of Economy and Information Technology, and Fujian Provincial Department of Finance (2016); and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 29px">&nbsp;</TD>
    <TD STYLE="width: 29px; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><I>The Best Growth Medium- to Small-Scaled Enterprises in Xiamen City</I> by Xiamen Municipal Bureau for Economics and Informatization (2018).</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Industry Background</B></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"><B><I>Toy and Game Industry</I></B></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: 21.3pt">The toy and game market in China
can be classified broadly into electronic, mechanical, plastic and wooden toys. Electronic toys, models, licensed toys (including spin-off
toys from movies and cartoon characters), dolls, high-tech toys, educational toys, internet-connected toys and toys for adult recreation
and entertainment are increasingly being introduced to the market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.3pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.3pt">As incomes of urban residents
in China continue to rise and quality of life continues to improve, toy demands are beginning to change. There is a shift away from traditional,
medium- to low-end battery-operated toys, construction sets and decorative toys, towards innovative electronic toys and intelligent toys.
Despite this economic and cultural shift, many industry players believe that toy and game companies continue to underestimate the spending
power of China&rsquo;s low-income groups. With average income rising at a rate of 8%-11% annually in China, wage earners are enjoying
higher disposable incomes, which we believe will lead to an increase in demand for toys and games in China, particularly innovative and
exciting products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.3pt">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>AR Industry</I></B></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: 21.6pt">AR uses technology to add information
&mdash; sounds, images and text &mdash; to the world we see. AR presents virtual information as reality and enables people to interact
with the virtual environment. With AR, users perceive the real world with the addition of computer-generated sounds, images and text that
are overlaid on specific objects. Users employ a mobile-connected device that is equipped with a camera, such as a smart phone or a tablet
computer. The camera on the device scans the environment, feeding the mobile application&rsquo;s image recognition capability. The mobile
application&rsquo;s AR content is triggered when specific images are recognized, such as quick response codes, borders and faces. For
example, users manipulate the physical toy associated with the mobile game and the associated character in the mobile game will act accordingly.
Regarding motion capture technology, the camera on the mobile device scans and captures the physical toy associated with the mobile game
while the mobile game synchronizes the image of the physical toy in the mobile game, creating an immersive gaming experience. Location-based
AR works in a similar manner, using devices equipped with a global positioning system or other location sensors. By using the device in
a specific location or area, the mobile application&rsquo;s AR content is triggered. AR seamlessly connects reality with virtual information
by means of technology, and constructs virtual scenery.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">The advancement and development
of AR technology has brought additional creativity and engaging game play to traditional toy products. We believe the continued integration
of AR technology into toys is a sustainable trend for the toy industry. We believe there are few direct competitors in the AR interactive
toy market in China, and we hope to quickly seize the majority of this market share through our technological advantages and continued
development and sales of our differentiated and innovative products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">We believe that China&rsquo;s
domestic environment is conducive to the development of the AR industry as a result of increases in annual disposable income and per capita
expenditure and increases in the population aged 0-14 due to China&rsquo;s two-child policy. Additionally, the Chinese government recently
issued policies in support of the development of the AR industry. Despite the dual impact of COVID-19 and the global economic downturn,
the AR/VR industry achieved many breakthroughs in terminals, software, applications and other aspects in 2020. China&rsquo;s focus is
on the consumer sector and distribution and services, a trend that is expected to continue in 2021. While there are varied forecasts and
estimates concerning the future market size of the AR industry, we believe that industry experts generally agree that the AR industry
is expected to experience growth in the coming years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">We believe the presence of AR
in the education field is also expected to increase. We believe the immersive AR experience is particularly attractive to children as
it requires more engagement, and is more entertaining, than traditional learning methods. We believe AR can be used to trigger subconscious
memorization, which tends to be more permanent than the memorization of text and we believe this can lead to longer and more accurate
information retention.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">The integration of wireless networks,
such as the 5G network, with big data, artificial intelligence, virtualization, AR and other technologies creates constant internet connectivity
within society. The increasing popularity of smart phones and smart portable devices together with the development of mobile internet
technologies has promoted the use of AR interactive toys in China. The 5G network provides a key infrastructure for the development of
the AR game industry. As a next-generation communication technology, the 5G network will provide users with more real-life experiences,
such as ultra-high-definition video, social networks, and immersive games, which promote upgraded human interaction and intensifies crossover
between the online and offline world. By using 5G networks, AR technology redefines the way humans interact with information, with their
internet devices, and with their communities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

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

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<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: justify; text-indent: 21.6pt">We believe that AR interactive
toys and games will likely continue to be more appealing to children than traditional toys and games as a result of the cultural shift
towards high-tech toys and the increased use of mobile-connected platforms. As a result, we believe AR interactive toys will dominate
a significant portion of the toy market in the near future. The AR interactive toy industry in China is new and evolving. We believe that
our innovative products, favorable government policies, increases in annual disposable income and per capita expenditure, and our patent
portfolio provide us with substantial opportunities for growth within the AR interactive toy market and the more generalized AR and toy
and game markets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Competitive Strengths</B></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: 21.6pt">We believe the following competitive
strengths will continue to contribute to our success in the AR interactive toy and game market:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

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    <TD STYLE="width: 29px; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><I>Advanced AR Technology in Interactive Entertainment</I> &ndash; Our business model centers around toys, mobile games, and original intellectual property. By focusing on the development of our proprietary AR technologies, we differentiate ourselves from traditional toy companies that lack the technological sophistication required to enter the AR interactive toy industry. We believe our core technological advantage lies in the superiority of our image recognition and motion capture technologies</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 29px">&nbsp;</TD>
    <TD STYLE="width: 29px; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><I>Community-Based Platform</I> &ndash; We build gaming communities that integrate online and offline relationships and activities. We promote gaming events by hosting national gaming competitions, such as the AR Racer Championship 2017, and by attending at least two gaming exhibitions per year. These activities allow us to attract new users.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 29px">&nbsp;</TD>
    <TD STYLE="width: 29px; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><I>Multi-Platform Coverage</I> &ndash; Our products cover multiple platforms including PCs, iOS and Android. Such multi-platform approach allows us to attract a broad base of users with diverse entertainment preferences.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 29px">&nbsp;</TD>
    <TD STYLE="width: 29px; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><I>Highly Engaged and Interactive Community</I> &ndash; We build our brand and retain our users by promoting frequent interactions between users. Our content is highly dynamic, as our users are able to interact with each other which in turn bolsters their overall entertainment and the social experience offered by our platform.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <TD STYLE="width: 29px">&nbsp;</TD>
    <TD STYLE="width: 29px; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><I>Strong Research and Development </I>&ndash; We believe the key to success in the AR interactive toy market is research and development. As such, we invest substantially in the research and development of AR technologies. We maintain two high quality research and development teams, responsible for hardware and software design.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <TD STYLE="width: 29px">&nbsp;</TD>
    <TD STYLE="width: 29px; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><I>Proprietary Intellectual Property</I> &ndash; The core of our business is our proprietary technology. Our patents, trademarks, copyrights, and other intellectual property rights serve to distinguish our products, protect our products from infringement, and contribute to our competitive advantages. To secure the value of our technology and developments, we are aggressive in pursuing a combination of patent, trademark and copyright protection for our proprietary technologies.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <TD STYLE="width: 29px">&nbsp;</TD>
    <TD STYLE="width: 29px; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><I>Variety of Products and Comprehensive Business Model</I> - We currently offer four primary product lines, each of which extends to several derivative products and mobile games and targets a large span of customers. We have created numerous original products that are well known and loved by our users such as &ldquo;AR Crazy Bug&rdquo;, &ldquo;AR Racer&rdquo;, and &ldquo;AR 3D Magic Box.&rdquo; We have also obtained the usage rights to various internationally well-known intellectual property designs. Using our expertise in AR technology, we are able to develop a variety of products that cater to the rapidly changing AR interactive toy and game market. We believe that our comprehensive business model, integrating research and development of AR technologies, original content and appearance design, and promotion and sales of AR interactive toys through various channels, including e-commerce, distributors and our newly launched experience stores, encourages our sustained growth in the marketplace.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <TD STYLE="width: 29px">&nbsp;</TD>
    <TD STYLE="width: 29px; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><I>Strong Sales and Marketing Distribution</I> - Our sales and marketing team is experienced and has fostered successful, long-term relationships with our partnered distributors. We promote our brand through a series of marketing and public relationship activities, including traditional marketing means, including internet, outdoor displays, and events such as hosting a national gaming competition, the National AR Racer Championship 2017.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

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

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

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    <TD STYLE="width: 29px; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><I>Experienced Management Team</I> &ndash; Our management team consists of seasoned executives with several years of experience in broad management roles. We foster and encourage a highly committed management team that includes employees specialized in AR technology and equipment, as well as sales and marketing. Our management team also has a defined vision of the market and a directive growth strategy. Their global professional experience continues to propel us to the forefront of the AR interactive toy industry in China and set us apart from our peers. Our team&rsquo;s collective experience and strong execution capabilities enable us to grow successfully, manage our operations, and promote our premium brand.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 29px; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><I>Award Winning and Recognized Brand</I> &ndash;In March 2012, we were appointed as vice-chairman of the Animation Game Industry in the Fujian Province. In February 2014, we were approved as a Xiamen Technology-based Medium and Small-Sized Enterprise of 2014. We were named Xiamen Intellectual Property Pilot Enterprise of 2014-2015. In May 2016, Blue Hat Fujian was officially listed on the New Third Board in China. China&rsquo;s over-the-counter stock market, and was subsequently delisted in May 2018, per Blue Hat Fujian&rsquo;s request. These accolades contribute to our brand recognition.</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Our Strategy</B></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: 21.6pt">Our mission is to provide high
quality, cutting edge interactive entertainment products and services to our users and we aspire to become one of the most popular technology-enabled
entertainment communities for the young generation in China.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">We intend to continue to focus
our efforts on our AR interactive toys to combine technology, physical toys and mobile application games to add interactive gameplay to
traditional toys. We plan to pursue the following growth strategies to expand our business and further extend our position in the AR interactive
toy market in China:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

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    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><I>Enhance Game Content</I> &ndash;As a direct result of our advanced AR technologies, we are, and must continue to be, able to alter game content quickly to adapt to the fast changing market. We also intend to cater our product design towards children&rsquo;s expressions, interests, creativity, memory, and logic, manipulation and physical coordination abilities. By enhancing game and product content, we hope to both retain existing customers and attract new ones.&nbsp;</FONT></TD></TR>
  </TABLE>
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    <TD STYLE="width: 29px; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><I>Substantial Investment in Research and Development</I> &ndash; We intend to continue to increase our investment in research and development and improve our research and innovation capacity by implementing a new product development plan to enhance the quality and novelty of our products, maintain and grow our intellectual property portfolio, and design our product appearances with images that are welcomed by children. We also intend to implement a technical innovation plan to increase our market share in the children&rsquo;s toy market and to emphasize our research and development of (i) unique appearances and structural designs, (ii) technical optimization and (iii) maintenance of user-friendly operations.&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 29px; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><I>Increase the Variety of AR Entertainment Products</I> &ndash; We intend to devote significant resources to enhancing our current products and developing new products. We plan to expand our product lines on four fronts: (i) over the next two years, we intend to develop two complementary products to AR Racer: AR Plane and AR Tank; (ii) we intend to continue to obtain usage rights to various internationally well-known intellectual property designs from video games, comics and animations, and (iii) we intend to launch two new product lines: Fidolle and Qi.&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 29px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><I>Enhance IDC Business</I> &ndash; In November 19, 2020, we cooperated with China Mobile to add new channels for our products, as we immediately began seeing greater traffic for our mobile products. In addition, we provided a more flexible and efficient service and marketing model, thus improving the interaction and service with end customers. We believe that this business cooperation may generate a stable and sustainable profit and further the expansion and brand recognition of our products. Following the agreement, both companies have worked to secure agreements from larger multi-national companies in addition to Blue Hat&rsquo;s existing product portfolio.</FONT></TD></TR>
  </TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">To implement our growth strategy,
we intend to hire talented personnel to enrich our management team and strengthen our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Sales and Marketing</B></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: 21.6pt">Our marketing operations consist
of a planning department, a sales department, an e-commerce department and a product department. We are in the process of expanding our
e-commerce sales team, and we are transitioning from single, offline promotional activities to diversified, online interactive marketing
and digital marketing. We intend to increase our branding and advertising activities via online communities, social media and television,
thus increasing our brand awareness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">We have an experienced sales
team with more than 35 staff members, many of which several years of sales experience. Currently, our sales are primarily derived from
developed regions in China such as Jiangsu and Zhejiang. We intend to expand into more diverse regions of China in an effort to increase
our market share. Currently, we have four subsidiaries located in Hunan, Fujian and Shenyang, responsible for sales and marketing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">We intend to continue building
our salesforce and enhancing our sales power. We plan to penetrate the market further through our physical presence in stores and our
e-commerce platforms. We also plan to establish flexible and diversified sales channels. For sales in China, we plan to continue to use
distributors and our sales team will engage e-commerce channels. We also intend to continue to partner with provincial Chinese distributors
to expand both our online and offline sales channels and to further infiltrate sales regions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">We believe that the key factors
influencing our sales patterns are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

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    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><I>Consumer Groups</I> &ndash; We believe that China&rsquo;s extensive population base demonstrates the market potential in China. We believe that demand for AR interactive toys will continue to expand as China&rsquo;s population continues to grow<I>.</I></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 29px">&nbsp;</TD>
    <TD STYLE="width: 29px; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><I>Consumption Patterns and Consumption Habits</I> &ndash; We believe that the development and increasing popularity of mobile payment systems and applications, internet and e-commerce shopping, along with the rapid growth of the Chinese social economy have greatly impacted the consumption patterns of Chinese society. Increased consumption habits of the general public allow for significant growth of AR products as people are more likely to spend money on entertainment, particularly entertainment that operates on the same wireless technology platforms as their computers and mobile devices, such as our products.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 29px; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><I>Seasonal Factors</I> &ndash; The majority of our sales typically occur in the second half of the year during traditional Chinese holidays due to promotional activities and increased sales that typically accompany holiday shopping.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">Our long-term branding development
plan centers around brand recognition and increasing our brand awareness through the use of branding strategies such as market surveys,
series designs and after-sales investigations. Our goal is to obtain a thorough understanding of user preferences and purchasing trends
in order to increase confidence in our product quality, heighten brand loyalty, and increase the overall value of our brand. We intend
to alter our product designs to meet consumers&rsquo; needs and adjust to market changes accordingly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">As described above, we are in
the process of expanding our brand to physical experience stores in order to engage consumers, create user loyalty and introduce new users
to our products. We are leveraging our experience and insight into traditional toy and gaming industries and our strength in AR technologies
to build experience stores that provide customers with a variety of AR interactive activities, as well as a location to purchase AR interactive
toys.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Product Quality</B></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: 21.6pt">We emphasize the importance of
quality and safety in our products throughout our product life cycle. During the product development stage, our specialized quality control
engineers submit sample products for inspection before the products leave our on-site studio. Each product design also undergoes stringent
tests for sample confirmation and material selection before any orders are placed with suppliers. All product changes are repeatedly tested
repeatedly and fully verified before production is altered accordingly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">Our manufacturers are selected
based on their productivity and are then evaluated based on our production requirements, including management needs, technical skills,
file management, quality control, and company size. After a supplier is examined and confirmed by each of our relevant departments, it
will be included in our supplier directory. We also conduct field assessments of our long-term suppliers from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">Our products also undergo a series
of quality inspections throughout the manufacturing process, including material confirmation, initial workpiece inspection, process inspection
and delivery inspection. All of our products currently comply with China 3C standards, China&rsquo;s toy industry safety standards, as
revised on January 1, 2016 by GB6675-2003 National Toy&rsquo;s Safety Technical Specifications, and the American Society for Testing and
Materials standards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Intellectual Property</B></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: 21.6pt">The core of our business is our
proprietary technology. As a result, we strive to maintain a robust intellectual property portfolio. Our patents, trademarks, copyrights,
and other intellectual property rights serve to distinguish and protect our products from infringement and contribute to our competitive
advantages. To secure the value of our technology and developments, we are aggressive in pursuing a combination of patent, trademark,
and copyright protection for our proprietary technologies. As of June 9, 2021, our intellectual property portfolio included 207 authorized
patents, 14 applications for PCT international patents, 738 artistic copyrights, 62 patents pending in various stages of the application
process, 90 registered trademarks and 28 software copyrights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Research and Development</B></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: 21.6pt">We believe the key to success
in the AR interactive toy market is research and development. As such, we have invested, and intend to continue to invest, substantial
resources in the research and development of AR interactive technologies. We maintain two research and development teams responsible for
hardware and software design. Both research and development teams consist of 49 AR specialists, including many top talented individuals
in the AR field, and are led by individuals with experience from China&rsquo;s prominent internet game developers and operators. Approximately
28 members of our research and development team are based in Xiamen, mainly focusing on the research and development of electronic toys,
AR games and products for licensing. Approximately 21 members of our research and development team are based at our Fuzhou branch, focusing
on mobile games and AR game research and development. We also cooperate with several third party research and development teams. For example,
we are partnering with Fujian Normal University Embedded Development Laboratory on the development of our Qi Platform. For example, we
provide the funding for the project with Fujian Normal University, and in turn, we are able to use the facilities of Fujian Normal University
and retain the intellectual property developed during the project.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">Our research and development
process for a new or enhanced product typically starts with our research and development team brainstorming with our marketing and sales
team to create new ideas and designs containing popular elements. Our marketing and sales team will gather information about the market
demand from distributors through exhibitions that they attend. Our marketing and sales team and our research and development team will
hold meetings to discuss and summarize the information and determine which potential products they expect to be popular among existing
and new customers. Our research and development team will then determine the feasibility of the proposed new products. From time to time,
our research and development team will generate ideas for new products from a technological perspective and communicate such ideas with
the marketing and sales team. These ideas are then presented to our senior management team for approval. If the proposal is approved by
senior management, the company will officially establish the project of developing the new product.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">Our standard research and development
cycle per product is approximately eight months. Initial product development usually takes two to three months in order to produce quality
product samples. For product samples put into production, it usually takes an additional four to eight months for further development
and design.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">Our research and development
department is currently focusing on the further advancement of the technology used in our products, including photosensitive induction
technology, gesture-sensor technology, infrared induction technology and AR identification technology. We have invested, and will continue
to invest, substantial resources in our research and development activities, including technology and game development.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Recent Business Updates</B></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">Blue Hat Interactive Entertainment Technology (&ldquo;Blue
Hat&rdquo; or the &ldquo;Company&rdquo;) (NASDAQ: BHAT), a producer, developer and operator of augmented reality (&ldquo;AR&rdquo;) interactive
entertainment games, toys and educational materials in China, today announced that it has partnered with Xiamen Xing Meng Wei Lai Culture
Media Co. LTD (&ldquo;Xing Meng Wei Lai&rdquo;) , a leading Chinese multi-channel network (&ldquo;MCN&rdquo;) and internet content development
agency, to build Direct-to-Consumer (&ldquo;DTC&rdquo;) social content marketing channels via short videos and live streaming. Through
the partnership, Blue Hat expects to gradually release its product line on various popular short video and live streaming platforms, including
Douyin (TikTok).</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">In 2020, COVID-19 negatively impacted most of the
physical industry, but the direct seeding electricity supplier industry has gone against this trend. It has become an important way for
many industries to resume production and make up for sales losses. AI media consulting analysts believe that with the continuous expansion
of the &ldquo;people and goods yard&rdquo; of the live broadcasting e-commerce industry, live broadcasting will gradually penetrate into
all fields of e-commerce. It is expected that the overall scale of live broadcasting e-commerce will continue to maintain relatively high
growth in 2021, with the scale approaching 1,201.2 billion yuan.</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">Xunpusen signed an agreement with&nbsp;China Mobile
Communications Group Guangdong Co., Ltd.&nbsp;(&ldquo;China Mobile&rdquo;) for a series of Telecom value-added service and&nbsp;Internet
Data Center&nbsp;contracts. As of&nbsp;February 2021, this cooperation has made the most contributions to the aforementioned&nbsp;RMB31
million&nbsp;total transaction volume, which includes transactions from China Mobile&rsquo;s subsidiaries in Zhongshan,&nbsp;Guangzhou,
Zhuhai and Heyuan.</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">In recent years, content-driven e-commerce has been
surging in China. Taobao Live, Alibaba Group&rsquo;s dedicated livestreaming channel, thrived in 2019 with livestreaming-led transactions
growing over 150% for three consecutive years. Live streaming has become one of the fastest growing forms of e-commerce in China with
over 500 million Chinese users. A study by iiMedia Research shows that the market size of Chinese live streaming e-commerce reached RMB
433.8 billion ($61.5 billion) in 2019, and is projected to double to RMB867,6 billion ($123 billion) in 2020. In the past, the majority
of toy product sales came from the offline market. The COVID-19 pandemic has led to an increase in the amount of time parents and children
interact at home on a daily basis. Accordingly, Blue Hat has been taking initiatives to shift its marketing focus to produce more social
media and live stream content.</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">Based on Blue Hat&rsquo;s product line, application
scenarios and interactive features, Xing Meng Wei Lai intends to provide services from conception to execution, including customized planning
for live streaming events, design and launch of online stores, and additional content-driven e-commerce promotions.</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">Blue Hat has signed a three-year partnership with
Sutesen to expand Blue Hat&rsquo;s Smart Immersive Education Classes, or &ldquo;AR Immersive Classes&rdquo; (&ldquo;ARIC&rdquo;), in Guangxi
province, China. The partnership aims to commercially launch ARIC in up to 1,000 Guangxi preschools in three years.</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 ARIC system encompasses the full collection of
Blue Hat&rsquo;s immersive educational products that utilize AR technology to create a dynamic and engaging model for teaching in China&rsquo;s
preschools. Based on Blue Hat&rsquo;s proprietary AR technology, the ARIC system greatly enriches children&rsquo;s learning experience
as well as enables educators to track and analyze learning behavior of students.</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"><BR>
Blue Hat previously implemented ARIC on a trial basis in more than ten preschools in China&rsquo;s Fujian and Guangdong provinces and
received positive feedback from teachers and students.</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">As part of the 3-year exclusive distribution agreement,
Blue Hat has authorized Sutesen as the exclusive distributor for the ARIC system in the Guangxi province. For each preschool which licenses
a full set of the ARIC system, Blue Hat will receive a monthly subscription fee of RMB 4,000-4,800 (approximately US$570-620) based on
a multi-year contract. There are more than 10,000 preschools in Guangxi, with a pressing demand for high-quality preschool education.
Multiple places in Guangxi province recently announced reopening dates for preschools following closures due to the COVID-19 pandemic
in China, and Blue Hat believes such reopenings may provide a good opportunity for the launch of Blue Hat&rsquo;s ARIC system in Guangxi.</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"><B>Competition</B></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: 21.6pt; background-color: white">Our
business is characterized by innovation, rapid change and disruptive technology. We compete with AR interactive toy companies located
around the world, and we may also face competition from new and emerging companies, including new competitors from the PRC. We consider
our principal competitors to be those companies that provide educational AR game products to the market, including Shanghai Putao Technology
Co., Ltd. and Sphero, Inc. We also compete with Nintendo of America Inc.&rsquo;s amiibo product line.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 21.6pt; background-color: white">Compared to our company,
our current and potential competitors may have:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 21.6pt; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 58px">&nbsp;</TD>
    <TD STYLE="width: 29px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">better established credibility and market reputations, longer operating histories, and broader product offerings;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 58px">&nbsp;</TD>
    <TD STYLE="width: 29px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">significantly greater financial, technical, marketing and other resources, which may allow them to pursue design, development, manufacturing, sales, marketing, distribution and service support of their products;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 58px">&nbsp;</TD>
    <TD STYLE="width: 29px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">more extensive customer and partner relationships, which may position them to identify and respond more successfully to market developments and changes in customer demands; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 58px">&nbsp;</TD>
    <TD STYLE="width: 29px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">multiple product offerings, which may enable them to offer bundled discounts for customers purchasing multiple products or other incentives that we cannot match or offer.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 21.6pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 21.6pt; background-color: white">The principal competitive
factors in our market include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 21.6pt; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 58px">&nbsp;</TD>
    <TD STYLE="width: 29px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">brand recognition and reputation;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 58px">&nbsp;</TD>
    <TD STYLE="width: 29px; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">ability to build customer loyalty, retain existing users and attract new users;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 58px">&nbsp;</TD>
    <TD STYLE="width: 29px; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">continually-evolving innovation and research and development; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 58px">&nbsp;</TD>
    <TD STYLE="width: 29px; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the performance and reliability of products and platforms.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">We believe we compete favorably
with respect to the factors described above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">Our principal executive office
is located at 7th Floor, Building C, No. 1010 Anling Road, Huli District, Xiamen, China 361009, where we lease 15,336 square feet of office
space. We lease this space under a lease that terminates on January 9, 2022. We also lease 2,314 square feet of office space located at
Room 402, Floor 4, Industrial Design Center, Cross-Straight Longshan Culture Creative Industry Park, No. 84 South Longshan Road, Siming
District, Xiamen, China under a lease that terminates on January 5, 2022. In addition, we lease 23,343 square feet of factory space located
at Building 3, Dong Wai Yi Road, East Industrial Park, Datong Road, Tongan District, Xiamen, China under a lease that terminates on December
19, 2022. In addition, we lease 5,166 square feet of office space located at Room 713-723, Floor 7, Building #34, District C, Fuzhou Software
Park, No. 89 Software Avenue, Tong Pan Road, Fuzhou, China under a lease that terminates on July 24, 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">We believe that our facilities
are adequate to meet our needs for the immediate future, and that, should it be needed, suitable additional space will be available on
commercially reasonable terms to accommodate any such expansion of our operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">As of June 9, 2021, we had 111
employees, all of which were full-time employees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">We have also engaged subcontractors
to assist us with our manufacturing. None of our employees are represented by a labor union or covered by a collective bargaining agreement.
We have never experienced any employment related work stoppages, and we consider our relations with our employees to be good.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">We are not currently a party
to any legal or arbitration proceedings, including those relating to bankruptcy, receivership or similar proceedings and those involving
any third party, nor any governmental proceedings pending or known to be contemplated, that in the opinion of our management would have
a material adverse effect on our business or that may have, or have had in the recent past, significant effects on our financial position
or profitability. However, from time to time, we may be involved in legal proceedings or be subject to claims arising out of our operations.
Amounts accrued, as well as the total amount of reasonably possible losses with respect to such matters, individually and in the aggregate,
are not deemed to be material to the consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>REGULATION</B></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: justify">The following sets forth a summary of the most significant
rules and regulations that affect our business activities in China.</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"><B>Legal Regulations on Intellectual Property in the PRC</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Copyright</I></B></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: 21.6pt">Pursuant to the Copyright Law
of the PRC, which was first promulgated by the Standing Committee of the National People&rsquo;s Congress on September 7, 1990 and became
effective from June 1, 1991, and was last amended on February 26, 2010 and became effective as of April 1, 2010, copyrights include personal
rights such as the right of publication and that of attribution as well as property rights such as the right of production and that of
distribution. Reproducing, distributing, performing, projecting, broadcasting or compiling a work or communicating the same to the public
via an information network without permission from the owner of the copyright therein, unless otherwise provided in the Copyright Law
of the PRC, shall constitute infringements of copyrights. The infringer shall, according to the circumstances of the case, undertake to
cease the infringement, take remedial action, and offer an apology, pay damages, etc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Trademark</I></B></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: 21.6pt">Pursuant to the Trademark Law
of the PRC, which was promulgated by the Standing Committee of the National People&rsquo;s Congress on August 23, 1982 and became effective
from March 1, 1983, and was most recently amended on August 30, 2013 and became effective on May 1, 2014, the right to exclusive use of
a registered trademark shall be limited to trademarks which have been approved for registration and to goods for which the use of such
trademark has been approved. The period of validity of a registered trademark shall be ten years, counted from the day the registration
is approved. According to this law, using a trademark that is identical to or similar to a registered trademark in connection with the
same or similar goods without the authorization of the owner of the registered trademark constitutes an infringement of the exclusive
right to use a registered trademark. The infringer shall, in accordance with the regulations, undertake to cease the infringement, take
remedial action, and pay damages, etc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Patent</I></B></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: 21.6pt">Pursuant to the Patent Law of
the PRC, which was promulgated by the Standing Committee of the National People&rsquo;s Congress on March 12, 1984 and became effective
from April 1, 1985, and was most recently amended on December 27, 2008, and was most recently amended on December 27, 2008 and became
effective on October 1, 2009, after the grant of the patent right for an invention or utility model, except where otherwise provided for
in the Patent Law, no entity or individual may, without the authorization of the patent owner, exploit the patent, that is, make, use,
offer to sell, sell or import the patented product, or use the patented process, or use, offer to sell, sell or import any product which
is a direct result of the use of the patented process, for production or business purposes. And after a patent right is granted for a
design, no entity or individual shall, without the permission of the patent owner, exploit the patent, that is, for production or business
purposes, manufacture, offer to sell, sell, or import any product containing the patented design. Where the infringement of patent is
decided, the infringer shall, in accordance with the regulations, undertake to cease the infringement, take remedial action, and pay damages,
etc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">Pursuant to the Administrative
Measures on Internet Domain Names of China, which was recently amended by the Ministry of Industry and Information Technology on August
24, 2017 and became effective on November 1, 2017, &ldquo;domain name&rdquo; shall refer to the character mark of hierarchical structure,
which identifies and locates a computer on the internet and corresponds to the internet protocol (IP) address of that computer, and the
principle of &ldquo;first come, first serve&rdquo; is followed for the domain name registration service. After completing the domain name
registration, the applicant becomes the holder of the domain name registered by him/it. Furthermore, the holder shall pay operation fees
for registered domain names on schedule. If the domain name holder fails to pay the corresponding fees as required, the original domain
name registrar shall write it off and notify the holder of the domain name in written form.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 17.3pt; text-indent: -17.3pt"><B>Legal Regulations on Labor Protection
in the PRC</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 17.3pt; text-indent: -17.3pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">According to the Labor Law of
the PRC, or the Labor Law, which was promulgated by the Standing Committee of the NPC on July 5, 1994, came into effect on January 1,
1995, and was most recently amended on December 29, 2018, an employer shall develop and improve its rules and regulations to safeguard
the rights of its workers. An employer shall develop and improve its labor safety and health system, stringently implement national protocols
and standards on labor safety and health, conduct labor safety and health education for workers, guard against labor accidents and reduce
occupational hazards. Labor safety and health facilities must comply with relevant national standards. An employer must provide workers
with the necessary labor protection gear that complies with labor safety and health conditions stipulated under national regulations,
as well as provide regular health checks for workers that are engaged in operations with occupational hazards. Laborers engaged in special
operations shall have received specialized training and have obtained the pertinent qualifications. An employer shall develop a vocational
training system. Vocational training funds shall be set aside and used in accordance with national regulations and vocational training
for workers shall be carried out systematically based on the actual conditions of the company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">The Labor Contract Law of the
PRC, which was promulgated by the SCNPC on June 29, 2007, came into effect on January 1, 2008, and was amended on December 28, 2012 and
became effective as of July 1, 2013, and the Implementation Regulations on Labor Contract Law, which was promulgated on September 18,
2008, and became effective since the same day, regulate both parties through a labor contract, namely the employer and the employee, and
contain specific provisions involving the terms of the labor contract. It is stipulated under the Labor Contract Law and the Implementation
Regulations on Labor Contract Law that a labor contract must be made in writing. An employer and an employee may enter into a fixed-term
labor contract, an un-fixed term labor contract, or a labor contract that concludes upon the completion of certain work assignments, after
reaching agreement upon due negotiations. An employer may legally terminate a labor contract and dismiss its employees after reaching
agreement upon due negotiations with the employee or by fulfilling the statutory conditions. Labor contracts concluded prior to the enactment
of the Labor Law and subsisting within the validity period thereof shall continue to be honored. With respect to a circumstance where
a labor relationship has already been established but no formal written contract has been made, a written labor contract shall be entered
into within one month from the commencement date of the employment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">According to the Interim Regulations
on the Collection and Payment of Social Insurance Premiums, the Regulations on Work Injury Insurance, the Regulations on Unemployment
Insurance and the Trial Measures on Employee Maternity Insurance of Enterprises, enterprises in the PRC shall provide benefit plans for
their employees, which include basic pension insurance, unemployment insurance, maternity insurance, work injury insurance and basic medical
insurance. An enterprise must provide social insurance by processing social insurance registration with local social insurance agencies,
and shall pay or withhold relevant social insurance premiums for or on behalf of employees. The Law on Social Insurance of the PRC, which
was promulgated by the Standing Committee of the National People&rsquo;s Congress on October 28, 2010, and became effective on July 1,
2011, and was most recently updated on December 29, 2018, has consolidated pertinent provisions for basic pension insurance, unemployment
insurance, maternity insurance, work injury insurance and basic medical insurance, and has elaborated in detail the legal obligations
and liabilities of employers who do not comply with relevant laws and regulations on social insurance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">According to the Interim Measures
for Participation in the Social Insurance System by Foreigners Working within the Territory of China, which was promulgated by the Ministry
of Human Resources and Social Security on September 6, 2011, and became effective on October 15, 2011, employers who employ foreigners
shall participate in the basic pension insurance, unemployment insurance, basic medical insurance, occupational injury insurance, and
maternity leave insurance in accordance with the relevant law, with the social insurance premiums to be contributed respectively by the
employers and foreigner employees as required. In accordance with such Interim Measures, the social insurance administrative agencies
shall exercise their right to supervise and examine the legal compliance of foreign employees and employers and the employers who do not
pay social insurance premiums in conformity with the laws shall be subject to the administrative provisions provided in the Social Insurance
Law and the relevant regulations and rules mentioned above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">According to the Regulations
on the Administration of Housing Provident Fund, which was promulgated by the State Counsel and became effective on April 3, 1999, and
was amended on March 24, 2002 and was partially revised on March 24, 2019 by Decision of the State Council on Revising Some Administrative
Regulations (Decree No. 710 of the State Council), housing provident fund contributions by an individual employee and housing provident
fund contributions by his or her employer shall belong to the individual employee. Registration by PRC companies at the applicable housing
provident fund management center is compulsory and a special housing provident fund account for each of the employees shall be opened
at an entrusted bank.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">The employer shall timely pay
up and deposit housing provident fund contributions in full amount and late or insufficient payments shall be prohibited. The employer
shall process housing provident fund payment and deposit registrations with the housing provident fund administration center. With respect
to companies who violate the above regulations and fail to process housing provident fund payment and deposit registrations or open housing
provident fund accounts for their employees, such companies shall be ordered by the housing provident fund administration center to complete
such procedures within a designated period. Those who fail to process their registrations within the designated period shall be subject
to a fine ranging from RMB 10,000 to RMB 50,000. When companies breach these regulations and fail to pay up housing provident fund contributions
in full amount as due, the housing provident fund administration center shall order such companies to pay up within a designated period,
and may further apply to the People&rsquo;s Court for mandatory enforcement against those who still fail to comply after the expiry of
such period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Legal Regulations on Tax in the PRC</B></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"><B><I>Income Tax</I></B></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: 21.6pt">In January 2008, the PRC Enterprise
Income Tax Law took effect, which was last amended by the Standing Committee of the National People&rsquo;s Congress on December 29, 2018.
The PRC Enterprise Income Tax Law applies a uniform 25 percent enterprise income tax rate to both FIEs and domestic enterprises, except
where tax incentives are granted to special industries and projects. The PRC Enterprise Income Tax Law defines &ldquo;resident enterprise&rdquo;
as an enterprise established outside of the territory of China but with its &ldquo;de facto management body&rdquo; within China, which
will also be subject to the 25% enterprise income tax rate. The implementation rules define the term &ldquo;de facto management body&rdquo;
as the body that exercises full and substantial control and overall management over the business, productions, personnel, accounts, and
properties of an enterprise. Under the PRC Enterprise Income Tax Law and its implementation regulations, dividends generated from the
business of a PRC subsidiary after January 1, 2008, and payable to its foreign investor may be subject to a withholding tax rate of 10
percent if the PRC tax authorities determine that the foreign investor is a Non-resident Enterprise, unless there is a tax treaty with
China that provides for a preferential withholding tax rate. Distributions of earnings generated before January 1, 2008, are exempt from
PRC withholding tax.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">In January 2009, the SAT promulgated
the Provisional Measures for the Administration of Withholding of Enterprise Income Tax for Non-resident Enterprises, or the Non-resident
Enterprises Measures, which was repealed by Announcement of the State Administration of Taxation on Issues Relating to Withholding at
Source of Income Tax of Non-resident Enterprises in December 2017. According to the new announcement, it shall apply to handling of matters
relating to withholding at source of income tax of non-resident enterprises pursuant to the provisions of Article 37, Article 39 and Article
40 of the Enterprise Income Tax Law. According to Article 37, Article 39 of the Enterprise Income Tax Law, income tax over non-resident
enterprise income pursuant to the provisions of the third paragraph of Article 3 shall be subject to withholding at the source, where
the payer shall act as the withholding agent. The tax amount for each payment made or due shall be withheld by the withholding agent from
the amount paid or payable. Where a withholding agent fails to withhold tax or perform tax withholding obligations pursuant to the provisions
of Article 37, the taxpayer shall pay tax at the place where the income is derived. Where the taxpayer fails to pay tax pursuant to law,
the tax authorities may demand payment of the tax amount payable, from a payer of the taxpayer with payable tax amounts from other taxable
income items in China.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">On April 30, 2009, the MOF and
the SAT jointly issued the Circular on Issues Concerning Treatment of Enterprise Income Tax in Enterprise Restructuring Business, or Circular
59, which became effective retroactively as of January 1, 2008 and was partially revised on January 1, 2014. By promulgating and implementing
this circular, the PRC tax authorities have enhanced their scrutiny over the direct or indirect transfer of equity interests in a PRC
resident enterprise by a Non-resident Enterprise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">On February 3, 2015, the SAT
issued the Announcement of the State Administration of Taxation on Several Issues Relating to Enterprise Income Tax of Transfers of Assets
between Non-resident Enterprises, or SAT Bulletin 7, which was partially abolished on December 29, 2017. SAT Bulletin 7 extends its tax
jurisdiction to transactions involving transfer of immovable property in China and assets held under the establishment, and placement
in China, of a foreign company through the offshore transfer of a foreign intermediate holding company. SAT Bulletin 7 also addresses
transfer of the equity interest in a foreign intermediate holding company broadly. In addition, SAT Bulletin 7 introduces safe harbor
scenarios applicable to internal group restructurings. However, it also brings challenges to both the foreign transferor and transferee
of the Indirect Transfer as they have to assess whether the transaction should be subject to PRC tax and to file or withhold the PRC tax
accordingly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">On October 17, 2017, the SAT
issued the Announcement of the State Administration of Taxation on Issues Concerning the Withholding of Non-resident Enterprise Income
Tax at Source, or SAT Bulletin 37, which came into effect on December 1, 2017 and was revised on June 15, 2018. The SAT Bulletin 37 further
clarifies the practice and procedure of withholding of non-resident enterprise income tax.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">If non-resident investors were
involved in our private equity financing, if such transactions were determined by the tax authorities to lack reasonable commercial purpose,
we and our non-resident investors may be at risk of being required to file a return and be taxed under SAT Bulletin 7 and we may be required
to expend valuable resources to comply with SAT Bulletin 7 or to establish that we should not be held liable for any obligations under
SAT Bulletin 7.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Value-Added Tax</I></B></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: 21.6pt">According to the Temporary Regulations
on Value-added Tax, which was most recently amended on November 19, 2017, and the Detailed Implementing Rules of the Temporary Regulations
on Value-added Tax, which was amended on October 28, 2011, and became effective on November 1, 2011, all taxpayers selling goods, providing
processing, repair or replacement services or importing goods within the PRC shall pay Value-Added Tax. The tax rate of 17 percent shall
be levied on general taxpayers selling or importing various goods; the tax rate of 17 percent shall be levied on the taxpayers providing
processing, repairing or replacement service; the applicable rate for the export of goods by taxpayers shall be nil, unless otherwise
stipulated. On April 4, 2018, the Ministry of Finance and the SAT jointly issued the Notice of Adjustment of Value-added Tax Rates which
declared that the VAT tax rate in regard to the sale of goods, provision of processing, repairs and replacement services and importation
of goods into China shall be reduced from the previous 17% to 16% from May 1, 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">Furthermore, according to the
Trial Scheme for the Conversion of Business Tax to Value-added Tax, which was promulgated by the MOF and the SAT, the PRC began to launch
taxation reforms in a gradual manner in January 1, 2012, whereby the collection of value-added tax in lieu of business tax items was implemented
on a trial basis in regions showing significant radiating effects in economic development and providing outstanding reform examples, beginning
with production service industries such as transportation and certain modern service industries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">In accordance with a SAT circular
that took effect on May 1, 2016, upon approval of the State Council, the pilot program of the collection of value-added tax in lieu of
business tax shall be promoted nationwide in a comprehensive manner starting May 1, 2016, and all taxpayers of business tax engaged in
the building industry, the real estate industry, the financial industry and the life service industry shall be included in the scope of
the pilot program with regard to payment of value-added tax instead of business tax.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Regulations on Foreign Exchange</B></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"><B><I>Foreign Currency Exchange</I></B></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: 21.6pt">Pursuant to the Foreign Currency
Administration Rules, as amended, and various regulations issued by SAFE and other relevant PRC government authorities, Renminbi is freely
convertible to the extent of current account items, such as trade related receipts and payments, interest and dividends. Capital account
items, such as direct equity investments, loans and repatriation of investment, unless expressly exempted by laws and regulations, still
require prior approval from SAFE or its provincial branch for conversion of Renminbi into a foreign currency, such as U.S. dollars, and
remittance of the foreign currency outside of the PRC. Payments for transactions that take place within the PRC must be made in Renminbi.
Foreign currency revenues received by PRC companies may be repatriated into China or retained outside of China in accordance with requirements
and terms specified by SAFE.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Dividend Distribution</I></B></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: 21.6pt">Wholly foreign-owned enterprises
and Sino-foreign equity joint ventures in the PRC may pay dividends only out of their accumulated profits, if any, as determined in accordance
with PRC accounting standards and regulations. Additionally, these FIEs may not pay dividends unless they set aside at least 10 percent
of their respective accumulated profits after tax each year, if any, to fund certain reserve funds, until such time as the accumulative
amount of such fund reaches 50 percent of the enterprise&rsquo;s registered capital. In addition, these companies also may allocate a
portion of their after-tax profits based on PRC accounting standards to employee welfare and bonus funds at their discretion. These reserves
are not distributable as cash dividends.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Regulations Relating to Foreign Exchange Registration
of Overseas Investment by PRC Residents</I></B></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: 21.6pt">Circular 37, issued by SAFE and
effective on July 4, 2014, regulates foreign exchange matters in relation to the use of SPVs by PRC residents or entities to seek offshore
investment and financing and conduct round trip investment in China. Under Circular 37, a SPV refers to an offshore entity established
or controlled, directly or indirectly, by PRC residents or entities for the purpose of seeking offshore financing or making offshore investment,
using legitimate domestic or offshore assets or interests, while &ldquo;round trip investment&rdquo; refers to the direct investment in
China by PRC residents or entities through SPVs, namely, establishing FIEs to obtain the ownership, control rights and management rights.
Circular 37 requires that, before making contribution into a SPV, PRC residents or entities are required to complete foreign exchange
registration with the SAFE or its local branch. SAFE Circular 37 further provides that option or share-based incentive tool holders of
a non-listed SPV can exercise the options or share incentive tools to become a shareholder of such non-listed SPV, subject to registration
with SAFE or its local branch.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">PRC residents or entities who
have contributed legitimate domestic or offshore interests or assets to SPVs but have yet to obtain SAFE registration before the implementation
of the Circular 37 shall register their ownership interests or control in such SPVs with SAFE or its local branch. An amendment to the
registration is required if there is a material change in the registered SPV, such as any change of basic information (including change
of such PRC &ldquo;resident&rsquo;s name&rdquo; and operation term), increases or decreases in investment amounts, transfers or exchanges
of shares, or mergers or divisions. Failure to comply with the registration procedures set forth in Circular 37, or making misrepresentation
on or failure to disclose controllers of a FIE that is established through round-trip investment, may result in restrictions on the foreign
exchange activities of the relevant FIEs, including payment of dividends and other distributions, such as proceeds from any reduction
in capital, share transfer or liquidation, to its offshore parent or affiliate, and the capital inflow from the offshore parent, and may
also subject relevant PRC residents or entities to penalties under PRC foreign exchange administration regulations. On February 13, 2015,
SAFE further promulgated the Circular on Further Simplifying and Improving the Administration of the Foreign Exchange Concerning Direct
Investment, or SAFE Circular 13, which took effect on June 1, 2015. This SAFE Circular 13 has amended SAFE Circular 37 by requiring PRC
residents or entities to register with qualified banks rather than SAFE or its local branch in connection with their establishment or
control of an offshore entity established for the purpose of overseas investment or financing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">On March 30, 2015, the SAFE promulgated
Circular 19, which came into effect on June 1, 2015. According to Circular 19, the foreign exchange capital of FIEs shall be subject to
the Discretional Foreign Exchange Settlement. The Discretional Foreign Exchange Settlement refers to the foreign exchange capital in the
capital account of a FIE for which the rights and interests of monetary contribution has been confirmed by the local foreign exchange
bureau (or the book-entry registration of monetary contribution by the banks) can be settled at the banks based on the actual operational
needs of the FIE. The proportion of Discretional Foreign Exchange Settlement of the foreign exchange capital of a FIE is temporarily determined
to be 100%. The Renminbi converted from the foreign exchange capital will be kept in a designated account and if a FIE needs to make further
payment from such account, it still needs to provide supporting documents and go through the review process with the banks.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">SAFE issued the Circular on Reforming
and Regulating Policies on the Control over Foreign Exchange Settlement of Capital Accounts, or Circular 16, on June 9, 2016, which became
effective simultaneously. Pursuant to Circular 16, enterprises registered in the PRC may also convert their foreign debts from foreign
currency to Renminbi on a discretionary basis. Circular 16 provides an integrated standard for conversion of foreign exchange under capital
account items (including foreign currency capital and foreign debts) on a discretionary basis which applies to all enterprises registered
in the PRC. Circular 16 reiterates the principle that Renminbi converted from foreign currency-denominated capital of a company may not
be directly or indirectly used for purposes beyond its business scope or prohibited by PRC laws or regulations, while such converted Renminbi
shall not be provided as loans to its non-affiliated entities. As Circular 16 is newly issued and SAFE has not provided detailed guidelines
with respect to its interpretation or implementations, it is uncertain how these rules will be interpreted and implemented.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Regulations on loans to and direct investment
in the PRC entities by offshore holding companies</I></B></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: 21.6pt">According to the Implementation
Rules for the Provisional Regulations on Statistics and Supervision of Foreign Debt promulgated by SAFE on September 24, 1997 and the
Interim Provisions on the Management of Foreign Debts promulgated by SAFE, the NDRC and the MOF and effective from March 1, 2003, loans
by foreign companies to their subsidiaries in China, which accordingly are FIEs, are considered foreign debt, and such loans must be registered
with the local branches of the SAFE. Under the provisions, the total amount of accumulated medium-term and long-term foreign debt and
the balance of short-term debt borrowed by a FIE is limited to the difference between the total investment and the registered capital
of the foreign- invested enterprise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">On January 12, 2017, the People&rsquo;s
Bank of China promulgated the Circular of the People&rsquo;s Bank of China on Matters relating to the Macro-prudential Management of Comprehensive
Cross-border Financing, or PBOC Circular 9, which took effect on the same date. The PBOC Circular 9 established a capital or net assets-based
constraint mechanism for cross-border financing. Under such mechanism, a company may carry out cross-border financing in Renminbi or foreign
currencies at their own discretion. The total cross-border financing of a company shall be calculated using a risk-weighted approach and
shall not exceed an upper limit. The upper limit is calculated as capital or assets multiplied by a cross-border financing leverage ratio
and multiplied by a macro-prudential regulation parameter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">In addition, according to PBOC
Circular 9, as of the date of the promulgation of PBOC Circular 9, a transition period of one year is set for foreign-invested enterprises
and during such transition period, FIEs may apply either the current cross-border financing management mode, namely the mode provided
by Implementation Rules for the Provisional Regulations on Statistics and Supervision of Foreign Debt and the Interim Provisions on the
Management of Foreign Debts, or the mode in this PBOC Circular 9 at its sole discretion. After the end of the transition period, the cross-border
financing management mode for FIEs will be determined by the People&rsquo;s Bank of China and SAFE after assessment based on the overall
implementation of this PBOC Circular 9.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">According to applicable PRC regulations
on FIEs, capital contributions from a foreign holding company to its PRC subsidiaries, which are considered FIEs, may only be made when
approval by or registration with the MOFCOM or its local counterpart is obtained.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Regulations Relating to Foreign Investment</B></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"><B><I>The Guidance Catalogue of Industries for Foreign
Investment</I></B></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: 21.6pt">Investment activities in the
PRC by foreign investors are governed by the Guidance Catalogue of Industries for Foreign Investment, or the Catalogue, which was promulgated
and is amended from time to time by the MOFCOM and the NDRC. The latest version of the Catalogue became effective from July 28, 2017,
which was partially abolished by Special Administrative Measures (Negative List) for Foreign Investment Access (Edition 2018). The Catalogue
divides industries into three categories in terms of foreign investment: &ldquo;encouraged&rdquo;, &ldquo;restricted&rdquo; and &ldquo;prohibited.&rdquo;
The purpose of the Catalogue is to direct foreign investment into certain priority industry sectors while restricting or prohibiting investment
in other sectors. If the investment falls within the &ldquo;encouraged&rdquo; category, foreign investment can be conducted through the
establishment of a WFOE. If the investment falls within the &ldquo;restricted&rdquo; category, foreign investment may be conducted through
the establishment of a WFOE if certain requirements are met or in some cases must be conducted through the establishment of a joint venture
enterprise, with varying minimum shareholdings for the Chinese party, depending on the particular industry. If the investment falls within
the &ldquo;prohibited&rdquo; category, foreign investment of any kind is not allowed. Any investment that occurs within an industry not
falling into any of three categories is classified as a permitted industry for foreign investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">On June 28, 2018, the National
Development and Reform Commission and Ministry of Commerce promulgated the Special Administrative Measures (Negative List) for Foreign
Investment Access (Edition 2018), which took effect on July 28, 2018. The Special Administrative Measures (Negative List) for Foreign
Investment Access specified in the Catalogue of Industries for Foreign Investment (Revision 2017) issued by the National Development and
Reform Commission and the Ministry of Commerce on June 28, 2017 are repealed simultaneously, while the Catalogue is still valid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>The Foreign Investment Law</B></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: 21.6pt">On March 15, 2019, the National
People&rsquo;s Congress approved the Foreign Investment Law, which took effect on January 1, 2020 and replaced three existing laws on
foreign investments in China, namely, the PRC Equity Joint Venture Law, the PRC Cooperative Joint Venture Law and the Wholly Foreign-owned
Enterprise Law, together with their implementation rules and ancillary regulations. The Foreign Investment Law embodies an expected PRC
regulatory trend to rationalize its foreign investment regulatory regime in line with prevailing international practice and the legislative
efforts to unify the corporate legal requirements for both foreign and domestic invested enterprises in China. The Foreign Investment
Law establishes the basic framework for the access to, and the promotion, protection and administration of foreign investments in view
of investment protection and fair competition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">According to the Foreign Investment
Law, &ldquo;foreign investment&rdquo; refers to investment activities directly or indirectly conducted by one or more natural persons,
business entities, or otherwise organizations of a foreign country (collectively referred to as &ldquo;foreign investor&rdquo;) within
China, and the investment activities include the following situations: (i) a foreign investor, individually or collectively with other
investors, establishes a foreign-invested enterprise within China; (ii) a foreign investor acquires stock shares, equity shares, shares
in assets, or other like rights and interests of an enterprise within China; (iii) a foreign investor, individually or collectively with
other investors, invests in a new project within China; and (iv) investments in other means as provided by laws, administrative regulations,
or the State Council.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">According to the Foreign Investment
Law, the State Council will publish or approve to publish the &ldquo;negative list&rdquo; for special administrative measures concerning
foreign investment. The Foreign Investment Law grants national treatment to foreign-invested entities, or FIEs, except for those FIEs
that operate in industries deemed to be either &ldquo;restricted&rdquo; or &ldquo;prohibited&rdquo; in the &ldquo;negative list&rdquo;.
Because the &ldquo;negative list&rdquo; has yet to be published, it is unclear whether it will differ from the current Special Administrative
Measures for Market Access of Foreign Investment (Negative List). The Foreign Investment Law provides that FIEs operating in foreign restricted
or prohibited industries will require market entry clearance and other approvals from relevant PRC governmental authorities. If a foreign
investor is found to invest in any prohibited industry in the &ldquo;negative list&rdquo;, such foreign investor may be required to, among
other aspects, cease its investment activities, dispose of its equity interests or assets within a prescribed time limit and have its
income confiscated. If the investment activity of a foreign investor is in breach of any special administrative measure for restrictive
access provided for in the &ldquo;negative list&rdquo;, the relevant competent department shall order the foreign investor to make corrections
and take necessary measures to meet the requirements of the special administrative measure for restrictive access.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">The PRC government will establish
a foreign investment information reporting system, according to which foreign investors or foreign-invested enterprises shall submit investment
information to the competent department for commerce concerned through the enterprise registration system and the enterprise credit information
publicity system, and a security review system under which the security review shall be conducted for foreign investment affecting or
likely affecting the state security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">Furthermore, the Foreign Investment
Law provides that foreign invested enterprises established according to the existing laws regulating foreign investment may maintain their
structure and corporate governance within five years after the implementing of the Foreign Investment Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">In addition, the Foreign Investment
Law also provides several protective rules and principles for foreign investors and their investments in the PRC, including, among others,
that a foreign investor may freely transfer into or out of China, in Renminbi or a foreign currency, its contributions, profits, capital
gains, income from disposition of assets, royalties of intellectual property rights, indemnity or compensation lawfully acquired, and
income from liquidation, among others, within China; local governments shall abide by their commitments to the foreign investors; governments
at all levels and their departments shall enact local normative documents concerning foreign investment in compliance with laws and regulations
and shall not impair legitimate rights and interests, impose additional obligations onto FIEs, set market access restrictions and exit
conditions, or intervene with the normal production and operation activities of FIEs; except for special circumstances, in which case
statutory procedures shall be followed and fair and reasonable compensation shall be made in a timely manner, expropriation or requisition
of the investment of foreign investors is prohibited; and mandatory technology transfer is prohibited.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Company Law</B></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: 21.6pt">Pursuant to the PRC Company Law,
promulgated by the Standing Committee of the National People&rsquo;s Congress on December, 29 1993, effective as of July 1, 1994, and
as revised on December 25, 1999, August 28, 2004, October 27, 2005, December 28, 2013 and October 26, 2018, the establishment, operation
and management of corporate entities in the PRC are governed by the PRC Company Law. The PRC Company Law defines two types of companies:
limited liability companies and limited stock companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">Our PRC operating subsidiary
is a limited liability company. Unless otherwise stipulated in the related laws on foreign investment, foreign invested companies are
also required to comply with the provisions of the PRC Company Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Laws and Regulations on the Protection of Consumer
Rights and Interests</B></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: 21.6pt">Business operators in the business
of supplying and selling manufactured goods or services to consumers, shall comply with the Law of the PRC on the Protection of Consumer
Rights and Interests (the &ldquo;Consumer Rights Protection Law&rdquo;) promulgated by the SCNPC on October 31, 1993, and effective as
of January 1, 1994, and revised on August 27, 2009 and October 25, 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">According to the Consumer Rights
Protection Law, business operators must ensure that the goods or services provided by them meet the requirements for safeguarding personal
and property safety. For goods and services that may endanger personal and property safety, consumers should be provided with a true description
and an explicit warning, as well as a description and indication of the proper way to use the goods or accept the services and the methods
of preventing the occurrence of a hazard. If the goods or services provided by the business operators cause personal injuries to consumers
or third parties, the business operators shall compensate the injured parties for their losses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Contract Law</B></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: 21.6pt">All of our contracts are subject
to the PRC contract law. Under PRC contract law, a natural person, legal person or other legally established organization shall have full
capacity of civil right and civil conduct while entering into a contact. Except as otherwise required by other laws and regulations, the
formation, validity, performance, modification, assignment, termination, and liability for breach of a contract are stipulated by PRC
contract law. A contracting party who failed to perform or failed to fulfill its contractual obligation shall bear the responsibility
of a continued duty to perform or to provide remedies and compensation as provided by PRC laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Product Quality Law</B></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: 21.6pt">Pursuant to Product Quality Law
of the PRC, promulgated on September 1, 1993 and amended in 2000, 2009 and 2018 respectively, producing or selling products that do not
meet the standards or requirements for safeguarding human health or that constitute unreasonable threats to the safety of human life or
property is prohibited. Where a defective product causes physical injury to a person or damage to his/her property, the injured party
may claim compensation against the manufacturer or the distributor of such product.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">Where any person produces or
sells products that do not comply with the relevant national or industrial standards for safeguarding human health or constitute unreasonable
threats to the safety of human life or property, the relevant authority will order the specific manufacturer or distributor to suspend
the production or sale of defective products, confiscate the products produced or for sale, and impose a fine in an amount of up to three
times the value of the defective products. Where illegal earnings were made or were involved, the relevant earnings will be confiscated
accordingly. If the breach of regulation is serious, the business license of the relevant manufacturer and distributor may be revoked.
If the relevant activities constitute a crime, the offender may be prosecuted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>PRC Laws and Regulations Relating to Advertising
Business</B></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: 21.6pt">The State Administration for
Industry and Commerce, or SAI, is the primary governmental authority regulating advertising activities in China. The Advertisement Law
of the PRC, which was most recently amended on October 26, 2018, the Administrative Regulations for Advertising, effective as of December
1, 1987, and the Administrative Provisions on Registration of Publishing of Advertisements, effective as of December 1, 2016 are the relevant
regulations that apply to advertising businesses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">According to the above laws,
regulations and rules, a company engaged in advertising activities must obtain, from the SAIC or its local branches, a business license
that specifically includes operating an advertising business in its business scope. Failure to do so may lead to orders to rectify, fines
and other penalties. An enterprise engaging in advertising not need to apply for registration of releasing advertisement, provided that
such enterprise is not a radio station, television station, newspaper or magazine publisher or any other entity otherwise specified in
the relevant laws or regulations. A radio station, television station, newspaper, magazine publisher or any other entity otherwise specified
in the relevant laws or regulations may be subject to penalties, including fines, confiscation of advertising income and orders to rectify
if it conducts advertising releasing activities without completing the required registration. The business license of an advertising company
is valid for the duration of its existence unless the license is suspended or revoked due to a violation of any relevant laws or regulations.
Foreign investors are permitted to own all equity interests in PRC advertising companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Regulations on Toy Recall System</B></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: 21.6pt">Pursuant to Article 3 of the
Regulations on the Administration of Recall of Children&rsquo;s Toys (Order No. 101 of the State Administration of Quality Supervision,
Inspection and Quarantine), the term &ldquo;children&rsquo;s toys&rdquo; refers to products processed, sold, and designed or intended
for children under 14 years of age to play. &ldquo;Defects&rdquo; referred to in the Regulations on the Administration of Recall of Children&rsquo;s
Toys refer to unreasonable dangers that are common in certain batches, models or categories of children&rsquo;s toys and that endanger
children&rsquo;s health and safety due to design, production, instructions and other reasons. The term &ldquo;recall&rdquo; in the Regulations
on the Administration of Recall of Children&rsquo;s Toys refers to a situation in which manufacturers and distributors must recall defective
toys in accordance with prescribed procedures and requirements. The producer or the sellers organized by the producer can effectively
prevent and eliminate the damage caused by defects by supplementing or amending the consumption instructions, returning goods, changing
goods, repairing goods, and so on.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">Article 12 of the Regulations
on the Administration of Recall of Children&rsquo;s Toys stipulates that producers shall strengthen the management of information concerning
the design of children&rsquo;s toys, the purchase of raw materials, the production and sale of toys and the labeling of products, as well
as consumer complaints, product injury accidents, product injury disputes and recalls of products abroad, and establish and improve relevant
information archives. Article 13 of the Regulations on the Administration of Recall of Children&rsquo;s Toys stipulates that sellers shall
strengthen the management of children&rsquo;s toys, information management such as purchasing and sales, and proper preservation of consumer
complaints, product injury accidents, product injury disputes and other information files.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">Article 14 of the Regulations
on the Administration of Recall of Children&rsquo;s Toys states that where the producer is aware that the children&rsquo;s toy provided
by him may be defective, the defect investigation shall be commenced immediately to confirm whether there is a defect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">Article 19 of the Regulations
on the Administration of Recall of Children&rsquo;s Toys states that where a defect in a children&rsquo;s toy is confirmed by investigation,
a risk assessment shall be made on the basis of the possibility, extent and scope of the damage to the child&rsquo;s health and safety
caused by the defect in the child&rsquo;s toy, and a recall shall be carried out according to the result of the risk assessment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I><U>Children&rsquo;s Toy Recall Information and Risk Assessment Management
Method</U></I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">Children&rsquo;s Toy Recall Information
and Risk Assessment Management Method was formulated pursuant to the provisions of the Administrative Provisions on the Recall of Children&rsquo;s
Toys, promulgated and enforced as of January 31, 2008. This method is formulated for the purposes of scientifically and orderly managing
the defect investigation and risk assessment of children&rsquo;s toys. The Defective Products Management Center of State Administration
of Quality Supervision, Inspection and Quarantine is in charge of the routine management of children&rsquo;s toys recall, and mainly assists
the State Administration of Quality Supervision, Inspection and Quarantine to establish and maintain information system for recall management,
to organize expert database, to select testing and experimental institution, organizing defect investigation and risk assessment, etc.
In the event of children&rsquo;s toys recall, its basic information, consumers&rsquo; complaints, injury accidents, injury disputes and
overseas recalls of its products, etc. shall be filed with the local quality supervision department by manufacturer in writing or electronically.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I><U>Law of the People&rsquo;s Republic of China
on Import and Export Commodity Inspection</U></I></B></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: 21.6pt">Law on Import and Export Commodity
Inspection became effective on August 1, 1989 for the first time, and was later revised and enforced on December 29, 2018. Law on Import
and Export Commodity Inspection is the legal basis for inspection and supervision of import and export commodities. This law is formulated
for the purposes of improving and regulating the inspection of import and export commodities, guaranteeing the quality of commodities,
promoting the smooth development of China&rsquo;s economic and trade relations with other countries. This law highlights the emphasis
of inspection of import and export commodities, stipulates that commodity inspection agencies shall conduct compulsory inspection to import
and export commodities which are listed in the Catalogue or required by other laws and regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">Law on Import and Export Commodity
Inspection stipulates that import commodities subject to statutory inspection that have not been inspected must not be sold or used; export
commodities subject to statutory inspection that have failed to pass the inspection must not be exported; packaging containers for dangerous
export commodities shall apply for a test of the performance and use of such packaging containers, and no permission shall be granted
for the export of dangerous commodities kept in packaging containers which have not passed the test. This Law applies to the management
of 11 categories of import and export toy products, including soft toy, bamboo toy, plastic toy, ride-on toy, toy car, electric toy, paper
toy, stationery like toy, soft modelling toy, ejecting toy and metal toy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I><U>Implementation Regulations for the Law of
the People&rsquo;s Republic of China on Import and Export Commodity Inspection</U></I></B></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: 21.6pt">Implementation Regulations for
the Law of the People&rsquo;s Republic of China on Import and Export Commodity Inspection was formulated pursuant to the provisions of
the Law of the People&rsquo;s Republic of China on Import and Export Commodity Inspection, adopted at the 101st executive meeting of the
State Council on August 10, 2005 and effective as of December 1, 2005, later revised and enforced on March 2, 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">This regulation applies to the
management of 11 categories of import and export toy products, including soft toy, bamboo toy, plastic toy, ride-on toy, toy car, electric
toy, paper toy, stationery like toy, soft modelling toy, ejecting toy and metal toy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I><U>Standardization Law of the People&rsquo;s
Republic of China</U></I></B></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: 21.6pt">Standardization Law of the People&rsquo;s
Republic of China was passed by the fifth session of the Standing Committee of the Seventh National People&rsquo;s Congress on December
29, 1988, and revised on November 4, 2017. This law is formulated for the purposes of developing socialist commodity economy, promoting
scientific and technological advancement, improving the quality of products, adapting standardization work to the need for socialist modernization
and external economic relationship development. This law applies to industrial product including toy product.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I><U>Regulations of the People&rsquo;s Republic
of China on Certification and Accreditation</U></I></B></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: 21.6pt">Regulations of the People&rsquo;s
Republic of China on Certification and Accreditation became effective as of September 3, 2003, and was later revised on February 6, 2016.
This regulation is formulated for the purposes of standardizing certification and accreditation, improving the quality of products and
services and management standard. This regulation applies to all certification agencies, certification services and accreditation services
in the PRC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I><U>Administrative Regulations on Compulsory
Product Certification</U></I></B></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: 21.6pt">Administrative Regulations on
Compulsory Product Certification was formulated pursuant to the provisions of the Regulations of the People&rsquo;s Republic of China
on Certification and Accreditation and other laws, regulations and relevant provisions of the State, was adopted by the General Administration
of Quality Supervision, Inspection and Quarantine on July 3, 2009 and became effective as of September 1, 2009. For products that are
subject to compulsory product certification, the PRC will unify the product catalogue (hereinafter referred to as catalogue), the compulsory
requirements, standards and conformity assessment procedures for technical specifications, the certification marks. The particular products
specified by the PRC may not be delivered, sold, imported or used in other business activities until they are certified and labeled with
a certification mark. The product catalogue includes manufactured toy product.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I><U>GB 6675-2014</U></I></B></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: 21.6pt">To guarantee the safety and quality
of children&rsquo;s toy, protect children&rsquo;s health and safety, the Standardization Administration of the People&rsquo;s Republic
of China has revised GB 6675-2003 National Safety Technical Code for Toys and documented to GB 6675-2014 Safety of Toys National Standard
1-4 Parts, which were enforced as of January 1, 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">Four Mandatory National Standards
are Part 1 of Safety of Toys: Basic Norm, Part 2 of Safety of Toys: Mechanical and Physical Properties, Part 3 of Safety of Toys: Flammability
and &lt;Part 4 of Safety of Toys: Migration of Specific Elements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">Since the date of enforcement,
all toy products enter into Chinese mainland market shall meet the requirement of new Mandatory National Standards, and the old GB 6675-2003
National Safety Technical Code for Toys was invalidated with the enforcement of new Mandatory National Standards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I><U>Measures for the Inspection, Supervision
and Administration of Import and Export Toys</U></I></B></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: 21.6pt">Measures for the Inspection,
Supervision and Administration of Import and Export Toys was promulgated by the State Administration of Quality Supervision, Inspection
and Quarantine on March 2, 2009 and became effective as of September 15, 2009 and was most recently amended by the General Administration
of Customs of the PRC on November 23, 2018, which formulates the entry conditions of import and export toys, the inspection of import
and export toys, the registration of export toys, and the supervision and legal liability of import and export toys. This measure applies
to the enterprises engaged in the production and trade of import and export toys and the inspection and quarantine institutions. This
measure is formulated for the purposes of regulating the inspection and supervision of import and export toys, strengthening the administration
of import and export toys and protecting the human health and safety of consumers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="a_013"></A>MANAGEMENT</B></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"><B><U>Directors and Senior Management</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">The following table sets forth
information regarding our directors and executive officers as of the date of this prospectus. Unless otherwise stated, the business address
for our directors and executive officers is that of our principal executive offices at 7th Floor, Building C, No. 1010 Anling Road, Huli
District, Xiamen, China 361009.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</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 STYLE="width: 26%; border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt"><FONT STYLE="font-size: 10pt"><B>Name</B></FONT></TD>
    <TD STYLE="width: 1%; padding: 0.25pt 0.25pt 1.25pt">&nbsp;</TD>
    <TD STYLE="width: 13%; border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Age</B></FONT></TD>
    <TD STYLE="width: 1%; padding: 0.25pt 0.25pt 1.25pt">&nbsp;</TD>
    <TD STYLE="width: 59%; border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Position</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-size: 10pt">Xiaodong Chen</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: center"><FONT STYLE="font-size: 10pt">54</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-size: 10pt">Chief Executive Officer and Director</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-size: 10pt">Caifan He</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: center"><FONT STYLE="font-size: 10pt">49</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-size: 10pt">Chief Financial Officer and Director</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-size: 10pt">Jianyong Cai</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: center"><FONT STYLE="font-size: 10pt">60</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-size: 10pt">Chief Technology Officer and Director</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-size: 10pt">Qinyi Fu(1)</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: center"><FONT STYLE="font-size: 10pt">36</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-size: 10pt">Independent Director</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-size: 10pt">Jun Ouyang(1)(2)(3)</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: center"><FONT STYLE="font-size: 10pt">39</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-size: 10pt">Independent Director</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-size: 10pt">Huibin Shen(3)</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: center"><FONT STYLE="font-size: 10pt">49</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-size: 10pt">Independent Director</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-size: 10pt">Can Su(1)(2)</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: center"><FONT STYLE="font-size: 10pt">33</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-size: 10pt">Independent Director</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 29px"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Member of audit committee.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 29px"><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Member of remuneration committee.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 29px"><FONT STYLE="font-size: 10pt">(3)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Member of nomination and governance committee.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt"><B><I>Xiaodong Chen</I></B> has
served as chief executive officer of Blue Hat since December 2018, as a member of the board of directors of Blue Hat since its incorporation
in June 2018 and as the chairman of the board of directors and general manager of Blue Hat Fujian since August 2015. Mr. Chen is a director
of Victory Hat Limited, a shareholder of Blue Hat. From July 1987 to November 1989, Mr. Chen served as an office worker of the Inspection
Department of Fuzhou Second People&rsquo;s Hospital. From December 1989 to June 1995, Mr. Chen served as the manager of Fuzhou Liming
Footwear Co., Ltd. From December 1996 to January 2002, Mr. Chen served as a manager of Fuzhou Changdong Trading Co. Ltd. From February
2002 to January 2008, Mr. Chen served as general manager of Huanyu International Co. Ltd. From March 2008 to March 2015, Mr. Chen served
as the general manager of Guangzhou Taihao Trading Co., Ltd. From January 2010 to March 2013, Mr. Chen served as the chairman and general
manager of Xiamen Blue Hat Culture Communication Ltd. Mr. Chen received his EMBA from Renmin University of China.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt"><B><I>Caifan He</I></B> has served
as chief financial officer and a member of the board of directors of Blue Hat since December 2018. Mr. He has served as a director, deputy
general manager and financial controller of Blue Hat Fujian since August 2015. Mr. He is a director of Celebrate Hat Limited, a shareholder
of Blue Hat. Mr. He served as a middle school teacher in Cangchang Village from July 1994 to December 1996 in Anhua County. From January
1997 to January 2000, Mr. He served as the accountant, accounting supervisor and account manager of Guangzhou Changdong Industrial Co.,
Ltd. From February 2000 to March 2008, Mr. He served as the finance manager and financial director of Guangzhou Tiandixing Telecommunications
Co., Ltd. From March 2008 to January 2012, Mr. He served as the finance manager of Guangzhou Taihao Trading Co., Ltd. From March 2013
to August 2015, Mr. He served as a director and financial controller of Blue Hat (Xiamen) Culture Communication Co., Ltd. Mr. He received
a College Diploma in Finance from Hunan University of Finance and Economics.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt"><B><I>Jianyong Cai</I></B> has
served as chief technology officer and a member of the board of directors of Blue Hat since December 2018. Mr. Cai has served as a director,
deputy general manager and chief engineer of Blue Hat Fujian since January 2010. Mr. Cai taught in the School of Optoelectronics and Information
Engineering of Fujian Normal University from August 1983 to June 2002. Since July 2002, Mr. Cai has served as an associate professor at
the School of Optoelectronics and Information Engineering at Fujian Normal University, where he mainly works on Data Communication Principles,
Communication Network Foundation, Software Engineering and other undergraduate courses as well as Communication Network Theory and Technology,
Computer Network Architecture and other postgraduate courses. Mr. Cai received a Bachelor&rsquo;s Degree in Data Communication Principles,
Communication Network Foundation and Software Engineering from University of Science and Technology of China.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt"><B><I>Qinyi Fu</I></B> has served
as a member of the board of directors of Blue Hat since December 2018. Mr. Fu served as an auditor of Ernst &amp; Young China Certified
Public Accountants from October 2010 to January 2012. Mr. Fu served as a senior auditor of Deloitte China Certified Public Accountants
from January 2012 to December 2015. Mr. Fu served as a partner of Ruihua Certified Public Accountants from December 2015 to May 2018.
Mr. Fu has served as a partner of Dahua Certified Public Accountants since June 2018. Mr. Fu received a Bachelor&rsquo;s Degree in International
Economics and Trade and a Master&rsquo;s Degree in International Economics from Xiamen University.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt"><B><I>Jun Ouyang</I></B> has
served as a member of the board of directors of Blue Hat since December 2018. Mrs. Ouyang served as a professional teacher in the Department
of Economic Management of Zhangzhou City College from August 2009 to August 2016. Mrs. Ouyang has been studying for a Ph.D. in Marketing
from Xiamen University since September 2016. Mrs. Ouyang received a Bachelor&rsquo;s Degree in Computer Science and Engineering from Xi&rsquo;an
University of Finance and Economics and a Master&rsquo;s Degree in Management Science and Engineering from Fuzhou University.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt"><B><I>Huibin Shen</I></B> has
served as a member of the board of directors of Blue Hat since December 2018. Mr. Shen has served as the director of the capital market
department of Beijing Jingshi Law Firm (Xiamen) since November 2017. Mr. Shen served as vice director of the capital market department
of Beijing Dentons Law Offices, LLP (Xiamen) from March 2009 to November 2017. Mr. Shen is also an arbitrator of the Xiamen Arbitration
Commission. Mr. Shen received a Bachelor&rsquo;s Degree in Law from East China University of Political Science and Law and a Master&rsquo;s
Degree in Civic and Commercial Law from China University of Political Science and Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt"><B><I>Can Su</I></B> has served
as a member of the board of directors of Blue Hat since December 2018. Mr. Su has served as account manager of Xiamen Rural Commercial
Financing Guarantee Co., Ltd. since January 2018. Mr. Su served as account manager of Xiamen Rural Commercial Bank Asset Management Co.,
Ltd. from December 2015 to December 2017. Mr. Su received a Bachelor&rsquo;s Degree in Logistics Management from Xiamen University Tan
Kah Kee College and an MBA from High Point University.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">Jianyong Cai, our chief technology
officer and director, is the brother of Juanjuan Cai, a director and shareholder of Blue Hat Fujian and the wife of Xiaodong Chen, our
chief executive officer and director. There are no other family relationships between any of Blue Hat&rsquo;s executive officers and directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">Shaohong Chen, the owner of Prosper
Hat Limited and Shaohong Holding Limited and a shareholder of Blue Hat Fujian, is the sister of Xiaodong Chen.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><U>Compensation</U></B></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"><B>Employment Agreements, Director Agreements and
Indemnification Agreements</B></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: 21.6pt">In December 2018, we entered
into employment agreements with each of Xiaodong Chen, Caifan He and Jianyong Cai, pursuant to which such individuals agreed to serve
as our executive officers until December 2023. Such terms will be automatically extended for six-month periods unless the agreements are
terminated in accordance with their terms. We may terminate the employment for cause at any time for certain acts, such as conviction
or plea of guilty to a felony or any crime involving moral turpitude, negligent or dishonest acts to our detriment, or misconduct or a
failure to perform agreed duties. We may also terminate the employment without cause at any time upon 60 days&rsquo; advance written notice.
Each executive officer may resign at any time upon 60 days&rsquo; advance written notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">Each executive officer has agreed
to hold, both during and after the termination or expiry of his employment agreement, in strict confidence and not to use, except as required
in the performance of his duties in connection with the employment or pursuant to applicable law, any of our confidential or proprietary
information or the confidential or proprietary information of any third party received by us and for which we have confidential obligations.
Each executive officer has also agreed to disclose in confidence to us all inventions, designs and trade secrets which he conceives, develops
or reduces to practice during his employment with us and to assign all right, title and interest in them to us, and assist us in obtaining
and enforcing patents, copyrights and other legal rights for these inventions, designs and trade secrets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">In addition, each executive officer
has agreed to be bound by non-competition and non-solicitation restrictions during the term of his employment and for one year following
the last date of employment. Specifically, each executive officer has agreed not to: (i) engage or assist others in engaging in any business
or enterprise that is competitive with our business, (ii) solicit, divert or take away the business of our clients, customers or business
partners, or (iii) solicit, induce or attempt to induce any employee or independent contractor to terminate his or her employment or engagement
with us. The employment agreements also contain other customary terms and provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">We have also entered into indemnification
agreements with each of our executive officers and directors. Under these agreements, we have agreed to indemnify our directors and executive
officers against certain liabilities and expenses incurred by such persons in connection with claims made by reason of their being a director
or officer of our company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">We have also entered into director
agreements with each of our directors which agreements set forth the terms and provisions of their engagement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Compensation of Directors and Executive Officers</B></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: 21.6pt">For the year ended December 31,
2020, we paid an aggregate of approximately RMB 1,407,504 ($204,057) in cash to our directors and executive officers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">We have not set aside or accrued
any amount to provide pension, retirement or other similar benefits to our director and executive officers. Our subsidiaries and VIE are
required by law to make contributions equal to certain percentages of each employee&rsquo;s salary for his or her pension insurance, medical
insurance, unemployment insurance and other statutory benefits and a housing provident fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Equity Awards</I></B></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: 21.6pt">We did not grant any equity awards
to our executive officers or directors during the fiscal year ended December 31, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Incentive Compensation</I></B></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: 21.6pt">We do not maintain any cash incentive
or bonus programs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>2020 Director and Executive Officer Compensation
Table</I></B></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: 21.6pt">The following table sets forth
information regarding the compensation paid to our directors and our executive officers for service on our board of directors or as an
executive officer during the year ended December 31, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; width: 25%; border-bottom: black 1pt solid; padding: 1.75pt 1.75pt 2pt"><FONT STYLE="font-size: 10pt"><B>Name</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; padding: 1.75pt 1.75pt 1.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 36%; border-bottom: black 1pt solid; padding: 1.75pt 1.75pt 2pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Fees Earned in Cash</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; padding: 1.75pt 1.75pt 1.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 6%; border-bottom: black 1pt solid; padding: 1.75pt 1.75pt 2pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>All Other <BR>
Compensation</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; padding: 1.75pt 1.75pt 1.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 30%; border-bottom: black 1pt solid; padding: 1.75pt 1.75pt 2pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Total</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding: 1.75pt"><FONT STYLE="font-size: 10pt">Xiaodong Chen</FONT></TD>
    <TD STYLE="padding: 1.75pt">&nbsp;</TD>
    <TD STYLE="padding: 1.75pt; text-align: center"><FONT STYLE="font-size: 10pt">RMB 663,600 ($96,207)</FONT></TD>
    <TD STYLE="padding: 1.75pt">&nbsp;</TD>
    <TD STYLE="padding: 1.75pt; text-align: center"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="padding: 1.75pt">&nbsp;</TD>
    <TD STYLE="padding: 1.75pt; text-align: center"><FONT STYLE="font-size: 10pt">RMB 663,600 ($96,207)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding: 1.75pt"><FONT STYLE="font-size: 10pt">Caifan He</FONT></TD>
    <TD STYLE="padding: 1.75pt">&nbsp;</TD>
    <TD STYLE="padding: 1.75pt; text-align: center"><FONT STYLE="font-size: 10pt">RMB 468,000 ($67,850)</FONT></TD>
    <TD STYLE="padding: 1.75pt">&nbsp;</TD>
    <TD STYLE="padding: 1.75pt; text-align: center"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="padding: 1.75pt">&nbsp;</TD>
    <TD STYLE="padding: 1.75pt; text-align: center"><FONT STYLE="font-size: 10pt">RMB 468,000 ($67,850)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding: 1.75pt"><FONT STYLE="font-size: 10pt">Qinyi Fu</FONT></TD>
    <TD STYLE="padding: 1.75pt">&nbsp;</TD>
    <TD STYLE="padding: 1.75pt; text-align: center"><FONT STYLE="font-size: 10pt">$10,000 (RMB 68,976)</FONT></TD>
    <TD STYLE="padding: 1.75pt">&nbsp;</TD>
    <TD STYLE="padding: 1.75pt; text-align: center"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="padding: 1.75pt">&nbsp;</TD>
    <TD STYLE="padding: 1.75pt; text-align: center"><FONT STYLE="font-size: 10pt">$10,000 (RMB 68,976)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding: 1.75pt"><FONT STYLE="font-size: 10pt">Jun Ouyang</FONT></TD>
    <TD STYLE="padding: 1.75pt">&nbsp;</TD>
    <TD STYLE="padding: 1.75pt; text-align: center"><FONT STYLE="font-size: 10pt">$10,000 (RMB 68,976)</FONT></TD>
    <TD STYLE="padding: 1.75pt">&nbsp;</TD>
    <TD STYLE="padding: 1.75pt; text-align: center"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="padding: 1.75pt">&nbsp;</TD>
    <TD STYLE="padding: 1.75pt; text-align: center"><FONT STYLE="font-size: 10pt">$10,000 (RMB 68,976)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding: 1.75pt"><FONT STYLE="font-size: 10pt">Huibin Shen</FONT></TD>
    <TD STYLE="padding: 1.75pt">&nbsp;</TD>
    <TD STYLE="padding: 1.75pt; text-align: center"><FONT STYLE="font-size: 10pt">$10,000 (RMB 68,976)</FONT></TD>
    <TD STYLE="padding: 1.75pt">&nbsp;</TD>
    <TD STYLE="padding: 1.75pt; text-align: center"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="padding: 1.75pt">&nbsp;</TD>
    <TD STYLE="padding: 1.75pt; text-align: center"><FONT STYLE="font-size: 10pt">$10,000 (RMB 68,976)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding: 1.75pt"><FONT STYLE="font-size: 10pt">Can Su</FONT></TD>
    <TD STYLE="padding: 1.75pt">&nbsp;</TD>
    <TD STYLE="padding: 1.75pt; text-align: center"><FONT STYLE="font-size: 10pt">$10,000 (RMB 68,976)</FONT></TD>
    <TD STYLE="padding: 1.75pt">&nbsp;</TD>
    <TD STYLE="padding: 1.75pt; text-align: center"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="padding: 1.75pt">&nbsp;</TD>
    <TD STYLE="padding: 1.75pt; text-align: center"><FONT STYLE="font-size: 10pt">$10,000 (RMB 68,976)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">During the year ended December
31, 2020, Jianyong Cai did not receive any compensation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><U>Board practices</U></B></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"><B>Board of Directors</B></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"><B><I>Duties of Directors</I></B></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: 21.6pt">Under Cayman Islands law, our
board of directors has the powers necessary for managing, and for directing and supervising, our business affairs. The functions and powers
of our board of directors include, among others:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 29px">&nbsp;</TD>
    <TD STYLE="width: 29px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">convening shareholders&rsquo; annual and extraordinary general meetings and reporting its work to shareholders at such meetings;</FONT></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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 29px">&nbsp;</TD>
    <TD STYLE="width: 29px; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">declaring dividends and distributions;</FONT></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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 29px">&nbsp;</TD>
    <TD STYLE="width: 29px; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">appointing officers and determining the term of office of the officers;</FONT></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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 29px">&nbsp;</TD>
    <TD STYLE="width: 29px; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">exercising the borrowing powers of our company and mortgaging the property of our company; and</FONT></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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 29px">&nbsp;</TD>
    <TD STYLE="width: 29px; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">approving the transfer of shares in our company, including the registration of such shares in our share register.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">Under Cayman Islands law, all
of our directors owe fiduciary duties to our company, including a duty of loyalty, a duty to act honestly and a duty to act in what they
consider in good faith to be in our best interests. Our directors must also exercise their powers only for a proper purpose. Our directors
also have a duty to exercise the skill they actually possess and such care and diligence that a reasonably prudent person would exercise
in comparable circumstances. In fulfilling their duty of care to us, our directors must ensure compliance with our amended and restated
memorandum and articles of association, as amended from time to time. Our company has the right to seek damages if a duty owed by any
of our directors is breached. You should refer to &ldquo;Description of Share Capital and Governing Documents - Comparison of Cayman Islands
Corporate Law and U.S. Corporate Law&rdquo; for additional information on the standard of corporate governance under Cayman Islands law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Composition of our Board of Directors</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">Our board of directors currently
consists of seven directors. Our board of directors has determined that each of Qinyi Fu, Jun Ouyang, Huibin Shen and Can Su is an &ldquo;independent
director&rdquo; as defined under the Nasdaq rules. Our board of directors is composed of a majority of independent directors. Pursuant
to our amended and restated memorandum and articles of association, each director will serve until his successor is duly elected or appointed
or his earlier resignation or removal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Committees of our Board of Directors</B></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: 21.6pt">Our board of directors has established
an audit committee, a remuneration committee and a nomination and governance committee, which have the responsibilities and authority
necessary to comply with applicable Nasdaq rules. The audit committee is comprised of Qinyi Fu, Jun Ouyang, and Can Su. The remuneration
committee is comprised of Jun Ouyang and Can Su. The nomination and governance committee is comprised of Jun Ouyang and Huibin Shen.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Audit Committee</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; text-indent: 21.6pt">Qinyi Fu, Jun Ouyang and Can
Su serve as members of the audit committee. Qinyi Fu serves as the chair of the audit committee. All of the audit committee members satisfy
the independence requirements of the Nasdaq rules and the independence standards of Rule 10A-3 under the Exchange Act. Our board of directors
has determined that Qinyi Fu possesses accounting or related financial management experience that qualifies him as an &ldquo;audit committee
financial expert&rdquo; as defined by the rules and regulations of the SEC and Nasdaq. The audit committee will oversee our accounting
and financial reporting processes and the audits of our financial statements. The audit committee is responsible for, among other things:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 29px">&nbsp;</TD>
    <TD STYLE="width: 29px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">appointing the independent auditors and pre-approving all auditing and non-auditing services permitted to be performed by the independent auditors&#894;</FONT></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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 29px">&nbsp;</TD>
    <TD STYLE="width: 29px; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">reviewing with the independent auditors any audit problems or difficulties and management&rsquo;s response&#894;</FONT></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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 29px">&nbsp;</TD>
    <TD STYLE="width: 29px; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">discussing the annual audited financial statements with management and the independent auditors&#894;</FONT></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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 29px">&nbsp;</TD>
    <TD STYLE="width: 29px; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">reviewing the adequacy and effectiveness of our accounting and internal control policies and procedures and any steps taken to monitor and control major financial risk exposures&#894;</FONT></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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 29px">&nbsp;</TD>
    <TD STYLE="width: 29px; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">reviewing and approving all proposed related party transactions&#894;</FONT></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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 29px">&nbsp;</TD>
    <TD STYLE="width: 29px; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">meeting separately and periodically with management and the independent auditors&#894; and</FONT></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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 29px">&nbsp;</TD>
    <TD STYLE="width: 29px; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">monitoring compliance with our code of business conduct and ethics, including reviewing the adequacy and effectiveness of our procedures to ensure proper compliance.</FONT></TD></TR>
  </TABLE>
<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"></P>

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<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: justify"><I>Remuneration Committee</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; text-indent: 21.6pt">Jun Ouyang and Can Su serve as
members of the remuneration committee. Jun Ouyang serves as the chair of the remuneration committee. All of our remuneration committee
members satisfy the independence requirements of the Nasdaq rules and the independence standards of Rule 10A-3 under the Exchange Act.
The remuneration committee is responsible for overseeing and making recommendations to our board of our directors regarding the salaries
and other compensation of our executive officers and general employees and providing assistance and recommendations with respect to our
compensation policies and practices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Nomination and Governance Committee</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; text-indent: 21.6pt">Jun Ouyang and Huibin Shen serve
as members of the nomination and governance committee. Jun Ouyang serves as the chair of the nomination and governance committee. All
of the nomination and governance committee members satisfy the independence requirements of the Nasdaq rules and the independence standards
of Rule 10A-3 under the Exchange Act. The nomination and governance committee is responsible for identifying and proposing new potential
director nominees to the board of directors for consideration and for reviewing our corporate governance policies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">As of June 9, 2021, we had 111
employees, all of which were full-time employees located in China.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">We have also engaged, and may
continue to engage, subcontractors to assist us with our manufacturing. None of our employees are represented by a labor union or covered
by a collective bargaining agreement. We have never experienced any employment related work stoppages, and we consider our relations with
our employees to be good.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="a_014"></A>PRINCIPAL SHAREHOLDERS</B></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: justify; text-indent: 21.6pt">The following table sets forth
information with respect to the beneficial ownership of our ordinary shares as of June 9, 2021 for:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 29px">&nbsp;</TD>
    <TD STYLE="width: 29px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">each beneficial owner of 5% or more of our outstanding ordinary shares;</FONT></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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 29px">&nbsp;</TD>
    <TD STYLE="width: 29px; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">each of our directors and executive officers; and</FONT></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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 29px">&nbsp;</TD>
    <TD STYLE="width: 29px; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">all of our directors and executive officers as a group.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">Beneficial ownership is determined
in accordance with the rules of the SEC. These rules generally attribute beneficial ownership of securities to persons who possess sole
or shared voting power or investment power with respect to those securities and include ordinary shares issuable upon the exercise of
options that are immediately exercisable or exercisable within 60 days of the date of this prospectus. Percentage ownership calculations
are based on 53,417,200 ordinary shares outstanding as of June 9, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">Except as otherwise indicated,
all of the shares reflected in the table are ordinary shares and all persons listed below have sole voting and investment power with respect
to the shares beneficially owned by them, subject to applicable community property laws. The information is not necessarily indicative
of beneficial ownership for any other purpose.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">Except as otherwise indicated
in the table below, addresses of our directors, executive officers and named beneficial owners are in care of Blue Hat Interactive Entertainment
Technology, 7th Floor, Building C, No. 1010 Anling Road, Huli District, Xiamen, China 361009, and our telephone number is 86-592-228-0081.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</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="padding: 0pt 0pt 0pt 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; text-indent: -10pt">Name of Beneficial Owner</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Number of<BR> Shares <BR> Beneficially <BR> Owned</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Percentage of <BR> Shares <BR> Beneficially <BR> Owned</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0pt 0pt 0pt 10pt; font-style: italic; text-align: left; text-indent: -10pt">5% or Greater Shareholders:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0pt 0pt 0pt 20pt; width: 56%; text-align: left; text-indent: -10pt">Victory Hat Limited(1)</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">13,089,153</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">24.50</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0pt 0pt 0pt 20pt; text-align: left; text-indent: -10pt">Prosper Hat Limited(2)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,373,227</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11.93</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0pt 0pt 0pt 20pt; text-align: left; text-indent: -10pt">Shaohong Holding Limited(3)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,332,659</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.50</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0pt 0pt 0pt 10pt; font-style: italic; text-align: left; text-indent: -10pt">Directors and Executive Officers:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0pt 0pt 0pt 20pt; text-indent: -10pt">Xiaodong Chen(4)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,089,153</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24.50</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0pt 0pt 0pt 20pt; text-indent: -10pt">Caifan He(5)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,004,950</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.88</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0pt 0pt 0pt 20pt; text-align: left; text-indent: -10pt">Jianyong Cai</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0pt 0pt 0pt 20pt; text-align: left; text-indent: -10pt">Qinyi Fu</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0pt 0pt 0pt 20pt; text-indent: -10pt">Jun Ouyang</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0pt 0pt 0pt 20pt; text-align: left; text-indent: -10pt">Huibin Shen</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0pt 0pt 0pt 20pt; text-align: left; text-indent: -10pt">Can Su</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0pt 0pt 0pt 20pt; text-align: left; text-indent: -10pt">All current directors and executive officers as a group (7 persons)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,094,103</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26.38</TD><TD STYLE="text-align: left">%</TD></TR>
  </TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 29px; padding: 0.25pt"><FONT STYLE="font-size: 10pt">*</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-size: 10pt">Less than 1% </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 29px"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The registered address of Victory Hat Limited, a British Virgin Islands company, is Vistra (BVI) Limited of Vistra Corporate Services Centre, Wickhams Cay II, Road Town, Tortola, VG1110, British Virgin Islands. Xiaodong Chen, our chief executive officer and director, is the owner of Victory Hat Limited and holds the voting and dispositive power over the ordinary shares held by Victory Hat Limited.</FONT></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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 29px; text-align: justify"><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The registered address of Prosper Hat Limited, a British Virgin Islands company, is Vistra (BVI) Limited of Vistra Corporate Services Centre, Wickhams Cay II, Road Town, Tortola, VG1110, British Virgin Islands. Shaohong Chen is the owner of Prosper Hat Limited and holds the voting and dispositive power over the ordinary shares held by Prosper Hat Limited. Shaohong Chen is a shareholder of Blue Hat Fujian and is the sister of Xiaodong Chen.</FONT></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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 29px; text-align: justify"><FONT STYLE="font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The registered address of Shaohong Holding Limited, a British Virgin Islands company, is Vistra (BVI) Limited of Vistra Corporate Services Centre, Wickhams Cay II, Road Town, Tortola, VG1110, British Virgin Islands. Shaohong Chen is the owner of Shaohong Holding Limited and holds the voting and dispositive power over the ordinary shares held by Shaohong Holding Limited. Shaohong Chen is a shareholder of Blue Hat Fujian and is the sister of Xiaodong Chen.</FONT></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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 29px; text-align: justify"><FONT STYLE="font-size: 10pt">(4)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Includes the 13,089,153 ordinary shares held by Victory Hat Limited and the 945,531 ordinary shares held by Beautiful Scenery Limited, a British Virgin Islands company, with a registered address at Vistra (BVI) Limited of Vistra Corporate Services Centre, Wickhams Cay II, Road Town, Tortola, VG1110, British Virgin Islands. Juanjuan Cai, a director and shareholder of Blue Hat Fujian and the wife of Xiaodong Chen, is the owner of Beautiful Scenery Limited. Juanjuan Cai holds the voting and dispositive power over the ordinary shares held by Beautiful Scenery Limited.</FONT></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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 29px; text-align: justify"><FONT STYLE="font-size: 10pt">(5)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Represents the 1,004,950 ordinary shares held by Celebrate Hat Limited, a British Virgin Islands company with a registered address at Vistra (BVI) Limited of Vistra Corporate Services Centre, Wickhams Cay II, Road Town, Tortola, VG1110, British Virgin Islands. Caifan He is the owner of Celebrate Hat Limited and holds the voting and dispositive power over the ordinary shares held by Celebrate Hat Limited.</FONT></TD></TR>
  </TABLE>
<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"></P>

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<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"><B><A NAME="a_015"></A>RELATED PARTY TRANSACTIONS</B></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: justify; text-indent: 21.6pt">During the last three years,
we have engaged in the following transactions with our directors, executive officers or holders of more than 5% of our outstanding share
capital and their affiliates, which we refer to as our related parties:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">As of December 31, 2020, December
31, 2019 and December 31, 2018, we owed $25,837, $21,341, and $62,368, respectively, to Xiaodong Chen, our chief executive officer, director
and a shareholder of Blue Hat Fujian, as a result of a loan from Xiaodong Chen who paid for certain leases on our behalf. These loans
are unwritten, interest free and due on demand. These amounts are included in the consolidated financial statements as related party payables.
See Note 12 of the notes to the consolidated financial statements included in the annual report on Form 20-F for the fiscal year ended
December 31, 2020 (the &ldquo;Annual Report&rdquo;). As of December 31, 2020, Fujian Zhongqing Shoulashou Educational Technical Ltd owned
$1.9 million, which was included in the consolidated financial statement as account receivables- related party. See Note 15 of the note
to the consolidated financial statements included in the Annual Report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">Xiaodong Chen and Juanjuan Cai,
a director and shareholder of Blue Hat Fujian and the wife of Xiaodong Chen, were, and are, guarantors of certain of our short-term loans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">Jianyong Cai, our chief technology
officer and director, is the brother of Juanjuan Cai, the wife of Xiaodong Chen.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Contractual Arrangements with our VIE and its Shareholders</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">See &ldquo;Item 4. Information
on the Company&mdash;A. History and Development of the Company.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Policies and Procedures for Related Party Transactions</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">Our board of directors has created
an audit committee which is tasked with review and approval of all related party transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Employment Agreements, Director Agreements and
Indemnification Agreements</B></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: 21.6pt">In December 2018, we entered
into employment agreements with each of our executive officers pursuant to which such individuals agreed to serve as our executive officers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">We have also entered into indemnification
agreements with each of our executive officers and directors. Under these agreements, we have agreed to indemnify our directors and executive
officers against certain liabilities and expenses incurred by such persons in connection with claims made by reason of their being a director
or officer of our company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">We have also entered into director
agreements with each of our directors which agreements set forth the terms and provisions of their engagement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="a_016"></A>DESCRIPTION OF SHARE CAPITAL AND GOVERNING DOCUMENTS</B></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: justify"><B>General</B></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: 43.2pt">We are an exempted company incorporated
with limited liability under the laws of the Cayman Islands and our affairs are governed by:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 43.2pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 29px">&nbsp;</TD>
    <TD STYLE="width: 29px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Memorandum and Articles of Association;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 29px">&nbsp;</TD>
    <TD STYLE="width: 29px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The Companies Law (2020 Revision) (as amended) of the Caymans Islands, which is referred to as the Companies Law below; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 29px">&nbsp;</TD>
    <TD STYLE="width: 29px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Common law of the Cayman Islands.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 43.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 43.2pt">The following is a summary of
our capital stock and certain provisions of our amended and restated memorandum and articles of association. This summary does not purport
to be complete and is qualified in its entirety by the provisions of our articles of incorporation, as amended, our bylaws and applicable
provisions of the laws of the Cayman Islands.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 43.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 43.2pt">See &ldquo;Where You Can Find
More Information&rdquo; elsewhere in this prospectus for information on where you can obtain copies of our articles of incorporation and
our bylaws, which have been filed with and are publicly available from the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 43.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 43.2pt">The authorized share capital
of the Company is $100,000 divided into 100,000,000 ordinary shares of $0.001 par value each with power for the Company, subject to the
provisions of the Companies Law (as revised) and the Articles of Association. As of June 9, 2021, there are 53,417,200 ordinary shares
issued and outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 43.2pt">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Issuance of Shares and Changes to Capital</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 43.2pt">Our board of directors has general
and unconditional authority to allot, grant options over, offer or otherwise deal with or dispose of any unissued shares in our capital
without the approval of our shareholders (whether forming part of the original or any increased share capital), either at a premium or
at par, with or without preferred, deferred or other special rights or restrictions, whether in regard to dividend, voting, return of
capital or otherwise and to such persons, on such terms and conditions, and at such times as the directors may decide, but so that no
share shall be issued at a discount, except in accordance with the provisions of the Companies Law. We will not issue bearer shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 43.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 43.2pt">We may, subject to the provisions
of the Companies Law, our post-offering memorandum and articles of association, the SEC and Nasdaq, from time to time by shareholders
resolution passed by a simple majority of the voting rights entitled to vote at a general meeting: increase our capital by such sum, to
be divided into shares of such amounts, as the relevant resolution shall prescribe; consolidate and divide all or any of our share capital
into shares of larger amount than our existing shares; convert all or any of its paid up shares into stock and reconvert that stock into
paid up shares of any denomination; sub-divide our existing shares, or any of them, into shares of smaller amounts than is fixed pursuant
to our post-offering memorandum and articles of association; and cancel any shares which at the date of the passing of the resolution
have not been taken or agreed to be taken by any person, and diminish the amount of our share capital by the amount of the shares so cancelled.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 43.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 43.2pt">We may also, subject to the provisions
of the Companies Law, our post-offering memorandum and articles of association, the SEC and Nasdaq: issue shares on terms that they are
to be redeemed or are liable to be redeemed; purchase our own shares (including any redeemable shares); and make a payment in respect
of the redemption or purchase of our own shares in any manner authorized by the Companies Law, including out of our capital.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 43.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="a_017"></A>DESCRIPTION OF ORDINARY SHARES</B></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"><B>Voting and Meetings</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 43.2pt">As a condition of admission to
a shareholders&rsquo; meeting, a shareholder must be duly registered as our shareholder at the applicable record date for that meeting
and all calls or installments then payable by such shareholder to us in respect of our ordinary shares must have been paid. Subject to
any special rights or restrictions as to voting then attached to any shares, at any general meeting every shareholder who is present in
person or by proxy (or, in the case of a shareholder being a corporation, by its duly authorized representative not being himself or herself
a shareholder entitled to vote) shall have one vote per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 43.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 43.2pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 43.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 43.2pt">As a Cayman Islands exempted
company, we are not obliged by the Companies Law to call annual general meetings; however, our&nbsp;Amended and Restated Memorandum and
Articles of Association provide that in each year we will hold an annual general meeting of shareholders at a time determined by our board
of directors. Also, we may, but are not required to (unless required by the Law), in each year hold any other extraordinary general meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 43.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 43.2pt">The Companies Law of the Cayman
Islands provides shareholders with only limited rights to requisition a general meeting, and does not provide shareholders with any right
to put any proposal before a general meeting. However, these rights may be provided in a company&rsquo;s articles of association. Our&nbsp;Amended
and Restated Memorandum and Articles of Association provide that upon the requisition of shareholders representing not less than two-thirds
of the voting rights entitled to vote at general meetings, our board will convene an extraordinary general meeting and put the resolutions
so requisitioned to a vote at such meeting. However, shareholders may propose only ordinary resolutions to be put to a vote at such meeting
and shall have no right to propose resolutions with respect to the election, appointment or removal of directors or with respect to the
size of the board. Our&nbsp;Amended and Restated Memorandum and Articles of Association provide no other right to put any proposals before
annual general meetings or extraordinary general meetings. Subject to regulatory requirements, our annual general meeting and any extraordinary
general meetings must be called by not less than ten (10) clear days&rsquo; notice prior to the relevant shareholders meeting and convened
by a notice discussed below. Alternatively, upon the prior consent of all holders entitled to attend and vote (with regards to an annual
general meeting), and the holders of 95% in par value of the shares entitled to attend and vote (with regard to an extraordinary general
meeting), that meeting may be convened by a shorter notice and in a manner deemed appropriate by those holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 43.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 43.2pt">We will give notice of each general
meeting of shareholders by publication on our website and in any other manner that we may be required to follow in order to comply with
Cayman Islands law, Nasdaq and SEC requirements. The holders of registered shares may be convened for a shareholders&rsquo; meeting by
means of letters sent to the addresses of those shareholders as registered in our shareholders&rsquo; register, or, subject to certain
statutory requirements, by electronic means. We will observe the statutory minimum convening notice period for a general meeting of shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 43.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 43.2pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 43.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 43.2pt">A quorum for a general meeting
consists of any one or more persons holding or representing by proxy not less than one-third of our issued voting shares entitled to vote
upon the business to be transacted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 43.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 43.2pt">A resolution put to the vote
of the meeting shall be decided on a poll. An ordinary resolution to be passed by the shareholders requires the affirmative vote of a
simple majority of the votes cast by, or on behalf of, the shareholders entitled to vote present in person or by proxy and voting at the
meeting. A special resolution requires the affirmative vote of no less than two-thirds of the votes cast by the shareholders entitled
to vote who are present in person or by proxy at a general meeting (except for certain matters described below which require an affirmative
vote of two-thirds). Both ordinary resolutions and special resolutions may also be passed by a unanimous written resolution signed by
all the shareholders of our company, as permitted by the Companies Law and our&nbsp;Amended and Restated Memorandum and Articles of Association.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 43.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 43.2pt">Our&nbsp;Amended and Restated
Memorandum and Articles of Association provide that the affirmative vote of no less than two-thirds of votes cast by the shareholders
entitled to vote who are present in person or by proxy at a general meeting shall be required to approve any amendments to any provisions
of our&nbsp;Amended and Restated Memorandum and Articles of Association that relate to or have an impact upon the procedures regarding
the election, appointment, removal of directors and size of the board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 43.2pt">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 43.2pt">Subject to the Companies Law,
our shareholders may, by resolution passed by a simple majority of the voting rights entitled to vote at the general meeting, declare
dividends (including interim dividends) to be paid to our shareholders but no dividend shall be declared in excess of the amount recommended
by our board of directors. Dividends may be declared and paid out of funds lawfully available to us. Except as otherwise provided by the
rights attached to shares, all dividends shall be declared and paid according to the amounts paid up on the shares on which the dividend
is paid. All dividends shall be paid in proportion to the number of ordinary shares a shareholder holds during any portion or portions
of the period in respect of which the dividend is paid; but, if any share is issued on terms providing that it shall rank for dividend
as from a particular date, that share shall rank for dividend accordingly. Our board of directors may also declare and pay dividends out
of the share premium account or any other fund or account which can be authorized for this purpose in accordance with the Companies Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 43.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 43.2pt">In addition, our board of directors
may resolve to capitalize any undivided profits not required for paying any preferential dividend (whether or not they are available for
distribution) or any sum standing to the credit of the our share premium account or capital redemption reserve; appropriate the sum resolved
to be capitalized to the shareholders who would have been entitled to it if it were distributed by way of dividend and in the same proportions
and apply such sum on their behalf either in or towards paying up the amounts, if any, for the time being unpaid on any shares held by
them respectively, or in paying up in full unissued shares or debentures of a nominal amount equal to such sum, and allot the shares or
debentures credited as fully paid to those shareholders, or as they may direct, in those proportions, or partly in one way and partly
in the other; resolve that any shares so allotted to any shareholder in respect of a holding by him/her of any partly-paid shares rank
for dividend, so long as such shares remain partly paid, only to the extent that such partly paid shares rank for dividend; make such
provision by the issue of fractional certificates or by payment in cash or otherwise as they determine in the case of shares or debentures
becoming distributable in fractions; and authorize any person to enter on behalf of all our shareholders concerned in an agreement with
us providing for the allotment of them respectively, credited as fully paid, of any shares or debentures to which they may be entitled
upon such capitalization, any agreement made under such authority being binding on all such shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 43.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 43.2pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 43.2pt">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 43.2pt">Subject to any applicable restrictions
set forth in our Amended and Restated Memorandum and Articles of Association, any of our shareholders may transfer all or a portion of
their ordinary shares by an instrument of transfer in the usual or common form or in the form prescribed by Nasdaq or in any other form
which our board of directors may approve. Our board of directors may, in its absolute discretion, refuse to register a transfer of any
common share that is not a fully paid up share to a person of whom it does not approve, or any common share issued under any share incentive
scheme for employees upon which a restriction on transfer imposed thereby still subsists, and it may also, without prejudice to the foregoing
generality, refuse to register a transfer of any common share to more than four joint holders or a transfer of any share that is not a
fully paid up share on which we have a lien. Our board of directors may also decline to register any transfer of any registered common
share unless: a fee of such maximum sum as Nasdaq may determine to be payable or such lesser sum as the board of directors may from time
to time require is paid to us in respect thereof; the instrument of transfer is in respect of only one class of shares; the ordinary shares
transferred are fully paid and free of any lien; the instrument of transfer is lodged at the registered office or such other place (i.e.,
our transfer agent) at which the register of shareholders is kept, accompanied by any relevant share certificate(s) and/or such other
evidence as the board of directors may reasonably require to show the right of the transferor to make the transfer; and if applicable,
the instrument of transfer is duly and properly stamped.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 43.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 43.2pt">If our board of directors refuses
to register a transfer, they are required, within one month after the date on which the instrument of transfer was lodged, to send to
each of the transferor and the transferee notice of such refusal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 43.2pt">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 43.2pt">Subject to any special rights,
privileges or restrictions as to the distribution of available surplus assets on liquidation applicable to any class or classes of shares
(1) if we are wound up and the assets available for distribution among our shareholders are more than sufficient to repay the whole of
the capital paid up at the commencement of the winding up, the excess shall be distributed pari passu among our shareholders in proportion
to the amount paid up at the commencement of the winding up on the shares held by them, respectively, and (2) if we are wound up and the
assets available for distribution among our shareholders as such are insufficient to repay the whole of the paid-up capital, those assets
shall be distributed so that, as nearly as may be, the losses shall be borne by our shareholders in proportion to the capital paid up,
or which ought to have been paid up, at the commencement of the winding up on the shares held by them, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 43.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 43.2pt">If we are wound up, the liquidator
may with the sanction of a special resolution and any other sanction required by the Companies Law, divide among our shareholders in specie
the whole or any part of our assets and may, for such purpose, value any assets and determine how such division shall be carried out as
between the shareholders or different classes of shareholders. The liquidator may also, with the sanction of a special resolution, vest
any part of these assets in trustees upon such trusts for the benefit of our shareholders as the liquidator shall think fit, but so that
no shareholder will be compelled to accept any assets, shares or other securities upon which there is a liability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 43.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Anti-Takeover Provisions</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 43.2pt">Some provisions of our&nbsp;Amended
and Restated Memorandum and Articles of Association may discourage, delay or prevent a change of control of our company or management
that shareholders may consider favorable, including provisions that authorize our board of directors to issue preferred shares in one
or more series and to designate the price, rights, preferences, privileges and restrictions of such preferred shares without any further
vote or action by our shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 43.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Inspection of Books and Records</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 43.2pt">Holders of ordinary shares will
have no general right under Cayman Islands law to inspect or obtain copies of our list of shareholders or our corporate records. However,
our board of directors may determine from time to time whether our accounting records and books shall be open to the inspection of our
shareholders not members of our board of directors. Notwithstanding the above, our&nbsp;Amended and Restated Memorandum and Articles of
Association provide our shareholders with the right to receive annual audited financial statements. Such right to receive annual audited
financial statements may be satisfied by filing such annual reports as we are required to file with the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 43.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 43.2pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 43.2pt">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 43.2pt">Under Cayman Islands law, we
must keep a register of shareholders that includes: the names and addresses of the shareholders, a statement of the shares held by each
member, and of the amount paid or agreed to be considered as paid, on the shares of each member; the date on which the name of any person
was entered on the register as a member; and the date on which any person ceased to be a member.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 43.2pt">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 43.2pt">We are an exempted company with
limited liability under the Companies Law. The Companies Law distinguishes between ordinary resident companies and exempted companies.
Any company that is registered in the Cayman Islands but conducts business mainly outside of the Cayman Islands may apply to be registered
as an exempted company. An exempted company:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 43.2pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 29px">&nbsp;</TD>
    <TD STYLE="width: 29px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">does not have to file an annual return of its shareholders with the Registrar of Companies;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 29px">&nbsp;</TD>
    <TD STYLE="width: 29px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">is not required to open its register of members for inspection;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 29px">&nbsp;</TD>
    <TD STYLE="width: 29px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">does not have to hold an annual general meeting;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 29px">&nbsp;</TD>
    <TD STYLE="width: 29px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">may issue shares with no par value;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 29px">&nbsp;</TD>
    <TD STYLE="width: 29px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">may obtain an undertaking against the imposition of any future taxation;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 29px">&nbsp;</TD>
    <TD STYLE="width: 29px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">may register by way of continuation in another jurisdiction and be deregistered in the Cayman Islands;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 29px">&nbsp;</TD>
    <TD STYLE="width: 29px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">may register as a limited duration company; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 29px">&nbsp;</TD>
    <TD STYLE="width: 29px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">may register as a segregated portfolio company.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 43.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 43.2pt">&ldquo;Limited liability&rdquo;
means that the liability of each shareholder is limited to the amount unpaid by the shareholder on the shares of the company (except in
exceptional circumstances, such as involving fraud, the establishment of an agency relationship or an illegal or improper purpose or other
circumstances in which a court may be prepared to pierce or lift the corporate veil).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 43.2pt">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 43.2pt">Our board of directors is empowered
to designate and issue from time to time one or more classes or series of preferred shares and to fix and determine the relative rights,
preferences, designations, qualifications, privileges, options, conversion rights, limitations and other special or relative rights of
each such class or series so authorized. Such action could adversely affect the voting power and other rights of the holders of our ordinary
shares or could have the effect of discouraging any attempt by a person or group to obtain control of us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 43.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Comparison of Cayman Islands Corporate Law and U.S. Corporate Law</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 43.2pt">The Cayman Islands Companies
Law is modeled after the corporate legislation of the United Kingdom but does not follow recent United Kingdom statutory enactments,
and differs from laws applicable to United States corporations and their shareholders. Set forth below is a summary of the significant
differences between the provisions of the Companies Law applicable to us and the laws applicable to companies incorporated in the United
States (particularly Delaware) and their shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 43.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 43.2pt"></P>

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<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="white-space: nowrap; width: 15%; border-top: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%; border-top: black 1pt solid; padding: 2pt 1.75pt 1.75pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 42%; border-top: black 1pt solid; padding: 2pt 1.75pt 1.75pt 2pt"><FONT STYLE="font-size: 10pt"><B>Delaware</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; border-top: black 1pt solid; padding: 2pt 1.75pt 1.75pt 2pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 41%; border-top: black 1pt solid; border-right: black 1pt solid; padding: 2pt 2pt 1.75pt 1.75pt"><FONT STYLE="font-size: 10pt"><B>Cayman Islands</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1pt solid; padding-left: 2pt"><FONT STYLE="font-size: 10pt"><B><I>Title of Organizational Documents</I></B></FONT></TD>
    <TD STYLE="padding: 1.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.75pt; padding-right: 1.75pt; padding-bottom: 1.75pt"><FONT STYLE="font-size: 10pt">Certificate of Incorporation and Bylaws</FONT></TD>
    <TD STYLE="padding-top: 1.75pt; padding-right: 1.75pt; padding-bottom: 1.75pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; padding: 1.75pt 2pt 1.75pt 1.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Certificate of Incorporation and</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">Memorandum and</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">Articles of Association</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1pt solid; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding: 1.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.75pt; padding-right: 1.75pt; padding-bottom: 1.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.75pt; padding-right: 1.75pt; padding-bottom: 1.75pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; padding: 1.75pt 2pt 1.75pt 1.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1pt solid; padding: 1.75pt 1.75pt 2pt 2pt; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt"><B><I>Duties of Directors</I></B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.75pt 1.75pt 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.75pt 1.75pt 2pt; text-align: justify"><FONT STYLE="font-size: 10pt">Under Delaware law, the business and affairs of a corporation are managed by or under the direction of its board of directors. In exercising their powers, directors are charged with a fiduciary duty of care to protect the interests of the corporation and a fiduciary duty of loyalty to act in the best interests of its shareholders. The duty of care requires that directors act in an informed and deliberative manner and inform themselves, prior to making a business decision, of all material information reasonably available to them. The duty of care also requires that directors exercise care in overseeing and investigating the conduct of the corporation&rsquo;s employees. The duty of loyalty may be summarized as the duty to act in good faith, not out of self-interest, and in a manner which the director reasonably believes to be in the best interests of the shareholders.</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.75pt 1.75pt 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.75pt 2pt 2pt 1.75pt; border-right: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As a matter of Cayman Islands law, directors of Cayman
    Islands companies owe fiduciary duties to their respective companies to, amongst other things, act in good faith in their dealings with
    or on behalf of the company and exercise their powers and fulfill the duties of their office honestly. Core duties are:</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 0 0 24pt; text-align: justify; text-indent: -10pt">&#9679; a duty to act
    in good faith in what the directors bona fide consider to be the best interests of the company (and in this regard, it should be noted
    that the duty is owed to the company and not to associate companies, subsidiaries or holding companies);</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify; text-indent: -10pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify; text-indent: -10pt">&#9679; a duty not to
    personally profit from opportunities that arise from the office of director;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify; text-indent: -10pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify; text-indent: -10pt">&#9679; a duty of trusteeship
    of the company&rsquo;s assets;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify; text-indent: -10pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify; text-indent: -10pt">&#9679; a duty not to
    put himself in a position where the structures of a company conflict of his or her personal interest on his or her duty to a third party
    to avoid conflicts of interest; and</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify; text-indent: -10pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify; text-indent: -10pt">&#9679; a duty to exercise
    powers for the purpose for which such powers were conferred.</P></TD></TR>
  </TABLE>
<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"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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 STYLE="vertical-align: top">
    <TD STYLE="width: 15%; border-top: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-top: black 1pt solid; padding: 2pt 1.75pt 1.75pt">&nbsp;</TD>
    <TD STYLE="width: 42%; border-top: black 1pt solid; padding: 2pt 1.75pt 1.75pt 2pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-top: black 1pt solid; padding: 2pt 1.75pt 1.75pt 2pt">&nbsp;</TD>
    <TD STYLE="width: 41%; border-top: black 1pt solid; border-right: black 1pt solid; padding: 2pt 2pt 1.75pt 1.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">A director of a Cayman Islands company also owes the company a duty to act with skill, care and diligence. A director need not exhibit in the performance of his or her duties a greater degree of skill than may reasonably be expected from a person of his or her knowledge and experience.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 2pt 1.75pt 1.75pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 1.75pt 1.75pt 2pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 1.75pt 1.75pt 2pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; padding: 2pt 2pt 1.75pt 1.75pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1pt solid; padding-left: 2pt"><FONT STYLE="font-size: 10pt"><B><I>Limitations on Personal Liability of Directors</I></B></FONT></TD>
    <TD STYLE="padding: 1.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.75pt; padding-right: 1.75pt; padding-bottom: 1.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">Subject to the limitations described below, a certificate of incorporation may provide for the elimination or limitation of the personal liability of a director to the corporation or its shareholders for monetary damages for a breach of fiduciary duty as a director. Such provision cannot limit liability for breach of loyalty, bad faith, intentional misconduct, unlawful payment of dividends or unlawful share purchase or redemption. In addition, the certificate of incorporation cannot limit liability for any act or omission occurring prior to the date when such provision becomes effective.</FONT></TD>
    <TD STYLE="padding-top: 1.75pt; padding-right: 1.75pt; padding-bottom: 1.75pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; padding: 1.75pt 2pt 1.75pt 1.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">The Companies Law of the Cayman Islands does not limit the extent to which a company&rsquo;s memorandum and articles of association may provide for indemnification of directors and officers. However, as a matter of public policy, Cayman Islands law will not allow the limitation of a director&rsquo;s liability to the extent that the liability is a consequence of the director committing a crime or of the director&rsquo;s own fraud, dishonesty or willful default.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1pt solid; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding: 1.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.75pt; padding-right: 1.75pt; padding-bottom: 1.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 1.75pt; padding-right: 1.75pt; padding-bottom: 1.75pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; padding: 1.75pt 2pt 1.75pt 1.75pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1pt solid; padding-left: 2pt"><FONT STYLE="font-size: 10pt"><B><I>Indemnification of Directors, Officers, Agents, and Others</I></B></FONT></TD>
    <TD STYLE="padding: 1.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.75pt; padding-right: 1.75pt; padding-bottom: 1.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">A corporation has the power to indemnify any director, officer, employee, or agent of corporation who was, is, or is threatened to be made a party who acted in good faith and in a manner he believed to be in the best interests of the corporation, and if with respect to a criminal proceeding, had no reasonable cause to believe his conduct would be unlawful, against amounts actually and reasonably incurred.</FONT></TD>
    <TD STYLE="padding-top: 1.75pt; padding-right: 1.75pt; padding-bottom: 1.75pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; padding: 1.75pt 2pt 1.75pt 1.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">Cayman Islands law does not limit the extent to which a company&rsquo;s memorandum and articles of association may provide for indemnification of directors and officers, except to the extent any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against the consequences of committing a crime, or against the indemnified person&rsquo;s own fraud or dishonesty. </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1pt solid; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding: 1.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.75pt; padding-right: 1.75pt; padding-bottom: 1.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 1.75pt; padding-right: 1.75pt; padding-bottom: 1.75pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; padding: 1.75pt 2pt 1.75pt 1.75pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1pt solid; padding: 1.75pt 1.75pt 2pt 2pt; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt"><B><I>Interested Directors</I></B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.75pt 1.75pt 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.75pt 1.75pt 2pt; text-align: justify"><FONT STYLE="font-size: 10pt">Under Delaware law, a transaction in which a director who has an interest in such transaction would not be voidable if (i) the material facts as to such interested director&rsquo;s relationship or interests are disclosed or are known to the board of directors and the board in good faith authorizes the transaction by the affirmative vote of a majority of the disinterested directors, even though the disinterested directors are less than a quorum, (ii) such material facts are disclosed or are known to the shareholders entitled to vote on such transaction and the transaction is specifically approved in good faith by vote of the shareholders, or (iii) the transaction is fair as to the corporation as of the time it is authorized, approved or ratified. Under Delaware law, a director could be held liable for any transaction in which such director derived an improper personal benefit.</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.75pt 1.75pt 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.75pt 2pt 2pt 1.75pt; border-right: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">Interested director transactions are governed by the terms of a company&rsquo;s memorandum and articles of association.</FONT></TD></TR>
  </TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

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<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: 15%; border-top: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt"><B><I>Voting Requirements</I></B></FONT></TD>
    <TD STYLE="width: 1%; border-top: black 1pt solid; padding: 2pt 1.75pt 1.75pt">&nbsp;</TD>
    <TD STYLE="width: 42%; border-top: black 1pt solid; padding: 2pt 1.75pt 1.75pt 2pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The certificate of incorporation may include a provision
    requiring supermajority approval by the directors or shareholders for any corporate action.</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">In addition, under Delaware law, certain business
    combinations involving interested shareholders require approval by a supermajority of the non-interested shareholders.</P></TD>
    <TD STYLE="width: 1%; border-top: black 1pt solid; padding: 2pt 1.75pt 1.75pt 2pt">&nbsp;</TD>
    <TD STYLE="width: 41%; border-top: black 1pt solid; border-right: black 1pt solid; padding: 2pt 2pt 1.75pt 1.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For the protection of shareholders, certain matters
    must be approved by special resolution of the shareholders as a matter of Cayman Islands law, including alteration of the memorandum or
    articles of association, appointment of inspectors to examine company affairs, reduction of share capital (subject, in relevant circumstances,
    to court approval), change of name, authorization of a plan of merger or transfer by way of continuation to another jurisdiction or consolidation
    or voluntary winding up of the company.</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 Companies Law of the Cayman Islands requires that
    a special resolution be passed by a super majority of at least two-thirds or such higher percentage as set forth in the memorandum and
    articles of association, of shareholders being entitled to vote and do vote in person or by proxy at a general meeting, or by unanimous
    written consent of shareholders entitled to vote at a general meeting.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 2pt 1.75pt 1.75pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 1.75pt 1.75pt 2pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 1.75pt 1.75pt 2pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; padding: 2pt 2pt 1.75pt 1.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1pt solid; padding-left: 2pt"><FONT STYLE="font-size: 10pt"><B><I>Voting for Directors</I></B></FONT></TD>
    <TD STYLE="padding: 1.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.75pt; padding-right: 1.75pt; padding-bottom: 1.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">Under Delaware law, unless otherwise specified in the certificate of incorporation or bylaws of the corporation, directors shall be elected by a plurality of the votes of the shares present in person or represented by proxy at the meeting and entitled to vote on the election of directors.</FONT></TD>
    <TD STYLE="padding-top: 1.75pt; padding-right: 1.75pt; padding-bottom: 1.75pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; padding: 1.75pt 2pt 1.75pt 1.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">The Companies Law of the Cayman Islands defines &ldquo;special resolutions&rdquo; only. A company&rsquo;s memorandum and articles of association can therefore tailor the definition of &ldquo;ordinary resolutions&rdquo; as a whole, or with respect to specific provisions.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1pt solid; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding: 1.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.75pt; padding-right: 1.75pt; padding-bottom: 1.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 1.75pt; padding-right: 1.75pt; padding-bottom: 1.75pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; padding: 1.75pt 2pt 1.75pt 1.75pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1pt solid; padding-left: 2pt"><FONT STYLE="font-size: 10pt"><B><I>Cumulative Voting</I></B></FONT></TD>
    <TD STYLE="padding: 1.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.75pt; padding-right: 1.75pt; padding-bottom: 1.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">No cumulative voting for the election of directors unless so provided in the certificate of incorporation.</FONT></TD>
    <TD STYLE="padding-top: 1.75pt; padding-right: 1.75pt; padding-bottom: 1.75pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; padding: 1.75pt 2pt 1.75pt 1.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">No cumulative voting for the election of directors unless so provided in the memorandum and articles of association.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1pt solid; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding: 1.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.75pt; padding-right: 1.75pt; padding-bottom: 1.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 1.75pt; padding-right: 1.75pt; padding-bottom: 1.75pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; padding: 1.75pt 2pt 1.75pt 1.75pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1pt solid; padding-left: 2pt"><FONT STYLE="font-size: 10pt"><B><I>Directors&rsquo; Powers Regarding Bylaws</I></B></FONT></TD>
    <TD STYLE="padding: 1.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.75pt; padding-right: 1.75pt; padding-bottom: 1.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">The certificate of incorporation may grant the directors the power to adopt, amend or repeal bylaws.</FONT></TD>
    <TD STYLE="padding-top: 1.75pt; padding-right: 1.75pt; padding-bottom: 1.75pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; padding: 1.75pt 2pt 1.75pt 1.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">The memorandum and articles of association may only be amended by a special resolution of the shareholders.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1pt solid; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding: 1.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.75pt; padding-right: 1.75pt; padding-bottom: 1.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 1.75pt; padding-right: 1.75pt; padding-bottom: 1.75pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; padding: 1.75pt 2pt 1.75pt 1.75pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1pt solid; padding: 1.75pt 1.75pt 2pt 2pt; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt"><B><I>Nomination and Removal of Directors and Filling Vacancies on Board</I></B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.75pt 1.75pt 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.75pt 1.75pt 2pt; text-align: justify"><FONT STYLE="font-size: 10pt">Shareholders may generally nominate directors if they comply with advance notice provisions and other procedural requirements in company bylaws. Holders of a majority of the shares may remove a director with or without cause, except in certain cases involving a classified board or if the company uses cumulative voting. Unless otherwise provided for in the certificate of incorporation, directorship vacancies are filled by a majority of the directors elected or then in office.</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.75pt 1.75pt 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.75pt 2pt 2pt 1.75pt; border-right: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">Nomination and removal of directors and filling of board vacancies are governed by the terms of the memorandum and articles of association.</FONT></TD></TR>
  </TABLE>
<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"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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 STYLE="vertical-align: top">
    <TD STYLE="width: 15%; border-top: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt"><B><I>Mergers and Similar Arrangements</I></B></FONT></TD>
    <TD STYLE="width: 1%; border-top: black 1pt solid; padding: 2pt 1.75pt 10pt">&nbsp;</TD>
    <TD STYLE="width: 42%; border-top: black 1pt solid; padding: 2pt 1.75pt 10pt 2pt; text-align: justify"><FONT STYLE="font-size: 10pt">Under Delaware law, with certain exceptions, a merger, consolidation, exchange or sale of all or substantially all the assets of a corporation must be approved by the board of directors and a majority of the outstanding shares entitled to vote thereon. Under Delaware law, a shareholder of a corporation participating in certain major corporate transactions may, under certain circumstances, be entitled to appraisal rights pursuant to which such shareholder may receive cash in the amount of the fair value of the shares held by such shareholder (as determined by a court) in lieu of the consideration such shareholder would otherwise receive in the transaction.</FONT></TD>
    <TD STYLE="width: 1%; border-top: black 1pt solid; padding: 2pt 1.75pt 10pt 2pt">&nbsp;</TD>
    <TD STYLE="width: 41%; border-top: black 1pt solid; border-right: black 1pt solid; padding: 2pt 2pt 10pt 1.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">Cayman Islands Companies Law provides for the merger or consolidation of two or more companies into a single entity. The legislation makes a distinction between a &ldquo;consolidation&rdquo; and a &ldquo;merger.&rdquo; In a consolidation, a new entity is formed from the combination of each participating company, and the separate consolidating parties, as a consequence, cease to exist and are each stricken by the Registrar of Companies. In a merger, one company remains as the surviving entity, having in effect absorbed the other merging parties that are then stricken and cease to exist. </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1pt solid; padding: 1.75pt 1.75pt 2pt 2pt; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.75pt 1.75pt 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.75pt 1.75pt 2pt; text-align: justify"><FONT STYLE="font-size: 10pt">Delaware law also provides that a parent corporation, by resolution of its board of directors, may merge with any subsidiary, of which it owns at least 90% of each class of capital stock without a vote by shareholders of such subsidiary. Upon any such merger, dissenting shareholders of the subsidiary would have appraisal rights.</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.75pt 1.75pt 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.75pt 2pt 2pt 1.75pt; border-right: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Two or more Cayman-registered companies may merge
    or consolidate. Cayman-registered companies may also merge or consolidate with foreign companies provided that the laws of the foreign
    jurisdiction permit such merger or consolidation.</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">Under the new rules, a plan of merger or consolidation
    shall be authorized by each constituent company by way of (i) a special resolution of the members of each such constituent company; and
    (ii) such other authorization, if any, as may be specified in such constituent company&rsquo;s memorandum and articles of association.</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">A merger between a Cayman parent company and its Cayman
    subsidiary or subsidiaries does not require authorization by a resolution of shareholders of that Cayman subsidiary if a copy of the plan
    of merger is given to every member of that Cayman subsidiary to be merged unless that member agrees otherwise. For this purpose, a subsidiary
    is a company of which at least ninety percent (90%) of the issued shares entitled to vote are owned by the parent company.</P></TD></TR>
  </TABLE>
<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"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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 STYLE="vertical-align: top">
    <TD STYLE="width: 15%; border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 1.75pt">&nbsp;</TD>
    <TD STYLE="width: 42%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 1.75pt 2pt 2pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 1.75pt 2pt 2pt">&nbsp;</TD>
    <TD STYLE="width: 41%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 2pt 2pt 1.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The consent of each holder of a fixed or floating
    security interest over a constituent company is required unless this requirement is waived by a court in the Cayman Islands.</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">Save in certain circumstances, a dissentient shareholder
    of a Cayman constituent company is entitled to payment of the fair value of his shares upon dissenting to a merger or consolidation. The
    exercise of appraisal rights will preclude the exercise of any other rights save for the right to seek relief on the grounds that the
    merger or consolidation is void or unlawful.</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">In addition, there are statutory provisions that facilitate
    the reconstruction and amalgamation of companies, provided that the arrangement is approved by a majority in number of each class of shareholders
    and creditors with whom the arrangement is to be made, and who must in addition represent three-fourths in value of each such class of
    shareholders or creditors, as the case may be, that are present and voting either in person or by proxy at a meeting, or meetings, convened
    for that purpose. The convening of the meetings and subsequently the arrangement must be sanctioned by the Grand Court of the Cayman Islands.
    While a dissenting shareholder has the right to express to the court the view that the transaction ought not to be approved, the court
    can be expected to approve the arrangement if it determines that:</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 0 0 24pt; text-align: justify; text-indent: -10pt">&#9679; the statutory
    provisions as to the required majority vote have been met;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify; text-indent: -10pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify; text-indent: -10pt">&#9679; the shareholders
    have been fairly represented at the meeting in question and the statutory majority are acting bona fide without coercion of the minority
    to promote interests adverse to those of the class;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify; text-indent: -10pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify; text-indent: -10pt">&#9679; the arrangement
    is such that may be reasonably approved by an intelligent and honest man of that class acting in respect of his interest; and</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify; text-indent: -10pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify; text-indent: -10pt">&#9679; the arrangement
    is not one that would more properly be sanctioned under some other provision of the Companies Law.</P></TD></TR>
  </TABLE>
<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"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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 STYLE="vertical-align: top">
    <TD STYLE="width: 15%; border-top: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-top: black 1pt solid; padding: 2pt 1.75pt 1.75pt">&nbsp;</TD>
    <TD STYLE="width: 42%; border-top: black 1pt solid; padding: 2pt 1.75pt 1.75pt 2pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-top: black 1pt solid; padding: 2pt 1.75pt 1.75pt 2pt">&nbsp;</TD>
    <TD STYLE="width: 41%; border-top: black 1pt solid; border-right: black 1pt solid; padding: 2pt 2pt 1.75pt 1.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">When a takeover offer is made and accepted by holders
    of 90.0% of the shares within four months, the offeror may, within a two-month period commencing on the expiration of such four month
    period, require the holders of the remaining shares to transfer such shares on the terms of the offer. An objection can be made to the
    Grand Court of the Cayman Islands but this is unlikely to succeed in the case of an offer which has been so approved unless there is evidence
    of fraud, bad faith or collusion.</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">If an arrangement and reconstruction is thus approved,
    the dissenting shareholder would have no rights comparable to appraisal rights, which would otherwise ordinarily be available to dissenting
    shareholders of Delaware corporations, providing rights to receive payment in cash for the judicially determined value of the shares.</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">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1pt solid; padding-left: 2pt"><FONT STYLE="font-size: 10pt"><B><I>Shareholder Suits</I></B></FONT></TD>
    <TD STYLE="padding: 1.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.75pt; padding-right: 1.75pt; padding-bottom: 1.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">Class actions and derivative actions generally are available to shareholders under Delaware law for, among other things, breach of fiduciary duty, corporate waste and actions not taken in accordance with applicable law. In such actions, the court generally has discretion to permit the winning party to recover attorneys&rsquo; fees incurred in connection with such action. </FONT></TD>
    <TD STYLE="padding-top: 1.75pt; padding-right: 1.75pt; padding-bottom: 1.75pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; padding: 1.75pt 2pt 1.75pt 1.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In principle, we will normally be the proper plaintiff
    and as a general rule a derivative action may not be brought by a minority shareholder. However, based on English authorities, which would
    in all likelihood be of persuasive authority in the Cayman Islands, there are exceptions to the foregoing principle, including when:</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 0 0 24pt; text-align: justify; text-indent: -10pt">&#9679; a company acts
    or proposes to act illegally or ultra vires;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify; text-indent: -10pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify; text-indent: -10pt">&#9679; the act complained
    of, although not ultra vires, could only be effected duly if authorized by more than a simple majority vote that has not been obtained;
    and</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify; text-indent: -10pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify; text-indent: -10pt">&#9679; those who control
    the company are perpetrating a &ldquo;fraud on the minority.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify; text-indent: -10pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1pt solid; padding-left: 2pt"><FONT STYLE="font-size: 10pt"><B><I>Inspection of Corporate Records</I></B></FONT></TD>
    <TD STYLE="padding: 1.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.75pt; padding-right: 1.75pt; padding-bottom: 1.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">Under Delaware law, shareholders of a Delaware corporation have the right during normal business hours to inspect for any proper purpose, and to obtain copies of list(s) of shareholders and other books and records of the corporation and its subsidiaries, if any, to the extent the books and records of such subsidiaries are available to the corporation.</FONT></TD>
    <TD STYLE="padding-top: 1.75pt; padding-right: 1.75pt; padding-bottom: 1.75pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; padding: 1.75pt 2pt 1.75pt 1.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Shareholders of a Cayman Islands exempted company
    have no general right under Cayman Islands law to inspect or obtain copies of a list of shareholders or other corporate records (other
    than the register of mortgages or charges) of the company. However, these rights may be provided in the company&rsquo;s memorandum and
    articles of association.</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">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1pt solid; padding: 1.75pt 1.75pt 2pt 2pt; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt"><B><I>Shareholder Proposals</I></B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.75pt 1.75pt 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.75pt 1.75pt 2pt; text-align: justify"><FONT STYLE="font-size: 10pt">Unless provided in the corporation&rsquo;s certificate of incorporation or bylaws, Delaware law does not include a provision restricting the manner in which shareholders may bring business before a meeting.</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.75pt 1.75pt 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.75pt 2pt 2pt 1.75pt; border-right: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">The Companies Law of the Cayman Islands does not provide shareholders any right to bring business before a meeting or requisition a general meeting. However, these rights may be provided in the company&rsquo;s memorandum and articles of association.</FONT></TD></TR>
  </TABLE>
<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"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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 STYLE="vertical-align: top">
    <TD STYLE="width: 15%; border-top: black 1pt solid; border-left: black 1pt solid; padding-right: 1.75pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt"><B><I>Approval of Corporate Matters by Written Consent</I></B></FONT></TD>
    <TD STYLE="width: 1%; border-top: black 1pt solid; padding: 2pt 1.75pt 1.75pt">&nbsp;</TD>
    <TD STYLE="width: 42%; border-top: black 1pt solid; padding: 2pt 1.75pt 1.75pt 2pt; text-align: justify"><FONT STYLE="font-size: 10pt">Delaware law permits shareholders to take action by written consent signed by the holders of outstanding shares having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting of shareholders.</FONT></TD>
    <TD STYLE="width: 1%; border-top: black 1pt solid; padding: 2pt 1.75pt 1.75pt 2pt">&nbsp;</TD>
    <TD STYLE="width: 41%; border-top: black 1pt solid; border-right: black 1pt solid; padding: 2pt 2pt 1.75pt 1.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">The Companies Law of the Cayman Islands allows a special resolution to be passed in writing if signed by all the voting shareholders (if authorized by the memorandum and articles of association). </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1pt solid; padding: 1.75pt 1.75pt 2pt 2pt; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt"><B><I>Calling of Special Shareholders Meetings</I></B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.75pt 1.75pt 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.75pt 1.75pt 2pt; text-align: justify"><FONT STYLE="font-size: 10pt">Delaware law permits the board of directors or any person who is authorized under a corporation&rsquo;s certificate of incorporation or bylaws to call a special meeting of shareholders.</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.75pt 1.75pt 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.75pt 2pt 2pt 1.75pt; border-right: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">The Companies Law of the Cayman Islands does not have provisions governing the proceedings of shareholders meetings which are usually provided in the memorandum and articles of association.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Transfer Agent and Registrar of Shares</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 43.2pt">The transfer agent and registrar
for our ordinary shares is VStock Transfer, LLC. The transfer agent and registrar&rsquo;s address is 18 Lafayette Place, Woodmere, NY
11598.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 43.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Rule 144</B></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">In general, persons who have beneficially owned restricted
ordinary shares for at least six months, and any affiliate of the company who owns either restricted or unrestricted securities, are entitled
to sell their securities without registration with the SEC under an exemption from registration provided by Rule 144 under the Securities
Act.</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"><I>Non-Affiliates</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">Any person who is not deemed to have been one of our
affiliates at the time of, or at any time during the three months preceding, a sale may sell an unlimited number of restricted securities
under Rule 144 if:</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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 29px">&nbsp;</TD>
    <TD STYLE="width: 29px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the restricted securities have been held for at least six months, including the holding period of any prior owner other than one of our affiliates;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 29px">&nbsp;</TD>
    <TD STYLE="width: 29px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">we have been subject to the Exchange Act periodic reporting requirements for at least 90 days before the sale; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 29px">&nbsp;</TD>
    <TD STYLE="width: 29px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">we are current in our Exchange Act reporting at the time of sale.</FONT></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">Any person who is not deemed to have been an affiliate
of ours at the time of, or at any time during the three months preceding, a sale and has held the restricted securities for at least one
year, including the holding period of any prior owner other than one of our affiliates, will be entitled to sell an unlimited number of
restricted securities without regard to the length of time we have been subject to Exchange Act periodic reporting or whether we are current
in our Exchange Act reporting.</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"><I>Affiliates</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">Persons seeking to sell restricted securities who
are our affiliates at the time of, or any time during the three months preceding, a sale, would be subject to the restrictions described
above. They are also subject to additional restrictions, by which such person would be required to comply with the manner of sale and
notice provisions of Rule 144 and would be entitled to sell within any three-month period only that number of securities that does not
exceed the greater of either of the following:</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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 29px">&nbsp;</TD>
    <TD STYLE="width: 29px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">1% of the number of ordinary shares then outstanding; or</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 29px">&nbsp;</TD>
    <TD STYLE="width: 29px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the average weekly trading volume of our ordinary shares in the form of ordinary shares on the Nasdaq Capital Market during the four calendar weeks preceding the filing of a notice on Form 144 with respect to the sale.</FONT></TD></TR>
  </TABLE>
<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"></P>

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<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: justify">Additionally, persons who are our affiliates at the
time of, or any time during the three months preceding, a sale may sell unrestricted securities under the requirements of Rule 144 described
above, without regard to the six-month holding period of Rule 144, which does not apply to sales of unrestricted securities.</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"><B>Rule 701</B></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">Rule 701 under the Securities Act, as in effect on
the date of this prospectus, permits resales of shares in reliance upon Rule 144 but without compliance with certain restrictions of Rule
144, including the holding period requirement. If any of our employees, executive officers or directors purchase shares under a written
compensatory plan or contract, they may be entitled to rely on the resale provisions of Rule 701, but all holders of Rule 701 shares would
be required to wait until 90 days after the date of this prospectus before selling any such shares.</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"><B>Regulation S</B></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">Regulation S provides generally that sales made in
offshore transactions are not subject to the registration or prospectus-delivery requirements of the Securities Act.</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: center"><B>QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET
RISK</B></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: justify"><B><I>Interest Rate Risk</I></B></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: 21.6pt">We are exposed to interest rate
risk while we have short-term bank loans outstanding. Although interest rates for our short-term loans are typically fixed for the terms
of the loans, the terms are typically twelve months and interest rates are subject to change upon renewal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Credit Risk</I></B></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: 22.5pt">Financial instruments that potentially
subject the Company to significant concentrations of credit risk consist primarily of cash (including restricted cash and certificate
deposits). As of December 31, 2020, 2019 and 2018, $15,800,498, $15,478,337and $11,828,316 were deposited with financial institutions
located in the PRC, respectively. These balances are not covered by insurance. While management believes that these financial institutions
are of high credit quality, it also continually monitors their credit worthiness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 22.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 22.5pt">The Company is also exposed to
risk from its accounts receivable and other receivables. These assets are subjected to credit evaluations. An allowance has been made
for estimated unrecoverable amounts which have been determined by reference to past default experience and the current economic environment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 22.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 22.5pt">A majority of the Company&rsquo;s
expense transactions are denominated in RMB and a significant portion of the Company and its subsidiaries&rsquo; assets and liabilities
are denominated in RMB. RMB is not freely convertible into foreign currencies. In the PRC, certain foreign exchange transactions are required
by law to be transacted only by authorized financial institutions at exchange rates set by the People&rsquo;s Bank of China (&ldquo;PBOC&rdquo;).
Remittances in currencies other than RMB by the Company in China must be processed through the PBOC or other China foreign exchange regulatory
bodies which require certain supporting documentation in order to affect the remittance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 22.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 22.5pt">Our functional currency is the
RMB, and our financial statements are presented in U.S. dollars. It is difficult to predict how market forces or PRC or U.S. government
policy may impact the exchange rate between the RMB and the U.S. dollar in the future. The change in the value of the RMB relative to
the U.S. dollar may affect our financial results reported in the U.S. dollar terms without giving effect to any underlying changes in
our business or results of operations. Currently, our assets, liabilities, revenues and costs are denominated in RMB.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 22.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">To the extent that the Company
needs to convert U.S. dollars into RMB for capital expenditures and working capital and other business purposes, appreciation of RMB against
the U.S. dollar would have an adverse effect on the RMB amount the Company would receive from the conversion. Conversely, if the Company
decides to convert RMB into U.S. dollars for the purpose of making payments for dividends, strategic acquisition or investments or other
business purposes, appreciation of U.S. dollar against RMB would have a negative effect on the U.S. dollar amount available to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">Credit risk is controlled by
the application of credit approvals, limits and monitoring procedures. We manage credit risk through in-house research and analysis of
the Chinese economy and the underlying obligors and transaction structures. We identify credit risk collectively based on industry, geography
and customer type. In measuring the credit risk of our sales to our customers, we mainly reflect the &ldquo;probability of default&rdquo;
by the customer on its contractual obligations and consider the current financial position of the customer and the current and likely
future exposures to the customer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Liquidity Risk</I></B></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: 21.6pt">We are also exposed to liquidity
risk which is risk that we will be unable to provide sufficient capital resources and liquidity to meet our commitments and business needs.
Liquidity risk is controlled by the application of financial position analysis and monitoring procedures. When necessary, we will turn
to other financial institutions and related parties to obtain short-term funding to cover any liquidity shortage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Foreign Exchange Risk</I></B></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: 21.6pt">While our reporting currency
is the U.S. dollar, almost all of our consolidated revenues and consolidated costs and expenses are denominated in RMB. All of our assets
are denominated in RMB. As a result, we are exposed to foreign exchange risk as our revenues and results of operations may be affected
by fluctuations in the exchange rate between the U.S. dollar and RMB. If the RMB depreciates against the U.S. dollar, the value of our
RMB revenues, earnings and assets as expressed in our U.S. dollar financial statements will decline. We have not entered into any hedging
transactions in an effort to reduce our exposure to foreign exchange risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Customer Concentration Risk</I></B></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: 21.6pt">For the year ended December 31,
2020, one customer under the same ownership accounted for 10.4% of the Company&rsquo;s total revenues. For the year ended December 31,
2019, two customers under the same ownership accounted for 12.1% of the Company&rsquo;s total revenues. For the year ended December 31,
2018, two customers accounted for 10.8% of the Company&rsquo;s total revenues.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">As of December 31, 2020, one
customer under the same ownership accounted for 8.3% of the total balance of accounts receivable. As of December 31, 2019, two customers
under the same ownership accounted for 15.1% of the total balance of accounts receivable. For the year ended December 31, 2018, two customers
accounted for 10.8% of the total balance of account receivable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Vendor Concentration Risk</I></B></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: 21.6pt">For the year ended December 31,
2020, two vendors accounted for 26.48% and 25.32% of the Company&rsquo;s total purchases. For the year ended December 31, 2019, two vendors
accounted for 54.84% and 31.53% of the Company&rsquo;s total purchases. For the year ended December 31, 2018, two vendors accounted for
49.2% and 43.6% of the Company&rsquo;s total purchases.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">As of December 31, 2020, one
vendor accounted for 30.7% of the total balance of accounts payable. As of December 31, 2019, one vendor accounted for 14% of the total
balance of accounts payable. For the year ended December 31, 2018, two vendors accounted for 62.4% and 17.1% of the total balance of account
payable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="a_018"></A>MATERIAL INCOME TAX CONSIDERATIONS</B></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: justify"><B>Material U.S. Federal Income Tax Considerations
for U.S. Holders</B></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 following discussion describes the material U.S.
federal income tax consequences relating to the ownership and disposition of our ordinary shares by U.S. Holders (as defined below). This
discussion applies to U.S. Holders that purchase our ordinary shares pursuant to this offering and hold such ordinary shares as capital
assets. This discussion is based on the U.S. Internal Revenue Code of 1986, as amended, U.S. Treasury regulations promulgated thereunder
and administrative and judicial interpretations thereof, all as in effect on the date hereof and all of which are subject to change, possibly
with retroactive effect. This discussion does not address all of the U.S. federal income tax consequences that may be relevant to specific
U.S. Holders in light of their particular circumstances or to U.S. Holders subject to special treatment under U.S. federal income tax
law (such as certain financial institutions, insurance companies, dealers or traders in securities or other persons that generally mark
their securities to market for U.S. federal income tax purposes, tax-exempt entities or governmental organizations, retirement plans,
regulated investment companies, real estate investment trusts, grantor trusts, brokers, dealers or traders in securities, commodities,
currencies or notional principal contracts, certain former citizens or long-term residents of the United States, persons who hold our
ordinary shares as part of a &ldquo;straddle,&rdquo; &ldquo;hedge,&rdquo; &ldquo;conversion transaction,&rdquo; &ldquo;synthetic security&rdquo;
or integrated investment, persons that have a &ldquo;functional currency&rdquo; other than the U.S. dollar, persons that own directly,
indirectly or through attribution 10% or more of the voting power of our ordinary shares, corporations that accumulate earnings to avoid
U.S. federal income tax, partnerships and other pass-through entities, and investors in such pass-through entities). This discussion does
not address any U.S. state or local or non-U.S. tax consequences or any U.S. federal estate, gift or alternative minimum tax consequences.</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">As used in this discussion, the term &ldquo;U.S. Holder&rdquo;
means a beneficial owner of our ordinary shares who is, for U.S. federal income tax purposes, (1) an individual who is a citizen or resident
of the United States, (2) a corporation (or entity treated as a corporation for U.S. federal income tax purposes) created or organized
in or under the laws of the United States, any state thereof, or the District of Columbia, (3) an estate the income of which is subject
to U.S. federal income tax regardless of its source or (4) a trust (x) with respect to which a court within the United States is able
to exercise primary supervision over its administration and one or more United States persons have the authority to control all of its
substantial decisions or (y) that has elected under applicable U.S. Treasury regulations to be treated as a domestic trust for U.S. federal
income tax purposes.</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">If an entity treated as a partnership for U.S. federal
income tax purposes holds our ordinary shares, the U.S. federal income tax consequences relating to an investment in such ordinary shares
will depend in part upon the status and activities of such entity and the particular partner. Any such entity should consult its own tax
advisor regarding the U.S. federal income tax consequences applicable to it and its partners of the purchase, ownership and disposition
of our ordinary shares.</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">Persons considering an investment in our ordinary
shares should consult their own tax advisors as to the particular tax consequences applicable to them relating to the purchase, ownership
and disposition of our ordinary shares including the applicability of U.S. federal, state and local tax laws and non-U.S. tax laws.</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"><B><I>Passive Foreign Investment Company Consequences</I></B></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">In general, a corporation organized outside the United
States will be treated as a PFIC for any taxable year in which either (1) at least 75% of its gross income is &ldquo;passive income&rdquo;,
or the PFIC income test, or (2) on average at least 50% of its assets, determined on a quarterly basis, are assets that produce passive
income or are held for the production of passive income, or the PFIC asset test. Passive income for this purpose generally includes, among
other things, dividends, interest, royalties, rents, and gains from the sale or exchange of property that gives rise to passive income.
Assets that produce or are held for the production of passive income generally include cash, even if held as working capital or raised
in a public offering, marketable securities, and other assets that may produce passive income. Generally, in determining whether a non-U.S.
corporation is a PFIC, a proportionate share of the income and assets of each corporation in which it owns, directly or indirectly, at
least a 25% interest (by value) is taken into account.</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">Although PFIC status is determined on an annual basis
and generally cannot be determined until the end of a taxable year, based on the nature of our current and expected income and the current
and expected value and composition of our assets, we do not presently expect to be a PFIC for our current taxable year or the foreseeable
future. However, there can be no assurance given in this regard because the determination of whether we are or will become a PFIC is a
fact-intensive inquiry made on an annual basis that depends, in part, upon the composition of our income and assets. In addition, there
can be no assurance that the IRS will agree with our conclusion or that the IRS would not successfully challenge our position.</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>

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<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">If we are a PFIC in any taxable year during which
a U.S. Holder owns our ordinary shares, the U.S. Holder could be liable for additional taxes and interest charges under the &ldquo;PFIC
excess distribution regime&rdquo; upon (1) a distribution paid during a taxable year that is greater than 125% of the average annual distributions
paid in the three preceding taxable years, or, if shorter, the U.S. Holder&rsquo;s holding period for our ordinary shares , and (2) any
gain recognized on a sale, exchange or other disposition, including a pledge, of our ordinary shares, whether or not we continue to be
a PFIC. Under the PFIC excess distribution regime, the tax on such distribution or gain would be determined by allocating the distribution
or gain ratably over the U.S. Holder&rsquo;s holding period for our ordinary shares. The amount allocated to the current taxable year
(i.e., the year in which the distribution occurs or the gain is recognized) and any year prior to the first taxable year in which we are
a PFIC will be taxed as ordinary income earned in the current taxable year. The amount allocated to other taxable years will be taxed
at the highest marginal rates in effect for individuals or corporations, as applicable, to ordinary income for each such taxable year,
and an interest charge, generally applicable to underpayments of tax, will be added to the tax.</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">If we are a PFIC for any year during which a U.S.
Holder holds our ordinary shares, we must generally continue to be treated as a PFIC by that holder for all succeeding years during which
the U.S. Holder holds such ordinary shares, unless we cease to meet the requirements for PFIC status and the U.S. Holder makes a &ldquo;deemed
sale&rdquo; election with respect to our ordinary shares. If the election is made, the U.S. Holder will be deemed to sell our ordinary
shares it holds at their fair market value on the last day of the last taxable year in which we qualified as a PFIC, and any gain recognized
from such deemed sale would be taxed under the PFIC excess distribution regime. After the deemed sale election, the U.S. Holder&rsquo;s
ordinary shares would not be treated as shares of a PFIC unless we subsequently become a PFIC.</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">If we are a PFIC for any taxable year during which
a U.S. Holder holds our ordinary shares and one of our non-United States subsidiaries is also a PFIC (i.e., a lower-tier PFIC), such U.S.
Holder would be treated as owning a proportionate amount (by value) of the shares of the lower-tier PFIC and would be taxed under the
PFIC excess distribution regime on distributions by the lower-tier PFIC and on gain from the disposition of shares of the lower-tier PFIC
even though such U.S. Holder would not receive the proceeds of those distributions or dispositions. Any of our non-United States subsidiaries
that have elected to be disregarded as entities separate from us or as partnerships for U.S. federal income tax purposes would not be
corporations under U.S. federal income tax law and accordingly, cannot be classified as lower-tier PFICs. However, non-United States subsidiaries
that have not made the election may be classified as a lower-tier PFIC if we are a PFIC during your holding period and the subsidiary
meets the PFIC income test or PFIC asset test. Each U.S. Holder is advised to consult its tax advisors regarding the application of the
PFIC rules to any of our non-United States subsidiaries.</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">If we are a PFIC, a U.S. Holder will not be subject
to tax under the PFIC excess distribution regime on distributions or gain recognized on our ordinary shares if a valid &ldquo;mark-to-market&rdquo;
election is made by the U.S. Holder for our ordinary shares. An electing U.S. Holder generally would take into account as ordinary income
each year, the excess of the fair market value of our ordinary shares held at the end of such taxable year over the adjusted tax basis
of such ordinary shares. The U.S. Holder would also take into account, as an ordinary loss each year, the excess of the adjusted tax basis
of such ordinary shares over their fair market value at the end of the taxable year, but only to the extent of the excess of amounts previously
included in income over ordinary losses deducted as a result of the mark-to-market election. The U.S. Holder&rsquo;s tax basis in our
ordinary shares would be adjusted to reflect any income or loss recognized as a result of the mark-to-market election. Any gain from a
sale, exchange or other disposition of our ordinary shares in any taxable year in which we are a PFIC would be treated as ordinary income
and any loss from such sale, exchange or other disposition would be treated first as ordinary loss (to the extent of any net mark-to-market
gains previously included in income) and thereafter as capital loss. If, after having been a PFIC for a taxable year, we cease to be classified
as a PFIC because we no longer meet the PFIC income or PFIC asset test, the U.S. Holder would not be required to take into account any
latent gain or loss in the manner described above and any gain or loss recognized on the sale or exchange of the ordinary shares would
be classified as a capital gain or loss.</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>

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<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">A mark-to-market election is available to a U.S. Holder
only for &ldquo;marketable stock.&rdquo; Generally, stock will be considered marketable stock if it is &ldquo;regularly traded&rdquo;
on a &ldquo;qualified exchange&rdquo; within the meaning of applicable U.S. Treasury regulations. A class of stock is regularly traded
during any calendar year during which such class of stock is traded, other than in de minimis quantities, on at least 15 days during each
calendar quarter.</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">Our ordinary shares will be marketable stock as long
as they remain listed on the Nasdaq Capital Market and are regularly traded. A mark-to-market election will not apply to the ordinary
shares for any taxable year during which we are not a PFIC, but will remain in effect with respect to any subsequent taxable year in which
we become a PFIC. Such election will not apply to any of our non-U.S. subsidiaries. Accordingly, a U.S. Holder may continue to be subject
to tax under the PFIC excess distribution regime with respect to any lower-tier PFICs notwithstanding the U.S. Holder&rsquo;s mark-to-market
election for the ordinary shares.</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">Except for stamp duties which may be applicable on
instruments executed in or brought within the jurisdiction of the Cayman Islands, no stamp duty, capital duty, registration or other issue
or documentary taxes are payable in the Cayman Islands on the creation, issuance or delivery of the ordinary shares. The Cayman Islands
currently have no form of income, corporate or capital gains tax and no estate duty, inheritance tax or gift tax. There are currently
no Cayman Islands&rsquo; taxes or duties of any nature on gains realized on a sale, exchange, conversion, transfer or redemption of the
ordinary shares. Payments of dividends and capital in respect of the ordinary shares will not be subject to taxation in the Cayman Islands
and no withholding will be required on the payment of interest and principal or a dividend or capital to any holder of the ordinary shares,
nor will gains derived from the disposal of the ordinary shares be subject to Cayman Islands income or corporation tax as the Cayman Islands
currently have no form of income or corporation taxes.</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 tax consequences that would apply if we are a
PFIC would also be different from those described above if a U.S. Holder were able to make a valid qualified electing fund, or QEF, election.
As we do not expect to provide U.S. Holders with the information necessary for a U.S. Holder to make a QEF election, prospective investors
should assume that a QEF election will not be available.</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"><B>The U.S. federal income tax rules relating to PFICs
are very complex. Prospective U.S. investors are strongly urged to consult their own tax advisors with respect to the impact of PFIC status
on the purchase, ownership and disposition of our ordinary shares, the consequences to them of an investment in a PFIC, any elections
available with respect to the ordinary shares and the IRS information reporting obligations with respect to the purchase, ownership and
disposition of ordinary shares of a PFIC.</B></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"><B><I>Distributions</I></B></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">Subject to the discussion above under &ldquo;&mdash;
Passive Foreign Investment Company Consequences,&rdquo; a U.S. Holder that receives a distribution with respect to our ordinary shares
generally will be required to include the gross amount of such distribution in gross income as a dividend when actually or constructively
received to the extent of the U.S. Holder&rsquo;s pro rata share of our current and/or accumulated earnings and profits (as determined
under U.S. federal income tax principles). To the extent a distribution received by a U.S. Holder is not a dividend because it exceeds
the U.S. Holder&rsquo;s pro rata share of our current and accumulated earnings and profits, it will be treated first as a tax-free return
of capital and reduce (but not below zero) the adjusted tax basis of the U.S. Holder&rsquo;s ordinary shares. To the extent the distribution
exceeds the adjusted tax basis of the U.S. Holder&rsquo;s ordinary shares, the remainder will be taxed as capital gain. Because we may
not account for our earnings and profits in accordance with U.S. federal income tax principles, U.S. Holders should expect all distributions
to be reported to them as dividends.</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">Distributions on our ordinary shares that are treated
as dividends generally will constitute income from sources outside the United States for foreign tax credit purposes and generally will
constitute passive category income. Such dividends will not be eligible for the &ldquo;dividends received&rsquo;&rsquo; deduction generally
allowed to corporate shareholders with respect to dividends received from U.S. corporations. Dividends paid by a &ldquo;qualified foreign
corporation&rsquo;&rsquo; to certain non-corporate U.S. Holders may be are eligible for taxation at a reduced capital gains rate rather
than the marginal tax rates generally applicable to ordinary income provided that a holding period requirement (more than 60 days of ownership,
without protection from the risk of loss, during the 121-day period beginning 60 days before the ex-dividend date) and certain other requirements
are met. Each U.S. Holder is advised to consult its tax advisors regarding the availability of the reduced tax rate on dividends to its
particular circumstances. However, if we are a PFIC for the taxable year in which the dividend is paid or the preceding taxable year (see
discussion above under &ldquo;&mdash; Passive Foreign Investment Company Consequences&rsquo;&rsquo;), we will not be treated as a qualified
foreign corporation, and therefore the reduced capital gains tax rate described above will not apply.</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>

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<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">Dividends will be included in a U.S. Holder&rsquo;s
income on the date of the depositary&rsquo;s receipt of the dividend. The amount of any dividend income paid in Cayman Islands dollars
will be the U.S. dollar amount calculated by reference to the exchange rate in effect on the date of receipt, regardless of whether the
payment is in fact converted into U.S. dollars. If the dividend is converted into U.S. dollars on the date of receipt, a U.S. Holder should
not be required to recognize foreign currency gain or loss in respect to the dividend income. A U.S. Holder may have foreign currency
gain or loss if the dividend is converted into U.S. dollars after the date of receipt.</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">A non-United States corporation (other than a corporation
that is classified as a PFIC for the taxable year in which the dividend is paid or the preceding taxable year) generally will be considered
to be a qualified foreign corporation with respect to any dividend it pays on ordinary shares that are readily tradable on an established
securities market in the United States.</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"><B><I>Sale, Exchange or Other Disposition of Our Ordinary
Shares</I></B></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">Subject to the discussion above under &ldquo;&mdash;
Passive Foreign Investment Company Consequences,&rsquo;&rsquo; a U.S. Holder generally will recognize capital gain or loss for U.S. federal
income tax purposes upon the sale, exchange or other disposition of our ordinary shares in an amount equal to the difference, if any,
between the amount realized (i.e., the amount of cash plus the fair market value of any property received) on the sale, exchange or other
disposition and such U.S. Holder&rsquo;s adjusted tax basis in the ordinary shares. Such capital gain or loss generally will be long-term
capital gain taxable at a reduced rate for non-corporate U.S. Holders or long-term capital loss if, on the date of sale, exchange or other
disposition, the ordinary shares were held by the U.S. Holder for more than one year. Any capital gain of a non-corporate U.S. Holder
that is not long-term capital gain is taxed as ordinary income rates. The deductibility of capital losses is subject to limitations. Any
gain or loss recognized from the sale or other disposition of our ordinary shares will generally be gain or loss from sources within the
United States for U.S. foreign tax credit purposes.</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"><B><I>Medicare Tax</I></B></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">Certain U.S. Holders that are individuals, estates
or trusts and whose income exceeds certain thresholds generally are subject to a 3.8% tax on all or a portion of their net investment
income, which may include their gross dividend income and net gains from the disposition of our ordinary shares. If you are a United States
person that is an individual, estate or trust, you are encouraged to consult your tax advisors regarding the applicability of this Medicare
tax to your income and gains in respect of your investment in our ordinary shares.</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"><B><I>Information Reporting and Backup Withholding</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">U.S. Holders may be required to file certain U.S.
information reporting returns with the IRS with respect to an investment in our ordinary shares, including, among others, IRS Form 8938
(Statement of Specified Foreign Financial Assets). As described above under &ldquo;Passive Foreign Investment Company Consequences&rdquo;,
each U.S. Holder who is a shareholder of a PFIC must file an annual report containing certain information. U.S. Holders paying more than
$100,000 for our ordinary shares may be required to file IRS Form 926 (Return by a U.S. Transferor of Property to a Foreign Corporation)
reporting this payment. Substantial penalties may be imposed upon a U.S. Holder that fails to comply with the required information reporting.</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">Dividends on and proceeds from the sale or other disposition
of our ordinary shares may be reported to the IRS unless the U.S. Holder establishes a basis for exemption. Backup withholding may apply
to amounts subject to reporting if the holder (1) fails to provide an accurate U.S. taxpayer identification number or otherwise establish
a basis for exemption, or (2) is described in certain other categories of persons. However, U.S. Holders that are corporations generally
are excluded from these information reporting and backup withholding tax rules.</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>

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<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">Backup withholding is not an additional tax. Any amounts
withheld under the backup withholding rules generally will be allowed as a refund or a credit against a U.S. Holder&rsquo;s U.S. federal
income tax liability if the required information is furnished by the U.S. Holder on a timely basis to the IRS.</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">U.S. Holders should consult their own tax advisors
regarding the backup withholding tax and information reporting rules.</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"><B>EACH PROSPECTIVE INVESTOR IS URGED TO CONSULT ITS
OWN TAX ADVISOR ABOUT THE TAX CONSEQUENCES TO IT OF AN INVESTMENT IN OUR ORDINARY SHARES IN LIGHT OF THE INVESTOR&rsquo;S OWN CIRCUMSTANCES.</B></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"><B>Cayman Taxation</B></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">Prospective investors should consult their professional
advisers on the possible tax consequences of buying, holding or selling any ordinary shares under the laws of their country of citizenship,
residence or domicile.</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 following is a discussion on certain Cayman Islands
income tax consequences of an investment in the ordinary shares. The discussion is a general summary of present law, which is subject
to prospective and retroactive change. It is not intended as tax advice, does not consider any investor&rsquo;s particular circumstances,
and does not consider tax consequences other than those arising under Cayman Islands law.</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 0 0 10pt; text-align: justify; text-indent: -10pt"><B>Cayman Islands Taxation</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Cayman Islands currently levies no taxes on individuals
or corporations based upon profits, income, gains or appreciation and there is no taxation in the nature of inheritance tax or estate
duty. There are no other taxes likely to be material to us levied by the government of the Cayman Islands except for stamp duties which
may be applicable on instruments executed in, or brought within the jurisdiction of the Cayman Islands. The Cayman Islands is not party
to any double tax treaties that are applicable to any payments made to or by our company. There are no exchange control regulations or
currency restrictions in the Cayman Islands.</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">We are incorporated under the laws of the Cayman Islands
as an exempted company with limited liability and, as such, we have obtained an undertaking from the Governor of the Cayman Islands that
no law enacted in the Cayman Islands during the period of 30 years November 16, 2018 imposing any tax to be levied on profits, income,
gains or appreciations shall apply to us or our operations and no such tax or any tax in the nature of estate duty or inheritance tax
shall be payable (directly or by way of withholding) on the ordinary shares, debentures or other obligations of ours.</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"><B>PRC</B></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">Under the Enterprise Income Tax Law, an enterprise
established outside the PRC with a &ldquo;de facto management body&rdquo; within the PRC is considered a PRC resident enterprise for PRC
enterprise income tax purposes and is generally subject to a uniform 25% enterprise income tax rate on its worldwide income as well as
tax reporting obligations. Under the Implementation Rules, a &ldquo;de facto management body&rdquo; is defined as a body that has material
and overall management and control over the manufacturing and business operations, personnel and human resources, finances and properties
of an enterprise.</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">Under the PRC Enterprise Income Tax Law and its implementation
rules, an enterprise established outside China with &ldquo;de facto management body&rdquo; within China is considered a resident enterprise.
The implementation rules define the term &ldquo;de facto management body&rdquo; as the body that exercises full and substantial control
and overall management over the business, productions, personnel, accounts and properties of an enterprise. In April 2009, the State Administration
of Taxation issued a circular, known as Circular 82, which provides certain specific criteria for determining whether the &ldquo;de facto
management body&rdquo; of a PRC-controlled enterprise that is incorporated offshore is located in China. Although this circular only applies
to offshore enterprises controlled by PRC enterprises or PRC enterprise groups, not those controlled by PRC individuals or foreigners,
the criteria set forth in the circular may reflect the State Administration of Taxation&rsquo;s general position on how the &ldquo;de
facto management body&rdquo; text should be applied in determining the tax resident status of all offshore enterprises. According to Circular
82, an offshore incorporated enterprise controlled by a PRC enterprise or a PRC enterprise group will be regarded as a PRC tax resident
by virtue of having its &ldquo;de facto management body&rdquo; in China only if all of the following conditions are met: (i) the primary
location of the day-to-day operational management is in China&#894; (ii) decisions relating to the enterprise&rsquo;s financial and human
resource matters are made or are subject to approval by organizations or personnel in China&#894; (iii) the enterprise&rsquo;s primary
assets, accounting books and records, company seals, and board and shareholder resolutions, are located or maintained in China&#894; and
(iv) at least 50% of voting board members or senior executives habitually reside in China.</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: center"><B><A NAME="a_019"></A>SELLING SHAREHOLDERS</B></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: justify; text-indent: 36pt">The following table sets forth
the name of each selling shareholder and the number of ordinary shares that each selling shareholder may offer from time to time pursuant
to this prospectus. The ordinary shares that may be offered by the selling shareholders hereunder may be acquired by the selling shareholders
upon the exercise by the selling shareholders of the warrants that are held by the selling shareholders. The ordinary shares that may
be offered by the selling shareholders hereunder consist of (i) 4,088,000 ordinary shares issuable upon the exercise of the warrants that
were issued to certain of the selling shareholders on May 10, 2021 (ii) 314,500 ordinary shares issuable upon the exercise of the placements
agent warrants issued to the placement agent on May 10, 2021. Except as otherwise indicated, we believe that each of the beneficial owners
and selling shareholders listed below has sole voting and investment power with respect to such ordinary shares, subject to community
property laws, where applicable.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">Except as noted in the table below,
none of the selling shareholders has had a material relationship with us other than as a stockholder at any time within the past three
years or has ever been one of our or our affiliates&rsquo; officers or directors. Each of the selling shareholders has acquired the warrants
(and the ordinary shares issuable upon the exercise thereof) in the ordinary course of business and,&nbsp;at the time of acquisition of
the warrants, none of the selling shareholders was a party to any agreement or understanding, directly or indirectly, with any person
to distribute the shares of ordinary shares to be resold by such selling shareholders under the registration statement of which this prospectus
forms a part.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">Because a selling shareholder may
sell all, some or none of the ordinary shares that it holds that are covered by this prospectus, and because the offering contemplated
by this prospectus is not underwritten, no estimate can be given as to the number of ordinary shares that will be held by a selling shareholder
upon termination of the offering. The information set forth in the following table regarding the beneficial ownership after resale of
ordinary shares is based upon the assumption that the selling shareholders will sell all of the ordinary shares covered by this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">In accordance with the rules and
regulations of the SEC, in computing the number of ordinary shares beneficially owned by a person and the percentage ownership of that
person, shares issuable through the exercise of any option, warrant or right, through conversion of any security held by that person that
are currently exercisable or that are exercisable within sixty (60) days are included. These shares are not, however, deemed outstanding
for the purpose of computing the percentage ownership of any other person.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">&nbsp;</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="padding: 0pt 0pt 0pt 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; text-indent: -10pt">Name of Selling Shareholder</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Number of<BR> Ordinary<BR> Shares<BR> Owned<BR> Prior to<BR> Offering</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Maximum<BR> Number of<BR> Ordinary<BR> Shares to<BR> be Sold<BR> Pursuant<BR> to this<BR> Prospectus</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Number<BR> of<BR> Ordinary<BR> Shares of<BR> Owned<BR> After<BR> Offering<SUP>(7)</SUP></B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0pt 0pt 0pt 10pt; width: 46%; text-align: left; text-indent: -10pt"><FONT STYLE="font-size: 10pt">Alto Opportunity Master Fund, SPC - Segregated Master Portfolio B <SUP>(1)</SUP></FONT></TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">4,276,250</TD><TD STYLE="width: 1%; text-align: left"><SUP>(4)</SUP></TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">2,044,250</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">2,232,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt"><FONT STYLE="font-size: 10pt">Hudson Bay Master Fund Ltd. <SUP>(2)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,265,179</TD><TD STYLE="text-align: left"><SUP>(5)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,044,250</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,220,929</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt"><FONT STYLE="font-size: 10pt">Jian Ke <SUP>(3)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,243,880</TD><TD STYLE="text-align: left"><SUP>(6)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">314,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">929,380</TD><TD STYLE="text-align: left"><SUP>(6)</SUP></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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 29px"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Under the terms of the warrants, the holder does not have the right to exercise the warrants to the extent that after giving effect to such exercise, the holder (together with its affiliates and any other persons acting as a group together with the holder or any of the holder&rsquo;s affiliates) would beneficially own in excess of the Maximum Percentage, which is set to be 4.99%. However, by sixty-one (61) days&rsquo; prior notice to us the holder may from time to time increase or decrease the Maximum Percentage to any other percentage not in excess of 9.99%.. The selling shareholder may sell all, some or none of its shares in this offering. See &ldquo;Plan of Distribution.&rdquo; Ayrton Capital LLC, the investment manager to Alto Opportunity Master Fund, SPC - Segregated Master Portfolio B, has discretionary authority to vote and dispose of the shares held by Alto Opportunity Master Fund, SPC - Segregated Master Portfolio B and may be deemed to be the beneficial owner of these shares. Waqas Khatri, in his capacity as Managing Member of Ayrton Capital LLC, may also be deemed to have investment discretion and voting power over the shares held by Alto Opportunity Master Fund, SPC - Segregated Master Portfolio B. Ayrton Capital LLC and Mr. Khatri each disclaim any beneficial ownership of these shares. The address of Ayrton Capital LLC is 55 Post Rd West, 2nd Floor, Westport, CT 06880. This selling shareholder acquired the securities in the ordinary course of business, and at the time of the purchase of the securities to be resold, the seller had no agreements or understandings, directly or indirectly, with any person to distribute the securities.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 29px"><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Hudson Bay Capital Management LP, the investment manager of Hudson Bay Master Fund Ltd., has voting and investment power over these securities. Sander Gerber is the managing member of Hudson Bay Capital GP LLC, which is the general partner of Hudson Bay Capital Management LP. Each of Hudson Bay Master Fund Ltd. and Sander Gerber disclaims beneficial ownership over these securities. Under the terms of the warrants, the holder does not have the right to exercise the Warrants to the extent that after giving effect to such exercise, the holder (together with its affiliates and any other persons acting as a group together with the holder or any of the holder&rsquo;s affiliates) would beneficially own in excess of the Maximum Percentage, which is set at 9.99%. Hudson Bay Capital Management LP&rsquo;s address is: C/o Hudson Bay Capital Management LP, 777 Third Avenue, 30th Floor, New York, NY 10017.</FONT></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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 29px"><FONT STYLE="font-size: 10pt">(3)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Mr. Ke is the President of FT Global Capital, Inc. (Member FINRA/SIPC), 1688 Meridian Avenue, Suite 700 Miami Beach, FL 33139.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 29px"><FONT STYLE="font-size: 10pt">(4)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Includes&nbsp;50,000&nbsp;shares underlying convertible notes,&nbsp;based on&nbsp;a conversion price of $0.6422 as of June 9, 2021, 1,790,000 shares underlying warrants issued on February 3, 2021&nbsp;and 392,000 shares underlying warrants issued on July 15, 2020. </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 29px"><FONT STYLE="font-size: 10pt">(5)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Includes&nbsp;38,929&nbsp;shares underlying convertible notes,&nbsp;based on a conversion price of $0.6422 as of June 9, 2021, 1,790,000&nbsp;shares underlying warrants issued on February 3, 2021and&nbsp;392,000 shares underlying the warrants issued on July 15, 2020.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 29px"><FONT STYLE="font-size: 10pt">(6)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Includes 50,000 restricted shares of the Company owned by FirsTrust Group, Inc, 358,000 shares underlying warrants issued on February 3, 2021 and 521,380 shares underlying warrants <FONT STYLE="background-color: white">issued in connection with a private placement of Senior Secured Notes due October 30, 2021</FONT>. As the principal of this entity, Mr. Ke may be deemed to have beneficial ownership.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 29px"><FONT STYLE="font-size: 10pt">(7)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Assumes only the&nbsp;shares underlying&nbsp;the warrants issued on May 10, 2021, the sale of which are registered in this prospectus, are sold.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B><A NAME="a_020"></A>PLAN OF DISTRIBUTION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">The selling shareholders and any
of their respective pledgees, assignees and successors-in-interest may, from time to time, sell any or all of their securities covered
hereby on any trading market, stock exchange or other trading facility on which the securities are traded or in private transactions.
These sales may be at fixed or negotiated prices. The selling shareholders may use any one or more of the following methods when selling
securities:</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 29px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 29px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">block trades in which the broker-dealer will attempt to sell the securities as agent but may position and resell a portion of the block as principal to facilitate the transaction;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 29px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">purchases by a broker-dealer as principal and resale by the broker-dealer for its account;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 29px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">an exchange distribution in accordance with the rules of the applicable exchange;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 29px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">privately negotiated transactions;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 29px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">settlement of short sales;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 29px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">in transactions through broker-dealers that agree with the selling shareholders to sell a specified number of such securities at a stipulated price per security;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 29px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">through the writing or settlement of options or other hedging transactions, whether through an options exchange or otherwise;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 29px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">a combination of any such methods of sale; or</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 29px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">any other method permitted pursuant to applicable law.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">The selling shareholders may also
sell securities under Rule 144 under the Securities Act, if available, rather than under this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">Broker-dealers engaged by the selling
shareholders may arrange for other brokers-dealers to participate in sales. Broker-dealers may receive commissions or discounts from the
selling shareholders (or, if any broker-dealer acts as agent for the purchaser of securities, from the purchaser) in amounts to be negotiated,
but, except as set forth in a supplement to this prospectus, in the case of an agency transaction not in excess of a customary brokerage
commission in compliance with FINRA Rule 2440; and in the case of a principal transaction a markup or markdown in compliance with FINRA
IM-2440.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">In connection with the sale of
the securities covered hereby, the selling shareholders may enter into hedging transactions with broker-dealers or other financial institutions,
which may in turn engage in short sales of the securities in the course of hedging the positions they assume. The selling shareholders
may also sell securities short and deliver these securities to close out their short positions, or loan or pledge the securities to broker-dealers
that in turn may sell these securities. The selling shareholders may also enter into option or other transactions with broker-dealers
or other financial institutions or create one or more derivative securities which require the delivery to such broker-dealer or other
financial institution of securities offered by this prospectus, which securities such broker-dealer or other financial institution may
resell pursuant to this prospectus (as supplemented or amended to reflect such transaction).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">The selling shareholders and any
broker-dealers or agents that are involved in selling the securities may be deemed to be &ldquo;underwriters&rdquo; within the meaning
of the Securities Act in connection with such sales. In such event, any commissions received by such broker-dealers or agents and any
profit on the resale of the securities purchased by them may be deemed to be underwriting commissions or discounts under the Securities
Act. We are requesting that each selling stockholder inform us that it does not have any written or oral agreement or understanding, directly
or indirectly, with any person to distribute the securities. We will pay certain fees and expenses incurred by us incident to the registration
of the securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">Because the selling shareholders
may be deemed to be an &ldquo;underwriter&rdquo; within the meaning of the Securities Act, they will be subject to the prospectus delivery
requirements of the Securities Act, including Rule 172 thereunder. In addition, any securities covered by this prospectus which qualify
for sale pursuant to Rule 144 under the Securities Act may be sold under Rule 144 rather than under this prospectus. We are requesting
that each selling stockholder confirm that there is no underwriter or coordinating broker acting in connection with the proposed sale
of the resale securities by the selling stockholder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">We intend to keep this prospectus
effective until the earlier of (i) the date on which the securities may be resold by the selling shareholders without registration and
without regard to any volume or manner-of-sale limitations by reason of Rule 144, without the requirement for us to be in compliance with
the current public information requirement under Rule 144 under the Securities Act or any other rule of similar effect or (ii) all of
the securities have been sold pursuant to this prospectus or Rule 144 under the Securities Act or any other rule of similar effect. The
resale securities will be sold only through registered or licensed brokers or dealers if required under applicable state securities laws.
In addition, in certain states, the resale securities covered hereby may not be sold unless they have been registered or qualified for
sale in the applicable state or an exemption from the registration or qualification requirement is available and is complied with.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">Under applicable rules and regulations
under the Exchange Act, any person engaged in the distribution of the resale securities may not simultaneously engage in market making
activities with respect to the ordinary shares for the applicable restricted period, as defined in Regulation M, prior to the commencement
of the distribution. In addition, the selling shareholders will be subject to applicable provisions of the Exchange Act and the rules
and regulations thereunder, including Regulation M, which may limit the timing of purchases and sales of the ordinary shares by the selling
shareholders or any other person. We will make copies of this prospectus available to the selling shareholders and are informing the selling
shareholders of the need to deliver a copy of this prospectus to each purchaser at or prior to the time of the sale (including by compliance
with Rule 172 under the Securities Act).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="a_021"></A>EXPENSES RELATED TO THIS OFFERING</B></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: justify">Set forth below is an itemization of the total expenses,
excluding the underwriting discounts and commissions and non-accountable expense allowance, which are expected to be incurred by the Company
in connection with the sale of ordinary shares in this offering. With the exception of the registration fee payable to the SEC, the Nasdaq
Capital Market listing fee and the filing fee payable to Financial Industry Regulatory Authority, Inc., or FINRA, all amounts are estimates.</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">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 70%; text-align: left; padding-left: 0.25pt">SEC registration fee</TD><TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 18%; text-align: right">433.77</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.25pt">Printing and engraving expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*&nbsp;</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0.25pt">Legal fees and expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">40,000.00</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.25pt">Accounting fees and expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*&nbsp;</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0.25pt">Transfer agent and registrar fee and expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*&nbsp;</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.25pt">Miscellaneous</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">*&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 0.25pt">Total</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">40,433.77</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 29px"><FONT STYLE="font-size: 10pt">*</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Other fees not capable of estimation at this time.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="a_022"></A>LEGAL MATTERS</B></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: justify">We are being represented by Pryor Cashman LLP with
respect to certain legal matters of U.S. federal securities. The validity of our shares underlying our ordinary shares and certain other
matters of Cayman Islands law will be passed upon for us by Campbells.</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: center"><B><A NAME="a_023"></A>EXPERTS</B></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: justify">The consolidated financial statements as of and for
the year ended December 31, 2020 incorporated by reference into this prospectus have been so incorporated in reliance on the report of
Audit Alliance LLP, an independent registered public accounting firm, incorporated by reference into this prospectus and given on the
authority of said firm as experts in auditing and accounting. The consolidated financial statements as of and for the year ended December
31, 2019 incorporated by reference into this prospectus have been so incorporated in reliance on the report of JLKZ CPA LLP, an independent
registered public accounting firm, incorporated by reference into this prospectus and given on the authority of said firm as experts in
auditing and accounting.</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: center"><B><A NAME="a_024"></A>ENFORCEMENT OF LIABILITIES</B></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: justify">We are incorporated under the laws of the Cayman Islands
as an exempted company with limited liability. We are incorporated in the Cayman Islands because of certain benefits associated with being
a Cayman Islands company, such as political and economic stability, an effective judicial system, a favorable tax system, the absence
of foreign exchange control or currency restrictions and the availability of professional and support services. However, the Cayman Islands
has a less developed body of securities laws as compared to the United States and provides less protection for investors. In addition,
Cayman Islands companies do not have standing to sue before the federal courts of the United States.</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">Substantially all of our assets are located outside
the United States. In addition, most of our directors and executive officers are nationals or residents of jurisdictions other than the
United States and substantially all of their assets are located outside the United States. As a result, it may be difficult or impossible
for you to effect service of process within the United States upon us or these persons, or to enforce judgments obtained in U.S. courts
against us or them, including judgments predicated upon the civil liability provisions of the securities laws of the United States or
any state in the United States. It may also be difficult for you to enforce judgments obtained in U.S. courts based on the civil liability
provisions of the U.S. federal securities laws against us and our executive officers and directors.</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>

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<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">We have appointed Puglisi &amp; Associates as our
agent to receive service of process with respect to any action brought against us in the United States in connection with this offering
under the federal securities laws of the United States or of any State in the United States.</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"><B>Cayman Islands</B></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">We have been advised by Campbells, our counsel as
to Cayman Islands law, that the United States and the Cayman Islands do not have a treaty providing for reciprocal recognition and enforcement
of judgments of U.S. courts in civil and commercial matters and that there is uncertainty as to whether a final judgment for the payment
of money rendered by any federal or state court in the United States based on civil liability provisions, whether or not predicated solely
upon the U.S. federal securities laws, would be enforceable in the Cayman Islands. This uncertainty relates to whether such a judgment
would be determined by the courts of the Cayman Islands to be penal or punitive in nature.</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">We have also been advised by Campbells that, notwithstanding
the above, a final and conclusive judgment obtained in U.S. federal or state courts under which a definite sum of money is payable as
compensatory damages and not in respect of laws that are penal in nature (i.e., not being a sum claimed by a revenue authority for taxes
or other charges of a similar nature by a governmental authority, or in respect of a fine or penalty or multiple or punitive damages)
will be recognized and enforced in the courts of the Cayman Islands at common law, without any re-examination of the merits of the underlying
dispute, by an action commenced on the foreign judgment debt in the Grand Court of the Cayman Islands, provided that: (a) the court that
gave the judgment was competent to hear the action in accordance with private international law principles as applied by the courts in
the Cayman Islands and the parties subject to such judgment either submitted to such jurisdiction or were resident or carrying on business
within such jurisdiction and were duly served with process, (b) the judgment given by the foreign court was not in respect of penalties,
taxes, fines or similar fiscal or revenue obligations, (c) the judgment was final and conclusive and for a liquidated sum, (d) the judgment
was not obtained by fraud, and (e) the judgment was not obtained in a manner and is not of a kind the enforcement of which is contrary
to natural justice or public policy in the Cayman Islands.</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">A Cayman Islands court may impose civil liability
on us or our directors or officers in a suit brought in the Grand Court of the Cayman Islands against us or these persons with respect
to a violation of U.S. federal securities laws, provided that the facts surrounding any violation constitute or give rise to a cause of
action under Cayman Islands law.</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"><B>PRC</B></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">We have been advised by Dentons, our counsel as to
PRC law, that the United States and the PRC do not have a treaty providing for reciprocal recognition and enforcement of judgments of
U.S. courts in civil and commercial matters and that there is uncertainty as to whether a final judgment for the payment of money rendered
by any federal or state court in the United States based on civil liability provisions, whether or not predicated solely upon the U.S.
federal securities laws, would be enforceable in the PRC. This uncertainty relates to whether such a judgment would be determined by the
courts of the PRC to be penal or punitive in nature.</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">We have also been advised by Dentons that, according
to Civil Procedural Law of the People&rsquo;s Republic of China, where a judgment or ruling made by a foreign court which has come into
legal effect requires ratification and enforcement by a People&rsquo;s Court of the People&rsquo;s Republic of China, the parties concerned
may submit an application directly to an intermediate People&rsquo;s Court of the People&rsquo;s Republic of China which has jurisdiction
for ratification and enforcement, or the foreign court may, pursuant to the provisions of the international treaty concluded or participated
by the country and the People&rsquo;s Republic of China or in accordance with the principle of reciprocity, request for ratification and
enforcement by the People&rsquo;s Court. For a judgment or ruling made by a foreign court which has come into legal effect for which ratification
and enforcement is applied or requested, where a People&rsquo;s Court concludes, upon examination pursuant to the international treaty
concluded or participated by the People&rsquo;s Republic of China or in accordance with the principle of reciprocity, that the basic principle
of the laws of the People&rsquo;s Republic of China or the sovereignty, security or public interest of the People&rsquo;s Republic of
China is not violated, the People&rsquo;s Court shall rule on ratification of the validity; where there is a need for enforcement, an
enforcement order shall be issued and enforced pursuant to the relevant provisions of this Law. Where the People&rsquo;s Court deemed
that the basic principle of the laws of the People&rsquo;s Republic of China or the sovereignty, security or public interest of the People&rsquo;s
Republic of China is violated, the judgment or ruling made by the foreign court shall not be ratified and enforced.</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>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<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: center"><B><A NAME="a_025"></A>WHERE YOU CAN FIND ADDITIONAL INFORMATION</B></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: justify">We have filed with the SEC a registration statement
(including amendments and exhibits to the registration statement) on Form F-1 under the Securities Act. This prospectus, which forms a
part of the registration statement, does not contain all of the information included in the registration statement and the exhibits and
schedules to the registration statement. Certain information is omitted and you should refer to the registration statement and its exhibits
and schedules for that information. If a document has been filed as an exhibit to the registration statement, we refer you to the copy
of the document that has been filed. Each statement in this prospectus relating to a document filed as an exhibit is qualified in all
respects by the filed exhibit.</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 SEC maintains a website at http://www.sec.gov
that contains reports, proxy and information statements and other information regarding issuers, like us, that file electronically with
the SEC. <FONT STYLE="background-color: white">Upon the effectiveness of the registration statement of which this prospectus forms a part,
you may access these materials free of charge as soon as reasonably practicable after they are electronically filed with, or furnished
to, the SEC, through our internet website at&nbsp;<I>www.bluehatgroup.com</I>. Such documents are available as soon as reasonably practicable
after electronic filing or furnishing of the material with the SEC. The information on our website is not incorporated by reference in
this prospectus.</FONT></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">We are subject to the information reporting requirements
of the Exchange Act applicable to foreign private issuers. Accordingly, we are required to file reports and other information with the
SEC, including annual reports on Form 20-F and reports on Form 6-K. Those reports may be inspected without charge at the locations described
above. As a foreign private issuer, we will be exempt from the rules under the Exchange Act related to the furnishing and content of proxy
statements, and our officers, directors and principal shareholders will be exempt from the reporting and short-swing profit recovery provisions
contained in Section 16 of the Exchange Act. In addition, we will not be required under the Exchange Act to file periodic reports and
financial statements with the SEC as frequently or as promptly as U.S. companies whose securities are registered under the Exchange Act.</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">We maintain a website at http://www.bluehatgroup.net.
Information contained on, or that can be accessed through, our website is not a part of, and shall not be incorporated by reference into,
this prospectus.</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: center"><B><A NAME="a_026"></A>INCORPORATION OF CERTAIN INFORMATION BY REFERENCE</B></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: justify; text-indent: 36pt">The SEC allows us to &ldquo;incorporate
by reference&rdquo; information into this document. This means that we can disclose important information to you by referring you to another
document filed separately with the SEC. The information incorporated by reference is considered to be a part of this document, except
for any information superseded by information that is included directly in this document.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">This prospectus incorporates by
reference the documents listed below:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 29px"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">our Annual Report on&nbsp;Form 20-F&nbsp;for the fiscal year ended December 31, 2020, filed with the SEC on April 13, 2021;</FONT></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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 29px"><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">our Current Reports on Form 6-K, filed with the Commission on&nbsp;January 22, 2021, January 28, 2021, February 1, 2021, February 4, 2021, April 7, 2021, May 5, 2021, May 6, 2021 and May 10, 2021;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 29px"><FONT STYLE="font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The description of our Ordinary Shares incorporated by reference in our registration statement on&nbsp;Form 8-A (File No. 001-39001) filed with the Commission on July 24, 2019, including any amendment and report subsequently filed for the purpose of updating that description; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 29px"><FONT STYLE="font-size: 10pt">(4)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">all other reports filed pursuant to Section 13(a) or 15(d) of the Exchange Act since the end of the fiscal year covered by the report referred to in (1) above.</FONT></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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">We will provide a copy of the documents
we incorporate by reference, at no cost, to any person who receives this prospectus. To request a copy of any or all of these documents,
you should write to ir@bluehatgroup.net or telephone us at + 86-592-228-0081.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>4,403,000 Ordinary Shares underlying Warrants</B></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"><FONT STYLE="font-size: 10pt"><IMG SRC="image_001.jpg" ALT="(BLUE HAT LOGO)" STYLE="height: 151px; width: 450px"></FONT></P>

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

<P STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif; margin: 0 0pt; text-align: center"><B>Blue Hat Interactive Entertainment Technology</B></P>

<P STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif; margin: 0 0pt; text-align: center">&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: 100%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding: 6.25pt 5.65pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>PROSPECTUS</B></FONT></TD></TR>
  </TABLE>
<P STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif; margin: 0 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center; text-indent: 0pt"><B>June 29, 2021</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 18pt"></P>

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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 18pt">&nbsp;</P>

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

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
