<SEC-DOCUMENT>0001213900-24-064133.txt : 20240801
<SEC-HEADER>0001213900-24-064133.hdr.sgml : 20240801
<ACCEPTANCE-DATETIME>20240801164600
ACCESSION NUMBER:		0001213900-24-064133
CONFORMED SUBMISSION TYPE:	F-3
PUBLIC DOCUMENT COUNT:		11
FILED AS OF DATE:		20240801
DATE AS OF CHANGE:		20240801

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Erayak Power Solution Group Inc.
		CENTRAL INDEX KEY:			0001825875
		STANDARD INDUSTRIAL CLASSIFICATION:	MOTORS & GENERATORS [3621]
		ORGANIZATION NAME:           	04 Manufacturing
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9

	FILING VALUES:
		FORM TYPE:		F-3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-281181
		FILM NUMBER:		241167482

	BUSINESS ADDRESS:	
		STREET 1:		NO.528, 4TH AVENUE
		STREET 2:		BINHAI INDUSTRIAL PARK
		CITY:			WENZHOU, ZHEJIANG
		STATE:			F4
		ZIP:			325025
		BUSINESS PHONE:		86-577-86829999

	MAIL ADDRESS:	
		STREET 1:		NO.528, 4TH AVENUE
		STREET 2:		BINHAI INDUSTRIAL PARK
		CITY:			WENZHOU, ZHEJIANG
		STATE:			F4
		ZIP:			325025
</SEC-HEADER>
<DOCUMENT>
<TYPE>F-3
<SEQUENCE>1
<FILENAME>ea0210063-f3_erayak.htm
<DESCRIPTION>REGISTRATION STATEMENT
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>As filed with the Securities and Exchange Commission
on August 1, 2024</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Registration No. 333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</B></P>

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNDER THE SECURITIES ACT OF 1933</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Erayak Power Solution Group Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of registrant as specified in its charter)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Not Applicable</B></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Cayman Islands</B></FONT></TD>
    <TD STYLE="width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 49%; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Not Applicable</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(State or other jurisdiction of</B><BR>
<B>incorporation or organization)</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(I.R.S. Employer</B><BR>
<B>Identification Number)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>No. 528, 4th Avenue</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>People&rsquo;s Republic of China 325025<BR>
Tel: +86-577-86829999</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address and telephone number of registrant&rsquo;s
principal executive offices)</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>122 East 42nd Street, 18th Floor</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>New York, NY 10168</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Tel: (212) 947-7200</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name, address, and telephone number of agent for
service)</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Ellenoff Grossman &amp; Schole LLP<BR>
1345 Avenue of the Americas<BR>
New York, NY 10105<BR>
Phone: (212) 370-1300<BR>
Fax: (212) 370-7889</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Approximate
date of commencement of proposed sale to the public:&nbsp;<B>From time to time after this registration statement becomes effective</B>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans, please check the
following box. &#9744;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the
Securities Act of 1933, check the following box. &#9746;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the
following box and list the Securities Act registration statement number of the earlier effective registration statement for the same
offering. &#9744;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the
Securities Act registration statement number of the earlier effective registration statement for the same offering. &#9744;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
this Form is a registration statement pursuant to General Instruction I.C. or a post-effective amendment thereto that shall become effective
upon filing with the Commission pursuant to Rule 462(e) under the Securities Act, check the following box. &#9744;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction I.C. filed to register additional
securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act, check the following box. &#9744;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging
growth company &#9746;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards&dagger; provided
pursuant to Section 7(a)(2)(B) of the Securities Act. &#9744;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&dagger;
The term &ldquo;new or revised financial accounting standard&rdquo; refers to any update issued by the Financial Accounting Standards
Board to its Accounting Standards Codification after April 5, 2012.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>The
registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the
registrant shall file a further amendment which specifically states that this registration statement shall thereafter become effective
in accordance with Section 8(a) of the Securities Act of 1933, as amended, or until this registration statement shall become effective
on such date as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.</B></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Red"><B>The information in
this prospectus is not complete and may be changed. The Selling Shareholders cannot sell these securities until the registration statement
that we have filed with the Securities and Exchange Commission is effective. This preliminary prospectus is not an offer to sell these
securities and it is not soliciting an offer to buy these securities in any state where their offer or sale is not permitted.</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="color: Red"><B>Subject to Completion,
dated August 1, 2024</B></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><IMG SRC="image_001.jpg" ALT=""><B>&nbsp;</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Erayak Power Solution
Group Inc.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>48,000,000 Class A Ordinary Shares</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus relates to the resale, from time
to time, of up to an aggregate of 48,000,000 Class A ordinary shares, par value US$0.0001 per share (the &ldquo;Ordinary Shares&rdquo;),
consisting of (i) 16,000,000 Ordinary Shares and (ii) 32,000,000 Ordinary Shares issuable upon exercise of warrants (the &ldquo;Warrants&rdquo;)
of Erayak Power Solution Group Inc., a Cayman Islands exempted company (&ldquo;Erayak,&rdquo; &ldquo;we,&rdquo; &ldquo;us,&rdquo; &ldquo;our,&rdquo;
&ldquo;our company,&rdquo; the &ldquo;Company,&rdquo; or similar terms), which may be offered and sold from time to time by shareholders
set forth in the &ldquo;<I>Selling Shareholders</I>&rdquo; section of this prospectus (the &ldquo;Selling Shareholders&rdquo;). The Selling
Shareholders acquired the Ordinary Shares and the Warrants pursuant to certain securities purchase agreements, dated as of May 20, 2024
(the &ldquo;Securities Purchase Agreements&rdquo;) by and among us and the purchasers named therein. The Ordinary Shares and Warrants
were issued to the Selling Shareholders pursuant to an exemption from registration under the Securities Act of 1933, as amended, in reliance
upon Regulation S promulgated thereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Selling Shareholders will receive all of the
net proceeds from the sale of the Ordinary Shares offered hereby. The Selling Shareholders may resell the Ordinary Shares offered for
resale through this prospectus to or through underwriters, broker-dealers, or agents, who may receive compensation in the form of discounts,
concessions or commissions. We will not receive any proceeds from the sale of these shares by the Selling Shareholders, but we will bear
all costs, fees and expenses in connection with the registration of the Ordinary Shares offered by the Selling Shareholders. However,
we will receive proceeds from the exercise, if ever exercised, of the Warrants. The Selling Shareholders will bear all commissions and
discounts, if any, attributable to the sale of the Ordinary Shares offered for resale through this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Selling Shareholders will determine where
they may sell the shares through public or private transactions at market prices prevailing at the time of sale, at prices related to
the prevailing market prices, or at negotiated prices. For information regarding the Selling Shareholders and the times and manner in
which they may offer or sell Ordinary Shares, see &ldquo;<I>Selling Shareholders</I>&rdquo; and &ldquo;<I>Plan of Distribution</I>.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Ordinary Shares are listed on the Nasdaq Capital
Market (&ldquo;Nasdaq&rdquo;) under the symbol &ldquo;RAYA.&rdquo; As of July 31, 2024, the closing sale price of our Ordinary Shares
was US$0.818. On November 20, 2023, we received a written notice from the Listing Qualifications Department of the Nasdaq notifying us that,
based on the closing bid price of our Ordinary Shares for the last 30 consecutive trading days, we fail to comply with the minimum bid
price requirement for continued listing on the Nasdaq Capital Market. Nasdaq Listing Rule 5450(a)(1) requires listed securities to maintain
a minimum bid price of $1.00 per share (the &ldquo;Minimum Bid Price Requirement&rdquo;), and Nasdaq Listing Rule 5810(c)(3)(A) provides
that a failure to meet the Minimum Bid Price Requirement exists if the deficiency continues for a period of 30 consecutive trading days.
We were provided a period of 180 calendar days, until May 13, 2024, to regain compliance. On May 14, 2023, we received a written notice
from Nasdaq (the &ldquo;Notice&rdquo;) stating that, although we had not regained compliance with the Minimum Bid Price Requirement by
May 13, 2024, in accordance with Nasdaq Listing Rule 5810(c)(3)(A), we are eligible for an additional 180 calendar day period, or until
November 11, 2024, to regain compliance with Nasdaq Listing Rule 5550(a)(2). To regain compliance, the closing bid price of our Ordinary
Shares must meet or exceed $1.00 per share for a minimum of ten consecutive business days during this 180-day period. The Notice has no
immediate effect on the listing of the Ordinary Shares on the Nasdaq Capital Market. If we do not regain compliance by November 11, 2024,
Nasdaq will provide notice that our Ordinary Shares will be subject to delisting. We would then be entitled to appeal Nasdaq&rsquo;s determination
to a Nasdaq Listing Qualifications Panel and request a hearing. We intend to monitor the closing bid price of the Ordinary Shares and
consider our available options to resolve the noncompliance with the Minimum Bid Price Requirement. There can be no assurance that we
will be able to regain compliance with the Nasdaq Capital Market&rsquo;s continued listing requirements or that Nasdaq will grant us a
further extension of time to regain compliance, if applicable.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>In this prospectus, &ldquo;Erayak,&rdquo; &ldquo;we,&rdquo;
&ldquo;us,&rdquo; &ldquo;our,&rdquo; &ldquo;our company,&rdquo; the &ldquo;Company,&rdquo; or similar terms refer to Erayak Power Solution
Group Inc., a holding company. References to &ldquo;subsidiaries,&rdquo; &ldquo;operating subsidiaries,&rdquo; or &ldquo;PRC subsidiaries&rdquo;
refer to Erayak&rsquo;s subsidiaries established under the laws of the People&rsquo;s Republic of China (the &ldquo;PRC&rdquo; or &ldquo;China&rdquo;).
References to &ldquo;Group&rdquo; are to Erayak and its consolidated subsidiaries collectively.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Investing in Erayak&rsquo;s securities involves
a significant degree of risk. Erayak is a holding company incorporated in Cayman Islands. As a holding company with no material operations,
Erayak conducts a substantial majority of its operations through its subsidiaries established in the PRC. Because of our corporate structure
as a Cayman Islands holding company with operations conducted by our PRC subsidiaries, it involves unique risks to investors. Furthermore,
Chinese regulatory authorities could change the rules and regulations regarding foreign ownership in the industry in which the company
operates, which would likely result in a material change in our operations and/or a material change in the value of the securities we
are registering for sale, including that it could cause the value of such securities to significantly decline or become worthless. Investors
in our Ordinary Shares should be aware that they will not and may never directly hold equity interests in the PRC operating entities,
but rather purchasing equity solely in Erayak, our Cayman Islands holding company. Furthermore, shareholders may face difficulties enforcing
their legal rights under United States securities laws against our directors and officers who are located outside of the United States.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Chinese government has exercised and continues
to exercise substantial control over virtually every sector of the Chinese economy through regulation and state ownership. Our ability
to operate in China may be harmed by changes in its laws and regulations, including those relating to taxation, environmental regulations,
land use rights, property and other matters. The central or local governments of these jurisdictions may impose new, stricter regulations
or interpretations of existing regulations that would require additional expenditures and efforts on our part to ensure our compliance
with such regulations or interpretations. Accordingly, government actions in the future, including any decision not to continue to support
recent economic reforms and to return to a more centrally planned economy or regional or local variations in the implementation of economic
policies, could have a significant effect on economic conditions in China or particular regions thereof, and could require us to divest
ourselves of any interest we then hold in Chinese properties. See &ldquo;<I>Risk Factors &mdash; Risks Related to Doing Business in China
&mdash; Uncertainties with respect to the PRC legal system, including uncertainties regarding the enforcement of laws, and sudden or unexpected
changes in laws and regulations in China with little advance notice could adversely affect us and limit the legal protections available
to you and us,</I>&rdquo; &ldquo;<I>Risk Factors &mdash; Risks Related to Doing Business in China &mdash; Any actions by the Chinese government
to exert more oversight and control over offerings that are conducted overseas and foreign investment in China-based issuers could significantly
limit or completely hinder our ability to offer or continue to offer our Ordinary Shares to investors and cause the value of our Ordinary
Shares to significantly decline or be worthless. The M&amp;A Rules and certain other PRC regulations establish complex procedures for
some acquisitions of Chinese companies by foreign investors, which could make it more difficult for us to pursue growth through acquisitions
in China</I>,&rdquo; and &ldquo;<I>Risk Factors &mdash; Risks Related to Doing Business in China &mdash; We may lose the ability to offer
or continue to offer securities to investors and cause the value of such securities to significantly decline or be worthless if the Chinese
government may exert more oversight and control over offerings that are conducted overseas and/or foreign investment in China-based issuers</I>&rdquo;
on pages 20 and 24, respectively, of this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In particular, as substantially all of our operations
are conducted through the PRC subsidiaries, we are subject to certain legal and operational risks associated with our operations in China,
including those changes in the legal, political and economic policies of the Chinese government, the relations between China and the United
States, or Chinese or United States regulations may materially and adversely affect our business, financial condition and results of operations.
PRC laws and regulations governing our current business operations are sometimes vague and uncertain, and therefore, these risks could
result in a material change in our operations and/or the value of our Ordinary Shares or could significantly limit or completely hinder
our ability to offer or continue to offer securities to investors and cause the value of our Ordinary Shares to significantly decline
or be worthless. The PRC government initiated a series of regulatory actions and statements to regulate business operations in China with
little advance notice, including cracking down on illegal activities in the securities market, enhancing supervision over China-based
companies listed overseas, adopting new measures to extend the scope of cybersecurity reviews, and expanding the efforts in anti-monopoly
enforcement.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December 28, 2021, the Cybersecurity Review
Measures (2021 version) was promulgated and took effective on February 15, 2022, which iterates that any &ldquo;online platform operators&rdquo;
controlling personal information of more than one million users seeks to list on a foreign stock exchange should also be subject to cybersecurity
review by the Cyberspace Administration of China (the &ldquo;CAC&rdquo;). The Cybersecurity Review Measures (2021 version), among others,
evaluates the potential risks of critical information infrastructure, core data, important data, or a large amount of personal information
being influenced, controlled or maliciously used by foreign governments after the overseas listing of an operator. The procurement of
network products and services, data processing activities and overseas listing should also be subject to cybersecurity review if the CAC
concerns or it potentially poses risks to national security. Our PRC counsel, Gaopeng &amp; Partners, is of the view that the Company
is not subject to the cybersecurity review by the CAC for the resale of securities of the Company, since (1) the Company is listed on
Nasdaq and does not &ldquo;seek to list on any other foreign stock exchange&rdquo;; (2) the Company does not hold personal information
of more than one million users in its business operations through its subsidiaries or variable interest entity; and (3) data processed
in the Company&rsquo;s business does not have a bearing on national security and thus may not be classified as core or important data
by the authorities. As a result, the Company is not subject to a cybersecurity review under the Cybersecurity Review Measures (2021 version).
However, there can be no assurance that the PRC authorities may take a view that is not contrary to or otherwise different from the opinion
stated above. See &ldquo;<I>Risk Factors &mdash; Risks Related to Doing Business in China</I>.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, on November 14, 2021, the CAC published
the Administration Regulations on Network Data Security (Draft for Comments) (the &ldquo;Draft Measures for Network Data Security&rdquo;),
which provides that data processors shall apply for cybersecurity review: (i) merger, reorganization or separation of Internet platform
operators that have acquired a large number of data resources related to national security, economic development or public interests affects
or may affect national security; (ii) overseas listing of data processors processing over one million users&rsquo; personal information;
and (iii) other data processing activities that affect or may affect national security. We are not subject to network data security review
by the CAC if the Draft Measures for Network Data Security are enacted as proposed, since we currently do not have over one million users&rsquo;
personal information and do not collect data that affects or may affect national security and we do not anticipate that we will be collecting
over one million users&rsquo; personal information or data that affects or may affect national security in the foreseeable future, which
we understand might otherwise subject us to the Draft Measures for Network Data Security.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On February 17, 2023, the China Securities Regulatory
Commission (the &ldquo;CSRC&rdquo;) announced the Circular on the Administrative Arrangements for Filing of Securities Offering and Listing
by Domestic Companies (the &ldquo;Circular&rdquo;) and released a set of new regulations which consists of the Trial Administrative Measures
of Overseas Securities Offering and Listing by Domestic Companies (the &ldquo;Trial Measures&rdquo;) and five supporting guidelines. On
the same date, the CSRC also released the Notice on the Arrangements for the Filing Management of Overseas Listing of Domestic Companies
(the &ldquo;Notice&rdquo;). The Trial Measures came into effect on March 31, 2023. The Trial Measures refine the regulatory system by
subjecting both direct and indirect overseas offering and listing activities to the CSRC filing-based administration. Requirements for
filing entities, time points and procedures are specified. A PRC domestic company that seeks to offer and list securities in overseas
markets shall fulfill the filing procedure with the CSRC per the requirements of the Trial Measures. Where a PRC domestic company seeks
to indirectly offer and list securities in overseas markets, the issuer shall designate a major domestic operating entity, which shall,
as the domestic responsible entity, file with the CSRC. The Trial Measures also lay out requirements for the reporting of material events.
Breaches of the Trial Measures, such as offering and listing securities overseas without fulfilling the filing procedures or engaging
in fraudulent filing behavior, may result in legal liabilities borne by the Company, including warning and business rectification, a fine
between RMB 1.0 million (approximately $150,000) and RMB 10.0 million (approximately $1.5 million). In cases of serious violations, the
relevant responsible person may also be barred from entering the securities market. The Trial Measures increase the cost for offenders
by enforcing accountability with administrative penalties and incorporating the compliance status of relevant market participants into
the Securities Market Integrity Archives.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On May 23, 2024, we submitted initial filing documents to the CSRC
in connection with the resale of securities by the Selling Shareholders (&ldquo;CSRC Filings&rdquo;) and they are currently under review
of the CSRC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of the date of this prospectus, according to
our PRC counsel, Gaopeng &amp; Partners, other than the aforementioned CSRC Filings that were initiated by us and are under review of
the CSRC,&nbsp;no relevant PRC laws or regulations in effect require that we obtain permission from any PRC authorities to issue securities
to foreign investors, and we have not received any inquiry, notice, warning, sanction, or any regulatory objection to our future offshore
offering from the CSRC, the CAC, or any other PRC authorities that have jurisdiction over our operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">However, if we do not maintain the permissions
and approvals of the filing procedure in a timely manner under PRC laws and regulations, we may be subject to investigations by competent
regulators, fines or penalties, ordered to suspend our relevant operations and rectify any non-compliance, prohibited from engaging in
relevant business or conducting any offering, and these risks could result in a material adverse change in our operations, limit our ability
to offer or continue to offer securities to investors, or cause such securities to significantly decline in value or become worthless.
As the Circular and Trial Measures were newly published, there exists uncertainty with respect to the filing requirements and their implementation.
Any failure or perceived failure of us to fully comply with such new regulatory requirements could significantly limit or completely hinder
our ability to offer or continue to offer securities to investors, cause significant disruption to our business operations, and severely
damage our reputation, which could materially and adversely affect our financial condition and results of operations and could cause the
value of our securities to significantly decline or be worthless. See &ldquo;<I>Risk Factors &mdash; Risks Related to Doing Business in
China &mdash; The filing, approval or other administration requirements of the CSRC or other PRC government authorities may be required
in connection with our future offshore offering under PRC law, and, if required, we cannot predict whether or for how long we will be
able to complete the filing procedure with the CSRC and obtain such approval or complete such filing, as applicable</I>&rdquo; on page
18 of this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Standing Committee of the National
People&rsquo;s Congress (the &ldquo;SCNPC&rdquo;) or other PRC regulatory authorities may in the future promulgate laws, regulations
or implementing rules that requires our company or any of our subsidiaries to obtain regulatory approval from Chinese authorities
before listing in the U.S. In other words, although the Company has not received any denial to list on the U.S. exchange, our
operations could be adversely affected, directly or indirectly; our ability to offer, or continue to offer, securities to investors
would be potentially hindered and the value of our securities might significantly decline or be worthless, by existing or future
laws and regulations relating to its business or industry or by intervene or interruption by PRC governmental authorities, if we or
our subsidiaries (i) do not receive or maintain such permissions or approvals, (ii) inadvertently conclude that such permissions or
approvals are not required, (iii) applicable laws, regulations, or interpretations change and we are required to obtain such
permissions or approvals in the future, or (iv) any intervention or interruption by PRC governmental with little advance notice.
See&nbsp;<I>&ldquo;Risk Factors &mdash; Risks Related to Doing Business in China</I>&rdquo; beginning on page 17 of this prospectus
for a discussion of these legal and operational risks and information that should be considered before making a decision to purchase
our Ordinary Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, since 2021, the Chinese government
has strengthened its anti-monopoly supervision, mainly in three aspects: (1) establishing the National Anti-Monopoly Bureau; (2) revising
and promulgating anti-monopoly laws and regulations, including: the Anti-Monopoly Law (draft Amendment published on October 23, 2021 for
public opinions), the anti-monopoly guidelines for various industries, and the detailed Rules for the Implementation of the Fair Competition
Review System; and (3) expanding the anti-monopoly law enforcement targeting Internet companies and large enterprises. As of the date
of this prospectus, the Chinese government&rsquo;s recent statements and regulatory actions related to anti-monopoly concerns have not
impacted our ability to conduct business, accept foreign investments, or list on a U.S. or other foreign exchange because neither the
Company nor its PRC subsidiaries engage in monopolistic behaviors that are subject to these statements or regulatory actions.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the Holding Foreign Companies Accountable
Act (the &ldquo;HFCAA&rdquo;), if the Public Company Accounting Oversight Board (the &ldquo;PCAOB&rdquo;) is unable to inspect an issuer&rsquo;s
auditors for three consecutive years, the issuer&rsquo;s securities are prohibited to trade on a U.S. stock exchange. The PCAOB issued
a Determination Report on December 16, 2021, which found that the PCAOB is unable to inspect or investigate completely registered public
accounting firms headquartered in: (1) mainland China because of a position taken by one or more authorities in mainland China; and (2)
Hong Kong, a Special Administrative Region and dependency of the PRC, because of a position taken by one or more authorities in Hong Kong.
Furthermore, the PCAOB&rsquo;s report identified the specific registered public accounting firms which are subject to these determinations.
On June 22, 2021, the U.S. Senate passed the Accelerating Holding Foreign Companies Accountable Act, and on December 29, 2022, legislation
entitled &ldquo;Consolidated Appropriations Act, 2023&rdquo; (the &ldquo;Consolidated Appropriations Act&rdquo;) was signed into law by
President Biden, which contained, among other things, an identical provision to the Accelerating Holding Foreign Companies Accountable
Act and amended the HFCAA by requiring the SEC to prohibit an issuer&rsquo;s securities from trading on any U.S stock exchanges if its
auditor is not subject to PCAOB inspections for two consecutive years instead of three, thus reducing the time period for triggering the
prohibition on trading. On August 26, 2022, the PCAOB announced that it had signed a Statement of Protocol (the &ldquo;SOP&rdquo;) with
the CSRC and the Ministry of Finance of China. The SOP, together with two protocol agreements governing inspections and investigations
(together, the &ldquo;SOP Agreement&rdquo;), establishes a specific, accountable framework to make possible complete inspections and investigations
by the PCAOB of audit firms based in mainland China and Hong Kong, as required under U.S. law. On December 15, 2022, the PCAOB announced
that it was able to secure complete access to inspect and investigate PCAOB-registered public accounting firms headquartered in mainland
China and Hong Kong completely in 2022. The PCAOB Board vacated its previous 2021 determinations that the PCAOB was unable to inspect
or investigate completely registered public accounting firms headquartered in mainland China and Hong Kong. However, whether the PCAOB
will continue to be able to satisfactorily conduct inspections of PCAOB-registered public accounting firms headquartered in mainland China
and Hong Kong is subject to uncertainties and depends on a number of factors out of our and our auditor&rsquo;s control. The PCAOB continues
to demand complete access in mainland China and Hong Kong moving forward and is making plans to resume regular inspections in early 2023
and beyond, as well as to continue pursuing ongoing investigations and initiate new investigations as needed. The PCAOB has also indicated
that it will act immediately to consider the need to issue new determinations with the HFCAA if needed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">TPS Thayer, our independent registered public
accounting firm for the fiscal year ended December 31, 2022 and 2021, and Fortune CPA, our independent registered public accounting firm
for the fiscal year ended December 31, 2023, which are firms registered with the PCAOB, are subject to laws in the United States. The
PCAOB conducts regular inspections to assess TPS Thayer&rsquo;s and Fortune CPA&rsquo;s compliance with applicable professional standards.
As of the date of this prospectus, neither TPS Thayer nor Fortune CPA is included in the list of PCAOB Identified Firms in the PCAOB Determination
Report issued in December 2021. TPS Thayer is headquartered in Sugar Land, Texas, and its registration with the PCAOB took effect in September
2020 and it is currently subject to PCAOB inspections. Fortune CPA is headquartered in Orange, California, and its registration with the
PCAOB took effect in April 2022 and it is currently subject to PCAOB inspections. See &ldquo;<I>Risk Factors &mdash; Risks Related to
Doing Business in China &mdash; The recent joint statement by the SEC and PCAOB, proposed rule changes submitted by Nasdaq, and the Holding
Foreign Companies Accountable Act all call for additional and more stringent criteria to be applied to emerging market companies upon
assessing the qualification of their auditors, especially the non-U.S. auditors who are not inspected by the PCAOB. These developments
could add uncertainties to our offering</I>&rdquo; on page 33 of this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a holding company, we may rely on dividends to be paid by our PRC
subsidiaries to fund our cash and financing requirements, including the funds necessary to pay dividends and other cash distributions
to our shareholders, to service any debt we may incur and to pay our operating expenses. If our PRC subsidiaries incur debt on their own
behalf in the future, the instruments governing the debt may restrict its ability to pay dividends or make other distributions to us.
Erayak is permitted under the Cayman Islands laws to provide funding to our subsidiary in Hong Kong, Erayak Power Solution Hong Kong Limited
(&ldquo;Erayak HK&rdquo;), through loans or capital contributions without restrictions on the amount of the funds, subject to satisfaction
of applicable government registration, approval and filing requirements. Erayak HK is also permitted under the laws of Hong Kong to provide
funding to Erayak and Erayak Power Solution Limited, a British Virgin Islands (&ldquo;BVI&rdquo;) company and a wholly-owned subsidiary
of Erayak (&ldquo;Erayak BVI&rdquo;) through dividend distribution without restrictions on the amount of the funds. The PRC has currency
and capital transfer regulations that require us to comply with certain requirements for the movement of capital. The Company is able
to transfer cash (US Dollars) to its PRC subsidiaries through an investment (by increasing the Company&rsquo;s registered capital in a
PRC subsidiary or providing loans to a PRC subsidiary). The Company may provide loans to its PRC subsidiaries, but it needs to go through
the formalities of foreign debt registration by the State Administration of Foreign Exchange (&ldquo;SAFE&rdquo;) and obtain the review
and registration certificate of incurrence of corporate foreign debt&nbsp;and the business registration certificate. The Company&rsquo;s
subsidiaries within China can transfer funds to each other when necessary, through the way of lending. We have not been notified of any
other restriction which could limit our PRC subsidiaries&rsquo; ability to transfer cash between PRC subsidiaries. As of the date of this
prospectus, there has been no distribution of dividends or assets among the holding company or the subsidiaries. See &ldquo;<I>Prospectus
Summary &mdash; Transfers of Cash to and from Our Subsidiaries</I>&rdquo; on page 2 of this prospectus and &ldquo;<I>Consolidated Financial
Statements</I>&rdquo; included in our Annual Report on Form 20-F for the year ended December 31, 2023 (the &ldquo;2023 Annual Report&rdquo;)
and incorporated by reference into this prospectus.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our management monitors the cash position of each
entity within our organization regularly and prepare budgets on a monthly basis to ensure each entity has the necessary funds to fulfill
its obligation for the foreseeable future and to ensure adequate liquidity. In the event that there is a need for cash or a potential
liquidity issue, it will be reported to our Chief Financial Officer and subject to approval by our board of directors, we will enter into
an intercompany loan for the subsidiary in accordance with the applicable PRC laws and regulations. However, the funds or assets may not
be available to fund operations or for other use outside of the PRC or Hong Kong due to interventions in or the imposition of restrictions
and limitations on the ability of us or our subsidiaries by the PRC government to transfer cash or assets. See &ldquo;<I>Risk Factors
&mdash; Risks Related to Doing Business in China &mdash; To the extent cash or assets in the business is in the PRC or Hong Kong or a
PRC or Hong Kong entity, the funds or assets may not be available to fund operations or for other use outside of the PRC or Hong Kong
due to interventions in or the imposition of restrictions and limitations on the ability of us or our subsidiaries by the PRC government
to transfer cash or assets</I>&rdquo; on page 28 of this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The structure of cash flows within our organization
and a summary of the applicable regulations are as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1. Our corporate structure is a direct holding
structure without a variable interest entity (&ldquo;VIE&rdquo;). That is, Erayak wholly owns Wenzhou Wenjie Information Technology Co.
Ltd. (&ldquo;Erayak WFOE&rdquo; or the &ldquo;WFOE&rdquo;) and other domestic operating entities indirectly through holding of Erayak
BVI and Erayak HK.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2. Within our direct holding structure, the cross-border
transfer of funds within our corporate group is legal and compliant with the laws and regulations of the PRC. After foreign investors&rsquo;
funds enter Erayak, the funds can be directly transferred to Erayak BVI and then Erayak HK, and then transferred to subordinate operating
entities through the WFOE.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the Company intends to distribute dividends,
Ruike Electronics (Wenzhou) Co., Ltd., a PRC company and a wholly-owned subsidiary of Erayak HK (&ldquo;Ruike&rdquo;), or Zhejiang Leiya
Electronics Co. Ltd., a PRC company and a wholly-owned subsidiary of Erayak WFOE (&ldquo;Zhejiang Leiya&rdquo;), will distribute the dividends
to Erayak WOFE, which then will distribute the dividends to Erayak HK in accordance with the laws and regulations of the PRC, and then
Erayak HK will distribute the dividends to Erayak BVI, which will distribute dividends to Erayak, and the dividends will be distributed
from Erayak to all shareholders respectively in proportion to the shares they hold, regardless of whether the shareholders are U.S. investors
or investors in other countries or regions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3. During the fiscal years ended December 31,
2023 and 2022 and until the date of this prospectus, except for transfers and loans made by Zhejiang Leiya and Erayak WFOE on behalf of
the holding company to fulfill certain maintenance requirements in Cayman Islands and legal expenses relating to this registration statement,
no dividends or distributions have been made to date between the holding company and its subsidiaries, or to investors. See &ldquo;<I>Transfers
of Cash to and from Our Subsidiaries</I>&rdquo; on page 2 of this prospectus. Neither the holding company nor subsidiaries have declared
dividends as of the date of this prospectus. For the foreseeable future, the Company intends to use its earnings to develop new products
and expand its operations. As a result, we do not expect to pay any cash dividends. Also, as of the date of this prospectus, no cash generated
from one subsidiary is used to fund another subsidiary&rsquo;s operations and we do not anticipate any difficulties or limitations in
our ability to transfer cash between subsidiaries. We have not adopted any cash management policies that dictate the amount of such funding.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4. Our PRC subsidiaries&rsquo; ability to distribute
dividends is based upon their distributable earnings. Current PRC regulations permit our PRC subsidiaries to pay dividends to their respective
shareholders only out of their accumulated profits, if any, determined in accordance with PRC accounting standards and regulations. In
addition, each of our PRC subsidiaries is required to set aside at least 10% of its after-tax profits each year, if any, to fund a statutory
reserve until such reserve reaches 50% of each of their registered capitals. These reserves are not distributable as cash dividends. See
&ldquo;<I>Regulations Relating to Dividend Distributions</I>&rdquo; on page 60 of our 2023 Annual Report for more information.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under existing PRC foreign exchange regulations,
payment of current account items, such as profit distributions and trade and service-related foreign exchange transactions, can be made
in foreign currencies without prior approval from SAFE by complying with certain procedural requirements. Therefore, our PRC subsidiaries
are able to pay dividends in foreign currencies to us without prior approval from SAFE, subject to the condition that the remittance of
such dividends outside of the PRC complies with certain procedures under PRC foreign exchange regulations, such as the overseas investment
registrations by our shareholders or the ultimate shareholders of our corporate shareholders who are PRC residents. Approval from, or
registration with, appropriate government authorities is, however, required where the RMB is to be converted into foreign currency and
remitted out of China to pay capital expenses such as the repayment of loans denominated in foreign currencies. The PRC government may
also at its discretion restrict access in the future to foreign currencies for current account transactions. Current PRC regulations permit
our PRC subsidiaries to pay dividends to the Company only out of their accumulated profits, if any, determined in accordance with Chinese
accounting standards and regulations. As of the date of this prospectus, there are no restrictions or limitations imposed by the Hong
Kong government on the transfer of capital within, into and out of Hong Kong (including funds from Hong Kong to the PRC), except for transfer
of funds involving money laundering and criminal activities. Cayman Islands law prescribes that a company may only pay dividends out of
its profits or share premium, and that a company may only pay dividends if, immediately following the date on which the dividend is paid,
the company remains able to pay its debts as they fall due in the ordinary course of business. Other than that, there are no restrictions
on Erayak&rsquo;s ability to pay dividends to its shareholders. See &ldquo;<I>Prospectus Summary &mdash; Transfers of Cash to and from
Our Subsidiaries</I>,&rdquo; and &ldquo;<I>Risk Factors &mdash; Risks Related to Doing Business in China &mdash; To the extent cash or
assets in the business is in the PRC or Hong Kong or a PRC or Hong Kong entity, the funds or assets may not be available to fund operations
or for other use outside of the PRC or Hong Kong due to interventions in or the imposition of restrictions and limitations on the ability
of us or our subsidiaries by the PRC government to transfer cash or assets</I>,&rdquo; &ldquo;<I>Risk Factors &mdash; Risks Related to
Doing Business in China &mdash; We are a holding company and we rely on our subsidiaries for funding dividend payments, which are subject
to restrictions under PRC laws</I>,&rdquo; and &ldquo;<I>Risk Factors &mdash; Risks Related to Doing Business in China &mdash; Our PRC
subsidiaries are subject to restrictions on paying dividends or making other payments to us, which may have a material adverse effect
on our ability to conduct our business</I>.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To address persistent capital outflows and the
RMB&rsquo;s depreciation against the U.S. dollar in the fourth quarter of 2016, the People&rsquo;s Bank of China and SAFE have implemented
a series of capital control measures in the subsequent months, including stricter vetting procedures for China-based companies to remit
foreign currency for overseas acquisitions, dividend payments and shareholder loan repayments. The PRC government may continue to strengthen
its capital controls and our PRC subsidiaries&rsquo; dividends and other distributions may be subject to tightened scrutiny in the future.
Therefore, we may experience difficulties in completing the administrative procedures necessary to obtain and remit foreign currency for
the payment of dividends from our profits, if any. Furthermore, if our subsidiaries in the PRC incur debt on their own in the future,
the instruments governing the debt may restrict their ability to pay dividends or make other payments.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>We are an &ldquo;emerging growth company&rdquo;
under the federal securities laws and will be subject to reduced public company reporting requirements. See &ldquo;<I>Prospectus Summary
&mdash; Implications of Being an Emerging Growth Company</I>&rdquo; on page 14 of this prospectus for additional information.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>The information contained or incorporated in
this prospectus is accurate only as of the date of this prospectus, regardless of the time of delivery of this prospectus or any sale
of our securities.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Investing in our securities being offered pursuant
to this prospectus involves a high degree of risk. You should carefully read and consider the &ldquo;<I>Risk Factors</I>&rsquo;&rsquo;
section of this prospectus,&nbsp;<FONT STYLE="background-color: white">the risk factors set forth in our 2023 Annual Report, other reports
incorporated herein by reference&nbsp;</FONT> before you make your investment decision.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Neither the Securities and Exchange Commission
(the &ldquo;SEC&rdquo;), the Cayman Islands Monetary Authority, nor any state securities commission has approved or disapproved of these
securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.</B>&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Prospectus dated ____________, 2024</P>

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


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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="width: 90%"><A HREF="#era_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-decoration: none">ABOUT THIS PROSPECTUS</FONT></A></TD>
    <TD STYLE="width: 10%; text-align: center">ii</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><A HREF="#era_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-decoration: none">CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</FONT></A></TD>
    <TD STYLE="text-align: center"><FONT STYLE="text-decoration: none">iv</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><A HREF="#era_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-decoration: none">PROSPECTUS SUMMARY</FONT></A></TD>
    <TD STYLE="text-align: center"><FONT STYLE="text-decoration: none">1</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><A HREF="#era_004"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-decoration: none">THE OFFERING</FONT></A></TD>
    <TD STYLE="text-align: center">16</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><A HREF="#era_005"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-decoration: none">RISK FACTORS</FONT></A></TD>
    <TD STYLE="text-align: center">17</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><A HREF="#era_006"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-decoration: none">USE OF PROCEEDS</FONT></A></TD>
    <TD STYLE="text-align: center">37</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><A HREF="#era_007"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-decoration: none">DESCRIPTION OF SECURITIES&nbsp;</FONT></A></TD>
    <TD STYLE="text-align: center">38</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><A HREF="#era_008"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-decoration: none">SELLING SHAREHOLDERS</FONT></A></TD>
    <TD STYLE="text-align: center">39</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><A HREF="#era_009"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-decoration: none">PLAN OF DISTRIBUTION</FONT></A></TD>
    <TD STYLE="text-align: center"><FONT STYLE="text-decoration: none">40</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><A HREF="#era_010"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-decoration: none">LEGAL MATTERS</FONT></A></TD>
    <TD STYLE="text-align: center">42</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><A HREF="#era_011"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-decoration: none">EXPERTS</FONT></A></TD>
    <TD STYLE="text-align: center">42</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><A HREF="#era_012"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-decoration: none">INCORPORATION OF CERTAIN INFORMATION BY REFERENCE</FONT></A></TD>
    <TD STYLE="text-align: center">42</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><A HREF="#era_013"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-decoration: none">WHERE YOU CAN FIND MORE INFORMATION</FONT></A></TD>
    <TD STYLE="text-align: center">43</TD></TR>
  </TABLE>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="era_001"></A>ABOUT THIS PROSPECTUS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You should carefully read this prospectus and
the information described under the heading &ldquo;<I>Where You Can Find More Information</I>.&rdquo; Neither we nor the Selling Shareholders
have authorized anyone to give any information or make any representation about our company that is different from, or in addition to,
that contained in this prospectus, including in any of the materials that have been incorporated by reference into this prospectus. Therefore,
if anyone does give you information of this sort, you should not rely on it as authorized by us. You should rely only on the information
contained or incorporated by reference in this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>You should not assume that the information
contained in this prospectus is accurate on any date subsequent to the date set forth on the front of the document or that any information
that has been incorporated by reference is correct on any date subsequent to the date of the document incorporated by reference, even
though this prospectus and any accompanying supplement to this prospectus is delivered or securities are sold on a later date. Neither
the delivery of this prospectus, nor any sale made hereunder, shall under any circumstances create any implication that there has been
no change in our affairs since the date hereof or that the information incorporated by reference herein is correct as of any time subsequent
to the date of such information.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The distribution of this prospectus may be restricted
by law in certain jurisdictions. You should inform yourself about and observe any of these restrictions. If you are in a jurisdiction
where offers to sell, or solicitations of offers to purchase, the securities offered by this document are unlawful, or if you are a person
to whom it is unlawful to direct these types of activities, then the offer presented in this prospectus does not extend to you.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In this prospectus, unless otherwise indicated
or unless the context otherwise requires, references to:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;CAC&rdquo; refers to the Cyberspace Administration of China;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;China&rdquo; or the &ldquo;PRC&rdquo;, in each case, refers to the People&rsquo;s Republic of China , and only in the context of describing PRC rules, laws, regulations, regulatory authority, and any PRC entities or citizens under such rules, laws and regulations and other legal or tax matters in this prospectus, excludes Hong Kong, Macau and Taiwan;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;CSRC&rdquo; refers to the China Securities Regulatory Commission;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Erayak&rdquo; refers to Erayak Power Solution Group Inc., a Cayman Islands exempted company, and &ldquo;we,&rdquo; &ldquo;us,&rdquo; &ldquo;our company,&rdquo; the &ldquo;Company,&rdquo; &ldquo;our,&rdquo; or similar terms used in this prospectus;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Erayak BVI&rdquo; refers to Erayak Power Solution Limited, a British Virgin Islands company and a wholly-owned subsidiary of Erayak;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Erayak HK&rdquo; refers to Erayak Power Solution Hong Kong Limited, a Hong Kong company and a wholly-owned subsidiary of Erayak BVI;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Erayak WFOE&rdquo; or &ldquo;WFOE&rdquo; refers to Wenzhou Wenjie Information Technology Co. Ltd., a wholly foreign-owned enterprise incorporated in the PRC and a wholly-owned subsidiary of Erayak HK;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Exchange Act&rdquo; refers to the Securities Exchange Act of 1934, as amended;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;&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: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Hong Kong&rdquo; refers to the Hong Kong Special Administrative Region of the PRC;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;JOBS Act&rdquo; refers to the Jumpstart Our Business Startups Act, enacted in April 2012;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;MOFCOM&rdquo; refers to China&rsquo;s Ministry of Commerce;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Ordinary Shares&rdquo; refers to Erayak&rsquo;s Class A ordinary shares, par value US$0.0001 per share;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;PCAOB&rdquo; refers to the Public Company Accounting Oversight Board of the United States;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;RMB&rdquo; or &ldquo;Renminbi&rdquo; refers to the legal currency of the People&rsquo;s Republic of China;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ruike&rdquo; refers to Ruike Electronics (Wenzhou) Co., Ltd., a PRC company and a wholly-owned subsidiary of Erayak HK;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;SAFE&rdquo; refers to China&rsquo;s State Administration of Foreign Exchange;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;SAT&rdquo; refers to China&rsquo;s State Administration of Taxation;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Securities Act&rdquo; refers to the Securities Act of 1933, as amended;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;share capital&rdquo; or similar expressions include a reference to shares in a company that does not have a share capital under its governing law, but which is authorized to issue a maximum or unlimited number of shares;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;&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: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;U.S. GAAP&rdquo; or &ldquo;GAAP&rdquo; refers to the generally accepted accounting principles in the United States;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Wenzhou New Focus&rdquo; refers to Wenzhou New Focus Technology &amp; Electronic Co., Ltd., a PRC company and a wholly-owned subsidiary of Zhejiang Leiya; and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Zhejiang Leiya&rdquo; refers to Zhejiang Leiya Electronics Co. Ltd., a PRC company and a wholly-owned subsidiary of Erayak WFOE.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All discrepancies in any table between the amounts
identified as total amounts and the sum of the amounts listed therein are due to rounding.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus contains translations of certain
RMB amounts into US dollar amounts at specified rates solely for the convenience of the reader. All reference to &ldquo;US dollars&rdquo;,
&ldquo;USD&rdquo;, &ldquo;US$&rdquo; or &ldquo;$&rdquo; are to United States dollars. The relevant exchange rates are listed below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">December&nbsp;31,</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">December&nbsp;31,</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">December&nbsp;31,</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2023</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2022</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 64%; font-weight: bold; text-align: left">Period Ended RMB: USD exchange rate</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">7.0999</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">6.8972</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">6.3726</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Period Average RMB: USD exchange rate</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7.0809</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.7290</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.4508</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have relied on statistics provided by a variety
of publicly-available sources regarding China&rsquo;s expectations of growth. We did not directly or indirectly sponsor or participate
in the publication of such materials, and these materials are not incorporated in this prospectus other than to the extent specifically
cited in this prospectus. We have sought to provide current information in this prospectus and believe that the statistics provided in
this prospectus remain up-to-date and reliable, and these materials are not incorporated in this prospectus other than to the extent
specifically cited in this prospectus.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="era_002"></A><FONT STYLE="text-transform: uppercase"><B>CAUTIONARY&nbsp;</B></FONT><B>NOTE
REGARDING FORWARD-LOOKING STATEMENTS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus contains or incorporates forward-looking
statements within the meaning of section 27A of the Securities Act and section 21E of the Exchange Act. Forward-looking statements may
involve risks and uncertainties. All statements other than statements of historical facts are forward-looking statements. These statements
involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be
materially different from those expressed or implied by the forward-looking statements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You can identify these forward-looking statements
by words or phrases such as &ldquo;may,&rdquo; &ldquo;will,&rdquo; &ldquo;expect,&rdquo; &ldquo;anticipate,&rdquo; &ldquo;aim,&rdquo;
&ldquo;estimate,&rdquo; &ldquo;intend,&rdquo; &ldquo;plan,&rdquo; &ldquo;believe,&rdquo; &ldquo;likely to&rdquo; or other similar expressions.
We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends
that we believe may affect our financial condition, results of operations, business strategy and financial needs. These forward-looking
statements include, but are not limited to, statements about:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our goals and growth strategies;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our expectations regarding demand for and market acceptance of its products;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our future business development, results of operations and financial condition;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&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: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">competition in the industry we operate in;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the expected growth of, and trends in, the markets for our products provided through its subsidiaries in China;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">government policies and regulations relating to our corporate structure, business and industry;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our ability to comply with the continued listing standards on the exchange or trading market on which our Ordinary Shares is listed for trading;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&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: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">general economic and business condition in China and elsewhere; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">assumptions underlying or related to any of the foregoing.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You should read thoroughly this prospectus and
the documents incorporated by reference or otherwise referred to in this prospectus with the understanding that our actual future results
may be materially different from and worse than what we expect. Other sections of this prospectus and the documents incorporated by reference
in this prospectus include additional factors which could adversely impact our business through our subsidiaries in China and financial
performance. Moreover, we operate in an evolving environment. New risk factors and uncertainties emerge from time to time and it is not
possible for our management to predict all risk factors and uncertainties, nor can we assess the impact of all factors on our business
through subsidiaries in China or the extent to which any factor, or combination of factors, may cause actual results to differ materially
from those contained in any forward-looking statements. Although we believe that our plans, objectives, expectations and intentions reflected
in or suggested by the forward-looking statements we make in this prospectus are reasonable, we can give no assurance that these plans,
objectives, expectations or intentions will be achieved. Important factors that could cause our actual results to differ materially from
our expectations are disclosed and described under &ldquo;<I>Risk Factors</I>&rdquo; elsewhere in this prospectus, the risk factors in
our 2023 Annual Report and incorporated by reference in this prospectus, any prospectus supplement, any free writing prospectus and in
filings incorporated by reference, and the same may be amended, supplemented or superseded by the risks and uncertainties described under
similar headings in the other documents that filed after the date hereof and incorporated by reference into this prospectus. We qualify
all of our forward-looking statements by these cautionary statements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You should not rely upon forward-looking statements
as predictions of future events. We undertake no obligation to update or revise any forward-looking statements, whether as a result of
new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated
events. You should read this prospectus and the documents incorporated by reference or otherwise referred to in this prospectus, which
we have filed as exhibits to the registration statement, of which this prospectus is a part, completely and with the understanding that
our actual future results may be materially different from what we expect.</P>

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


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<DIV STYLE="padding-right: 5pt; padding-left: 5pt; border: Black 1.5pt solid">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="era_003"></A>PROSPECTUS SUMMARY </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Investors in Erayak&rsquo;s securities are
not purchasing an equity interest in our operating entities in China but instead are purchasing an equity interest in a Cayman Islands
holding company.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>This prospectus summary highlights selected
information that is presented in greater detail elsewhere, or incorporated by reference, in this prospectus and any applicable prospectus.
It does not contain all of the information that may be important to you and your investment decision. Before investing in the securities
that the Selling Shareholders are offering, you should carefully read this entire prospectus and any applicable prospectus, including
the matters set forth under the section of this prospectus and any applicable prospectus captioned &ldquo;Risk Factors&rdquo; and the
financial statements and related notes and other information that we incorporate by reference herein, including, but not limited to, our
2023 Annual Report and our other SEC reports.</I></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Erayak Power Solution Group Inc. was formed in
2019 under the laws of the Cayman Islands. Erayak conducts business primarily through its wholly-owned subsidiaries, Ruike, Zhejiang Leiya
and Wenzhou New Focus, in the PRC. We specialize in the manufacturing, research and development (&ldquo;R&amp;D&rdquo;), and wholesale
and retail of power solution products. Our product portfolio includes sine wave and off-grid inverters, inverter and gasoline generators,
battery and smart chargers, and custom-designed products. Our products are used principally in agricultural and industrial vehicles, recreational
vehicles (&ldquo;RVs&rdquo;), electrical appliances, and outdoor living products. Our primary office is located in Zhejiang province,
where we serve a large customer base throughout PRC and expand our reach to international clients. Our goal is to be the premier power
solutions brand and a solution for mobile life and outdoor living. We seek to leverage our flexibility and passion for quality to provide
a personalized mobile living solution for each customer.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Since the founding of Zhejiang Leiya in 2009,
we have grown to be a manufacturer that not only designs, develops and mass produces our own brand of premium power solution products,
but have also established e-commerce channels in the retail chain. We, through our PRC subsidiaries, also offer our products in Japan,
England, Germany, France, Spain, Switzerland, Sweden, the Netherlands, the U.S., Canada, Mexico, Australia, United Arab Emirates, and
9 other countries. Zhejiang Leiya manufactures all of our products in factories operating under quality management systems accredited&nbsp;by
the International Organization for Standardization (ISO 9001:2015). Furthermore, our products have been tested for regulatory compliance
and safety. Some of our compliance marks include: T&Uuml;V certification from Technischer &Uuml;berwachungsverein, an internationally
recognized service company; GS Mark for safety under the German Equipment and Product Safety Act; C-tick certification by the Australian
Communications Media Authority; FCC Mark from the U.S. Federal Communications Commission, PAH certification mark for Polycyclic Aromatic
Hydrocarbon concentrations; REACH Certification for substances of very high concern under the European Chemicals Agency; CE Mark certifying
compliance with European Union safety, health and environmental protection standards; RoHs Mark for compliance with the Restriction of
Hazardous Substances in the European Union; c ETL Certification for compliance with Canadian safety standards; and us ETL Mark for compliance
with U.S. safety standards.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We generated revenue mostly from sales of three
types of products: (1) inverters which constituted approximately&nbsp;<FONT STYLE="background-color: white">59%, 52% and 82%</FONT>&nbsp;of
our total revenue for the fiscal years ended December 31, 2023, 2022 and 2021, respectively; (2) chargers, which generated approximately&nbsp;<FONT STYLE="background-color: white">2.68%,
2.16% and 7.52%</FONT>&nbsp;of our total revenue for the fiscal years ended December 31, 2023, 2022 and 2021, respectively; and (3) gasoline
generators which generated approximately&nbsp;<FONT STYLE="background-color: white">32.36%, 43.82% and 8.28%&nbsp;</FONT>of our total
revenue for the fiscal years ended December 31, 2023, 2022 and 2021, respectively. As of the date of this prospectus, we have also launched
a few new products, such as stacked energy storage system, hybrid solar inverter, portable power station.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Due to our substantial investment in research
and development, Zhejiang Leiya was awarded High-Tech Enterprise status by the Zhejiang provincial government, which qualified us for
China&rsquo;s National High-Tech Enterprise Program, a national-level program. Specifically, companies in the China&rsquo;s National High-Tech
Enterprise Program are eligible for up to a 10% corporate income tax break and certain deductions related to intangible assets, such as
obtaining patents in the R&amp;D process. Additionally, our research and patents in the power solution space have brought us local recognition.
We have been awarded certificates by the provincial and city governments that identify us as a Zhejiang Science and Technology Enterprise,
and a Wenzhou Science and Technology Innovation Enterprise. These certificates entitle us to certain preferential tax treatment and sometimes
grants from the government to aid R&amp;D efforts in furtherance of the business. Furthermore, we are a supplier for many international
companies, including Einhell Germany AG, Canadian Tire Corporation Limited, Steren Electronics International, LLC, etc.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Zhejiang Leiya&rsquo;s products are customized
and built to order (&ldquo;BOT&rdquo;). The BOT business model maximizes our flexibility in production scheduling, material procurement,
and delivery to meet our customers&rsquo; unique demands. We have adopted a multi-step, full-service system to ensure quality and client
satisfaction. Customers can choose from within our product portfolio and communicate specified requirements to the sales department. Our
technical department will evaluate the request&rsquo;s feasibility and coordinate with the customer to make adjustments. The production
department will create samples that will undergo &nbsp;&nbsp;inspection by the quality inspection department for quality and material
warranty. The sales department will submit the prototype, inspection report, quality assurance, and quote to the customer for verification.
After confirmation by the customer, our procurement department will purchase the raw materials, and the production department will fulfill
the order. Finally, our inspection department will inspect and issue a report affirming the quality before the production department packs
and delivers the final product to the customer.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December 19, 2022, the Company completed its
initial public offering. In the initial public offering, the Company issued 3,000,000 Ordinary Shares at a price of US$4.00 per share.
The Company received gross proceeds in the amount of US$12 million before deducting any underwriting discounts or expenses. The Ordinary
Shares began trading on December 14, 2022 on the Nasdaq Capital Market under the ticker symbol &ldquo;RAYA.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On October 12, 2023, the Company notified its
independent registered public accounting firm, TPS Thayer, its decision to dismiss TPS Thayer as the Company&rsquo;s auditor. On the same
day, the Audit Committee and the Board of Directors of the Company appointed Fortune CPA Inc as its new independent registered public
accounting firm to audit the Company&rsquo;s financial statements.&nbsp;</P>

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

</DIV>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Below is a chart illustrating
our current corporate structure:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><IMG SRC="image_002.jpg" ALT="" STYLE="width: 435px; height: 444px"></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Through our PRC subsidiaries, Ruike, Zhejiang
Leiya and Wenzhou New Focus, we are mainly engaged in the manufacturing, R&amp;D, and wholesale and retail of power solution products.
According to our total revenue in the past three fiscal years, inverters, chargers, and gasoline generators are our top three&nbsp;product
categories, encompassing more than 95% of our total sales. Our sine wave inverters require high technical expertise and come with a high
profit margin.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Zhejiang Leiya&rsquo;s inverter product selection
includes off-grid inverters, 12v inverters, and 24v inverters, which all use either pure sine or modified sine wave inverters ranging
from 75 watts to 3000 watts and are all compatible with solar energy powering. We also manufacture gasoline generators, such as Alternating
Current (&ldquo;AC&rdquo;) generators and Direct Current (&ldquo;DC&rdquo;) generators, and battery chargers. Finally, we produce various
inverter generators, including AC inverter generators and DC inverter generators.&nbsp;In 2023, we launched several new products, including
stacked energy storage system, hybrid solar inverter, and BDS series portable power station.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the future, we expect to explore the development
of clean energy product series. For inverters, our product selection will mainly focus on pure sine wave inverters and hybrid inverters,
such as off-grid inverter and on/off-grid inverter. For generators, we are currently looking to resolve technical difficulties in the
industry and developing more powerful generators with more fuel choices and cleaner energy. We are also in the process of developing power
wall, which integrates hybrid inverter, a battery management system (BMS), and lithium battery.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Transfers of Cash to and from Our Subsidiaries</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Erayak is a holding company with no operations
of its own. We conduct our operations in China primarily through our subsidiaries in China. We may rely on dividends to be paid by our
PRC subsidiaries to fund our cash and financing requirements, including the funds necessary to pay dividends and other cash distributions
to our shareholders, to service any debt we may incur and to pay our operating expenses. If our PRC subsidiaries incur debt on their own
behalf in the future, the instruments governing the debt may restrict its ability to pay dividends or make other distributions to us.</P>

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

</DIV>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Erayak is permitted under the Cayman Islands laws to provide funding
to our subsidiary in Hong Kong through loans or capital contributions without restrictions on the amount of the funds, subject to satisfaction
of applicable government registration, approval and filing requirements. Erayak HK is also permitted under the laws of Hong Kong to provide
funding to Erayak Power Solution Group Inc. and Erayak BVI through dividend distribution without restrictions on the amount of the funds.
The PRC has currency and capital transfer regulations that require us to comply with certain requirements for the movement of capital.
The Company is able to transfer cash (US Dollars) to its PRC subsidiaries through an investment (by increasing the Company&rsquo;s registered
capital in a PRC subsidiary or providing loans to a PRC subsidiary). The Company may provide loans to its PRC subsidiaries, but it needs
to go through the formalities of foreign debt registration by SAFE and obtain the review and registration certificate of incurrence of
corporate foreign debt and the business registration certificate. The Company&rsquo;s subsidiaries within China can transfer funds to
each other when necessary, through the way of lending. We have not been notified of any other restriction which could limit our PRC subsidiaries&rsquo;
ability to transfer cash between PRC subsidiaries. As of the date of this prospectus, there has been no distribution of dividends or assets
among the holding company or the subsidiaries.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We currently intend to retain all available funds
and future earnings, if any, for the operation and expansion of our business and do not anticipate declaring or paying any dividends in
the foreseeable future. Any future determination related to our dividend policy will be made at the discretion of our board of directors
after considering our financial condition, results of operations, capital requirements, contractual requirements, business prospects and
other factors the board of directors deems relevant, and subject to the restrictions contained in any future financing instruments.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to the Companies Act of the Cayman Islands
and our memorandum and articles of association, our board of directors may authorize and declare a dividend to shareholders at such time
and of such an amount as they think fit if they are satisfied, on reasonable grounds, that immediately following the dividend we will
be able to pay our debts as they become due in the ordinary course of business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the current practice of the Inland Revenue
Department of Hong&nbsp;Kong, no tax is payable in Hong&nbsp;Kong in respect of dividends paid by us. The laws and regulations of the
PRC do not currently have any material impact on transfer of cash from Erayak to Erayak HK or from Erayak HK to Erayak. There are no restrictions
or limitation under the laws of Hong Kong imposed on the conversion of HK dollar into foreign currencies and the remittance of currencies
out of Hong Kong or across borders and to U.S investors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Current PRC regulations permit our PRC subsidiaries
to pay dividends to Erayak HK only out of their accumulated profits, if any, determined in accordance with Chinese accounting standards
and regulations. In addition, each of our subsidiaries in China is required to set aside at least 10% of its after-tax profits each year,
if any, to fund a statutory reserve until such reserve reaches 50% of its registered capital. Each of such entity in China is also required
to further set aside a portion of its after-tax profits to fund the employee welfare fund, although the amount to be set aside, if any,
is determined at the discretion of its board of directors. Although the statutory reserves can be used, among other ways, to increase
the registered capital and eliminate future losses in excess of retained earnings of the respective companies, the reserve funds are not
distributable as cash dividends except in the event of liquidation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under existing PRC foreign exchange regulations,
payment of current account items, such as profit distributions and trade and service-related foreign exchange transactions, can be made
in foreign currencies without prior approval from SAFE by complying with certain procedural requirements. Therefore, our PRC subsidiaries
are able to pay dividends in foreign currencies to us without prior approval from SAFE, subject to the condition that the remittance of
such dividends outside of the PRC complies with certain procedures under PRC foreign exchange regulations, such as the overseas investment
registrations by our shareholders or the ultimate shareholders of our corporate shareholders who are PRC residents. Approval from, or
registration with, appropriate government authorities is, however, required where the RMB is to be converted into foreign currency and
remitted out of China to pay capital expenses such as the repayment of loans denominated in foreign currencies. The PRC government may
also at its discretion restrict access in the future to foreign currencies for current account transactions. Current PRC regulations permit
our PRC subsidiaries to pay dividends to the Company only out of their accumulated profits, if any, determined in accordance with Chinese
accounting standards and regulations. As of the date of this prospectus, there are no restrictions or limitations imposed by the Hong
Kong government on the transfer of capital within, into and out of Hong Kong (including funds from Hong Kong to the PRC), except for transfer
of funds involving money laundering and criminal activities.</P>

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

</DIV>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To address persistent capital outflows and the
RMB&rsquo;s depreciation against the U.S. dollar in the fourth quarter of 2016, the People&rsquo;s Bank of China and SAFE have implemented
a series of capital control measures in the subsequent months, including stricter vetting procedures for China-based companies to remit
foreign currency for overseas acquisitions, dividend payments and shareholder loan repayments. The PRC government may continue to strengthen
its capital controls and our PRC subsidiaries&rsquo; dividends and other distributions may be subject to tightened scrutiny in the future.
The PRC government also imposes controls on the conversion of RMB into foreign currencies and the remittance of currencies out of the
PRC. Therefore, we may experience difficulties in completing the administrative procedures necessary to obtain and remit foreign currency
for the payment of dividends from our profits, if any. Furthermore, if our subsidiaries in the PRC incur debt on their own in the future,
the instruments governing the debt may restrict their ability to pay dividends or make other payments. If we or our subsidiaries are unable
to receive all of the revenues from our operations, we may be unable to pay dividends on our Ordinary Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">The Company&rsquo;s
business is primarily conducted through its subsidiaries. The Company is a holding company and its material assets consist solely of the
ownership interests held in its PRC subsidiaries. The Company may rely on dividends paid by its subsidiaries for its working capital and
cash needs, including the funds necessary: (i) to pay dividends or cash distributions to its shareholders, (ii) to service any debt obligations
and (iii) to pay operating expenses.&nbsp;Cash dividends, if any, on our Ordinary Shares will be paid in U.S. dollars. If we are considered
a PRC tax resident enterprise for tax purposes, any dividends we pay to our overseas shareholders may be regarded as China-sourced income
and as a result may be subject to PRC withholding tax at a rate of up to 10.0%.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In order for us to pay dividends to our shareholders,
we may rely on payments made from our PRC subsidiaries, i.e., Ruike, Zhejiang Leiya and Wenzhou New Forcus, to Erayak WFOE, from Erayak
WFOE to Erayak HK, from Erayak HK to Erayak BVI, and finally from Erayak BVI to Erayak. Certain payments from our PRC subsidiaries to
Erayak HK are subject to PRC taxes, including business taxes and value-added tax (&ldquo;VAT&rdquo;). As of the date of this prospectus,
except for the transfers and loans made by Zhejiang Leiya and Erayak WFOE on behalf of the holding company to fulfill certain maintenance
requirements in Cayman Islands and legal expenses relating to this registration statement, our PRC subsidiaries have not made any other
transfers, loans, or distributions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the arrangement&nbsp;between mainland
China and Hong Kong for the avoidance of double taxation and tax evasion on income (&ldquo;the Double Tax Avoidance Arrangement&rdquo;),
the 10% withholding tax rate may be lowered to 5% if a Hong Kong resident enterprise owns no less than 25% of a PRC entity. However, the
5% withholding tax rate does not automatically apply and certain requirements must be satisfied, including, without limitation, that (a)
the Hong Kong entity must be the beneficial owner of the relevant dividends; and (b) the Hong Kong entity must directly hold no less than
25% share ownership in the PRC entity during the 12 consecutive months preceding its receipt of the dividends. In current practice, a
Hong Kong entity must obtain a tax resident certificate from the Hong Kong tax authority to apply for the 5% lower PRC withholding tax
rate. As the Hong Kong tax authority will issue such a tax resident certificate on a case-by-case basis, we cannot assure you that we
will be able to obtain the tax resident certificate from the relevant Hong Kong tax authority and enjoy the preferential withholding tax
rate of 5% under the Double Taxation Arrangement with respect to dividends to be paid by our PRC subsidiary to its immediate holding company,
Erayak HK. As of the date of this prospectus, Erayak WFOE currently does not have any plan to declare and pay dividends to Erayak HK and
we have not applied for the tax resident certificate from the relevant Hong Kong tax authority. Erayak HK intends to apply for the tax
resident certificate when Erayak WFOE plans to declare and pay dividends to Erayak HK. When Erayak WFOE plans to declare and pay dividends
to Erayak HK and when we intend to apply for the tax resident certificate from the relevant Hong Kong tax authority, we plan to inform
the investors through SEC filings, such as a current report on Form 6-K, prior to such actions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company does not expect to pay any cash dividends
in the foreseeable future as it intends to use the earnings for research and development to develop new products and to expand its operations.</P>

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

</DIV>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the fiscal years ended December 31, 2023,
2022 and 2021, cash transfers and/or transfers of other assets between our Company and our subsidiaries were as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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">
    <TD COLSPAN="11" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">For the Year Ended December 31, 2023</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-weight: bold; border-bottom: Black 1.5pt solid">No.</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Transfer From</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Transfer To</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Approximate<BR> Value ($)</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Purpose</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; width: 7%; text-align: left">1</TD><TD STYLE="text-align: left; width: 1%; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 21%; text-align: left">Wenzhou New Focus</TD><TD STYLE="text-align: left; width: 1%; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 17%; text-align: left">Zhejiang Leiya</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="vertical-align: top; width: 9%; text-align: right">3,028,482</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; width: 40%; text-align: left">Payment for purchase of products from Zhejiang Leiya</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left">2</TD><TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">Erayak</TD><TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">Erayak HK</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="vertical-align: top; text-align: right">3,900,00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">Capital contribution</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left">3</TD><TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">Erayak WFOE</TD><TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">Erayak HK</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="vertical-align: top; text-align: right">100</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">Bank account maintenance fee</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left">4</TD><TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">Erayak HK</TD><TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">Erayak WFOE</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="vertical-align: top; text-align: right">3,000,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">Capital contribution</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left">5</TD><TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">Erayak HK</TD><TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">Ruike</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="vertical-align: top; text-align: right">5,010,035</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">Capital contribution</TD></TR>
  </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">For the Year Ended December 31, 2022</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-weight: bold; border-bottom: Black 1.5pt solid">No.</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Transfer From</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Transfer To</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Approximate<BR> Value ($)</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Purpose</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; width: 7%; text-align: left">1</TD><TD STYLE="text-align: left; width: 1%; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 21%; text-align: left">Erayak HK</TD><TD STYLE="text-align: left; width: 1%; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 17%; vertical-align: top">Erayak</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="vertical-align: top; width: 9%; text-align: right">1,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 40%; text-align: left">Bank account maintenance fee</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left">2</TD><TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">Zhejiang Leiya</TD><TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">Erayak HK</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="vertical-align: top; text-align: right">339,700</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Listing expenses, including audit, legal, registration, and director investigation expenses</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left">3</TD><TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">Erayak HK</TD><TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">Zhejiang Leiya</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="vertical-align: top; text-align: right">10,846</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Board expenses and F-1 filing fee</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left">4</TD><TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">Wenzhou New Focus</TD><TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">Zhejiang Leiya</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="vertical-align: top; text-align: right">2,305,550</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Payment for purchase of products from Zhejiang Leiya</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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 COLSPAN="11" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">For the Year Ended December 31, 2021</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-weight: bold; border-bottom: Black 1.5pt solid">No.</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Transfer From</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Transfer To</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Approximate&nbsp;<BR> Value ($)</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Purpose</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; width: 7%; text-align: left">1</TD><TD STYLE="text-align: left; width: 1%; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 21%; text-align: left">Zhejiang Leiya</TD><TD STYLE="text-align: left; width: 1%; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 17%; text-align: left">Erayak WFOE</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="vertical-align: top; width: 9%; text-align: right">39,275</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 40%; text-align: left">Payment of Erayak legal expenses</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left">2</TD><TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">Erayak WFOE</TD><TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">Erayak</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="vertical-align: top; text-align: right">39,275</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">As a loan to pay for legal expenses of Erayak</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left">3</TD><TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">Wenzhou New Focus</TD><TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">Erayak WFOE</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="vertical-align: top; text-align: right">9,456</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">Payment of Erayak legal expenses</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left">4</TD><TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">Erayak WFOE</TD><TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">Erayak</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="vertical-align: top; text-align: right">9,456</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">As a loan to pay for legal expenses of Erayak</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left">5</TD><TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">Wenzhou New Focus</TD><TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">Zhejiang Leiya</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="vertical-align: top; text-align: right">5,110,109</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left">Payment for purchase of products from Zhejiang Leiya</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Implications of Holding Foreign Company Accountable Act </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">U.S. laws and regulations, including the HFCAA,
may restrict or eliminate our ability to complete a business combination with certain companies, particularly those acquisition candidates
with substantial operations in China.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On March 24, 2021, the SEC adopted interim final
rules relating to the implementation of certain disclosure and documentation requirements of the HFCAA. An identified issuer will be required
to comply with these rules if the SEC identifies it as having a &ldquo;non-inspection&rdquo; year under a process to be subsequently established
by the SEC. On June 22, 2021, the U.S. Senate passed the Accelerating Holding Foreign Companies Accountable Act, and on December 29, 2022,
the Consolidated Appropriations Act was signed into law by President Biden, which contained, among other things, an identical provision
to the Accelerating Holding Foreign Companies Accountable Act and amended the HFCAA by requiring the SEC to prohibit an issuer&rsquo;s
securities from trading on any U.S stock exchanges if its auditor is not subject to PCAOB inspections for two consecutive years instead
of three, thus reducing the time period for triggering the prohibition on trading. On September 22, 2021, the PCAOB adopted a final rule
implementing the HFCAA, which provides a framework for the PCAOB to use when determining, as contemplated under the HFCAA, whether the
PCAOB is unable to inspect or investigate completely registered public accounting firms located in a foreign jurisdiction because of a
position taken by one or more authorities in that jurisdiction.</P>

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

</DIV>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December 2, 2021, the SEC issued amendments
to finalize rules implementing the submission and disclosure requirements in the HFCAA. The rules apply to registrants that the SEC identifies
as having filed an annual report with an audit report issued by a registered public accounting firm that is located in a foreign jurisdiction
and that PCAOB is unable to inspect or investigate completely because of a position taken by an authority in foreign jurisdictions. On
December 16, 2021, the PCAOB issued a report on its determinations that it is unable to inspect or investigate completely PCAOB-registered
public accounting firms headquartered in mainland China and in Hong Kong, because of positions taken by PRC authorities in those jurisdictions.
On August 26, 2022, the PCAOB announced that it had signed the SOP with the CSRC and the Ministry of Finance of China. The SOP, together
with two protocol agreements governing inspections and investigations, establishes a specific, accountable framework to make possible
complete inspections and investigations by the PCAOB of audit firms based in mainland China and Hong Kong, as required under U.S. law.
On December 15, 2022, the PCAOB announced that it was able to secure complete access to inspect and investigate PCAOB-registered public
accounting firms headquartered in mainland China and Hong Kong completely in 2022. The PCAOB Board vacated its previous 2021 determinations
that the PCAOB was unable to inspect or investigate completely registered public accounting firms headquartered in mainland China and
Hong Kong. However, whether the PCAOB will continue to be able to satisfactorily conduct inspections of PCAOB-registered public accounting
firms headquartered in mainland China and Hong Kong is subject to uncertainties and depends on a number of factors out of our and our
auditor&rsquo;s control. The PCAOB continues to demand complete access in mainland China and Hong Kong moving forward and is making plans
to resume regular inspections in early 2023 and beyond, as well as to continue pursuing ongoing investigations and initiate new investigations
as needed. The PCAOB has also indicated that it will act immediately to consider the need to issue new determinations with the HFCAA if
needed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">TPS Thayer and Fortune CPA, our independent registered
public accounting firms, are registered with the PCAOB and subject to laws in the United States pursuant to which the PCAOB conducts regular
inspections to assess TPS Thayer and Fortune CPA&rsquo;s compliance with applicable professional standards. TPS Thayer is headquartered
in Sugar Land, Texas and Fortune CPA is headquartered in Orange, California. As of the date of this prospectus, neither TPS Thayer nor
Fortune CPA is included in the list of PCAOB Identified Firms in the PCAOB Determination Report issued in December 2021.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">However, we cannot assure you whether Nasdaq or
regulatory authorities would apply additional and more stringent criteria to us after considering the effectiveness of our auditor&rsquo;s
audit procedures and quality control procedures, adequacy of personnel and training, or sufficiency of resources, geographic reach or
experience as it relates to the audit of our financial statements. See &ldquo;<I>Risk Factors &mdash; Risks Related to Doing Business
in China &mdash; The recent joint statement by the SEC and PCAOB, proposed rule changes submitted by Nasdaq, and the Holding Foreign Companies
Accountable Act all call for additional and more stringent criteria to be applied to emerging market companies upon assessing the qualification
of their auditors, especially the non-U.S. auditors who are not inspected by the PCAOB. These developments could add uncertainties to
our offering</I>&rdquo; on page 33 of this prospectus.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our subsidiaries currently have obtained all material
permissions and approvals required for our operations in compliance with the relevant PRC laws and regulations in the PRC, including the
business license and agency bookkeeping license. The business license is a permit issued by Market Supervision and Administration that
allows the company to conduct specific business within the government&rsquo;s geographical jurisdiction. The agency bookkeeping license
is issued by the financial department to enterprises, allowing enterprises to accept entrusted bookkeeping business. The business license
and agency bookkeeping license are the only two permissions and approvals that our PRC subsidiaries are required to obtain to conduct
our business in China. In addition, Erayak BVI and Erayak HK are not required to obtain any permissions or approvals from any Chinese
authorities to operate our business as of the date of this prospectus. However, applicable laws and regulations may be tightened, and
new laws or regulations may be introduced to impose additional government approval, license and permit requirements. If we or our subsidiaries
inadvertently conclude that such permissions and approvals relating to the operations of our business are not required, fail to obtain
and maintain such approvals, licenses or permits required for our business, or fail to respond to changes in the applicable laws, regulations,
interpretations and regulatory environment, we or our subsidiaries could be subject to liabilities, monetary penalties and even operational
disruption, which may materially and adversely affect our business, operating results, financial condition and the value of our Ordinary
Shares, significantly limit or completely hinder our ability to offer or continue to offer securities to investors, or cause such securities
to significantly decline in value or become worthless.</P>

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

</DIV>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December 28, 2021, the Cybersecurity Review Measures (2021 version)
was promulgated and took effective on February 15, 2022, which iterates that any &ldquo;online platform operators&rdquo; controlling personal
information of more than one million users seeks to list on a foreign stock exchange should also be subject to cybersecurity review by
the CAC. The Cybersecurity Review Measures (2021 version), among others, evaluates the potential risks of critical information infrastructure,
core data, important data, or a large amount of personal information being influenced, controlled or maliciously used by foreign governments
after the overseas listing of an operator. The procurement of network products and services, data processing activities and overseas listing
should also be subject to cybersecurity review if the CAC concerns or it potentially poses risks to national security. Our PRC counsel,
Gaopeng &amp; Partners, is of the view that the Company is not subject to the cybersecurity review by the CAC for the resale of securities
of the Company, since (1) the Company is listed on Nasdaq and does not &ldquo;seek to list on any other foreign stock exchange&rdquo;;
(2) the Company does not hold personal information of more than one million users in its business operations through its subsidiaries
or variable interest entity; and (3) data processed in the Company&rsquo;s business does not have a bearing on national security and thus
may not be classified as core or important data by the authorities. As a result, the Company is not subject to a cybersecurity review
under the Cybersecurity Review Measures (2021 version). However, there can be no assurance that the PRC authorities may take a view that
is not contrary to or otherwise different from the opinion stated above and the changing applicable laws, regulations or interpretations
may require us to do so in the future. See &ldquo;<I>Risk Factors &mdash; Risks Related to Doing Business in China</I>.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, on November 14, 2021, the CAC published the Draft Measures
for Network Data Security, which provides that data processors shall apply for cybersecurity review: (i) merger, reorganization or separation
of Internet platform operators that have acquired a large number of data resources related to national security, economic development
or public interests affects or may affect national security; (ii) overseas listing of data processors processing over one million users&rsquo;
personal information; and (iii) other data processing activities that affect or may affect national security. We are not subject to network
data security review by the CAC if the Draft Measures for Network Data Security are enacted as proposed, since we currently do not have
over one million users&rsquo; personal information and do not collect data that affects or may affect national security and we do not
anticipate that we will be collecting over one million users&rsquo; personal information or data that affects or may affect national security
in the foreseeable future, which we understand might otherwise subject us to the Draft Measures for Network Data Security.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Accordingly, any future failure to obtain prior
approval of the CSRC, CAC, or any other Chinese authorities for the listing and trading of our Ordinary Shares on a foreign stock exchange
could have a material adverse effect upon our business. If we or our subsidiaries inadvertently conclude that such approval or permission
is not required, fail to obtain and maintain such approval or permission required, we or our subsidiaries may face sanctions by the CSRC,
CAC or other PRC regulatory agencies for failure to seek CSRC, CAC approval. These sanctions may include fines and penalties on our operations
in China, limitations on our operations in China, delays in or restrictions on the repatriation of the proceeds from our future offshore
offering into the PRC, restrictions on or prohibition of the payments or remittance of dividends by our subsidiaries in China, or other
actions that could have a material adverse effect on our business, financial condition, results of operations, reputation, prospects,
the trading price of our Ordinary Shares, and the ability to offer the securities being registered to foreign investors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On August 8, 2006, six PRC regulatory agencies
jointly adopted the Regulations on Mergers and Acquisitions of Domestic Enterprises by Foreign Investors (the &ldquo;M&amp;A Rules&rdquo;),
which came into effect on September 8, 2006 and were amended on June 22, 2009. The M&amp;A Rules requires that an offshore special purpose
vehicle formed for overseas listing purposes and controlled directly or indirectly by the PRC Citizens shall obtain the approval of the
CSRC prior to overseas listing and trading of such special purpose vehicle&rsquo;s securities on an overseas stock exchange. Based on
our understanding of the Chinese laws and regulations in effect at the time of this prospectus, we will not be required to submit an application
to the CSRC for its approval of this registration statement and the listing and trading of our Ordinary Shares on the Nasdaq under the
M&amp;A Rules. However, there remains some uncertainty as to how the M&amp;A Rules will be interpreted or implemented, and the opinions
of our PRC counsel summarized above are subject to any new laws, rules and regulations or detailed implementations and interpretations
in any form relating to the M&amp;A Rules. We cannot assure you that relevant Chinese government agencies, including the CSRC, would reach
the same conclusion.</P>

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

</DIV>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The General Office of the Central Committee of the Communist Party
of China and the General Office of the State Council jointly issued the Opinions on Strictly Cracking Down on Illegal Securities Activities,
which were made available to the public on July 6, 2021. The Opinions on Strictly Cracking Down on Illegal Securities Activities emphasized
the need to strengthen the administration over illegal securities activities, and the need to strengthen the supervision over overseas
listings by Chinese companies. Effective measures, such as promoting the construction of relevant regulatory systems will be taken to
deal with the risks and incidents of China-based overseas listed companies, and cybersecurity and data privacy protection requirements
and similar matters. It is still uncertain how PRC governmental authorities will regulate overseas listing in general and whether we are
required to obtain any specific regulatory approvals. Furthermore, if the CSRC or other regulatory agencies later promulgate new rules
or explanations requiring that we obtain their approvals for our future offshore offering, we may be unable to obtain such approvals which
could significantly limit or completely hinder our ability to offer or continue to offer securities to our investors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December 28, 2021, the Cybersecurity Review
Measures (2021 version) was promulgated and took effective on February 15, 2022, which iterates that any &ldquo;online platform operators&rdquo;
controlling personal information of more than one million users seeks to list on a foreign stock exchange should also be subject to cybersecurity
review by the CAC. The Cybersecurity Review Measures (2021 version), among others, evaluates the potential risks of critical information
infrastructure, core data, important data, or a large amount of personal information being influenced, controlled or maliciously used
by foreign governments after the overseas listing of an operator. The procurement of network products and services, data processing activities
and overseas listing should also be subject to cybersecurity review if the CAC concerns or it potentially poses risks to national security.
Our PRC counsel, Gaopeng &amp; Partners, is of the view that the Company is not subject to the cybersecurity review by the CAC for the
resale of securities of the Company, since (1) the Company is listed on Nasdaq and does not &ldquo;seek to list on any other foreign stock
exchange&rdquo;; (2) the Company does not hold personal information of more than one million users in its business operations through
its subsidiaries or variable interest entity; and (3) data processed in the Company&rsquo;s business does not have a bearing on national
security and thus may not be classified as core or important data by the authorities. As a result, the Company is not subject to a cybersecurity
review under the Cybersecurity Review Measures (2021 version). However, there can be no assurance that the PRC authorities may take a
view that is not contrary to or otherwise different from the opinion stated above and the changing applicable laws, regulations or interpretations
may require us to do so in the future.</P>

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

<P STYLE="text-align: justify; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">In addition, on November 14, 2021, the CAC published the Draft Measures
for Network Data Security, which provides that data processors shall apply for cybersecurity review: (i) merger, reorganization or separation
of Internet platform operators that have acquired a large number of data resources related to national security, economic development
or public interests affects or may affect national security; (ii) overseas listing of data processors processing over one million users&rsquo;
personal information; and (iii) other data processing activities that affect or may affect national security. We are not subject to network
data security review by the CAC if the Draft Measures for Network Data Security are enacted as proposed, since we currently do not have
over one million users&rsquo; personal information and do not collect data that affects or may affect national security and we do not
anticipate that we will be collecting over one million users&rsquo; personal information or data that affects or may affect national security
in the foreseeable future, which we understand might otherwise subject us to the Draft Measures for Network Data Security.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On February 17, 2023, the CSRC announced the Circular
and released a set of new regulations which consists of the Trial Measures and five supporting guidelines. On the same date, the CSRC
also released the Notice. The Trial Measures came into effect on March 31, 2023. The Trial Measures refine the regulatory system by subjecting
both direct and indirect overseas offering and listing activities to the CSRC filing-based administration. Requirements for filing entities,
time points and procedures are specified. A PRC domestic company that seeks to offer and list securities in overseas markets shall fulfill
the filing procedure with the CSRC per the requirements of the Trial Measures. Where a PRC domestic company seeks to indirectly offer
and list securities in overseas markets, the issuer shall designate a major domestic operating entity, which shall, as the domestic responsible
entity, file with the CSRC. The Trial Measures also lay out requirements for the reporting of material events. Breaches of the Trial Measures,
such as offering and listing securities overseas without fulfilling the filing procedures or engaging in fraudulent filing behavior, may
result in legal liabilities borne by the Company, including warning and business rectification, a fine between RMB 1.0 million (approximately
$150,000) and RMB 10.0 million (approximately $1.5 million). In cases of serious violations, the relevant responsible person may also
be barred from entering the securities market. The Trial Measures increase the cost for offenders by enforcing accountability with administrative
penalties and incorporating the compliance status of relevant market participants into the Securities Market Integrity Archives.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">According to the Circular, since the date of effectiveness
of the Trial Measures on March 31, 2023, PRC domestic enterprises falling within the scope of filing that have been listed overseas or
met the following circumstances are &ldquo;existing enterprises&rdquo;: before the effectiveness of the Trial Measures on March 31, 2023,
the application for indirect overseas issuance and listing has been approved by the overseas regulators or overseas stock exchanges (such
as the registration statement has become effective on the U.S. market), it is not required to perform issuance and listing supervision
procedures of the overseas regulators or overseas stock exchanges, and the overseas issuance and listing will be completed by September
30, 2023. Existing enterprises are not required to file with the CSRC immediately, and filings with the CSRC should be made as required
if they involve refinancings and other filing matters. PRC domestic enterprises that have submitted valid applications for overseas issuance
and listing but have not been approved by overseas regulatory authorities or overseas stock exchanges at the date of effectiveness of
the Trial Measures on March 31, 2023 can reasonably arrange the timing of filing applications with the CSRC and shall complete the filing
with the CSRC before the overseas issuance and listing.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, an overseas-listed company must also
submit the filing with respect to its follow-on offerings, issuance of convertible corporate bonds and exchangeable bonds, and other equivalent
offering activities, within the time frame specified by the Trial Measures. As a result, we will not be required to file with the CSRC
within three business days after the resale in connection with this registration statement. However, if we do not maintain the permissions
and approvals of the filing procedure in a timely manner under PRC laws and regulations, we may be subject to investigations by competent
regulators, fines or penalties, ordered to suspend our relevant operations and rectify any non-compliance, prohibited from engaging in
relevant business or conducting any offering, and these risks could result in a material adverse change in our operations, limit our ability
to offer or continue to offer securities to investors, or cause such securities to significantly decline in value or become worthless.
As the Circular and Trial Measures were newly published, there exists uncertainty with respect to the filing requirements and their implementation.
Any failure or perceived failure of us to fully comply with such new regulatory requirements could significantly limit or completely hinder
our ability to offer or continue to offer securities to investors, cause significant disruption to our business operations, and severely
damage our reputation, which could materially and adversely affect our financial condition and results of operations and could cause the
value of our securities to significantly decline or be worthless. See &ldquo;<I>Risk Factors &mdash; Risks Related to Doing Business in
China &mdash; The filing, approval or other administration requirements of the CSRC or other PRC government authorities may be required
in connection with our future offshore offering under PRC law, and, if required, we cannot predict whether or for how long we will be
able to complete the filing procedure with the CSRC and obtain such approval or complete such filing, as applicable</I>&rdquo; on page
18 of this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On May 23, 2024, we submitted the initial CSRC
Filings and they are currently under review of the CSRC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of the date of this prospectus, according to
our PRC counsel, Gaopeng &amp; Partners, other than the aforementioned CSRC Filings that were initiated by us and are under review of
the CSRC, no relevant PRC laws or regulations in effect require that we obtain permission from any PRC authorities to issue securities
to foreign investors, and we have not received any inquiry, notice, warning, sanction, or any regulatory objection to our future offshore
offering from the CSRC, the CAC, or any other PRC authorities that have jurisdiction over our operations.</P>

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



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<DIV STYLE="border: Black 1.5pt solid; padding-right: 3pt; padding-left: 3pt; width: 98%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">However, there remains some uncertainty as to
how the M&amp;A Rules will be interpreted or implemented in the context of an overseas offering and the opinions summarized above are
subject to any new laws, rules and regulations or detailed implementations and interpretations in any form relating to the M&amp;A Rules.
We cannot assure you that relevant PRC government agencies, including the CSRC, would reach the same conclusion as our PRC counsel does,
and hence we may face regulatory actions or other sanctions from the CSRC or other PRC regulatory agencies. These regulatory agencies
may impose fines and penalties on our operations in China, limit our operating privileges in China, delay or restrict the repatriation
of the proceeds from our future offshore offering into China, restrict or prohibit the payments or remittance of dividends by our PRC
subsidiaries or take other actions that could have a material adverse effect on our business, financial condition, results of operations,
reputation and prospects, as well as the trading price of the shares. It is uncertain when and whether the Company will be required to
obtain permission from the PRC government to list on U.S. exchanges in the future, and even when such permission is obtained, whether
it will be denied or rescinded.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The PRC government may intervene or influence
our operations at any time, which could result in a material change in our operations. For example, the PRC government has recently published
new policies that significantly affected certain industries such as the education and internet industries, and we cannot rule out the
possibility that it will in the future release regulations or policies regarding any industry that could adversely affect the business,
financial condition and results of operations of our company. Recently, the PRC government initiated a series of regulatory actions and
statements to regulate business operations in China with little advance notice, including cracking down on illegal activities in the securities
market, enhancing supervision over China-based companies listed overseas using variable interest entity structure, adopting new measures
to extend the scope of cybersecurity reviews, and expanding the efforts in anti-monopoly enforcement. As confirmed by our PRC counsel,
we currently are not subject to cybersecurity review with the CAC, to conduct business operations in China, given that: (i) we do not
possess a large amount of personal information in our business operations; and (ii) data processed in our business does not have a bearing
on national security and thus may not be classified as core or important data by the authorities. In addition, as confirmed by our PRC
counsel, we are not subject to merger control review by China&rsquo;s anti-monopoly enforcement agency due to the level of our revenues
which provided from us and audited by our auditor, and the fact that we currently do not expect to propose or implement any acquisition
of control of, or decisive influence over, any company with revenues within China of more than RMB 400 million.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Chinese government has exercised and continues
to exercise substantial control over virtually every sector of the Chinese economy through regulation and state ownership. Our ability
to operate in China may be harmed by changes in its laws and regulations, including those relating to taxation, environmental regulations,
land use rights, property and other matters. The central or local governments of these jurisdictions may impose new, stricter regulations
or interpretations of existing regulations that would require additional expenditures and efforts on our part to ensure our compliance
with such regulations or interpretations. Accordingly, government actions in the future, including any decision not to continue to support
recent economic reforms and to return to a more centrally planned economy or regional or local variations in the implementation of economic
policies, could have a significant effect on economic conditions in China or particular regions thereof, and could require us to divest
ourselves of any interest we then hold in Chinese properties. See &ldquo;<I>Risk Factors &mdash; Risks Related to Doing Business in China
&mdash; Uncertainties with respect to the PRC legal system, including uncertainties regarding the enforcement of laws, and sudden or unexpected
changes in laws and regulations in China with little advance notice could adversely affect us and limit the legal protections available
to you and us</I>,&rdquo; &ldquo;<I>Risk Factors &mdash; Risks Related to Doing Business in China &mdash; Any actions by the Chinese government
to exert more oversight and control over offerings that are conducted overseas and foreign investment in China-based issuers could significantly
limit or completely hinder our ability to offer or continue to offer our Ordinary Shares to investors and cause the value of our Ordinary
Shares to significantly decline or be worthless. The M&amp;A Rules and certain other PRC regulations establish complex procedures for
some acquisitions of Chinese companies by foreign investors, which could make it more difficult for us to pursue growth through acquisitions
in China</I>,&rdquo; and &ldquo;<I>Risk Factors &mdash; Risks Related to Doing Business in China &mdash; We may lose the ability to offer
or continue to offer securities to investors and cause the value of such securities to significantly decline or be worthless if the Chinese
government may exert more oversight and control over offerings that are conducted overseas and/or foreign investment in China-based issuers</I>&rdquo;
on pages 20 and 24, respectively, of this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Although we have not received any denial to continue
to list on the U.S. exchange or conduct our daily business operation, it is highly uncertain how soon legislative or administrative regulation
making bodies will respond and what existing or new laws or regulations or detailed implementations and interpretations will be modified
or promulgated, if any, and the potential impact such modified or new laws and regulations will have on our daily business operation,
the ability to accept foreign investments and list our securities on an U.S. or other foreign exchange. For more detailed information,
see &ldquo;<I>Risk Factors &mdash; Risks Related to Doing Business in China &mdash; The approval of the CSRC may be required in connection
with our future offshore offering, and, if required, we cannot predict whether we will be able to obtain such approval</I>&rdquo; and
&ldquo;<I>Risk Factors &mdash; Risks Related to Doing Business in China &mdash; We may become subject to a variety of laws and regulations
in the PRC regarding privacy, data security, cybersecurity, and data protection. We may be liable for improper use or appropriation of
personal information provided by our customers</I>&rdquo; on page 29 of this prospectus.&nbsp;</P>

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



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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of the date of this prospectus, we and our
PRC subsidiaries have&nbsp;received from PRC authorities all requisite licenses, permissions or approvals needed to engage in the businesses
currently conducted in China, and no permission or approval&nbsp;has been denied. The following table provides details on the licenses
and permissions held by our PRC subsidiaries.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; width: 22%; border-bottom: black 1.5pt solid; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Approval</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 24%; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Recipient</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 23%; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Issuing body</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 12%; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Date of grant</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 15%; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Validity</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Business License</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Wenzhou Wenjie Information Technology Co. Ltd.</FONT></TD>
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Wenzhou Market Supervision and Administration Bureau</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">December 11, 2019</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Until December 10, 2069</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Business License</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Zhejiang Leiya Electronics Co. Ltd.</FONT></TD>
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Wenzhou Market Supervision and Administration Bureau</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">April 27, 2009</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Long-term without an expiration date</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certificate of customs declaration unit registration</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Zhejiang Leiya Electronics Co. Ltd.</FONT></TD>
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Wenzhou Customs of PRC</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">September 19, 2014</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Long-term without an expiration date</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Business License</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Wenzhou New Focus Technology &amp; Electronic Co., Ltd.</FONT></TD>
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Wenzhou Market Supervision and Administration Bureau</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">August 12, 2020</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Long-term without an expiration date</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certificate of customs declaration unit registration</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Wenzhou New Focus Technology &amp; Electronic Co., Ltd.</FONT></TD>
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Wenzhou Customs of PRC</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">September 7, 2018</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Long-term without an expiration date</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Business License</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ruike Electronics (Wenzhou) Co., Ltd.</FONT></TD>
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Wenzhou Market Supervision and Administration Bureau</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">December 5, 2023</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Long-term without an expiration date</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have been closely monitoring regulatory developments
in China regarding any necessary approvals from the CSRC or other PRC governmental authorities required for overseas listings, including
our future offshore offering. As of the date of this prospectus, we have not received any inquiry, notice, warning, sanctions or regulatory
objection to this registration statement from the CSRC or other PRC governmental authorities. However, there remains significant uncertainty
as to the enactment, interpretation and implementation of regulatory requirements related to overseas securities offerings and other capital
markets activities. If it is determined in the future that the approval of the CSRC, the CAC or any other regulatory authority is required
for our future offshore offering, we may face sanctions by the CSRC, the CAC or other PRC regulatory agencies. These regulatory agencies
may impose fines and penalties on our operations in China, limit our ability to pay dividends outside of China, limit our operations in
China, delay or restrict the repatriation of the proceeds from our future offshore offering into China or take other actions that could
have a material adverse effect on our business, financial condition, results of operations and prospects, as well as the trading price
of our securities. The CSRC, the CAC or other PRC regulatory agencies also may take actions requiring us, or making it advisable for us,
to halt our future offshore offering before settlement and delivery of our Ordinary Shares. Consequently, if you engage in market trading
or other activities in anticipation of and prior to settlement and delivery, you do so at the risk that settlement and delivery may not
occur. In addition, if the CSRC, the CAC or other regulatory PRC agencies later promulgate new rules requiring that we obtain their approvals
for our future offshore offering, we may be unable to obtain such approval or a waiver of such approval requirements, if and when procedures
are established to obtain such approval or a waiver. Any uncertainties and/or negative publicity regarding such an approval requirement
could have a material adverse effect on the trading price of our securities.</P>

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



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

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<DIV STYLE="border: Black 1.5pt solid; padding-right: 3pt; padding-left: 3pt; width: 98%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Investing in our securities involves a high degree
of risk. This summary does not address all of the risks that we face. Please refer to the information contained in and incorporated by
reference under the heading &ldquo;<I>Risk Factors</I>&rdquo; on page 17 of this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Risks Related to Doing Business in China</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"><I>&nbsp;</I>&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Uncertainties
with respect to the PRC legal system, including uncertainties regarding the enforcement of laws, and sudden or unexpected changes in
laws and regulations in China with little advance notice could adversely affect us and limit the legal protections available to you and
us.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
filing, approval or other administration requirements of the CSRC or other PRC government authorities may be required in connection with
our future offshore offering under PRC law, and, if required, we cannot predict whether or for how long we will be able to complete the
filing procedure with the CSRC and obtain such approval or complete such filing, as applicable.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
actions by the Chinese government to exert more oversight and control over offerings that are conducted overseas and foreign investment
in China-based issuers could significantly limit or completely hinder our ability to offer or continue to offer our Ordinary Shares to
investors and cause the value of our Ordinary Shares to significantly decline or be worthless. The M&amp;A Rules and certain other PRC
regulations establish complex procedures for some acquisitions of Chinese companies by foreign investors, which could make it more difficult
for us to pursue growth through acquisitions in China.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are significant legal and other obstacles to obtaining information needed for shareholder investigations or litigation outside China
or otherwise with respect to foreign entities.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRC
regulation of loans to, and direct investments in, PRC entities by offshore holding companies may delay or prevent us from using proceeds
from our future offshore offering and/or future financing activities to make loans or additional capital contributions to our PRC operating
subsidiaries.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
must remit the offering proceeds to China before they may be used to benefit our business in China, and this process may take several
months to complete.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Adverse
changes in political and economic policies of the PRC government could have a material adverse effect on the overall economic growth
of China, which could reduce the demand for our products and services and materially and adversely affect our competitive position.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may become subject to a variety of laws and regulations in the PRC regarding privacy, data security, cybersecurity, and data protection.
We may be liable for improper use or appropriation of personal information provided by our customers.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trading
in our securities may be prohibited under the HFCAA and as a result an exchange may determine to delist our securities if it is later
determined that the PCAOB is unable to inspect or investigate completely our auditor because of a position taken by an authority in a
foreign jurisdiction.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
recent joint statement by the SEC and PCAOB and the HFCAA all call for additional and more stringent criteria to be applied to emerging
market companies upon assessing the qualification of their auditors, especially the non-U.S. auditors who are not inspected by the PCAOB.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the extent cash or assets in the business is in the PRC or Hong Kong or a PRC or Hong Kong entity, the funds or assets may not be available
to fund operations or for other use outside of the PRC or Hong Kong due to interventions in or the imposition of restrictions and limitations
on the ability of us or our subsidiaries by the PRC government to transfer cash or assets.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>



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

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<DIV STYLE="border: Black 1.5pt solid; padding-right: 3pt; padding-left: 3pt; width: 98%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Risks Related to Our Business and Industry</U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
are a holding company, and may rely on dividends paid by our subsidiaries for our cash needs. Any limitation on the ability of our subsidiaries
to make dividend payments to us, or any tax implications of making dividend payments to us, could limit our ability to pay our parent
company expenses or pay dividends to holders of our Ordinary Shares.</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Our
PRC subsidiaries are subject to restrictions on paying dividends or making other payments to us, which may have a material adverse effect
on our ability to conduct our business.</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The considerable uncertainty in Chinese economic
growth could hurt demand of our products.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Tariffs could materially have a negative impact
on the demand for our products.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Recent trade policy initiatives announced by
the United States administration against China may adversely affect our business.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Any failure to comply with PRC regulations regarding
the registration requirements for employee stock incentive plans may subject the PRC plan participants or us to fines and other legal
or administrative sanctions.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">U.S. regulatory bodies may be limited in their
ability to conduct investigations or inspections of our operations in China.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Our revenue will decrease if the industries in
which our customers operate experience a protracted slowdown.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">We operate in a competitive industry. If we are
unable to compete successfully, we may lose market share to our competitors.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Competition within the generator industry may
adversely affect our ability to sell our products, and excess production capacity in the industry could put downward pressure on generator
prices.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Any decline in the availability or increase in
the cost of raw materials and energy resources could materially affect our earnings.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">We traditionally have had substantial customer
concentration, with a limited number of customers accounting for a substantial portion of our revenues.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">We have engaged in transactions with related
parties, and such transactions present possible conflicts of interest that could have an adverse effect on our business and results of
operations.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">A rapid expansion could significantly strain
our resources, management, and operational infrastructure, impairing our ability to meet increased demand for our products and hurt our
business results.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">We may encounter problems related to our operational
and financial systems and controls during any growth, including quality control and delivery and production capacities.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">We may need to compensate our CEO and CFO at
market rate, our results of operations may be negatively affected.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">We rely on short-term borrowings for our liquidity.
Our outstanding and future indebtedness may adversely affect our available cash flow and our ability to operate our business. In addition,
we may not be able to obtain additional capital when desired, on favorable terms or at all.</FONT></TD></TR></TABLE>

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



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

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<DIV STYLE="border: Black 1.5pt solid; padding-right: 3pt; padding-left: 3pt; width: 98%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">We have a high debt to asset ratio, which may
put us at high risk of default on our loans.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Borrowings guaranteed by related parties mat
result in conflicts of interests in the payment of our obligations.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">We are a &ldquo;controlled company&rdquo; within
the meaning of the Nasdaq Stock Market Rules and Nasdaq Capital Market rules if because our insiders continue to beneficially own more
than 50% of our outstanding ordinary shares.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Warranty claims and product recalls could harm
our business, results of operations and financial condition.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">We may be exposed to liabilities under the Foreign
Corrupt Practices Act and Chinese anti-corruption law.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Failure to appropriately evaluate the credit
profile of our customers and/or delay in settlement of accounts receivable from our customers could materially and adversely impact our
operating cash flow. It may result in significant provisions and impairments on our accounts receivable which in turn would have a material
adverse impact on our business operations, results of operation, financial condition, and our business pursuits and prospects.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Risks Related to Our Ordinary Shares</U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">We are not in compliance with the Nasdaq Listing
Rule concerning our shareholders&rsquo; equity. If we fail to regain compliance with such or if we encounter other deficiencies in the
future, our Ordinary Shares may be delisted from the Nasdaq or trading may be suspended.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The dual class structure of our ordinary shares
has the effect of concentrating voting control with Erayak International Limited, preventing you and other shareholders from influencing
significant decisions, including the election of directors, amendments to our organizational documents and any merger, consolidation,
sale of all or substantially all of our assets, or other major corporate transaction requiring shareholder approval.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">We are an &ldquo;emerging growth company,&rdquo;
and we cannot be certain if the reduced reporting requirements applicable to emerging growth companies will make our Ordinary Shares less
attractive to investors.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">We are a &ldquo;foreign private issuer,&rdquo;
and our disclosure obligations differ from those of U.S. domestic reporting companies. As a result, we may not provide you the same information
as U.S. domestic reporting companies or provide information at different times, making it more difficult for you to evaluate our performance
and prospects.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Because we are a foreign private issuer and are
exempt from certain Nasdaq corporate governance standards applicable to U.S. issuers, you will have less protection than you would have
if we were a domestic issuer.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">You may face difficulties in protecting your
interests, and your ability to protect your rights through U.S. courts may be limited because we are incorporated under Cayman Islands
law.</FONT></TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We qualify as an &ldquo;emerging growth company&rdquo;
as defined in the Jumpstart Our Business Startups Act of 2012 (the &ldquo;JOBS Act&rdquo;). An emerging growth company may take advantage
of specified reduced reporting and other burdens that are generally applicable to public companies. These provisions include, but are
not limited to:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 2%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="width: 96%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the ability to include only two years of audited financial statements and only two years of related management&rsquo;s discussion and analysis of financial condition and results of operations disclosure;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



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

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<DIV STYLE="border: Black 1.5pt solid; padding-right: 3pt; padding-left: 3pt; width: 98%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
exemption from the auditor attestation requirement in assessing our internal control over financial reporting under the Sarbanes-Oxley
Act of 2002.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">reduced
disclosure obligations regarding executive compensation in our periodic reports, proxy statements, and registration statements; and</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
delay in adopting new or revised accounting standards that have different effective dates for public and private companies until those
standards apply to private companies.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have elected to take advantage of certain of
the reduced disclosure obligations in the registration statement of which this prospectus is a part and may elect to take advantage of
other reduced reporting requirements in future filings. As a result, the information that we provide to our stockholders may be different
than you might receive from other public reporting companies in which you hold equity interests.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may take advantage of these provisions for
up to five years or such an earlier time that we are no longer an emerging growth company. We would cease to be an emerging growth company
if we have more than $1.235 billion in annual revenue, have more than $700 million in the market value of our Ordinary Shares held by
non-affiliates, or issue more than $1 billion of non-convertible debt over a three-year period.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are a foreign private issuer within the meaning
of the rules under the Exchange Act. As such, we are exempt from certain provisions applicable to United States domestic public companies.
For example:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">we
are not required to provide as many Exchange Act reports, or as frequently, as a domestic public company;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">for
interim reporting, we are permitted to comply solely with our home country requirements, which are less rigorous than the rules that
apply to domestic public companies;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">we
are not required to provide the same level of disclosure on certain issues, such as executive compensation;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">we
are exempt from provisions of Regulation FD aimed at preventing issuers from making selective disclosures of material information;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">we
are not required to comply with the sections of the Exchange Act regulating the solicitation of proxies, consents or authorizations in
respect of a security registered under the Exchange Act; and</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">we
are not required to comply with Section 16 of the Exchange Act requiring insiders to file public reports of their share ownership and
trading activities and establishing insider liability for profits realized from any &ldquo;short-swing&rdquo; trading transaction.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have taken advantage of certain reduced reporting
and other requirements in this prospectus. Accordingly, the information contained herein may be different than the information you receive
from other public companies in which you hold equity securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may take advantage of these exemptions until
such time as we are no longer a foreign private issuer. We would cease to be a foreign private issuer at such time as more than 50% of
our outstanding voting securities are held by US residents and any of the following three circumstances applies: (1) the majority of our
executive officers or directors are U.S. citizens or residents, (2) more than 50% of our assets are located in the United States, or (3)
our business is administered principally in the United States.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Implications of Being a Controlled Company</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are a &ldquo;controlled company&rdquo; as defined
under the Nasdaq Stock Market Rules because Lingyi Kong, our chairman of the Board and chief executive officer, holds&nbsp;21.43% of our
total issued and outstanding Ordinary Shares and is able to exercise 55.32% of the total voting power of our issued and outstanding share
capital. For so long as we remain a &ldquo;controlled company,&rdquo; we are permitted to elect not to comply with certain corporate governance
requirements. If we rely on these exemptions, you will not have the same protection afforded to shareholders of companies that are subject
to these corporate governance requirements. See &ldquo;<I>Item 3. Key Information&thinsp;-&thinsp;D. Risk Factors &mdash; Risks Related
to Our Business and Industry &mdash; We are a &ldquo;controlled company&rdquo; within the meaning of the Nasdaq Stock Market Rules and
Nasdaq Capital Market rules if because our insiders continue to beneficially own more than 50% of our outstanding ordinary shares</I>&rdquo;
included in our 2023 Annual Report.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our principal executive office is located at No.
528, 4th Avenue, Binhai Industrial Park, Wenzhou, Zhejiang Province, People&rsquo;s Republic of China. The telephone number of our principal
executive offices is +86-577-86829999. Our registered agent in Cayman Islands is Harneys Fiduciary (Cayman) Limited. Our registered office
and our registered agent&rsquo;s office in Cayman Islands are both at 4th Floor, Harbour Place, 103 South Church Street, PO Box 10240,
Grand Cayman, KY1-1002, Cayman Islands. Our registered agent in the United States is Cogency Global Inc. We maintain a corporate website
at&nbsp;www.erayakgenerator.com. We do not incorporate the information on our website into this prospectus and you should not consider
any information on, or that can be accessed through, our website as part of this prospectus.&nbsp;</P>

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




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

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<DIV STYLE="border: Black 1.5pt solid; padding-right: 3pt; padding-left: 3pt; width: 98%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="era_004"></A><B>THE OFFERING</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify; width: 34%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issuer</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 65%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Erayak Power Solution Group Inc.</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities being registered for resale by the Selling Shareholders named in the prospectus</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">48,000,000 Ordinary Shares, consisting of (i) 16,000,000 Ordinary Shares and (ii) 32,000,000 Ordinary Shares issuable upon exercise of the Warrants&rdquo;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Offering prices</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The securities offered by this prospectus may be offered and sold at prevailing market prices, privately negotiated prices or such other prices as the Selling Shareholders may determine. See &ldquo;<I>Plan of Distribution</I>.&rdquo;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Use of proceeds</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Selling Shareholders will receive all of the net proceeds from the sale of any Ordinary Shares offered by them under this prospectus.</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We will pay all costs, fees and expenses incurred in connection with the registration of the Ordinary Shares covered by this prospectus. See &ldquo;<I>Use of Proceeds</I>.&rdquo;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Market for our Ordinary Shares</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our Ordinary Shares are listed on Nasdaq Capital Market under the trading symbols &ldquo;RAYA.&rdquo;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risk factors</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prospective investors should carefully consider the &ldquo;<I>Risk Factors</I>&rdquo; for a discussion of certain factors that should be considered before buying the securities offered hereby.</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></DIV>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><A NAME="era_005"></A>RISK FACTORS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Investing in our Ordinary Shares is highly
speculative and involves a significant degree of risk. You should carefully consider the following risks, other information contained
in this prospectus, and the risks described under &ldquo;Item 3. Key Information&thinsp;&mdash;&thinsp;D. Risk Factors&rdquo; in the 2023
Annual Report, which is incorporated by reference herein. Such risks are not exhaustive, before making an investment in our Company. The
risks discussed below could materially and adversely affect our business, prospects, financial condition, results of operations, cash
flows, ability to pay dividends and the trading price of our shares. Additional risks and uncertainties not currently known to us or that
we currently deem to be immaterial may also materially and adversely affect our business, prospects, financial condition, results of operations,
cash flows and ability to pay dividends, and you may lose all or part of your investment.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>This prospectus also contains forward-looking
statements having direct and/or indirect implications on our future performance. Our actual results may differ materially from those anticipated
by these forward-looking statements due to certain factors, including the risks and uncertainties faced by us, as described below and
elsewhere in this prospectus.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Risks Related to Doing Business in China</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Uncertainties with respect to the PRC legal
system, including uncertainties regarding the enforcement of laws, and sudden or unexpected changes in laws and regulations in China with
little advance notice could adversely affect us and limit the legal protections available to you and us.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There are substantial uncertainties regarding
the interpretation and application of PRC laws and regulations including, but not limited to, the laws and regulations governing our business
and the enforcement and performance of our arrangements with customers in certain circumstances. The laws and regulations are sometimes
vague and may be subject to future changes, and their official interpretation and enforcement could be unpredictable, with little advance
notice. The effectiveness and interpretation of newly enacted laws or regulations, including amendments to existing laws and regulations,
may be delayed, and our business may be affected if we rely on laws and regulations which are subsequently adopted or interpreted in a
manner different from our current understanding of these laws and regulations. New laws and regulations that affect existing and proposed
future businesses may also be applied retroactively. We cannot predict what effect the interpretation of existing or new PRC laws or regulations
may have on our business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The PRC legal system is a civil law system based
on written statutes. Unlike the common law system, prior court decisions under the civil law system may be cited for reference but have
limited precedential value. In addition, any new or changes in PRC laws and regulations related to foreign investment in China could affect
the business environment and our ability to operate our business in China.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">From time to time, we may have to resort to administrative
and court proceedings to enforce our legal rights. Any administrative and court proceedings in China may be protracted, resulting in substantial
costs and diversion of resources and management attention. Since PRC administrative and court authorities have significant discretion
in interpreting and implementing statutory provisions and contractual terms, it may be more difficult to evaluate the outcome of administrative
and court proceedings and the level of legal protection we enjoy than in more developed legal systems. These uncertainties may impede
our ability to enforce the contracts we have entered into and could materially and adversely affect our business and results of operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Furthermore, the PRC legal system is based in
part on government policies and internal rules, some of which are not published on a timely basis or at all and may have retroactive effect.
As a result, we may not be aware of our violation of any of these policies and rules until sometime after the violation. Such unpredictability
towards our contractual, property and procedural rights could adversely affect our business and impede our ability to continue our operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The financial and taxation solution services industry
in China is subject to extensive regulation. Related laws and regulations are relatively new and evolving. The interpretation and application
of existing PRC laws, regulations and policies and possible new laws, regulations or policies relating to the financial and taxation solution
services industry have created substantial uncertainties regarding the legality of existing and future foreign investments in, and the
businesses and activities of, financial and taxation solution services businesses in China, including our business. We cannot assure you
that we will be able to maintain our existing licenses or obtain new ones. If our operations do not comply with these new regulations
at the time they become effective, or if we fail to obtain any licenses required under these new laws and regulations, we could be subject
to penalties.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The PRC government has significant oversight and
discretion over the conduct of our business and may intervene or influence our operations as the government deems appropriate to further
regulatory, political and societal goals. The PRC government has recently published new policies that significantly affected certain industries,
such as the education and internet industries, and we cannot rule out the possibility that it will in the future release regulations or
policies regarding our industry that could adversely affect our business, financial condition and results of operations. Furthermore,
the PRC government has recently indicated an intent to exert more oversight and control over securities offerings and other capital markets
activities that are conducted overseas and foreign investment in China-based companies like us. Any such action, once taken by the PRC
government, could significantly limit or completely hinder our ability to offer or continue to offer securities to investors and cause
the value of such securities to significantly decline or in extreme cases, become worthless.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The filing, approval or other administration
requirements of the CSRC or other PRC government authorities may be required in connection with our future offshore offering under PRC
law, and, if required, we cannot predict whether or for how long we will be able to complete the filing procedure with the CSRC and obtain
such approval or complete such filing, as applicable.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The M&amp;A Rules, adopted by six PRC regulatory
agencies in 2006 and amended in 2009, include, among other things, provisions that purport to require that an offshore special purpose
vehicle, formed for the purpose of an overseas listing of securities through acquisitions of domestic enterprises in China or assets and
controlled by enterprises or individuals in China, to obtain the approval of the CSRC prior to the listing and trading of such special
purpose vehicle&rsquo;s securities on an overseas stock exchange. On September 21, 2006, pursuant to the M&amp;A Rules and other PRC laws,
the CSRC published on its official website relevant guidance regarding its approval of the listing and trading of special purpose vehicles&rsquo;
securities on overseas stock exchanges, including a list of application materials. However, substantial uncertainty remains regarding
the scope and applicability of the M&amp;A Rules to offshore special purpose vehicles.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On July 6, 2021, the relevant PRC government authorities
issued Opinions on Strictly Cracking Down Illegal Securities Activities in accordance with the Law. These opinions emphasized the need
to strengthen the administration over illegal securities activities and the supervision on overseas listings by China-based companies
and proposed to take effective measures, such as promoting the construction of relevant regulatory systems to deal with the risks and
incidents faced by China-based overseas-listed companies. These opinions and any related implementation rules to be enacted may subject
us to additional compliance requirement in the future. As of the date hereof, no official guidance or related implementation rules have
been issued. As a result, the Opinions on Strictly Cracking Down on Illegal Securities Activities remain unclear on how they will be interpreted,
amended and implemented by the relevant PRC governmental authorities. We cannot assure you that we will remain fully compliant with all
new regulatory requirements of these opinions or any future implementation rules on a timely basis, or at all.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December 28, 2021, the Cybersecurity Review
Measures (2021 version) was promulgated and took effective on February 15, 2022, which iterates that any &ldquo;online platform operators&rdquo;
controlling personal information of more than one million users seeks to list on a foreign stock exchange should also be subject to cybersecurity
review by the CAC. The Cybersecurity Review Measures (2021 version), among others, evaluates the potential risks of critical information
infrastructure, core data, important data, or a large amount of personal information being influenced, controlled or maliciously used
by foreign governments after the overseas listing of an operator. The procurement of network products and services, data processing activities
and overseas listing should also be subject to cybersecurity review if the CAC concerns or it potentially poses risks to national security.
Our PRC counsel, Gaopeng &amp; Partners, is of the view that the Company is not subject to the cybersecurity review by the CAC for the
resale of securities of the Company, since (1) the Company is listed on Nasdaq and does not &ldquo;seek to list on any other foreign stock
exchange&rdquo;; (2) the Company does not hold personal information of more than one million users in its business operations through
its subsidiaries or variable interest entity; and (3) data processed in the Company&rsquo;s business does not have a bearing on national
security and thus may not be classified as core or important data by the authorities. As a result, the Company is not subject to a cybersecurity
review under the Cybersecurity Review Measures (2021 version). However, there can be no assurance that the PRC authorities may take a
view that is not contrary to or otherwise different from the opinion stated above and the changing applicable laws, regulations or interpretations
may require us to do so in the future. See &ldquo;Risk Factors &mdash; Risks Related to Doing Business in China.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, on November 14, 2021, the CAC published
the Draft Measures for Network Data Security, which provides that data processors shall apply for cybersecurity review: (i) merger, reorganization
or separation of Internet platform operators that have acquired a large number of data resources related to national security, economic
development or public interests affects or may affect national security; (ii) overseas listing of data processors processing over one
million users&rsquo; personal information; and (iii) other data processing activities that affect or may affect national security. We
are not subject to network data security review by the CAC if the Draft Measures for Network Data Security are enacted as proposed, since
we currently do not have over one million users&rsquo; personal information and do not collect data that affects or may affect national
security and we do not anticipate that we will be collecting over one million users&rsquo; personal information or data that affects or
may affect national security in the foreseeable future, which we understand might otherwise subject us to the Draft Measures for Network
Data Security.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On February 17, 2023, the CSRC announced the Circular
and released a set of new regulations which consists of the Trial Measures and five supporting guidelines. On the same date, the CSRC
also released the Notice. The Trial Measures came into effect on March 31, 2023. The Trial Measures refine the regulatory system by subjecting
both direct and indirect overseas offering and listing activities to the CSRC filing-based administration. Requirements for filing entities,
time points and procedures are specified. A PRC domestic company that seeks to offer and list securities in overseas markets shall fulfill
the filing procedure with the CSRC per the requirements of the Trial Measures. Where a PRC domestic company seeks to indirectly offer
and list securities in overseas markets, the issuer shall designate a major domestic operating entity, which shall, as the domestic responsible
entity, file with the CSRC. The Trial Measures also lay out requirements for the reporting of material events. Breaches of the Trial Measures,
such as offering and listing securities overseas without fulfilling the filing procedures or engaging in fraudulent filing behavior, may
result in legal liabilities borne by the Company, including warning and business rectification, a fine between RMB 1.0 million (approximately
$150,000) and RMB 10.0 million (approximately $1.5 million). In cases of serious violations, the relevant responsible person may also
be barred from entering the securities market. The Trial Measures increase the cost for offenders by enforcing accountability with administrative
penalties and incorporating the compliance status of relevant market participants into the Securities Market Integrity Archives.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">According to the Circular, since the date of effectiveness
of the Trial Measures on March 31, 2023, PRC domestic enterprises falling within the scope of filing that have been listed overseas or
met the following circumstances are &ldquo;existing enterprises&rdquo;: before the effectiveness of the Trial Measures on March 31, 2023,
the application for indirect overseas issuance and listing has been approved by the overseas regulators or overseas stock exchanges (such
as the registration statement has become effective on the U.S. market), it is not required to perform issuance and listing supervision
procedures of the overseas regulators or overseas stock exchanges, and the overseas issuance and listing will be completed by September
30, 2023. Existing enterprises are not required to file with the CSRC immediately, and filings with the CSRC should be made as required
if they involve refinancings and other filing matters. PRC domestic enterprises that have submitted valid applications for overseas issuance
and listing but have not been approved by overseas regulatory authorities or overseas stock exchanges at the date of effectiveness of
the Trial Measures on March 31, 2023 can reasonably arrange the timing of filing applications with the CSRC and shall complete the filing
with the CSRC before the overseas issuance and listing. According to the Circular, we can reasonably arrange the timing for submitting
the filing application with the CSRC, and shall complete the filing with the CSRC in accordance with the Trial Measures within three years
of the offering. In sum, we are subject to the filing requirements of the CSRC for our future offshore offering under the Trial Measures.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, an overseas-listed company must also
submit the filing with respect to its follow-on offerings, issuance of convertible corporate bonds and exchangeable bonds, and other equivalent
offering activities, within the time frame specified by the Trial Measures. As a result, we will not be required to file with the CSRC
within three business days after the resale in connection with this registration statement. However, if we do not maintain the permissions
and approvals of the filing procedure in a timely manner under PRC laws and regulations, we may be subject to investigations by competent
regulators, fines or penalties, ordered to suspend our relevant operations and rectify any non-compliance, prohibited from engaging in
relevant business or conducting any offering, and these risks could result in a material adverse change in our operations, limit our ability
to offer or continue to offer securities to investors, or cause such securities to significantly decline in value or become worthless.
As the Circular and Trial Measures were newly published, there exists uncertainty with respect to the filing requirements and their implementation.
Any failure or perceived failure of us to fully comply with such new regulatory requirements could significantly limit or completely hinder
our ability to offer or continue to offer securities to investors, cause significant disruption to our business operations, and severely
damage our reputation, which could materially and adversely affect our financial condition and results of operations and could cause the
value of our securities to significantly decline or be worthless.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of the date of this prospectus, according to
our PRC counsel, Gaopeng &amp; Partners, although we are required to complete the filing procedure in connection with our offering under
the Trial Measures, no relevant PRC laws or regulations in effect require that we obtain permission from any PRC authorities to issue
securities to foreign investors, and we have not received any inquiry, notice, warning, sanction, or any regulatory objection to our future
offshore offering from the CSRC, the CAC, or any other PRC authorities that have jurisdiction over our operations. If it is determined
that we are subject to filing requirements imposed by the CSRC under the Trial Measures or approvals from other PRC regulatory authorities
or other procedures, including the cybersecurity review under the revised Cybersecurity Review Measures, for our future offshore offerings,
it would be uncertain whether we can or how long it will take us to complete such procedures or obtain such approval and any such approval
could be rescinded. Any failure to obtain or delay in completing such procedures or obtaining such approval for our offshore offerings,
or a rescission of any such approval if obtained by us, would subject us to sanctions by the CSRC or other PRC regulatory authorities
for failure to file with the CSRC or failure to seek approval from other government authorization for our offshore offerings. These regulatory
authorities may impose fines and penalties on our operations in China, limit our ability to pay dividends outside of China, limit our
operating privileges in China, delay or restrict the repatriation of the proceeds from our offshore offerings into China or take other
actions that could materially and adversely affect our business, financial condition, results of operations, and prospects, as well as
the trading price of our Ordinary Shares. The CSRC or other PRC regulatory authorities also may take actions requiring us, or making it
advisable for us, to halt our offshore offerings before settlement and delivery of the securities offered. Consequently, if investors
engage in market trading or other activities in anticipation of and prior to settlement and delivery, they do so at the risk that settlement
and delivery may not occur. In addition, if the CSRC or other regulatory authorities later promulgate new rules or explanations requiring
that we obtain their approvals or accomplish the required filing or other regulatory procedures for our prior offshore offerings, we may
be unable to obtain a waiver of such approval requirements, if and when procedures are established to obtain such a waiver. Any uncertainties
or negative publicity regarding such approval requirement could materially and adversely affect our business, prospects, financial condition,
reputation, and the trading price of our Ordinary Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Any actions by the Chinese government to
exert more oversight and control over offerings that are conducted overseas and foreign investment in China-based issuers could significantly
limit or completely hinder our ability to offer or continue to offer our Ordinary Shares to investors and cause the value of our Ordinary
Shares to significantly decline or be worthless. The M&amp;A Rules and certain other PRC regulations establish complex procedures for
some acquisitions of Chinese companies by foreign investors, which could make it more difficult for us to pursue growth through acquisitions
in China.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The M&amp;A Rules, adopted by six PRC regulatory
agencies in August 2006 and amended in 2009, and some other regulations and rules concerning mergers and acquisitions established additional
procedures and requirements that could make merger and acquisition activities by foreign investors more time consuming and complex, including
requirements in some instances that the MOC be notified in advance of any change-of-control transaction in which a foreign investor takes
control of a PRC domestic enterprise. For example, the M&amp;A Rules require that MOFCOM be notified in advance of any change-of-control
transaction in which a foreign investor takes control of a PRC domestic enterprise, if (i) any important industry is concerned, (ii) such
transaction involves factors that impact or may impact national economic security, or (iii) such transaction will lead to a change in
control of a domestic enterprise which holds a famous trademark or PRC time-honored brand. Moreover, the Anti-Monopoly Law promulgated
by the SCNPC effective in 2008 requires that transactions which are deemed concentrations and involve parties with specified turnover
thresholds (i.e., during the previous fiscal year, (i) the total global turnover of all operators participating in the transaction exceeds
RMB10 billion and at least two of these operators each had a turnover of more than RMB400 million within China, or (ii) the total turnover
within China of all the operators participating in the concentration exceeded RMB 2 billion, and at least two of these operators each
had a turnover of more than RMB 400 million within China) must be cleared by MOFCOM before they can be completed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Moreover, the Anti-Monopoly Law requires that
the Ministry of Commerce (the &ldquo;MOC&rdquo;) shall be notified in advance of any concentration of undertaking if certain thresholds
are triggered. In addition, the security review rules issued by the MOC that became effective in September 2011 specify that mergers and
acquisitions by foreign investors that raise &ldquo;national defense and security&rdquo; concerns and mergers and acquisitions through
which foreign investors may acquire de facto control over domestic enterprises that raise &ldquo;national security&rdquo; concerns are
subject to strict review by the MOC, and the rules prohibit any activities attempting to bypass a security review, including by structuring
the transaction through a proxy or contractual control arrangement. In the future, we may grow our business by acquiring complementary
businesses. Complying with the requirements of the above-mentioned regulations and other relevant rules to complete such transactions
could be time consuming, and any required approval processes, including obtaining approval from the MOC or its local counterparts may
delay or inhibit our ability to complete such transactions, which could affect our ability to expand our business or maintain our market
share.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>There are significant legal and other obstacles
to obtaining information needed for shareholder investigations or litigation outside China or otherwise with respect to foreign entities.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We conduct substantially all of our business operations
in China, and a majority of our directors and senior management are based in China, which is an emerging market. The SEC, U.S. Department
of Justice and other authorities often have substantial difficulties in bringing and enforcing actions against non-U.S. companies and
non-U.S. persons, including company directors and officers, in certain emerging markets, including China. Additionally, our public shareholders
may have limited rights and few practical remedies in emerging markets where we operate, as shareholder claims that are common in the
United States, including class action securities law and fraud claims, generally are difficult to pursue as a matter of law or practicality
in many emerging markets, including China. For example, in China, there are significant legal and other obstacles to obtaining information
needed for shareholder investigations or litigation outside China or otherwise with respect to foreign entities. Although the local authorities
in China may establish a regulatory cooperation mechanism with the securities regulatory authorities of another country or region to implement
cross-border supervision and administration, the regulatory cooperation with the securities regulatory authorities in the Unities States
has not been efficient in the absence of a mutual and practical cooperation mechanism. According to Article 177 of the PRC Securities
Law which became effective in March 2020, no foreign securities regulator is allowed to directly conduct investigation or evidence collection
activities within the territory of the PRC. Accordingly, without the consent of the competent PRC securities regulators and relevant authorities,
no organization or individual may provide the documents and materials relating to securities business activities to foreign securities
regulators.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a result, our public shareholders may have
more difficulty in protecting their interests in the face of actions taken by management, members of the board of directors or controlling
shareholders than they would as public shareholders of a company incorporated in the United States.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>PRC regulation of loans to, and direct investments
in, PRC entities by offshore holding companies may delay or prevent us from using proceeds from our future offshore offering and/or future
financing activities to make loans or additional capital contributions to our PRC operating subsidiaries.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In July 2014, SAFE promulgated the Circular on
Relevant Issues Concerning Foreign Exchange Control on Domestic Residents&rsquo; Offshore Investment and Financing and Roundtrip Investment
through SAFE Circular 37, which replaces the previous SAFE Circular 75. SAFE Circular 37 requires PRC residents, including PRC individuals
and PRC corporate entities, to register with SAFE or its local branches in connection with their direct or indirect offshore investment
activities. SAFE Circular 37 is applicable to our shareholders who are PRC residents and may be applicable to any offshore acquisitions
that we may make in the future.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under SAFE Circular 37, PRC residents who make,
or have prior to the implementation of SAFE Circular 37 made, direct or indirect investments in offshore special purpose vehicles, or
SPVs, are required to register such investments with SAFE or its local branches. In addition, any PRC resident who is a direct or indirect
shareholder of an SPV, is required to update its registration with the local branch of SAFE with respect to that SPV, to reflect any material
change. Moreover, any subsidiary of such SPV in China is required to urge the PRC resident shareholders to update their registration with
the local branch of SAFE to reflect any material change. If any PRC resident shareholder of such SPV fails to make the required registration
or to update the registration, the subsidiary of such SPV in China may be prohibited from distributing its profits or the proceeds from
any capital reduction, share transfer or liquidation to the SPV, and the SPV may also be prohibited from making additional capital contributions
into its subsidiaries in China. In February 2015, SAFE promulgated a Notice on Further Simplifying and Improving Foreign Exchange Administration
Policy on Direct Investment, or SAFE Notice 13. Under SAFE Notice 13, applications for foreign exchange registration of inbound foreign
direct investments and outbound direct investments, including those required under SAFE Circular 37, must be filed with qualified banks
instead of SAFE. Qualified banks should examine the applications and accept registrations under the supervision of SAFE. We have used
our best efforts to notify PRC residents or entities who directly or indirectly hold shares in our Cayman Islands holding company and
who are known to us as being PRC residents to complete the foreign exchange registrations. However, we may not be informed of the identities
of all the PRC residents or entities holding direct or indirect interest in our company, nor can we compel our beneficial owners to comply
with SAFE registration requirements. We cannot assure you that all other shareholders or beneficial owners of ours who are PRC residents
or entities have complied with, and will in the future make, obtain or update any applicable registrations or approvals required by, SAFE
regulations. Failure by such shareholders or beneficial owners to comply with SAFE regulations, or failure by us to amend the foreign
exchange registrations of our PRC subsidiaries, could subject us to fines or legal sanctions, restrict our overseas or cross-border investment
activities, and limit our PRC subsidiaries&rsquo; ability to make distributions or pay dividends to us or affect our ownership structure,
which could adversely affect our business and prospects.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Furthermore, as these foreign exchange and outbound
investment related regulations are relatively new and their interpretation and implementation has been constantly evolving, it is unclear
how these regulations, and any future regulation concerning offshore or cross-border investments and transactions, will be interpreted,
amended and implemented by the relevant government authorities. For example, we may be subject to a more stringent review and approval
process with respect to our foreign exchange activities, such as remittance of dividends and foreign-currency-denominated borrowings,
which may adversely affect our financial condition and results of operations. We cannot assure you that we have complied or will be able
to comply with all applicable foreign exchange and outbound investment related regulations. In addition, if we decide to acquire a PRC
domestic company, we cannot assure you that we or the owners of such company, as the case may be, will be able to obtain the necessary
approvals or complete the necessary filings and registrations required by the foreign exchange regulations. This may restrict our ability
to implement our acquisition strategy and could adversely affect our business and prospects.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As an offshore holding company with PRC subsidiaries,
we may transfer funds to our operating entity or finance our operating entity by means of loans or capital contributions. Any capital
contributions or loans that we, as an offshore entity, make to our Company&rsquo;s PRC subsidiaries, including from the proceeds of our
future offshore offering, are subject to the above PRC regulations. We may not be able to obtain necessary government registrations or
approvals on a timely basis, if at all. If we fail to obtain such approvals or make such registration, our ability to make equity contributions
or provide loans to our Company&rsquo;s PRC subsidiaries or to fund their operations may be negatively affected, which may adversely affect
their liquidity and ability to fund their working capital and expansion projects and meet their obligations and commitments. As a result,
our liquidity and our ability to fund and expand our business may be negatively affected.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We must remit the offering proceeds to China
before they may be used to benefit our business in China, and this process may take several months to complete.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The process for sending the proceeds from public
offerings back to China may take as long as six months after the closing of our future offshore offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any loans to the PRC subsidiaries are subject
to PRC regulations. For example, loans by us to our subsidiaries in China, which are foreign-invested enterprises, to finance their activities
cannot exceed statutory limits and must be registered with SAFE.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To remit the proceeds of the offering, we must
take the following steps:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">First,
we will open a special foreign exchange account for capital account transactions. To open this account, we must submit to SAFE certain
application forms, identity documents, transaction documents, form of foreign exchange registration of overseas investments of the domestic
residents, and foreign exchange registration certificate of the invested company. As of the date of this prospectus, we have already
opened a special foreign exchange account for capital account transactions.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Second,
we will remit the offering proceeds into this special foreign exchange account.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Third,
we will apply for settlement of the foreign exchange. In order to do so, we must submit to SAFE certain application forms, identity documents,
payment order to a designated person, and a tax certificate.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The timing of the process is difficult to estimate
because the efficiencies of different SAFE branches can vary significantly. Ordinarily the process takes several months but is required
by law to be accomplished within 180 days of application.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may also decide to finance our subsidiaries
by means of capital contributions. These capital contributions must be approved by MOFCOM or its local counterpart. We cannot assure you
that we will be able to obtain these government approvals on a timely basis, if at all, with respect to future capital contributions by
us to our subsidiaries. If we fail to receive such approvals, our ability to use the proceeds of our future offshore offering and to capitalize
our Chinese operations may be negatively affected, which could adversely affect our liquidity and our ability to fund and expand our business.
If we fail to receive such approvals, our ability to use the proceeds of our future offshore offering and to capitalize our Chinese operations
may be negatively affected, which could adversely affect our liquidity and our ability to fund and expand our business.&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Adverse changes in political and economic
policies of the PRC government could have a material adverse effect on the overall economic growth of China, which could reduce the demand
for our products and services and materially and adversely affect our competitive position.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Substantially all of our business operations are
conducted in China. Accordingly, our business, results of operations, financial condition and prospects are subject to economic, political
and legal developments in China. Although the Chinese economy is no longer a planned economy, the PRC government continues to exercise
significant control over China&rsquo;s economic growth through direct allocation of resources, monetary and tax policies, and a host of
other government policies such as those that encourage or restrict investment in certain industries by foreign investors, control the
exchange between RMB and foreign currencies, and regulate the growth of the general or specific market.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">From time to time, we may have to resort to administrative
and court proceedings to enforce our legal rights. Any administrative and court proceedings in China may be protracted, resulting in substantial
costs and diversion of resources and management attention. Since PRC administrative and court authorities have significant discretion
in interpreting and implementing statutory provisions and contractual terms, it may be more difficult to evaluate the outcome of administrative
and court proceedings and the level of legal protection we enjoy than in more developed legal systems. These uncertainties may impede
our ability to enforce the contracts we have entered into and could materially and adversely affect our business and results of operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Furthermore, the PRC legal system is based in
part on government policies and internal rules, some of which are not published on a timely basis or at all and may have retroactive effect.
As a result, we may not be aware of our violation of any of these policies and rules until sometime after the violation. Such unpredictability
towards our contractual, property (including intellectual property) and procedural rights could adversely affect our business and impede
our ability to continue our operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These government involvements have been instrumental
in China&rsquo;s significant growth in the past 30 years. In response to the recent global and Chinese economic downturn, the PRC government
has adopted policy measures aimed at stimulating the economic growth in China. If the PRC government&rsquo;s current or future policies
fail to help the Chinese economy achieve further growth or if any aspect of the PRC government&rsquo;s policies limits the growth of our
industry or otherwise negatively affects our business, our growth rate or strategy, our results of operations could be adversely affected
as a result.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Changes in China&rsquo;s economic, political
or social conditions or government policies could have a material adverse effect on our business and results of operations.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All of our operations are located in China. Accordingly,
our business, prospects, financial condition and results of operations may be influenced to a significant degree by political, economic
and social conditions in China generally and by continued economic growth in China as a whole.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Chinese economy differs from the economies
of most developed countries in many respects, including the amount of government involvement, level of development, growth rate, control
of foreign exchange and allocation of resources. Although the Chinese government has implemented measures emphasizing the utilization
of market forces for economic reform, the reduction of state ownership of productive assets and the establishment of improved corporate
governance in business enterprises, a substantial portion of productive assets in China is still owned by the government. In addition,
the Chinese government continues to play a significant role in regulating industry development by imposing industrial policies. The Chinese
government also exercises significant control over China&rsquo;s economic growth through allocating resources, controlling payment of
foreign currency-denominated obligations, setting monetary policy, and providing preferential treatment to particular industries or companies.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">While the Chinese economy has experienced significant
growth over the past decades, growth has been uneven, both geographically and among various sectors of the economy. The Chinese government
has implemented various measures to encourage economic growth and guide the allocation of resources. Some of these measures may benefit
the overall Chinese economy, but may have a negative effect on us. For example, our financial condition and results of operations may
be adversely affected by government control over capital investments or changes in tax regulations. In addition, in the past the Chinese
government has implemented certain measures, including interest rate increases, to control the pace of economic growth. These measures
may cause decreased economic activity in China, and since 2012, China&rsquo;s economic growth has slowed down. Any prolonged slowdown
in the Chinese economy may reduce the demand for our products and services and materially and adversely affect our business and results
of operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The Chinese government may intervene or
influence our operations at any time, which could result in a material change in our operations and/or the value of our Ordinary Shares.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our business is subject to governmental supervision
and regulation by the relevant PRC governmental authorities, including but not limited to the State Administration for Market Regulation
and the State Administration for Industry and Commerce. Together, these governmental authorities promulgate and enforce regulations that
cover many aspects of our day-to-day operations. If we are deemed to be not in compliance with these requirements, we may be subject to
fines and other administrative penalties from the relevant PRC government authorities. In case of our failure to rectify our noncompliance
within required period by the relevant PRC government authorities, we may be forced to suspend our operation.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Existing and new laws and regulations may be enforced
from time to time and substantial uncertainties exist regarding the interpretation and implementation of current and any future PRC laws
and regulations applicable to us. If the PRC government promulgates new laws and regulations that impose additional restrictions on our
operations, or tightens enforcements of existing or new laws or regulations, it has the authority, among other things, to levy fines,
confiscate income, revoke business licenses, and require us to discontinue our relevant business or impose restrictions on the affected
portion of our business. Any of these actions by the PRC government may have a material and adverse effect on our results of operations.
As a result, our business, reputation, value of our Ordinary Shares, financial condition and results of operations may be materially and
adversely affected.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We may lose the ability to offer or continue
to offer securities to investors and cause the value of such securities to significantly decline or be worthless if the Chinese government
may exert more oversight and control over offerings that are conducted overseas and/or foreign investment in China-based issuers.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The recently issued Opinions on Strictly Cracking
Down on Illegal Securities Activities emphasized the need to strengthen the administration over illegal securities activities and the
supervision on listings by China-based companies in foreign countries, and proposed to take effective measures, such as promoting the
construction of relevant regulatory systems to deal with the risks and incidents faced by China-based companies listed in foreign countries,
and provided that the special provisions of the State Council on offering and listing by those companies in foreign countries limited
by shares will be revised and therefore the duties of domestic industry competent authorities and regulatory agencies will be clarified.
As these opinions were newly issued and there are no further explanations or detailed rules and regulations with respect to such opinions,
there are still uncertainties regarding the interpretation and implementation of such opinions. And new rules or regulations promulgated
in future could impose additional requirements on us.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, on July 10, 2021, the CAC issued
a revised draft of the Cybersecurity Review Measures for public comments, according to which, among others, an &ldquo;operator of critical
information infrastructure&rdquo; or a &ldquo;data processor&rdquo;, who has personal information of more than one million users and is
going to list in foreign countries, must report to the relevant cybersecurity review office for a cybersecurity review. On December 28,
2021, the CAC jointly with the relevant authorities formally published Measures for Cybersecurity Review (2021) which took effect on February
15, 2022 and replace the former Measures for Cybersecurity Review (2020). Measures for Cybersecurity Review (2021) stipulates that operators
of critical information infrastructure purchasing network products and services, and online platform operator (together with the operators
of critical information infrastructure, the &ldquo;Operators&rdquo;) carrying out data processing activities that affect or may affect
national security, shall conduct a cybersecurity review, any online platform operator who controls more than one million users&rsquo;
personal information must go through a cybersecurity review by the cybersecurity review office if it seeks to be listed in a foreign country.
Since we are not an Operator, nor do we control more than one million users&rsquo; personal information, we would not be required to apply
for a cybersecurity review under the Measures for Cybersecurity Review (2021).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">However, if the CSRC or other relevant PRC regulatory
agencies subsequently determine that prior approval is required, failure of obtaining such approval may lead us face regulatory actions
or other sanctions from the CSRC or other PRC regulatory agencies. These regulatory agencies may impose fines and penalties on our operations
in China, limit our ability to pay dividends outside of China, limit our operations in China, delay or restrict the repatriation of the
proceeds from our future offshore offering into China or take other actions that could have a material adverse effect on our business,
financial condition, results of operations and prospects, as well as the Offering of the Shares.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Under the PRC Enterprise Income Tax Law,
we may be classified as a &ldquo;Resident Enterprise&rdquo; of China. Such classification will likely result in unfavorable tax consequences
to us and our non-PRC shareholders.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">China passed the PRC Enterprise Income Tax Law
(the &ldquo;EIT Law&rdquo;) and its implementing rules, both of which became effective on January 1, 2008, and as amended in December
2018. Under the EIT Law, an enterprise established outside of China with &ldquo;de facto management bodies&rdquo; within China is considered
a &ldquo;resident enterprise,&rdquo; meaning that it can be treated in a manner similar to a Chinese enterprise for enterprise income
tax purposes. The implementing rules of the EIT Law define de facto management as &ldquo;substantial and overall management and control
over the production and operations, personnel, accounting, and properties&rdquo; of the enterprise.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 22, 2009, the State Administration of
Taxation of China issued the Notice Concerning Relevant Issues Regarding Cognizance of Chinese Investment Controlled Enterprises Incorporated
Offshore as Resident Enterprises pursuant to Criteria of de facto Management Bodies, or the Notice, further interpreting the application
of the EIT Law and its implementation to offshore entities controlled by a Chinese enterprise or group. Pursuant to the Notice, an enterprise
incorporated in an offshore jurisdiction and controlled by a Chinese enterprise or group will be classified as a &ldquo;non-domestically
incorporated resident enterprise&rdquo; if (i) its senior management in charge of daily operations reside or perform their duties mainly
in China; (ii) its financial or personnel decisions are made or approved by bodies or persons in China; (iii) its substantial assets and
properties, accounting books, corporate stamps, board and shareholder minutes are kept in China; and (iv) all of its directors with voting
rights or senior management reside in China. A resident enterprise would be subject to an enterprise income tax rate of 25% on its worldwide
income and must pay a withholding tax at a rate of 10% when paying dividends to its non-PRC shareholders. Because substantially all of
our operations and senior management are located within the PRC and are expected to remain so for the foreseeable future, we may be considered
a PRC resident enterprise for enterprise income tax purposes and therefore subject to the PRC enterprise income tax at the rate of 25%
on its worldwide income. However, it remains unclear as to whether the Notice is applicable to an offshore enterprise controlled by a
Chinese natural person. Therefore, it is unclear how tax authorities will determine tax residency based on the facts of each case.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the PRC tax authorities determine that we are
a &ldquo;resident enterprise&rdquo; for PRC enterprise income tax purposes, a number of unfavorable PRC tax consequences could follow.
First, we may be subject to the enterprise income tax at a rate of 25% on our worldwide taxable income as well as PRC enterprise income
tax reporting obligations. In our case, this would mean that income such as non-China source income would be subject to PRC enterprise
income tax at a rate of 25%. Currently, we do not have any non-China source income, as we conduct our sales in China. However, under the
EIT Law and its implementing rules, dividends paid to us from our PRC subsidiary would be deemed as &ldquo;qualified investment income
between resident enterprises&rdquo; and therefore qualify as &ldquo;tax-exempt income&rdquo; pursuant to clause 26 of the EIT Law. Second,
it is possible that future guidance issued with respect to the new &ldquo;resident enterprise&rdquo; classification could result in a
situation in which the dividends we pay with respect to our Ordinary Shares, or the gain our non-PRC shareholders may realize from the
transfer of our Ordinary Shares, may be treated as PRC-sourced income and may therefore be subject to a 10% PRC withholding tax. The EIT
Law and its implementing regulations are, however, relatively new and ambiguities exist with respect to the interpretation and identification
of PRC-sourced income, and the application and assessment of withholding taxes. If we are required under the EIT Law and its implementing
regulations to withhold PRC income tax on dividends payable to our non-PRC shareholders, or if non-PRC shareholders are required to pay
PRC income tax on gains on the transfer of their Ordinary Shares, our business could be negatively impacted and the value of your investment
may be materially reduced. Further, if we were treated as a &ldquo;resident enterprise&rdquo; by PRC tax authorities, we would be subject
to taxation in both China and such countries in which we have taxable income, and our PRC tax may not be creditable against such other
taxes.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We may be exposed to liabilities under the
Foreign Corrupt Practices Act and Chinese anti-corruption law.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are subject to the U.S. Foreign Corrupt Practices
Act (the &ldquo;FCPA&rdquo;), and other laws that prohibit improper payments or offers of payments to foreign governments and their officials
and political parties by U.S. persons and issuers as defined by the statute for the purpose of obtaining or retaining business. We are
also subject to Chinese anti-corruption laws, which strictly prohibit the payment of bribes to government officials. We have operations
agreements with third parties, and make sales in China, which may experience corruption. Our activities in China create the risk of unauthorized
payments.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Although we believe, to date, we have complied
in all material respects with the provisions of the FCPA and Chinese anti-corruption law, our existing safeguards and any future improvements
may prove to be less than effective, and the employees, consultants, or distributors may engage in conduct for which we might be held
responsible. Violations of the FCPA or Chinese anti-corruption law may result in severe criminal or civil sanctions, and we may be subject
to other liabilities, which could negatively affect our business, operating results and financial condition. In addition, the government
may seek to hold our Company liable for successor liability FCPA violations committed by companies in which we invest or that we acquire.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Uncertainties with respect to the PRC legal
system and changes in laws and regulations in China could adversely affect us.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We conduct all of our business through our PRC
subsidiaries. Our operations in China are governed by PRC laws and regulations. The PRC subsidiaries are generally subject to laws and
regulations applicable to foreign investments in China and, in particular, laws and regulations applicable to wholly foreign-owned enterprises.
The PRC legal system is based on statutes. Prior court decisions may be cited for reference but have limited precedential value.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Since 1979, PRC legislation and regulations have
significantly enhanced the protections afforded to various forms of foreign investments in China. However, China has not developed a fully
integrated legal system and recently enacted laws and regulations may not sufficiently cover all aspects of economic activities in China.
In particular, because these laws and regulations are relatively new, and because of the limited volume of published decisions and their
nonbinding nature, the interpretation and enforcement of these laws and regulations involve uncertainties. In addition, the PRC legal
system is based in part on government policies and internal rules (some of which are not published on a timely basis or at all) that may
have a retroactive effect. As a result, we may not be aware of our violation of these policies and rules until sometime after the violation.
In addition, any litigation in China may be protracted and result in substantial costs and diversion of resources and management attention.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">PRC regulation of loans and direct investment
by offshore holding companies to PRC entities may delay or prevent us from using the proceeds of our future offshore offering to make
loans or additional capital contributions to the PRC subsidiaries, which could materially and adversely affect our liquidity and our ability
to fund and expand our business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In utilizing the proceeds of our future offshore
offering as an offshore holding company of our PRC operating subsidiaries, we may make loans to our PRC subsidiaries, or we may make additional
capital contributions to our PRC subsidiaries.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any loans to our PRC subsidiaries are subject
to PRC regulations. For example, loans by us to our subsidiaries in China, which are foreign invested entities (&ldquo;FIEs&rdquo;), to
finance their activities cannot exceed statutory limits and must be registered with SAFE. On March 30, 2015, SAFE promulgated Hui Fa 2015
No.19, a notice regulating the conversion by a foreign-invested company of foreign currency into RMB. The foreign exchange capital, for
which the monetary contribution has been confirmed by the foreign exchange authorities (or for which the monetary contribution has been
registered for account entry) in the capital account of a foreign-invested enterprise may be settled at a bank as required by the enterprise&rsquo;s
actual management needs. Foreign-invested enterprises with investment as their main business (including foreign-oriented companies, foreign-invested
venture capital enterprises and foreign-invested equity investment enterprises) are allowed to, under the premise of authenticity and
compliance of their domestic investment projects, carry out based on their actual investment scales direct settlement of foreign exchange
capital or transfer the RMB funds in the foreign exchange settlement account for pending payment to the invested enterprises&rsquo; accounts.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On May 10, 2013, SAFE released Circular 21, which
came into effect on May 13, 2013. According to Circular 21, SAFE has simplified the foreign exchange administration procedures with respect
to the registration, account openings and conversions, settlements of FDI-related foreign exchange, as well as fund remittances.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Circular 21 may significantly limit our ability
to convert, transfer and use the net proceeds from our future offshore offering and any offering of additional equity securities in China,
which may adversely affect our liquidity and our ability to fund and expand our business in the PRC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may also decide to finance our subsidiaries
by means of capital contributions. These capital contributions must be approved by MOFCOM or its local counterpart, which usually takes
no more than 30 working days to complete. We may not be able to obtain these government approvals on a timely basis, if at all, with respect
to future capital contributions by us to our PRC subsidiaries. If we fail to receive such approvals, we will not be able to capitalize
our PRC operations, which could adversely affect our liquidity and our ability to fund and expand our business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Governmental control of currency conversion
may affect the value of your investment.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The PRC government imposes controls on the convertibility
of the RMB into foreign currencies and, in certain cases, the remittance of currency out of China. We receive substantially all of our
revenues in RMB. Under our current corporate structure, our income is primarily derived from dividend payments from our PRC subsidiaries.
Shortages in the availability of foreign currency may restrict the ability of our PRC subsidiaries to remit sufficient foreign currency
to pay dividends or other payments to us, or otherwise satisfy their foreign currency denominated obligations. Under existing PRC foreign
exchange regulations, payments of current account items, including profit distributions, interest payments and expenditures from trade-related
transactions can be made in foreign currencies without prior approval from SAFE by complying with certain procedural requirements. However,
approval from appropriate government authorities is required where RMB is to be converted into foreign currency and remitted out of China
to pay capital expenses such as the repayment of loans denominated in foreign currencies. The PRC government may also at its discretion
restrict access in the future to foreign currencies for current account transactions. If the foreign exchange control system prevents
us from obtaining sufficient foreign currency to satisfy our currency demands, we may not be able to pay dividends in foreign currencies
to our security-holders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We are a holding company and we rely on
our subsidiaries for funding dividend payments, which are subject to restrictions under PRC laws.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are a holding company incorporated in the Cayman
Islands, and we operate our core businesses through our PRC subsidiaries. Therefore, the availability of funds for us to pay dividends
to our shareholders and to service our indebtedness depends upon dividends received from the PRC subsidiaries. If the PRC subsidiaries
incur debt or losses, their ability to pay dividends or other distributions to us may be impaired. As a result, our ability to pay dividends
and to repay our indebtedness will be restricted. PRC laws require that dividends be paid only out of the after-tax profit of our subsidiaries
in the PRC calculated according to PRC accounting principles, which differ in many aspects from generally accepted accounting principles
in other jurisdictions. PRC laws also require enterprises established in the PRC to set aside part of their after-tax profits as statutory
reserves. These statutory reserves are not available for distribution as cash dividends. In addition, restrictive covenants in bank credit
facilities or other agreements that we or our subsidiaries may enter into in the future may also restrict the ability of our subsidiaries
to pay dividends to us. These restrictions on the availability of our funding may impact our ability to pay dividends to our shareholders
and to service our indebtedness.&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>To the extent cash or assets in the business
is in the PRC or Hong Kong or a PRC or Hong Kong entity, the funds or assets may not be available to fund operations or for other use
outside of the PRC or Hong Kong due to interventions in or the imposition of restrictions and limitations on the ability of us or our
subsidiaries by the PRC government to transfer cash or assets.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The transfer of funds and assets among Erayak,
its Hong Kong and PRC subsidiaries is subject to restrictions. The PRC government imposes controls on the conversion of the RMB into foreign
currencies and the remittance of currencies out of the PRC. See &ldquo;<I>&mdash; Governmental control of currency conversion may affect
the value of your investment</I>.&rdquo; In addition, the PRC Enterprise Income Tax Law and its implementation rules provide that a withholding
tax at a rate of 10% will be applicable to dividends payable by Chinese companies to non-PRC-resident enterprises, unless reduced under
treaties or arrangements between the PRC central government and the governments of other countries or regions where the non-PRC resident
enterprises are tax resident. See &ldquo;<I>&mdash; Our PRC subsidiaries are subject to restrictions on paying dividends or making other
payments to us, which may have a material adverse effect on our ability to conduct our business</I>.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of the date of this prospectus, there are no
restrictions or limitations imposed by the Hong Kong government on the transfer of capital within, into and out of Hong Kong (including
funds from Hong Kong to the PRC), except for the transfer of funds involving money laundering and criminal activities. However, there
is no guarantee that the Hong Kong government will not promulgate new laws or regulations that may impose such restrictions in the future.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a result of the above, to the extent cash or
assets in the business is in the PRC or Hong Kong or a PRC or Hong Kong entity, the funds or assets may not be available to fund operations
or for other use outside of the PRC or Hong Kong due to interventions in or the imposition of restrictions and limitations on the ability
of us or our subsidiaries by the PRC government to transfer cash or assets.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our PRC subsidiaries are subject to restrictions
on paying dividends or making other payments to us, which may have a material adverse effect on our ability to conduct our business.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are a holding company incorporated in the Cayman
Islands. We may need dividends and other distributions on equity from our PRC subsidiaries to satisfy our liquidity requirements, including
the funds necessary to pay dividends and other cash distributions to our shareholders and service any debt we may incur. If our PRC subsidiaries
incur debt on their own behalf in the future, the instruments governing the debt may restrict their ability to pay dividends or make other
distributions to us.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Current PRC regulations permit our PRC subsidiaries
to pay dividends to us only out of their accumulated profits, if any, determined in accordance with PRC accounting standards and regulations.
In addition, our PRC subsidiaries are required to set aside at least 10% of their respective accumulated profits each year, if any, to
fund certain reserve funds until the total amount set aside reaches 50% of their respective registered capital. Our PRC subsidiaries may
also allocate a portion of their respective 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. These limitation on the ability of our PRC subsidiaries to pay
dividends or make other distributions to us could materially and adversely limit our ability to grow, make investments, or acquisitions
that could be beneficial to our business, pay dividends, or otherwise fund and conduct our business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our business may be materially and adversely
affected if any of our PRC subsidiaries declares bankruptcy or become subject to a dissolution or liquidation proceeding.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Enterprise Bankruptcy Law of the PRC (the
&ldquo;Bankruptcy Law&rdquo;) came into effect on June 1, 2007. The Bankruptcy Law provides that an enterprise will be liquidated if the
enterprise fails to settle its debts as and when they fall due and if the enterprise&rsquo;s assets are, or are demonstrably, insufficient
to clear such debts.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our PRC subsidiaries hold certain assets that
are important to our business operations. If our PRC subsidiaries undergo a voluntary or involuntary liquidation proceeding, unrelated
third-party creditors may claim rights to some or all of these assets, thereby hindering our ability to operate our business, which could
materially and adversely affect our business, financial condition and results of operations.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Fluctuations in exchange rates could adversely
affect our business and the value of our securities.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Changes in the value of the RMB against the U.S.
dollar, Euro and other foreign currencies are affected by, among other things, changes in China&rsquo;s political and economic conditions.
Any significant revaluation of the RMB may have a material adverse effect on our revenues and financial condition, and the value of, and
any dividends payable on our shares in U.S. dollar terms. For example, to the extent that we need to convert U.S. dollars we receive from
our offerings into RMB for our operations, appreciation of the RMB against the U.S. dollar would have an adverse effect on RMB amount
we would receive from the conversion. Conversely, if we decide to convert our RMB into U.S. dollars for the purpose of paying dividends
on our Ordinary Shares or for other business purposes, appreciation of the U.S. dollar against the RMB would have a negative effect on
the U.S. dollar amount available to us. In addition, fluctuations of the RMB against other currencies may increase or decrease the cost
of imports and exports, and thus affect the price-competitiveness of our products against products of foreign manufacturers or products
relying on foreign inputs.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Since July 2005, the RMB is no longer pegged to
the U.S. dollar. Although the People&rsquo;s Bank of China regularly intervenes in the foreign exchange market to prevent significant
short-term fluctuations in the exchange rate, the RMB may appreciate or depreciate significantly in value against the U.S. dollar in the
medium to long term. Moreover, it is possible that in the future PRC authorities may lift restrictions on fluctuations in the RMB exchange
rate and lessen intervention in the foreign exchange market.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Increases in labor costs in the PRC may
adversely affect our business and results of operations.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The currently effective&nbsp;PRC Labor Contract
Law (the &ldquo;Labor Contract Law&rdquo;) was first adopted on June 29, 2007 and later amended on December 28, 2012. The PRC Labor Contract
Law has reinforced the protection of employees who, under the Labor Contract Law, have the right, among others, to have written employment
contracts, to enter into employment contracts with no fixed term under certain circumstances, to receive overtime wages and to terminate
or alter terms in labor contracts. Furthermore, the Labor Contract Law sets forth additional restrictions and increases the costs involved
with dismissing employees. To the extent that we need to significantly reduce our workforce, the Labor Contract Law could adversely affect
our ability to do so in a timely and cost-effective manner, and our results of operations could be adversely affected. In addition, for
employees whose employment contracts include noncompetition terms, the Labor Contract Law requires us to pay monthly compensation after
such employment is terminated, which will increase our operating expenses.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We expect that our labor costs, including wages
and employee benefits, will continue to increase. Unless we are able to pass on these increased labor costs to our buyers by increasing
the prices of our products and services, our financial condition and results of operations would be materially and adversely affected.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We may become subject to a variety of laws
and regulations in the PRC regarding privacy, data security, cybersecurity, and data protection. We may be liable for improper use or
appropriation of personal information provided by our customers.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may become subject to a variety of laws and
regulations in the PRC regarding privacy, data security, cybersecurity, and data protection. These laws and regulations are continuously
evolving and developing. The scope and interpretation of the laws that are or may be applicable to us are often uncertain and may be conflicting,
particularly with respect to foreign laws. In particular, there are numerous laws and regulations regarding privacy and the collection,
sharing, use, processing, disclosure, and protection of personal information and other user data. Such laws and regulations often vary
in scope, may be subject to differing interpretations, and may be inconsistent among different jurisdictions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We expect to obtain information about various
aspects of our operations as well as regarding our employees and third parties. We also maintain information about various aspects of
our operations as well as regarding our employees. The integrity and protection of our customer, employee and company data is critical
to our business. Our customers and employees expect that we will adequately protect their personal information. We are required by applicable
laws to keep strictly confidential the personal information that we collect, and to take adequate security measures to safeguard such
information.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The PRC Criminal Law, as amended by its Amendment
7 (effective on February 28, 2009) and Amendment 9 (effective on November 1, 2015), prohibits institutions, companies and their employees
from selling or otherwise illegally disclosing a citizen&rsquo;s personal information obtained during the course of performing duties
or providing services or obtaining such information through theft or other illegal ways. On November 7, 2016, the Standing Committee of
the PRC National People&rsquo;s Congress issued the Cyber Security Law of the PRC, or Cyber Security Law, which became effective on June
1, 2017.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the Cyber Security Law, network operators
must not, without users&rsquo; consent, collect their personal information, and may only collect users&rsquo; personal information necessary
to provide their services. Providers are also obliged to provide security maintenance for their products and services and shall comply
with provisions regarding the protection of personal information as stipulated under the relevant laws and regulations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Civil Code of the PRC (issued by the PRC National
People&rsquo;s Congress on May 28, 2020 and effective from January 1, 2021) provides main legal basis for privacy and personal information
infringement claims under the Chinese civil laws. PRC regulators, including the CAC, the Ministry of Industry and Information Technology
and the Ministry of Public Security have been increasingly focused on regulation in the areas of data security and data protection.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The PRC regulatory requirements regarding cybersecurity
are constantly evolving. For instance, various regulatory bodies in China, including the CAC, the Ministry of Public Security and the
SAMR, have enforced data privacy and protection laws and regulations with varying and evolving standards and interpretations. In April
2020, the Chinese government promulgated Cybersecurity Review Measures, which came into effect on June 1, 2020. According to the Cybersecurity
Review Measures, operators of critical information infrastructure must pass a cybersecurity review when purchasing network products and
services which do or may affect national security.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In November 2016, the Standing Committee of China&rsquo;s
National People&rsquo;s Congress passed China&rsquo;s first Cybersecurity Law (&ldquo;CSL&rdquo;), which became effective in June 2017.
The CSL is the first PRC law that systematically lays out the regulatory requirements on cybersecurity and data protection, subjecting
many previously under-regulated or unregulated activities in cyberspace to government scrutiny. The legal consequences of violation of
the CSL include penalties of warning, confiscation of illegal income, suspension of related business, winding up for rectification, shutting
down the websites, and revocation of business license or relevant permits. In April 2020, the CAC and certain other PRC regulatory authorities
promulgated the Cybersecurity Review Measures, which became effective in June 2020. Pursuant to the Cybersecurity Review Measures, operators
of critical information infrastructure must pass a cybersecurity review when purchasing network products and services which do or may
affect national security. On July 10, 2021, the CAC issued a revised draft of the Measures for Cybersecurity Review for public comments
(&ldquo;Draft Measures&rdquo;), which required that, in addition to &ldquo;operator of critical information infrastructure,&rdquo; any
&ldquo;data processor&rdquo; carrying out data processing activities that affect or may affect national security should also be subject
to cybersecurity review, and further elaborated the factors to be considered when assessing the national security risks of the relevant
activities, including, among others, (i) the risk of core data, important data or a large amount of personal information being stolen,
leaked, destroyed, and illegally used or exited the country; and (ii) the risk of critical information infrastructure, core data, important
data or a large amount of personal information being affected, controlled, or maliciously used by foreign governments after listing abroad.
The CAC has said that under the proposed rules companies holding data on more than 1,000,000 users must now apply for cybersecurity approval
when seeking listings in other nations because of the risk that such data and personal information could be &ldquo;affected, controlled,
and maliciously exploited by foreign governments,&rdquo; The cybersecurity review will also investigate the potential national security
risks from overseas IPOs. We do not know what regulations will be adopted or how such regulations will affect us and our listing on Nasdaq.
In the event that the CAC determines that we are subject to these regulations, we may be required to delist from Nasdaq and we may be
subject to fines and penalties. On June 10, 2021, the Standing Committee of the NPC promulgated the PRC Data Security Law, which took
effect on September 1, 2021. The Data Security Law also sets forth the data security protection obligations for entities and individuals
handling personal data, including that no entity or individual may acquire such data by stealing or other illegal means, and the collection
and use of such data should not exceed the necessary limits The costs of compliance with, and other burdens imposed by, CSL and any other
cybersecurity and related laws may limit the use and adoption of our products and services and could have an adverse impact on our business.
Further, if the enacted version of the Measures for Cybersecurity Review mandates clearance of cybersecurity review and other specific
actions to be completed by companies like us, we face uncertainties as to whether such clearance can be timely obtained, or at all.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On July 10, 2021, the CAC issued a revised draft
of the Measures for Cybersecurity Review for public comments (the &ldquo;Review Measures&rdquo;), and on December 28, 2021, the CAC jointly
with the relevant authorities published Measures for Cybersecurity Review (2021) which took effect on February 15, 2022 and replace the
Review Measures, which required that, operators of critical information infrastructure purchasing network products and services, and data
processors (together with the operators of critical information infrastructure, the &ldquo;Operators&rdquo;) carrying out data processing
activities that affect or may affect national security, shall conduct a cybersecurity review, any operator who controls more than one
million users&rsquo; personal information must go through a cybersecurity review by the cybersecurity review office if it seeks to be
listed in a foreign country.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the Data Security Law enacted on September
1, 2021 and the Measures for Cybersecurity Review (2021) implemented on February 15, 2022, since we are not an Operator, nor do we control
more than one million users&rsquo; personal information, we would not be required to apply for a cybersecurity review by the CAC. However,
if the CSRC, CAC or other regulatory agencies later promulgate new rules or explanations requiring that we obtain their approvals for
our future offshore offering and any follow-on offering, we may be unable to obtain such approvals and we may face sanctions by the CSRC,
CAC or other PRC regulatory agencies for failure to seek their approval which could significantly limit or completely hinder our ability
to offer or continue to offer securities to our investors and the securities currently being offered may substantially decline in value
and be worthless.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On August 17, 2021, the State Council promulgated
the Regulations on the Protection of the Security of Critical Information Infrastructure, or the Regulations, which took effect on September
1, 2021. The Regulations supplement and specify the provisions on the security of critical information infrastructure as stated in the
Cybersecurity Review Measures. The Regulations provide, among others, that protection department of certain industry or sector shall notify
the operator of the critical information infrastructure in time after the identification of certain critical information infrastructure.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On August 20, 2021, the Standing Committee of
the NPC approved the Personal Information Protection Law (&ldquo;PIPL&rdquo;), which became effective on November 1, 2021. The PIPL regulates
collection of personal identifiable information and seeks to address the issue of algorithmic discrimination. Companies in violation of
the PIPL may be subject to warnings and admonishments, forced corrections, confiscation of corresponding income, suspension of related
services, and fines. We had not collected identifiable or sensitive personal information of individual end-users, such as ID card numbers
and real names, which means our potential access or exposure to customers&rsquo; personal information is limited. However, in the event
we inadvertently access or become exposed to customers&rsquo; personal identifiable information, then we may face heightened exposure
to the PIPL.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We cannot assure you that PRC regulatory agencies,
including the CAC, would take the same view as we do, and there is no assurance that we can fully or timely comply with such laws. In
the event that we are subject to any mandatory cybersecurity review and other specific actions required by the CAC, we face uncertainty
as to whether any clearance or other required actions can be timely completed, or at all. Given such uncertainty, we may be further required
to suspend our relevant business, shut down our website, or face other penalties, which could materially and adversely affect our business,
financial condition, and results of operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>If we become directly subject to the recent
scrutiny, criticism and negative publicity involving U.S.-listed Chinese companies, we may have to expend significant resources to investigate
and resolve the matter which could harm our business operations, our future offshore offering and our reputation and could result in a
loss of your investment in our Ordinary Shares, especially if such matter cannot be addressed and resolved favorably.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Recently, U.S. public companies that have substantially
all of their operations in China, have been the subject of intense scrutiny, criticism and negative publicity by investors, financial
commentators and regulatory agencies, such as the SEC. Much of the scrutiny, criticism and negative publicity has centered around financial
and accounting irregularities, a lack of effective internal controls over financial accounting, inadequate corporate governance policies
or a lack of adherence thereto and, in many cases, allegations of fraud. As a result of the scrutiny, criticism and negative publicity,
the publicly traded stock of many U.S. listed Chinese companies has sharply decreased in value and, in some cases, has become virtually
worthless. Many of these companies are now subject to shareholder lawsuits and SEC enforcement actions and are conducting internal and
external investigations into the allegations. It is not clear what effect this sector-wide scrutiny, criticism and negative publicity
will have on our Company, our business and our future offshore offering. If we become the subject of any unfavorable allegations, whether
such allegations are proven to be true or untrue, we will have to expend significant resources to investigate such allegations and/or
defend the Company. This situation may be a major distraction to our management. If such allegations are not proven to be groundless,
our Company and business operations will be severely hampered and your investment in our Ordinary Shares could be rendered worthless.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>You may experience difficulties in effecting
service of legal process, enforcing foreign judgments, or bringing actions in China against us or our management named in the prospectus.
It may also be difficult for you or overseas regulators to conduct investigations or collect evidence within China.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are a company incorporated under the laws of
the Cayman Islands, and we conduct most of our operations in China and most of our assets are located in China. In addition, substantially
all our senior executive officers reside within China, are physically there for a significant portion of each year, and are PRC nationals.
As a result, it may be difficult for you to effect service of process upon us or those persons inside mainland China. In addition, there
is uncertainty as to whether the courts of the Cayman Islands or the PRC would recognize or enforce judgments of U.S. courts against us
or such persons predicated upon the civil liability provisions of U.S. securities laws or those of any U.S. state.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The recognition and enforcement of foreign judgments
are provided for under the PRC Civil Procedures Law. PRC courts may recognize and enforce foreign judgments in accordance with the requirements
of the PRC Civil Procedures Law based either on treaties between China and the country where the judgment is made or on principles of
reciprocity between jurisdictions. China does not have any treaties or other forms of written arrangement with the U.S. that provide for
the reciprocal recognition and enforcement of foreign judgments. In addition, according to the&nbsp;<I>PRC Civil Procedures Law</I>, the
PRC courts will not enforce a foreign judgment against us or our directors and officers if they decide that the judgment violates the
basic principles of PRC laws or national sovereignty, security, or public interest. As a result, it is uncertain whether and on what basis
a PRC court would enforce a judgment rendered by a court in the U.S.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">It may also be difficult for you or overseas regulators
to conduct investigations or collect evidence within China. For example, in China, there are significant legal and other obstacles to
obtaining information needed for shareholder investigations or litigation outside China or otherwise with respect to foreign entities.
Although the authorities in China may establish a regulatory cooperation mechanism with its counterparts of another country or region
to monitor and oversee cross-border securities activities, such regulatory cooperation with the securities regulatory authorities in the
U.S. may not be efficient in the absence of a practical cooperation mechanism. Furthermore, according to Article 177 of the PRC Securities
Law, or &ldquo;Article 177,&rdquo; which became effective in March 2020, no overseas securities regulator is allowed to directly conduct
investigations or evidence collection activities within the territory of the PRC. Article 177 further provides that Chinese entities and
individuals are not allowed to provide documents or materials related to securities business activities to foreign agencies without prior
consent from the securities regulatory authority of the PRC State Council and the competent departments of the PRC State Council. While
the detailed interpretation of or implementing of rules under Article 177 have to be promulgated, the inability of an overseas securities
regulator to directly conduct investigation or evidence collection activities within China may further increase the difficulties faced
by you in protecting your interests.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>You may face difficulties in protecting
your interests and exercising your rights as a shareholder since we conduct substantially all of our operations in China, and all of our
officers and directors reside outside the U.S.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Although we are incorporated in the Cayman Islands,
we conduct substantially all of our operations in China. All of our current officers and all of our directors reside outside the U.S.
and substantially all of the assets of those persons are located outside of the U.S. It may be difficult for you to conduct due diligence
on the Company or such directors in your election of the directors and attend shareholders meeting if the meeting is held in China. We
plan to have one shareholder meeting each year at a location to be determined, potentially in China. As a result of all of the above,
our public shareholders may have more difficulty in protecting their interests through actions against our management, directors or major
shareholders than would shareholders of a corporation doing business entirely or predominantly within the U.S.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our financial and operating performance
may be adversely affected by general economic conditions, natural catastrophic events, epidemics, and public health crises that impact
the metaverse industry.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our operating results will be subject to fluctuations
based on general economic conditions, in particular those conditions that impact the metaverse industry. Deterioration in economic conditions
could cause decreases in both volume and reduce and/or negatively impact our short-term ability to grow our revenues. Further, any decreased
collectability of accounts receivable or early termination of agreements due to deterioration in economic conditions could negatively
impact our results of operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our business is subject to the impact of natural
catastrophic events such as earthquakes, floods or power outages, political crises such as terrorism or war, and public health crises,
such as disease outbreaks, epidemics, or pandemics in the U.S. and global economies, our markets and business locations. Currently, the
rapid spread of coronavirus (COVID-19) globally has resulted in increased travel restrictions and disruption and shutdown of businesses.
Our buyers may experience financial distress, file for bankruptcy protection, go out of business, or suffer disruptions in their business
due to the coronavirus outbreak; as a result, our revenues may be impacted. The extent to which the coronavirus impacts our results will
depend on future developments, which are highly uncertain and will include emerging information concerning the severity of the coronavirus
and the actions taken by governments and private businesses to attempt to contain the coronavirus, but is likely to result in a material
adverse impact on our business, results of operations and financial condition at least for the near term.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Similarly, natural disasters, wars (including
the potential of war), terrorist activity (including threats of terrorist activity), social unrest and heightened travel security measures
instituted in response, and travel-related accidents, as well as geopolitical uncertainty and international conflict, will affect travel
volume and may in turn have a material adverse effect on our business and results of operations. In addition, we may not be adequately
prepared in contingency planning or recovery capability in relation to a major incident or crisis, and as a result, our operational continuity
may be adversely and materially affected, which in turn may harm our reputation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The recent joint statement by the SEC and
PCAOB, proposed rule changes submitted by Nasdaq, and the Holding Foreign Companies Accountable Act all call for additional and more stringent
criteria to be applied to emerging market companies upon assessing the qualification of their auditors, especially the non-U.S. auditors
who are not inspected by the PCAOB. These developments could add uncertainties to our offering.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 21, 2020, SEC Chairman Jay Clayton and
PCAOB Chairman William D. Duhnke III, along with other senior SEC staff, released a joint statement highlighting the risks associated
with investing in companies based in or have substantial operations in emerging markets including China. The joint statement emphasized
the risks associated with lack of access for the PCAOB to inspect auditors and audit work papers in China and higher risks of fraud in
emerging markets.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On May 18, 2020, Nasdaq filed three proposals
with the SEC to (i) apply minimum offering size requirement for companies primarily operating in &ldquo;Restrictive Market&rdquo;, (ii)
adopt a new requirement relating to the qualification of management or board of director for Restrictive Market companies, and (iii) apply
additional and more stringent criteria to an applicant or listed company based on the qualifications of the company&rsquo;s auditors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On May 20, 2020, the U.S. Senate passed the HFCAA
requiring a foreign company to certify it is not owned or controlled by a foreign government if the PCAOB is unable to audit specified
reports because the company uses a foreign auditor not subject to PCAOB inspection. If the PCAOB is unable to inspect the company&rsquo;s
auditors for three consecutive years, the issuer&rsquo;s securities are prohibited to trade on a national securities exchange or in the
over the counter trading market in the U.S. On December 2, 2020, the U.S. House of Representatives approved the HFCAA. On December 18,
2020, the HFCAA was signed into law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On March 24, 2021, the SEC announced that it had
adopted interim final amendments to implement congressionally mandated submission and disclosure requirements of the Act. The interim
final amendments will apply to registrants that the SEC identifies as having filed an annual report on Forms 10-K, 20-F, 40-F or N-CSR
with an audit report issued by a registered public accounting firm that is located in a foreign jurisdiction and that the PCAOB has determined
it is unable to inspect or investigate completely because of a position taken by an authority in that jurisdiction. The SEC will implement
a process for identifying such a registrant and any such identified registrant will be required to submit documentation to the SEC establishing
that it is not owned or controlled by a governmental entity in that foreign jurisdiction, and will also require disclosure in the registrant&rsquo;s
annual report regarding the audit arrangements of, and governmental influence on, such a registrant.&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On June 22, 2021, the U.S. Senate passed the Accelerating
Holding Foreign Companies Accountable Act, and on December 29, 2022, the Consolidated Appropriations Act was signed into law by President
Biden, which contained, among other things, an identical provision to the Accelerating Holding Foreign Companies Accountable Act and amended
the HFCAA by requiring the SEC to prohibit an issuer&rsquo;s securities from trading on any U.S stock exchanges if its auditor is not
subject to PCAOB inspections for two consecutive years instead of three, thus reducing the time period for triggering the prohibition
on trading.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On September 22, 2021, the PCAOB adopted a final
rule implementing the HFCAA, which provides a framework for the PCAOB to use when determining, as contemplated under the HFCAA, whether
the PCAOB is unable to inspect or investigate completely registered public accounting firms located in a foreign jurisdiction because
of a position taken by one or more authorities in that jurisdiction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December 2, 2021, the SEC issued amendments
to finalize rules implementing the submission and disclosure requirements in the HFCAA. The rules apply to registrants that the SEC identifies
as having filed an annual report with an audit report issued by a registered public accounting firm that is located in a foreign jurisdiction
and that PCAOB is unable to inspect or investigate completely because of a position taken by an authority in foreign jurisdictions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December 16, 2021, the PCAOB issued a report
on its determinations that it is unable to inspect or investigate completely PCAOB-registered public accounting firms headquartered in
mainland China and in Hong Kong, because of positions taken by PRC authorities in those jurisdictions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On August 26, 2022, the PCAOB announced that it
had signed the SOP with the CSRC and the Ministry of Finance of China. The SOP, together with two protocol agreements governing inspections
and investigations, establishes a specific, accountable framework to make possible complete inspections and investigations by the PCAOB
of audit firms based in mainland China and Hong Kong, as required under U.S. law. On December 15, 2022, the PCAOB announced that it was
able to secure complete access to inspect and investigate PCAOB-registered public accounting firms headquartered in mainland China and
Hong Kong completely in 2022. The PCAOB Board vacated its previous 2021 determinations that the PCAOB was unable to inspect or investigate
completely registered public accounting firms headquartered in mainland China and Hong Kong. However, whether the PCAOB will continue
to be able to satisfactorily conduct inspections of PCAOB-registered public accounting firms headquartered in mainland China and Hong
Kong is subject to uncertainties and depends on a number of factors out of our and our auditor&rsquo;s control. The PCAOB continues to
demand complete access in mainland China and Hong Kong moving forward and is making plans to resume regular inspections in early 2023
and beyond, as well as to continue pursuing ongoing investigations and initiate new investigations as needed. The PCAOB has also indicated
that it will act immediately to consider the need to issue new determinations with the HFCAA if needed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">TPS Thayer and Fortune CPA, our independent registered
public accounting firms, are registered with the PCAOB and are subject to laws in the United States pursuant to which the PCAOB conducts
regular inspections to assess TPS Thayer and Fortune CPA&rsquo;s compliance with applicable professional standards. TPS Thayer is headquartered
in Sugar Land, Texas and Fortune CPA is headquartered in Orange, California. As of the date of this prospectus, Neither TPS Thayer nor
Fortune CPA is included in the list of PCAOB Identified Firms in the PCAOB Determination Report issued in December 2021.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We cannot assure you whether Nasdaq or regulatory
authorities would apply additional and more stringent criteria to us after considering the effectiveness of our auditor&rsquo;s audit
procedures and quality control procedures, adequacy of personnel and training, or sufficiency of resources, geographic reach or experience
as it relates to the audit of our financial statements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Trading in our securities may be prohibited
under the HFCAA and as a result an exchange may determine to delist our securities if it is later determined that the PCAOB is unable
to inspect or investigate completely our auditor because of a position taken by an authority in a foreign jurisdiction.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The HFCAA was enacted on December 18, 2020. The
HFCAA states if the SEC determines that a company has filed audit reports issued by a registered public accounting firm that has not been
subject to inspection by the PCAOB for three consecutive years beginning in 2021, the SEC shall prohibit such shares from being traded
on a national securities exchange or in the over-the-counter trading market in the U.S.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On March 24, 2021, the SEC adopted interim final
rules relating to the implementation of certain disclosure and documentation requirements of the HFCAA. A company will be required to
comply with these rules if the SEC identifies it as having a &ldquo;non-inspection&rdquo; year under a process to be subsequently established
by the SEC. The SEC is assessing how to implement other requirements of the HFCAA, including the listing and trading prohibition requirements
described above.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Despite that we have a U.S.-based auditor that
is registered with the PCAOB and subject to PCAOB inspection, there are still risks to the company and investors if it is later determined
that the PCAOB is unable to inspect or investigate completely our auditor because of a position taken by an authority in a foreign jurisdiction.
Such risks include, but are not limited to, that trading in our securities may be prohibited under the HFCAA and as a result an exchange
may determine to delist our securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The approval of the CSRC may be required
in connection with our future offshore offering, and, if required, we cannot predict whether we will be able to obtain such approval.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The M&amp;A Rules adopted by six PRC regulatory
agencies requires an overseas special purpose vehicle formed for listing purposes through acquisitions of PRC domestic companies and controlled
by PRC companies or individuals to obtain the approval of the CSRC, prior to the listing and trading of such special purpose vehicle&rsquo;s
securities on an overseas stock exchange.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We believe that the CSRC&rsquo;s approval is not
required for the listing and trading of our Ordinary Shares on Nasdaq in the context of this registration statement, given that: (i) our
PRC subsidiary was incorporated as a wholly foreign-owned enterprise by means of direct investment rather than by merger or acquisition
of equity interest or assets of a PRC domestic company owned by PRC companies or individuals as defined under the M&amp;A Rules that are
our beneficial owners; (ii) the CSRC currently has not issued any definitive rule or interpretation concerning whether offerings like
ours under this prospectus are subject to the M&amp;A Rules; and (iii) no provision in the M&amp;A Rules clearly classifies contractual
arrangements as a type of transaction subject to the M&amp;A Rules.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">However, there remains some uncertainties as to
how the M&amp;A Rules will be interpreted or implemented in the context of an overseas offering and its opinions summarized above are
subject to any new laws, rules and regulations or detailed implementations and interpretations in any form relating to the M&amp;A Rules.
We cannot assure you that relevant PRC government agencies, including the CSRC, would reach the same conclusion as we do. If it is determined
that CSRC approval is required for our future offshore offering, we may face sanctions by the CSRC or other PRC regulatory agencies for
failure to seek CSRC approval for our future offshore offering. These sanctions may include fines and penalties on our operations in the
PRC, limitations on our operating privileges in the PRC, delays in or restrictions on the repatriation of the proceeds from our future
offshore offering into the PRC, restrictions on or prohibition of the payments or remittance of dividends by our PRC subsidiary, or other
actions that could have a material and adverse effect on our business, financial condition, results of operations, reputation and prospects,
as well as the trading price of our Ordinary Shares. Furthermore, the CSRC or other PRC regulatory agencies may also take actions requiring
us, or making it advisable for us, to halt any offering before the settlement and delivery of the Ordinary Shares. Consequently, if you
engage in market trading or other activities in anticipation of and prior to the settlement and delivery of the Ordinary Shares we are
offering, you would be doing so at the risk that the settlement and delivery may not occur.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Risks Related to Our Ordinary Shares</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>We are not in compliance
with the Nasdaq Listing Rule concerning our shareholders&rsquo; equity. If we fail to regain compliance with such or if we encounter other
deficiencies in the future, our Ordinary Shares may be delisted from the Nasdaq or trading may be suspended.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The listing of our Ordinary
Shares on the Nasdaq Capital Market is contingent on our compliance with the Nasdaq Capital Market&rsquo;s conditions for continued listing.
On November 20, 2023, we received a written notice from the Listing Qualifications Department of Nasdaq notifying us that, based on the
closing bid price of our Ordinary Shares for the last 30 consecutive trading days, we fails to comply with the minimum bid price requirement
for continued listing on the Nasdaq Capital Market. Nasdaq Listing Rule 5450(a)(1) requires listed securities to maintain a minimum bid
price of $1.00 per share, and Nasdaq Listing Rule 5810(c)(3)(A) provides that a failure to meet the Minimum Bid Price Requirement exists
if the deficiency continues for a period of 30 consecutive trading days. We were provided a period of 180 calendar days, until May 13,
2024, to regain compliance. On May 14, 2023, we received a Notice from Nasdaq stating that, although we had not regained compliance with
the Minimum Bid Price Requirement by May 13, 2024, in accordance with Nasdaq Listing Rule 5810(c)(3)(A), we are eligible for an additional
180 calendar day period, or until November 11, 2024, to regain compliance with Nasdaq Listing Rule 5550(a)(2). To regain compliance, the
closing bid price of our Ordinary Shares must meet or exceed $1.00 per share for a minimum of ten consecutive business days during this
180-day period. The Notice has no immediate effect on the listing of the Ordinary Shares on the Nasdaq Capital Market. If we do not regain
compliance by November 11, 2024, Nasdaq will provide notice that our Ordinary Shares will be subject to delisting. We would then be entitled
to appeal Nasdaq&rsquo;s determination to a Nasdaq Listing Qualifications Panel and request a hearing. We intend to monitor the closing
bid price of the Ordinary Shares and consider our available options to resolve the noncompliance with the Minimum Bid Price Requirement.
\</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">There can be no assurance
that we will maintain compliance with the Minimum Bid Price Requirement, after we have regained compliance. Also, we cannot assure you
that we will not receive other deficiency notifications from Nasdaq in the future. A decline in the closing price of our Ordinary Shares
could result in a breach of the requirements for listing on the Nasdaq Capital Market. If we do not maintain compliance, Nasdaq could
commence suspension or delisting procedures in respect of our Ordinary Shares. The commencement of suspension or delisting procedures
by an exchange remains at the discretion of such exchange and would be publicly announced by the exchange. If a suspension or delisting
were to occur, there would be significantly less liquidity in the suspended or delisted securities. In addition, our ability to raise
additional necessary capital through equity or debt financing would be greatly impaired. Furthermore, with respect to any suspended or
delisted Ordinary Shares, we would expect decreases in institutional and other investor demand, analyst coverage, market making activity
and information available concerning trading prices and volume, and fewer broker-dealers would be willing to execute trades with respect
to such Ordinary Shares. A suspension or delisting would likely decrease the attractiveness of our Ordinary Shares to investors and cause
the trading volume of our Ordinary Shares to decline, which could result in a further decline in the market price of our Ordinary Shares.</P>

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




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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><A NAME="era_006"></A><B>USE OF PROCEEDS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We will not receive any proceeds from the sale
of our Ordinary Shares offered by this prospectus. The Selling Shareholders will receive all of the proceeds.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We will pay all costs, fees and expenses incurred
in connection with the registration of the Ordinary Shares covered by this prospectus.&nbsp;<B>&nbsp;</B></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><A NAME="era_007"></A>DESCRIPTION OF SECURITIES</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Information relating
to our <FONT STYLE="background-color: white">Ordinary Shares</FONT> and certain provisions of Erayak&rsquo;s amended and restated memorandum
and articles of association is incorporated by reference from our 2023 Annual Report, under the caption &ldquo;<I>Item 10. Additional
Information &ndash; 10.B. Memorandum and Articles of Association</I>.&rdquo; Such information does not purport to be complete and is qualified
in its entirety by the provisions of Erayak&rsquo;s amended and restated memorandum and articles of association and applicable provisions
of the laws of the Cayman Islands. You should read Erayak&rsquo;s amended and restated memorandum and articles of association which are
filed as Exhibit 3.1 to our registration statement on Form F-1/A with the SEC on July 29, 2022 for the provisions that are important to
you.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="background-color: white">The
Company is authorized to issue 450,000,000 Ordinary Shares of $0.0001 par value per share and 50,000,000 Class B ordinary shares of $0.0001
par value per share. As of July 26, 2024, there were (a) 27,000,000 Ordinary Shares outstanding, all of which were fully paid and (b)
1,000,000 Class B ordinary shares outstanding. For a description of </FONT>Erayak&rsquo;s <FONT STYLE="background-color: white">Ordinary
Shares and Class B ordinary shares, including the rights and obligations thereto, please refer to </FONT>our 2023 Annual Report<FONT STYLE="background-color: white">,
which is incorporated by reference herein.</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">See &ldquo;<I>Where You Can Find More Information</I>&rdquo;
elsewhere in this prospectus for information on where you can obtain copies of our amended and restated memorandum and articles of association,
which have been filed with and are publicly available from the SEC.<B>&nbsp;</B></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><A NAME="era_008"></A>SELLING SHAREHOLDERS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">We are registering an
aggregate of 48,000,000 Ordinary Shares held by the Selling Shareholders, pursuant to the terms and conditions of the Securities Purchase
Agreements. The Ordinary Shares were issued to the Selling Shareholders pursuant to an exemption from registration under the Securities
Act in reliance upon Regulation S promulgated thereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The Ordinary Shares beneficially
owned by the Selling Shareholders are being registered to permit public secondary trading of these securities, and the Selling Shareholders
may offer these shares for resale from time to time as described in the &ldquo;<I>Plan of Distribution</I>.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The following table sets
forth the names of the Selling Shareholders, the number of Ordinary Shares owned beneficially by the Selling Shareholders as of July 26,
2024, and the number of shares that may be offered for resale by the Selling Shareholders from time to time. These shares may also be
sold by donees, pledgees, and other transferees or successors in the interest of the Selling Shareholders.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The Selling Shareholders
may decide to sell all, some, or none of the Ordinary Shares listed below. We currently have no agreements, arrangements or understandings
with the Selling Shareholders regarding the sale of any of the securities covered by this prospectus. We cannot provide you with any estimate
of the number of Ordinary Shares that the Selling Shareholders will hold in the future.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">For purposes of this
table, beneficial ownership is determined in accordance with Rule 13d-3 promulgated under the Exchange Act, and includes voting power
and investment power with respect to such shares. In calculating the percentage ownership or percent of equity vote for a given individual
or group, the number of Ordinary Shares outstanding for that individual or group includes unissued shares subject to options, warrants,
rights or conversion privileges exercisable within sixty days held by such individual or group, but are not deemed outstanding by any
other person or group.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The applicable percentages
of ownership are based on an aggregate of 27,000,000 Ordinary Shares outstanding and 1,000,000 Class B ordinary shares on July 26, 2024.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></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-left: 0.125in; text-indent: -0.125in">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="text-align: center; border-bottom: Black 1.5pt solid">&nbsp;<B>Shares Currently<BR> Owned</B> &nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid">&nbsp;<B>Number&nbsp;of<BR> Shares<BR> Offered</B> &nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; font-weight: bold; border-bottom: Black 1.5pt solid"><B>Shares<BR> Beneficially<BR> Owned After Resale<SUP>(1)(2)</SUP></B></TD><TD STYLE="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; text-indent: -0.125in; border-bottom: Black 1.5pt solid; text-align: left; font-weight: bold">Selling Shareholder</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; font-weight: bold; border-bottom: Black 1.5pt solid">Ordinary Shares</TD><TD STYLE="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid"><B>Ordinary<BR> Shares<BR> Underlying<BR> Warrants</B> &nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; font-weight: bold; border-bottom: Black 1.5pt solid">Total</TD><TD STYLE="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid">&nbsp;&nbsp;<B>Percentage<SUP>(3)</SUP></B></TD><TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid">&nbsp;<B>for&nbsp;Resale</B>&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; font-weight: bold; border-bottom: Black 1.5pt solid">Number</TD><TD STYLE="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; font-weight: bold; border-bottom: Black 1.5pt solid">Percentage</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; text-indent: -0.125in; width: 16%; text-align: left">Coogle Limited</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">1,340,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">2,680,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">4,020,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">13.1</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">4,020,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">&nbsp;&nbsp;&nbsp;-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">&nbsp;&nbsp;&nbsp;-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Filati Famoso Textile Holdings Co., Limited</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,500,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,000,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,500,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22.7</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,500,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Hebei Juxing Intelligent Equipment Manufacturing Co., Limited</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,140,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,280,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,420,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11.3</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,420,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; text-indent: -0.125in; text-align: left">HongKong Mylar Industrial Limited</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,300,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,600,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,900,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12.7</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,900,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Jiedeng Co., Limited</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,500,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,000,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,500,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22.7</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,500,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; text-indent: -0.125in; text-align: left">MStanley Solutions Co., Limited</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,260,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,520,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,780,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12.4</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,780,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Sure Good Consultants Limited</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,200,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,400,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,600,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11.8</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,600,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Yili Shoemaking Automation Technology Co., Limited</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,160,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,320,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,480,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20.0</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,480,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; text-indent: -0.125in; text-align: left">ZMG Investment Limited</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,600,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,200,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,800,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23.5</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,800,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; padding-bottom: 4pt"><B>Total</B></TD><TD STYLE="font-weight: bold; padding-bottom: 4pt"><B>&nbsp;</B></TD>
    <TD STYLE="padding-bottom: 4pt; font-weight: bold; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><B>16,000,000</B></TD><TD STYLE="padding-bottom: 4pt; font-weight: bold; text-align: left"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 4pt"><B>&nbsp;</B></TD>
    <TD STYLE="padding-bottom: 4pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 4pt double; text-align: right"><B>32,000,000</B></TD><TD STYLE="padding-bottom: 4pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-weight: bold; padding-bottom: 4pt"><B>&nbsp;</B></TD>
    <TD STYLE="padding-bottom: 4pt; font-weight: bold; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><B>48,000,000</B></TD><TD STYLE="padding-bottom: 4pt; font-weight: bold; text-align: left"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 4pt"><B>&nbsp;</B></TD>
    <TD STYLE="padding-bottom: 4pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 4pt double; text-align: right"><B>&nbsp;&nbsp;&nbsp;-&nbsp;</B></TD><TD STYLE="padding-bottom: 4pt; text-align: left"><B>%</B></TD><TD STYLE="padding-bottom: 4pt"><B>&nbsp;</B></TD>
    <TD STYLE="padding-bottom: 4pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 4pt double; text-align: right"><B>48,000,000</B></TD><TD STYLE="padding-bottom: 4pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 4pt"><B>&nbsp;</B></TD>
    <TD STYLE="padding-bottom: 4pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 4pt double; text-align: right"><B>-</B></TD><TD STYLE="padding-bottom: 4pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 4pt"><B>&nbsp;</B></TD>
    <TD STYLE="padding-bottom: 4pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 4pt double; text-align: right"><B>-</B></TD><TD STYLE="padding-bottom: 4pt; text-align: left"><B>%</B></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Less than one percent.</FONT></TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because (a) each of the
    Selling Shareholders may offer all or some of the Ordinary Shares that such shareholder holds in the offering contemplated by this
    prospectus, (b) the offering of Ordinary Shares is not being underwritten on a firm commitment basis, and (c) the Selling
    Shareholders could purchase additional Ordinary Shares from time to time, no estimate can be given as to the number of shares or
    percent of our Ordinary Shares that will be held by the Selling Shareholders upon termination of the offering. </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assumes the sale of all of the Ordinary Shares (being offered pursuant to this prospectus) to third parties, if any.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3) </FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beneficial ownership of
the Selling Shareholders prior to this offering includes the Ordinary Shares underlying the Warrants, which are exercisable within 60
days of the date of this prospectus. </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><A NAME="era_009"></A>PLAN OF DISTRIBUTION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Ordinary Shares covered by this prospectus
may be offered and sold from time to time by the Selling Shareholders. The term &ldquo;Selling Shareholders&rdquo; includes pledgees,
donees, transferees or other successors in interest selling shares received after the date of this prospectus from each of the Selling
Shareholders as a pledge, gift, partnership distribution or other non-sale related transfer. The number of shares beneficially owned by
Selling Shareholders will decrease as and when they effect any such transfers. The plan of distribution for the Selling Shareholders&rsquo;
shares sold hereunder will otherwise remain unchanged, except that the transferees, pledgees, donees or other successors will be Selling
Shareholders hereunder. To the extent required, we may amend and supplement this prospectus from time to time to describe a specific plan
of distribution. The Selling Shareholders will act independently of us in making decisions with respect to the timing, manner and size
of each sale. Once sold under this registration statement, of which this prospectus forms a part, the Ordinary Shares will be freely tradable
in the hands of persons other than our affiliates.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We will not receive any of the proceeds from the
sale by the Selling Shareholders of the Ordinary Shares. We will bear all fees and expenses incident to our obligation to register the
Ordinary Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Selling Shareholders may make these sales
at prices and under terms then prevailing or at prices related to the then current market price. The Selling Shareholders may also make
sales in negotiated transactions. The Selling Shareholders may offer their shares from time to time pursuant to one or more of the following
methods:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 26.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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: 0pt 0 0pt 44.25pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">one
or more block trades in which the broker-dealer will attempt to sell the shares 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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">public
or privately negotiated transactions;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">on
the Nasdaq Capital Market (or through the facilities of any national securities exchange or U.S. inter- dealer quotation system of a
registered national securities association, on which the shares are then listed, admitted to unlisted trading privileges or included
for quotation);</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">through
underwriters, brokers or dealers (who may act as agents or principals) or directly to one or more purchasers;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
combination of any such methods of sale; and</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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: 0pt 0; text-align: justify">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with distributions of the shares
or otherwise, the Selling Shareholders may:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">enter
into hedging transactions with broker-dealers or other financial institutions, which may in turn engage in short sales of the shares
in the course of hedging the positions they assume;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.25pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">sell
the shares short after the effective date of the registration statement of which this prospectus forms a part and redeliver the shares
to close out such short positions;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">enter
into option or other transactions with broker-dealers or other financial institutions which require the delivery to them of shares offered
by this prospectus, which they may in turn resell; and</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">pledge
shares to a broker-dealer or other financial institution, which, upon a default, they may in turn resell.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition to the foregoing methods, the Selling
Shareholders may offer their shares from time to time in transactions involving principals or brokers not otherwise contemplated above,
in a combination of such methods as described above or any other lawful methods. The Selling Shareholders may also transfer, donate or
assign their shares to lenders, family members and others and each of such persons will be deemed to be a Selling Shareholder for purposes
of this prospectus. A Selling Shareholder or their successors in interest may from time to time pledge or grant a security interest in
some or all of the Ordinary Shares, and if the Selling Shareholder default in the performance of their secured obligations, the pledgees
or secured parties may offer and sell the Ordinary Shares from time to time under this prospectus;&nbsp;<U>provided</U>,&nbsp;<U>however</U>&nbsp;in
the event of a pledge or then default on a secured obligation by the Selling Shareholder, in order for the shares to be sold under this
registration statement, unless permitted by law, we must distribute a prospectus supplement and/or amendment to this registration statement
amending the list of Selling Shareholders to include the pledgee, secured party or other successors in interest of the Selling Shareholder
under this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Selling Shareholders may also sell their shares
pursuant to Rule 144 under the Securities Act, provided the Selling Shareholders meet the criteria and conform to the requirements of
such rule.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Selling Shareholders may effect such transactions
directly or indirectly through underwriters, broker-dealers or agents acting on their behalf. Broker-dealers or agents may receive commissions,
discounts or concessions from the Selling Shareholders, in amounts to be negotiated immediately prior to the sale (which compensation
as to a particular broker-dealer might be in excess of customary commissions for routine market transactions). If the Ordinary Shares
are sold through underwriters or broker-dealers, the Selling Shareholders will be responsible for underwriting discounts or commissions
or agent&rsquo;s commissions. Neither we, nor the Selling Shareholders, can presently estimate the amount of that compensation. If a Selling
Shareholder notifies us that a material arrangement has been entered into with a broker- dealer for the sale of shares through a block
trade, special offering, exchange, distribution or secondary distribution or a purchase by a broker or dealer, we will file a prospectus
supplement, if required by Rule 424 under the Securities Act, setting forth: (i) the name of each of the Selling Shareholders and the
participating broker-dealers; (ii) the number of shares involved; (iii) the price at which the shares were sold; (iv) the commissions
paid or discounts or concessions allowed to the broker-dealers, where applicable; (v) a statement to the effect that the broker-dealers
did not conduct any investigation to verify the information set out or incorporated by reference in this prospectus; and any other fact
material to the transaction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Selling Shareholders and any other person
participating in a distribution of the shares covered by this prospectus will be subject to applicable provisions of the Exchange Act,
including, without limitation, Regulation M, which may limit the timing of purchases and sales of any of the shares by the Selling Shareholders
and any other such person. Furthermore, under Regulation M, any person engaged in the distribution of the shares may not simultaneously
engage in market-making activities with respect to the particular shares being distributed for certain periods prior to the commencement
of, or during, that distribution. All of the above may affect the marketability of the shares and the ability of any person or entity
to engage in market-making activities with respect to the shares. We have advised the Selling Shareholders that the anti-manipulation
rules of Regulation M under the Exchange Act may apply.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In offering the shares covered by this prospectus,
the Selling Shareholders, and any broker-dealers and any other participating broker-dealers who execute sales for the Selling Shareholders,
may be deemed to be &ldquo;underwriters&rdquo; within the meaning of the Securities Act in connection with these sales. Any profits realized
by the Selling Shareholders and the compensation of such broker-dealers may be deemed to be underwriting discounts and commissions. We
are not aware that any Selling Shareholder has entered into any arrangements with any underwriters or broker-dealers regarding the sale
of its Ordinary Shares.</P>

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


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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><A NAME="era_010"></A><B>LEGAL MATTERS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are being represented by Ellenoff Grossman
&amp; Schole LLP, New York, New York, with respect to certain legal matters of U.S. federal securities and New York State law.&nbsp;The
validity of the Ordinary Shares and certain other matters of Cayman Islands law will be passed upon for us by Harney Westwood &amp; Riegels.
Certain legal matters as to PRC law will be passed upon for us by Gaopeng &amp; Partners.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="era_011"></A><B>EXPERTS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The consolidated financial statements for the
year ended December 31, 2023, incorporated by reference in this prospectus have been so included in reliance on the report of Fortune
CPA, an independent registered public accounting firm, given on their authority as experts in accounting and auditing. The office of Fortune
CPA is located at 333 City Blvd W Floor 3, Orange, CA 92868.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The consolidated financial statements for the
year ended December 31, 2022, incorporated by reference in this prospectus have been so included in reliance on the report of TPS Thayer,
an independent registered public accounting firm, given on their authority as experts in accounting and auditing. The office of TPS Thayer
is located at 1600 Hwy 6 Suite 100, Sugar Land, TX 77478.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="era_012"></A>INCORPORATION OF CERTAIN INFORMATION BY REFERENCE</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The SEC allows us to &ldquo;incorporate by reference&rdquo;
the information we file with it into this prospectus. This means that we can disclose important information about us and our financial
condition to you by referring you to another document filed separately with the SEC instead of having to repeat the information in this
prospectus. The information incorporated by reference is considered to be part of this prospectus and later information that we file with
the SEC will automatically update and supersede this information. We incorporate by reference into this prospectus the information contained
in the documents listed below and any future filings made by us with the SEC under Section 13(a), 13(c) or 15(d) of the Exchange Act,
except for information &ldquo;furnished&rdquo; to the SEC which is not deemed filed and not incorporated by reference into this prospectus
(unless otherwise indicated below), until the termination of the offering of securities described in the applicable prospectus:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our 2023 Annual Report, filed on <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1825875/000121390024033441/ea0203896-20f_erayak.htm" STYLE="-sec-extract: exhibit">April 16, 2024</A> (including any exhibits, except where otherwise noted);</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><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our reports on Form 6-K furnished to the SEC on  <A HREF="https://www.sec.gov/Archives/edgar/data/1825875/000121390024043176/ea0206177-6k_erayakpow.htm">May 15, 2024</A> and <A HREF="https://www.sec.gov/Archives/edgar/data/1825875/000121390024045183/ea0206553-6k_erayak.htm">May 20, 2024</A>;</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><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">the description of the Company&rsquo;s Ordinary
    Shares contained in the <A HREF="https://www.sec.gov/Archives/edgar/data/1825875/000121390022079483/ea169544-8a12b_erayakpower.htm">Form 8-A12B</A>, filed with the SEC on December 13, 2022, and any further amendment or report filed hereafter for
    the purpose of updating such description;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">all subsequent annual reports on Form 20-F and reports on Form 6-K filed or furnished with the SEC; and</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><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The description of our Ordinary Shares contained <A HREF="https://www.sec.gov/Archives/edgar/data/1825875/000121390024033441/ea020389601ex2-2_erayak.htm" STYLE="-sec-extract: exhibit">Exhibit 2.2</A> to our 2023 Annual Report.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We also incorporate by reference any future annual
reports on Form 20-F we file with the SEC under the Exchange Act after the date of this prospectus and prior to the termination of the
offering of securities by means of this prospectus, and any future reports of foreign private issuer on Form 6-K we furnish with the SEC
during such period that are identified in such reports as being incorporated by reference in this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any reports filed by us with the SEC after the
date of this prospectus and before the date that the offering of securities by means of this prospectus is terminated will automatically
update and, where applicable, supersede any information contained in this prospectus or incorporated by reference in this prospectus.
This means that you must look at all of the SEC filings that we incorporate by reference to determine if any of the statements in this
prospectus or in any documents incorporated by reference have been modified or superseded. Unless expressly incorporated by reference,
nothing in this prospectus shall be deemed to incorporate by reference information furnished to, but not filed with, the SEC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We will provide without charge to any person (including
any beneficial owner) to whom this prospectus is delivered, upon oral or written request, a copy of any document incorporated by reference
in this prospectus but not delivered with the prospectus (except for exhibits to those documents unless a document states that one of
its exhibits is incorporated into the document itself). Such request should be directed to Erayak Power Solution Group Inc., No. 528,
4th Avenue, Binhai Industrial Park, Wenzhou, Zhejiang Province, People&rsquo;s Republic of China 325025, and telephone number is +86-571-82651956.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><A NAME="era_013"></A>WHERE YOU CAN FIND MORE INFORMATION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">This prospectus is part
of a registration statement on Form F-3 that we filed with the SEC registering the securities that may be offered and sold hereunder.
This prospectus, which constitutes a part of the registration statement, does not contain all of the information set forth in the registration
statement, the exhibits filed therewith or the documents incorporated by reference therein. For further information about us and the securities
offered hereby, reference is made to the registration statement, the exhibits filed therewith and the documents incorporated by reference
therein. Statements contained in this prospectus regarding the contents of any contract or any other document that is filed as an exhibit
to the registration statement are not necessarily complete, and in each instance, we refer you to the copy of such contract or other document
filed as an exhibit to the registration statement. We are required to file reports and other information with the SEC pursuant to the
Exchange Act, including annual reports on Form 20-F and reports of foreign private issuer on Form 6-K.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The SEC maintains a website
at www.sec.gov that contains reports and other information regarding issuers, like us, that file electronically with the SEC. The information
on our website (www.erayakgenerator.com), other than the Company&rsquo;s SEC filings, is not, and should not be, considered part of this
prospectus and is not incorporated by reference into this document.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">As a foreign private
issuer, Erayak is exempt under the Exchange Act from, among other things, the rules prescribing the furnishing and content of proxy statements,
and our officers, directors and principal shareholders are exempt from the reporting and short-swing profit recovery provisions contained
in Section 16 of the Exchange Act. In addition, we are not 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-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>EXPENSES ASSOCIATED WITH REGISTRATION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The following is an estimate
of the expenses (all of which are to be paid by us) that we may incur in connection with the securities being registered hereby, other
than the SEC registration fee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&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: White">
    <TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">US$</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 88%; text-align: left">SEC Registration Fee</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">6,111.35</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Legal Fees and Expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">56,900</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Accounting Fees and Expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 4pt">Total</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">71,011.35</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>




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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>INFORMATION NOT REQUIRED IN THE PROSPECTUS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 8. Indemnification of Directors and Officers.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cayman Islands law does not limit the extent to
which a company&rsquo;s amended and restated memorandum and articles of association may provide for indemnification of officers and directors,
except to the extent any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification
against civil fraud or the consequences of committing a crime. Our amended and restated memorandum and articles of association provide
for indemnification of officers and directors for losses, damages, costs and expenses incurred in their capacities as such unless such
losses or damages arise from their own willful neglect or default.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Insofar as indemnification for liabilities arising
under the Securities Act may be permitted to our directors, officers or persons controlling us under the foregoing provisions, we have
been informed that in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act and is
therefore unenforceable as a matter of United States law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any underwriting agreement entered into in connection
with an offering of securities will also provide for indemnification of us and our officers and directors in certain cases.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item 9. Exhibits.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following exhibits are filed herewith or incorporated
by reference:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 9%; border-bottom: black 1.5pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-decoration: none"><B>Exhibit
    No.</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%"><FONT STYLE="text-decoration: none">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 90%; border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-decoration: none"><B>Description</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify"><FONT STYLE="text-decoration: none">&nbsp;</FONT></TD>
    <TD><FONT STYLE="text-decoration: none">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="text-decoration: none">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-decoration: none">3.1</FONT></TD>
    <TD><FONT STYLE="text-decoration: none">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-decoration: none"><A HREF="http://www.sec.gov/Archives/edgar/data/1825875/000121390022043009/ea163371ex3-1_erayakpower.htm">Amended and Restated Memorandum and Articles of Association (incorporated herein by reference to Exhibit 3.1 to the Registration Statement on Form F-1/A filed with the SEC on July 29, 2022)</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify"><FONT STYLE="text-decoration: none">&nbsp;</FONT></TD>
    <TD><FONT STYLE="text-decoration: none">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="text-decoration: none">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-decoration: none">4.1</FONT></TD>
    <TD><FONT STYLE="text-decoration: none">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1825875/000121390024033441/ea020389601ex2-2_erayak.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-decoration: none">Description of Securities (incorporated herein by reference to Exhibit 2.2 to the Annual Report on Form 20-F for the year ended December 31, 2023 filed with the SEC on April 16, 2024)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify"><FONT STYLE="text-decoration: none">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="text-decoration: none">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="text-decoration: none">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-decoration: none">5.1*</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="text-decoration: none">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><A HREF="ea021006301ex5-1_erayak.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-decoration: none">Opinion of Harney Westwood &amp; Riegels </FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify"><FONT STYLE="text-decoration: none">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="text-decoration: none">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="text-decoration: none">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-decoration: none">23.1*</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="text-decoration: none">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-decoration: none"><A HREF="ea021006301ex23-1_erayak.htm" STYLE="-sec-extract: exhibit">Consent of TPS Thayer, Independent Registered Public Accounting Firm</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify"><FONT STYLE="text-decoration: none">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="text-decoration: none">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="text-decoration: none">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-decoration: none">23.2*</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="text-decoration: none">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><A HREF="ea021006301ex23-2_erayak.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-decoration: none">Consent of Fortune CPA, Independent Registered Public Accounting Firm</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify"><FONT STYLE="text-decoration: none">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="text-decoration: none">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="text-decoration: none">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-decoration: none">23.3*</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="text-decoration: none">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><A HREF="ea021006301ex5-1_erayak.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-decoration: none">Consent of Harney Westwood &amp; Riegels (included in Exhibit 5.1)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify"><FONT STYLE="text-decoration: none">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="text-decoration: none">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="text-decoration: none">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-decoration: none">23.4*</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="text-decoration: none">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><A HREF="ea021006301ex99-1_erayak.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-decoration: none">Consent of Gaopeng &amp; Partners (included in Exhibit 99.1)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify"><FONT STYLE="text-decoration: none">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="text-decoration: none">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="text-decoration: none">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-decoration: none">24.1*</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="text-decoration: none">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><A HREF="#poa_001"><FONT STYLE="text-decoration: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Power of Attorney (included on signature page of this Registration Statement on Form F-3)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify"><FONT STYLE="text-decoration: none">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="text-decoration: none">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="text-decoration: none">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-decoration: none">99.1*</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="text-decoration: none">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><A HREF="ea021006301ex99-1_erayak.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-decoration: none">Opinion of Gaopeng &amp; Partners </FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify"><FONT STYLE="text-decoration: none">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="text-decoration: none">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="text-decoration: none">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-decoration: none">107*</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="text-decoration: none">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><A HREF="ea021006301ex-fee_erayak.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-decoration: none">Calculation of Filing Fee Table</FONT></A></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filed
herewith.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The undersigned registrant hereby undertakes:</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to
include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to
reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective
amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration
statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities
offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range
may be reflected in the form of prospectus filed with the SEC pursuant to Rule 424(b) if, in the aggregate, the changes in volume and
price represent no more than a 20% change in the maximum aggregate offering price set forth in the &ldquo;Calculation of Registration
Fee&rdquo; table in the effective registration statement; and</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to
include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any
material change to such information in the registration statement,</FONT> &nbsp; &nbsp; &nbsp; <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>provided,
however</I>, that subsections (i), (ii) and (iii) above do not apply if the information required to be included in a post-effective amendment
by those subsections is contained in reports filed with or furnished to the SEC by the registrant pursuant to Section 13 or Section 15(d)
of the Securities Exchange Act of 1934 that are incorporated by reference in the registration statement, or is contained in a form of
prospectus filed pursuant to Rule 424(b) that is part of the registration statement.</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(2)</TD><TD STYLE="text-align: justify">That, for the purpose of determining any liability under
the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities
offered therein, and the offering of such securities at that time shall be deemed to be the initial&nbsp;<I>bona fide</I>&nbsp;offering
thereof.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(3)</TD><TD STYLE="text-align: justify">To remove from registration by means of a post-effective
amendment any of the securities being registered which remain unsold at the termination of the offering.</TD>
</TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To file a post-effective amendment to the registration statement to include any financial statements required by Item 8.A. of Form 20-F at the start of any delayed offering or throughout a continuous offering. Financial statements and information otherwise required by Section 10(a)(3) of the Securities Act of 1933 need not be furnished, provided that the registrant includes in the prospectus, by means of a post-effective amendment, financial statements required pursuant to this paragraph (4) and other information necessary to ensure that all other information in the prospectus is at least as current as the date of those financial statements. Notwithstanding the foregoing, with respect to registration statements on Form F-3, a post-effective amendment need not be filed to include financial statements and information required by Section 10(a)(3) of the Securities Act of 1933 if such financial statements and information are contained in periodic reports filed with or furnished to the Commission by the registrant pursuant to section 13 or section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the Form F-3.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">That, for the purpose of determining liability under the Securities Act of 1933, as amended, to any purchaser:</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be deemed to be part of this registration statement as of the date the filed prospectus was deemed part of and included in this registration statement; and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii) or (x) for the purpose of providing the information required by section 10(a) of the Securities Act of 1933, as amended, shall be deemed to be part of and included in this registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.&nbsp;<I>Provided, however,</I>&nbsp;that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, as amended, each filing of the registrant&rsquo;s annual report pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (and, where applicable, each filing of an employee benefit plan&rsquo;s annual report pursuant to Section 15(d) of the Securities Exchange Act of 1934, as amended), that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial&nbsp;<I>bona fide</I>&nbsp;offering thereof.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Insofar as indemnification for liabilities arising under the Securities Act of 1933, as amended, may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act of 1933, as amended, and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>




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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of the Securities Act of 1933, as amended, the registrant certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form F-3 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in Wenzhou, Zhejiang, China, on August 1, 2024.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Erayak Power Solution Group Inc.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Lingyi Kong</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:&nbsp;</FONT></TD>
    <TD STYLE="width: 32%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lingyi Kong</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><A NAME="poa_001"></A>POWER OF ATTORNEY</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">KNOW ALL MEN BY THESE PRESENTS,
that each person whose signature appears below constitutes and appoints Lingyi Kong his true and lawful attorney-in-fact, with full power
of substitution and resubstitution for him and in his name, place and stead, in any and all capacities to sign any and all amendments
including post-effective amendments to this registration statement, and to file the same, with all exhibits thereto, and other documents
in connection therewith, with the Securities and Exchange Commission, hereby ratifying and confirming all that said attorney-in-fact or
his substitute, each acting alone, may lawfully do or cause to be done by virtue thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of the Securities Act of 1933, as amended, this registration statement has been signed by the following persons in the capacities and
on the dates indicated.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 35%; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Signature</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 48%; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Title</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 15%; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Date</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Lingyi Kong</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chairman and Chief Executive Officer</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">August 1, 2024</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lingyi Kong</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Principal Executive Officer)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Lanling Gu</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial Officer</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">August 1, 2024</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lanling Gu</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Principal Financial and Accounting Officer)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Wang-Ngai Mak</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">August 1, 2024</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Wang-Ngai Mak</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Jizhou Hou</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">August 1, 2024</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jizhou Hou</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Jing Chen</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">August 1, 2024</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jing Chen</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Tsang Sheung</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">August 1, 2024</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tsang Sheung</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>




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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>SIGNATURE OF AUTHORIZED REPRESENTATIVE IN THE
UNITED STATES</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the Securities
Act of 1933, as amended, the undersigned, the duly authorized representative in the United States of Erayak Power Solution Group Inc.
has signed this registration statement or amendment thereto in New York, New York on <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">August
1, 2024.</FONT></P>

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

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    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Cogency Global Inc.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Colleen A. De Vries</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:&nbsp;</FONT></TD>
    <TD STYLE="width: 32%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Colleen A. De Vries</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Senior Vice President</FONT></TD></TR>
  </TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>ea021006301ex5-1_erayak.htm
<DESCRIPTION>OPINION OF HARNEY WESTWOOD & RIEGELS
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 5.1</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: left; font-size: 10pt"><IMG SRC="ex5-1_001.jpg" ALT="">&nbsp;</TD>
    <TD STYLE="width: 50%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Harney Westwood &amp; Riegels</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">3501 The Center</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">99 Queen&rsquo;s Road Central</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hong Kong</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Tel: +852 5806 7800</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Fax: +852 5806 7810</P></TD></TR>
  </TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">raymond.ng@harneys.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">+852 5806 7883</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">063747-0002-RLN</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ERAYAK Power Solution Group Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No. 528, 4th Avenue</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">People&rsquo;s Republic of China 325025</P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ERAYAK Power Solution Group Inc. (the <I>Company</I>)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are lawyers qualified to practise in the Cayman
Islands and have acted as Cayman Islands legal advisers to the Company in connection with the Company&rsquo;s registration statement on
Form F-3 (the <B><I>Registration Statement</I></B>), including all amendments or supplements thereto, and the accompanying prospectus
(the <B><I>Prospectus</I></B>) filed with the Securities and Exchange Commission (the <B><I>Commission</I></B>) under the United States
Securities Act of 1933, as amended (the <B><I>Securities Act</I></B>), relating to the resale by certain shareholders of the Company (the
<B><I>Selling Shareholders</I></B>), from time to time, of up to an aggregate of 16,000,000 class A ordinary shares of par value of US$0.0001
each in the capital of the Company (the <B><I>Ordinary Shares</I></B>) (the <B><I>Resale Shares</I></B>) and (ii) 32,000,000 Ordinary
Shares (the <B><I>Underlying Resale Shares</I></B>) issuable upon exercise of the warrants of the Company (the <B><I>Warrants</I></B>).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are furnishing this opinion as Exhibit 5.1
to the Registration Statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the purposes of giving this opinion, we have
examined the Documents (as defined in Schedule 1). We have not examined any other documents, official or corporate records or external
or internal registers and have not undertaken or been instructed to undertake any further enquiry or due diligence in relation to the
transaction which is the subject of this opinion.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In giving this opinion we have relied upon the
assumptions set out in Schedule 2 which we have not verified.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Based solely upon the foregoing examinations and
assumptions and having regard to legal considerations which we deem relevant, and subject to the qualifications set out in Schedule 3,
we are of the opinion that under the laws of the Cayman Islands:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-weight: normal">1</FONT></TD><TD STYLE="text-align: justify">Existence and Good Standing. <FONT STYLE="font-weight: normal">The Company has been duly incorporated
as an exempted company with limited liability and is validly existing and in good standing under the laws of the Cayman Islands as of
26 July 2024. It is a separate legal entity and is subject to suit in its own name. </FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-weight: normal">2</FONT></TD><TD STYLE="text-align: justify">Authorised Share Capital. <FONT STYLE="font-weight: normal">Based on our review of the M&amp;A (as defined
in Schedule 1), the authorised share capital of the Company is US$50,000 divided into 500,000,000 shares of par value of US$0.0001 each,
comprising (i) 450,000,000 class A ordinary shares of par value of US$0.0001 each and (ii) 50,000,000 class B ordinary shares of par value
of US$0.0001 each.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 57%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 8pt">The British Virgin Islands
is Harneys Hong Kong office&rsquo;s main jurisdiction of practice.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 8pt">Jersey legal
services are provided through a referral arrangement with Harneys (Jersey) which is <BR>
an independently owned and controlled Jersey law
firm.</FONT></P>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 8pt">Resident Partners: A
Au | M Chu | JP Engwirda | Y Fan |P Kay | MW Kwok | IN Mann</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">R Ng | ATC Ridgers | PJ Sephton</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 8pt">609230810.4</FONT></P>

</TD>
    <TD STYLE="width: 1%; text-align: right; font-size: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; width: 42%"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 8pt">Anguilla | Bermuda
| British Virgin Islands | Cayman Islands</FONT></P>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 8pt">Cyprus | Hong
    Kong | Jersey | London | Luxembourg</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 8pt">Montevideo | S&atilde;o
Paulo | Shanghai | Singapore</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 8pt">harneys.com</FONT></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt"><FONT STYLE="font-weight: normal"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-weight: normal">3</FONT></TD><TD STYLE="text-align: justify">Valid Issuance. <FONT STYLE="font-weight: normal">The allotment and issuance of the Resale Shares to the
Selling Shareholders and the Underlying Resale Shares by the Company have been duly authorised. The Resale Shares are validly allotted
and issued, and based on the Director&rsquo;s Certificate (as defined in Schedule 1), are fully paid and non-assessable. When allotted,
issued and fully paid for, and when the names of the shareholders are entered in the register of members of the Company, the Underlying
Resale Shares will be validly allotted, issued, fully paid and non-assessable. The issuance of the Warrants by the Company have been duly
authorised.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-weight: normal">4</FONT></TD><TD STYLE="text-align: justify">Valid Resale. <FONT STYLE="font-weight: normal">The resale of the Resale Shares and the Underlying Shares
as contemplated by the Registration Statement and the Prospectus have been duly authorised.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-weight: normal">5</FONT></TD><TD STYLE="text-align: justify">Court Search. <FONT STYLE="font-weight: normal">Based solely on our inspection of the Register of Writs
and Other Originating Process in the Grand Court of the Cayman Islands (the </FONT><I>Court Register</I><FONT STYLE="font-weight: normal">)
via the Court&rsquo;s Digital System (as defined in Schedule 3) on 1 August 2024 (the </FONT><I>Court Search Date</I><FONT STYLE="font-weight: normal">)
from the date of incorporation of the Company (the </FONT><I>Court Search</I><FONT STYLE="font-weight: normal">), the Court Register disclosed
no writ, originating summons, originating motion, petition (including any winding-up petition), counterclaim nor third party notice (</FONT><I>Originating
Process</I><FONT STYLE="font-weight: normal">) nor any amended Originating Process pending before the Grand Court of the Cayman Islands,
in which the Company is identified as a defendant or respondent.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This opinion is confined to the matters expressly
opined on herein and given on the basis of the laws of the Cayman Islands as they are in force and applied by the Cayman Islands courts
at the date of this opinion. We have made no investigation of, and express no opinion on, the laws of any other jurisdiction. Except as
specifically stated herein, we express no opinion as to matters of fact.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with the above opinion, we hereby
consent to the filing of this opinion as an exhibit to the Registration Statement and to the reference made to this firm in the Registration
Statement under the headings &ldquo;Legal Matters&rdquo; and elsewhere in the prospectus included in the Registration Statement. In giving
such consent, we do not thereby admit that we come within the category of persons whose consent is required under Section&nbsp;7 of the
Securities Act, or the Rules&nbsp;and Regulations of the Commission thereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This opinion is limited to the matters referred
to herein and shall not be construed as extending to any other matter or document not referred to herein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This opinion shall be construed in accordance
with the laws of the Cayman Islands.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Yours faithfully</P></TD>
    <TD STYLE="width: 60%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: left; font-size: 10pt"><I>/s/ Harney Westwood &amp; Riegels</I></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt"><B>Harney Westwood &amp; Riegels</B></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1</TD><TD STYLE="text-align: justify">The certificate of incorporation of the Company dated 14 June 2019.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2</TD><TD STYLE="text-align: justify">The amended and restated memorandum and articles of association of the Company adopted by a special resolution
passed on 5 November 2021 (the <B><I>M&amp;A</I></B>).</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3</TD><TD STYLE="text-align: justify">A certificate of good standing dated 26 July 2024 in respect of the Company, issued by the Registrar of
Companies in the Cayman Islands (the <B><I>Certificate of Good Standing</I></B>).</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4</TD><TD STYLE="text-align: justify">The Court Register via the Court&rsquo;s Digital System from the incorporation date of the Company to
the Court Search Date.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5</TD><TD STYLE="text-align: justify">The register of directors of the Company provided to us on 17 July 2024.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6</TD><TD STYLE="text-align: justify">Copies of (i) the written resolutions of the board of directors of the Company dated 17 May 2024 and (ii)
the written resolutions of the board of directors of the Company dated 26 July 2024 (the <B><I>Resolutions</I></B>).</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">7</TD><TD STYLE="text-align: justify">A copy of the certificate from a director of the Company dated [date], a copy of which is attached hereto
(the <B><I>Director&rsquo;s Certificate</I></B>).</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">(1 to 7 above are the <B><I>Corporate
Documents</I></B>).</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8</TD><TD STYLE="text-align: justify">The Registration Statement.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The Corporate Documents and
the Registration Statement above are collectively referred to in this opinion as the <B><I>Documents</I></B>.</P>

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


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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1</TD><TD STYLE="text-align: justify"><B>Authenticity of Documents. </B>Copy documents or drafts of documents provided to us are true and complete
copies of, or in the final forms of, the originals. All original Corporate Documents are authentic, all signatures, initials and seals
are genuine, all copies of the Registration Statement are true and correct copies and the Registration Statement conform in every material
respect to the latest drafts of the same produced to us and, where the Registration Statement has been provided to us in successive drafts
marked-up to indicate changes to such documents, all such changes have been so indicated.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2</TD><TD STYLE="text-align: justify"><B>Corporate Documents. </B>All matters required by law to be recorded in the Corporate Documents are
so recorded, and all corporate minutes, resolutions, certificates, documents and records which we have reviewed are accurate and complete,
and all facts expressed in or implied thereby are accurate and complete as at the date of the passing of the Resolutions.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3</TD><TD STYLE="text-align: justify"><B>Conversion. </B>The conversion of any shares in the capital of the Company will be effected via legally
available means under the laws of the Cayman Islands.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4</TD><TD STYLE="text-align: justify"><B>No Steps to Wind-up</B>. The directors and shareholders of the Company have not taken any steps to
have the Company struck off or placed in liquidation, no steps have been taken to wind up the Company and no receiver has been appointed
over any of the property or assets of the Company.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5</TD><TD STYLE="text-align: justify"><B>Resolutions. </B>The Resolutions remain in full force and effect.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6</TD><TD STYLE="text-align: justify"><B>Unseen Documents. </B>Save for the Corporate Documents provided to us there are no resolutions, agreements,
documents or arrangements which materially affect, amend or vary the transactions envisaged in the Registration Statement.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">7</TD><TD STYLE="text-align: justify"><B>Court Search. </B>The Court Register examined by us for the period from the date of incorporation of
the Company to the Court Search Date via the Court&rsquo;s Digital System on the Court Search Date, constitutes a complete record of the
proceedings for such period before the Grand Court of the Cayman Islands.</TD></TR></TABLE>

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1</TD><TD STYLE="text-align: justify">We express no opinion in relation to provisions making reference to foreign statutes in the Registration
Statement.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2</TD><TD STYLE="text-align: justify">Except as specifically stated herein, we make no comment with respect to any representations and warranties
which may be made by or with respect to the Company in any of the documents or instruments cited in this opinion or otherwise with respect
to the commercial terms of the transactions the subject of this opinion.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3</TD><TD STYLE="text-align: justify">In this opinion the phrase <B><I>non-assessable</I></B> means, with respect to the issuance of shares,
that a shareholder shall not, in respect of the relevant shares, have any obligation to make further contributions to the assets of the
relevant 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).</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4</TD><TD STYLE="text-align: justify">Our opinion as to good standing is based solely upon receipt of the Certificate of Good Standing. The
Company shall be deemed to be in good standing under section 200A of the Companies Act (2023 Revision) of the Cayman Islands (the <B><I>Companies
Act</I></B>) on the date of issue of the certificate if all fees and penalties under the Companies Act have been paid and the Registrar
of Companies in the Cayman Islands has no knowledge that the Company is in default under the Companies Act.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5</TD><TD STYLE="text-align: justify">The search of the Court Register has been undertaken on a digital system made available through the Grand
Court of the Cayman Islands (the <B><I>Court&rsquo;s Digital System</I></B>), and through inadvertent errors or delays in updating the
digital system (and/or the Register from which the digital information is drawn) may not constitute a complete record of all proceedings
as at the Court Search Date and in particular may omit details of very recent filings. The Court Search of the Court Register would not
reveal, amongst other things, an Originating Process filed with the Grand Court which, pursuant to the Grand Court rules or best practice
of the Clerk of the Courts&rsquo; office, should have been entered in the Court Register but was not in fact entered in the Court Register
(properly or at all), or any Originating Process which has been placed under seal or anonymised (whether by order of the Court or pursuant
to the practice of the Clerk of the Courts&rsquo; office).</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">5</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt"></P>

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<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>3
<FILENAME>ea021006301ex23-1_erayak.htm
<DESCRIPTION>CONSENT OF TPS THAYER, INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
<TEXT>
<HTML>
<HEAD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right; text-indent: 0pt"><B>Exhibit 23.1</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">CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"></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 consent to the reference to our firm under the
caption &ldquo;Experts&rdquo;, and to the incorporation by reference in this Registration Statement on Form F-3 of our report dated May
15, 2023, with respect to the consolidated financial statements of Erayak Power Solution Group Inc., for the years ended December 31,
2022 and 2021, in this filing of Registration Statement on Form F-3 of Erayak Power Solution Group Inc. and the related Prospectus Erayak
Power Solution Group Inc. filed with the Securities and Exchange Commission.</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; background-color: white">/s/TPS Thayer LLC</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">TPS Thayer LLC</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">Sugar Land, Texas</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">August 1, 2024</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"></P>

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<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>4
<FILENAME>ea021006301ex23-2_erayak.htm
<DESCRIPTION>CONSENT OF FORTUNE CPA, INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
<TEXT>
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<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Exhibit 23.2</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0pt; width: 60%; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt"><IMG SRC="ex23-2_001.jpg" ALT=""></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding-bottom: 0pt; width: 40%; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt; vertical-align: top"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: normal">333
                                            City Blvd W 3<SUP>rd</SUP> Floor Orange, CA 92868</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: normal">Phone
    (714)-820-3316 Fax (714)-333-4992</FONT></P></TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We hereby consent to the use in the
Registration Statement on Form F-3 of Erayak Power Solution Group Inc. (the &ldquo;Company&rdquo;), of our report dated April 16,
2024, relating to the Financial Statements of Erayak Power Solution Group Inc. as of December 31, 2023 and for the year then ended. We also consent to the
reference to us under the heading &ldquo;Experts&rdquo; in such Registration Statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Fortune CPA Inc.,</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">August 1, 2024</FONT></P>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>5
<FILENAME>ea021006301ex99-1_erayak.htm
<DESCRIPTION>OPINION OF GAOPENG & PARTNERS
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.1</B></P>

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="ex99-1_001.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">10<SUP>th</SUP> Floor, Block Ab, No.301 Hanzhongmen
Street, Gulou District</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Tel: 86-25-89660900 Fax: 86-25-89660966</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">August 1, 2024</FONT></P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.2475in; text-align: left">To:</TD><TD STYLE="text-align: justify">Erayak Power Solution Group Inc.</TD>
</TR><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">No. 528, 4th Avenue</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">Binhai Industrial Park</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">Wenzhou, Zhejiang Province</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">People&rsquo;s Republic of China 325025</TD></TR>
     </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25"></TD><TD STYLE="width: 0.2475in; text-align: left">Re:</TD><TD STYLE="text-align: justify">Legal Opinion on Certain PRC Law Matters</TD>
</TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are qualified lawyers of the People&rsquo;s
Republic of China (the &ldquo;<B>PRC,</B>&rdquo; for the purpose of this legal opinion, excluding the Hong Kong Special Administrative
Region, Macao Special Administrative Region and Taiwan region) and as such are qualified to issue legal opinions on the PRC laws, regulations
or rules effective on the date hereof (the &ldquo;<B>PRC Laws</B>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">We are acting
as the PRC legal counsel for Erayak Power Solution Group Inc. (the &ldquo;<B>Company</B>&rdquo;), a company incorporated under the laws
of the Cayman Islands, solely in connection with the resale by certain shareholders of the Company (the &ldquo;<B>Selling Shareholders</B>&rdquo;),
from time to time, of a certain number of the Company&rsquo;s Class A ordinary shares with the par value of $0.0001 per share (the &ldquo;<B>Resale</B>&rdquo;),
pursuant to the Company&rsquo;s registration statement on Form F-3, including all amendments or supplements thereto (the &ldquo;<B>Registration
Statement</B>&rdquo;), filed by the Company with the U.S. Securities and Exchange Commission (the &ldquo;<B>SEC</B>&rdquo;) under the
U.S. Securities Act of 1933, as amended (the &ldquo;<B>Securities Act</B>&rdquo;).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">As
used in this opinion, (A) &ldquo;<B>PRC Authorities</B>&rdquo; means any national, provincial or local governmental, regulatory or
administrative authority, agency or commission in the PRC, or any court, tribunal or any other judicial or arbitral body in the PRC;
(B) &ldquo;<B>Governmental Authorizations</B>&rdquo; means all approvals, consents, waivers, sanctions, certificates,
authorizations, filings, registrations, exemptions, permissions, annual inspections, qualifications, permits and licenses required
by any PRC Authorities pursuant to any PRC Laws; (C) &ldquo;<B>PRC Subsidiaries</B>&rdquo; means the subsidiaries incorporated by
the Company in the PRC, i.e. (i) Wenzhou Wenjie Information Technology Co. Ltd., (ii) Zhejiang Leiya Electronics Co. Ltd., and (iii)
Wenzhou New Focus Technology &amp; Electronic Co., Ltd.; (D) &ldquo;<B>M&amp;A Rules</B>&rdquo; means the Regulations on Mergers and
Acquisitions of Domestic Enterprises by Foreign Investors, which was issued by six PRC regulatory agencies, namely, the Ministry of
Commerce, the State-owned Assets Supervision and Administration Commission, the State Taxation Administration, the State
Administration for Industry and Commerce, the China Securities Regulatory Commission (the &ldquo;<B>CSRC</B>&rdquo;) and the State
Administration of Foreign Exchange (&ldquo;<B>SAFE</B>&rdquo;), on August 8, 2006 and became effective on September 8, 2006, as
amended by the Ministry of Commerce on June 22, 2009; and (E) &ldquo;<B>Prospectuses</B>&rdquo; mean the prospectus, including all
amendments or supplements thereto, that form parts of the Registration Statement.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">We have
examined the originals or copies, certified or otherwise identified to our satisfaction, provided to us by the Company and the PRC Subsidiaries,
such as documents, corporate records, certificates, Governmental Authorizations and other instruments as we have deemed necessary or advisable
for the purpose of rendering this opinion, including but not limited to, the certificates issued by the PRC Authorities and officers of
the Company (collectively, the &ldquo;<B>Documents</B>&rdquo;).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In reviewing the Documents and for the purpose of this opinion, we
have assumed:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25"></TD><TD STYLE="width: 0.2475in; text-align: left">(1)</TD><TD STYLE="text-align: justify">the genuineness of all the signatures, seals and chops;</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25"></TD><TD STYLE="width: 0.2475in; text-align: left">(2)</TD><TD STYLE="text-align: justify">the authenticity of the Documents submitted to us as originals
and the conformity with the originals of the Documents provided to us as copies and the authenticity of such originals;</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25"></TD><TD STYLE="width: 0.2475in; text-align: left">(3)</TD><TD STYLE="text-align: justify">the truthfulness, accuracy, completeness and fairness of
all factual statements contained in the Documents;</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25"></TD><TD STYLE="width: 0.2475in; text-align: left">(4)</TD><TD STYLE="text-align: justify">the Documents as submitted to us remain in full force and
effect up to the date of this opinion, and have not been revoked, amended, varied or supplemented except as otherwise indicated in such
Documents;</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25"></TD><TD STYLE="width: 0.2475in; text-align: left">(5)</TD><TD STYLE="text-align: justify">that all information (including factual statements) provided
to us by the Company and the PRC Subsidiaries in response to our inquiries for the purpose of this opinion is true, accurate, complete
and not misleading, and that the Company and the PRC Subsidiaries have not withheld anything in response to our inquiries that, if disclosed
to us, would reasonably cause us to alter this opinion in whole or in part;</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25"></TD><TD STYLE="width: 0.2475in; text-align: left">(6)</TD><TD STYLE="text-align: justify">that all parties have the requisite power and authority to
enter into, execute, deliver and perform the Documents to which they are parties;</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25"></TD><TD STYLE="width: 0.2475in; text-align: left">(7)</TD><TD STYLE="text-align: justify">that all parties have duly executed, delivered, performed
or will duly perform their obligations under the Documents to which they are parties;</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25"></TD><TD STYLE="width: 0.2475in; text-align: left">(8)</TD><TD STYLE="text-align: justify">that all Governmental Authorizations and other official statement
or documentation were obtained from competent PRC Authorities by lawful means;</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25"></TD><TD STYLE="width: 0.2475in; text-align: left">(9)</TD><TD STYLE="text-align: justify">that all the Documents are legal, valid, binding and enforceable
under all such laws as govern or relate to them, other than PRC Laws. Where important facts were not independently established to us,
we have relied upon certificates issued by Government Authorities and representatives of the Company with proper authority in each case;
and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25"></TD><TD STYLE="width: 0.2475in; text-align: left">(10)</TD><TD STYLE="text-align: justify">that this opinion is limited to matters of the PRC Laws effective
as the date hereof. We have not investigated, and we do not express or imply any opinion on accounting, auditing, or laws of any other
jurisdiction.</TD>
</TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25"></TD><TD STYLE="width: 0.2475in; text-align: left"><B>I.</B></TD><TD STYLE="text-align: justify"><B>Opinions</B></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Based on the foregoing and subject to the disclosures
contained in the Registration Statement and the qualifications set out below, we are of the opinion that, as of the date hereof, so far
as PRC Laws are concerned:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(i)</TD><TD STYLE="text-align: justify">On December 28, 2021, the Cybersecurity Review Measures (2021
version) was promulgated and took effective on February 15, 2022, which iterates that any &ldquo;online platform operators&rdquo; controlling
personal information of more than one million users seeks to list on a foreign stock exchange should also be subject to cybersecurity
review by the Cyberspace Administration of China (the &ldquo;<B>CAC</B>&rdquo;). The Cybersecurity Review Measures (2021 version), among
others, evaluates the potential risks of critical information infrastructure, core data, important data, or a large amount of personal
information being influenced, controlled or maliciously used by foreign governments after the overseas listing of an operator. The procurement
of network products and services, data processing activities and overseas listing should also be subject to cybersecurity review if the
CAC concerns or it potentially poses risks to national security. We are of the view that the Company is not subject to the cybersecurity
review by the CAC for the Resale, since (1) the Company is listed on Nasdaq and does not &ldquo;seek to list on any other foreign stock
exchange&rdquo;; (2) the Company does not hold personal information of more than one million users in its business operations through
Wenzhou Wenjie Information Technology Co. Ltd., the Company&rsquo;s wholly foreign owned enterprise in China, and its subsidiaries or
variable interest entity; and (3) data processed in the Company&rsquo;s business does not have a bearing on national security and thus
may not be classified as core or important data by the authorities, the Company is not subject to a cybersecurity review
under the Cybersecurity Review Measures (2021 version). However, there can be no assurance that the PRC Authorities may take a view that
is not contrary to or otherwise different from our opinion stated above.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(ii)</TD><TD STYLE="text-align: justify">We have advised the Company as to the content of the Trial
Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies (the &ldquo;<B>Trial Measures</B>&rdquo;),
which became effective as of March 31, 2023, which are applicable to overseas securities offerings and/or listings conducted by issuers
who are (1) PRC domestic companies and (2) companies incorporated overseas with substantial operations in the PRC and stipulate that
such issuer shall fulfill the filing procedures within three working days after it makes an application for initial public offering and
listing in an overseas stock market. Among other things, if an overseas listed issuer intends to effect any follow-on offering in an
overseas stock market, it should, through its major operating entity incorporated in the PRC, submit filing materials to the CSRC within
three working days after the completion of the offering. The required filing materials shall include, but not be limited to, (1) filing
report and relevant commitment letter, and (2) domestic legal opinions.&nbsp;Breaches of the Trial Measures, such as offering and listing
securities overseas without fulfilling the filing procedures or engaging in fraudulent filing behavior, may result in legal liabilities
borne by the Company, including warning and business rectification, a fine between RMB 1.0 million (approximately $150,000) and RMB 10.0
million (approximately $1.5 million). In cases of serious violations, the relevant responsible person may also be barred from entering
the securities market. Assuming no sales of the ordinary shares of the Company have been or will be made directly or indirectly within
the PRC, the sale of the ordinary shares by the Selling Shareholders (1) does not and will not require any Governmental Authorization;
and (2) does not and will not result in any violation of any PRC Laws, including, without limitation, the Trial Measures.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(iii)</TD><TD STYLE="text-align: justify">On May 23, 2024, the Company submitted initial filing documents to
the CSRC for the Resale and they are now under review of the CSRC.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(iv)</TD><TD STYLE="text-align: justify">The PRC has currency and capital transfer regulations that
require the Company to comply with certain requirements for the movement of capital. The Company is able to transfer cash (US Dollars) to its
PRC subsidiaries through an investment (by increasing the Company&rsquo;s registered capital in a PRC subsidiary or providing loans to a PRC
subsidiary). The Company may provide loans to its domestic subsidiaries in China, but it needs to go through the formalities of foreign
debt registration by SAFE, and obtain the review and registration certificate of incurrence of corporate foreign
debt  and the business registration
certificate.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42pt; text-align: justify"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(v)</TD><TD STYLE="text-align: justify">The General Office of the Central Committee of the Communist
Party of China and the General Office of the State Council jointly issued the Opinions on Strictly Cracking Down on Illegal Securities
Activities, which were made available to the public on July 6, 2021. The Opinions on Strictly Cracking Down on Illegal Securities Activities
emphasized the need to strengthen the administration over illegal securities activities, and the need to strengthen the supervision over
overseas listings by Chinese companies. Effective measures, such as promoting the construction of relevant regulatory systems will be
taken to deal with the risks and incidents of China-based overseas listed companies, and cybersecurity and data privacy protection requirements
and similar matters. It is still uncertain how PRC governmental authorities will regulate
overseas listing in general and whether the Company is required to obtain any specific regulatory approvals. Furthermore, if the CSRC or other
regulatory agencies later promulgate new rules or explanations requiring that the Company obtain their approvals for its future offshore offering,
the Company may be unable to obtain such approvals which could significantly limit or completely hinder its ability to offer or continue to offer
securities to its investors.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(vi)</TD><TD STYLE="text-align: justify">In accordance with PRC laws and regulations, and the actual
operation of the company in the PRC, we have no objection to the legal matters involved in the Company in the Registration Statement.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt"><B>II.</B></TD><TD STYLE="text-align: justify"><B>Qualifications</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This opinion is subject to the following qualifications:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 21pt">(a)</TD><TD STYLE="text-align: justify">This opinion is, in so far as it relates to the validity and enforceability of a contract, subject to
(i) any applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium or similar laws affecting creditors&rsquo;
rights generally; (ii) possible judicial or administrative actions or any PRC Laws affecting creditors&rsquo; rights; (iii) certain equitable,
legal or statutory principles affecting the validity and enforceability of contractual rights generally under concepts of public interest,
interests of the State, national security, reasonableness, good faith and fair dealing, and applicable statutes of limitation; (iv) any
circumstance in connection with formulation, execution or implementation of any legal documents that would be deemed materially mistaken,
clearly unconscionable, fraudulent, coercionary at the conclusions thereof; and (v) judicial discretion with respect to the availability
of indemnifications, remedies or defenses, the calculation of damages, the entitlement to attorney&rsquo;s fees and other costs, and the
waiver of immunity from jurisdiction of any court or from legal process.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 21pt">(b)</TD><TD STYLE="text-align: justify">This opinion is subject to the discretion of any competent PRC legislative, administrative or judicial
bodies in exercising their authority in the PRC.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 21pt">(c)</TD><TD STYLE="text-align: justify">This opinion relates only to PRC Laws and there is no assurance that any of such PRC Laws will not be
changed, amended or replaced in the immediate future or in the longer term with or without retrospective effect. We express no opinion
as to any laws other than PRC Laws.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 21pt">(d)</TD><TD STYLE="text-align: justify">This opinion is intended to be used in the context which is specially referred to herein and each section
should be considered as a whole, and no part should be extracted and referred to independently.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This opinion is delivered solely for the purpose
of and in connection with the Registration Statement filed with the SEC on the date of this opinion and may not be used for any other
purpose without our prior written consent.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We hereby consent to the use of this opinion in,
and the filing hereof as an exhibit to, the Registration Statement, and to the use of our firm&rsquo;s name in the cover page of the Registration
Statement on Form F-3, as well as under the captions &ldquo;Prospectus Summary,&rdquo; &ldquo;Risk Factors,&rdquo; and &ldquo;Legal Matters&rdquo;
in the Registration Statement. In giving such consent, we do not thereby admit that we come within the category of persons whose consent
is required under Section 7 of the Securities Act or the regulations promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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="width: 40%">Yours faithfully,</TD>
    <TD STYLE="width: 60%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid">/s/ Gaopeng &amp; Partners</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Gaopeng &amp; Partners</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">4</P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-FILING FEES
<SEQUENCE>6
<FILENAME>ea021006301ex-fee_erayak.htm
<DESCRIPTION>CALCULATION OF FILING FEE TABLE
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; margin: 0"><B>Exhibit 107</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Calculation of Filing Fee Tables</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Form F-3</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Erayak Power Solution Group Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Exact Name of Registrant as Specified in its Charter)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><U>Table 1: Newly Registered Securities</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&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="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Security<BR> Type</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 10pt"><B>Security<BR> Class&nbsp;Type<SUP>(1)</SUP></B></FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Fee<BR> Calculation<BR> or Carry<BR> Forward<BR> Rule</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Amount<BR> Registered</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Proposed<BR> Maximum<BR> Offering<BR> Price Per<BR> Unit</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Maximum<BR> Aggregate<BR> Offering<BR> Price</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;<B>Fee Rate</B></FONT></TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Amount of<BR> Registration<BR> Fee</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; width: 10%; text-align: left; text-indent: -0.125in; padding-left: 0.125in">Fees to be paid</TD><TD STYLE="width: 0.1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 8%; text-align: center">&nbsp;Equity</TD><TD STYLE="width: 0.1%">&nbsp;</TD>
    <TD STYLE="width: 44%; text-align: left">Class A ordinary shares, par value US$ 0.0001 per share</TD><TD STYLE="width: 0.1%">&nbsp;</TD>
    <TD STYLE="width: 0.1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">457</TD><TD STYLE="width: 0.1%; text-align: left">(c)</TD><TD STYLE="width: 0.1%">&nbsp;</TD>
    <TD STYLE="width: 0.1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">48,000,000</TD><TD STYLE="width: 0.1%; text-align: left"><SUP>(1)</SUP></TD><TD STYLE="width: 0.1%">&nbsp;</TD>
    <TD STYLE="width: 0.1%; text-align: left">$</TD><TD STYLE="width: 6%; text-align: right">0.8626</TD><TD STYLE="width: 0.1%; text-align: left"><SUP>(2)</SUP></TD><TD STYLE="width: 0.1%">&nbsp;</TD>
    <TD STYLE="width: 0.1%; text-align: left">$</TD><TD STYLE="width: 6%; text-align: right">41,404,800</TD><TD STYLE="width: 0.1%; text-align: left">&nbsp;</TD><TD STYLE="width: 0.1%">&nbsp;</TD>
    <TD STYLE="width: 0.1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">0.00014760</TD><TD STYLE="width: 0.1%; text-align: left">&nbsp;</TD><TD STYLE="width: 0.1%">&nbsp;</TD>
    <TD STYLE="width: 0.1%; text-align: left">$</TD><TD STYLE="width: 6%; text-align: right">6,111.35</TD><TD STYLE="width: 0.1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.125in; padding-left: 0.125in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">Total Offering Amounts</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">41,404,800</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><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">6,111.35</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; text-indent: -0.125in; padding-left: 0.125in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">Total Fees Previously Paid</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><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><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">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1.5pt">Total Fees Offsets</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 4pt; text-indent: -0.125in; padding-left: 0.125in">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 4pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 4pt">Net Fee Due</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">6,111.35</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>




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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Represents the sum of (i)
    16,000,000 Class A ordinary shares held by the selling shareholders and (ii) 32,000,000 Class A ordinary shares underlying the
    warrants with an exercise price of $0.5 per share held by the selling shareholders registered for resale. This registration
    statement also includes an indeterminate number of securities that may become offered, issuable or sold to prevent dilution
    resulting from stock splits, stock dividends and similar transactions, which are included pursuant to Rule 416 under the Securities
    Act of 1933, as amended.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Estimated solely for the
purpose of calculating the registration fee pursuant to Rule 457(c) promulgated under the Securities Act of 1933, as amended, based upon
the average of the high ($0.9402) and low ($0.785) prices of the Class A ordinary shares as reported on the Nasdaq Capital Market on
July 29, 2024, which is a date within five (5) business days prior to the filing date of this registration statement.</FONT></TD></TR>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
