<SEC-DOCUMENT>0001213900-26-038595.txt : 20260401
<SEC-HEADER>0001213900-26-038595.hdr.sgml : 20260401
<ACCEPTANCE-DATETIME>20260401165238
ACCESSION NUMBER:		0001213900-26-038595
CONFORMED SUBMISSION TYPE:	424B3
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20260401
DATE AS OF CHANGE:		20260401

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Baiya International Group Inc.
		CENTRAL INDEX KEY:			0001944712
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-EMPLOYMENT AGENCIES [7361]
		ORGANIZATION NAME:           	07 Trade & Services
		EIN:				000000000

	FILING VALUES:
		FORM TYPE:		424B3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-292480
		FILM NUMBER:		26829140

	BUSINESS ADDRESS:	
		STREET 1:		ROOM 18022, FLOOR 18
		STREET 2:		112 W. 34TH STREET
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10120
		BUSINESS PHONE:		86 138 0806 3307

	MAIL ADDRESS:	
		STREET 1:		ROOM 18022, FLOOR 18
		STREET 2:		112 W. 34TH STREET
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10120
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B3
<SEQUENCE>1
<FILENAME>ea0284668-424b3_baiyainter.htm
<DESCRIPTION>PROSPECTUS
<TEXT>
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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: 0pt 0; text-align: right"><B>Filed Pursuant to Rule 424(b)(3)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Registration No. 333-292480</B></P>

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

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

<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-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white"><B>BAIYA INTERNATIONAL
GROUP INC.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white"><B>Resale of up to 30,000,000
Ordinary Shares by the Selling Shareholders</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: justify; text-indent: 0in">This prospectus relates to resale from time to time of up to 30,000,000
(the &ldquo;Shares&rdquo;) of our class A ordinary shares par value $0.0025 per share (&ldquo;Ordinary Shares&rdquo;) by the selling shareholders
named herein, together with any additional selling shareholders listed in a prospectus supplement (together with any of such shareholders&rsquo;
transferees, pledgees, donees or successors).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">See &ldquo;Selling Shareholders&rdquo;
for additional information regarding the Selling Shareholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The Shares offered by the Selling Shareholders may be issued pursuant
to the&nbsp;Standby Equity&nbsp;Subscription Agreements, dated February 26, 2026 that we entered into with Selling Shareholders (the &ldquo;Subscription
Agreements&rdquo;). We are not selling any securities under this prospectus and will not receive any of the proceeds from the sale of
our Ordinary Shares by the Selling Stockholders. However, we may receive up to $35.55 million in aggregate gross proceeds from sales of
our Ordinary Shares to the Selling Shareholders that we may make under the Subscription Agreement, from time to time after the date of
this prospectus (the &ldquo;Advance Shares&rdquo;). The shares that may be offered pursuant to this prospectus would be purchased by the
Selling Shareholders, pursuant to the Subscription Agreements, at the Subscription Price (as defined in the Subscription Agreements) commencing
on the date that we direct the Selling Shareholders to purchase amounts of our Ordinary Shares under the Subscription Agreements that
we specify in a written notice (an &ldquo;Advance Notice&rdquo;), subject to certain limitations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">See the sections titled &ldquo;The Transaction&rdquo; for a description
of the transaction contemplated by the Subscription Agreements and &ldquo;Selling Shareholders&rdquo; for additional information regarding
the Sellin Shareholders. The Selling Shareholders may sell the Shares included in this prospectus in a number of different ways and at
varying prices. We provide more information about how the Selling Shareholders may sell the shares in the section entitled &ldquo;Plan
of Distribution.&rdquo; The Selling Shareholders are each an &ldquo;underwriter&rdquo; within the meaning of Section 2(a)(11) of the&nbsp;Securities
Act of 1933, as amended (the &ldquo;Securities Act&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The Selling Shareholders will
pay all brokerage fees and commissions and similar expenses in connection with the offer and sale of the shares by the Selling Shareholders
pursuant to this prospectus. We will pay the expenses (except brokerage fees and commissions and similar expenses) incurred in registering
under the&nbsp;Securities Act&nbsp;the offer and sale of the shares included in this prospectus by the Selling Shareholders. See &ldquo;Plan
of Distribution.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Our Ordinary Shares have been traded on the Nasdaq Capital Market under
the symbol &ldquo;BIYA&rdquo; since our initial public offering on March 21, 2025. On March&nbsp;31, 2026, the closing price of our Ordinary
Shares was $1.43 per share.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December 29, 2025, we effected a reverse stock
split of our Ordinary Shares (the &ldquo;Reverse Stock Split&rdquo;), at a ratio of 1-for-25. As a result of the Reverse Stock Split,
every 25 Ordinary Shares was automatically combined into one Ordinary Share. The financial statements and historical financial data included
in this registration statement do not give effect to the Reverse Stock Split. All share amounts and related prices reflected in the accompanying
prospectus give effect to the Reverse Stock Split; however such amounts appearing in Item 7 of Part II of the accompanying registration
statement does not give effect to the Reverse Stock Split.</P>

<P STYLE="font: 10pt Times New Roman, Times, 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 January 30, 2026, a separate Registration
Statement on Form F-1 became effective, related to a resale of up to 4,000,000 Ordinary Shares. The selling shareholders in the January
transaction, Victoria Harbour International and Yatian Investment Limited, are not affiliated with the current Selling Shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, 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; text-indent: 0in">We are not a Chinese operating
company, but an offshore holding company incorporated in the Cayman Islands. As a holding company with no material operations of our
own, we conduct all of our operations in China through a variable interest entity, or &ldquo;VIE&rdquo;, Shenzhen Gongwuyuan Network
Technology Co., Ltd. (&ldquo;Gongwuyuan&rdquo;), and its subsidiaries, or collectively, the &ldquo;PRC operating entities.&rdquo; We
entered into a series of agreements date December&nbsp;29, 2021 (the &ldquo;Contractual Arrangements&rdquo;) with the VIE and certain
shareholders of Gongwuyuan, and this structure involves unique risks to shareholders. Neither we nor our subsidiaries own any equity
interests in the PRC operating entities under the VIE structure.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Baiya is an offshore holding
company and our shareholders may never directly hold equity interests in the PRC operating entities. Neither we nor our subsidiaries
own any share or equity interest in the PRC operating entities. Instead, we consolidate the financial results of the VIE as a primary
beneficiary through the Contractual Arrangements between our wholly owned subsidiary entity, Shenzhen Pengze Future Technology Co., Ltd.
(&ldquo;Pengze WFOE&rdquo;), Gongwuyuan, the VIE, and certain shareholders of Gongwuyuan. We are utilizing the VIE structure because
some of the VIE&rsquo;s businesses may be prohibited or restricted from direct foreign investment under Chinese law. As a result of Baiya&rsquo;s
indirect ownership in Pengze WFOE and the Contractual Arrangements, we treat the VIE and the VIE&rsquo;s subsidiaries as our consolidated
entities under U.S.&nbsp;GAAP, but we do not own equity interests in the VIE or its subsidiaries. We have consolidated the financial
results of the VIE and the VIE&rsquo;s subsidiaries in our consolidated financial statements in accordance with U.S.&nbsp;GAAP.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">As we chose such VIE structure,
we are subject to certain unique risks and uncertainties that may not otherwise exist if we had direct equity ownership in the PRC operating
entities. Because we do not directly hold equity interests in the VIE and its subsidiaries, our Contractual Arrangements may not be effective
in providing control over Gongwuyuan. Further, we are subject to risks due to uncertainty of the interpretation and the application of
the PRC laws and regulations, including but not limited to limitations on foreign ownership and regulatory review of overseas listing
of PRC companies through a special purpose vehicle, and the validity and enforcement of the Contractual Arrangements. We are also subject
to the risks of uncertainty about any future actions of the PRC government in this regard that could disallow the VIE structure, which
would likely result in a material change in our operations and/or cause the value of our Ordinary Shares to decrease significantly or
become worthless. As of the date of this prospectus, the agreements under the Contractual Arrangements have not been tested in any court
of law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">We are subject to certain
legal and operational risks associated with the VIE operations in China through the Contractual Arrangements. Additionally, PRC laws
and regulations governing our current business operations are sometimes vague and uncertain, and therefore, these risks may result in
a material change in our operations, significant depreciation of the value of our Ordinary Shares, or a complete hindrance of our ability
to offer or continue to offer our securities to investors and cause the value of such securities to significantly decline or be worthless.
The Chinese government may intervene or influence the operations of the PRC operating entities at any time and may exert more control
over offerings conducted overseas and/or foreign investment in China-based&nbsp;issuers, which could result in a material change in the
operations of the PRC operating entities and/or the value of our Ordinary Shares. Further, any actions by the Chinese government to exert
more oversight and control over offerings that are conducted overseas and/or foreign investment in China-based&nbsp;issuers 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 be worthless.</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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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Recent statements by the
Chinese government have indicated an intent to exert more oversight and control over offerings that are conducted overseas and/or foreign
investments in China based issuers. Any future action by the Chinese government expanding the categories of industries and companies
whose foreign securities offerings are subject to government review could significantly limit or completely hinder our ability to offer
or continue to offer securities to investors and could cause the value of such securities to significantly decline or be worthless. In
addition, recently, the PRC government initiated a series of regulatory actions and made a number of public statements on the regulation
of business operations in China with little advance notice, including cracking down on illegal activities in the securities market, enhancing
supervision over overseas listing of domestic enterprises, adopting new measures to extend the scope of cybersecurity reviews, and expanding
efforts in anti-monopoly&nbsp;enforcement. On December&nbsp;28, 2021, the Measures for Cybersecurity Review (2021 version) was promulgated
and became effective on February&nbsp;15, 2022, which iterates that any online platform operators controlling personal information of
more than one million users which seeks to list in a foreign stock exchange should be subject to cybersecurity review. On July&nbsp;7,
2022, the Measures for the Security Assessment of Outbound Data Transfers, or the Measures, was published and became effective on September&nbsp;1,
2022, which requires security assessment of outbound data transfers in cases, among others,<B>&nbsp;</B>outbound transfer of personal
information by a critical information infrastructure operator or a personal information processor who has processed the personal information
of more than one million people. On September&nbsp;24, 2024, the State Council promulgated the Regulations on the Network Data Security
Management (the &ldquo;Data Security Management Regulations&rdquo;), which became effective on January&nbsp;1, 2025. Pursuant to the
Data Security Management Regulations, network data processing activities refer to activities such as the collection, storage, use, processing,
transmission, provision, disclosure, and deletion of data. Network data processors refer to individuals or organizations that independently
determine the purposes and methods of data processing activities. Network data processors conducting any data processing activities that
affect or may affect national security shall undergo national security review in accordance with relevant national regulations. Where
it is indeed necessary to transfer any important data collected and generated within the territory of the PRC to an overseas party, the
security assessment of outbound data transfer organized by the national cyberspace administration department shall be passed. We currently
do not have over one million users&rsquo; personal information and do not anticipate that we will be collecting over one million users&rsquo;
personal information in the foreseeable future and the PRC operating entities do not conduct any data processing activities that affect
or may affect national security. Further, the PRC operating entities&rsquo; business operations do not involve any critical information
infrastructure, and neither we nor the PRC operating entities have received any notification from applicable PRC governmental authorities
indicating that any of the PRC operating entities&rsquo; products or services are determined as critical information infrastructure.
In light of the above, our PRC legal counsel, Jingtian&nbsp;&amp; Gongcheng, is of the view that we are not subject to the cybersecurity
review for this offering under the Measures for Cybersecurity Review (2021 version), the Measures or the Data Security Management Regulations.
As of the date of this prospectus, neither we nor the PRC operating entities have received any notification from applicable PRC governmental
authorities indicating that we or our PRC operating entities shall file for a cybersecurity review. In addition, as of the date of this
prospectus, neither we nor our PRC operating entities have been subject to any anti-monopoly&nbsp;investigation, penalty of litigation
initiated by government authorities or third parties. Furthermore, we will continue to monitor for updates of applicable PRC anti-monopoly&nbsp;laws
and regulations. Currently, these statements and regulatory actions have had no material impact on our daily business<B>&nbsp;</B>operations,
the ability to accept foreign investments and list our securities on a U.S.&nbsp;or other foreign exchange. However, since these statements
and regulatory actions are new, it is 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 operations, the ability to accept foreign
investments and list our securities on a U.S.&nbsp;or other foreign exchange. We cannot assure you that relevant PRC government agencies
would reach the same conclusion as we do or as advised by our PRC legal counsel. If we are subject to such a probe or if we are required
to comply with stepped-up&nbsp;supervisory requirements, valuable time from our management and money may be expended in complying and/or
responding to the probe and requirements, thus diverting valuable resources and attention away from our operations. This may, in turn,
negatively impact our operations. See also &ldquo;Risk Factors &mdash; Risks Relating to Doing Business in China &mdash; The recent state
government interference into business activities on U.S. listed Chinese companies may negatively impact our existing and future operations
in China. The Chinese government may intervene in or influence our operations at any time, which could result in a material change in
our operations and significantly and adversely impact the value of the Ordinary Shares, including potentially causing the value of the
Ordinary Shares to decline or be worthless; &mdash; Uncertainties with respect to the PRC legal system, including uncertainties regarding
the enforcement of laws, and sudden or unexpected changes of laws and regulations in China applicable to us could adversely affect us
and limit the legal protections available to you and us; &mdash; The PRC legal system is evolving, and the resulting uncertainties could
adversely affect us; &mdash; The approval of the China Securities Regulatory Commission or other PRC regulatory agencies may be required
in connection with this registration under PRC law.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">On February&nbsp;17, 2023,
the China Securities Regulation Commission (the &ldquo;CSRC&rdquo;) issued the Trial Administrative Measures of Overseas Securities Offering
and Listing by Domestic Companies (the &ldquo;Trial Administrative Measures&rdquo;) and relevant supporting guidelines (collectively,
the &ldquo;New Administrative Rules Regarding Overseas Listings&rdquo;), which became effective on March&nbsp;31, 2023. According to
the New Administrative Rules Regarding Overseas Listings, among other things, a domestic company in the PRC that seeks to offer and list
securities in overseas markets shall fulfill the filing procedure with the CSRC. When a domestic company seeks to directly offer and
list securities in overseas markets, the issuer shall file with the CSRC. When a 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. Initial public offerings or listings in overseas markets shall be filed with the CSRC within 3 working days
after the relevant application is submitted overseas.</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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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The required filing materials
with the CSRC include (without limitation): (i) record-filing&nbsp;reports and related undertakings, (ii) compliance certificates, filing
or approval documents from the primary regulators of applicants&rsquo; businesses (if applicable), (iii) security assessment opinions
issued by related departments (if applicable), (iv) PRC legal opinions issued by domestic law firms (with related undertakings), and
(v) prospectus or listing documents.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">In addition, under the New
Administrative Rules Regarding Overseas Listings, a domestic company is prohibited from overseas offering and listing if any of the following
circumstances is involved: (1) where such securities offering and listing is explicitly prohibited by provisions in laws, administrative
regulations and relevant state rules; (2) where the intended securities offering and listing may endanger national security as reviewed
and determined by competent authorities under the State Council in accordance with law; (3) where the domestic company intending to make
the securities offering and listing, or its controlling shareholders and the actual controller, have committed crimes such as corruption,
bribery, embezzlement, misappropriation of property or undermining the order of the socialist market economy during the latest three
years; (4) where the domestic company intending to make the securities offering and listing is suspected of committing crimes or major
violations of laws and regulations, and is under investigation according to law, and no conclusion has yet been made thereof; and (5)
where there are material ownership disputes over equity held by the domestic company&rsquo;s controlling shareholder or by other shareholders
that are controlled by the controlling shareholder and/or actual controller. Moreover, a domestic company that seeks to offer and list
securities in overseas markets shall abide by certain other regulatory requirements as set out in the New Administrative Rules Regarding
Overseas Listings, including without limitation to, compliance with national secrecy, foreign investment, cybersecurity, data security,
cross-border&nbsp;investment and financing, foreign exchange, and other laws and relevant provisions. Pursuant to the New Administrative
Rules Regarding Overseas Listings and the Notice on the Arrangement for Filing-based&nbsp;Administration of Overseas Offering and Listing
by Domestic Companies issued by the CSRC on February&nbsp;17, 2023, we have to file with the CSRC in accordance with the Trial Administrative
Measures with respect to this offering before listing in the U.S. We completed such filing procedures on June&nbsp;27, 2024, the completion
of which was posted on the official website of the CSRC on June&nbsp;28, 2024. However, we cannot assure you of whether there will be
further regulatory requirements related to overseas securities offerings and other capital markets activities. Any failure on our part
to fully comply with further regulatory requirements may significantly limit or completely hinder our ability to offer or continue to
offer our Ordinary Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">On February&nbsp;24, 2023,
the CSRC promulgated the Provisions on Strengthening Confidentiality and Archives Administration of Overseas Securities Offering and
Listing by Domestic Companies (the &ldquo;Confidentiality and Archives Administration Provisions&rdquo;), which also became effective
on March&nbsp;31, 2023. According to the Confidentiality and Archives Administration Provisions, domestic companies that seek overseas
offering and listing (either in direct or indirect means) and the securities companies and securities service (either incorporated domestically
or overseas) providers that undertake relevant businesses shall institute a sound confidentiality and archives administration system,
and take necessary measures to fulfill confidentiality and archives administration obligations. They shall not leak any state secret
or working secret of government agencies, or harm national security and public interests. Furthermore, a domestic company that provides
accounting archives or copies of accounting archives to any entities, including securities companies, securities service providers and
overseas regulators and individuals, shall fulfill due procedures in compliance with applicable regulations. Working papers produced
in the mainland China by securities companies and securities service providers in the process of undertaking businesses related to overseas
offering and listing by domestic companies shall be retained in mainland China. Where such documents need to be transferred or transmitted
to areas outside of mainland China, relevant approval procedures stipulated by regulations shall be followed. We believe that this offering
does not involve the leaking of any state secret or working secret of government agencies, or the harming of national security and public
interests. However, we may be required to perform additional procedures in connection with the provision of accounting archives. The
specific requirements of the relevant procedures are currently unclear and we cannot be certain whether we will be able to perform the
relevant procedures.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Any failure of us to fully
comply with new regulatory requirements may significantly limit or completely hinder our ability to offer or continue to offer our Ordinary
Shares, cause significant disruption to our business operations, severely damage our reputation, materially and adversely affect our
financial condition and results of operations and cause our Ordinary Shares to significantly decline in value or become worthless.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">According to our PRC legal
counsel, Jingtian&nbsp;&amp; Gongcheng, under current effective PRC laws and regulations, apart from the filing procedure with the CSRC
under the New Administrative Rules Regarding Overseas Listings, we and the PRC operating entities are currently not required to obtain
permission from any of the PRC authorities to issue the Ordinary Shares to foreign investors. In addition, apart from the filing procedure
with the CSRC under the New Administrative Rules Regarding Overseas Listings, we and the PRC operating entities are not required to obtain
permission or approval from the PRC authorities including CSRC or CAC to issue the Ordinary Shares to foreign investors, nor have we,
or the PRC operating entities, applied for or received any denial for registration. With regards to the filing procedure with the CSRC
under the New Administrative Rules Regarding Overseas Listings, we completed such filing procedures on June&nbsp;27, 2024, the completion
of which was posted on the official website of the CSRC on June&nbsp;28, 2024.</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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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">However, recently, the General
Office of the Central Committee of the Communist Party of China and the General Office of the State Council jointly issued the &ldquo;Opinions
on Severely Cracking Down on Illegal Securities Activities According to Law,&rdquo; or the Opinions, which was made available to the
public on July&nbsp;6, 2021. The Opinions 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-concept&nbsp;overseas listed companies, and
cybersecurity and data privacy protection requirements and similar matters. Further, we are still subject to the uncertainty of interpretation
and enforcement of the rules and regulations in the PRC, which can change quickly with little advance notice, and any future actions
of the PRC authorities. We cannot assure you that relevant PRC government agencies would reach the same conclusion as we do or as advised
by our PRC legal counsel. However, (i)&nbsp;if we inadvertently concluded that such permissions or approvals are not required, or (ii)&nbsp;if
the CAC or other regulatory PRC agencies later promulgate new rules requiring that we obtain their approvals to issue the Ordinary Shares
to foreign investors, and we are unable to obtain such approval in a timely manner or obtain a waiver of such approval requirements.
In addition, 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; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Our Ordinary Shares may be
prohibited to trade on an U.S.&nbsp;exchange or &ldquo;over-the-counter&rdquo; markets under the Holding Foreign Companies Accountable
Act, as amended by the Consolidated Appropriation Act, 2023 (the &ldquo;HFCA Act&rdquo;) if the Public Company Accounting Oversight Board
(the &ldquo;PCAOB&rdquo;) is unable to inspect our auditors for two consecutive years. The Consolidated Appropriations Act, 2023, was
signed into law on December&nbsp;29, 2022, which amended the HFCA Act (i) to reduce the number of consecutive years that would trigger
delisting from three years to two years, and (ii) so that any foreign jurisdiction could be the reason why the PCAOB does not to have
complete access to inspect or investigate a company&rsquo;s auditors. As it was originally enacted, the HFCA Act applied only if the
PCAOB&rsquo;s inability to inspect or investigate because of a position taken by an authority in the foreign jurisdiction where the relevant
public accounting firm is located. As a result of the Consolidated Appropriations Act, 2023, the HFCA Act now also applies if the PCAOB&rsquo;s
inability to inspect or investigate the relevant accounting firm is due to a position taken by an authority in any foreign jurisdiction.
The denying jurisdiction does not need to be where the accounting firm is located.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Pursuant to the HFCA Act,
the PCAOB issued a Determination Report on December&nbsp;16, 2021, which found that the PCAOB is unable to inspect or investigate completely
registered public accounting firms headquartered in: (1)&nbsp;mainland China of the PRC, and (2)&nbsp;Hong&nbsp;Kong. In addition, the
PCAOB&rsquo;s report identified the specific registered public accounting firms which are subject to these determinations. On August&nbsp;26,
2022, the PCAOB signed a Statement of Protocol with the China Securities Regulatory Commission, or the CSRC, and the Ministry of Finance
of the PRC, taking the first step toward opening access for the PCAOB to inspect and investigate registered public accounting firms headquartered
in mainland China and Hong&nbsp;Kong. On December&nbsp;15, 2022, the PCAOB announced that it &ldquo;was able to secure complete access
to inspect and investigate audit firms in the People&rsquo;s Republic of China (PRC) for the first time in history, in 2022. Therefore,
on December&nbsp;15, 2022, the PCAOB Board voted to vacate previous determinations to the contrary.&rdquo; Notwithstanding the foregoing,
uncertainties exist with respect to the implementation of these provisions and there is no assurance that the PCAOB will be able to execute,
in a timely manner, its future inspections and investigations in a manner that satisfies the Statement of Protocol. Our former auditor,
Friedman LLP (&ldquo;Friedman&rdquo;), the independent registered public accounting firm that issued the audit report included in this
prospectus, as an auditor of companies that are traded publicly in the United States and a firm registered with the PCAOB, was subject
to laws in the United States pursuant to which the PCAOB conducts regular inspections to assess Friedman&rsquo;s compliance with applicable
professional standards. Friedman was headquartered in Manhattan, New&nbsp;York with no branches or offices outside the United States
and had been inspected by the PCAOB on a regular basis, with the last inspection in October 2020. Friedman LLP was merged with Marcum
LLP on September&nbsp;1, 2022 and filed its application to withdraw the PCAOB registration on December&nbsp;30, 2022. On February&nbsp;21,
2023, the Company engaged Kreit &amp; Chiu CPA LLP (&ldquo;Kreit &amp; Chiu&rdquo;) as its independent registered public accounting firm
for the fiscal year ended December&nbsp;31, 2022. Kreit &amp; Chiu is located at New York, New York, and has been inspected by the PCAOB.
On August 1, 2025, we dismissed Kreit &amp; Chiu as our independent auditors and engaged Onestop Assurance PAC as our independent auditors.
Our current independent auditors Onestop Assurance PAC is located at Singapore, and has been inspected by the PCAOB. The Company will
not engage any independent public accounting firm headquartered in mainland China or Hong Kong or not subject to the PCAOB&rsquo;s inspections.
In the event that, in the future, either there is any regulatory change or step taken by PRC regulators that does not permit our auditor
to provide audit documentations located in China or Hong&nbsp;Kong to the PCAOB for inspection or investigation or the PCAOB expands
the scope of the Determination so that we are subject to the HFCA Act, as the same may be amended, you may be deprived of the benefits
of such inspection which could result in limitation or restriction to our access to the U.S.&nbsp;capital markets and trading of our
securities, including trading on an U.S.&nbsp;national securities exchange and trading on &ldquo;over-the-counter&rdquo; markets, may
be prohibited under the HFCA Act.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">As of the date of this prospectus,
no cash transfer or transfer of other assets have occurred between Baiya, its subsidiaries, and the consolidated VIE as well as the subsidiaries
of the VIE.&nbsp;As of the date of this prospectus, none of our subsidiaries, consolidated VIE or the subsidiaries of the VIE have made
any dividends or distributions to Baiya. We intend to keep any future earnings to re-invest&nbsp;in and finance the expansion of the
business of the PRC operating entities, and we do not anticipate that any cash dividends will be paid in the foreseeable future. Currently,
we, including our consolidated VIE and the subsidiaries of the VIE, have not adopted or maintained any cash management policies and procedures
to govern cash transfer between Baiya, its subsidiaries, and the consolidated VIE as well as the subsidiaries of the VIE, and each entity
is required to comply with applicable law or regulations with respect to transfer of funds, dividends and distributions with other entities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Under Cayman Islands law,
a Cayman Islands company may pay a dividend on its shares out of either profit or share premium amount or a combination of both, provided
that in no circumstances may a dividend be paid if this would result in the company being unable to pay its debts due in the ordinary
course of business. If we determine to pay dividends on any of our Ordinary Shares in the future, as a holding company, we will rely
on payments made from Gongwuyuan to Pengze WFOE, pursuant to the Contractual Arrangements between them, and the distribution of such
payments to Juxing Investment Group (Hong&nbsp;Kong) Limited (&ldquo;Juxing HK&rdquo;) as dividends from Pengze WFOE, unless we receive
proceeds from future offerings. Certain payments from Gongwuyuan to Pengze WFOE are subject to PRC taxes, including value added tax,
or VAT, and enterprise income tax.</P>

<P STYLE="font: 10pt Times New Roman, Times, 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 INVOLVES A HIGH
DEGREE OF RISK. SEE &ldquo;<U>RISK FACTORS</U>&rdquo; BEGINNING ON PAGE 8 OF THIS PROSPECTUS AND ANY SIMILAR SECTION CONTAINED IN THE
APPLICABLE PROSPECTUS SUPPLEMENT CONCERNING FACTORS YOU SHOULD CONSIDER BEFORE INVESTING IN 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; background-color: white"><B>Neither the Securities
and Exchange Commission nor any state securities commission has approved or disapproved of these securities or passed upon the adequacy
or accuracy of this prospectus. Any representation to the contrary is a criminal offense.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>The date of this prospectus
is April 1, 2026</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></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; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 91%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_001">Prospectus
    Summary</A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 8%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_002">Risk
    Factors</A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_018">Cautionary Note Regarding Forward Looking Statements</A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">3</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_003">The
    Transaction</A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">54</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_004">Use
    of Proceeds</A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">56</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_005">Dividend
    Policy</A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">56</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_006">Capitalization</A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">56</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_012">Plan
    of Distribution</A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">91</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_007">Management&rsquo;s
    Discussion and Analysis of Financial Condition and Results of Operations</A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">57</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_008">Business</A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">58</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_009">Management</A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">79</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_010">Certain
    Relationships and Related Party Transactions</A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">84</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_011">Security
    Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters</A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">90</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_013">Certain
    Tax Considerations</A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">93</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_014">Legal
    Matters</A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">95</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_015">Experts</A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">95</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_016">Where
    You Can Find Additional Information</A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">95</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; text-indent: 0in">This prospectus describes the general manner in which the Selling Shareholders
may offer, from time to time, up to 30,000,000 Ordinary Shares held by the Selling Shareholders as described in the cover page of this
prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B>You should rely only on the information contained
in this prospectus and any free writing prospectus prepared by us. Neither we nor the Selling Shareholders have authorized anyone to
provide you with information that is different, and neither we nor the Selling Shareholders take any responsibility for, and provide
any assurance as to the reliability of, any information, other than the information in this prospectus and any free writing prospectus
prepared by us. </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B>This prospectus, any prospectus supplement
or amendments thereto do not constitute an offer to sell, or a solicitation of an offer to purchase, the Ordinary Shares offered by this
prospectus, any prospectus supplement or amendments thereto in any jurisdictions where, or under any circumstances under which, the offer,
sale, or solicitation is not permitted. This prospectus is an offer to sell only the Ordinary Shares offered hereby, but only under circumstances
and in jurisdictions where it is lawful to do so. For the avoidance of doubt, no offer or invitation to subscribe for Ordinary Shares
is made to the public in the Cayman Islands.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B>The information in this prospectus and in
any free writing prospectus prepared by us is accurate only as of the date on its respective cover, regardless of the time of delivery
of this prospectus or any free writing prospectus or the time of any sale of our Ordinary Shares. Our business, results of operations,
financial condition, or prospects may have changed since those dates.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B>Before you invest in our Ordinary Shares,
you should read the registration statement (including the exhibits thereto and the documents incorporated by reference therein) of which
this prospectus forms a part. </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">If necessary, the specific manner in which the
Shares may be offered and sold will be described in a supplement to this prospectus, which supplement may also add, update or change
any of the information contained in this prospectus. To the extent there is a conflict between the information contained in this prospectus
and any prospectus supplement, you should rely on the information in such prospectus supplement, provided that if any statement in one
of these documents is inconsistent with a statement in another document having a later date, for example, a document incorporated by
reference in this prospectus or any prospectus supplement, the statement in that document having the later date modifies or supersedes
the earlier statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B>Neither the delivery of this prospectus nor
any distribution of Shares pursuant to this prospectus shall, under any circumstances, create any implication that there has been no
change in the information set forth or incorporated by reference into this prospectus or in our affairs since the date of this prospectus.
Our business, financial condition, results of operations and prospects may have changed since such date.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt; background-color: white">&nbsp;</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: center; background-color: white"><B>CERTAIN DEFINED TERMS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><I>Unless otherwise
stated or unless the context otherwise requires, the terms &ldquo;we,&rdquo; &ldquo;us,&rdquo; &ldquo;our,&rdquo; &ldquo;ours,&rdquo;
&ldquo;Company,&rdquo; or &ldquo;Baiya&rdquo; refer to Baiya International Group Inc. and its subsidiaries.</I></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&ldquo;<I>Baiya</I>&rdquo;
means Baiya International Group Inc., a Cayman Islands corporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&ldquo;<I>Board</I>&rdquo;
means the Board of Directors of Baiya International Group Inc.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&ldquo;<I>Exchange
Act</I>&rdquo; means the Securities Exchange Act of 1934, as amended.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&ldquo;<I>GAAP</I>&rdquo;
means United States generally accepted accounting principles.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&ldquo;<I>JOBS
Act</I>&rdquo; means the Jumpstart Our Business Startups Act of 2012.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&ldquo;<I>Nasdaq</I>&rdquo;
means The Nasdaq Global Market.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;&ldquo;<I>Ordinary Shares</I>&rdquo; means the class A ordinary
shares, par value $0.0025 per share, of Baiya.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&ldquo;<I>Public
Shareholders</I>&rdquo; means holders of Ordinary Shares held by the public.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&ldquo;<I>SEC</I>&rdquo;
means the U.S. Securities and Exchange Commission.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&ldquo;<I>Securities
Act</I>&rdquo; means the Securities Act of 1933, as amended.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<I>Selling Shareholder</I>&rdquo; means each of Peakrise Investment
Management Limited, a company incorporated in the British Virgin Islands and Stratosphere Capital Management Inc., a company incorporated
in the Cayman Islands.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<I>U.S.
dollars</I>&rdquo;, &ldquo;$&rdquo;, &ldquo;<I>USD</I>&rdquo; and &ldquo;dollars&rdquo; are to the legal currency of the United State</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<I>we</I>,&rdquo;
&ldquo;<I>us</I>,&rdquo; &ldquo;<I>our</I>,&rdquo; &ldquo;<I>our Company</I>,&rdquo; or &ldquo;Baiya&rdquo; are to Baiya International
Group Inc., a Cayman Islands corporation and its subsidiaries on a consolidated basis.</P>

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


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

<DIV STYLE="padding-right: 5.4pt; padding-left: 5.4pt; 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; background-color: white"><B><A NAME="a_001"></A>PROSPECTUS SUMMARY</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><I>This
summary highlights selected information from this prospectus and does not contain all of the information that is important to you in
making an investment decision. This summary is qualified in its entirety by the more detailed information included in this prospectus.
Before making your investment decision with respect to our securities, you should carefully read this entire prospectus, including the
information under &ldquo;Risk Factors,&rdquo; &ldquo;Management&rsquo;s Discussion and Analysis of Financial Condition and Results of
Operations,&rdquo; and the financial statements included elsewhere in this prospectus.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -0.25in; background-color: white"></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">We are an offshore holding
company incorporated in the Cayman Islands. As a holding company with no material operations of our own, we conduct all of our operations
in China through a variable interest entity, or &ldquo;VIE&rdquo;, Shenzhen Gongwuyuan Network Technology Co., Ltd. (&ldquo;Gongwuyuan&rdquo;),
and its subsidiaries, or collectively, the &ldquo;PRC operating entities.&rdquo; We entered into a series of agreements date December&nbsp;29,
2021 (the &ldquo;Contractual Arrangements&rdquo;) with the VIE and certain shareholders of Gongwuyuan, and this structure involves unique
risks to Selling Shareholders. Neither we nor our subsidiaries own any equity interests in the PRC operating entities under the VIE structure..</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; text-indent: 0in">We conduct business operations
through the VIE, Gongwuyuan, a PRC company, and its subsidiaries in China. Gongwuyuan was incorporated in China on October&nbsp;23, 2017
and started to provide job matching services in 2017. The Gongwuyuan Platform was launched in November&nbsp;2019 and has since expanded
its flexible employment matching services in five (5) provinces and 30 cities.</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; text-indent: 0in">Our principal executive offices
are located at Room 18022, Floor 18, 112 W. 34th Street, New York, NY 10120, and our telephone number is +1 838 900 8888. We maintain
a website at <I>https://www.baiyainc.com</I>. Our website or any other website does not constitute a part of this prospectus. Our registered
office in the Cayman Islands is located at the office of Harneys Fiduciary (Cayman) Limited, 4<SUP>th</SUP> Floor, Harbour Place, 103
South Church Street, P.O.&nbsp;Box 10240, Grand Cayman KY1-1002, Cayman Islands.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0in; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>Implications of Our Being an &ldquo;Emerging
Growth Company&rdquo;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0in; 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: 0in">As a company with less than $1.235 billion in
revenue during our last fiscal year, we qualify as an &ldquo;emerging growth company&rdquo; as defined in the Jumpstart Our Business
Startups Act of 2012, or the &ldquo;JOBS Act.&rdquo; An &ldquo;emerging growth company&rdquo; may take advantage of reduced reporting
requirements that are otherwise applicable to larger public companies. In particular, as an emerging growth company, we:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&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: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">may present 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;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&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: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">are not required to provide a detailed narrative disclosure discussing
    our compensation principles, objectives and elements and analyzing how those elements fit with our principles and objectives, which
    is commonly referred to as &ldquo;compensation discussion and analysis&rdquo;;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&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: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">are not required to obtain an attestation and report from our auditors
    on our management&rsquo;s assessment of our internal control over financial reporting pursuant to the Sarbanes-Oxley Act of 2002;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>


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

</DIV>

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

<DIV STYLE="padding-right: 5.4pt; padding-left: 5.4pt; border: Black 1.5pt solid">

<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: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">are not required to obtain a non-binding advisory vote from our shareholders
    on executive compensation or golden parachute arrangements (commonly referred to as the &ldquo;say-on-pay,&rdquo; &ldquo;say-on frequency,&rdquo;
    and &ldquo;say-on-golden-parachute&rdquo; votes);</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&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: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">are exempt from certain executive compensation disclosure provisions
    requiring a pay-for-performance graph and chief executive officer pay ratio disclosure;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&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: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">are eligible to claim longer phase-in periods for the adoption of new
    or revised financial accounting standards under &sect;107 of the JOBS Act; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&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: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">will not be required to conduct an evaluation of our internal control
    over financial reporting until our second annual report on Form 20-F following the effectiveness of our initial public offering.</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; text-indent: 0in">We intend to take advantage of all of these reduced
reporting requirements and exemptions, including the longer phase-in periods for the adoption of new or revised financial accounting
standards under &sect;107 of the JOBS Act. Our election to use the phase-in periods may make it difficult to compare our financial statements
to those of non-emerging growth companies and other emerging growth companies that have opted out of the phase-in periods under &sect;107
of the JOBS Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0in; 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: 0in">Under the JOBS Act, we may take advantage of
the above-described reduced reporting requirements and exemptions until we no longer meet the definition of an emerging growth company.
The JOBS Act provides that we would cease to be an &ldquo;emerging growth company&rdquo; at the end of the fiscal year in which the fifth
anniversary of our initial sale of common equity pursuant to a registration statement declared effective under the Securities Act of
1933, as amended (the &ldquo;Securities Act&rdquo;) occurred, if we have more than $1.235 billion in annual revenue, have more than $700
million in market value of our Ordinary Shares held by non-affiliates, or issue more than $1 billion in principal amount of non-convertible
debt over a three-year period.</P>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0in; 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: 0in">We are a foreign private issuer within the meaning
of the rules under the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;). 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 0pt 0.5in; text-align: justify; text-indent: -0.25in">&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: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="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 0pt 0.5in; text-align: justify; text-indent: -0.25in">&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: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="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 0pt 0.5in; text-align: justify; text-indent: -0.25in">&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: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="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 0pt 0.5in; text-align: justify; text-indent: -0.25in">&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: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="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 0pt 0.5in; text-align: justify; text-indent: -0.25in">&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: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="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; text-indent: 0in">We are required to file an annual report on Form
20-F within four months of the end of each fiscal year. Press releases relating to financial results and material events will also be
furnished to the SEC on Form 6-K. However, the information we are required to file with or furnish to the SEC will be less extensive
and less timely compared to that required to be filed with the SEC by U.S. domestic issuers. As a result, you may not be afforded the
same protections or information that would be made available to you were you investing in a U.S. domestic issuer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0in; 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: 0in">The Nasdaq listing rules provide that a foreign
private issuer may follow the practices of its home country, which for us is the Cayman Islands, rather than the Nasdaq rules as to certain
corporate governance requirements, including the requirement that the issuer have a majority of independent directors, the audit committee,
compensation committee, and nominating and corporate governance committee requirements, the requirement to disclose third-party director
and nominee compensation, and the requirement to distribute annual and interim reports. A foreign private issuer that follows a home
country practice in lieu of one or more of the listing rules is required to disclose in its annual reports filed with the SEC each requirement
that it does not follow and describe the home country practice followed by the issuer in lieu of such requirements. We have elected to
take advantage of these exceptions to the Nasdaq corporate governance rules.</P>

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

</DIV>

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

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

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

<DIV STYLE="padding-right: 5.4pt; padding-left: 5.4pt; border: Black 1.5pt solid">

<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><A NAME="a_018"></A>CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</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: justify; text-indent: 0in">This prospectus contains
forward-looking statements, including statements about the financial condition, results of operations, earnings outlook and prospects
of Baiya. Forward-looking statements appear in a number of places in this prospectus, including, without limitation, in the sections
entitled &ldquo;<I>Management&rsquo;s Discussion and Analysis of Financial Condition and Results of Operations</I>&rdquo; and &ldquo;<I>Business</I>.&rdquo;
In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including
any underlying assumptions, are forward-looking statements. Forward-looking statements are typically identified by words such as &ldquo;plan,&rdquo;
&ldquo;believe,&rdquo; &ldquo;expect,&rdquo; &ldquo;anticipate,&rdquo; &ldquo;intend,&rdquo; &ldquo;outlook,&rdquo; &ldquo;estimate,&rdquo;
&ldquo;forecast,&rdquo; &ldquo;project,&rdquo; &ldquo;continue,&rdquo; &ldquo;could,&rdquo; &ldquo;may,&rdquo; &ldquo;might,&rdquo; &ldquo;possible,&rdquo;
&ldquo;potential,&rdquo; &ldquo;predict,&rdquo; &ldquo;should,&rdquo; &ldquo;would&rdquo; and other similar words and expressions, but
the absence of these words does not mean that a statement is not forward-looking.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The forward-looking statements
are based on the current expectations of the management of Baiya and are inherently subject to uncertainties and changes in circumstances
and their potential effects and speak only as of the date of such statement. There can be no assurance that future developments will
be those that have been anticipated. These forward-looking statements involve a number of risks, uncertainties or other assumptions that
may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements.
These risks and uncertainties include, but are not limited to, those factors discussed and identified in public filings made with the
SEC by Baiya and the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&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: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">changes in applicable laws or regulations;</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-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">limited liquidity and trading of our securities;</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-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">geopolitical risk and changes in applicable laws or regulations;</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-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the possibility that Baiya may be adversely affected by other economic,
    business, or competitive factors;</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-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">operational risk;</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-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the risk that any future pandemics, and responses to addressing pandemics
    may have an adverse effect on our business operations, as well as our financial condition and results of operations;</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-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">other factors detailed under the section entitled &ldquo;<I>Risk Factors</I>.&rdquo;</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The risks described under
the heading &ldquo;<I>Risk Factors</I>&rdquo; are not exhaustive. Other sections of this prospectus describe additional factors that
could adversely affect the business, financial condition or results of operations of Baiya. New risk factors emerge from time to time
and it is not possible to predict all such risk factors, nor can we assess the impact of all such risk factors on our business, 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. Forward-looking statements are not guarantees of performance. You should not put undue reliance on these statements, which
speak only as of the date hereof. All forward-looking statements attributable to Baiya or persons acting on their behalf are expressly
qualified in their entirety by the foregoing cautionary statements. Baiya undertakes no obligations to update or revise publicly any
forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.</P>

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

</DIV>

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

<DIV STYLE="padding-right: 5.4pt; padding-left: 5.4pt; 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; background-color: white"><B>Risk Factors</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; text-indent: 0in">Our business is subject
to numerous risks and uncertainties, including those described in &ldquo;Risk Factors&rdquo; immediately following this Prospectus summary
and elsewhere in this Prospectus. These risks represent challenges to the successful implementation of our strategy and to the growth
and future profitability of our business. These risks include, but are not limited to, the following:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><B><I>Risks Related to this Offering by the Selling
Shareholders </I></B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">The Chinese government may intervene or influence our operations at any time. The Chinese government could exert more oversight and control over offerings.</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: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">It is not possible to predict the actual number of the Shares we will sell under the Subscription Agreements.</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: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">The sale and issuance of the Shares to the Selling Shareholders will cause dilution to our existing shareholders and resale share price to fall.</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: 48px; font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Investors who buy the Shares from the Selling
Shareholders at different times will likely pay different prices.</P></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: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Our management has broad discretion to determine how to use the funds received.</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: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Our Company may cease to qualify as a foreign private issuer.</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"><B><I>Risks Relating to Our Business and Industry</I></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: 48px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">We cannot assure you that current or future strategies will be successfully implemented.</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: 48px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">We have a limited operating history. </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: 48px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Errors could occur in or disruption to the PRC operating entities&rsquo; IT systems and infrastructure.</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: 48px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 24px">&#9679; &nbsp;</TD>
    <TD>The PRC operating entities face significant competition in all of their businesses. &nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&#9679;</TD>
    <TD>New competitors face low entry barriers to flexible employment industry. </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp; &nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD>Use of our Gongwuyuan Platform for our recruitment and human resource services may not grow. &nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">The PRC operating entities rely on cooperation with third party companies for aspects of their business.</FONT></TD></TR>
  </TABLE>

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

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"></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 STYLE="text-align: justify">&#9679;</TD>
    <TD STYLE="text-align: justify">Our Gongwuyuan Platform may rely on third parties for elements of payment
processing infrastructure.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&#9679;</TD>
    <TD STYLE="text-align: justify">The PRC operating entities are subject to potential legal liability from both employers and individual workers arising
from disputes regarding recruitment process and employment relationships.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Our customers may raise objection to and claim for compensation for
    the outsourcing arrangement.</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: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify">There are seasonal variations in demand for&nbsp;blue-collar&nbsp;workers
and human resource related services.</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: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify">We may not able to respond successfully to technological or industry
developments.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&#9679;</TD>
    <TD STYLE="text-align: justify">We may be unable to protect or promote our brand names and reputation.</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: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify">Negative publicity and allegations may affect
our reputation.</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: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify">The PRC operating entities are dependent on their
Internet service providers.</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: 0.5in; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 0.25in; text-align: justify">&#9679;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Our business generates and processes a large amount of data, and the improper use or disclosure of such data could harm our reputation as well as have a material adverse effect on our business and prospects.</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">&#9679;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The PRC operating entities rely heavily on their information systems, and there could be a failure to properly protect privacy and to maintain and secure the PRC operating entities&rsquo; systems.</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">&#9679;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">If we are unable to attract and retain qualified personnel, we may not be able to grow effectively.</FONT></TD></TR>
</TABLE>

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

</DIV>

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

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

<!-- Field: Page; Sequence: 12 -->
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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: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<DIV STYLE="padding-right: 5.4pt; padding-left: 5.4pt; border: Black 1.5pt solid">

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 0.5in">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 0.25in">&#9679;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The PRC operating entities operate in an evolving market and may not properly manage their growth.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&#9679;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The PRC operating entities may be subject to liability for placing certain advertisements.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&#9679;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Hacking and computer viruses may cause delays or interruptions on the PRC operating entities&rsquo; systems.</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: center; margin-top: 0; margin-bottom: 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="text-align: justify; width: 0.5in">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 0.25in">&#9679;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">There is considerable uncertainty in Chinese economic growth.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&#9679;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The loss of any of the key customers of the PRC operating entities could reduce our revenues.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&#9679;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">We may encounter problems related to quality control, delivery and production capacities.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&#9679;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Internal growth strategy of the PRC operating entities may not be successful.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&#9679;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Our significant shareholders may have potential conflicts of interest with us .</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&#9679;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The business of the PRC operating entities depends on the continued efforts of their senior management.</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">&#9679;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Our financial and operating performance may be adversely affected by epidemics and other catastrophes.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&#9679;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">PRC operating entities may not be able to adapt to changes in their industry.</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">&#9679;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">PRC operating entities may fail to promote and maintain their brand.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&#9679;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">New lines of business or new services may subject us to additional risks.</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>&nbsp;</TD>
    <TD>&#9679;</TD>
    <TD><FONT STYLE="font-size: 10pt">We may fail to maintain an effective system of internal controls over financial reporting.</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: 0.5in; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 0.25in; text-align: justify">&#9679;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">We (or a foreign investor) may become at risk of being taxed or imposed a penalty under Announcement 7.</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>&nbsp;</TD>
    <TD>&#9679;</TD>
    <TD><FONT STYLE="font-size: 10pt">The United States has tightened trade sanctions targeting countries like the PRC.</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify"><B><I>Risks Relating to the Variable Interest
Entity (VIE) Structure</I></B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></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: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in">&#9679;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The PRC government may find that the Contractual Arrangements (as defined below) with the VIE and its shareholders to operate our business in China do not comply with applicable PRC Laws.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&#9679;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">We rely on Contractual Arrangements with the VIE and certain shareholders of the VIE to consolidate financial results of the PRC operating entities. </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">&#9679;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Any failure by the VIE or their shareholders to perform their obligations under our contractual arrangements with them would have a material and adverse effect on our business</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">&#9679;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">We may lose the ability to use and enjoy assets held by Gongwuyuan that are material to our business operations.</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>&nbsp;</TD>
    <TD>&#9679;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">If we exercise the option to acquire an equity ownership in Gongwuyuan, the ownership transfer may subject us to certain limitations and substantial costs.</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 STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&#9679;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Uncertainties exist with respect to the interpretation and implementation of the newly enacted Foreign Investment Law, and how it may impact the viability of our current corporate structure.</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">&#9679;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Our Contractual Arrangements may be subject to scrutiny by the PRC tax authorities</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">&#9679;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The shareholders of the VIE may have actual or potential conflicts of interest with us.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&#9679;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Custodians or authorized users of our controlling non-tangible assets, including chops and seals of the VIE, may fail to fulfill their responsibilities, or misappropriate or misuse these assets</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt 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 0pt 0in; text-align: justify"><B><I>Risks Relating to Doing Business in China</I></B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></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: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify">The recent state government interference into business activities on
U.S. listed Chinese companies may negatively impact our existing and future operations in China.</TD></TR>
  </TABLE>
<P STYLE="font: 8pt Times New Roman, Times, 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>

<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: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify">Adverse changes in economic and political policies of the PRC government
could have a material adverse effect on the overall economic growth of China.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, 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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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<DIV STYLE="padding-right: 5.4pt; padding-left: 5.4pt; border: Black 1.5pt solid">

<P STYLE="font: 8pt 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: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify">Uncertainties exist with respect to the PRC legal
system.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&#9679;</TD>
    <TD STYLE="text-align: justify">We may be affected by the complexity, uncertainties
and changes in PRC regulation related to the&nbsp;internet-related&nbsp;business and companies.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&#9679;</TD>
    <TD STYLE="text-align: justify">The regulation and censorship of information
disseminated over the internet in China may affect us.</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: 0.5in; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 0.25in; text-align: justify">&#9679;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The PRC operating entities may be liable for improper collection, use or appropriation of personal information provided by our customers and users.</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">&#9679;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">We rely on dividends and other distributions.</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 STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&#9679;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">There are significant uncertainties under the EIT Law relating to the withholding tax liabilities.</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">&#9679;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">PRC regulation of loans to and direct investment in PRC entities by offshore holding companies and governmental control of currency conversion may delay or prevent us from using proceeds.</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 STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&#9679;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Restrictions on currency exchange under PRC Laws may limit our ability to convert cash.</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 STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&#9679;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Fluctuations in exchange rates could have a material and adverse effect on our results of operations.</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">&#9679;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Enforcement of the PRC Labor Contract Law and other labor-related regulations in the PRC.</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 STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&#9679;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">VIE&rsquo;s failure to fully comply with PRC labor-related laws may expose it to potential penalties.</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 STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&#9679;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">We could fail to obtain or renew relevant requisite licenses, permits, authorization, and approvals.</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">&#9679;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Failure by the VIE or its subsidiaries to comply with tax laws or regulations.</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 STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&#9679;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Uncertainties exist with respect to online platform business operation</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">&#9679;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The approval of the China Securities Regulatory Commission or other PRC regulatory agencies may be required in connection with our offshore offerings under PRC law.</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 STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&#9679;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">PRC regulations relating to establishment of offshore special purpose companies by PRC residents.</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 STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&#9679;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">We may be classified as a PRC resident enterprise for PRC income tax purposes.</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 STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&#9679;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">It may be difficult to effect service of process upon our directors or officers.</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">&#9679;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Failure to comply with relevant regulation regarding VIE&rsquo;s leased premises.</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></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: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in">&#9679;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">There is a call for 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>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&#9679;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Recent statements by the SEC on the PRC&rsquo;s guidance and restrictions on China-based companies.</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">&#9679;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">You must rely on the judgment of our management as to the use of the net proceeds.</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 STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&#9679;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">You will have less protection than you would have if we were a domestic issuer.</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">&#9679;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">We might not satisfy Nasdaq continued listing requirements and our Ordinary Shares could be delisted.</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">&#9679;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">We may lose our foreign private issuer status in the future/</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 STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&#9679;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">You may experience further dilution in the future.</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">&#9679;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">You may have different protection of your shareholder rights than you would have under US law.</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 STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&#9679;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Certain judgments obtained against us by our shareholders may not be enforceable.</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 STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&#9679;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Cayman Islands economic substance requirements may have an effect on our business and operations.</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 STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&#9679;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">There can be no assurance that we will not be classified as a passive foreign investment company.</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>&nbsp;</TD>
    <TD>&#9679;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">We will continue to incur increased costs and are subject to additional rules and regulations as a result of being a public company.</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

</DIV>

<P STYLE="font: 8pt Times New Roman, Times, 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>

<DIV STYLE="padding-right: 5.4pt; padding-left: 5.4pt; border: Black 1.5pt solid">

<P STYLE="font: 10pt Times New Roman, 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>THE OFFERING</B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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: 30%; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-size: 10pt"><B>Issuer</B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 68%; text-align: justify"><FONT STYLE="font-size: 10pt">Baiya International Group Inc. </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-size: 10pt"><B>Securities offered by the Selling Shareholders</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Up to 30,000,000 Ordinary Shares issuable under the Subscription Agreements.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-size: 10pt"><B>Ordinary Shares outstanding prior to the completion of this offering</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">1,605,251 Ordinary Shares</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-size: 10pt"><B>Ordinary Shares outstanding immediately after the completion of this offering</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">31,605,251 Ordinary Shares assuming the sale of a total 30,000,000
    Ordinary Shares to the Selling Shareholders pursuant to the Subscription Agreements.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-size: 10pt"><B>Use of proceeds</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All of the Shares offered by the Selling Shareholders
    will be sold by them for their respective accounts. We will not receive any of the proceeds from these sales.</P>
    <P STYLE="font: 10pt Times New Roman, Times, 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 pay any underwriting
    fees, discounts, selling commissions, stock transfer taxes and certain legal expenses incurred by such Selling Shareholder in disposing
    of their Shares, and we will bear all other costs, fees and expenses incurred in effecting the registration of such securities covered
    by this prospectus, including, without limitation, all registration and filing fees, Nasdaq listing fees and fees and expenses of our
    counsel and our independent registered public accountants.</P>
    <P STYLE="font: 10pt Times New Roman, Times, 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 receive up to an aggregate of approximately
$35.55 million&nbsp;from the sales of the Shares that we elect to make to the Selling Shareholders pursuant to the Subscription
Agreements, if any, from time to time in our sole discretion, assuming the per share purchase price is $1.185. The actual amount of proceeds
that we may receive cannot be determined at this time and will depend on the number of the Shares we sell under the Subscription Agreements
and market prices at the times of such sales. See &ldquo;Use of Proceeds&rdquo; on page 56 for more information.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-size: 10pt"><B>Risk Factors</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Investing in our securities is highly speculative and involves a high degree of risk. See &ldquo;<I>Risk Factors</I>&rdquo; and other information appearing elsewhere in this prospectus for a discussion of factors you should carefully consider before deciding whether to invest in our Ordinary Shares.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-size: 10pt"><B>Transfer Agent</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The transfer agent and registrar for our Ordinary Shares is Transhare Corporation. </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-size: 10pt"><B>Market for the Ordinary Shares</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Our Ordinary Shares are currently quoted on the NASDAQ Capital Market
under the symbols &ldquo;BIYA&rdquo;. On March&nbsp;31, 2026, the closing price of our Ordinary Shares was $1.43 per share.</P></TD></TR>
  </TABLE>

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

</DIV>

<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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B><A NAME="a_002"></A>RISK FACTORS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">We have identified the following
risks and uncertainties that may have a material adverse effect on our business, financial condition, results of operations or reputation.
The risks described below are not the only risks we face. Additional risks not presently known to us or that we currently believe are
not material may also significantly affect our business, financial condition, results of operations or reputation. Our business could
be harmed by any of these risks. The risk factors described below should be read together with the other information set forth in this
Prospectus, including our consolidated financial statements and the related notes, as well as in other documents that we file with the
SEC.</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 0pt 0in"><B>Risks Related to this Offering by the Selling Shareholders </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><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
the securities we are registering. Also, given recent statements by the Chinese government indicating an intent to exert more oversight
and control over offerings that are conducted overseas and/or foreign investment in China-based issuers, such action 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 be worthless.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The majority of our
operations are based in China. We are and will be subject to PRC laws relating to, among others, restrictions over foreign investments
and data security. The Chinese government has recently sought to exert more control and impose more restrictions on China-based companies
raising capital offshore and such efforts may continue or intensify in the future. The Chinese government&rsquo;s exertion of more control
over overseas listing of, offerings conducted overseas by and/or foreign investment in China-based companies could retrospectively affect
the Mergers and result in a material change in our operations, significantly limit or completely hinder our abilities to offer or continue
to offer securities to foreign investors, and cause the value of our securities to significantly decline or be worthless.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The Regulations on Mergers
and Acquisitions of Domestic Enterprises by Foreign Investors, or the M&amp;A Rules, adopted by six PRC regulatory agencies in 2006 and
amended in 2009, requires an overseas special purpose vehicle formed for listing purposes through acquisitions of PRC domestic companies
and controlled by PRC persons or entities 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. The interpretation and application of the regulations remain unclear, and the
Mergers and the Transactions may ultimately require approval of the CSRC. If it is determined that the CSRC approval is required retrospectively
for the Mergers or the Transactions, it is uncertain whether we can or how long we will take to obtain the approval and, even if such
CSRC approval is obtained, the approval could be rescinded. Any failure to obtain or delay in obtaining the CSRC approval for the Mergers
and the Transactions, or a rescission of such approval if obtained, could subject us to sanctions imposed by the CSRC or other PRC regulatory
authorities, which could include fines and penalties on our operations, restrictions or limitations on our abilities to pay dividends
outside of China, and other forms of sanctions that may materially and adversely affect their business, financial condition, and results
of operations.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0in; 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; text-indent: 0in">On February&nbsp;17,
2023, the CSRC published the Overseas Listing Measures which took effect on March&nbsp;31, 2023. Under the Overseas Listing Measures,
a filing-based regulatory system applies to &ldquo;indirect overseas offerings and listings&rdquo; of companies in mainland China, which
refers to securities offerings and listings in an overseas market made under the name of an offshore entity but based on the underlying
equity, assets, earnings or other similar rights of a company in mainland China that operates its main business in mainland China. The
Overseas Listing Measures states that, any post-listing&nbsp;follow-on&nbsp;offering by an issuer in an overseas market, including issuance
of shares, convertible notes and other similar securities, shall be subject to filing requirement within three business days after the
completion of the offering. Therefore, we are required to complete filing procedures with the CSRC in connection with this offering and
may be subject to the filing requirements under the Overseas Listing Measures for our future offering and listing of our securities in
an overseas market. In connection with the Overseas Listing Measures, on February&nbsp;17, 2023 the CSRC also published the Notice on
Overseas Listing Measures. According to the Notice on Overseas Listing Measures, issuers that have already been listed in an overseas
market by March&nbsp;31, 2023, the date the Overseas Listing Measures became effective, are not required to make any immediate filing
and are only required to comply with the filing requirements under the Overseas Listing Measures when it subsequently seeks to conduct
a&nbsp;follow-on&nbsp;offering.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">On December&nbsp;27,
2021, the NDRC and the Ministry of Commerce (the &ldquo;MOFCOM&rdquo;), jointly issued the Special Administrative Measures (Negative
List) for Foreign Investment Access (2021 Version), or the 2021 Negative List, which became effective on January&nbsp;1, 2022. Pursuant
to the 2021 Negative List, if a PRC domestic company, which engages in any prohibited business set out in the list, seeks an overseas
offering or listing, it must first obtain the approval from the competent governmental authorities. In addition, the foreign investors
in such company must not be involved in its operation or management, and their ownership interest should be subject to limitations imposed
under regulations on investments in domestic securities by foreign investors. Because the 2021 Negative List is recently issued, there
remain substantial uncertainties as to the interpretation and implementation of these new requirements, and it is unclear as to whether
and to what extent we will be subject to these new requirements. If we are required to comply with these requirements but fail to do
so on a timely basis if at all, our business operation, financial conditions and business prospect may be adversely and materially affected.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">In addition, there is
no assurance that new rules or regulations promulgated in the future will not impose additional requirements on us, including retrospectively
with respect to the Mergers and the Transactions. If it is determined in the future that approval and filing from the CSRC or other regulatory
authorities or other procedures, including the cybersecurity review under the 2022 Cybersecurity Review Measures and the Draft Administrative
Regulations on Network Data Security, are required for the Mergers or Transactions, on a retrospective basis, it is uncertain whether
such approval can be obtained or filing procedures completed, or how long it will take to obtain such approval or complete such filing
procedures. Any failure to obtain such approval or complete such filing procedures or any delay in obtaining such approval or completing
such filing procedures for the Mergers or Transactions, or a rescission of any such approval if obtained, would subject us to sanctions
by the CSRC or other PRC regulatory authorities. These regulatory authorities may impose fines and penalties on our operations in China,
limit our abilities to carry out business operations in China or pay dividends outside China, delay or restrict the repatriation of our
offshore funds 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 the our securities. The CSRC and other PRC regulatory authorities may also
order us, or make it advisable for us, to unwind or reverse the Mergers and the Transactions. In addition, if the CSRC or other regulatory
authorities in China subsequently promulgate new rules or issue directives requiring that we obtain additional approvals or complete
additional filing or other regulatory procedures for our prior offerings overseas, there is no assurance that we will be able to comply
with these requirements and may not be able to obtain any waiver of such requirements, if and when procedures are established to obtain
such a waiver. Any of the foregoing could materially and adversely affect our business, prospects, financial condition, reputation, and
the trading price of our listed securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify; background-color: white"><B><I>It is not possible
to predict the actual number of shares we will sell under the Subscription Agreements to the Selling Shareholders, or the actual gross
proceeds resulting from those sales.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0in; 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; text-indent: 0in">On February 26, 3036, we entered into the Subscription Agreements with
each of the Selling Shareholders, pursuant to which each Selling Shareholder has committed, separately and not jointly, to purchase in
aggregate of up to 30,000,000 Ordinary Shares, subject to certain limitations and conditions set forth in the Subscription Agreements.
To date of this prospectus, we have not sold any Shares. The Shares that may be issued under the Subscription Agreements may be sold by
us to the Selling Shareholders at our discretion from time to time over an approximately 36-month period commencing on the date of the
Subscription Agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0in; 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; text-indent: 0in">We generally have the right to control the timing and amount of any
sales of the Shares under the Subscription Agreements. Sales of the Shares, if any under the Subscription Agreements will depend upon
market conditions and other factors. We may ultimately decide to sell to Selling Shareholders all, some or none of the Shares that may
be available for us to sell pursuant to the Subscription Agreement.</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>

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<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; text-indent: 0in">Because the purchase price per share to be paid for the Shares that
we may elect to sell under the Subscription Agreements, if any, will fluctuate based on the market price of our Ordinary Shares during
the applicable purchase valuation period for each purchase made pursuant to the Subscription Agreements, if any, it is not possible for
us to predict, as of the date of this prospectus and prior to any such sales, the number of Shares that we will sell to the Selling Shareholders
under Subscription Agreements, the purchase price per share, or the aggregate gross proceeds that we will receive from those purchases
by the Investors under the Subscription Agreement, if any.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0in; 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; text-indent: 0in">Each Ordinary Share to be issued to the Selling Shareholders
from time to time under the Subscription Agreements will be issued at a per share purchase price equal to the lesser of (i) 70% of the
average closing price of the Ordinary Shares during the three consecutive trading days commencing on the date the Company is deemed to
have delivered, as defined in the Subscription Agreement, the written notice or (ii) $1.185. As a result, the maximum principal amount
collectively under the two Subscription Agreements, $35.55 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0in; 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; text-indent: 0in">The&nbsp;resale by Selling
Shareholders of a significant number of shares registered for resale in this offering at any given time, or the perception that these
sales may occur, could cause the market price of our Ordinary Shares to decline and to be highly volatile.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify; background-color: white"><B><I>The sale and issuance
of the Shares to the Selling Shareholders will cause dilution to our existing shareholders, and the sale of the Shares acquired by the
Selling Shareholders, or the perception that such sales may occur, could cause the price of our Ordinary Shares to fall. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0in; 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; text-indent: 0in">The purchase price for the shares that we may sell to the Selling Shareholders
under the Subscription Agreements will fluctuate based on the price of our Ordinary Shares. Depending on a number of factors, including
market liquidity, sales of such shares may cause the trading price of our Ordinary Shares to fall. If and when we do sell shares to the
Selling Shareholders, the Selling Shareholders may resell all, some, or none of those shares at its discretion, subject to the terms of
the Subscription Agreement. Therefore, sales to the Selling Shareholders by us could result in substantial dilution to the interests of
other holders of our Ordinary Shares. Additionally, the sale of a substantial number of Ordinary Shares to the Selling Shareholders, or
the anticipation of such sales, could make it more difficult for us to sell equity or equity-related securities in the future at a desirable
time and price. The resale of the Shares by the Selling Shareholders in the public market or otherwise, including sales pursuant to this
prospectus, or the perception that such sales could occur, could also harm the prevailing market price of our Ordinary Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0in; 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; text-indent: 0in">Following these issuances
described above, the market price of our Ordinary Shares could decline if the holders of restricted shares sell them or are perceived
by the market as intending to sell them. As such, sales of a substantial number of Ordinary Shares in the public market could occur at
any time. These sales, or the perception in the market that the holders of a large number of shares intend to sell shares, could reduce
the market price of our Ordinary Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0in; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white"><B><I>Investors who
buy the Shares at different times will likely pay different prices. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0in; 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; text-indent: 0in">Pursuant to the Subscription
Agreements, we control the timing and amount of any sales of the Shares to the Selling Shareholders. If and when we elect to sell the
Shares to the Selling Shareholders pursuant to the Subscription Agreements, the Selling Shareholders may resell all, some or none of
such shares at its discretion and at different prices, subject to the terms of the Subscription Agreements. As a result, investors who
purchase shares from the Selling Shareholders in this offering at different times will likely pay different prices for those shares,
and so may experience different levels of dilution and in some cases substantial dilution and different outcomes in their investment
results. The Selling Shareholders may experience a decline in the value of the shares they purchase from the Selling Shareholders in
this offering as a result of future sales made by us to the Selling Shareholders Investors at prices lower than the prices such investors
paid for their shares in this offering. In addition, if we sell a substantial number of shares to the Selling Shareholders under the
Subscription Agreements, or if investors expect that we will do so, the actual sales of shares or the mere existence of our arrangement
with the Selling Shareholders may make it more difficult for us to sell equity or equity-related securities in the future at a desirable
time and price.</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>

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<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-indent: 0in; text-align: justify; background-color: white"><B><I>Our management
team will have broad discretion over the use of the net proceeds from our sale of the Shares to the Selling Shareholders, if any, and
you may not agree with how we use the proceeds and the proceeds may not be invested successfully.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0in; 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; text-indent: 0in">Our management team
will have broad discretion as to the use of the net proceeds from our sale of the Shares to the Selling Shareholders, if any, and we
could use such proceeds for purposes other than those contemplated at the time of commencement of this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0in; 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; text-indent: 0in">Accordingly, you will
be relying on the judgment of our management team with regard to the use of those net proceeds, and you will not have the opportunity,
as part of your investment decision, to assess whether the proceeds are being used appropriately. It is possible that, pending their
use, we may invest those net proceeds in a way that does not yield a favorable, or any, return for us. The failure of our management
team to use such funds effectively could have a material adverse effect on our business, financial condition, operating results and cash
flows.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify"><B><I>If we cease to qualify as a foreign private issuer it would
become subject to Nasdaq Listing Rule 5635(d) and would have to obtain shareholder approval for the issuance of shares under the Subscription
Agreements that exceed the limits set under this rule.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">We have elected to be governed by home country rules, such that Nasdaq
Listing Rule 5635(d) will not apply to the Company. However, if at any time, the Company ceases to qualify as a foreign private issuer,
the Company will be subject to Nasdaq Listing Rule 5635(d) which requires a company to obtain shareholder approval for any issuance of
more than 20% of its common stock or voting power at a price below the &ldquo;Minimum Price&rdquo; as defined under Nasdaq Listing Rule
5635(d). If this occurs, the Company will have to obtain shareholder approval for the issuance of shares under the Subscription Agreements
that exceed the limits set under Nasdaq Listing Rule 5635(d).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0in; margin: 0pt 0 0pt 0.5in"><B><I>Risks Relating to Our Business and Industry</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify"><B><I>Our PRC operating entities operate in the emerging, dynamic,
and competitive flexible employment industry, which makes it difficult for Selling Shareholders to evaluate our PRC operating entities&rsquo;
future prospects, and we cannot assure you that their current or future strategies will be successfully implemented or will generate
sustainable profit.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">We primarily operate in China&rsquo;s flexible employment industry
through our PRC operating entities. The flexible employment industry is relatively new and rapidly evolving, business models continue
to evolve, and the industry may not develop as we anticipate. The regulatory framework in China governing the flexible employment industry
is also developing and may remain uncertain in the near future. As our PRC operating entities&rsquo; business develops and in response
to the evolving client needs and market competition, our PRC operating entities need to continuously introduce new services, improve
their existing services, or adjust and optimize their business model. In response to new regulatory requirements or industry standards,
or in connection with the introduction of new services, our PRC operating entities may need to impose more rigorous risk management systems
and policies, which may negatively affect manage the PRC operating entities&rsquo; the growth of their business. Any significant change
to our PRC operating entities&rsquo; business model may not achieve expected results and may materially and adversely affect their financial
condition and results of operations. It is therefore difficult to accurately predict the PRC operating entities&rsquo; future prospects.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">You should consider the PRC operating entities&rsquo; business and
prospects in light of the risks and challenges that they encounter or may encounter as an entrant in the newly emerging and rapidly evolving
market in which they operate and their limited operating history. These risks and challenges include the PRC operating entities&rsquo;
ability to, among other things:</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: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">build a well-recognized&nbsp;and respected brand;</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: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">continue to develop and improve the Gongwuyuan Platform;</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: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">establish and expand the PRC operating entities&rsquo; client base;</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: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">maintain and enhance the PRC operating entities&rsquo; relationships with their business partners;</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: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">attract, retain, and motivate talented employees;</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: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">anticipate and adapt to changing market conditions and competitive landscape;</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: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">manage the PRC operating entities&rsquo; future growth;</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: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">ensure that the performance of the Gongwuyuan Platform and services meets client expectations;</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: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">maintain or improve the PRC operating entities&rsquo; operational efficiency;</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: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">navigate a complex and evolving regulatory environment;</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: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">defend ourselves in any legal or regulatory actions against the PRC operating entities;</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: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">enhance the PRC operating entities&rsquo; technology infrastructure and maintain the security of
    their system and the confidentiality of the information provided and utilized across their system;</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: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">avoid and remedy operating errors as a result of human or system errors; and</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: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">identify and address conflicts of interest.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">If the PRC operating entities fail to address any or all of these
risks and challenges, if the PRC operating entities fail to educate business partners and clients about the value of their platform and
services, if the market for their products and services does not develop as they expect, if they fail to address the needs of their target
clients, or if they are not able to effectively tackle other risks and challenges that they may encounter, the PRC operating entities&rsquo;
business and results of operations may be adversely affected.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify"><B><I>We have a limited operating history and are subject to the risks
encountered by&nbsp;development-stage&nbsp;companies. We cannot assure you that the market for our services will develop as we expect
or we will be able to maintain the growth rate that they have experienced to date.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">We provide our services in the flexible employment industry through
our PRC operating entities. We originally provided job matching services via traditional methods beginning in 2017, and have since launched
our online Gongwuyuan Platform and expanded our services to include entrusted recruitment, project outsourcing, labor dispatch, and others,
and have achieved rapid growth in terms of client base and revenue. However, the PRC operating entities&rsquo; limited operating history
in the flexible employment industry may not be indicative of their future growth or financial results. There is no assurance that the
PRC operating entities will be able to maintain their historical growth rates in future periods. The PRC operating entities&rsquo; growth
prospects should be considered in light of the risks and uncertainties that fast-growing&nbsp;companies with a limited operating history
and experience in their industry may encounter, including, among others, risks and uncertainties regarding the PRC operating entities&rsquo;
ability to:</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: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">continue the development of and enrich our Gongwuyuan Platform;</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: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">retain existing clients and attract new clients;</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: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">offer customized and comprehensive services tailored to employers&rsquo; needs throughout the recruitment
    process;</FONT></TD></TR>
  </TABLE>
<P STYLE="text-align: justify; 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="text-align: justify; width: 0.5in">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">upgrade existing technology and infrastructure and develop new technologies to integrate our services
    into an ecosystem on our Gongwuyuan Platform;</FONT></TD></TR>
  </TABLE>
<P STYLE="text-align: justify; 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="text-align: justify; width: 0.5in">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">successfully compete with other companies that are currently in, or may in the future enter, the
    crowdsourcing recruitment industry, the flexible employment industry, or similar industries; and</FONT></TD></TR>
  </TABLE>
<P STYLE="text-align: justify; 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="text-align: justify; width: 0.5in">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">observe and strategize on the latest market trends in order to maintain growth and remain competitive.</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; text-indent: 0in">All of these endeavors involve risks and will require significant
allocation of management and employee resources. We cannot assure you that we will be able to effectively manage our growth or implement
our business strategies effectively. If the market for our services does not develop as expected or if we fail to address the needs of
the flexible employment industry, our business, results of operations, and financial condition will be materially and adversely affected.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify"><B><I>The proper functioning of our Gongwuyuan platform and its technology
infrastructure is essential to our business. Any errors in or disruption to the PRC operating entities&rsquo; IT systems and infrastructure
and those on which they rely could materially affect their ability to maintain the satisfactory performance of their platform and deliver
consistent services to their clients.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">To grow our business, we are dependent on the ability of the IT systems
of our PRC operating entities. The reliability, availability and satisfactory performance of these IT systems are critical to our success,
our ability to attract and retain clients and their ability to maintain a satisfactory user experience and client service. The PRC operating
entities&rsquo; servers may be vulnerable to computer viruses, traffic spike that exceeds the capacity of the PRC operating entities&rsquo;
or their servers, electricity power interruptions, physical or electronic&nbsp;break-ins,&nbsp;and similar disruptions, which could lead
to system interruptions, website slowdown and unavailability, delays in transaction processing, loss of data, and the inability to accept
and fulfill client orders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The software, hardware, and systems and those on which our PRC operating
entities and our Gongwuyuan Platform rely upon may contain undetected errors that could have a material adverse effect on our business,
particularly to the extent such errors are not detected and remedied quickly. Since clients use the PRC operating entities&rsquo; services
for important aspects of their businesses, any errors, defects, disruptions in services, or other performance problems with the PRC operating
entities&rsquo; services could hurt their reputation and damage their clients&rsquo; businesses. Software and system errors, or human
error, could delay or inhibit posting of jobs or prevent the PRC operating entities from collecting transaction fees. We can provide
no assurance that these systems will not experience unexpected human errors, system errors or interruptions in the future, or that their
current security mechanisms will be sufficient to protect their IT systems and technology infrastructure from any third-party&nbsp;intrusions,
electricity power interruptions, viruses and hacker attacks, information and data theft, and other similar activities. Any such future
occurrences could damage their reputation and result in a material decrease in our operations and revenue.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Maintaining and upgrading the technology infrastructure on which we
rely upon, especially our Gongwuyuan Platform, require significant investment of time and resources, including adding new hardware, updating
software, and recruiting and training new engineering personnel. During updates, our Gongwuyuan Platform and other systems may experience
interruptions, and the new technologies and infrastructures may not be fully integrated with the existing systems timely, or at all.
Any failure to maintain and improve the technology infrastructure on which we and our Gongwuyuan Platform rely upon could result in unanticipated
system disruptions, slower response times, impaired quality of user experience and delays in reporting accurate operating and financial
information, which, in turn, could materially and adversely affect the PRC operating entities&rsquo; business, financial condition and
results of operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify"><B><I>Because the PRC operating entities face significant competition
in all of their businesses, they may lose market share and our results of operations may be materially and adversely affected.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Our PRC operating entities face significant competition in all of
their businesses. We face competition from traditional recruitment companies such as Career International, ManpowerGroup and Renrui Human
Resources, platform based human resource service providers, and other crowdsourcing recruitment and HR management service providers in
the flexible employment marketplace, including certain crowdsourcing recruiting companies that are also focused on blue-collar&nbsp;workers
in China.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">Some of these competitors have a longer operating history, strategic
partnerships, and significantly greater financial resources, and may have greater financial, management, technological development, sales,
marketing and other resources than we do, and in turn, may be able to attract and retain more clients, operate at a lower cost, and establish
larger cooperative partnerships due to company scale. They may also be able to adopt our business model and intensify competition. As
a result, we may experience reduced margins, loss of market share or decreased usage of our services by Customers, Employing Companies
and HR Service Companies. We cannot assure you that existing or future competitors will not develop or offer services and products which
provide significant performance, price, creative, technological or other advantages over the PRC operating entities&rsquo; services.
If the PRC operating entities are unable to compete effectively with current or future competitors as a result of these or other factors,
the PRC operating entities&rsquo; market share and their results of operations may be materially and adversely affected.</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>

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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-indent: 0in; text-align: justify"><B><I>New competitors face low entry barriers to flexible employment
industry, and successful entry by new competitors may cause us to lose market share and materially and adversely affect our results of
operations.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">We face competition from new entrants in the flexible employment industry,
especially in areas such as recruitment crowdsourcing, HR management services and other human resource related services industries where
our PRC operating entities primarily operate. The PRC operating entities may face increased competition from companies focusing on flexible
employment, dedicated human resource service providers, crowdsourcing companies, and other such recruitment companies focusing their
services towards blue-collar&nbsp;workers. The PRC operating entities&rsquo; businesses are characterized by relatively low start-up&nbsp;and
fixed costs, modest capital requirements, and short start-up&nbsp;lead times. As a result, potential market entrants face relatively
low barriers to entry to all of our service markets, and could acquire significant numbers of clients, including corporate customers
and human resource service providers, within a relatively short period of time. Increased competition could result in a loss of market
share and revenues, and have a material adverse effect on our business, financial condition and results of operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify"><B><I>If the use of our Gongwuyuan Platform for our recruitment and
human resource services do not grow in market acceptance, our business and results of operations may be materially and adversely affected.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The business success of our PRC operating entities, in a large part,
depends on the adoption and use of our Gongwuyuan Platform to provide their services to Customers, Employing Companies, HR Service Companies
and blue-collar&nbsp;workers in China. The PRC operating entities face challenges in promoting adoption and usage of the Gongwuyuan Platform,
which involves, among other things, how business enterprises, human resource and labor companies connect and interact regarding human
resources, standardization of employment processes and human resource management structures, and the promotion of career development
and improvement of welfare benefits for blue-collar&nbsp;workers. Even though the use of online platforms, such as our Gongwuyuan Platform,
has become more prevalent in China, the use of such online platforms as a medium for flexible employment has a limited history. As such,
if there are any negative perceptions as to the effectiveness of the Gongwuyuan Platform and the services available, or any significant
failure of the Gongwuyuan Platform to gain broader acceptance and trust as a reliable medium, our business and results of operations
could be materially and adversely affected.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify"><B><I>The PRC operating entities rely on cooperation with third party
companies for aspects of their business, which could result in disruption, increased costs, reputation risks and may adversely affect
their business and results of operations.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The PRC operating entities are reliant on third party vendors for
their business operations, such as partnerships with human resource companies in connection with job matching services, entrusted recruitment
services and project outsourcing services, and cooperation with third party companies for various ongoing technical support of our Gongwuyuan
Platform. This reliance exposes the PRC operating entities to other risks, including increased costs, supply chain interruptions, potential
disruptions to our business operations and reputational risk. However, there can be no assurance that the PRC operating entities&rsquo;
arrangements with these companies will be extended or renewed after their respective expiration or that the PRC operating entities will
be able to extend or renew such arrangements on terms and conditions favorable to them. While we believe that these third-party&nbsp;companies
provide greater efficiency and are imperative to the services that the PRC operating entities provide, our dependence on these third-party&nbsp;companies
increases the risk that the PRC operating entities&rsquo; business and operations will be adversely affected if we are unable to timely
provide our services through our third-party&nbsp;companies consistent with the needs of our clients. Similarly, the PRC operating entities&rsquo;
profit margins could be adversely affected a third-party&nbsp;company needed to be replaced for performance or economic issues.</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>

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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; text-indent: 0in">The PRC operating entities&rsquo; operations also depend significantly
upon the ability of these third party companies to protect client and worker data. While the PRC operating entities have implemented
security measures during use of the Gongwuyuan Platform, we cannot guarantee that the third-party&nbsp;companies have implemented the
same. The loss and/or theft of confidential, personally identifiable, or other sensitive data, including data about our clients, workers
and/or associates, or the PRC operating entities&rsquo; human resources operations, or our human resources operations, could damage our
reputation in the market, and our business and financial results could be materially and adversely affected.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify"><B><I>Our Gongwuyuan Platform may rely on third parties for elements
of the payment processing infrastructure underlying our platform. If these&nbsp;third-party&nbsp;elements become unavailable or unavailable
on favorable terms, our business could be adversely affected.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">As we continue to develop our platform to support relevant payment
needs, Gongwuyuan Platform may rely on third parties payment providers for elements of our payment-processing&nbsp;infrastructure to
support relevant payment needs such as wage payments from Employing Company to workers, and these third parties may refuse to enter or
renew contracts with them on commercially reasonable terms or at all. If these companies become unwilling or unable to provide these
services to us on acceptable terms or at all, our business may be disrupted.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify"><B><I>The PRC operating entities are subject to potential legal liability
from both employers and individual workers arising from disputes regarding recruitment process and employment relationships.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The PRC operating entities are exposed to potential claims associated
with the recruitment process, including claims by clients seeking to hold the PRC operating entities liable for failures to properly
fulfil contractual obligations to meet their employment and labor needs, claims by either employers and workers seeking damages due to
failures of certain features made or to be made available on our Gongwuyuan Platform, claims alleging discrimination or other violations
of employment law or other laws or regulations by blue-collar&nbsp;workers, claims by workers alleging failure to fulfill payroll and
required social benefits under our labor dispatching service, or other such proceedings, investigations and claims incidental to the
conduct of our crowdsourcing recruitment services. Any such claims, regardless of merit, may force us to participate in time-consuming,
costly litigation or investigation, divert significant management and staff attention, and damage our reputation and brand names. The
PRC operating entities do not maintain insurance coverage for liabilities arising from claims by employers, employees, candidates or
third parties.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify"><B><I>Our customers may raise objection to and claim for compensation
for the outsourcing arrangement carried out by the PRC operating companies in completing relevant worker recruitment or labor assignments
which could have a material adverse effect on our business operation and financial conditions.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">In completing relevant worker recruitment or labor assignments for
customers, the PRC operating entities may outsource the labor assignments to HR service companies or entrust/cooperate with HR service
companies to recruit the required workers in their business operation. While the PRC operating entities believe most of the customers
will not have any objection with this type of outsourcing arrangement, if any, there are no explicit provisions in the contracts between
the PRC operating entities and the customers permitting such outsourcing arrangement. In the event that the customers raise objection
to the outsourcing arrangement or claim for compensation against the PRC operating entities due to breach of contract or other reasons,
we may not be able to complete the worker recruitment or labor assignments by ourselves on a timely basis or at all, and we may have
to make compensation for our customers, the business cooperation between the customers and us may be interrupted or terminated, which
could have a material adverse effect on our business operation and financial conditions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify"><B><I>Due to seasonal variations in demand for&nbsp;blue-collar&nbsp;workers
and human resource related services, the PRC operating entities experience material fluctuations in their revenue streams which affect
their ability to predict their quarterly results and which may also cause quarterly results to vary from period to period.</I></B></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The PRC operating entities experience material fluctuations in their
revenue streams which affect their ability to predict quarterly results. For example, in the period following the Chinese New Year holiday
in the first quarter, the PRC operating entities&rsquo; industry historically experiences an increase in recruitment activity. During
this peak period, demand for online recruitment and other human resource related services may or may not rise significantly depending
on the needs of employers as well as their perceptions of the job market. In addition, the Chinese New Year holiday is based on the lunar
calendar, which varies from year to year and affects the PRC operating entities&rsquo; first and second quarter results as well as their
comparability to financial results of the same quarters in prior&nbsp;years. Due to these factors, the PRC operating entities&rsquo;
revenues may vary materially from quarter to quarter and quarterly results may not be comparable to the corresponding periods of prior&nbsp;years.
Such uncertainty makes it difficult for the PRC operating entities to predict revenues for a particular quarter. Therefore, actual results
may differ significantly from the PRC operating entities&rsquo; targets or estimated quarterly results, which could negatively affect
our cash flow for such periods.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B><I>If we are not able to respond successfully to technological
or industry developments, our business may be materially and adversely affected.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The use of online platforms for crowdsourcing recruitment services
is characterized by rapid technological developments, frequent launches of new products and services, introductions of new business models,
changes in customer needs and behavior, and evolving industry standards. If we fail to adapt our Gongwuyuan Platform to these developments,
our PRC operating entities&rsquo; recruitment services may become less competitive or obsolete. For example, the number of people accessing
the Internet through mobile devices, including smartphones, tablets and other hand-held&nbsp;devices, has increased in recent&nbsp;years,
and the PRC operating entities expect this trend to continue as 5G and more advanced mobile communications technologies are broadly implemented.
As our Gongwuyuan Platform is available across a variety of mobile operating systems and devices, we are dependent on the interoperability
of their services with popular mobile devices and mobile operating systems that we do not control, such as Android and iOS.&nbsp;Any
changes in such mobile operating systems or devices that degrade the functionality of the PRC operating entities&rsquo; services or give
preferential treatment to competitive services could adversely affect usage of their services. In order to respond to new developments,
we may be required to undertake substantial efforts and incur significant costs to ensure that our Gongwuyuan Platform is up-to-date&nbsp;with
the latest technological developments. In the event that we do not successfully respond to such developments in a timely and cost-effective&nbsp;manner,
our business may be materially and adversely affected.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify"><B><I>If we or our PRC operating entities are unable to protect or
promote our brand names and reputation, our business may be materially and adversely affected.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">If we fail to successfully develop and enhance the perception of the
our Gongwuyuan Platform as a leading crowdsourcing recruitment platform, undertake effective marketing and promotional activities, maintain
cooperation and partnerships with human resources and recruitment companies, outsourcing companies and regional businesses, and generally
provide high quality services, we or our PRC operating entities may not be successful in protecting or promoting our brand names and
reputation in a cost-effective&nbsp;manner or at all. In addition, if job seeker profiles or recruitment advertisements on the Gongwuyuan
Platform are found to contain inaccurate or false information, the value proposition of the use of our Gongwuyuan Platform as a leading
online crowdsourcing recruitment platform in a developing industry may be weakened. Furthermore, the PRC operating entities may be subject
to claims by its users seeking to hold them liable for such inaccurate or false information. Any claims, regardless of merit, may force
the PRC operating entities to participate in time-consuming, costly litigation or investigation, divert significant management and staff
attention, and damage the PRC operating entities&rsquo; reputation and brand names. The PRC operating entities may dedicate significantly
greater resources in the future to advertising, marketing and other promotional efforts aimed at building awareness of the PRC operating
entities&rsquo; brand names. Any significant damage to the PRC operating entities&rsquo; reputation, the perceived quality or awareness
of the PRC operating entities&rsquo; brand names or services, or any significant failure on the PRC operating entities&rsquo; part to
promote and protect their brand names and reputation could make it more difficult for them to successfully attract job seekers, compete
for customers or retain qualified personnel, which may have a material adverse effect on our business and operating results.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify"><B><I>Negative publicity and allegations involving us, the PRC operating
entities, the PRC operating entities&rsquo; shareholders, directors, officers, employees and business partners may affect our reputation
and, as a result, our business may be negatively affected.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The PRC operating entities, the PRC operating entities&rsquo; shareholders,
directors, officers, employees and business partners may be subject to negative media coverage and publicity from time to time. Such
negative coverage and publicity could threaten the perception of the PRC operating entities&rsquo; brand names and damage their reputation.
In addition, to the extent the PRC operating entities&rsquo; employees and business partners are subject to allegations of non-compliance,
regardless of merit, with any relevant laws or regulations, the PRC operating entities may also suffer negative publicity or harm to
their reputation. As a result, the PRC operating entities may be required to spend significant time and incur substantial costs in response
to allegations and negative publicity, which could adversely affect our business and operational costs.</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify"><B><I>The PRC operating entities are dependent on their Internet service
providers, and the PRC operating entities are vulnerable to failures of the Internet, telecommunications networks in China and the PRC
operating entities&rsquo; technology platform.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The PRC operating entities&rsquo; online businesses, including the
development of the Gongwuyuan Platform, are relying on the performance and reliability of China&rsquo;s Internet infrastructure, the
continual accessibility of bandwidth and servers to the PRC operating entities&rsquo; service providers&rsquo; networks, and the continuing
performance, reliability and availability of the PRC operating entities&rsquo; technology platform. The PRC operating entities cannot
assure you that the Internet infrastructure and telecommunications networks in China will be able to support the increased demands associated
with the continued growth in Internet usage.</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-indent: 0in; text-align: justify">Almost all access to the Internet is maintained through state-owned&nbsp;telecommunications
operators under the administrative control and regulatory supervision of the MIIT.&nbsp;In addition, the national networks in China connect
to the Internet through a government-controlled&nbsp;international gateway. This international gateway is the only channel through which
a domestic user can connect to the international Internet network.</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>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The PRC operating entities rely on a limited number of telecommunications
service providers to provide them with data communications capacity through local telecommunications lines and data centers to host the
PRC operating entities&rsquo; servers. The PRC operating entities are unlikely to have any access to alternative networks or services
in the event of disruptions, failures or other problems with China&rsquo;s Internet infrastructure or telecommunications networks. In
addition, the PRC operating entities have no control over the costs of the services provided by the telecommunications service providers.
If they fail to provide these services, the PRC operating entities would be required to seek other providers, and there is no assurance
that the PRC operating entities will be able to find alternative providers willing or able to provide high quality services and there
is no assurance that such providers will not charge them higher prices for their services. If the prices that the PRC operating entities
are required to pay for Internet services rise significantly, the PRC operating entities&rsquo; results of operations could be adversely
affected.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify"><B><I>Our business generates and processes a large amount of data,
and the improper use or disclosure of such data could harm our reputation as well as have a material adverse effect on our business and
prospects.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Our Gongwuyuan Platform generates and processes a large quantity of
business, financial, personal and transaction data. We face risks inherent in handling large volumes of data and in protecting the security
of such data. In particular, we face a number of challenges relating to data from transactions and other activities on our platform,
including:</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: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">ensuring the security of financial and transaction information of the users of our Gongwuyuan Platform;</FONT></TD></TR>
  </TABLE>
<P STYLE="text-align: justify; 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="text-align: justify; width: 0.5in">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">protecting the data in and hosted on our system, including against attacks on our system by outside
    parties or fraudulent behavior by our employees;</FONT></TD></TR>
  </TABLE>
<P STYLE="text-align: justify; 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="text-align: justify; width: 0.5in">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">addressing concerns related to privacy and sharing, safety, security and other factors; and</FONT></TD></TR>
  </TABLE>
<P STYLE="text-align: justify; 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="text-align: justify; width: 0.5in">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">complying with applicable laws, rules and regulations relating to the collection, use, disclosure
    or security of personal information, including any requests from regulatory and government authorities relating to such data.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Any systems failure or security breach or lapse that results in the
release of user data could harm our reputation and brand and, consequently, our business, in addition to exposing us to potential legal
liability.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify"><B><I>The PRC operating entities rely heavily on their information
systems, and any failure to properly protect privacy and to maintain and secure the PRC operating entities&rsquo; systems could seriously
damage the PRC operating entities&rsquo; reputation, disrupt the PRC operating entities&rsquo; operations and harm their business.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The Internet industry is facing significant challenges regarding information
security and privacy. As the use of the Internet grows in everyday life, the general public is increasingly aware of the vulnerability
of confidential and private information. Certain data and services collected, provided or used by the PRC operating entities in their
systems or provided to and used by them, the PRC operating entities&rsquo; partners, the PRC operating entities&rsquo; customers or their
job seekers contain confidential and private information, such as names, user IDs and passwords and payment or transaction related information.
The PRC operating entities&rsquo; ability to store, retrieve, process, manage and protect substantial amounts of data and information,
including the PRC operating entities&rsquo; client and candidate databases, is an important part of the PRC operating entities&rsquo;
operations and a critical component of their success.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">In recent&nbsp;years, PRC government authorities have enacted legislation
on Internet use to protect personal information from unauthorized disclosure. In December&nbsp;2012 and July&nbsp;2013, the Standing
Committee of the National People&rsquo;s Congress and the MIIT issued new laws and regulations to enhance the legal protection of information
security and privacy on the Internet, and also require Internet operators to take measures to ensure confidentiality of user information.
The PRC Counter-Terrorism&nbsp;Law, which became effective on January&nbsp;1, 2016 and amended in April&nbsp;2018, requires Internet
service providers to prevent the dissemination of information containing terrorist or extremist content and conduct identity verification
of individuals. The PRC Cyber Security Law, which became effective on June&nbsp;1, 2017, requires, among others, that network operators
take security measures to protect the network from unauthorized interference, damage and unauthorized access and prevent data from being
divulged, stolen or tampered with. Network operators are also required to collect and use personal information in compliance with the
principles of legitimacy, properness and necessity, and strictly within the scope of authorization by the subject of personal information
unless otherwise prescribed by laws or regulations. In May&nbsp;2020, the PRC Civil Code, which became effective on January&nbsp;1, 2021,
was promulgated and also provides specific provisions regarding the protection of personal information. On August&nbsp;20, 2021, the
Standing Committee of the National People&rsquo;s Congress promulgated Personal Information Protection Law of the People&rsquo;s Republic
of China, which became effective on November&nbsp;1, 2021, to regulate activities of processing of personal information and promote a
reasonable use of personal information. On September&nbsp;24, 2024, the State Council promulgated the Regulations on the Network Data
Security Management (the &ldquo;Data Security Management Regulations&rdquo;), which became effective on January&nbsp;1, 2025. The Data
Security Management Regulations clarifies the rules for processing personal information and the specific provisions that must be followed,
requiring network data processors to provide convenient methods and channels to support individuals in exercising their rights, and not
to set unreasonable conditions that limit individuals&rsquo; reasonable requests. At the same time, it specifies the protection obligations
for collecting personal information using automated collection techniques, and refines the implementation pathways for personal information
transfer requests. However, the interpretation and application of such laws in China are often uncertain and in flux.</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">In addition, on December&nbsp;18, 2020, the PRC Ministry of Human
Resources and Social Security, or the MOHRSS, issued the Regulations on the Administration of Online Recruitment Services, which became
effective on March&nbsp;1, 2021. These regulations require human resource service organizations engaged in online recruitment services
to comply with the cybersecurity protection obligations requested by PRC laws and regulations, and adopt technical or other necessary
measures to ensure the network, information system and user information security of recruitment services. At the same time, such regulations
require human resource service organizations to comply with personal information protection obligations requested by PRC laws and regulations
when collecting and using users&rsquo; personal information, and to establish user information protection systems for online recruitment
service.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">While the PRC operating entities have adopted measures and strive to
comply with relevant data protection laws and regulations, any failure or perceived failure to comply may result in proceedings or actions
against the PRC operating entities by government agencies or others, and could damage the PRC operating entities&rsquo; reputation. The
PRC operating entities cannot guarantee the effectiveness of the measures they have undertaken, and such measures may still be determined
as insufficient, improper or deficient by relevant authorities. Concerns about the PRC operating entities&rsquo; practices and systems
with regard to the collection, use, disclosure, or security of personal information or other privacy related matters, and any negative
publicity on the PRC operating entities&rsquo; information safety or privacy protection mechanism and policy, even if unfounded, could
harm the PRC operating entities&rsquo; business. Any damage to the PRC operating entities&rsquo; reputation and brand names may adversely
impact the size, engagement and loyalty of the PRC operating entities&rsquo; job seekers and employers, which could materially and adversely
affect the PRC operating entities&rsquo; financial condition and results of operations. The PRC operating entities must further develop
and enhance their information systems to compete effectively and ensure their compliance with relevant laws and regulations, which may
require significant staff and financial resources. If the PRC operating entities&rsquo; online platforms are not properly maintained and
secured, the PRC operating entities&rsquo; operations could be seriously disrupted and their business significantly harmed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify"><B><I>If we are unable to attract and retain qualified personnel, we
may not be able to grow effectively and our business, financial condition, and results of operation may be materially and adversely affected.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">Our success depends on our ability to keep pace with rapid technological
changes in the development and implementation of our services and HR SaaS solutions. Additionally, our Gongwuyuan Platform is reliant
on a variety of technologies, including those which support our &ldquo;Yun Dan Bao&rdquo; transaction system, intelligent HR management,
payroll, and client data analytics. We face fierce competition for qualified personnel to continue the development of our Gongwuyuan Platform
and improve our business and human resource services. If we are not able to compete effectively for highly qualified personnel or attract
and retain top talent at reasonable costs, our technology development capabilities would be materially and adversely impacted. If we are
unable to continue development of our Gongwuyuan Platform and to continue evolving our technologies in pace with industry developments,
it could have a negative effect on our services and HR SaaS solutions and our ability to develop and maintain a competitive advantage,
and our financial condition and results of operations may be materially and adversely affected.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">Our future success also depends upon our ability to attract and retain
highly qualified management personnel. Expansion of our business and our management will require additional managers and employees with
industry experience, and our success will be highly dependent on our ability to attract and retain skilled management personnel and other
employees. We may not be able to attract or retain highly qualified personnel as competition for skilled management personnel is significant
in China. This competition may make it more difficult and expensive to attract, hire and retain qualified managers and employees.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify"><B><I>The PRC operating entities operate in an evolving market, and
the PRC operating entities&rsquo; business and results of operations may suffer if they do not successfully manage their growth.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">The PRC operating entities operate in a rapidly evolving market. While
the PRC operating entities have grown significantly since their commenced operations in 2017, the PRC operating entities intend to continue
to expand in size and increase the number of services they provide. The PRC operating entities&rsquo; success in managing this growth
will depend to a significant degree on the ability of the members of their senior management to operate effectively both independently
and as a group.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">As a growing company, the PRC operating entities may encounter risks
and difficulties including their potential failure to:</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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font-size: 10pt"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">implement the PRC operating entities&rsquo; business model and strategy and adapt and modify them as needed;</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: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font-size: 10pt"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">increase awareness of the PRC operating entities&rsquo; brand names, protect the PRC operating entities&rsquo; reputation and develop customer loyalty;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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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"></P>

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



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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font-size: 10pt"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">manage the PRC operating entities&rsquo; expanding operations and service offerings, including the integration of any acquisitions;</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: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font-size: 10pt"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">maintain adequate control of the PRC operating entities&rsquo; expenses;</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: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font-size: 10pt"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">improve and develop financial and management information systems, controls and procedures; and</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: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font-size: 10pt"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">attract, retain and motivate qualified personnel.</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 0pt 0pt 0in; text-indent: 0in; text-align: justify">Although the PRC operating entities have achieved profitability for
a period of time, the PRC operating entities expect that their ongoing expansion will increase their operating expenses. In addition,
new business initiatives may expose the PRC operating entities to new challenges and uncertainties. The PRC operating entities&rsquo;
historical results of operations should not be taken as indicative of the rate of growth, if any, or the level of profitability, if any,
that can be expected in the future. If the PRC operating entities do not successfully manage their growth, the PRC operating entities&rsquo;
business and results of operations may be materially and adversely affected.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify"><B><I>If the PRC operating entities are unable to prevent others from
using their intellectual property, the PRC operating entities&rsquo; business may be materially and adversely affected.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">The PRC operating entities&rsquo; intellectual property may be subject
to various forms of theft and misappropriation. Competitors may copy and distribute content from the PRC operating entities&rsquo; platforms
and from the training materials that they use, and utilize misleadingly similar Internet domain names and URLs in an effort to divert
Internet traffic away from the PRC operating entities&rsquo; websites. The PRC operating entities are also susceptible to others copying
their business model and methods. The legal protection of trademarks, trade names, copyrighted material, domain names, trade secrets,
know-how&nbsp;and other forms of intellectual property in the PRC is still developing and may afford the PRC operating entities little
or no effective protection sometimes. Preventing unauthorized use of the PRC operating entities&rsquo; intellectual property is difficult,
time consuming and expensive. Misappropriation of the PRC operating entities&rsquo; content, trademarks and other intellectual property
could divert significant business to the PRC operating entities&rsquo; competitors, damage the PRC operating entities&rsquo; brand names
and reputation, and require the PRC operating entities to initiate litigation that could be expensive and divert management resources
from the operation of their businesses.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify"><B><I>The PRC operating entities may be subject to liability for placing
advertisements with content that is deemed inappropriate.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">PRC laws and regulations, such as the PRC Advertising Law which became
effective on February&nbsp;1, 1995 and its amendment which became effective on April&nbsp;29, 2021, the Measures for the Administration
of Online Advertising promulgated the PRC State Administration for Market Regulation, or the SAMR, which became effective on May&nbsp;1,
2023, the Circular on Launching a Special Program to Rectify Internet Advertisements, which was issued on February&nbsp;9, 2018, and the
PRC E-Commerce&nbsp;Law, which became effective on January&nbsp;1, 2019, prohibit advertising companies from producing, distributing or
publishing any advertisement that contains any content that violates laws and regulations, impairs the national dignity of the PRC, infringes
upon personal and property safety, discloses privacy or state secrets, harms the physical and mental health of minors or the disabled,
involves designs of the national flag, national emblem or national anthem or the music of the national anthem of the PRC, is reactionary,
obscene, superstitious or absurd, is fraudulent, or disparages similar products. An Internet advertisement shall be identifiable and clearly
identified as an &ldquo;advertisement&rdquo; so that consumers can tell it is an advertisement. Paid search advertisements shall be clearly
distinguished from natural search results. Advertisements shall be published or distributed by means of the Internet without affecting
the normal use of the network by users. Advertisements published on Internet pages in the form of pop-up&nbsp;or other forms shall be
clearly marked with a &ldquo;Close&rdquo; sign to ensure a &ldquo;Click to Close&rdquo;. If the PRC operating entities are deemed to be
in violation of such laws and regulations, the PRC operating entities may be subject to penalties including confiscation of the illegal
revenues, levying of fines and suspension or revocation of the PRC operating entities&rsquo; business license, any of which may materially
and adversely affect the PRC operating entities&rsquo; business.</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify"><B><I>Hacking and computer viruses may cause delays or interruptions
on the PRC operating entities&rsquo; systems and may reduce use of their services and damage their reputation and brand names.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">Hacking and computer viruses may cause delays or other service interruptions
on the PRC operating entities&rsquo; systems. Hacking involves efforts to gain unauthorized access to information or systems or to cause
intentional malfunctions, loss or corruption of data, software, hardware or other computer equipment. In addition, the inadvertent transmission
of computer viruses could expose the PRC operating entities to a material risk of loss or litigation and possible liability. Hacking and
computer viruses could result in significant damage to the PRC operating entities&rsquo; hardware and software systems and databases,
disruptions to the PRC operating entities&rsquo; business activities, including to the PRC operating entities&rsquo; e-mail&nbsp;and other
communications systems, breaches of security and the inadvertent disclosure of confidential or sensitive information, interruptions in
access to the PRC operating entities&rsquo; websites through the use of &ldquo;denial of service&rdquo; or similar attacks, and other
material adverse effects on the PRC operating entities&rsquo; operations. Although to date the PRC operating entities have not been subject
to significant targeted disruptions or hacking, the PRC operating entities may incur significant costs to continue to protect their systems
and equipment against the threat of, and to repair any damage caused by, hacking and computer viruses. Moreover, if hacking or a computer
virus affects the PRC operating entities&rsquo; systems and is highly publicized, the PRC operating entities&rsquo; reputation and brand
names could be materially damaged and use of their services may decrease.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify"><B><I>The considerable uncertainty in Chinese economic growth could
hurt demand of the service products of the PRC operating entities.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">While China has grown significantly over the past two decades, the
growth rate may decrease due to uncertainties with respect to national structural control along with other factors. If China&rsquo;s growth
rate slows, or even declines, demand for the services of the PRC operating entities might be accordingly decreased. Therefore, the business
of the PRC operating entities might be adversely affected by the slowdown in the economic conditions, which would negatively affect sales
of their products, operations of our company and our financial condition.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify"><B><I>The loss of any of the key customers of the PRC operating entities
could reduce our revenues and our profitability.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">We consider the major customers of the PRC operating entities in each
period to be those customers that accounted for more than 10% of our revenue in such period. The PRC operating entities had four major
customers, China Post Group Co., Ltd &mdash; Zhaoqing Branch, Nanchang Jiesite Environmental Protection Co., Ltd., China Post Group Co.,
Ltd &mdash; Zhaoqing Branch, Guangdong Yingwang Industrial Investment Co., Ltd. and China Post Group Co., Ltd &mdash; Zhongshan Branch,
who accounted for approximately $4,393,353, or 34%, $3,055,082 or 24%, $2,542,167, or 20% and $1,479,155 or 12%, respectively, of total
revenues for the year ended December 31, 2024. The PRC operating entities had three major customers, Nanchang Jiesite Environmental Protection
Co., Ltd., China Post Group Co., Ltd and Guangdong Yingwang Industrial Investment Co., Ltd., who accounted for approximately $5,070,838,
or 44%, $2,006,486 or 17%, and $1,277,408, or 11% of total revenues for the year ended December&nbsp;31, 2023. The PRC operating entities
had three major customers, Nanchang Jiesite Environmental Protection Co., Ltd., China Post Group Co., Ltd and Guangdong Yingwang Industrial
Investment Co., Ltd., who accounted for approximately $3,422,005, or 26%, $2,895,543 or 22% and $2,369,080, or 18%, of total revenues
for the year ended December&nbsp;31, 2022. All of these major customers are new customers of the PRC operating entities but we consider
that their relationship with them are stable and solid. However, there can be no assurance that the PRC operating entities will maintain
or improve the relationships with customers who do not have long-term&nbsp;contracts with them. If the PRC operating entities cannot maintain
long-term&nbsp;relationships with major customers or replace major customers from period to period with equivalent customers, the loss
of such revenues could have an adverse effect on our business, financial condition and results of operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify"><B><I>During any growth,&nbsp;the PRC operating entities may encounter
problems related to their operational and financial systems and controls, including quality control and delivery and production capacities.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">Any significant growth in the market for the services of the PRC operating
entities or their entry into new markets may require additional employees for managerial, operational, financial and other purposes. Our
PRC operating entities would also need to continue to expand, train and manage their employees. Continued future growth will impose significant
added responsibilities upon their management to identify, recruit, maintain, integrate, and motivate new employees.</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify"><B><I>We cannot assure you that the internal growth strategy of the
PRC operating entities will be successful, which may result in a negative impact on our growth, financial condition, results of operations
and cash flow.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">One of the strategies of the PRC operating entities is to grow internally
through increasing the development of new services and improving the quality of existing services. However, many obstacles to this expansion
exist, including, but not limited to, increased competition from similar businesses, the PRC operating entities&rsquo; ability to improve
their services to realize the benefits of their research and development efforts, new PRC regulations related to the flexible employment
market, unexpected costs, and costs associated with marketing efforts. We cannot, therefore, assure you that the PRC operating entities
will be able to successfully overcome such obstacles and establish their services in any additional markets. The inability of the PRC
operating entities to implement this internal growth strategy successfully may have a negative impact on our growth, future financial
condition, results of operations or cash flows.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify"><B><I>Our significant shareholders may have potential conflicts of
interest with us, which may materially and adversely affect our business and financial condition.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">Because our significant shareholders have, either collectively or individually,
considerable influence over our corporate matters, their interests may differ from the interests of our company as a whole. These shareholders
could, for example, appoint directors and management without the requisite experience, relations or knowledge to steer our company properly
because of their affiliations or loyalty, and such actions may materially and adversely affect our business and financial condition. Currently,
we do not have any arrangements to address potential conflicts of interest between these shareholders and our company. If we cannot resolve
any conflict of interest or dispute between us and the shareholders, we would have to rely on legal proceedings, which could disrupt our
business and subject us to substantial uncertainty as to the outcome of any such legal proceedings.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify"><B><I>The business of the PRC operating entities depends on the continued
efforts of their senior management. If one or more of the key executives of the PRC operating entities were unable or unwilling to continue
in their present positions, the business of senior management may be severely disrupted.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">The business operations of the PRC operating entities depend on the
continued services of their senior management, particularly the executive officers named in this prospectus. While the PRC operating entities
have provided different incentives to their management, we cannot assure you that the PRC operating entities can continue to retain their
services. If one or more of their key executives were unable or unwilling to continue in their present positions, the PRC operating entities
may not be able to replace them easily, or at all, their future growth may be constrained, their business may be severely disrupted and
our financial condition and results of operations may be materially and adversely affected, and the PRC operating entities may incur additional
expenses to recruit, train and retain qualified personnel. In addition, although the PRC operating entities have entered into confidentiality
and non-competition&nbsp;agreements with their management, there is no assurance that any member of their management team will not join
the competitors of the PRC operating entities or form a competing business. If any dispute arises between the PRC operating entities and
their current or former officers, the PRC operating entities may have to incur substantial costs and expenses in order to enforce such
agreements in China or the PRC operating entities may be unable to enforce them at all.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify"><B><I>Our financial and operating performance may be adversely affected
by epidemics, natural disasters and other catastrophes.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">The business of the PRC operating entities could be materially and
adversely affected by the outbreak of epidemics including but not limited to the 2019 novel coronavirus (COVID-19), swine influenza, avian
influenza, middle east respiratory syndrome (MERS-CoV) and severe acute respiratory syndrome (SARS-CoV). Our financial and operating performance
have been adversely affected by&nbsp;novel coronavirus (COVID-19), natural disasters and other catastrophes, which may affect the demand
for human resources services and labor services within the industries that we service, as well as our anticipated expansion and operational
plans. What may further impact our business and financial performance will depend on future developments, which are highly uncertain and
largely beyond our control. There is no assurance that we will be able to adjust our business operations to adapt to these changes and
the increasingly complex environment in which we operate.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Any prolonged restrictive measures in order to control the contagious
disease or other adverse public health developments in China or our targeted markets may have a material and adverse effect on the PRC
operating entities&rsquo; business operations.</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; 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&nbsp;accidents, as well as geopolitical uncertainty and international conflict, will affect travel volume and may in
turn have a material adverse effect on the PRC operating entities&rsquo; business and results of operations. In addition, the PRC operating
entities may not be adequately prepared in contingency planning or recovery capability in relation to a major incident or crisis, and
as a result, their operational continuity may be adversely and materially affected, which in turn may harm their reputation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify"><B><I>If the PRC operating entities are not able to adapt to changes
in their industry, our business, financial condition and results of operations would be materially and adversely affected.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">The shift for a flexible employment model in China is relatively new
and the competitors of the PRC operating entities are constantly developing new services to recruit and provide services to employers.
The PRC operating entities continue to invest significant resources in their infrastructure, research and development and other areas
to enhance their existing services as well as to introduce new services that will attract more participants to their Gongwuyuan Platform.
The changes and developments taking place in this industry may also require the PRC operating entities to re-evaluate&nbsp;their business
model and adopt significant changes to their long-term&nbsp;strategies and business plan. The failure of the PRC operating entities to
innovate and adapt to these changes would have a material adverse effect on our business, financial condition and results of operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify"><B><I>If the PRC operating entities fail to promote and maintain their
brand in an effective and&nbsp;cost-efficient&nbsp;way, our business and results of operations may be harmed.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">We believe that developing and maintaining awareness of the PRC operating
entities&rsquo; brand effectively is critical to attracting new and retaining existing customers. Successful promotion of the PRC operating
entities&rsquo; brand and their ability to attract customers depend largely on the effectiveness of their marketing efforts and the success
of the channels they use to promote their services. It is likely that the PRC operating entities&rsquo; future marketing efforts will
require them to incur significant additional expenses. These efforts may not result in increased revenues in the immediate future or at
all and, even if they do, any increases in revenues may not offset the expenses incurred. If the PRC operating entities fail to successfully
promote and maintain their brand while incurring substantial expenses, our results of operations and financial condition would be adversely
affected, which may impair the PRC operating entities&rsquo; ability to grow their business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify"><B><I>New lines of business or new services may subject us to additional
risks.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">From time to time, the PRC operating entities may implement new lines
of business or offer new services within existing lines of business. There are substantial risks and uncertainties associated with these
efforts, particularly in instances where the markets are not fully developed. In developing and marketing new lines of business and/or
new services, the PRC operating entities may invest significant time and resources. Initial timetables for the introduction and development
of new lines of business and/or new services may not be achieved and price and profitability targets may not prove feasible. External
factors, such as compliance with regulations, competitive alternatives and shifting market preferences, may also impact the successful
implementation of a new line of business or a new service. Furthermore, any new line of business and/or new services could have a significant
impact on the effectiveness of our system of internal controls. Failure to successfully manage these risks in the development and implementation
of new lines of business or new services could have a material adverse effect on our business, results of operations and financial condition.</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 0pt 0pt 0in; text-indent: 0in; text-align: justify"><B><I>If we fail to maintain an effective system of internal controls
over financial reporting, we may not be able to accurately report our financial results or prevent fraud.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">We are subject to reporting obligations under the U.S.&nbsp;securities
laws. The SEC, as required by Section&nbsp;404 of the Sarbanes-Oxley&nbsp;Act&nbsp;of&nbsp;2002, or the Sarbanes-Oxley&nbsp;Act, adopted
rules requiring every public company to include a management report on such company&rsquo;s internal controls over financial reporting
in its annual report, which contains management&rsquo;s assessment of the effectiveness of the company&rsquo;s internal controls over
financial reporting. As we are an &ldquo;emerging growth company,&rdquo; we are expected to first include a management report on our internal
controls over financial reporting in our annual report in the second fiscal year end following the effectiveness of our initial public
offering in March 2025. Our management may conclude that our internal controls over our financial reporting are not effective. Moreover,
even if our management concludes that our internal controls over financial reporting are effective, our independent registered public
accounting firm may still decline to attest to our management&rsquo;s assessment or may issue a report that is qualified if it is not
satisfied with our internal controls or the level at which our controls are documented, designed, operated or reviewed, or if it interprets
the relevant requirements differently from us. Our reporting obligations as a public company will place a significant strain on our management,
operational and financial resources and systems for the foreseeable future.</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"></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 0pt 0pt 0in; text-indent: 0in; text-align: justify">Prior to the initial public offering of our Company in March 2025,
we have been a private company with limited accounting personnel and other resources with which to address our internal controls and procedures.
We planned to remedy our material weaknesses and other control deficiencies in time to meet the deadline imposed by Section&nbsp;404 of
the Sarbanes-Oxley&nbsp;Act. If we fail to timely achieve or maintain the adequacy of our internal controls, we may not be able to conclude
that we have effective internal controls over financial reporting. Moreover, effective internal controls over financial reporting are
necessary for us to produce reliable financial reports and are important to help prevent fraud. As a result, our failure to achieve and
maintain effective internal controls over financial reporting could result in the loss of investor confidence in the reliability of our
financial statements, which in turn could harm our business and negatively impact the trading price of our Ordinary Shares. Furthermore,
we anticipate that we will incur considerable costs and devote significant management time and efforts and other resources to comply with
Section&nbsp;404 of the Sarbanes-Oxley&nbsp;Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify"><B><I>We may be exposed to liabilities under the Foreign Corrupt Practices
Act, and any determination that we violated the foreign corrupt practices act could have a material adverse effect on our business.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">We are subject to the Foreign Corrupt Practice Act, or FCPA, and other
laws that prohibit improper payments or offers of payments to foreign governments and their officials and political parties by U.S.&nbsp;persons
and issuers as defined by the statute for the purpose of obtaining or retaining business. The existing business of the PRC operating entities
in Asia creates the risk of unauthorized payments or offers of payments by one of the employees, consultants, or sales agents of our Company,
because these parties are not always subject to the control of the PRC operating entities. It will be our policy to implement safeguards
to discourage these practices by our employees. Also, our existing safeguards and any future improvements may prove to be less than effective,
and the employees, consultants, or sales agents of our Company may engage in conduct for which we might be held responsible. Violations
of the FCPA 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 for FCPA violations committed by companies in which we invest or that we acquire.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify"><B><I>We (or a foreign investor) may become at risk of being taxed
or imposed a penalty under Announcement 7 and may be required to expend valuable resources to comply with Announcement 7 or to establish
that we (or such foreign investor) should not be taxed under Announcement 7, which could have a material adverse effect on our financial
condition and results of operations (or such foreign investor&rsquo;s investment in us).</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">On December&nbsp;10, 2009, the State Administration of Taxation (&ldquo;SAT&rdquo;)
released the Notice on Strengthening Administration of Enterprise Income Tax for Share Transfers by Non-PRC&nbsp;Resident Enterprises
(&ldquo;Circular 698&rdquo;) that reinforces the taxation of non-listed&nbsp;equity transfers by non-resident&nbsp;enterprises through
overseas holding vehicles. Circular 698 is retroactively effective from January&nbsp;1, 2008. Subsequently SAT also released the Announcement
on Several Issues Related to Enterprise Income Tax for Indirect Asset Transfer by Non-PRC Resident Enterprises (&ldquo;Announcement 7&rdquo;),
effective from February&nbsp;3, 2015, which in part supersedes Circular 698.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Announcement 7 addresses indirect share transfer as well as other issues.
According to Announcement&nbsp;7, if a non-PRC&nbsp;resident enterprise transfers the equity interests of or similar rights or interests
in overseas companies which directly or indirectly own PRC taxable assets through an arrangement without a reasonable commercial purpose,
but rather to avoid PRC corporate income tax, the transaction will be re-characterized&nbsp;and treated as a direct transfer of PRC taxable
assets subject to PRC corporate income tax. Announcement 7 specifies certain factors that should be considered in determining whether
an indirect transfer has a reasonable commercial purpose. Since Announcement 7 has a short history, there is uncertainty as to its application,
and in particular, the interpretation of the term &ldquo;reasonable commercial purpose.&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 0pt 0pt 0in; text-indent: 0in; text-align: justify">Announcement 7 further provides that, the entity which has the obligation
to pay the consideration for the transfer to the transferring shareholders has the obligation to withhold any PRC corporate income tax
that is due. If the transferring shareholders do not pay corporate income tax that is due for a transfer and the entity which has the
obligation to pay the consideration does not withhold the tax due, the PRC tax authorities may impose a penalty on the entity that so
fails to withhold, which may be relieved or exempted from the withholding obligation and any resulting penalty under certain circumstances
if it reports such transfer to the PRC tax authorities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">In October&nbsp;2017, SAT issued&nbsp;the Announcement on Issues Relating
to Withholding at Source of Income Tax of Non-resident&nbsp;Enterprises,&nbsp;or the SAT Circular&nbsp;37, amended in June&nbsp;2018.
The SAT Circular 37 superseded Circular 698 as a whole and partially amended some provisions in Announcement 7. SAT Circular 37 purports
to clarify certain issues in the implementation of the above regime, by providing, among others, the definition of equity transfer income
and tax basis, the foreign exchange rate to be used in the calculation of withholding amount, and the date of occurrence of the withholding
obligation. Specifically, SAT Circular 37 provides that where the transfer income subject to withholding at source is derived by a non-PRC&nbsp;resident
enterprise in installments, the installments may first be treated as recovery of costs of previous investments. Upon recovery of all costs,
the tax amount to be withheld must then be computed and withheld.</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"></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"><B><I>The United States has tightened trade sanctions
targeting countries like the PRC. This and other global conflicts may cause economic slowdowns.</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 0pt 0pt 0in; text-indent: 0in; text-align: justify">Since February 2025, the Trump administration
has relied on the International Emergency Economic Powers Act (IEEPA) to impose a series of tariffs on U.S. trading partners. In February
2025, the Trump administration imposed a 25% tariff on Canada and Mexico for non-USMCA originating goods, and a 20% tariff on PRC (the
trafficking tariffs). As of October 29, 2025, the trafficking tariffs on Canada, Mexico, and the PRC are 35%, 25% and 20%, respectively.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">In addition, on April 2, 2025, President Trump
announced a 10% &ldquo;baseline&rdquo; tariff on all U.S. trading partners effective April 5, 2025 and higher, country-specific reciprocal
tariffs on 57 countries (the reciprocal tariffs). The reciprocal tariffs do not apply to Canada, Mexico and a few other countries. Although
the Trump administration subsequently paused the country-specific reciprocal tariffs for all countries except the PRC, President Trump
issued an executive order on July 31, 2025 imposing new country-specific reciprocal tariffs ranging from 10-41% on 69 countries, effective
August 7, 2025. Several countries, including the United Kingdom and the European Union, have reached trade agreements with the United
States that include reductions in the country-specific reciprocal tariffs and other commitments. Negotiations with numerous other countries
continue.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">On November 1, 2025, President Trump announced
the United States and the PRC reached a framework agreement that will result in the suspension of the country-specific reciprocal tariff
on the PRC until November 10, 2026, and reduce the trafficking tariff on PRC from 20% to 10%, effective November 10, 2025.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">On February 20, 2026, the US Supreme Court ruled
the tariffs unlawful but did not address potential refunds for tariffs paid under IEEPA. The Trump Administration immediately imposed
new global tariffs pursuant to Section 122 of the Trade Act of 1974, which allows for tariffs of up to 15% for a period of up to 150 days.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">The United States has tightened trade sanctions,
targeting certain countries like the PRC. The United States has continued to expand export control restrictions applicable to certain
Chinese firms and continued its assessment of new controls for &ldquo;emerging foundational technologies,&rdquo; escalating U.S.-PRC tension
concerning technology. Moreover, tensions between the United States and the PRC have increased and future actions by the United States
or Chinese governments may impact our operations in and imports from PRC, as well as sales to and from the PRC. In response, China has
begun considering and, in some cases, implementing trade sanctions that could affect U.S.-owned businesses. The imposition of trade sanctions
has and may in the future continue to make it generally more difficult to do 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 0pt 0pt 0in; text-indent: 0in; text-align: justify">US tariffs may cause a much broader slowdown in
China&rsquo;s manufacturing sector which will in turn require less HR work and affect the business of the PRC operating entities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">Global conflicts (such as the ongoing Russia &ndash;
Ukraine war or in the Middle East) may also have the effect of heightening other risks disclosed in the prospectus, any of which could
materially and adversely affect the business and results of operations of the PRC operating entities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify"><B>Risks Relating to the Variable Interest Entity (VIE) Structure</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify"><B><I>The PRC government may find that the Contractual Arrangements
with the VIE and its shareholders to operate our business in China do not comply with applicable PRC Laws, or if these applicable PRC
Laws or the interpretation of existing applicable PRC Laws change in the future, we could be subject to severe penalties or be&nbsp;forced
to relinquish our interests in those operations. Additionally, such determination by the PRC government&nbsp;and changes or interpretations
in PRC Laws, if occurred, may cause significant decline in the value of our shares, or even render our shares worthless.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">Current PRC Laws impose certain restrictions and prohibitions on foreign
ownership of companies that engage in telecommunication and internet businesses. For example, foreign Selling Shareholders are generally
not allowed to own more than 50% of the equity interests in a value-added&nbsp;telecommunications service provider (other than operating
e-commerce, domestic multi-party&nbsp;communications, store-and-forward, and call center services).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">To comply with PRC Laws, we conduct substantially all of our business
in China through Contractual Arrangements with Gongwuyuan, or the VIE, and certain shareholders of the VIE which enable us to (i)&nbsp;receive
ninety-five&nbsp;percent (95%) of the economic benefits of the VIE as the consideration for our services provided; (ii)&nbsp;have the
power to appoint directors and vote on behalf of the shareholders on all matters regarding the VIE that require shareholders&rsquo; approval;
(iii)&nbsp;hold a pledge on ninety-five&nbsp;percent (95%) equity interests in the VIE; and (iv)&nbsp;have an exclusive option to purchase
or designate a third party to purchase all or part of the ninety-five&nbsp;percent (95%) equity interests in the VIE or purchase all or
part of the ninety-five&nbsp;percent (95%) assets of Gongwuyuan when and to the extent permitted by the laws of the PRC.&nbsp; The PRC
operating entities hold the licenses, approvals and key assets that are essential for our business operations.</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"></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 0pt 0pt 0in; text-indent: 0in; text-align: justify">However, there are substantial uncertainties regarding the interpretation
and application of PRC laws and regulations. The relevant PRC regulatory authorities have discretion in determining whether the VIE structure
violates PRC laws and regulations. If we are found in violation of any PRC laws or regulations, or if the VIE structure is disallowed
by the relevant governmental authorities, or if the VIE Agreements are determined as illegal or invalid by any PRC court, arbitral tribunal
or regulatory authorities, the relevant governmental authorities would have discretion in dealing with such violations, including, without
limitation:</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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font-size: 10pt"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">revoking the agreements constituting the Contractual Arrangements;</FONT></TD></TR>
  </TABLE>
<P STYLE="text-align: justify; 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="text-align: justify; width: 0.5in">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 0.25in; font-size: 10pt"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">revoking the business licenses and/or operating licenses of such entities;</FONT></TD></TR>
  </TABLE>
<P STYLE="text-align: justify; 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="text-align: justify; width: 0.5in">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 0.25in; font-size: 10pt"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">discontinuing or placing restrictions or onerous conditions on our operations;</FONT></TD></TR>
  </TABLE>
<P STYLE="text-align: justify; 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="text-align: justify; width: 0.5in">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 0.25in; font-size: 10pt"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">requiring us to restructure the operations in such a way as to compel us to establish a new enterprise, re-apply&nbsp;for the necessary licenses or relocate our businesses, staff and assets related to our value-added&nbsp;telecommunications services business;</FONT></TD></TR>
  </TABLE>
<P STYLE="text-align: justify; 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="text-align: justify; width: 0.5in">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 0.25in; font-size: 10pt"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">imposing fines on us or confiscating any of our income that they deem to have been obtained through illegal operations;</FONT></TD></TR>
  </TABLE>
<P STYLE="text-align: justify; 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="text-align: justify; width: 0.5in">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 0.25in; font-size: 10pt"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">imposing conditions or requirements with which we or the VIE may not be able to comply;</FONT></TD></TR>
  </TABLE>
<P STYLE="text-align: justify; 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="text-align: justify; width: 0.5in">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 0.25in; font-size: 10pt"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">requiring us or the VIE to restructure the relevant ownership structure or operations;</FONT></TD></TR>
  </TABLE>
<P STYLE="text-align: justify; 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="text-align: justify; width: 0.5in">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 0.25in; font-size: 10pt"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">restricting or prohibiting our use of the proceeds from the initial public offering or other of our financing activities to finance the business and operations of the VIE; or</FONT></TD></TR>
  </TABLE>
<P STYLE="text-align: justify; 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="text-align: justify; width: 0.5in">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 0.25in; font-size: 10pt"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">taking other regulatory or enforcement actions that could be harmful to our business.</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 0pt 0pt 0in; text-indent: 0in; text-align: justify">The imposition of any of these penalties would result in a material
and adverse effect on our ability to conduct business via the VIE, and adversely affect our financial condition and results of operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">Additionally, if the PRC government determines the Contractual Arrangements
with the VIE and its shareholders to operate our business in China do not comply with applicable PRC Laws, or if these applicable PRC
Laws or the interpretation of existing applicable PRC Laws change in the future, and as a result, we are unable to assert contractual
control over the assets of our PRC subsidiaries or the VIE, our shares may significantly decline in value, or even lose all its value.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify"><B><I>We rely on Contractual Arrangements with the VIE and certain
shareholders of the VIE to consolidate financial results of the PRC operating entities. </I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">We do not have an equity ownership in, direct foreign investment in,
or control of, through such ownership or investment, the VIE.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">Due to the PRC restrictions or prohibitions on foreign ownership of
certain businesses in China, we operate the PRC operating entities&rsquo; business in China through the Contractual Arrangements in which
we have no direct ownership interest. We have relied and expect to continue to rely on the Contractual Arrangements with the VIE and certain
shareholders of the VIE to consolidate the financial results of the PRC operating entities&rsquo; business. These contractual arrangements
are intended to enable us to (i) direct the activities of the VIE that most significantly impact the VIE&rsquo;s economic performance,
(ii) receive substantially all of the economic benefits of the VIE and its subsidiaries; and (iii) have an exclusive option to purchase
all or part of the equity interests in and assets of the VIE and its subsidiaries when and to the extent permitted by PRC law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">The Contractual Arrangements may not be as effective as direct ownership
in providing us control over the VIE.&nbsp;For example, the VIE and their shareholders could breach their contractual arrangements with
us by, among other things, failing to conduct the operations of the VIE in an acceptable manner or taking other actions that are detrimental
to our interests.</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"></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 0pt 0pt 0in; text-indent: 0in; text-align: justify">If we had direct ownership of the VIE in China, we would be able to
exercise our rights as a shareholder to effect changes in the board of directors of the VIE, which in turn could implement changes, subject
to any applicable fiduciary obligations, at the management and operational level. However, under the current contractual arrangements,
we rely on the performance by the VIE and their shareholders of their obligations under the contracts to exercise control over the VIE.&nbsp;The
shareholders of the VIE may not act in the best interests of our company or may not perform their obligations under these contracts. If
any dispute relating to these contracts remains unresolved, we will have to enforce our rights under these contracts through the operations
of PRC law and arbitration, litigation and other legal proceedings and therefore will be subject to uncertainties in the PRC legal system.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify"><B><I>Any failure by the VIE or their shareholders to perform their
obligations under our contractual arrangements with them would have a material and adverse effect on our business.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">If the VIE or their shareholders fail to perform their respective obligations
under the contractual arrangements, we may have to incur substantial costs and expend additional resources to enforce such arrangements.
We may also have to rely on legal remedies under PRC law, including seeking specific performance or injunctive relief, and contractual
remedies, which we cannot assure you will be sufficient or effective under PRC law. For example, if the shareholders of the VIE were to
refuse to transfer their equity interests in the VIE to us or our designee if we exercise the purchase option pursuant to these contractual
arrangements, or if they were otherwise to act in bad faith toward us, then we may have to take legal actions to compel them to perform
their contractual obligations. In addition, if any third parties claim any interest in such shareholders&rsquo; equity interests in the
VIE, our ability to exercise shareholders&rsquo; rights or foreclose the share pledge according to the contractual arrangements may be
impaired. If these or other disputes between the shareholders of the VIE and third parties were to impair our control over the VIE, our
ability to consolidate the financial results of the VIE would be affected, which would in turn result in a material adverse effect on
our business, operations and financial condition.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">These Contractual Arrangements are governed by and interpreted in accordance
with the laws of the PRC, and disputes arising from these Contractual Arrangements will be resolved through arbitration in China. The
legal system in the PRC is still developing. As a result, uncertainties in the PRC legal system could limit our ability to enforce these
contractual arrangements. Further, there are very few precedents and little formal guidance as to how contractual arrangements in the
context of a consolidated VIE should be interpreted or enforced under PRC law. There remain significant uncertainties regarding the ultimate
outcome of such arbitration should legal action become necessary. In addition, under PRC law, rulings by arbitrators are final and parties
cannot appeal the arbitration results in courts, and if the losing parties fail to carry out the arbitration awards within a prescribed
time limit, the prevailing parties may only enforce the arbitration awards in PRC courts through arbitration award recognition proceedings,
which would require additional expenses and delay. In the event we are unable to enforce the Contractual Arrangements, or we experience
significant delays or other obstacles in the process of enforcing these contractual arrangements, we may not be able to exert effective
control over the VIE and may lose control over the assets owned by it. As a result, we may be unable to consolidate the consolidated financial
statements of the PRC operating entities and our ability to conduct business may be negatively affected.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify"><B><I>We may lose the ability to use and enjoy assets held by Gongwuyuan
that are material to our business operations if Gongwuyuan or one of its subsidiaries declares bankruptcy or become subject to a dissolution
or liquidation proceeding.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">As part of our Contractual Arrangements, Gongwuyuan holds certain assets
that are material for the PRC operating entities&rsquo; business operations, including permits, domain names and IP rights, among others.
If Gongwuyuan or one of its subsidiaries goes bankrupt or all or part of its assets become subject to liens or rights of third-party&nbsp;creditors,
we may be unable to continue some or all of the PRC operating entities&rsquo; business activities, which could materially and adversely
affect our, and the VIE&rsquo;s business, financial condition and results of operations. Under the Contractual Arrangements, Gongwuyuan
may not enter into any transaction, except in the ordinary course of business, which substantially affect its assets, obligations, rights
or operation without prior written consent from us. Further, if Gongwuyuan undergoes a voluntary or involuntary liquidation proceeding,
independent third-party&nbsp;creditors may claim rights to some or all of its assets, thereby hindering our ability to operate our, and
VIE&rsquo;s business, which could materially and adversely affect our, and VIE&rsquo;s business, financial condition and results of operations.</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify"><B><I>If we exercise the option to acquire an equity ownership in Gongwuyuan,
the ownership transfer may subject us to certain limitations and substantial costs.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">Pursuant to the Regulations for the Administration of Foreign-Invested&nbsp;Telecommunications
Enterprises (the &ldquo;FITE Regulations&rdquo;) promulgated by the State Council, foreign Selling Shareholders are not allowed to hold
more than 50% of the equity interests of any company providing value-added&nbsp;telecommunications services, including Internet Content
Provider (&ldquo;ICP&rdquo;) services. In addition, foreign-invested&nbsp;telecommunication enterprises should meet the requirements as
prescribed in the relevant regulations. As there remain uncertainties regarding the review requirements of foreign-invested&nbsp;telecommunications
enterprises in China, we cannot assure you that we could meet the requirements as prescribed and could pass the examination and approval
of the competent telecommunications authorities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">Pursuant to the Contractual Arrangements, the Pengze WFOE, or its designated
person has the exclusive right to purchase up to ninety-five&nbsp;percent (95%) of the equity interests in Gongwuyuan from the shareholders
at the lowest price permitted by applicable PRC Law, when and if permitted by applicable PRC Law. The equity transfer may be subject to
the approvals from, registrations with or report to the MIIT, the State Administration for Market Regulation, the MOFCOM of the PRC and/or
their local competent branches. In addition, the equity transfer price may be subject to review and tax adjustment by the relevant tax
authority. The shareholders will then pay the equity transfer price they receive to the Pengze WFOE or its designated person under the
Contractual Arrangements. The amount to be received by the Pengze WFOE may also be subject to enterprise income tax. Such tax amounts
could be substantial.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify"><B><I>Uncertainties exist with respect to the interpretation and implementation
of the newly enacted Foreign Investment Law, and how it may impact the viability of our current corporate structure, corporate governance,
business, financial condition and results of operations.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">On March&nbsp;15, 2019, China&rsquo;s National People&rsquo;s Congress
promulgated the Foreign Investment Law, which came into effect on January&nbsp;1, 2020 and replaced the trio of previous laws regulating
foreign investment in China, namely, the Sino-foreign&nbsp;Equity Joint Venture Enterprise Law, the Sino-foreign&nbsp;Cooperative Joint
Venture Enterprise Law and the Wholly Foreign-invested&nbsp;Enterprise Law, together with their implementation rules and ancillary regulations.
The Foreign Investment Law embodies an expected PRC regulatory trend to rationalize its foreign investment regulatory regime in line with
prevailing international practice and the legislative efforts to unify the corporate legal requirements for both foreign and domestic
investments. However, since it is relatively new, uncertainties still exist in relation to its interpretation and implementation, and
failure to take timely and appropriate measures to cope with the regulatory-compliance&nbsp;challenges could result in material and adverse
effect on us. For instance, though the Foreign Investment Law does not explicitly classify contractual arrangements as a form of foreign
investment, it contains a catch-all&nbsp;provision under the definition of &ldquo;foreign investment&rdquo;, which includes investments
made by foreign Selling Shareholders in China through means stipulated in laws or administrative regulations or other methods prescribed
by the State Council of PRC.&nbsp;Therefore, it still leaves leeway for future laws, administrative regulations or provisions promulgated
by the State Council to provide for contractual arrangements as a form of foreign investment, at which time it will be uncertain whether
our contractual arrangements will be deemed to be in violation of the market access requirements for foreign investment in the PRC and
how our Contractual Arrangements will be dealt with. In addition, if future laws, administrative regulations or provisions prescribed
by the State Council mandate further actions to be taken by companies with respect to existing contractual arrangements, we may face substantial
uncertainties as to whether we can complete such actions in a timely manner, or at all. We may be required to unwind our existing Contractual
Arrangements and/or dispose of the relevant business operations, which could have a material and adverse effect on our current corporate
structure, corporate governance, business, financial condition and results of operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">On December&nbsp;27, 2021, the Special Administrative Measures for
Access of Foreign Investment (2021 Edition), or the Negative List (2021) were promulgated. The Negative List (2021) was then abolished
by the Special Administrative Measures for Access of Foreign Investment (2024 Edition), or the Negative List (2024), which was promulgated
on September&nbsp;6, 2024 and became effective on November&nbsp;1, 2024. The Negative List (2024)&nbsp;stipulates that if a domestic enterprise
engaged in business in the prohibited investment field issues shares abroad and is listed for trading, it shall be examined and approved
by the relevant competent authorities of the state. According to a press release issued by the National Development and Reform Commission
(&ldquo;NDRC&rdquo;) in relation to the same provisions in the Negative List (2021), the above provisions are only applicable to the direct
overseas listing of domestic enterprises engaged in the prohibited investment field. However, if relevant governmental authority determines
or new future rules provides that we are required to obtain the approval, we would have to apply for such approval. There is no assurance
that we will be able to obtain such approval in time or at all. If we fail to obtain the approve as required or in a timely manner, the
VIE structure may be deemed illegal and ordered to be cancelled by relevant government authorities, and other administrative measures
or penalties may be imposed on us, which could materially and adversely affect our business, financial condition, results of operations
and the value of our Ordinary Shares.</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify"><B><I>Our Contractual Arrangements may be subject to scrutiny by the
PRC tax authorities and who may determine that we owe additional taxes which could substantially reduce our consolidated net income.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">Under PRC Laws, arrangements and transactions among related parties
may be subject to audit or challenge by the PRC tax authorities. We could face material and adverse tax consequences if the PRC tax authorities
determine that the Contractual Arrangements among the Pengze WFOE, Gongwuyuan and its shareholders do not represent an arms-length&nbsp;price
and adjust the VIE&rsquo;s income in the form of a transfer pricing adjustment. A transfer pricing adjustment could, among other things,
result in a reduction, for PRC tax purposes, of expense deductions recorded by Gongwuyuan, which could in turn increase its tax liabilities.
In addition, the PRC tax authorities may impose late payment fees and other penalties to Gongwuyuan for under-paid&nbsp;taxes. Our results
of operations may be materially and adversely affected if our tax liabilities increase or if we are found to be subject to late payment
fees or other penalties. Our financial conditions could be materially and adversely affected if our tax liabilities increase or Gongwuyuan
is required to pay late payment fees and other penalties.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify"><B><I>The shareholders of the VIE may have actual or potential conflicts
of interest with us, which may materially and adversely affect our business and financial condition.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">The shareholders of the VIE in Baiya may breach, or refuse to renew,
the existing Contractual Arrangements we have with them, which may have a material and adverse effect on our ability to effectively consolidate
financial results of Gongwuyuan as primary beneficiary. We cannot assure you that when conflicts of interest arise any or all of these
shareholders will act in the best interests of our company or such conflicts will be resolved in our favor. If we cannot resolve any conflict
of interest or dispute between us and these shareholders, we would have to rely on legal proceedings, which could result in disruption
of our business and subject us to substantial uncertainty as to the outcome of any such legal proceedings.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify"><B><I>If the custodians or authorized users of our controlling&nbsp;non-tangible&nbsp;assets,
including chops and seals of the VIE, fail to fulfill their responsibilities, or misappropriate or misuse these assets, our business and
operations may be materially and adversely affected.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">Under PRC law, legal documents for corporate transactions, including
agreements and contracts that our business relies on, are executed using the chop or seal of the signing entity or with the signature
of a legal representative whose designation is filed with the relevant local branch of the State Administration for Market Regulation
(&ldquo;SAMR&rdquo;), formerly known as the State Administration for Industry and Commerce. We generally execute legal documents by affixing
chops or seals, rather than having the designated legal representatives sign the documents.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">We use three major types of chops: corporate chops, contract chops
and finance chops. Chops are seals or stamps used by a PRC company to legally authorize documents, often in place of a signature. We use
corporate chops generally for documents to be submitted to government agencies, such as applications for changing business scope, directors
or company name, and for legal letters. We use contract chops generally for contracts and agreements. We use finance chops generally for
making and collecting payments, including issuing invoices. Use of corporate chops must be approved by department manager and office of
the president, use of contract chops must be approved by department manager or responsible personnel with higher authority, and use of
finance chops must be approved by our finance department. The chops of our PRC subsidiary and consolidated VIE are generally held by the
relevant entities so that documents can be executed locally. Although we usually utilize chops to execute contracts, the registered legal
representatives of our PRC subsidiary and consolidated VIE have the apparent authority to enter into contracts on behalf of such entities
without chops, unless such contracts set forth otherwise.</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">In order to maintain the physical security of our chops, we generally
have them stored in secured locations accessible only to the designated key employees of the office of the president or finance departments.
Our designated legal representatives generally do not have access to the chops. Although we have approval procedures in place and monitor
our key employees, including the designated legal representatives of our subsidiary and consolidated VIE, the procedures may not be sufficient
to prevent all instances of abuse or negligence. There is a risk that our key employees or designated legal representatives could abuse
their authority, for example, by binding our subsidiary and consolidated VIE with contracts against our interests, as we would be obligated
to honor these contracts if the other contracting party acts in good faith in reliance on the apparent authority of our chops or signatures
of our legal representatives. If any designated legal representative obtains control of the chop in an effort to obtain control over the
relevant entity, we will need to have a shareholder or board resolution to designate a new legal representative to take legal action to
seek the return of the chop, apply for a new chop with the relevant authorities, or otherwise seek legal remedies for the legal representative&rsquo;s
misconduct. If any of the designated legal representatives obtains and misuses or misappropriates our chops and seals or other controlling
intangible assets for whatever reason, we could experience disruption to our normal business operations. We may have to take corporate
or legal action, which could involve significant time and resources to resolve the matter, while distracting management from our operations,
and our business operations may be materially and adversely affected.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify"><B><I>The recent state government interference into business activities
on U.S. listed Chinese companies may negatively impact our existing and future operations in China. The Chinese government may intervene
in or influence our operations at any time, which could result in a material change in our operations and significantly and adversely
impact the value of the Ordinary Shares, including potentially causing the value of the Ordinary Shares to decline or be worthless.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">The Chinese 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. To the extent that the cash and assets in our business are in the PRC operating entities, the funds or assets may
not be available to fund operations or for other use outside of the PRC due to intervention in or the imposition of restrictions and limitations
on the ability of us or our subsidiaries by the Chinese government to transfer cash or assets. Any such intervention in or influence on
our business operations or action to exert more oversight and control over the cash or assets of our subsidiaries, once taken by the Chinese
government, could adversely affect our, and or VIE&rsquo;s business, financial condition and results of operations and the value of the
Ordinary Shares, or significantly limit or completely hinder our ability to offer or continue to offer securities to Selling Shareholders
and cause the value of the Ordinary Shares to significantly decline or in extreme cases, become worthless.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">The Chinese government has recently published new policies that significantly
affected certain industries such as the internet industries, and we cannot rule out the possibility that it will in the future release
regulations or policies that could require us to seek other permission from Chinese authorities to continue to operate our business, which
may adversely affect our business, financial condition and results of operations. Furthermore, recent statements made by the Chinese government
have indicated an intent to increase the government&rsquo;s oversight and control over offerings of companies with significant operations
in China that are to be conducted in foreign markets, as well as foreign&nbsp;investment in China-based&nbsp;issuers like us. Any such
action, if taken by the Chinese government, could significantly limit or completely hinder our ability to offer or continue to offer the
Ordinary Shares to our Selling Shareholders and could cause the value of the Ordinary Shares to significantly decline or become worthless.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">Recently, the Chinese government announced that it would step up supervision
of Chinese companies listed offshore. Under the new measures, China will improve regulation of cross-border&nbsp;data flows and security,
crack down on illegal activity in the securities market and punish fraudulent securities issuance, market manipulation and insider trading,
China will also check sources of funding for securities investment and control leverage ratios. The CAC has also opened a cybersecurity
probe into several U.S.-listed&nbsp;tech giants focusing on anti-monopoly, financial technology regulation and more recently, with the
passage of the Data Security Law, how companies collect, store, process and transfer data.</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"></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 0pt 0pt 0in; text-indent: 0in; text-align: justify">Although Baiya is a Cayman Islands holding company, the PRC operating
entities are headquartered and have operations in China. Because the PRC operating entities are in China and our major shareholders are
located in China, there is always a risk that the Chinese government may in the future seek to intervene or influence operations of any
company with any level of operations in China, including its ability to offer securities to Selling Shareholders, list its securities
on a U.S. or other foreign exchange, conduct its business or accept foreign investment. In light of China&rsquo;s recent announcements,
there are risks and uncertainties which we cannot foresee for the time being, and rules and regulations in China can change quickly with
little or no advance notice. The Chinese government may intervene or influence our PRC subsidiary&rsquo;s current and future operations
in China at any time, or may exert more control over offerings conducted overseas and/or foreign investment in issuers likes ourselves.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">If any or all of the foregoing were to occur, this could lead to a
material change in the PRC operating entities&rsquo; operations and/or the value of the Ordinary Shares and/or significantly limit or
completely hinder its ability to offer or continue to offer securities to Selling Shareholders and cause the value of such securities
to significantly decline or be worthless.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">On February&nbsp;17, 2023, the CSRC issued the New Administrative Rules
Regarding Overseas Listings, which became effective on March&nbsp;31, 2023. According to the New Administrative Rules Regarding Overseas
Listings, among other things, a domestic company in the PRC that seeks to offer and list securities in overseas markets shall fulfill
the filing procedure with the CSRC. When a domestic company seeks to directly offer and list securities in overseas markets, the issuer
shall file with the CSRC. When a 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. Initial public offerings
or listings in overseas markets shall be filed with the CSRC within 3&nbsp;working days after the relevant application is submitted overseas.
The required filing materials with the CSRC include (without limitation): (i) record-filing&nbsp;reports and related undertakings, (ii)
compliance certificates, filing or approval documents from the primary regulators of applicants&rsquo; businesses (if applicable), (iii)
security assessment opinions issued by related departments (if applicable), (iv) PRC legal opinions issued by domestic law firms (with
related undertakings), and (v) prospectus or listing documents.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">In addition, under the New Administrative Rules Regarding Overseas
Listings, a domestic company is prohibited from overseas offering and listing if any of the following circumstances is involved: (1) where
such securities offering and listing is explicitly prohibited by provisions in laws, administrative regulations and relevant state rules;
(2) where the intended securities offering and listing may endanger national security as reviewed and determined by competent authorities
under the State Council in accordance with law; (3) where the domestic company intending to make the securities offering and listing,
or its controlling shareholders and the actual controller, have committed crimes such as corruption, bribery, embezzlement, misappropriation
of property or undermining the order of the socialist market economy during the latest three years; (4) where the domestic company intending
to make the securities offering and listing is suspected of committing crimes or major violations of laws and regulations, and is under
investigation according to law, and no conclusion has yet been made thereof; and (5) where there are material ownership disputes over
equity held by the domestic company&rsquo;s controlling shareholder or by other shareholders that are controlled by the controlling shareholder
and/or actual controller. Moreover, a domestic company that seeks to offer and list securities in overseas markets shall abide by certain
other regulatory requirements as set out in the New Administrative Rules Regarding Overseas Listings, including without limitation to,
compliance with national secrecy, foreign investment, cybersecurity, data security, cross-border&nbsp;investment and financing, foreign
exchange, and other laws and relevant provisions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">Pursuant to the New Administrative Rules Regarding Overseas Listings,
we filed with the CSRC in accordance with the Trial Administrative Measures with respect to our initial public offering in March 2025.
We completed such filing procedures on June&nbsp;27, 2024, the completion of which was posted on the official website of the CSRC on June&nbsp;28,
2024. However, we cannot assure you of whether there will be further regulatory requirements related to overseas securities offerings
and other capital markets activities. Any failure on our part to fully comply with further regulatory requirements may significantly limit
or completely hinder our ability to offer or continue to offer our Ordinary Shares, cause significant disruption to our business operations,
and severely damage our reputation, which would materially and adversely affect our financial condition and results of operations and
cause our Ordinary Shares to significantly decline in value or become worthless.</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">On February&nbsp;24, 2023, the CSRC promulgated the Confidentiality
and Archives Administration Provisions, which also became effective on March&nbsp;31, 2023. According to the Confidentiality and Archives
Administration Provisions, domestic companies that seek overseas offering and listing (either in direct or indirect means) and the securities
companies and securities service (either incorporated domestically or overseas) providers that undertake relevant businesses shall institute
a sound confidentiality and archives administration system, and take necessary measures to fulfill confidentiality and archives administration
obligations. They shall not leak any state secret or working secret of government agencies, or harm national security and public interests.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">Furthermore, a domestic company that provides accounting archives or
copies of accounting archives to any entities, including securities companies, securities service providers and overseas regulators and
individuals, shall fulfill due procedures in compliance with applicable regulations. Working papers produced in the mainland China by
securities companies and securities service providers in the process of undertaking businesses related to overseas offering and listing
by domestic companies shall be retained in mainland China. Where such documents need to be transferred or transmitted to areas outside
of mainland China, relevant approval procedures stipulated by regulations shall be followed. We believe that our initial public offering
in March 2025 did not involve the leaking of any state secret or working secret of government agencies, or the harming of national security
and public interests. However, we may be required to perform additional procedures in connection with the provision of accounting archives.
The specific requirements of the relevant procedures are currently unclear and we cannot be certain whether we will be able to perform
the relevant procedures.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">Any failure of us to fully comply with new regulatory requirements
may significantly limit or completely hinder our ability to offer or continue to offer our Ordinary Shares, cause significant disruption
to our business operations, severely damage our reputation, materially and adversely affect our financial condition and results of operations
and cause our Ordinary Shares to significantly decline in value or become worthless.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify"><B><I>Adverse changes in economic and political policies of the PRC
government could have a material adverse effect on the overall economic growth of China, which could adversely affect our, and VIE&rsquo;s
business.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">Substantially all of our operations are located in China through the
VIE and its subsidiaries. Accordingly, our business, financial condition, results of operations and prospects may be influenced to a significant
degree by political, economic and social conditions in China generally. 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 Selling Shareholders, 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; text-indent: 0in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">While the Chinese economy has experienced significant growth over the
past decades, growth has been varied, both geographically and among various sectors of the economy, and the rate of growth has been slowing
since 2012. Any adverse changes in economic conditions in China, in the policies of the Chinese government or in the laws and regulations
in China could have a material adverse effect on the overall economic growth of China. Such developments could adversely affect our, and
VIE&rsquo;s business and operating results, lead to reduction in demand for VIE&rsquo;s services and adversely affect VIE&rsquo;s competitive
position. 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">In addition, in the past the Chinese government has implemented certain
measures, including interest rate adjustment, to control the pace of economic growth. These measures may cause decreased economic activity
in China, which may adversely affect our business and operating results.</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"></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 0pt 0pt 0in; text-indent: 0in; 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 of laws and regulations in China applicable to us
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; text-indent: 0in; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">The PRC legal system is a civil law system based on written statutes.
Prior court decisions are encouraged to be used for reference but it remains unclear to what extent the prior court decisions may impact
the current court ruling as the encouragement policy is new and there is limited judicial practice in this regard. Since a large number
of laws and regulations are relatively new and the PRC legal system continues to rapidly evolve, the interpretations of certain laws,
regulations and rules are not always uniform and the enforcement of these laws, regulations and rules involves uncertainties.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">In 1979, the PRC government began to promulgate a comprehensive system
of laws and regulations governing economic matters in general. The overall effect of legislation over the past decades has significantly
enhanced the protections afforded to various forms of foreign investments in China. However, Chinese legal system is still developing,
and recently enacted laws and regulations may not sufficiently cover all aspects of economic activities in China. In particular, the interpretation
and enforcement of these laws and regulations involve uncertainties. Since PRC administrative and court authorities have significant discretion
in interpreting and implementing statutory provisions and contractual terms, it may be difficult to evaluate the outcome of administrative
and court proceedings and the level of legal protection we enjoy. These uncertainties may affect our judgement on the relevance of legal
requirements and our ability to enforce our, or VIE&rsquo;s contractual rights or tort claims.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">In addition, the regulatory uncertainties may be exploited through
unmerited or frivolous legal actions or threats in attempts to extract payments or benefits from us.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; 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, or VIE&rsquo;s violation of any of these policies and rules until sometime after the violation. In addition, any administrative
and court proceedings in China may be protracted, resulting in substantial costs and diversion of resources and management attention.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">From time to time, we may have to resort to administrative and court
proceedings to enforce our legal rights. However, since PRC administrative and court authorities have significant discretion in interpreting
and implementing statutory 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. Furthermore, the PRC legal system is based in part on
government policies and internal rules (some of which are not published in a timely manner or at all) that may have retroactive effect.
As a result, we may not be aware of our violation of these policies and rules until sometime after the violation. Such uncertainties,
including uncertainty over the scope and effect of its contractual, property (including intellectual property) and procedural rights,
and any failure to respond to changes in the regulatory environment in China could materially and adversely affect our business and impede
our ability to continue our operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">We are also subject to the legal and operational risks associated with
being based in and having substantially all operations in China. These risks may result in material changes in operations, or a complete
hindrance of our ability to offer or continue to offer securities to Selling Shareholders, and could cause the value of our securities
to significantly decline or become worthless. 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 overseas listing of domestic enterprises, adopting new measures to extend the scope of cybersecurity reviews,
and expanding the efforts in anti-monopoly&nbsp;enforcement. On July&nbsp;6, 2021, the General Office of the Communist Party of China
Central Committee and the General Office of the State Council jointly issued an announcement to crack down on illegal activities in the
securities market and promote the high-quality&nbsp;development of the capital market, which, among other things, requires the relevant
governmental authorities to strengthen cross-border&nbsp;oversight of law-enforcement&nbsp;and judicial cooperation, to enhance supervision
over China-based&nbsp;companies listed overseas, and to establish and improve the system of extraterritorial application of the PRC securities
laws. On December&nbsp;28, 2021, Cybersecurity Review Measures (2021 version) was issued, which became effective on February&nbsp;15,
2022. As of the date of this prospectus, the above regulations have not impacted our ability to conduct the business, accept foreign investments,
or list on a U.S.&nbsp;or other foreign exchange; however, there are uncertainties in the interpretation and enforcement of these new
laws and guidelines, which could materially and adversely impact our overall business and financial outlook.</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"></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 0pt 0pt 0in; text-indent: 0in; text-align: justify"><B><I>We, and the VIE may be adversely affected by the complexity,
uncertainties and changes in PRC regulation related to the&nbsp;internet-related&nbsp;business and companies.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">The PRC government extensively regulates the internet industry, including
foreign ownership of, and the licensing and permit requirements pertaining to, companies in the internet industry. These internet-related&nbsp;laws
and regulations are relatively new and evolving, and their interpretation and enforcement involve uncertainty. As a result, in certain
circumstances it may be difficult to determine what actions or omissions may be deemed to be in violations of applicable laws and regulations.
Issues, risks and uncertainties relating to PRC regulation of the internet business include, but are not limited to, the following:</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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font-size: 10pt"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">We only have contractual arrangement over the PRC operating entities due to the restriction of foreign investment in businesses providing value-added&nbsp;telecommunication services in China. This may significantly disrupt our business, subject us to sanctions, compromise enforceability of related contractual arrangements, or have other harmful effects on us.</FONT></TD></TR>
  </TABLE>
<P STYLE="text-align: justify; 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="text-align: justify; width: 0.5in">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 0.25in; font-size: 10pt"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">There are uncertainties relating to the regulation of the internet business in China, including evolving licensing practices and the requirement for real-name&nbsp;registrations. This means that permits, licenses or operations at some of the PRC operating entities may be subject to challenge, or we may fail to obtain permits or licenses that may be deemed necessary for our operations or we may not be able to obtain or renew certain permits or licenses. If we fail to maintain any of these required licenses or approvals, we may be subject to various penalties, including fines and discontinuation of or restriction on our operations. Any such disruption in our business operations may have a material and adverse effect on our results of operations.</FONT></TD></TR>
  </TABLE>
<P STYLE="text-align: justify; 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="text-align: justify; width: 0.5in">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 0.25in; font-size: 10pt"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">New laws and regulations may be promulgated that will regulate internet activities, including online content provision and advertising businesses. If these new laws and regulations are promulgated, additional licenses may be required for our operations. If our operations do not comply with these new regulations after they become effective, or if we fail to obtain any licenses required under these new laws and regulations, we could be subject to penalties.</FONT></TD></TR>
  </TABLE>
<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"></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 0pt 0pt 0in; text-indent: 0in; text-align: justify">The interpretation and application of existing PRC laws, regulations
and policies and possible new laws, regulations or policies relating to the internet industry have created substantial uncertainties regarding
the legality of existing and future foreign investments in, and the businesses and activities of, internet businesses in China, including
our business. For example, according to the Negative List (2024), our value-added&nbsp;telecommunication services are restricted industry.
The Negative List (2024)&nbsp;also stipulates that if a domestic enterprise engaged in business in the prohibited investment field issues
shares abroad and is listed for trading, it shall be examined and approved by the relevant competent authorities of the state. According
to a press release issued by the NDRC in relation to the same provisions in the Negative List (2021), the above provisions are only applicable
to the direct overseas listing of domestic enterprises engaged in business in the prohibited investment field. However, provisions on
overseas indirect listing of domestic companies are still being formulated and there are no detailed rules in connection with relevant
requirements or procedures to obtain approval from relevant competent departments of the state. If relevant governmental authority determines
or new future rules provides that we are required to obtain the approval and/or abide by the management requirement, we would have to
apply for such approval and/or adjust our current management mechanism. There is no assurance that we will be able to obtain such approval
in time or at all.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">Subject to interpretation
by the relevant authorities, it may not be possible for us to determine in all cases the type of content that could result in liability
for us, especially if the Chinese government continues to maintain or strengthen its heightened scrutiny on internet content in China.
We may not be able to control or restrict all of the online content generated, transmitted or placed on our network or platform by our
users, despite our attempt to monitor and filter such content. To the extent that regulatory authorities find any portion of our content
on our network or platform objectionable or requiring any license or permit that we have not obtained, they may require us to limit or
eliminate the dissemination of such information or otherwise curtail the nature of such content, and keep records and report to relevant
authorities, which may reduce our user traffic. In addition, we may be subject to significant penalties for violations of those regulations
arising from prohibited content displayed on, retrieved from or uploaded to our network or platform, including a suspension or shutdown
of our operations. The enforcement activities may be intensified in connection with any ongoing government campaigns. In addition, while
we maintain a regular internal monitoring and compliance protocol, we cannot ascertain that we would not fall foul of any changing or
new government regulations or standards in the future. If we receive a public warning from the relevant government authorities or our
licenses are revoked, our reputation would be harmed and if the operation of our online business is suspended or shut down entirely or
in part, our revenues and results of operation may be materially and adversely affected. Furthermore, the internal compliance investigation
and the removal of content may have a material impact on our network or platform operation, which in turn may lead to a decrease in users
and have an adverse effect on our revenues and results of operations. To date, we have not been able to quantify the magnitude and extent
of such impact.</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"></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 0pt 0pt 0in; text-indent: 0in; text-align: justify"><B><I>Regulation and censorship of information disseminated over the
internet in China may adversely affect our business and reputation and subject the VIE to liability for information displayed on our websites.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">The PRC government has adopted regulations governing internet access
and the distribution of news and other information over the internet. Under these regulations, internet content providers and internet
publishers are prohibited from posting or displaying over the internet content that, among other things, violates PRC Laws, impairs the
national dignity of China, or is reactionary, obscene, superstitious, fraudulent or defamatory. Failure to comply with these requirements
may result in the revocation of licenses to provide internet content and other licenses, and the closure of the concerned websites. In
the past, failure to comply with such requirements has resulted in the closure of certain websites. The website operator may also be held
liable for such censored information displayed on or linked to the websites. If any of VIE&rsquo;s websites and teaching materials disseminated
are found to be in violation of any such requirements, the VIE may be penalized by relevant authorities, and VIE&rsquo;s operations or
reputation could be adversely affected.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify"><B><I>The PRC operating entities may be liable for improper collection,
use or appropriation of personal information provided by our customers and users.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">The PRC operating entities collect and retains customer and user data,
including personal information. The PRC operating entities also maintain information about various aspects of their operations as well
as regarding their employees. The integrity and protection of the PRC operating entities&rsquo; customer, user, employee and company data
is critical to our business. The PRC operating entities&rsquo; customers, users and employees expect that the PRC operating entities will
adequately protect their personal information. The PRC operating entities 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; text-indent: 0in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">According to the applicable PRC laws and regulations in relation to
cybersecurity and data security, data processing includes, in a broad sense, among others, the collection or access, processing, transmission
and related data activities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">The PRC Criminal Law, as amended by its Amendment 7 (effective on February&nbsp;28,
2009), and Amendment 9 (effective on November&nbsp;1, 2015), Amendment 10 (effective on November&nbsp;4, 2017) and Amendment 11 (effective
on March&nbsp;1, 2021), 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. The Civil Code of the PRC (issued by the PRC National People&rsquo;s Congress on May&nbsp;28, 2020 and effective
from January&nbsp;1, 2021) provides main legal basis for privacy and personal information infringement claims under the Chinese civil
laws. PRC regulators, including the CAC, MIIT, and the Ministry of Public Security have been increasingly focused on regulation in the
areas of data security and data protection. 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. The PRC governmental authorities have promulgated, among
others, the Cyber Security Law of the PRC (<FONT STYLE="font-family: Times New Roman, Times, Serif">&#12298;&#20013;&#21326;&#20154;&#27665;&#20849;&#21644;&#22269;&#32593;&#32476;&#23433;&#20840;&#27861;&#12299;</FONT>),
Personal Information Protection Law of the People&rsquo;s Republic of China (<FONT STYLE="font-family: Times New Roman, Times, Serif">&#12298;&#20013;&#21326;&#20154;&#27665;&#20849;&#21644;&#22269;&#20010;&#20154;&#20449;&#24687;&#20445;&#25252;&#27861;&#12299;</FONT>),
Data Security Law of the People&rsquo;s Republic of China (<FONT STYLE="font-family: Times New Roman, Times, Serif">&#12298;&#20013;&#21326;&#20154;&#27665;&#20849;&#21644;&#22269;&#25968;&#25454;&#23433;&#20840;&#27861;&#12299;</FONT>),
Measures for Cybersecurity Review (2021) (<FONT STYLE="font-family: Times New Roman, Times, Serif">&#12298;&#32593;&#32476;&#23433;&#20840;&#23457;&#26597;&#21150;&#27861;</FONT>(2021)<FONT STYLE="font-family: Times New Roman, Times, Serif">&#12299;</FONT>),
the Measures for the Security Assessment of Outbound Data Transfers, or the Measures (<FONT STYLE="font-family: Times New Roman, Times, Serif">&#12298;&#25968;&#25454;&#20986;&#22659;&#23433;&#20840;&#35780;&#20272;&#21150;&#27861;&#12299;</FONT>)
and the Regulations on the Network Data Security Management (the &ldquo;Data Security Management Regulations&rdquo;) (<FONT STYLE="font-family: Times New Roman, Times, Serif">&#12298;&#32593;&#32476;&#25968;&#25454;&#23433;&#20840;&#31649;&#29702;&#26465;&#20363;&#12299;</FONT>)
to ensure cyber security, data and personal information protection.</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 0pt 0pt 0in; text-indent: 0in; text-align: justify">The PRC operating entities attach great importance to data security,
cyber security and personal information protection, and the evolvement of applicable PRC laws and regulations therewith, and we strive
to comply with laws and regulations with respect to data security, cyber security and personal information protection. As of the date
of this prospectus, The PRC operating entities have implemented comprehensive internal policies and measures on protection of cyber security,
data privacy and personal information so as to comply with relevant PRC laws and regulations. The main internal policies and measures
of are as follows: (i)&nbsp;for customer data processing, the PRC operating entities deploy the access control mechanism on the server
side, adopts the principle of minimum authorization for the staff who may contact end users&rsquo; personal data; (ii)&nbsp;the PRC operating
entities&rsquo; operating systems and database systems have password complexity requirements; (iii)&nbsp;the PRC operating entities have
established Information Security Committee and appoints Bin Tan to be the head of the committee; (iv)&nbsp;the PRC operating entities
have formulated a cybersecurity contingency plan and will conduct training and safety drills every year in preparation for any emergency
cybersecurity incidents; (v)&nbsp;the PRC operating entities have established data privacy policies to ensure that its collection of data
is conducted in accordance with applicable laws and regulations and that the collection is for legitimate purposes as set out in its agreements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">While the PRC operating entities take various measures to comply with
applicable data privacy and protection laws and regulations, there is no guarantee that our current or past security measures and those
of our third-party&nbsp;service providers may always be adequate for the protection of our customer, employee or company data, nor fully
fulfil the requirements under relevant PRC laws and regulations; and like all companies, the PRC operating entities have experienced data
incidents from time to time. In addition, given the size of our customer base and the types and volume of personal data on the PRC operating
entities&rsquo; system, the PRC operating entities may be a particularly attractive target for computer hackers, foreign governments or
cyber terrorists. Unauthorized access to the PRC operating entities&rsquo; proprietary internal and customer data may be obtained through
break-ins, sabotage, breach of their secure network by an unauthorized party, computer viruses, computer denial-of-service&nbsp;attacks,
employee theft or misuse, breach of the security of the networks of their third-party&nbsp;service providers, or other misconduct. Because
the techniques used by computer programmers who may attempt to penetrate and sabotage the PRC operating entities&rsquo; proprietary internal
and customer data change frequently and may not be recognized until launched against a target, the PRC operating entities may be unable
to anticipate these techniques. Unauthorized access to the PRC operating entities&rsquo; proprietary internal and customer data may also
be obtained through inadequate use of security controls. Any of such incidents may harm our and the VIE&rsquo;s reputation and adversely
affect our and the VIE&rsquo;s business and results of operations. In addition, we and the VIE may be subject to negative publicity about
our security and privacy policies, systems, or measurements from time to time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">Any failure to prevent or mitigate security breaches, cyber-attacks&nbsp;or
other unauthorized access to the PRC operating entities&rsquo; systems or disclosure of our customers&rsquo; data, including their personal
information, could result in loss or misuse of such data, interruptions to their service system, diminished customer experience, loss
of customer confidence and trust, impairment of our technology infrastructure, and harm the PRC operating entities&rsquo; reputation and
business, resulting in significant legal and financial exposure and potential lawsuits and could cause the value of the Ordinary Shares
to significantly decline or be worthless. In addition, any violation of the provisions and requirements under relevant laws and regulations
with respect to cyber security, data security and personal information protection may subject the PRC operating entities to rectifications,
warnings, fines, confiscation of illegal gains, suspension of the related business, revocation of licenses, cancellation of qualifications
being entered into the relevant credit record or even criminal liabilities.</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 0pt 0pt 0in; text-indent: 0in; text-align: justify">In April&nbsp;2020, the Chinese government promulgated the Cybersecurity
Review Measures, which came into effect on June&nbsp;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.
On December&nbsp;28, 2021, the CAC published the Measures for Cybersecurity Review (2021 version), which became effective on February&nbsp;15,
2022 and replace the Measures for Cybersecurity Review promulgated on April&nbsp;13, 2020. The Measures for Cybersecurity Review (2021
version) specifies that the procurement of network products and services by operator of critical information infrastructure and the activities
of data process carried out by Internet platform operator that raise or may raise &ldquo;national security&rdquo; concerns are subject
to strict cyber security review by Cybersecurity Review Office established by the CAC. Before critical information infrastructure operator
purchases internet products and services, it should assess the potential risk of national security that may be caused by the use of such
products and services. If such use of products and services may give raise to national security concerns, it should apply for a cybersecurity
review by the Cybersecurity Review Office and a report of analysis of the potential effect on national security shall be submitted when
the application is made. In addition, Internet platform operators that possess the personal data of over one million users must apply
for a review by the Cybersecurity Review Office, if they plan to list their companies in foreign countries. The CAC may voluntarily conduct
cyber security review if any network products and services and activities of data process affects or may affect national security. It
may take approximately 70&nbsp;business days in maximum for the general cybersecurity review upon the delivery of their applications,
which may be subject to extensions for a special review. On July&nbsp;7, 2022, the Measures for the Security Assessment of Outbound Data
Transfers, or the Measures was published and became effective on September&nbsp;1, 2022, which requires security assessment of outbound
data transfers in cases, among others, outbound transfer of important data, outbound transfer of personal information by a critical information
infrastructure operator or a personal information processor who has processed the personal information of more than one million people.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">On September&nbsp;24, 2024, the State Council promulgated the Regulations
on the Network Data Security Management (the &ldquo;Data Security Management Regulations&rdquo;), which became effective on January&nbsp;1,
2025. Pursuant to the Data Security Management Regulations, network data processing activities refer to activities such as the collection,
storage, use, processing, transmission, provision, disclosure, and deletion of data. Network data processors refer to individuals or organizations
that independently determine the purposes and methods of data processing activities. Network data processors conducting any data processing
activities that affect or may affect national security shall undergo national security review in accordance with relevant national regulations.
Where it is indeed necessary to transfer any important data collected and generated within the territory of the PRC to an overseas party,
the security assessment of outbound data transfer organized by the national cyberspace administration department shall be passed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">The PRC operating entities currently does not have over one million
users&rsquo; personal information and does not anticipate that it will be collecting over one million users&rsquo; personal information
in the foreseeable future and the PRC operating entities do not conduct any data processing activities that affect or may affect national
security; further, the PRC operating entities&rsquo; business operations do not involve any Critical Information Infrastructure, and neither
we nor the PRC operating entities have received any notification from applicable PRC governmental authorities indicating that any of the
PRC operating entities&rsquo; products or services is determined as the Critical Information Infrastructure. As of the date of this prospectus,
neither we nor the PRC operating entities have received any notification from applicable PRC governmental authorities indicating that
we or the PRC operating entities shall file for a cybersecurity review.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">However, as there remains uncertainties in the interpretation and enforcement
of relevant PRC cybersecurity laws and regulations, we cannot assure you that the PRC regulators will reach the same conclusion as we
and our PRC legal counsel. If in the future, the PRC regulators require us or the PRC operating entities to apply for a cybersecurity
review, we cannot assure you that we or the PRC operating entities are able to pass such review. In addition, we and the PRC operating
entities could become subject to enhanced cybersecurity review or investigations launched by PRC regulators in the future. Any failure
or delay in the completion of the cybersecurity review procedures or any other non-compliance&nbsp;with the related laws and regulations
may result in fines or other penalties, including suspension the PRC operating entities&rsquo; business, website closure, removal of our
app from the relevant app stores, and revocation of prerequisite licenses, as well as reputational damage or legal proceedings or actions
against us and the PRC operating entities, which may have material adverse effect on ours and the PRC operating entities&rsquo; business,
financial condition or results of operations and cause the value of the Ordinary Shares to significantly decline or be worthless.</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify"><B><I>We rely on dividends and other distributions on equity paid by
our PRC subsidiary to fund any cash and financing requirements we may have, and any limitation on the ability of our PRC subsidiary to
make payments to us could have a material adverse effect on our ability to conduct our business.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">We are a holding company, and we rely on dividends and other distributions
on equity paid by our PRC subsidiary for our cash and financing requirements, including the funds necessary to pay dividends and other
cash distributions to our shareholders and service any debt we may incur. If our PRC subsidiary 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. In addition,
the PRC tax authorities may require our PRC subsidiary to adjust its taxable income, in a manner that would materially and adversely affect
their ability to pay dividends and other distributions to us.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">Under PRC laws and regulations, our PRC subsidiary, as wholly foreign-owned&nbsp;enterprise
in China, may pay dividends only out of their respective accumulated after-tax&nbsp;profits as determined in accordance with PRC accounting
standards and regulations. In addition, a wholly foreign-owned&nbsp;enterprise is required to set aside at least 10% of its accumulated
after-tax&nbsp;profits each year, if any, to fund certain statutory reserve funds, until the aggregate amount of such funds reaches 50%
of its registered capital. At the discretion of its shareholders, a wholly foreign-owned&nbsp;enterprise may allocate a portion of its
after-tax&nbsp;profits based on PRC accounting standards to fund an optional reserve. These reserve funds and the discretionary funds
are not distributable as cash dividends.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">In response to the persistent capital outflow and the Renminbi&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, including stricter vetting procedures for China-based&nbsp;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 subsidiary&rsquo;s dividends and other distributions may be subjected to tighter scrutiny in the future. Any limitation on the
ability of our PRC subsidiary to pay dividends or make other distributions to us could materially and adversely limit our ability to grow,
make investments or acquisitions that could be beneficial to our business, pay dividends, or otherwise fund and conduct our business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify"><B><I>There are significant uncertainties under the EIT Law relating
to the withholding tax liabilities of our PRC subsidiary, and dividends payable by our PRC subsidiary to our offshore subsidiaries may
not qualify to enjoy certain treaty benefits.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">Under the PRC Enterprise Income Tax Law (the &ldquo;EIT Law&rdquo;)
and its implementation rules, the profits of a foreign invested enterprise generated through operations, which are distributed to its
immediate holding company outside the PRC, will be subject to a withholding tax rate of 10%. Pursuant to a special arrangement between
Hong&nbsp;Kong and the PRC, such rate may be reduced to 5% if a Hong&nbsp;Kong resident enterprise owns more than 25% of the equity interest
in the PRC company. Our PRC subsidiary is wholly-owned&nbsp;by our Hong&nbsp;Kong subsidiary. Moreover, under the Notice of the State
Administration of Taxation on Issues regarding the Administration of the Dividend Provision in Tax Treaties promulgated on February&nbsp;20,
2009, the taxpayer needs to satisfy certain conditions to enjoy the benefits under a tax treaty. These beneficial owners of the relevant
dividends and the corporate shareholder to receive dividends from the PRC subsidiary must have continuously met the direct ownership thresholds
during the 12 consecutive&nbsp;months preceding the receipt of the dividends. Based on the Notice of the State Taxation Administration
on the Recognition of Beneficial Owners in Tax Treaties, which was promulgated by STA on February&nbsp;3, 2018 and came into effect on
April&nbsp;1, 2018, a comprehensive analysis will be used to determine beneficial ownership based on the actual situation of a specific
case combined with certain principles, and if an applicant was obliged to pay more than 50% of its income to a third country (region)
resident within 12&nbsp;months of the receipt of the income, or the business activities undertaken by an applicant did not constitute
substantive business activities including substantive manufacturing, distribution, management and other activities, the applicant was
unlikely to be recognized as a beneficial owner to enjoy tax treaty benefits. In current practice, a Hong&nbsp;Kong enterprise must obtain
a tax resident certificate from the relevant Hong&nbsp;Kong tax authority to apply for the 5% lower PRC withholding tax rate. As the Hong&nbsp;Kong
tax authority will issue such a tax resident certificate on a case-by-case&nbsp;basis, we cannot assure you that we will be able to obtain
the tax resident certificate from the relevant Hong&nbsp;Kong tax authority. As of the date of this prospectus, we have not commenced
the application process for a Hong&nbsp;Kong tax resident certificate from the relevant Hong&nbsp;Kong tax authority, and there is no
assurance that we will be granted such a Hong&nbsp;Kong tax resident certificate. Even after we obtain the Hong&nbsp;Kong tax resident
certificate, we are required by applicable tax laws and regulations to file required forms and materials with relevant PRC tax authorities
to prove that we can enjoy 5% lower PRC withholding tax rate. We intend to obtain the required materials and file with the relevant tax
authorities when it plans to declare and pay dividends, but there is no assurance that the PRC tax authorities will approve the 5% withholding
tax rate on dividends received from Juxing HK, incorporated in Hong&nbsp;Kong.</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">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">Any funds we transfer to our PRC subsidiary the Pengze WFOE, either
as a shareholder loan or as an increase in registered capital, are subject to approval by or registration or filing with relevant governmental
authorities in China. According to the relevant PRC regulations on foreign-invested&nbsp;enterprises, or FIEs, in China, capital contributions
to the Pengze WFOE are subject to registration with State Administration for Market Regulation in its local branches, report submission
to the Ministry of Commerce in its local branches and registration with a local bank authorized by SAFE.&nbsp;In addition, any foreign
loans by us to Pengze WFOE or the VIE cannot exceed a statutory limit and is required to be registered with the SAFE or its local branches.
We may not obtain these government approvals or complete such registrations on a timely basis, if at all, with respect to future capital
contributions or foreign loans by us to Pengze WFOE and VIE.&nbsp;If we fail to receive such approvals or complete such registration or
filing, our ability to use the proceeds of our offshore offerings and to capitalize our PRC operations may be negatively affected, which
could adversely affect our liquidity and our ability to fund and expand our business. On March&nbsp;30, 2015, the SAFE promulgated the
Circular on Reforming the Management Approach Regarding the Foreign Exchange Capital Settlement of Foreign-Invested&nbsp;Enterprises or
SAFE Circular 19. SAFE Circular 19 launched a nationwide reform of the administration of the settlement of the foreign exchange capitals
of FIEs and allows FIEs to settle their foreign exchange capital at their discretion but prohibit FIEs from using the Renminbi fund converted
from their foreign exchange capitals for expenditure beyond their business scopes, providing entrusted loans or repaying loans between
non-financial&nbsp;enterprises. SAFE further promulgated Circular on Reforming and Regulating the Policies for the Administration of Foreign
Exchange Settlement under the Capital Account or SAFE Circular&nbsp;16, effective on June&nbsp;9, 2016, it is stipulated that if the content
of the SAFE Circular 16 is inconsistent with the content of SAFE Circular&nbsp;19, the SAFE Circular 16 shall prevail. SAFE Circulars
19 and 16 both prohibit FIEs from using the Renminbi fund converted from their foreign exchange capitals for expenditure beyond their
business scopes or for investment and financing other than equity investment or investment in guaranteed products issued by banks, and
also prohibit FIEs from using such Renminbi fund to provide loans to persons other than affiliates or constructing or purchasing real
estate not for self-use, unless otherwise permitted under its business scope. As a result, we are required to apply Renminbi funds converted
from the net proceeds we received from our offshore offerings within the business scopes of our PRC subsidiary. SAFE Circular 19 and 16
may limit our ability to transfer to and use in China the net proceeds from our offshore offerings, which may affect our business, financial
condition and results of operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify"><B><I>Restrictions on currency exchange under PRC Laws may limit our
ability to convert cash derived from our operating activities into foreign currencies and may materially and adversely affect the value
of your investment.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">The PRC government imposes controls on the convertibility of Renminbi
into foreign currencies. We receive substantially all of our revenue in Renminbi and, in certain cases, the remittance of currency out
of China. Under our current corporate structure, our income is primarily derived from dividend payments from Pengze WFOE.&nbsp;Shortages
in the availability of foreign currency may restrict the ability of Pengze WFOE to remit sufficient foreign currency to pay dividends
or other payments to us, or otherwise satisfy their foreign currency denominated obligations, if any.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">Under existing PRC foreign exchange regulations, conversion of Renminbi
is permitted, without prior approval from the SAFE, for current account transactions, including profit distributions, interest payments
and expenditures from trade-related&nbsp;transactions, as long as certain procedural requirements are complied with. However, approval
from and registration with the SAFE, other PRC regulatory authorities or designated banks are required where Renminbi is to be converted
into foreign currency and remitted out of China for capital account transactions, which includes foreign direct investment and repayment
of loans denominated in foreign currencies. The PRC government may also restrict access in the future to foreign currencies for current
account transactions. Any existing and future restrictions on currency exchange in China may limit our ability to convert cash derived
from our operating activities into foreign currencies to fund expenditures denominated in foreign currencies. If the foreign exchange
restrictions in China prevent us from obtaining US dollars or other foreign currencies as required, we may not be able to pay dividends
in US dollars or other foreign currencies to our shareholders, or pay to suppliers and contractors in currencies other than Renminbi.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">Furthermore, foreign exchange control in respect of the capital account
transactions could affect our PRC subsidiary&rsquo; ability to obtain foreign exchange or conversion into Renminbi through debt or equity
financing, including by means of loans or capital contributions from us.</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify"><B><I>Fluctuations in exchange rates could have a material and adverse
effect on our results of operations and the value of your investment.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">The value of Renminbi against the U.S.&nbsp;dollar and other currencies
fluctuates, is subject to changes resulting from the PRC government&rsquo;s policies and depends to a large extent on domestic and international
economic and political developments as well as supply and demand in the local market. With the development of the foreign exchange market
and progress toward interest rate liberalization and Renminbi internationalization, the PRC government may in the future announce further
changes to the exchange rate system, and we cannot assure you that the Renminbi will not appreciate or depreciate significantly in value
against the Hong&nbsp;Kong dollar or the U.S.&nbsp;dollar in the future.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">Substantially all of our revenue and costs are denominated in Renminbi
and most of our financial assets are also denominated in Renminbi. We rely entirely on dividends and other fees paid to us by our PRC
subsidiary and the VIE.&nbsp;Our proceeds from our offshore offerings was denominated in dollars. Any significant change in the exchange
rates of the dollar against Renminbi may materially and adversely affect the value of and any dividends payable on, our Shares in dollars.
For example, a further appreciation of Renminbi against the dollar would make any new Renminbi-denominated&nbsp;investments or expenditures
more costly to us, to the extent that we need to convert dollars into Renminbi for such purposes. An appreciation of Renminbi against
the dollar would also result in foreign currency translation losses for financial reporting purposes when we translate our dollar denominated
financial assets into Renminbi. Conversely, if we decide to convert our Renminbi into dollars for the purpose of making payments for dividends
on our Shares or for other business purposes, appreciation of the dollar against Renminbi would have a negative effect on the dollar amount
available to us.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">Our reporting currency is the U.S.&nbsp;dollar while the functional
currency for our PRC operating entities is RMB.&nbsp;Gains and losses from the re-measurement&nbsp;of assets and liabilities that are
receivable or payable in RMB are included in our consolidated statements of operations. The re-measurement&nbsp;has caused the U.S.&nbsp;dollar
value of our results of operations to vary with exchange rate fluctuations, and the U.S.&nbsp;dollar value of our results of operations
will continue to vary with exchange rate fluctuations. A fluctuation in the value of RMB relative to the U.S.&nbsp;dollar could reduce
our profits from operations and the translated value of our net assets when reported in U.S.&nbsp;dollars in our consolidated financial
statements. This could have a negative impact on our business, financial condition or results of operations as reported in U.S.&nbsp;dollars.
In addition, fluctuations in currencies relative to the periods in which the earnings are generated may make it more difficult to perform
period-to-period&nbsp;comparisons of our reported results of operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">Very limited hedging options in China are available to reduce our exposure
to exchange rate fluctuations. To date, we have not entered into any material hedging transactions in an effort to reduce our exposure
to foreign currency exchange risk. While we may decide to enter into hedging transactions in the future, the availability and effectiveness
of these hedges may be limited and we may not be able to adequately hedge our exposure or at all. In addition, our currency exchange losses
may be magnified by PRC exchange control regulations that restrict our ability to convert Renminbi into foreign currency.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify"><B><I>The enforcement of the PRC Labor Contract Law and other&nbsp;labor-related&nbsp;regulations
in the PRC may adversely affect our, and VIE&rsquo;s business and results of operations.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">The Standing Committee of the National People&rsquo;s Congress enacted
the Labor Contract Law in 2008, and amended it on December&nbsp;28, 2012. The Labor Contract Law introduced specific provisions related
to fixed-term&nbsp;labor contracts, part-time&nbsp;employment, probationary periods, consultation with Labor unions and employee assemblies,
employment without a written contract, dismissal of employees, severance, and collective bargaining to enhance previous PRC Labor Jaws.
Under the Labor Contract Law, an employer is obligated to sign an unlimited-termLabor contract with any employee who has worked for the
employer for ten consecutive&nbsp;years. Further, if an employee requests or agrees to renew a fixed-term&nbsp;Labor contract that has
already been entered into twice consecutively, the resulting contract, with certain exceptions, must have an unlimited term, subject to
certain exceptions. With certain exceptions, an employer must pay severance to an employee where a Labor contract is terminated or expires.
In addition, the PRC governmental authorities have continued to introduce various new Labor-related&nbsp;regulations since the effectiveness
of the Labor Contract Law.</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"></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 0pt 0pt 0in; text-indent: 0in; text-align: justify">Under the PRC Social Insurance Law and the Administrative Measures
on Housing Fund, employees are required to participate in pension insurance, work-related&nbsp;injury insurance, medical insurance, unemployment
insurance, maternity insurance, and housing funds and employers are required, together with their employees or separately, to pay the
social insurance premiums and housing funds for their employees. If the VIE fails to make adequate social insurance and housing fund contributions,
the VIE may be subject to fines and legal sanctions, and our, and VIE&rsquo;s business, financial conditions and results of operations
may be adversely affected.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">These laws designed to enhance labor protection tend to increase VIE&rsquo;s
labor costs. In addition, as the interpretation and implementation of these regulations are still evolving, VIE&rsquo;s employment practices
may not be at all times be deemed in compliance with the regulations. As a result, the VIE could be subject to penalties or incur significant
liabilities in connection with labor disputes or investigations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify"><B><I>VIE&rsquo;s failure to fully comply with PRC&nbsp;labor-related&nbsp;laws
may expose it to potential penalties.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">Companies operating in China are required to participate in various
government sponsored employee benefit plans, including certain social insurance, housing funds and other welfare-oriented&nbsp;payment
obligations, and contribute to the plans in amounts equal to certain percentages of salaries, including bonuses and allowances, of our
employees up to a maximum amount specified by the local government from time to time at locations where the companies operate its businesses.
The requirement of employee benefit plans has not been implemented consistently by the local governments in China given the different
levels of economic development in different locations. The VIE and some of its subsidiaries have not paid social insurance and housing
provident fund in strict compliance with the relevant PRC regulations for and on behalf of their employees and/or have not carried out
social insurance registration and housing provident fund deposit registration as required by PRC laws as of the date of this prospectus
The VIE and its subsidiaries may be subject to penalties for its failure to make payments in accordance with the applicable PRC laws and
regulations, or rectification as required by the relevant governmental authorities. The VIE and its subsidiaries may be required to make
up the contributions for social insurance and housing provident fund and/or to pay late fees and fines. We have not made any accruals
for penalties that may be imposed by the relevant PRC governmental authorities in the financial statements. As of the date of this prospectus,
the VIE and its subsidiaries have not received any notification from the PRC governmental authorities requiring us to pay any outstanding
amount of the social insurance and housing provident fund contributions. Though our management considers the likelihood that we are required
by the PRC governmental authorities to make additional payment for the above mentioned amount wholly is low. If the VIE or any of its
subsidiaries is subject to fines in relation to the underpaid employee benefits, our, and the financial condition and results of operations
of the VIE or its subsidiaries may be adversely affected.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Further, Pursuant to the PRC Labor Contract Law, or the Labor Contract
Law, that became effective in January&nbsp;2008 and was last amended in December&nbsp;2012 and its implementing rules that became effective
in September&nbsp;2008, as well as other relevant labor laws and regulations, the VIE and its subsidiaries are subject to stricter requirements
in terms of, among others, signing labor contracts, minimum wages, paying remuneration, determining the term of employees&rsquo; probation
and unilaterally terminating labor contracts. As of the date of this prospectus, some employees signed labor contracts with several PRC
operating entities but actually work for different PRC operating entities, it may be considered that the actual employers have failed
to sign labor contracts with the employees. Under the PRC laws, if the employer fails to conclude a written labor contract with the employee
within one month but less than one year from the date of employment, it shall pay twice the monthly salary to the employee. If the VIE
or its subsidiaries are unable to comply with labor-related&nbsp;laws and regulations in China, it may be subject to compensations, liabilities,
penalties, labor disputes or government investigations. If the VIE or its subsidiaries are deemed to have violated relevant labor laws
and regulations, it could be required to provide additional compensation to the employees and subject to fines or any penalties, and our
business, financial condition and results of operations could be materially and adversely affected.</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify"><B><I>Failure to obtain or renew relevant requisite licenses, permits,
authorization, approvals or certificates from the relevant government authorities related to our business operation could have a material
adverse effect on our ability to conduct our business and our financial conditions.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">Our business operation in the PRC is subject to various licenses, permits,
authorization, approvals or certificates from or completion of relevant filings, registration with, or reports to the relevant governmental
authorities, including, but not limited to, the Value-added&nbsp;telecommunications business license, Human resource services license,
Labor dispatch business license, and Road transport business license.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">Gongwuyuan started to operate the employment platform and published
employment information as well as conducted other activities related to the operation of value-added&nbsp;telecommunication business from
March&nbsp;2019, but did not obtain the value-added&nbsp;telecommunication business operation license (&ldquo;ICP License&rdquo;) until
February&nbsp;2020. According to the Administrative Measures for Internet Information Services, to engage in commercial Internet information
services, the operator shall apply for an ICP License, if such operator do not obtain an ICP License but engage in commercial Internet
information services without authorization, the competent government authorizations may order corrections within a time limit, confiscate
the illegal gains (if any), impose a fine and if the circumstances are serious, the website shall be ordered to close. As of the date
of this annul report, Gongwuyuan has not been penalized nor inspected by relevant governmental authorities in connection with the abovementioned
late acquisition of the ICP License. While under the Law of the PRC on Administrative Penalties, where an unlawful act is not discovered
within two&nbsp;years of its commission, an administrative penalty shall not be imposed, the law further provides that in cases where
citizens&rsquo; life and health security or financial security is involved and harmful consequences are caused, the above-mentioned&nbsp;two-year&nbsp;period
shall be extended to five&nbsp;years. Therefore it remains uncertain whether the relevant governmental authority would initiate investigations
on the late obtaining of ICP license by Gongwuyuan or impose penalties on this regard in the future, if so, our ability to conduct our
business and our financial conditions could be adversely affected. In addition, Gongwuyuan started to provide human resources services
from April&nbsp;2020 without completion of relevant filings with the competent administrative authority for human resources, which was
completed by Gongwuyuan in January&nbsp;2021 by obtaining a filing certificate (updated into a human resource services license in April
2024). Under applicable PRC laws and regulations, Gongwuyuan could be ordered by the competent authorities to make corrections, impose
fines and other penalties for failure to compete the filing procedures in relation to its human resources services in a timely manner.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">Further, as of the date of this annul report, some subsidiaries of
Gongwuyuan have not successfully completed the reporting procedures in writing to the local administrative authority for human resources
for establishing branches that engaged in human resources services, and have not completed the reporting and filing procedures for establishing
branches that engaged in labor dispatching services. Besides, some subsidiaries of Gongwuyuan, which no longer engaged in relevant business
or has obtained relevant permissions as of the date of this annul report, had provided human resources services and labor dispatching
services without completion of relevant permission and filing procedures. Under the PRC Laws, for failure to complete the reporting or
filing procedures for establishing branches that engaged in human resources services or labor dispatching services, the relevant subsidiaries
may be ordered by the competent authorities to make corrections, confiscate illegal income, impose fines, be closed or other penalties
under the PRC laws. For any entity engages in employment agency activities without permission, such entity may be ordered by the competent
authorities to make corrections, confiscate illegal income, impose fines or be closed; for any entity engaging in human resources service
but failed to complete the filing procedures, it may be ordered to rectify and a fine would be imposed if the rectification is not made
within the time limit. For any entity engages in labor dispatching services without permission, such entity may be ordered by the competent
authorities to cease legal activities, confiscate illegal income and impose fines. One subsidiary of Gongwuyuan was engaged in road transport
business after the expiration of its road transportation operation license, which no longer engaged in relevant business as of the date
of this annul report. Any entity that engages in road transport business without obtaining a road transport business license may be ordered
by the competent transportation department to stop the business operation, confiscate the illegal income and impose a fine and other penalties
under the PRC laws. As of the date of this annul report, none of Gongwuyuan&rsquo;s subsidiaries have been subject to penalties or investigations
in connection with failure to obtain the abovementioned licenses or permits or complete the foregoing reporting or filing procedures.
However, there is no assurance that the subsidiaries will not receive penalties or be subject to investigation in this connection in the
future. Any penalty or investigation imposed by relevant governmental authority on such subsidiaries due to the aforementioned matter
in the future could have a material adverse effect on our ability to conduct our business and our financial conditions. Further, if any
of our PRC subsidiary, the VIE or its subsidiaries fails to obtain or renew any license, permit, authorization, approval or certificate
related to its business operation, it could be subject to penalties or investigations from the relevant government authorities, which
would materially and adversely affect our business operation and financial conditions.</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"></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 0pt 0pt 0in; text-indent: 0in; text-align: justify"><B><I>Failure by the VIE or its subsidiaries to comply with tax laws
or regulations, or lose their favorable tax treatments could subject us supplemental tax payment, higher tax liabilities or even penalties.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">Companies established in the PRC are subject to various tax liabilities,
procedures and other requirements. In particular, PRC companies are required to complete tax registration after their incorporation and
make tax declaration regularly or otherwise as stipulated by relevant laws and regulations. Some of the PRC operating companies failed
to complete tax registration and tax declaration on time. According to Law of the PRC on the Administration of Tax Collection, each of
the PRC operating entities that failed to complete tax registration and tax declaration may be ordered by the tax authorities to make
corrections within a time limit and imposed a fine up to RMB10,000. If the VIE or its subsidiaries fail to comply with relevant tax laws
or regulations, they may be subject to supplemental tax payment, late pay fees, fines or other penalties.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">Moreover, some of the PRC operating companies enjoy preferential tax
treatment under PRC tax laws and regulations. For example, the VIE&rsquo;s subsidiaries Jiangxi Gongwuyuan Talent Service Co., Ltd and
Huizhong Human Resources Co., Ltd (collectively, the &ldquo;<B>Jiangxi Companies</B>&rdquo;) enjoy the preferential policy of value-added&nbsp;tax.
While Jiangxi Companies signed business contracts and gain incomes, services under the business contracts were actually provided by employees
of other PRC operating companies for Jiangxi Company&rsquo;s customers without entering into written contracts between Jiangxi Companies
and other PRC operating companies. If the abovementioned arrangement is considered to enjoy tax benefits through transfer pricing by the
PRC operating companies, the competent PRC government authority may make tax adjustments and ask for additional tax payment. Besides,
if the PRC operating companies were to lose the benefit of the favorable tax treatment they currently enjoy in the future, we could see
significant increases in the amount of taxes we pay, hence our operating results could be materially harmed, even in the absence of a
decrease in our operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify"><B><I>Uncertainties exist with respect to operating as an online platform
business.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">The VIE&rsquo;s online recruitment and crowdsourcing application may
be deemed an online platform. As such, the PRC operating entities may be subject to various internet-related&nbsp;laws and regulations.
These internet-related&nbsp;laws and regulations are relatively new and involving, and their enactment timetable, interpretation and implementation
involve uncertaities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">For example, On February&nbsp;7, 2021, the State Administration for
Market Regulation, or the SAMR, promulgated Guidelines to Anti-Monopoly&nbsp;in the Field of Platform Economy, or the Anti-Monopoly&nbsp;Guidelines
for Platform Economy. The Anti-Monopoly&nbsp;Guidelines for Platform Economy provides operational standards and guidelines for identifying
certain internet platforms&rsquo; abuse of market dominant position which are prohibited to restrict unfair competition and safeguard
users&rsquo; interests, including without limitation, prohibiting personalized pricing using big data and analytics, selling products
below cost without reasonable causes, actions or arrangements seen as exclusivity arrangements, using technology means to block competitors&rsquo;
interface, using bundle services to sell services or products. In addition, internet platforms&rsquo; compulsory collection of user data
may be viewed as abuse of dominant market position that may have the effect to eliminate or restrict competition. As of the date of this
Prospectus, neither we nor the PRC operating entities have been subject to any anti-monopoly&nbsp;investigation, penalty of litigation
initiated by government authorities or third parties. Furthermore, we will continue to attach attention to the updates of applicable PRC
laws and regulations in relation to antimonopoly.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">On August&nbsp;31, 2018, the Standing Committee of the National People&rsquo;s
Congress promulgated the E-commerce&nbsp;Law, which came into effect on January&nbsp;1, 2019. The E-commerce&nbsp;Law imposes a series
of requirements on e-commerce&nbsp;operators including e-commerce&nbsp;platform operators, merchants operating on the platform and the
individuals and entities carrying out business online. The governance measures our PRC subsidiary adopted in response to the enhanced
regulatory requirements may fail to meet these requirements and may lead to penalties or our loss of merchants to those platforms, or
to complaints or claims made against us by customers on our platforms.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">In addition, the PRC operating entities may be subject to complex and
evolving laws and regulations regarding privacy and data protection.</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"></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 0pt 0pt 0in; text-indent: 0in; text-align: justify"><B><I>The approval of the China Securities Regulatory Commission or
other PRC regulatory agencies may be required in connection with our offshore offerings under PRC law.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">The Regulations on Mergers of Domestic Enterprises by Foreign Selling
Shareholders, or the M&amp;A Rules, purport to require offshore special purpose vehicles that are controlled by PRC companies or individuals
and that have been formed for the purpose of seeking a public listing on an overseas stock exchange through acquisitions of PRC domestic
companies or assets to obtain CSRC approval prior to publicly listing their securities on an overseas stock exchange. The interpretation
and application of the regulations involve uncertainties. If CSRC approval is required, it is uncertain how long it will take for us to
obtain such approval, and any failure to obtain or a delay in obtaining CSRC approval for this registration may subject us to sanctions
imposed by the CSRC and other PRC regulatory agencies.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">Based on its understanding of the PRC Laws and our corporate structure
up to the date of this prospectus, it is of the opinion that we are not required to apply for the CSRC approval prescribed under the M&amp;A
Rules in connection with our offshore offerings. However, there remains uncertainty as to how the M&amp;A Rules will be interpreted or
implemented, and the opinions summarized above will be subject to any new PRC laws, rules and regulations or detailed implementations
and interpretations in any form relating to an overseas listing of SPVs like the Company. We cannot assure you that relevant PRC government
agencies, including the CSRC, would reach the same conclusion as our PRC legal counsel does. If it is determined that CSRC approval under
the M&amp;A Rules is required, or if we inadvertently conclude that such approval is not required when it is, we may face sanctions by
the CSRC or other PRC regulatory agencies for failure to obtain or delay in obtaining CSRC approval for the sale of securities. These
sanctions may include fines and penalties on our operations in China, limitations on our operating privileges in China, delays in or restrictions
on the repatriation of the proceeds from our offshore offerings 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 and adverse effect on our business financial condition,
results of operations, reputation and prospects, as well as the trading price of our securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">In addition, on February&nbsp;17, 2023, the CSRC issued the New Administrative
Rules Regarding Overseas Listings, which came into force on March&nbsp;31, 2023. According to the New Administrative Rules Regarding Overseas
Listings, among other things, a domestic company in the PRC that seeks to offer and list securities on overseas markets shall fulfill
the filing procedures with the CSRC as per requirement of the Trial Administrative Measures. Where a domestic company seeks to directly
offer and list securities on overseas markets, the issuer shall file with the CSRC. Where a domestic company seeks to indirectly offer
and list securities on overseas markets, the issuer shall designate a major domestic operating entity, which shall, as the domestic responsible
entity, file with the CSRC. Initial public offerings or listings on overseas markets shall be filed with the CSRC within 3 working days
after the relevant application is submitted overseas. The required filing materials with the CSRC include (without limitation): (i) record-filing&nbsp;reports
and related undertakings; (ii) compliance certificates, filing or approval documents from the primary regulators of applicants&rsquo;
businesses (if applicable); (iii) security assessment opinions issued by related departments (if applicable); (iv) PRC legal opinions
issued by domestic law firms (with related undertakings); and (v) prospectus or listing documents. Pursuant to the New Administrative
Rules Regarding Overseas Listings, we have filed with the CSRC with respect to our initial public offering in March 2025. We completed
such filing procedures on June&nbsp;27, 2024, the completion of which was posted on the official website of the CSRC on June&nbsp;28,
2024. However, we cannot assure you of whether there will be further regulatory requirements related to overseas securities offerings
and other capital markets activities. Any failure on our part to fully comply with further regulatory requirements may significantly limit
or completely hinder our ability to offer or continue to offer our Ordinary Shares.</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 0pt 0pt 0in; text-indent: 0in; text-align: justify">Furthermore, on July&nbsp;6, 2021, the General Office of the Communist
Party of China Central Committee and the General Office of the State Council jointly promulgated the Opinions on Strictly Cracking Down
on Illegal Securities Activities in Accordance with the Law, pursuant to which PRC regulators are required to accelerate rulemaking related
to overseas issuance and listing of securities, and improvement to the laws and regulations related to data security, cross-border&nbsp;data
flow, and management of confidential information. Numerous regulations, guidelines and other measures have been or are expected to be
adopted under the umbrella of or in addition to the Cybersecurity Law and Data Security Law, including (i)&nbsp;the Measures for the Security
Assessment of Outbound Data Transfers, or the Measures published by the CAC, in July&nbsp;2022, which requires security review before
transferring personal information or important date out of China, and (ii)&nbsp;Measures for Cybersecurity Review (2021)&nbsp;which provides
that, among others, an application for cybersecurity review shall be made by an issuer who is a critical information infrastructure operator
or a data processing operator as defined therein before such issuer&rsquo;s listing in a foreign country if the issuer possesses personal
information of more than one million users, and that the relevant governmental authorities in the PRC may initiate cybersecurity review
if such governmental authorities determine an operator&rsquo;s cyber products or services, data processing or potential listing in a foreign
country affect or may affect national security. As there are still uncertainties regarding the interpretation and implementation of such
regulatory guidance, we cannot assure you that we will be able to comply with new regulatory requirements relating to our future overseas
capital raising activities and our PRC subsidiary may become subject to more stringent requirements with respect to matters including
data privacy, and cross-border&nbsp;investigation and enforcement of legal claims.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">Notwithstanding the foregoing, as of the date of prospectus and except
for risk factors disclosed in our annual report filed with the SEC on May 13, 2025 (the &ldquo;2024 Annual Report,&rdquo;) there are no
PRC laws and regulations in force explicitly requiring that we or the VIE obtain any permission from PRC authorities to issue securities
to foreign shareholders, and we have not received any inquiry, notice, warning, sanction or any regulatory objection to this registration
from the CSRC, the CAC or any other PRC authorities that have jurisdiction over our operations. Based on the above and our understanding
of the current PRC laws and regulations, as of the date of this prospectus, we are not required to submit an application to the CAC for
the approval of our offshore offerings. However, our PRC legal counsel has further advised us that the enactment, interpretation and implementation
of regulatory requirements related to overseas securities registration and other capital markets activities are still subject to change.
If it is determined in the future that the CAC or other approval were required for our offshore offerings, our PRC subsidiary may face
sanctions by 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 this registration 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 the Stocks. The CAC or other PRC regulatory agencies also may take
actions requiring us, or making it advisable for us, to halt this registration before settlement and delivery of the Stocks. 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 CAC or other regulatory agencies later promulgate new rules requiring that
our PRC subsidiary obtaining their approvals for this registration, 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 and/or negative publicity regarding such an approval
requirement could have a material adverse effect on our business and operating results.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">As of the date of this prospectus, we or the PRC operating entities
have not received any inquiry, notice, warning, sanctions or regulatory objection to our offshore offerings from the CSRC or any other
PRC governmental authorities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify"><B><I>PRC regulations relating to the establishment of offshore special
purpose companies by PRC residents may subject our PRC resident beneficial owners or our PRC subsidiary to liability or penalties, limit
our ability to inject capital into our PRC subsidiary, limit our PRC subsidiary&rsquo;s ability to increase their registered capital or
distribute profits to us, or may otherwise adversely affect us.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">The Circular on Relevant Issues Relating to Domestic Resident&rsquo;s
Investment and Financing and Roundtrip Investment through Special Purpose Vehicles or SAFE Circular 37 was promulgated by the SAFE in
July&nbsp;2014 that requires PRC residents or entities to register with SAFE or its local branch, currently with local bank according
to Notice of the State Administration of Foreign Exchange on Further Simplifying and Improving Policies for the Foreign Exchange Administration
of Direct Investment issued by SAFE on February&nbsp;13, 2015, in connection with their establishment or control of an offshore entity
established for the purpose of overseas investment or financing. In addition, any PRC resident who is a direct or indirect shareholder
of an offshore company is required to update the previously filed registration with the local branch of the SAFE, with respect to that
offshore company, to reflect any material change involving its round-trip&nbsp;investment, capital variation, such as an increase or decrease
in capital, transfer or swap of shares, merger or division. These regulations apply to our shareholders who are PRC residents and may
apply to any offshore acquisitions that we make in the future.</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">We have requested PRC residents holding direct or indirect interest
in us to make the necessary applications, filings and amendments as required by applicable foreign exchange regulations. We are committed
to complying with and to ensuring that our shareholders known to us who are subject to such regulations will comply with the relevant
SAFE rules and regulations. However, due to uncertainties in the implementation of the regulatory requirements by PRC authorities, such
registration might not be always practically available in all circumstances as prescribed in those regulations. In addition, we may not
always be able to compel shareholder to comply with SAFE Circular 37 or other related regulations. We cannot assure you that the SAFE
or its local branches will release explicit requirements or interpret the relevant PRC Laws otherwise. Failure by any such shareholders
to comply with SAFE Circular 37 may result in restrictions on the foreign exchange activities of the relevant PRC enterprise and may also
subject the relevant PRC resident to penalties under the PRC foreign exchange administration regulations. To the best of our knowledge,
as of the date of this prospectus, our shareholders who are being subject to SAFE regulations have completed all necessary registrations
required by the SAFE Circular 37.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify"><B><I>If we are classified as a PRC resident enterprise for PRC income
tax purposes, such classification could result in unfavorable tax consequences to us and our&nbsp;non-PRC&nbsp;shareholders.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">Under the PRC Enterprise Income Tax Law and its implementation rules,
an enterprise established outside of the PRC with its &ldquo;de facto management body&rdquo; within the PRC is considered a &ldquo;resident
enterprise&rdquo; and will be subject to PRC enterprise income tax on its global income at the rate of 25%. The implementation rules define
the term &ldquo;de facto management body&rdquo; as the body that exercises full and substantial control and overall management over the
business, productions, personnel, accounts and properties of an enterprise. In 2009, the State Administration of Taxation issued a circular,
SAT Circular&nbsp;82, which provides certain specific criteria for determining whether the &ldquo;de facto management body&rdquo; of a
PRC-controlled&nbsp;enterprise that is incorporated offshore is located in China. One of the criteria is that a company&rsquo;s major
assets, accounting books and minutes and files of its board and shareholders&rsquo; meetings are located or kept in the PRC.&nbsp;In addition,
the State Administration of Taxation issued a bulletin on 3 August&nbsp;2011, effective from September&nbsp;1, 2011 and amended in June,
2018, providing more guidance on the implementation of the SAT Circular 82. This bulletin clarifies matters including residence status
determination, post-determination&nbsp;administration and competent tax authorities. Although both the SAT Circular 82 and the bulletin
only apply to offshore enterprises controlled by PRC enterprises or PRC enterprise groups, not those controlled by PRC individuals or
foreigners, the criteria set forth in the circular may reflect the State Administration of Taxation&rsquo;s general position on how the
&ldquo;de facto management body&rdquo; text should be applied in determining the tax resident status of all offshore enterprises.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">We believe none of our entities outside of China is a PRC resident
enterprise for PRC tax purposes. However, the tax resident status of an enterprise is subject to determination by the PRC tax authorities
and uncertainties remain with respect to the interpretation of the term &ldquo;de facto management body&rdquo;. As substantially all of
our management members are based in China, it remains unclear how the tax residency rule will apply to our case. If the PRC tax authorities
determine that our Company or any of our subsidiaries outside of China is a PRC resident enterprise for PRC enterprise income tax purposes,
then our Company or such subsidiary could be subject to PRC tax at a rate of 25% on its world-wide&nbsp;income, which could materially
reduce our net income. In addition, we will also be subject to PRC enterprise income tax reporting obligations. Furthermore, if the PRC
tax authorities determine that we are a PRC resident enterprise for enterprise income tax purposes, gains realized on the sale or other
disposition of our shares may be subject to PRC tax, at a rate of 10% in the case of non-PRC&nbsp;enterprises or 20% in the case of non-PRC&nbsp;individuals
(in each case, subject to the provisions of any applicable tax treaty), if such gains are deemed to be from PRC sources. It is unclear
whether non-PRC&nbsp;shareholders of our Company would be able to claim the benefits of any tax treaties between their country of tax
residence and the PRC in the event that we are treated as a PRC resident enterprise. Any such tax may reduce the returns on your investment
in our Shares.</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify"><B><I>It may be difficult to effect service of process upon our Directors
or officers named in this prospectus who reside in mainland China or enforce&nbsp;non-mainland China&nbsp;court judgements against us
or them.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">Substantially all of our assets are situated in mainland China, and
most of our Directors and officers named in this prospectus reside in, and most of their respective assets are located in, mainland China.
As a result, it may be difficult to effect service of process outside mainland China upon most of our Directors and officers, including
with respect to matters arising under applicable securities laws.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">In addition, there is uncertainty as to whether the courts of the Cayman
Islands or the PRC, respectively, would recognize or enforce judgments of U.S.&nbsp;courts against us or such persons predicated upon
the civil liability provisions of the securities laws of the United&nbsp;States or any state. In addition, it is uncertain whether such
Cayman Islands or PRC courts would entertain original actions brought in the courts of the Cayman Islands or the PRC against us or such
persons predicated upon the securities laws of the United&nbsp;States or any state.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">Specifically, regarding judgment enforcement in the PRC, 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 reciprocal
arrangement with the United&nbsp;States that provide for the reciprocal recognition and enforcement of foreign judgements. In addition,
according to the PRC Civil Procedures Law, the PRC courts will not enforce a foreign judgements 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 of the
PRC.&nbsp;As a result, it is uncertain whether and how a PRC court would enforce a judgment rendered by a court in the U.S. or the Cayman
Islands.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify"><B><I>Failure
to comply with relevant regulation regarding VIE&rsquo;s leased premises may cause interruptions to VIE&rsquo;s business
operations.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">As of the date of this prospectus, some of the lessors of properties
leased by the VIE and its subsidiaries failed to provide the relevant building ownership certificates, as a result of which, there may
be risks that this lease may be held invalid, and therefore the VIE or its subsidiaries may not be able to continue to occupy and use
such property. The VIE or its subsidiaries may be forced to relocate. We cannot assure you that the VIE or its subsidiaries will be able
to find suitable replacement site on terms acceptable to it on a timely basis.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">In addition, some leased properties have not been registered with the
relevant PRC governmental authorities as required by the relevant laws of the PRC.&nbsp;The failure to register leasehold interests will
not affect the validity and enforceability of the lease agreement under the laws of the PRC and a maximum penalty of RMB10,000 may be
imposed for non-registration&nbsp;of each leased property.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0in; margin: 0pt 0 0pt 0.5in"><B><I>Risks Relating to the Ordinary Shares</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify"><B><I>A recent joint statement by the SEC and the Public Company Accounting
Oversight Board (United&nbsp;States), or the &ldquo;PCAOB,&rdquo; proposed rule changes submitted by Nasdaq, and an act passed by the
U.S.&nbsp;Senate 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.&nbsp;auditors who are not inspected by the PCAOB.&nbsp;These developments could add uncertainties
to our listing on Nasdaq in the future.</I></B><I>&nbsp;</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0in; text-align: justify">On April&nbsp;21, 2020, the SEC and PCAOB released a joint statement
highlighting the risks associated with investing in companies based in or having 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; text-indent: 0in; margin: 0pt 0">&nbsp;</P>

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

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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-indent: 0in; text-align: justify">On May&nbsp;20, 2020, the U.S.&nbsp;Senate passed the HFCAA requiring
a foreign company to certify it is not owned or manipulated 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 auditor
for two (2)&nbsp;consecutive &ldquo;non-inspection&rdquo;&nbsp;years, the issuer&rsquo;s securities are prohibited to trade on an U.S.&nbsp;national
securities exchange.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">On June&nbsp;4, 2020, the U.S.&nbsp;President issued a memorandum ordering
the President&rsquo;s working group on financial markets to submit a report to the President within 60&nbsp;days of the date of the memorandum
that should include recommendations for actions that can be taken by the executive branch and by the SEC or PCAOB to enforce U.S.&nbsp;regulatory
requirements on Chinese companies listed on a U.S.&nbsp;national securities exchange and their audit firms. However, it remains unclear
what further actions, if any, the U.S.&nbsp;executive branch, the SEC, and PCAOB will take to address the problem. The lack of access
to the PCAOB inspection in China prevents the PCAOB from fully evaluating audits and quality control procedures of the auditors based
in China. As a result, Selling Shareholders may be deprived of the benefits of such PCAOB inspections. The inability of the PCAOB to conduct
inspections of auditors in China makes it more difficult to evaluate the effectiveness of these accounting firm&rsquo;s audit procedures
or quality control procedures as compared to auditors outside of China that are subject to the PCAOB inspections, which could cause Selling
Shareholders and potential Selling Shareholders in our Ordinary Shares to lose confidence in our audit procedures and reported financial
information and the quality of our financial statements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">On March&nbsp;24, 2021, the SEC announced that it adopted interim final
amendments to implement congressionally mandated submission and disclosure requirements of the HFCAA. Under the new requirements, certain
companies must establish that they are not owned or controlled by a foreign government entity and disclose any foreign government influence.
These interim final amendments will apply to registrants that (i)&nbsp;the SEC identifies as having filed an prospectus 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 where
(ii)&nbsp;the PCAOB has determined that it is unable to inspect or investigate completely because of a position taken by an authority
in that foreign jurisdiction. The interim final amendments define such registrants as &ldquo;Commission-Identified Issuers&rdquo; (CIIs).
The interim final amendments will also apply to &ldquo;Commission-Identified Foreign Issuers&rdquo; (CIFIs), a subset of CIIs who are
foreign issuers (as defined under the Exchange&nbsp;Act). CIFIs are subject to additional disclosure requirements under the HFCAA. The
SEC will implement a process to identify which registrants and 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-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">On August&nbsp;26, 2022, the PCAOB signed a Statement of Protocol with
the China Securities Regulatory Commission, or the CSRC, and the Ministry of Finance of the PRC, taking the first step toward opening
access for the PCAOB to inspect and investigate registered public accounting firms headquartered in mainland China and Hong&nbsp;Kong.
On December 15, 2022, the PCAOB announced that it &ldquo;was able to secure complete access to inspect and investigate audit firms in
the People&rsquo;s Republic of China (PRC) for the first time in history, in 2022. Therefore, on December 15, 2022, the PCAOB Board voted
to vacate previous determinations to the contrary.&rdquo; Notwithstanding the foregoing, uncertainties exist with respect to the implementation
of these provisions and there is no assurance that the PCAOB will be able to execute, in a timely manner, its future inspections and investigations
in a manner that satisfies the Statement of Protocol.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">On December 29, 2022, the Consolidated Appropriations Act, 2023, was
signed into law, which amended the HFCAA (i) to reduce the number of consecutive years that would trigger delisting from three years to
two years, and (ii) so that any foreign jurisdiction could be the reason why the PCAOB does not to have complete access to inspect or
investigate a company&rsquo;s auditors. As it was originally enacted, the HFCAA applied only if the PCAOB&rsquo;s inability to inspect
or investigate because of a position taken by an authority in the foreign jurisdiction where the relevant public accounting firm is located.
As a result of the Consolidated Appropriations Act, 2023, the HFCAA now also applies if the PCAOB&rsquo;s inability to inspect or investigate
the relevant accounting firm is due to a position taken by an authority in any foreign jurisdiction. The denying jurisdiction does not
need to be where the accounting firm is located.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">Our former auditor, Friedman LLP, was an independent registered public
accounting firm with the PCAOB, and as an auditor of publicly traded companies in the U.S., was subject to laws in the U.S.&nbsp;pursuant
to which the PCAOB conducts regular inspections to assess its compliance with the applicable professional standards. Friedman LLP had
been inspected by the PCAOB on a regular basis, with the last inspection in October 2020. Friedman LLP was merged with Marcum LLP on September
1, 2022 and filed its application to withdraw the PCAOB registration on December 30, 2022. On February 21, 2023, the Company engaged Kreit
&amp; Chiu CPA LLP (&ldquo;Kreit &amp; Chiu&rdquo;) as its independent registered public accounting firm for the fiscal year ended December
31, 2022. Kreit &amp; Chiu is located at New York, New York, and has been inspected by the PCAOB. On August 1, 2025, we dismissed Kreit
&amp; Chiu as our independent auditors and engaged Onestop Assurance PAC as our independent auditors. Our current independent auditors
Onestop Assurance PAC is located at Singapore, and has been inspected by the PCAOB. We will not engage any independent public accounting
firm headquartered in mainland China or Hong Kong or not subject to the PCAOB&rsquo;s inspections. However, the above recent developments
have added uncertainties to our continued listing on Nasdaq in the future, to which Nasdaq may apply additional and more stringent criteria
after considering the effectiveness of our auditor&rsquo;s audit and quality control procedures, adequacy of personnel and training, sufficiency
of resources, geographic reach, and experience as related to our audit.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">We cannot assure you that we will not be identified by the SEC as an
issuer whose audit report is prepared by auditors that the PCAOB is unable to inspect or investigate. We cannot assure you that, once
we have a&nbsp;&ldquo;non-inspection&rdquo;&nbsp;year, we will be able to take remedial measures in a timely manner.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">As a result of the foregoing legislative and regulatory developments
in the United&nbsp;States, and we cannot assure you that we will always be able to maintain the listing of our Ordinary Shares on a national
stock exchange in the U.S., such as the Nasdaq Stock Market, or that you will always be allowed to trade our Ordinary Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify"><B><I>Recent statements by the SEC on the PRC&rsquo;s guidance and
restrictions on China-based companies seeking to raise capital in the United&nbsp;States may raise scrutiny as to our operations and SEC
disclosures.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">In light of the PRC providing new guidance to and restrictions on China-based
companies raising capital offshore, including PRC government-led cybersecurity reviews, the Chairman of the SEC has requested his staff
to review disclosures from offshore issuers associated with China-based operating companies. In particular the SEC Chairman was concerned
about an investor&rsquo;s understanding of a VIE contract structure. We currently conduct our business in China utilizing a VIE contract
structure, and, as a result, the SEC may raise scrutiny as to our operations and as to the adequacy of our disclosure as to the risks
of our operating our business in this legal structure.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify"><B><I>You must rely on the judgment of our management as to the use
of the net proceeds from our offshore offerings, and such use may not produce income or increase our share price.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">We anticipate that we will use the net proceeds from our offshore offerings
for working capital and other corporate purposes and business opportunities that complement or enhance our existing operations. However,
our management will have significant discretion as to the use of the net proceeds to us from our offshore offerings and could spend the
net proceeds of our offshore offerings for corporate purposes or in ways that do not improve our results of operations or maintain profitability
or increase the market price of our Ordinary Shares. You will not have the opportunity, as part of your investment decision, to assess
whether proceeds are being used appropriately.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify"><B><I>Our Ordinary Share price may change significantly regardless
of our operating performance.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">The market price of our Ordinary Shares may be highly volatile and
may fluctuate or decline substantially as a result of a variety of factors, many of which are beyond our control, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify"><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: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the performance and fluctuation
of the market prices of other companies with business operations located mainly in China that have listed their securities in the United&nbsp;States;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 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: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">results of operations that
vary from the expectations of securities analysts and Selling Shareholders;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 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: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">results of operations that
vary from our competitors;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 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: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">changes in expectations as
to our future financial performance, including financial estimates and investment recommendations by securities analysts and Selling
Shareholders;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 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: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">declines in the market prices
of stocks generally;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 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: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">strategic actions by Gongwuyuan
or its competitors;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 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: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">announcements by Gongwuyuan
or its competitors of significant contracts, acquisitions, joint ventures, other strategic relationships or capital commitments;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 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: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">changes in general economic
or market conditions or trends in Gongwuyuan&rsquo;s industry or markets;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 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: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">changes in business or regulatory
conditions, including new laws or regulations or new interpretations of existing laws or regulations applicable to Gongwuyuan&rsquo;s
business;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 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: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">additional shares of Baiya
securities being sold or issued into the market by Baiya or any of the existing shareholders or the anticipation of such sales;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 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: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">investor perceptions of the
investment opportunity associated with our Ordinary Shares relative to other investment alternatives;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 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: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the public&rsquo;s response
to press releases or other public announcements by us or third parties, including our filings with the SEC;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 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: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">litigation involving Baiya,
Gongwuyuan&rsquo;s industry, or both, or investigations by regulators into Gongwuyuan&rsquo;s operations or those of Gongwuyuan&rsquo;s
competitors;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 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: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">guidance, if any, that we provide
to the public, any changes in this guidance or our failure to meet this guidance;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 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: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the development and sustainability
of an active trading market for our Ordinary Shares;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 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: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">actions by institutional or
activist shareholders;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 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: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">developments in new legislation
and pending lawsuits or regulatory actions, including interim or final rulings by judicial or regulatory bodies;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 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: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">changes in accounting standards,
policies, guidelines, interpretations or principles; and</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 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: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">other events or factors, including
those resulting from pandemics, natural disasters, war, acts of terrorism or responses to these events.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">Furthermore, the stock market has experienced extreme volatility that
in some cases has been unrelated or disproportionate to the operating performance of particular companies. These and other factors may
cause the market price and demand for our Ordinary Shares to fluctuate substantially, which may limit or prevent Selling Shareholders
from readily selling their shares and may otherwise negatively affect the liquidity of our Ordinary Shares. In addition, in the past,
when the market price of a stock has been volatile, holders of that stock have sometimes instituted securities class action litigation
against the company that issued the stock. If any of our shareholders were to bring a lawsuit against us, we could incur substantial costs
defending the lawsuit. Such a lawsuit could also divert the time and attention of our management from our business.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify"><B><I>Because we are a foreign private issuer and are exempt from certain
Nasdaq corporate governance standards applicable to U.S.&nbsp;issuers, you will have less protection than you would have if we were a
domestic issuer.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">Nasdaq Listing Rules require listed companies to have, among other
things, a majority of its board members be independent. As a foreign private issuer, however, we are permitted to, and we may follow home
country practice in lieu of the above requirements, or we may choose to comply with the above requirement within one year of listing.
The corporate governance practice in our home country, the Cayman Islands, does not require a majority of our board to consist of independent
directors. Thus, although a director must act in the best interests of the Company, it is possible that fewer board members will be exercising
independent judgment and the level of board oversight on the management of our company may decrease as a result. In addition, the Nasdaq
Listing Rules also require U.S.&nbsp;domestic issuers to have a compensation committee, a nominating/corporate governance committee composed
entirely of independent directors, and an audit committee with a minimum of three members. We, as a foreign private issuer, are not subject
to these requirements. The Nasdaq Listing Rules may require shareholder approval for certain corporate matters, such as requiring that
shareholders be given the opportunity to vote on all equity compensation plans and material revisions to those plans, certain ordinary
share issuances. We have elected to follow home country practice in lieu of the requirements under Nasdaq Listing Rules with respect to
certain corporate governance standards which affords less protection to our shareholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify"><B><I>If we do not continue to satisfy the Nasdaq continued listing
requirements, our Ordinary Shares could be delisted.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">The listing of our Ordinary Shares on Nasdaq Capital Market is contingent
on our compliance with Nasdaq&rsquo;s conditions for continued listing. In the future, should we fail to meet Nasdaq&rsquo;s listing rules,
we may be subject to delisting. In the event our Ordinary Shares are no longer listed for trading on Nasdaq, our trading volume and share
price may decrease and we may experience difficulties in raising capital which could materially affect our operations and financial results.
Further, delisting from Nasdaq could also have other negative effects, including potential loss of confidence by partners, lenders, suppliers
and employees. Finally, delisting could make it harder for us to raise capital and sell securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify"><B><I>We may lose our foreign private issuer status in the future,
which could result in significant additional costs and expenses.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">In order for us to maintain our current status as a foreign private
issuer, a majority of our Shares must be either directly or indirectly owned by non-residents of the United&nbsp;States, unless we also
satisfy all of the additional requirements necessary to preserve this status including (i)&nbsp;a majority of our board of directors and
management are located outside the United&nbsp;States; (ii)&nbsp;more than 50 percent of our assets are located outside the United&nbsp;States;
and (iii)&nbsp;our business is administered principally outside of the United&nbsp;States. We may in the future lose our foreign private
issuer status if a majority of our Shares is held in the United&nbsp;States and we fail to meet the additional requirements necessary
to avoid loss of foreign private issuer status. The regulatory and compliance costs under U.S.&nbsp;federal securities laws as a U.S.&nbsp;domestic
issuer may be significantly more than the costs incurred as a foreign private issuer. If we are no longer deemed to be a foreign private
issuer, we will be required to file periodic and current reports and registration statements on U.S.&nbsp;domestic issuer forms with the
SEC, which are more detailed and extensive than the forms available to a foreign private issuer. In addition, we may lose the ability
to rely upon certain exemptions from Nasdaq&rsquo;s corporate governance requirements that are available to foreign private issuers.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify"><B><I>You may experience further dilution in the future.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">If we issue additional Ordinary Shares in the future, purchasers of
our Ordinary Shares in the offering may experience further dilution in their shareholding percentage.</P>


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify"><B><I>We are an exempted company with limited liability incorporated
under the laws of the Cayman Islands, and you may have different protection of your shareholder rights than you would have under United&nbsp;States
law.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">Our corporate affairs are governed by our Memorandum and Articles of
Association, as amended, the Companies Act (Revised) of the Cayman Islands, which we refer to as the Companies Act below and common law
of the Cayman Islands. The rights of shareholders to take legal action against our directors and us, actions by minority shareholders
and the fiduciary responsibilities of our directors to us under Cayman Islands law are to a large extent governed by the common law of
the Cayman Islands. The common law of the Cayman Islands is derived in part from comparatively limited judicial precedent in the Cayman
Islands as well as from English common law, which has persuasive, but not binding, authority on a court in the Cayman Islands. The rights
of our shareholders and the fiduciary responsibilities of our directors under Cayman Islands law may not be as clearly established as
they would be under statutes or judicial precedents in some jurisdictions in the United&nbsp;States. In particular, the Cayman Islands
has a less developed body of securities laws than the United&nbsp;States. Some jurisdictions in the United&nbsp;States, such as Delaware,
have more fully developed and judicially interpreted bodies of corporate law than the Cayman Islands. In addition, Cayman Islands companies
may not have standing to initiate a shareholder derivative action in a federal court of the United&nbsp;States.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">Shareholders of Cayman Islands exempted companies like us have no general
rights under Cayman Islands law to inspect corporate records or to obtain copies of lists of shareholders of these companies (other than
copies of our Memorandum and Articles of Association, as amended, and register of mortgages and charges). Under Cayman Islands law, the
names of our current directors can be obtained from a search conducted at the Registrar of Companies. Our directors have discretion under
our Memorandum and Articles of association, as amended, to determine whether or not, and under what conditions, our corporate records
may be inspected by our shareholders, but are not obliged to make them available to our shareholders. This may make it more difficult
for you to obtain the information needed to establish any facts necessary for a shareholder motion or to solicit proxies from other shareholders
in connection with a proxy contest.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">As a company incorporated in the Cayman Islands, we are permitted to
adopt certain home country practices in relation to corporate governance matters that differ significantly from the NASDAQ corporate governance
requirements; these practices may afford less protection to shareholders than they otherwise would under rules and regulations applicable
to United&nbsp;States domestic issuers.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">As a result of all of the above, our Public Shareholders may encounter
different issues in protecting their interests through actions against our management, directors or major shareholders compared to shareholders
of a corporation incorporated in the United&nbsp;States.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify"><B><I>Certain judgments obtained against us by our shareholders may
not be enforceable.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">We are an exempted company incorporated under the laws of the Cayman
Islands. We conduct our operations in China and substantially all of our assets are located in China. In addition, our directors and executive
officers, and some of the experts named in this prospectus, reside within China, and most of the assets of these persons are located within
China. As a result, it may be difficult or impossible for you to bring an action against us or against these individuals in the United
States in the event that you believe that your rights have been infringed under the U.S. federal securities laws or otherwise. Even if
you are successful in bringing an action of this kind, the laws of the Cayman Islands and of the PRC may render you unable to enforce
a judgment against our assets or the assets of our directors and officers.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify"><B><I>Cayman Islands economic substance requirements may have an effect
on our business and operations.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">Pursuant to the International Tax Cooperation (Economic Substance)
Act (As Revised) of the Cayman Islands, or the ES Act, that came into force on January 1, 2019, a &ldquo;relevant entity&rdquo; is required
to satisfy the economic substance test set out in the ES Act. A &ldquo;relevant entity&rdquo; includes a company incorporated in the Cayman
Islands as is our Company. Based on the current interpretation of the ES Act, we believe that our Company is a pure equity holding company
since it only holds equity participation in other entities and only earns dividends and capital gains. Accordingly, for so long as our
Company is a &ldquo;pure equity holding company&rdquo;, it is only subject to the minimum substance requirements, which require us to
(i) comply with all applicable filing requirements under the Companies Act; and (ii) has adequate human resources and adequate premises
in the Cayman Islands for holding and managing equity participations in other entities. However, there can be no assurance that we will
not be subject to more requirements under the ES Act. Uncertainties over the interpretation and implementation of the ES Act may have
an adverse impact on our business and operations.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify"><B><I>There can be no assurance that we will not be classified as a
passive foreign investment company, or PFIC, for U.S.&nbsp;federal income tax purposes for any taxable year, which could subject U.S.&nbsp;Selling
Shareholders in our Ordinary Shares to significant adverse U.S.&nbsp;income tax consequences.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">We will be a &ldquo;passive foreign investment company,&rdquo; or &ldquo;PFIC,&rdquo;
if, in any particular taxable year, either (a)&nbsp;75% or more of our gross income for such year consists of certain types of &ldquo;passive&rdquo;
income or (b)&nbsp;50% or more of the average quarterly value of our assets (as determined on the basis of fair market value) during such
year produce or are held for the production of passive income (the &ldquo;asset test&rdquo;). Although the law in this regard is unclear,
we intend to treat the VIE (including their subsidiaries) as being owned by us for U.S.&nbsp;federal income tax purposes, not only because
we exercise effective control over the operation of such entity but also because we are entitled to substantially all of its economic
benefits, and, as a result, we consolidate its results of operations in our consolidated financial statements. Assuming that we are the
owner of the VIE (including their subsidiaries) for U.S.&nbsp;federal income tax purposes, and based upon our current and expected income
and assets, including goodwill, (taking into account the expected proceeds from this offering) and projections as to the market price
of our Ordinary Shares following the offering, we do not presently expect to be a PFIC for the current taxable year or the foreseeable
future.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">While we do not expect to become a PFIC, the determination of whether
we will be or become a PFIC will depend, in part, on the composition of our income and assets, which may be affected by how, and how quickly,
we use our liquid assets and the cash raised in this offering. If we determine not to deploy significant amounts of cash for active purposes
or if it were determined that we do not own the stock of the VIE for U.S.&nbsp;federal income tax purposes, our risk of being a PFIC may
substantially increase. Because there are uncertainties in the application of the relevant rules and PFIC status is a factual determination
made annually after the close of each taxable year, there can be no assurance that we will not be a PFIC for the current taxable year
or any future taxable year.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">If we are a PFIC in any taxable year, a U.S.&nbsp;holder may incur
significantly increased U.S.&nbsp;income tax on gain recognized on the sale or other disposition of the Ordinary Shares and on the receipt
of distributions on the Ordinary Shares to the extent such gain or distribution is treated as an &ldquo;excess distribution&rdquo; under
the U.S.&nbsp;federal income tax rules and such holder may be subject to burdensome reporting requirements. Further, if we are a PFIC
for any year during which a U.S.&nbsp;holder holds our Ordinary Shares, we generally will continue to be treated as a PFIC for all succeeding&nbsp;years
during which such U.S.&nbsp;holder holds our Ordinary Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify"><B><I>We will continue to incur increased costs and are subject to
additional rules and regulations as a result of being a public company.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">As a public company, we incur significant accounting, legal and other
expenses. The Sarbanes-Oxley Act, as well as rules subsequently implemented by the SEC and the Nasdaq Stock Market, have detailed requirements
concerning corporate governance practices of public companies, including Section&nbsp;404 of the Sarbanes-Oxley Act relating to internal
controls over financial reporting. Our management are required to devote substantial time and attention to our public company reporting
obligations and other compliance matters. Our reporting and other compliance obligations as a public company may place a strain on our
management, operational and financial resources and systems for the foreseeable future.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">In the past, shareholders of a public company often brought securities
class&nbsp;action suits against the company following periods of instability in the market price of that company&rsquo;s securities. If
we were involved in a class&nbsp;action suit, it could divert a significant amount of our management&rsquo;s attention and other resources
from our business and operations, which could harm our results of operations and require us to incur significant expenses to defend the
suit. Any such class&nbsp;action suit, whether or not successful, could harm our reputation and restrict our ability to raise capital
in the future. In addition, if a claim is successfully made against us, we may be required to pay significant damages, which could have
a material and adverse effect on our financial condition and results of operations.</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>

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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; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B><A NAME="a_003"></A>THE TRANSACTION</B></P>

<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: 0pt 0; text-indent: 0in; text-align: justify">On January 30, 2026, a separate Registration Statement
on Form F-1 became effective, related to a resale of up to 4,000,000 Ordinary Shares. The selling shareholders in the January transaction,
Victoria Harbour International and Yatian Investment Limited, are not affiliated with the current Selling Shareholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">On February 26, 2026, we entered into the new
Subscription Agreements, pursuant to which the Selling Shareholders have committed to purchasing an aggregate of 30 million of our Ordinary
Shares, at our direction from time to time after the date of this prospectus and during the Commitment Period, subject to certain limitations
and the satisfaction of the conditions in the Subscription Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">Under the terms and conditions of the Subscription
Agreements, we have the right, but not the obligation, to sell to the Selling Shareholders, and the Shareholders are obligated to purchase,
up to an aggregate of 30 million of our Ordinary Shares. Such sales of Ordinary Shares, if any, will be subject to certain limitations,
and may occur from time to time at our sole discretion, over the 36-month period commencing on the date of the Subscription Agreement;
provided, that the registration statement that includes this prospectus covering the resale by the Selling Shareholders of Ordinary Shares
that have been or may be issued under the Subscription Agreements is declared effective by the SEC and the other conditions set forth
in the Subscription Agreements are satisfied.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">Selling Shareholders have no right to require
us to sell any shares to the Selling Shareholders, but Selling Shareholders are obligated to make purchases at our direction subject to
certain limitations and the satisfaction of certain conditions. Actual sales of shares to Selling Shareholders from time to time will
depend on a variety of factors, including, among others, market conditions, the trading price of our Ordinary Shares, and determinations
by us as to the appropriate sources of funding for us and 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">As of March&nbsp;6, 2026, there were 1,605,251
Ordinary Shares outstanding. Since the Subscription Agreements provide that we may sell up to an aggregate of 30,000,000 of our Ordinary
Shares to the Selling Shareholders, 30,000,000 Ordinary Shares are being registered for resale by the Selling Stockholders under this
prospectus, If all of the 30,000,000 Shares offered by the Selling Shareholders under this prospectus were issued and outstanding as of
the date hereof, such shares would represent approximately 1868.867% of the total number of our outstanding 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>Purchase of Shares Under each Subscription
Agreement</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-indent: 0in; text-align: justify">We have the right, but not the obligation, from
time to time at our sole discretion over the 36-month period (&ldquo;Commitment Period&rdquo;) from the date of the Subscription Agreement,
to direct each Selling Shareholder to purchase amounts of our Ordinary Shares under the Subscription Agreement that we may specify in
an Advance Notice delivered to the Selling Shareholder on any trading day. <B>&nbsp;</B>Subject to the satisfaction of the conditions
under the Subscription Agreement, we may deliver Advance Notices from time to time, provided that we have delivered all shares related
to all prior Advances.</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-indent: 0in; text-align: justify">Under the Subscription Agreements, our Company
has the right, but not the obligation, to issue to the Selling Shareholders, and the Selling Shareholders have the obligation to subscribe
for, up to an aggregate of 30,000,000 Ordinary Shares. Each Ordinary Share will be issued at a per share purchase price (the &ldquo;Subscription
Price&rdquo;) equal to the lesser of (i) 70% of the average closing price of the Ordinary Shares&nbsp;during the three consecutive trading
days commencing on the applicable advance notice date, as set forth in the Subscription Agreements, or (ii) $1.185. As a result, the maximum
principal amount available under the two Subscription Agreements is $35.55 million.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify"><B>Conditions to Delivery of Advance Notices</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">Our ability to deliver Advance Notices to each
Selling Shareholder under the Subscription Agreement is subject to the satisfaction of certain conditions, all of which are entirely outside
of the each Selling Shareholder&rsquo;s control, including, among other things, the following:</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="width: 0.5in">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: justify; width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">The accuracy in all material respects of our representations and warranties included in the Subscription Agreement;</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; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The effectiveness of the registration
statement that includes this prospectus (and any one or more additional registration statements filed with the SEC that include Ordinary
Shares that may be issued and sold by us to the Selling Shareholders under the Subscription Agreement);</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; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Our receipt of all permits
and qualifications required by any appliable state for the offer and sale of the Ordinary Shares issuable pursuant to such Advance Notice;</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; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">No Material Outside Event (as
defined in the Subscription Agreement) shall have occurred or be continuing;</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; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Our having performed, satisfied,
and complied in all material respects with all covenants, agreements, and conditions required by the Purchase Agreement to be performed,
satisfied, or complied with by us;</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; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The absence of any statute,
regulation, order, decree, writ, ruling, or injunction by any court or governmental authority of competent jurisdiction which prohibits
or directly, materially, and adversely affects any of the transactions contemplated by the Purchase Agreement;</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; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Trading in our Ordinary Shares
shall not have been suspended by the SEC and we shall not have received any final and non-appealable notice that the listing shall be
terminated;</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; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">There shall be a sufficient
number of authorized but unissued and otherwise unreserved Ordinary Shares for the issuance of all the Ordinary Shares issuable pursuant
to such Advance Notice;</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; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">The representations contained in the applicable Advance Notice
shall be true and correct in all material respects; and</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; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">The Pricing Period for all prior Advance Notices shall have
been completed.</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"><B>No Short-Selling by the Selling Shareholders</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">Each Selling Shareholder has agreed that, during
the term of the Subscription Agreement, neither it nor its affiliates will engage in any short sales with respect to the Ordinary Shares
issued to the Selling Shareholder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify"><B>Termination of the Purchase Agreement</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">Unless earlier terminated as provided in the Subscription
Agreement, each Subscription Agreement will automatically terminate upon the earliest of:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">(i) February 26, 2029 or (ii) the date on which the Selling Shareholders
shall have made payment for all 30,000,000 Ordinary Shares. Each Subscription Agreements may be also terminated at any time by the mutual
written consent of the parties, effective as of the date of such mutual written consent unless otherwise provided in such written consent.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify"><B>Effect of Performance of the Subscription Agreements
on our Shareholders</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">All Ordinary Shares that have been or may be issued or sold by us to
the Selling Shareholders under the Subscription Agreement that are being registered under the Securities Act for resale by the Selling
Shareholders under this prospectus are expected to be freely tradeable. The Ordinary Shares being registered for resale in this offering
may be issued and sold by us to the Selling Shareholders from time to time at our discretion over a period of up to 36 months commencing
on the date of execution of the Purchase Agreement. The resale by the Selling Shareholders of a significant amount of shares registered
for resale in this offering at any given time, or the perception that these sales may occur, could cause the market price of our Ordinary
Shares to decline and to be highly volatile. Sales of our Ordinary Shares, if any, to the Selling Shareholders under the Subscription
Agreements will depend on market conditions and other factors. We may ultimately decide to sell to the Selling Shareholders all, some,
or none of the shares of our Ordinary Shares that may be available for us to sell to Selling Shareholders pursuant to the Subscription
Agreement.</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_004"></A>USE
OF PROCEEDS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">This prospectus relates to the Shares that may
be offered and sold from time to time by the Selling Shareholders. All of the Shares offered by the Selling Shareholders pursuant to this
prospectus will be sold by the Selling Shareholder for its own account. We will not receive any of the proceeds from these sales.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">Each Selling Shareholder will pay any underwriting
fees, discounts, selling commissions, stock transfer taxes and certain legal expenses incurred by such Selling Shareholder in disposing
of their Shares, and we will bear all other costs, fees and expenses incurred in effecting the registration of such securities covered
by this prospectus, including, without limitation, all registration and filing fees, Nasdaq listing fees and fees and expenses of our
counsel and our independent registered public accountants.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">We may receive up to an aggregate of approximately $35.55 million rom
the sale of the Shares that we elect to make to the Selling Shareholders pursuant to the Subscription Agreements, if any, from time to
time in our sole discretion, assuming the per share purchase price is $1.185. However, we are unable to estimate the actual amount of
proceeds that we may receive, as it will depend on the number of shares that we choose to sell, our ability to meet the conditions to
purchases set forth in Subscription Agreements, market conditions and the price of our Ordinary Shares, among other factors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">We expect to use any proceeds that we received
for general corporate purpose. We cannot provide any assurance that we will be able to carry out any potential investments we may identify.
As of the date of this prospectus, we cannot specify with certainty all of the particular uses, and the respective amounts we may allocate
to those uses, for any net proceeds we receive.</P>

<P STYLE="font: 10pt Times New Roman, 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"><FONT STYLE="font-variant: small-caps"><B><A NAME="a_005"></A>DIVIDEND
POLICY</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">We have never paid dividends
on our Ordinary Shares. We currently intend to retain all available funds and any future earnings to support operations and to finance
the growth and development of our business. As such, we do not intend to declare or pay cash dividends on our Ordinary Shares in the foreseeable
future. Any future determination to pay dividends will be made at the discretion of our Board of Directors subject to applicable laws
and will depend upon, among other factors, our earnings, operating results, financial condition and current and anticipated cash needs.
Our future ability to pay cash dividends on our Ordinary Shares may be limited by the terms of any then-outstanding debt or preferred
securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><A NAME="a_006"></A>CAPITALIZATION</B></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 0pt -0.5in; text-align: justify; text-indent: 0.5in">The following table sets forth
our cash and cash equivalents and capitalization as of June 30, 2025:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 33.75pt">&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: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">on an actual basis as of June 30, 2025</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-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">on a pro forma, as adjusted, to reflect the shares issued from June 30, 2025 through this report date</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-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">on a pro forma, as further adjusted, to give effect to the full issuance of the sales of 30 million Shares under the Subscription Agreements&nbsp;&nbsp;</FONT></TD></TR>
  </TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 33.75pt">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">You should read the following
table in conjunction with the sections entitled &ldquo;<I>Use of Proceeds</I>&rdquo;, &ldquo;<I>Selected Consolidated Financial Information
and Operating Data</I>&rdquo; and &ldquo;<I>Management&rsquo;s Discussion and Analysis of Financial Condition and Results of Operations</I>&rdquo;,
and our financial statements and the related notes thereto included elsewhere in this Prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December 29, 2025, we effected the Reverse
Stock Split at a ratio of 1-for-25 and the numbers below have been retroactively adjusted.</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-indent: -0.125in; padding-left: 0.125in">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">As of June 30,&nbsp;2025<BR> (un-audited)</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; 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">Actual</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">Pro forma Adjusted</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">Pro forma further Adjusted</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="text-indent: -0.125in; padding-left: 0.125in; width: 64%; font-weight: bold">Cash</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">909,699</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">909,699</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">36,459,699</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Share capital, Class A Ordinary Shares &ndash; 799,940 shares, Class B Ordinary Shares &ndash; 1,600,000 shares issued and outstanding, actual; Class A Ordinary Shares &ndash; 1,605,251 shares, Class B Ordinary Shares &ndash; 3,600,000 shares issued and outstanding, as adjusted: and Class A Ordinary Shares &ndash; 31,605,251 shares, Class B Ordinary Shares &ndash; 3,600,000 shares issued and outstanding, as further adjusted, without over-allotment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,160</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">4,373</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">79,373</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Additional paid in capital</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28,447,181</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">34,467,146</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">69,942,146</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Statutory Reserve</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">380,901</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">380,901</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">380,901</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Accumulated retained earnings</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(6,214,056</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(10,042,199</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(10,042,199</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Accumulated other comprehensive loss</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">(203,635</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</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">(203,635</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</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">(203,635</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Total shareholders&rsquo; equity</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,412,549</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24,606,586</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">60,156,586</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Non-controlling interest</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">76,017</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">76,017</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">76,017</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Long-term liabilities</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><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">&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: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Total Capitalization</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">22,488,566</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">24,682,603</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">60,232,603</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">The number of Ordinary Shares to be outstanding
after the offering is based on Ordinary Shares 1,605,251 outstanding as of the date of this prospectus plus 30,000,000 additional shares
resulting from this offering.</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: center"><B><A NAME="a_007"></A>MANAGEMENT&rsquo;S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">For our management&rsquo;s discussion and analysis of our financial
condition and results of operations for the fiscal years ended December 31, 2023 and December 31, 2024 and for the six months ended June
30, 2025, please see &ldquo;Item 5. Operating and Financial Review and Prospects&rdquo; in our 2024 Annual Report and &ldquo;Management&rsquo;s
Discussion and Analysis&rdquo; in our Condensed Interim Unaudited Consolidated Financial Statements as of June 30, 2025 and for the Six
Months ended June 30, 2025 and 2024 in our Form 6-K filed with the SEC on September 30, 2025, both of which are incorporated by reference
herein.</P>

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

<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; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_008"></A>BUSINESS</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-indent: 0in; text-align: justify">We, Baiya International Group
Inc., are an offshore holding company incorporated in the Cayman Islands. As a holding company with no material operations of our own,
we conduct all of our operations in China through the Contractual Arrangements with Gongwuyuan which is a variable interest entity, and
its subsidiaries, or collectively, &ldquo;PRC operating entities&rdquo;. Neither we nor our direct and indirect subsidiaries own any equity
interests in the PRC operating entities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">Through Gongwuyuan, the VIE,
we are building a human resource (&ldquo;HR&rdquo;) technology company utilizing our cloud-based internet platform to provide one-stop
crowdsourcing recruitment and SaaS-enabled HR solutions in the flexible employment marketplace (the &ldquo;Gongwuyuan Platform&rdquo;).
Our business currently focuses on four (4) primary services: (i) job matching services; (ii) entrusted recruitment services; (iii) project
outsourcing services; and (iv) labor dispatching services in the flexible employment market within China, primarily in the core manufacturing
regions including the Pearl River Delta and Yangtze River Delta region. With respect to labor dispatching services, however, we are strategically
reducing this service, considering the negative gross profit historically.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">Prior to 2022, we primarily
conducted these services offline, while we utilized Gongwuyuan Platform for lead generation. Gongwuyuan may, from time to time, also recruit
freelancers and workers to outsourcing and dispatch requests, which may include postings of available jobs for fulfillment through various
third-party platforms that Gongwuyuan cooperates with. Our services currently cover over 5 provinces and 30 cities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">The Gongwuyuan Platform was
launched in November 2019 to expand its offline flexible employment matching services. We have been strategically building the Gongwuyuan
Platform with innovative product features that work together to provide greater user experience and improve the job matching and HR related
services in the flexible employment marketplace.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">Gongwuyuan will continue
to integrate digital technologies onto its platform, including crowdsourcing, big data and artificial intelligence, which we believe will
enhance our capability to provide platform-based crowdsourcing recruitment and HR management services. The use of the crowdsourcing recruitment
platform streamlines the process for efficient job matching and bulk recruitment of blue-collar workers for corporate businesses. In addition
to its current focus on providing the four primary types of services in the flexible employment market, Gongwuyuan has further developed
the Gongwuyuan Platform to include additional product features and services, such as human resource management, payroll and advances,
electronic contracts and pay slips, and Yun Dan Bao, an optional feature that provides payment assurance for transactions through our
Gongwuyuan Platform (&ldquo;Yun Dan Bao&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">Through the Gongwuyuan Platform,
we expect to provide effective solutions for employment matching of blue-collar workers with business enterprises and institutions, often
as bulk transactions, through its innovative and intelligent crowdsourcing and HR management system. In addition, Gongwuyuan&rsquo;s payment
assurance service through Yun Dan Bao will be able to provide certain payment assurance for blue-collar workers, if Customers or Employing
Companies opt in for this feature. Further, Gongwuyuan intends to provide a variety of other HR management and post-employment services
through its Gongwuyuan Platform, including intelligent HR management, payroll and advances services, electronic contracts, electronic
pay slips, direct deposit services and worker training programs. These integrated products and resources on a single platform will add
business values to our customers by providing one-stop SaaS-enabled HR solutions in the flexible employment market, and to establish more
standardized industry standards for blue-collar workers.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify"><B><I><U>Current Business
Models for Our Primary Services</U></I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">The following is an overview
of the business models for our four primary services:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify"><I>Job Matching.&nbsp;</I>For
our job matching services, we act as an intermediary to connect Employing Companies with HR Service Companies to fulfill the labor needs
of Employing Companies. The Employing Company will release employment and labor needs to Gongwuyuan, and Gongwuyuan will confirm such
work information such as the number of workers, working&nbsp;hours and types of jobs with the services and resources that the HR Service
Company are able to provide. The Employing Company has the discretion to select the HR Service Company to provide the requisite labor
needs and Gongwuyuan acts as an agent in this service model. For our Job Matching services, Gongwuyuan receives a service fee from the
Employing Company based on the total labor recruitment.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify"><I>Entrusted Recruitment.&nbsp;</I>Our
entrusted recruitment service is currently one of the main revenue drivers for Gongwuyuan. Our entrusted recruitment service helps to
maintain a stable business relationship among Gongwuyuan, the Employing Company and HR Service Company, while benefiting from high customer
stickiness and a large blue-collar&nbsp;labor base with high recruitment frequency and turnover of approximately twice a year. Under this
service model, the Employing Company directly submits their labor recruitment requirements to Gongwuyuan for their labor needs, which
typically include the number of workers they need, work&nbsp;hours, the preferred/required skill sets, etc. (the &ldquo;Overall Work Arrangement&rdquo;).
Once the Overall Work Arrangement is established, Gongwuyuan will confirm the information regarding the labor needs of the Employing Company
and enter into an entrustment recruitment agreement with the Employing Company. Subsequently, Gongwuyuan will negotiate with the HR Service
Company to organize the needed blue-collar&nbsp;workers, which includes providing employment information to the workers and registering
basic personal information of the workers.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">Unlike our job matching service
model, the identities of the Employing Companies and the HR Service Companies are mutually confidential, and the Employing Companies are
not able to select the HR Service Company and also do not have direct contact with the HR Service Companies; instead, Gongwuyuan has the
discretion to select suitable HR Service Companies to fulfill the labor needs of the Employing Companies.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">During the effective duration
of the entrustment service, Gongwuyuan will maintain regular communication with Employing Company to collect feedback on the performance
and suitability of the contracted blue-collar&nbsp;workers during the service period and to resolve any issues. For example, if any previously
contracted workers resign or were terminated during the service period, Gongwuyuan will coordinate with HR Services Companies to provide
the Employing Companies affected with new workers to fulfill their recruitment needs during such service period. Gongwuyuan receives a
service fee from the Employing Companying for utilizing its entrusted recruitment service.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify"><I>Project Outsourcing.&nbsp;</I>Under
our project outsourcing service model, Gongwuyuan fulfills the outsourced labor assignments of the Customers. We enter into various contracts
with Customers for their labor assignments (project-based) and outsource these assignments to HR Service Companies. The primary focus
of this service is to complete and address the particular workload needs of the Customer. The Customer submits its required workload to
Gongwuyuan, which includes but is not limited to the number of assignments to be completed and the timeframe for completion of the assignments
etc. Once the work arrangement is finalized, Gongwuyuan makes arrangements with HR Service Companies for the organization of the needed
workers for the completion of these project-based&nbsp;assignments. Gongwuyuan receives a service fee from the Customer based on an accumulation
of assignments completed for the month.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify"><I>Labor Dispatch.&nbsp;</I>In
this service model, we dispatch our workers directly to the Customers, and no third-party&nbsp;HR Service Companies are involved. The
Customers submit their labor needs to Gongwuyuan, and we directly arrange for the dispatch of the needed workers to the Customer. Gongwuyuan
is responsible for the payment of wages to our dispatched workers, and reserves a service fee from the Customer based upon the total number
of working&nbsp;hours.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify"><B><I>Services Through the
Gongwuyuan Platform</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">We believe that the further
development and adoption of our Gongwuyuan Platform will strengthen our business growth in our primary service areas.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">As of October&nbsp;15, 2023,
the Gongwuyuan Platform includes features such as the&nbsp;<I>Yun Dan Bao payment assurance</I>, intelligent HR management system, electronic
contracts management system, payroll and advance systems. The Gongwuyuan Platform is available as a mobile application, in both iOS and
Android systems, with two versions: a) enterprise version, customized for institutional end-users, and b) individual version, customized
for individual workers, available for download on certain major application stores, such as the Apple App Store (China), and android app
store, integrated with leading applications, such as Tencent, WeChat, and Alipay. The Gongwuyuan Platform is also available as a web-based&nbsp;online
platform through&nbsp;<I>www.gwyapp.com.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">Through its intelligent management
transaction system and SaaS tools, the Gongwuyuan Platform connects HR and labor resource companies with business enterprises on a single
platform, allowing an efficient matching of job-seeking&nbsp;blue-collar&nbsp;workers with the labor recruitment needs of businesses.
The incorporation of Gongwuyuan&rsquo;s innovative and intelligent management transaction system into the Gongwuyuan Platform enables
Gongwuyuan to facilitate the cooperation among workers, enterprises and human resource and labor service companies. The Gongwuyuan Platform
also integrates certain human resource management services for businesses and enterprises into the same platform, which allows businesses
to easily review its employment situation conveniently on a single application. Further, departments within companies are able to access
all human resources information across a single platform, which enables management conformity, improves manpower and efficacy, and increases
efficiency of business resources. This promotes the standardization of the employment process for blue-collar&nbsp;workers in large businesses
and enterprises, improving compliance with national and/or regional labor requirements, and help to create a more centralized and vertical
human resource management structure.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">There are two different versions
of the Gongwuyuan Platform. The enterprise version of the Gongwuyuan Platform tailored for businesses and institutions consists of (i)&nbsp;SaaS-enabled&nbsp;HR
management services, (ii)&nbsp;business partnerships and cooperation resources, and (iii)&nbsp;job postings and labor supply resources
sharing services, which includes access to its payment assurance feature (&ldquo;Yun Dan Bao&rdquo;). The personal version is customized
for blue-collar&nbsp;individual job seekers with job search feature.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">While our products can be
used as separate modules and features, they are also integrated into the Gongwuyuan Platform system and function interactively among all
our products and services available on the Gongwuyuan Platform.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">The following is a description
of the integrated products and services available as individual modules on the Gongwuyuan Platform:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; 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; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Blue-Collar&nbsp;Recruitment.&nbsp;</I></B>Gongwuyuan
allows employers to post information about recruitment opportunities, manage their ongoing recruitment and view current interest in open
positions, which allows companies to efficiently meet their employment needs at a low cost.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; 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; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>&ldquo;Yun Dan Bao&rdquo;
Payment Assurance Services.&nbsp;</I></B><I>Yun Dan Bao</I>&nbsp;is a recruitment transaction management system with opt-in&nbsp;feature
made available on the Gongwuyuan Platform, that provides payment assurance for workers recruited through the system. Through this system,
job-seeking&nbsp;workers, Customers, Employing Companies and HR Service Companies conduct transactions with a higher standard of trust,
which promotes rapid and efficient job matching in the flexible employment market. The&nbsp;<I>Yun Dan Bao</I>&nbsp;system integrates
and optimizes data for labor, skills, locations, and other employment requirements to match individual workers to the diverse needs to
businesses and enterprises.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; 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; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Intelligent HR Management.&nbsp;</I></B>A
one-click&nbsp;integrated management system for recruitment, payroll, payroll advance, and electronic contract management system, which
covers personnel management, personnel scheduling and adjustment of employee salaries within the labor industry.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; 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; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Payroll and Advances services.&nbsp;</I></B>Gongwuyuan
provides integrated payroll services which allows for salary advances, approval of advances and accounting of such advances. Employees
can initiate applications for payroll advances through a one-click&nbsp;application on the Gongwuyuan Platform, and receive advances
upon approval by their managing employer. The payroll advance process is online, real time, data-based&nbsp;and traceable, and each managing
employer can review advances through the Gongwuyuan Platform.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; 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; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Electronic Contracts.&nbsp;</I></B>Gongwuyuan
provides electronic management of contracts through its Gongwuyuan Platform, which supports online automatic filing of contracts, permanent
encrypted storage, multi-entry&nbsp;contracting and online entry into contracts, including through WeChat, Gongwuyuan app and through
its website.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; 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; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt"><B><I>&#9679;</I></B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Electronic Payslips and
Direct Deposit Services.&nbsp;</I></B>Gongwuyuan provides electronic payslips with itemized wages to registered workers through its Gongwuyuan
Platform, which allows employers and workers to review the salary payments and maintain digital record of the salary history. In addition,
Gongwuyuan provides integrated salary services through its cooperation with China Merchants Bank, Alipay, WeChat and other financial
institutions, which allows employees to use different bank accounts and cards to receive their salaries through its 24/7 real-time&nbsp;batch
payroll system. The Gongwuyuan Platform also provides smart-batch&nbsp;electronic salary services with no payroll template requirements.
Each employer can upload their payroll information in Excel form to the system, and be provided a real-time&nbsp;view of its employees
payroll status online through the app.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify"><B>Market Opportunity and
Growth Strategy</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">Gongwuyuan&rsquo;s long-term&nbsp;objective
is to expand its business coverage to include information technology services, online platforms to link schools and enterprises, and online
training programs for workers. Gongwuyuan has begun to accumulate strategic resources and conduct market research in order to enhance
its strategic position and future development in the field of blue-collar&nbsp;employments in the following areas:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 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: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Information technology services</I></B>:&nbsp;Gongwuyuan
intends to expand its products and services to provide and support information technology services to enhance the user experiences for
personnel management systems and other HR SaaS services.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 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: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Serving new participants
such as schools and enterprises through online platforms</I>:</B>&nbsp;Gongwuyuan believes that absorbing new participants for its online
platforms would be an important driving force for its business expansion and increase. Gongwuyuan has engaged in discussions with vocational
colleges for potential strategic cooperation opportunities. As of October&nbsp;31, 2022, Gongwuyuan has expanded cooperation plans to
more than 230 vocational and technical colleges, primarily in the Sichuan, Guizhou, Yunnan, Shaanxi, and Jiangxi provinces. Gongwuyuan
believes that its continued cooperative developments with these vocational and technical colleges are strong opportunities for its business
growth, and would enable Gongwuyuan to enhance its strategic position in the field of blue-collar&nbsp;employment and within the flexible
employment market. Gongwuyuan plans to attract more new participants for its online platforms in the future, and diversity the services
provided for the platform participants.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 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: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Provide online training
programs for workers</I></B>:&nbsp;Gongwuyuan has identified online training for blue-collar&nbsp;workers as a new service opportunity
within the flexible employment industry, especially in online training for vocational skills. Gongwuyuan is currently conducting pilot
programs for online vocational skills training on the Gongwuyuan Platform and is looking into cooperation opportunities with vocational
and technical schools. Gongwuyuan&rsquo;s initial market research suggests that there are substantial demand and opportunities for improving
vocational skills, largely in part due to the national education reform and favorable policies for vocational education. We anticipate
that Gongwuyuan&rsquo;s strategic cooperation with vocational colleges to provide targeted vocational skills to facilitate job matching
between blue-collar&nbsp;workers and Customers/Employing Companies, combined with the continued demand for vocational education will
become a new growth point for its business in the future.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">Gongwuyuan believes that
it has the following strengths, which provide it with a competitive advantage and opportunity over its competitors:</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; 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; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Resources.&nbsp;</I></B>Gongwuyuan
currently has 8,182 company clients registered on the Gongwuyuan Platform and has established cooperation plans with more than 230 vocational
and technical colleges. We have established over 25 subsidiaries/branches throughout China, and have operations over ten thousand HR
online communities. We believe that we currently have the capacity to dispatch sufficient labor workers through HR services companies
to meet the evolving market demand for blue-collar&nbsp;workers. We believe our resources will allow us to achieve our service standard
guarantee &ldquo;3-7-15&rdquo; through our platform, which assures Customers and Employing Companies that we are able to fulfill their
employment needs within 3&nbsp;days if the selected workers are in the same city as the Customer and Employing Company, 7&nbsp;days if
within the same province, and 15&nbsp;days if across provinces. This service standard allows us to remain competitive in fulfilling enterprises&rsquo;
needs in an efficient and cost-effective&nbsp;manner.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; 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; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt"><B><I>&#9679;</I></B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Commitment to Brand.&nbsp;</I></B>Gongwuyuan
is committed in building its brand, and we believe that we have the opportunity to continue to grow awareness of our brand through word
of mouth, brand marketing and strategic partnerships. We focus on enhancing our technology infrastructure of the platform to build the
&ldquo;Gongwuyuan&rdquo; brand. Gongwuyuan is the first recruitment crowdsourcing platform to provide a &ldquo;payment assurance&rdquo;
feature to Employing Companies and workers. Gongwuyuan has twenty-eight&nbsp;(28)&nbsp;software copyright registrations and seven (7)&nbsp;trademark
registrations in the PRC.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; 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; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt"><B><I>&#9679;</I></B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Innovative Platform.&nbsp;</I></B>We
believe Gongwuyuan&rsquo;s innovative platform will significantly improve customer experience by increasing efficiency and transparency
for job matching in the flexible employment market in different geographic regions. In addition, &ldquo;Yun Dan Bao&rdquo; provides an
opt-in&nbsp;feature for payment assurance that encourages trust among workers and employers. Further, the platform also utilizes HR SaaS-enabled&nbsp;tools
to provide human resources management services such as intelligent HR management, electronic contracts, payrolls and salary advances,
direct deposits and electronic pay-slips&nbsp;to add business values to our customers.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; 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; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Efficient Performance.&nbsp;</I></B>We
believe that the Gongwuyuan Platform, when fully developed, will significantly improve the efficiency of bulk-recruitment&nbsp;in the
flexible employment marketplace, by streamlining the recruitment process among Customers, Employing Companies, HR Service Companies and
blue-collar&nbsp;workers in different geographic areas. Further, the platform will provide better employment management solutions to
Employment Companies by utilizing HR SaaS-enabled&nbsp;tools on the platform.</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-indent: 0in; text-align: justify"><B>Competition</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">Gongwuyuan primarily competes
with other recruitment crowdsourcing and HR management service providers in China. Our primary competitors include traditional integrated
service providers (e.g. ManpowerGroup, Renrui Human Resources, Career International, and FSG), platform-based&nbsp;companies (e.g. Dianmi
Network Technology and Joyowo), other flexible employment crowdsourcing platforms and labor management service providers.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">We experience fluctuations
due to seasonal variations in demand for blue-collar&nbsp;workers and human resource related services. Fluctuations in the level of recruitment
activity for blue-collar&nbsp;workers and human resource needs occur due to changes in the overall economic, market and social conditions
in China. Our operating results have fluctuated in the past and may continue to fluctuate depending upon a number of factors, many of
which are out of our control. For example, recruitment numbers tend to be higher during holidays and at the end of the year, and the demand
for human resource services is reliant on the needs of employers as well as their perceptions of the job market. Such uncertainty makes
it difficult for us to predict operating results on a period-to-period&nbsp;basis.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">We believe the success of
our business and continued expansion of our services requires building mutually beneficial long-term&nbsp;business relationships with
our strategic partners, on both regional and national levels. Towards that goal, we have developed marketing strategies through diverse
marketing channels, including social media, industry conferences, online advertising platforms, etc.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">We have cultivated and maintained
cooperation and partnerships with a number of agencies, labor recruitment and outsourcing companies in the provinces we conduct our business
in. We have a dedicated sales and marketing team which focuses on developing our relationship with these companies over China. Our cooperation
with these companies have significantly improved our marketing efforts, through direct recommendations to vocational colleges, other human
resource companies and potential employers which require large scale of blue-collar&nbsp;worker recruitment and human resources management
services. In addition, our cooperative initiatives with the local and national government agencies provide us with effective channels
to promote and demonstrate our Gongwuyuan Platform and our crowdsourcing recruitment and human resource services to local businesses.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">We are actively seeking new
and effective marketing channels in order to grow and promote our brand and our Gongwuyuan Platform. To facilitate our growth prospects,
we are on track to form strategic partnerships with regional businesses nationwide to promote regional cooperation for our crowdsourcing
recruitment and human resource services. We also actively participate in industry conferences and summits organized by industry associations
and local government delegations to promote our Gongwuyuan Platform, its products and our services.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">In addition to our marketing
efforts described above, we also market our crowdsourcing recruitment services, HR management services and our Gongwuyuan Platform, through:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; 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; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Social media, principally on WeChat
where we have established a number of groups in the human resource community, where we promote our business, products and services;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; 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; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Online advertising platforms,
such as TikTok, WeTV, Tencent Conference for new product launch announcements, customer service sharing sessions and other online promotional
activities; and</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; 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; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Recruitment and product meetings
through our partners.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">Our Gongwuyuan Platform is
a cloud-based&nbsp;internet platform to provide one-stop&nbsp;crowdsourcing recruitment and SaaS-enabled&nbsp;HR solutions in the flexible
employment marketplace. Gongwuyuan Platform provides employment matching of blue-collar&nbsp;workers through HR service companies with
business enterprises and institutions through its innovative and intelligent management transaction system. In addition, it also provides
other crowdsourcing products and services related to employment recruitment, including our&nbsp;<I>Yun Dan Bao&nbsp;</I>payment assurance
system.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">We plan to continue investing
in and improving our Gongwuyuan Platform to further increase user friendliness, functionality and efficiency. In addition, we intend to
provide further information technology services and additional platforms in the flexible employment market throughout China. We intend
to develop and expand our products in digitalization and SaaS services for human resources. In addition to providing more advanced HR
SaaS products and creating a private domain traffic matrix for our enterprise users, we also plan to provide more products in big data
analysis for our enterprise users to optimize decision making for their human resources needs. Further, we will also continue development
of our information technology services for our Gongwuyuan Platform, including proposed aftermarket services, supply chain and financial
services, and to continue building our Gongwuyuan Platform into a comprehensive ecosystem for HR services and products.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">As of the date of prospectus,
we own one (1)&nbsp;registered layout-design&nbsp;of Integrated Circuit in the PRC, one (1)&nbsp;registered patent in the PRC, seven (7)&nbsp;registered
trademarks in the PRC and thirty (30)&nbsp;registered software copyrights in the PRC, relating to various aspects of our operations. These
registered intellectual properties are crucial to our business. We also own three (3)&nbsp;domain names registered in the PRC, including
gwyapp.cn, gwyapp.com and gwyapp.net.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">The success of our business
depends substantially upon our continued ability to use our brand and trademarks to increase brand awareness and to further develop our
brand. The unauthorized reproduction of our trademarks could diminish the value of our brand and our market acceptance, competitive advantages
or goodwill. In addition, our proprietary information for our Gongwuyuan Platform and associated applications, in which we own 1 registered
patent, is a component of our competitive advantage and our growth strategy. To accomplish this, we rely on our trade secrets, including
know-how, confidentiality clauses in standard labor agreements and third party nondisclosure agreements, copyright laws, trademarks, intellectual
property licenses and other contractual rights to establish and protect our proprietary rights in our technology.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">We are subject to a variety
of PRC and foreign laws, rules and regulations across a number of aspects of our business. This section summarizes the principal PRC laws,
rules and regulations relevant to our business and operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify"><B><I>Regulation on Foreign
Investment Restrictions</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">Investment activities in
the PRC by foreign Selling Shareholders are principally governed by the Catalog of Industries for Encouraging Foreign Investment (2022
Edition), or the Catalog, as promulgated by the Ministry of Commerce of the People&rsquo;s Republic of China (&ldquo;MOFCOM&rdquo;), and
the National Development and Reform Commission (the &ldquo;NDRC&rdquo;) on December&nbsp;27, 2020, and the Special Administrative Measures
for Access of Foreign Investment (2024 Edition), or the Negative List (2024), as promulgated on September&nbsp;6, 2024. According to the
Negative List (2024), our value-added&nbsp;telecommunication services are restricted industry, while other businesses operated by us in
PRC do not fall into the restricted or prohibited categories. The Negative List (2024)&nbsp;also stipulates that if a domestic enterprise
engaged in business in the prohibited investment field issues shares abroad and is listed for trading, it shall be examined and approved
by the relevant competent authorities of the state. According to a press release issued by the NDRC in relation to the same provisions
in the Negative List (2021), the above provisions are only applicable to the direct overseas listing of domestic enterprises engaged in
business in the prohibited investment field. However, provisions on overseas indirect listing of domestic companies are still being formulated
and there are no detailed rules in connection with relevant requirements or procedures to obtain approval from relevant competent departments
of the state. If relevant governmental authority determines or new future rules provides that we are required to obtain the approval and/or
abide by the management requirement, we would have to apply for such approval and/or adjust our current management mechanism. There is
no assurance that we will be able to obtain such approval in time or at all.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">In addition, a foreign-invested&nbsp;enterprise
in the PRC is required to comply with other regulations on its incorporation, operation and changes. On March&nbsp;15, 2019, the National
People&rsquo;s Congress (&ldquo;NPC&rdquo;) adopted the Foreign Investment Law (the &ldquo;FIL&rdquo;), which became effective on January&nbsp;1,
2020. Pursuant to the FIL, PRC will grant national treatment to foreign-invested&nbsp;entities, except for those foreign-invested&nbsp;entities
that operate in industries that fall within &ldquo;restricted&rdquo; or &ldquo;prohibited&rdquo; categories as prescribed in the Negative
List (2024)&nbsp;to be released or approved by the State Council.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">On December&nbsp;31, 2019,
the State Council promulgated the Implementation Rules to the Foreign Investment Law, which became effective on January&nbsp;1, 2020.
The implementation rules further clarify that the state encourages and promotes foreign investment, protects the lawful rights and interests
of foreign Selling Shareholders, regulates foreign investment administration, continues to optimize a foreign investment environment,
and advances a higher-levelopening. On December&nbsp;30, 2019, the MOFCOM and SAMR jointly promulgated the Measures for Information Reporting
on Foreign Investment, which became effective on January&nbsp;1, 2020. Pursuant to the Measures for Information Reporting on Foreign Investment,
where a foreign investor carries out investment activities in PRC, directly or indirectly, the foreign investor or the foreign-invested&nbsp;enterprise
shall submit the investment information to the competent commerce department.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify"><B><I>Regulations Relating
to Information Security and Censorship</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">Internet content in China
is regulated and restricted from a state security standpoint. The Standing Committee of the National People&rsquo;s Congress (&ldquo;the
SCNPC&rdquo;) enacted the Decisions on the Maintenance of Internet Security on December&nbsp;28, 2000, which was most recently amended
on August&nbsp;27, 2009, providing that the following activities conducted through the internet are subject to criminal liabilities: (i)&nbsp;gaining
improper entry into any of the computer information networks relating to state affairs, national defensive affairs, or cutting-edge&nbsp;science
and technology; (ii)&nbsp;violation of relevant provisions of the State in the form of unauthorized interruption of any computer network
or communication service, as a result of which the computer network or communication system cannot function normally; (iii)&nbsp;spreading
rumor, slander or other harmful information via the internet for the purpose of inciting subversion of the state political power; (iv)&nbsp;stealing
or divulging state secrets, intelligence or military secrets via internet; (v)&nbsp;marketing fake and substandard products or carrying
out false publicity for any commodity or service; or (vi)&nbsp;infringing on intellectual property.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">On November&nbsp;7, 2016,
the SCNPC promulgated the Cyber Security Law of the People&rsquo;s Republic of China (the &ldquo;Cyber Security Law&rdquo;), which became
effective on June&nbsp;1, 2017, pursuant to which network operators shall comply with laws and regulations and fulfill their obligations
to safeguard security of the network when conducting business and providing services. Those who provide services through networks including
us shall take technical measures and other necessary measures pursuant to laws, regulations and compulsory national requirements to safeguard
the safe and stable operation of the networks, respond to network security incidents effectively, prevent illegal and criminal activities,
and maintain the integrity, confidentiality and usability of network data, and the network operator shall prevent network data from being
divulged, stolen or falsified. In addition, any network operator that collects personal information shall follow the principles of legitimacy,
rationality and necessity. Network operators shall neither gather personal information unrelated to the services they provide, nor gather
or use personal information in violation of the provisions of laws and administrative regulations or the agreements arrived at. Network
operators of key information infrastructure shall store within the territory of the PRC all the personal information and important data
collected and produced within the territory of PRC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">On April&nbsp;13, 2020, the
CAC, the NDRC, the Ministry of Industry and Information Technology (the &ldquo;MIIT&rdquo;) and other nine promulgation authorities issued
the Cybersecurity Review Measures (2020 Version), effective on June&nbsp;1, 2020, which stipulate that the cybersecurity review shall
focus on the evaluation of possible risks to national security caused by the purchase of the network product or service, also provide
for more detailed rules regarding cybersecurity review requirements. On July&nbsp;10, 2021, the CAC issued a revised draft of the Measures
for Cybersecurity Review for public comments, which required that, in addition to the procurement of any network product or service by
an operator of critical information infrastructure (the &ldquo;CIIO&rdquo;), any data processor carrying out data processing activities
that affect or may affect national security should also be subject to cybersecurity review. On December&nbsp;28, 2021, the Cybersecurity
Review Measures (2021 Version) was promulgated and became effective on February&nbsp;15, 2022 and the Cybersecurity Review Measures (2020
Version) was repealed at the same time. The Cybersecurity Review Measures (2021 Version) iterates that any online platform operators controlling
personal information of more than 1&nbsp;million users which seeks to list in a foreign stock exchange should also be subject to cybersecurity
review. The Cybersecurity Review Measures (2021 Version) further elaborates the factors to be considered when assessing the national security
risks of the relevant activities, including, among others, (i)&nbsp;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)&nbsp;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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">On June&nbsp;10, 2021, the
SCNPC promulgated the Data Security Law of the PRC (the &ldquo;Data Security Law&rdquo;), which took effect on September&nbsp;1, 2021.
The Data Security Law establishes a tiered system for data protection in terms of their importance, data categorized as &ldquo;important
data&rdquo;, which will be determined by governmental authorities in the form of catalogs, shall be treated with higher level of protection.
Specifically, the Data Security Law provides that processors of important data shall appoint a &ldquo;data security officer&rdquo; and
a &ldquo;management department&rdquo; to take charge of data security. In addition, such processor shall evaluate the risk of its data
activities periodically and file assessment reports with relevant regulatory authorities. Separately, data transaction intermediary services
providers shall check the sources of the data, the identities of parties to the data transactions and shall keep records accordingly.
Since the Data Security Law is relatively new, uncertainties still exist in relation to its interpretation and implementation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">On July&nbsp;7, 2022, the
CAC promulgated the Measures for the Security Assessment of Outbound Data Transfers, or the Measures, which became effective from September&nbsp;1,
2022. The Measures shall apply to the security assessment of the provision of important data and personal information collected and generated
by data processors in the course of their operations within the territory of the People&rsquo;s Republic of China by such data processors
to overseas recipients. The Measures stipulates the circumstances under which security assessment of outbound data transfers should be
declared, including: (i)&nbsp;outbound transfer of important data by a data processor; (ii)&nbsp;outbound transfer of personal information
by a critical information infrastructure operator or a personal information processor who has processed the personal information of more
than 1,000,000 people; (iii)&nbsp;outbound transfer of personal information by a personal information processor who has made outbound
transfers of the personal information of 100,000 people cumulatively or the sensitive personal information of 10,000 people cumulatively
since 1 January of the previous year; or (iv)&nbsp;other circumstances where an application for the security assessment of an outbound
data transfer is required as prescribed by the national cyberspace administration authority. Based on the relevant regulations relating
to outbound data transfer in the Cybersecurity Law, the Data Security Law, and the Personal Information Protection Law, the measures provides
the scope, conditions and procedures of security assessment of outbound data transfer and thereby provides specific guidelines for security
assessment of outbound data transfers.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">On February&nbsp;22, 2023,
the CAC issued the Provisions on the Standard Contract for Outbound Cross-border Transfer of Personal Information, or the Provisions,
which became effective on June&nbsp;1, 2023. The CAC further promulgated on Provisions of Promoting and Regulating Cross-border&nbsp;Data
Flow, effective on March&nbsp;22, 2024, it is stipulated that if the content of the Provisions of Promoting and Regulating Cross-border&nbsp;Data
Flow is inconsistent with the content of the Measures for the Security Assessment of Outbound Data Transfers and the Provisions on the
Standard Contract for Outbound Cross-border&nbsp;Transfer of Personal Information, the Provisions of Promoting and Regulating Cross-border&nbsp;Data
Flow shall prevail. According to the Personal Information Protection Law, the A personal information processor who intends to enter into
a contract to provide personal information to an overseas recipient outside the territory of the PRC shall enter into a standard contract
for outbound cross-border&nbsp;transfer of personal information. The Provisions provides the detailed requirements and guidelines for
such standard contract.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">On September&nbsp;24, 2024,
the State Council promulgated the Regulations on the Network Data Security Management (the &ldquo;Data Security Management Regulations&rdquo;),
which will become effective on January&nbsp;1, 2025. Pursuant to the Data Security Management Regulations, network data processing activities
refer to activities such as the collection, storage, use, processing, transmission, provision, disclosure, and deletion of data. Network
data processors refer to individuals or organizations that independently determine the purposes and methods of data processing activities.
Network data processors conducting any data processing activities that affect or may affect national security shall undergo national security
review in accordance with relevant national regulations. Where it is indeed necessary to transfer any important data collected and generated
within the territory of the PRC to an overseas party, the security assessment of outbound data transfer organized by the national cyberspace
administration department shall be passed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">Currently, the Cybersecurity
Review Measures (2021 Version) the Measures were adopted and the Data Security Management Regulations will become effective on January&nbsp;1,
2025, and their implementation provisions and anticipated adoption or effective date remains substantially uncertain and may be subject
to change. If the CAC or other regulatory agencies promulgate new rules or explanations requiring that we obtain their approvals, we may
become subject to enhanced cybersecurity review. Certain internet platforms in China have been reportedly subject to heightened regulatory
scrutiny in relation to cybersecurity matters. As of the date of this prospectus, we have not been informed by any PRC governmental authority
of any requirement that we file for a cybersecurity review. However, if we are deemed to be a CIIO or a company that is engaged in data
processing and holds personal information of more than 1&nbsp;million users, we could be subject to PRC cybersecurity review.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify"><B><I>Regulations Relating
to Privacy Protection</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">Pursuant to the Civil Code
of the People&rsquo;s Republic of China (the &ldquo;Civil Code&rdquo;), the personal information of a natural person shall be protected
by the law. Any organization or individual that need to obtain personal information of others shall obtain such information legally and
ensure the safety of such information, and shall not illegally collect, use, process or transmit personal information of others, or illegally
purchase or sell, provide or make public personal information of others.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">On December&nbsp;13, 2005,
the Ministry of Public Security issued the Regulations on Technological Measures for Internet Security Protection, or the Internet Protection
Measures, which took effect on March&nbsp;1, 2006. The Internet Protection Measures require Internet service providers to take proper
measures including anti-virus, data back-upand other related measures, and to keep records of certain information about their users (including
user registration information, log-in&nbsp;and log-out&nbsp;time, IP address and log files of system maintenance) for at least 60&nbsp;days,
and detect illegal information, stop transmission of such information, and keep relevant records. Internet services providers are prohibited
from unauthorized disclosure of users&rsquo; information to any third parties unless such disclosure is required by the laws and regulations.
They are further required to establish management systems and take technological measures to safeguard the freedom and secrecy of the
users&rsquo; correspondences.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">On December&nbsp;28, 2012,
the SCNPC promulgated the Decision on Strengthening Network Information Protection to enhance the legal protection of information security
and privacy on the internet. On July&nbsp;16, 2013, the MIIT promulgated the Provisions on Protection of Personal Information of Telecommunication
and Internet Users to regulate the collection and use of users&rsquo; personal information in the provision of telecommunication services
and Internet information services in China and the personal information includes a user&rsquo;s name, birth date, identification card
number, address, phone number, account name, password and other information that can be used for identifying a user. Telecommunication
business operators and Internet service providers are required to constitute their own rules for the collecting and use of users&rsquo;
information and they cannot collect or use of user&rsquo;s information without users&rsquo; consent. Telecommunication business operators
and Internet service providers must specify the purposes, manners and scopes of information collection and uses, obtain consent of the
relevant citizens, and keep the collected personal information confidential. Telecommunication business operators and Internet service
providers are prohibited from disclosing, tampering with, damaging, selling or illegally providing others with, collected personal information.
Telecommunication business operators and Internet service providers are required to take technical and other measures to prevent the collected
personal information from any unauthorized disclosure, damage or loss.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">On December&nbsp;29, 2011,
the MIIT promulgated the Several Provisions on Regulation of the Order of Internet Information Service Market, which became effective
on March&nbsp;15, 2012. The Provisions stipulate that without the consent of users, Internet information service providers shall not collect
information relevant to the users that can lead to the recognition of the identity of the users independently or in combination with other
information (hereinafter referred to as &ldquo;personal information of users&rdquo;), nor shall they provide personal information of users
to others, unless otherwise provided by laws and administrative regulations. The Provisions also requires that Internet information service
providers shall properly keep the personal information of users; if the preserved personal information of users is divulged or may possibly
be divulged, Internet information service providers shall immediately take remedial measures; where such incident causes or may cause
serious consequences, they shall immediately report the same to the telecommunications administration authorities that grant them with
the Internet information service license or filing and cooperate in the investigation and disposal carried out by relevant departments.
Failure to comply with such requirements may result in a fine between RMB10,000 and RMB30,000 and an announcement to the public.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">On May&nbsp;8, 2017, the
Supreme People&rsquo;s Court and the Supreme People&rsquo;s Procuratorate released the Interpretations of the Supreme People&rsquo;s Court
and the Supreme People&rsquo;s Procuratorate on Several Issues Concerning the Application of Law in the Handling of Criminal Cases Involving
Infringement of Citizens&rsquo; Personal Information, or the Interpretations, effective from June&nbsp;1, 2017. The Interpretations clarify
several concepts regarding the crime of &ldquo;infringement of citizens&rsquo; personal information&rdquo; stipulated by Article&nbsp;253A
of the Criminal Law of the People&rsquo;s Republic of China, including &ldquo;citizen&rsquo;s personal information&rdquo;, &ldquo;provision&rdquo;,
and &ldquo;unlawful acquisition&rdquo;. Also, the Interpretations specify the standards for determining &ldquo;serious circumstances&rdquo;
and &ldquo;particularly serious circumstances&rdquo; of this crime.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">On August&nbsp;20, 2021,
the SCNPC promulgated Personal Information Protection Law of the People&rsquo;s Republic of China (&ldquo;The Personal Information Protection
Law&rdquo;), which became effective on November&nbsp;1, 2021. According to The Personal Information Protection Law, personal information
refers to any kind of information related to an identified or identifiable natural person as electronically or otherwise recorded, excluding
information that has been anonymized. Processing of personal information includes the collection, storage, use, processing, transmission,
provision, disclosure, and deletion of personal information. Processing of personal information shall be for a specified and reasonable
purpose, and shall be conducted for a purpose directly relevant to the purpose of processing and in a way that has the least impact on
personal rights and interests. Collection of personal information shall be limited to the minimum scope necessary for achieving the purpose
of processing and shall not be excessive.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">There remain uncertainties
with respect to the interpretation and detailed application of such laws and regulations and PRC regulators are enhancing the protection
of privacy rule-making&nbsp;and enforcement actions at central and local levels. Any failure or perceived failure by us to comply with
privacy policies or related legal obligations could cause suspension of business for rectification, fines and other penalties.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify"><B><I>Licenses for&nbsp;Value-Added&nbsp;Telecommunications
Services</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">An extensive regulatory scheme
governing telecommunication services, including value-added&nbsp;telecommunication services and infrastructure telecommunications services,
is promulgated by the State Council, MIIT, and other relevant government authorities. Value-added&nbsp;telecommunication service operators
may be required to obtain additional licenses and permits in addition to those that they currently have given new laws and regulations
may be adopted from time to time. In addition, uncertainties exist regarding the interpretation and implementation of PRC laws and regulations
applicable to the telecommunication activities.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">On September&nbsp;25, 2000,
the State Council issued the Regulations on Telecommunications of China, or the Telecommunications Regulations, which was lately amended
on February&nbsp;6, 2016, to regulate telecommunications activities in China. The Telecommunications Regulations divide the telecommunications
services into two categories, namely &ldquo;infrastructure telecommunications services&rdquo; and &ldquo;value-added&nbsp;telecommunications
services.&rdquo; Pursuant to the Telecommunications Regulations, operators of value-added&nbsp;telecommunications services must first
obtain a Value-added&nbsp;Telecommunications Business Operating License, or VAT License, from the MIIT, or its provincial level counterparts.
The MIIT promulgated the Administrative Measures on Telecommunications Business Operating Licenses on March&nbsp;1, 2009 and most recently
amended it on July&nbsp;3, 2017, for the purpose of setting forth more specific provisions regarding the types of licenses required to
operate value-added&nbsp;telecommunications services, the qualifications and procedures for obtaining such licenses and the administration
and supervision of such licenses.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">According to the Catalog
of Classification of Telecommunications Businesses effective from April&nbsp;1, 2003, internet information services, also called internet
content services, or ICP services, are deemed as a type of value-added&nbsp;telecommunications services. On December&nbsp;28, 2015 and
June&nbsp;6, 2019, the MIIT published revised editions of Catalog of Classification of Telecommunication Business. According to the latest
2019 MIIT Catalog, internet information services, which include information release and delivery services, information search and query
services, information community platform services, information real-times&nbsp;interactive services, and information protection and processing
services, continues to be classified as a category of value-added&nbsp;telecommunication services. The Administrative Measures on Internet
Information Services, or ICP Measures, also promulgated by the PRC State Council on September&nbsp;25, 2000 and amended on January&nbsp;8,
2011, set forth more specific rules on the provision of ICP services. According to ICP Measures, any company that engages in the provision
of commercial ICP services shall obtain a sub-category&nbsp;VAT License for Internet Information Services, or ICP license, from the relevant
government authorities before providing any commercial internet content services within the PRC, and when the ICP services involve areas
of news, publication, education, medical treatment, health, pharmaceuticals and medical equipment, and if required by law or relevant
regulations, specific approval from the respective regulatory authorities must be obtained prior to applying for the ICP License from
the MIIT or its provincial level counterpart.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify"><B><I>Foreign Investment
in&nbsp;Value-Added&nbsp;Telecommunication Services</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">The Regulations on Administration
of Foreign-Invested&nbsp;Telecommunications Enterprises, or the FITE Regulations, which took effect on January&nbsp;1, 2002 and lastly
amended on May&nbsp;1, 2022, are the key regulations that regulate foreign direct investment in telecommunications companies in China.
The FITE Regulations stipulate that the foreign investor of a telecommunications enterprise is prohibited from holding more than 50% of
the equity interest in a foreign-invested&nbsp;enterprise that provides value-added&nbsp;telecommunications services, unless otherwise
stipulated by the State In addition, for a foreign investor to acquire any equity interest in a business providing value-added&nbsp;telecommunications
services in China, the latest FITE Regulations no longer requires that such foreign investor must demonstrate a positive track record
and experience in providing such services. Pursuant to the FITE Regulations,&nbsp;the registered capital of a foreign-invested&nbsp;telecom
enterprise that operate value-added telecommunications services shall comply with the following requirements: (i)&nbsp;for operating business
nationwide or across provinces, autonomous regions, or municipalities directly under the central government, the minimum registered capital
shall be CNY10&nbsp;million; and (ii)&nbsp;for operating business within a province, autonomous region, or municipality directly under
the central government, the minimum registered capital shall be CNY1&nbsp;million. To operate telecommunications business, a foreign-invested&nbsp;telecom
enterprise shall, in addition to meeting the requirements specified in the FITE Regulation, also meet the requirements specified in the&nbsp;Telecommunications
Regulations, which was promulgated on February&nbsp;6, 2016, for operating the business of value-added telecommunications services, including:
(i)&nbsp;the operator shall be a legally established company; (ii)&nbsp;there are funds and specialized personnel commensurate with the
business activities to be developed; (iii)&nbsp;the operator has the reputation or the capability to provide long term service to its
subscribers; and (iv)&nbsp;other conditions specified by the State.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">On July&nbsp;13, 2006, the
MIIT issued the Circular on Strengthening the Administration of Foreign Investment in Value-added&nbsp;Telecommunications Services, or
the MIIT Circular 2006, which requires that (i)&nbsp;foreign Selling Shareholders can only operate a telecommunications business in China
through establishing a telecommunications enterprise with a valid telecommunications business operation license; (ii)&nbsp;domestic license
holders are prohibited from leasing, transferring or selling telecommunications business operation licenses to foreign Selling Shareholders
in any form, or providing any resource, sites or facilities to foreign Selling Shareholders to facilitate the unlicensed operation of
telecommunications business in China; (iii)&nbsp;value-added&nbsp;telecommunications services providers or their shareholders must directly
own the domain names and registered trademarks they use in their daily operations; (iv)&nbsp;each value-added&nbsp;telecommunications
services provider must have the necessary facilities for its approved business operations and maintain such facilities in the geographic
regions covered by its license; and (v)&nbsp;all value-added&nbsp;telecommunications services providers should improve network and information
security, enact relevant information safety administration regulations and set up emergency plans to ensure network and information safety.
Due to the lack of any additional interpretation from the regulatory authorities, it remains unclear what impact MIIT Circular 2006 will
have on us or the other PRC internet companies with similar corporate and contractual structures. MIIT issued the Circular on Removing
the Restrictions on Shareholding Ratio Held by Foreign Selling Shareholders in Online Data Processing and Transaction Processing (Operating
E-commerce) Business on June&nbsp;19, 2015, which began to allow foreign Selling Shareholders to own more than 50% of the equity interest
in an operator of e-commerce&nbsp;business. However, foreign Selling Shareholders continue to be prohibited from holding more than 50%
of the equity interest in a provider of other category of value-added&nbsp;telecommunication&rsquo;s services except for e-commerce.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">To comply with the above-mentioned&nbsp;foreign
ownership restrictions, we operate our value-added telecommunication services in China through the VIE.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify"><B><I>Regulations relating
to Mobile Internet Applications Information Services</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">Mobile internet applications
(the &ldquo;APPs&rdquo;) and the APP distribution platforms are subject to the Administrative Provisions on Mobile Internet Applications
Information Services (the &ldquo;APP Provisions&rdquo;), which was promulgated by the CAC on June&nbsp;14, 2022 and became effective from
August&nbsp;1, 2022. The APP Provisions regulate the APP providers and the APP distribution platforms. The CAC and local offices of cyberspace
administration shall be responsible for the supervision and administration of nationwide or local APP information services, respectively.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">Under the APP Provisions,
the APP providers shall acquire relevant qualifications, implement the information security management responsibilities strictly and fulfil
their obligations, including real-name&nbsp;system, protection of users&rsquo; information, examination and management of information
content, etc. In addition, the APP providers shall enter into the service agreements with the APP users, clarifying the rights and obligations
of both parties. The APP distribution platforms shall file a record with the related local offices of cyberspace administration within
30&nbsp;days after such services have been rolled out online for operation. They shall fulfil the administrative responsibilities over
the APP providers. For any App providers who violates the aforementioned provisions, the APP distribution platforms shall take such measures
as warning, suspending the release or withdrawing the applications as the case may be, keep records and report such violation to the relevant
competent authorities. In addition, the APP distribution platforms shall also enter into the service agreements with the APP providers,
clarifying the rights and obligations of both parties.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify"><B><I>Regulations relating
to HR Services</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">HR services providers in
China are mainly regulated by the Ministry of Human Resources and Social Security (the &ldquo;MOHRSS&rdquo;). The principal regulations
applicable to HR services providers include (i)&nbsp;the Provisions on Employment Services and Employment Management promulgated on November&nbsp;5,
2007 and latest amended on January&nbsp;7, 2022 by the MOHRSS, (ii)&nbsp;the Provisions on Talent Market Administration jointly promulgated
by the PRC Ministry of Personnel, the PRC State Administration for Industry and Commerce on September&nbsp;11, 2001 and latest amended
on December&nbsp;31, 2019 by the MOHRSS and (iii)&nbsp;the Interim Regulation on Human Resources Market promulgated by the PRC State Council
on June&nbsp;29, 2018.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">Under the Provisions on Employment
Services and Employment Management, the Provisions on Talent Market Administration, the Notice on Further Strengthening Work Related to
Human Resources Market Supervision, promulgated by the MOHRSS on January&nbsp;29, 2010 and the Interim Regulation on Human Resources Market,
any entity engaging in occupational intermediary activities in China must obtain a HR Services License from the administrative department
of human resources and social security. Besides, the profit-making&nbsp;HR service organization shall file with the administrative department
of human resources and social security 15&nbsp;days from the date of carrying out services such as the collection and release of HR supply
and demand information, employment and entrepreneurship guidance, human resource management consulting, human resource assessment, HR
training, and HR service outsourcing. Where a profit-making&nbsp;HR service organization establishes a branch, it shall, within 15&nbsp;days
from the date of completion of the industrial and commercial registration, report in writing to the administrative department of human
resources and social security where the branch office locates.&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">In addition, according to
the Provisions on Talent Market Administration, as a talent recruitment service provider, we are prohibited from providing fake information,
making false promises and publishing fake recruitment advertisement. According to the Contract Law of PRC, which was implemented on October&nbsp;1,
1999 and was replaced by the Civil Code on January&nbsp;1, 2021, an intermediation contract is defined as a contract whereby an intermediary
presents to its client an opportunity for entering into a contract or provides the client with other intermediary services in connection
with the conclusion of a contract, and the client pays the intermediary service fees. Pursuant to the Contract Law and the Civil Code,
an intermediary must provide authentic information relating to the proposed contract. If an intermediary intentionally conceals any material
fact or provides false information in connection with the performance of the proposed contract, which results in harm to the client&rsquo;s
interests, the intermediary may not claim service fees and is liable for the damages caused.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify"><B><I>Regulations relating
to Labor Dispatching Services</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">Labor dispatching services
providers in China are mainly regulated by the MOHRSS.&nbsp;The principal regulation applicable to labor dispatching services providers
are the Measures for the Implementation of Administrative License for Labor Dispatch promulgated by the MOHRSS on June&nbsp;20, 2013 and
the Interim Provisions on Labor Dispatch promulgated by the MOHRSS on January&nbsp;24, 2014.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">Under the Measures for the
Implementation of Administrative License for Labor Dispatch, the labor dispatching service provider shall apply to the human resources
and social security administrative department at its domicile (hereinafter referred to as the licensing authority) for an administrative
license according to law. Where a labor dispatching service provider establishes a subsidiary to operate the labor dispatching services,
the subsidiary shall apply to the local licensing authority for an administrative license; if the labor dispatching service provider establishes
a branch to operate the labor dispatching services, it shall report the licensing authority in writing, and the branch shall file with
the local administrative department of human resources and social security.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">Under the Interim Provisions
on Labor Dispatch, the labor dispatching service provider shall: (i)&nbsp;truthfully inform the dispatched laborer of the provisions of
Article&nbsp;8 of the Labor Contract Law (as defined below), the rules and regulations to be observed, and the contents of the labor dispatch
agreement; (ii)&nbsp;establish a training system to conduct onboarding knowledge and safety education training for dispatched workers;
(iii)&nbsp;pay the labor remuneration and conduct the related treatment of the dispatched laborers in accordance with the state regulations
and the labor dispatch agreement; (iv)&nbsp;in accordance with the provisions of the State and the labor dispatch agreement, pay social
insurance premiums for the dispatched workers in accordance with the law, and handle the relevant procedures for social insurance; (v)&nbsp;urge
the institutions that accept employment in the form of labor dispatch to provide labor protection and labor safety and sanitation conditions
for the dispatched workers according to law; (vi)&nbsp;issue the relevant proof regarding dissolving or terminating the labor contract
according to law; (vii)&nbsp;assist in handling disputes between dispatched laborers and the institutions that accept employment in the
form of labor dispatch; (viii)&nbsp;conduct other matters as stipulated by laws, regulations and rules.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">In addition, according to
the Labor Contract Law of the PRC (the &ldquo;Labor Contract Law&rdquo;), which was implemented on January&nbsp;1, 2008 and amended on
July&nbsp;1, 2013, the labor dispatching service provider shall conclude a fixed-term&nbsp;labor contract with the dispatched laborer
for more than two&nbsp;years, and pay the labor remuneration on a monthly basis; when the dispatched laborer has no work, the labor dispatching
service provider shall pay to the dispatched laborers according to the minimum wage standard prescribed by the local people&rsquo;s government
monthly. The dispatched laborers of the labor dispatching service provider shall enter into labor dispatch agreements with the institutions
that accept employment in the form of labor dispatch. The labor dispatch agreement shall stipulate the number of dispatched posts and
personnel, the duration of dispatch, the amount of labor remuneration and social insurance premiums, the method of payment, and the liability
for breach of agreement. In the event of a violation of any legal provisions of the Labor Contract Law, administrative penalties may be
imposed on the dispatch service provider by the competent PRC government authority in charge of labor administration, including warning,
rectification orders, fines, orders for payment of wages and compensation to labors, revocation of business licenses and other penalties.
Any institution accepting dispatched laborers may be held jointly and severally liable together with the dispatch service provider in
case harm is done to labors as a result of such institution&rsquo;s violation of the Labor Contract Law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify"><B><I>Road Transportation
Operation Permit</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">Pursuant to the Regulations
on Road Transportation promulgated by the State Council in April&nbsp;2004 and most recently amended in July&nbsp;2023, and the Provisions
on Administration of Road Freight Transportation and Stations (Sites) issued by the Ministry of Transport in June&nbsp;2005 and most recently
amended in November&nbsp;2023 (the &ldquo;Road Freight Provisions&rdquo;), the business operations of road freight transportation refer
to commercial road freight transportation activities that provide public services. The road freight transportation includes general road
freight transportation, special road freight transportation, road transportation of large articles, and road transportation of hazardous
cargos. The Road Freight Provisions set forth detailed requirements with respect to vehicles and drivers.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">Under the Road Freight Provisions,
anyone engaging in the business of operating road freight transportation must obtain a Road Transportation Operation Permit from the local
county-level&nbsp;road transportation administrative bureau, and each vehicle used for road freight transportation must have a Road Transportation
Certificate from the same authority. The incorporation of a subsidiary of road freight transportation operator that intends to engage
in road transportation business is subject to the same approval procedure. If it intends to establish a branch, it should file with the
local road transportation administrative bureau where the branch is to be established.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify"><B><I>Regulation on Foreign
Exchange Control</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">In 1996, China published
The Foreign Currency Administration Regulations, and late on amended on January&nbsp;14, 1997 and August&nbsp;5, 2008. This Regulation
has been the major one governing the foreign exchange activities in China. Under this Regulation, the Renminbi is convertible for foreign
currency account items, including the distribution of dividends, interest payments and trade and service-related&nbsp;foreign exchange
transactions. Conversion of Renminbi into foreign currency for capital account items, such as, loans, investment in securities and repatriation
of investments, however, is subject to the registration of the Sate Administration of Foreign Exchange (&ldquo;SAFE&rdquo;) or its local
counterparts.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">In recent&nbsp;years, China
has become more open to foreign currency exchange. Individual persons are allowed to buy $50,000 each year, but for companies there are
still control policies. Under the Regulation and relevant rules, foreign-invested&nbsp;enterprises may buy, sell and remit foreign currencies
at banks authorized to conduct foreign exchange transactions for settlement of currency account transactions after providing valid commercial
documents and, in the case of capital account item transactions, only after registration with the SAFE and, as the case may be, other
relevant PRC government authorities as required by law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">According to the Overseas
Investment Regulation which was issued in 2014, capital investments directed outside of China by domestic or foreign-invested&nbsp;enterprises
are also subject to restrictions, which include registration filing with Ministry of Commerce, even though the Notice on Further Improving
and Adjusting the Foreign Exchange Management Policy for Capital Account became effective in February of 2014 by SAFE has made domestic
enterprises much easier releasing foreign currency overseas to foreign companies including connected companies.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">The conversion of Renminbi
into foreign currencies, including U.S.&nbsp;dollars, has been based on rates set by the People&rsquo;s Bank of China. On July&nbsp;21,
2005, the PRC government changed its policy of pegging the value of the Renminbi to the U.S.&nbsp;dollar. Under the new policy, the Renminbi
will be permitted to fluctuate within a band against a basket of certain foreign currencies. We receive a significant portion of our revenue
in Renminbi, which is not a freely convertible currency. Under our current structure, our income will be primarily derived from dividend
payments from our subsidiaries in China. Even though we may remit the income from China to anywhere we want, the fluctuation of exchange
rate may be a disadvantage to us if Renminbi depreciated.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">On January&nbsp;26, 2017,
the SAFE promulgated the Notice on Improving the Check of Authenticity and Compliance to Further Promote Foreign Exchange Control (the
&ldquo;SAFE Circular 3&rdquo;), which stipulates several capital control measures with respect to the outbound remittance of profit from
domestic entities to offshore entities, including (i)&nbsp;under the principle of genuine transaction, banks shall check board resolutions
regarding profit distribution, the original version of tax filing records and audited financial statements; and (ii)&nbsp;domestic entities
shall hold income to account for previous&nbsp;years&rsquo; losses before remitting the profits. Moreover, pursuant to the SAFE Circular&nbsp;3,
domestic entities shall make detailed explanations of the sources of capital and utilization arrangements, and provide board resolutions,
contracts and other proof when completing the registration procedures in connection with an outbound investment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">The SAFE promulgated the
Circular of the State Administration of Foreign Exchange on Further Promoting Cross-border&nbsp;Trade and Investment Facilitation on December&nbsp;8,
2023, which expressly allows foreign-invested&nbsp;enterprises that do not have equity investments in their approved business scope to
use their capital obtained from foreign exchange settlement to make domestic equity investments as long as there is a truthful investment
and such investment is in compliance with the foreign investment-related&nbsp;laws and regulations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify"><B><I>Regulation on Foreign
Exchange Registration of Offshore Investment by PRC Residents</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">In October of 2005, SAFE
promulgated a Notification known as &ldquo;Notification 75&rdquo;, in which SAFE requires PRC residents to register their direct establishment
or indirect control of an offshore entity (referred to in Notification as &ldquo;special purpose vehicle.&rdquo;), where such offshore
entity are established for the purpose of overseas financing, provided that PRC residents contribute their legally owned assets or equity
into such entity. In July of 2014, this Notification was replaced by Notification&nbsp;37, &ldquo;Notification on Relevant Issues Concerning
Foreign Exchange Control on Domestic Residents&rsquo; Offshore Investment and Financing and Returning Investment through Special Purpose
Vehicles&rdquo;, which expanded SAFE oversight scope to include overseas investment registration as well. Meanwhile, Notification 37 also
covers more areas such as PRC residents paying capital contribution with overseas assets or equity. Furthermore, Notification 37 requires
amendment to the registration where any significant changes with respect to the special purpose vehicle capitalization or structure of
the PRC resident itself (such as capital increase, capital reduction, share transfer or exchange, merger or spin off). On February&nbsp;13,
2015, the SAFE promulgated a Notice on Further Simplifying and Improving Foreign Exchange Administration Policy on Direct Investment,
or Notice&nbsp;13, which became effective on June&nbsp;1, 2015 and was amended on December&nbsp;30, 2019. Under Notice&nbsp;13, applications
for foreign exchange registration of inbound foreign direct investments and outbound overseas direct investments, including those required
under Notification&nbsp;37, will be filed with qualified banks instead of SAFE.&nbsp;The qualified banks will directly examine the applications
and accept registrations under the supervision of SAFE.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify"><B><I>Regulation on Dividend
Distributions</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">Our PRC subsidiary, Shenzhen
Pengze Future Technology Co., Ltd., is wholly foreign-owned&nbsp;enterprises under the PRC law. The principal regulations governing the
distribution of dividends paid by Shenzhen Pengze Future Technology Co., Ltd. include: Corporate Law (1993)&nbsp;as lastly amended in
2018; the Foreign Investment Law and its Implementing Regulations; and the Enterprise Income Tax Law (2007)&nbsp;as lastly amended in
2018 and its Implementation Regulations (2007)&nbsp;as lastly amended in 2019.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">Under these requirements,
foreign-invested&nbsp;enterprises may pay dividends only out of their accumulated profit, if any, as determined in accordance with PRC
accounting standards and regulations. A PRC company is required to allocate at least 10% of their respective accumulated after-tax&nbsp;profits
each year, if any, to fund certain capital reserve funds until the aggregate amount of these reserve funds have reached 50% of the registered
capital of the enterprises. A PRC company is not permitted to distribute any profits until any losses from prior fiscal&nbsp;years have
been offset. Profits retained from prior fiscal&nbsp;years may be distributed together with distributable profits from the current fiscal
year.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">On March&nbsp;16, 2007, the
NPC enacted the Enterprise Income Tax Law, and on December&nbsp;6, 2007, the State Council issued the Implementation Regulations on the
Enterprise Income Tax Law, both of which became effective on January&nbsp;1, 2008. The Enterprise Income Tax Law was lately amended on
December&nbsp;29, 2018 and the Implementation Regulations on the Enterprise Income Tax Law was lately amended on April&nbsp;23, 2019.
Under this law and its implementation regulations, dividends payable by a foreign-invested&nbsp;enterprise in the PRC to its foreign investor
who is a non-resident&nbsp;enterprise will be subject to a 10% (5% for Hong&nbsp;Kong residents) withholding tax, unless any such foreign
investor&rsquo;s jurisdiction of incorporation has a tax treaty with the PRC that provides for a lower withholding tax rate.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify"><B><I>M&amp;A Rules and Regulation
on Overseas Listings</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">On August&nbsp;8, 2006, six
PRC regulatory agencies, Ministry of Commerce, the State Assets Supervision and Administration Commission, the State Administration for
Taxation, the State Administration for Industry and Commerce, CSRC and SAFE, jointly adopted the Regulation on Mergers and Acquisitions
of Domestic Enterprises by Foreign Selling Shareholders, or so called the M&amp;A Rules and amended it on June&nbsp;22, 2009. The M&amp;A
Rules purport, among other things, to require that offshore SPVs that are controlled by PRC companies or individuals and that have been
formed for overseas listing purposes through acquisitions of PRC domestic interests held by such PRC companies or individuals, obtain
the approval of the CSRC prior to publicly listing their securities on an overseas stock exchange. After the FIL and its implementation
regulations became effective on January&nbsp;1, 2020, the provisions of the M&amp;A Rules remain effective to the extent they are not
inconsistent with the FIL and its implementation regulations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">Furthermore, on July&nbsp;6,
2021, the General Office of the Central Committee of the Communist Party of China and the General Office of the State Council jointly
promulgated the Opinions on Strictly Cracking Down on Illegal Securities Activities in Accordance with the Law, pursuant to which Chinese
regulators are required to accelerate rulemaking related to the overseas issuance and listing of securities, and update the existing laws
and regulations related to data security, cross-border&nbsp;data flow, and management of confidential information. Following the promulgation
of the Cyber Security Law and Data Security Law, on February&nbsp;17, 2023, the CSRC published the Trial Administrative Measures of Overseas
Securities Offering and Listing by Domestic Companies and became effective on March&nbsp;31, 2023, which provided and revealed certain
examination and filing mechanisms with respect to a Chinese domestic enterprise&rsquo;s offering of securities overseas.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">While the application of
the M&amp;A Rules remains unclear, the CSRC currently has not issued any definitive rule or interpretation concerning whether offerings
such as our offering are subject to the CSRC approval procedures under the M&amp;A Rules; and despite the lack of any definitive rule
or interpretation from CSRC, the main purpose of the M&amp;A rule is for national security and national industrial policy and so far none
of the Chinese companies that have completed their public listing in the U.S.&nbsp;have obtained such approval.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">On February&nbsp;17, 2023,
the CSRC issued the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies (the &ldquo;Trial
Administrative Measures&rdquo;) and relevant supporting guidelines (collectively, the &ldquo;New Administrative Rules Regarding Overseas
Listings&rdquo;), which became effective on March31, 2023.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">According to the New Administrative
Rules Regarding Overseas Listings, among other things, a domestic company in the PRC that seeks to offer and list securities in overseas
markets shall fulfill the filing procedure with the CSRC. When a domestic company seeks to directly offer and list securities in overseas
markets, the issuer shall file with the CSRC. When a 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. Initial
public offerings or listings in overseas markets shall be filed with the CSRC within 3 working days after the relevant application is
submitted overseas. The required filing materials with the CSRC include (without limitation): (i) record-filing&nbsp;reports and related
undertakings, (ii) compliance certificates, filing or approval documents from the primary regulators of applicants&rsquo; businesses (if
applicable), (iii) security assessment opinions issued by related departments (if applicable), (iv) PRC legal opinions issued by domestic
law firms (with related undertakings), and (v)&nbsp;prospectus or listing documents.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">In addition, under the New
Administrative Rules Regarding Overseas Listings, a domestic company is prohibited from overseas offering and listing if any of the following
circumstances is involved: (1) where such securities offering and listing is explicitly prohibited by provisions in laws, administrative
regulations and relevant state rules; (2) where the intended securities offering and listing may endanger national security as reviewed
and determined by competent authorities under the State Council in accordance with law; (3) where the domestic company intending to make
the securities offering and listing, or its controlling shareholders and the actual controller, have committed crimes such as corruption,
bribery, embezzlement, misappropriation of property or undermining the order of the socialist market economy during the latest three years;
(4) where the domestic company intending to make the securities offering and listing is suspected of committing crimes or major violations
of laws and regulations, and is under investigation according to law, and no conclusion has yet been made thereof; and (5) where there
are material ownership disputes over equity held by the domestic company&rsquo;s controlling shareholder or by other shareholders that
are controlled by the controlling shareholder and/or actual controller. Moreover, a domestic company that seeks to offer and list securities
in overseas markets shall abide by certain other regulatory requirements as set out in the New Administrative Rules Regarding Overseas
Listings, including without limitation to, compliance with national secrecy, foreign investment, cybersecurity, data security, cross-border&nbsp;investment
and financing, foreign exchange, and other laws and relevant provisions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">Pursuant to the New Administrative
Rules Regarding Overseas Listings, we have to file with the CSRC in accordance with the Trial Administrative Measures with respect to
our initial public offering. We completed such filing procedures on June&nbsp;27, 2024, the completion of which was posted on the official
website of the CSRC on June&nbsp;28, 2024. However, we cannot assure you of whether there will be further regulatory requirements related
to overseas securities offerings and other capital markets activities. Any failure on our part to fully comply with further regulatory
requirements may significantly limit or completely hinder our ability to offer or continue to offer our Ordinary Shares.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">On February&nbsp;24, 2023,
the CSRC promulgated the Provisions on Strengthening Confidentiality and Archives Administration of Overseas Securities Offering and Listing
by Domestic Companies (the &ldquo;Confidentiality and Archives Administration Provisions&rdquo;), which also became effective on March&nbsp;31,
2023. According to the Confidentiality and Archives Administration Provisions, domestic companies that seek overseas offering and listing
(either in direct or indirect means) and the securities companies and securities service (either incorporated domestically or overseas)
providers that undertake relevant businesses shall institute a sound confidentiality and archives administration system, and take necessary
measures to fulfill confidentiality and archives administration obligations. They shall not leak any state secret or working secret of
government agencies, or harm national security and public interests.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify"><B><I>Regulations on Offshore
Parent Holding Companies&rsquo; Direct Investment in and Loans to Their PRC subsidiary</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">China has been open to foreign
direct and indirect investments. An offshore company may invest in a PRC company. Such investment is subject to the FIL.&nbsp;Under the
FIL, foreign investments no longer need to be approved by Chinese government, but only need to register the investment with Chinese regulatory
agency.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">However, Chinese government
still has foreign exchange control policy. The money transfer in or out of China is still under tight control. So, shareholder loans made
by offshore parent holding companies to their PRC subsidiary are regarded as foreign debts in China for regulatory purposes, which debts
are subject to a number of PRC laws and regulations, including the PRC Foreign Exchange Administration Regulations, Administration Rules
on the Settlement, Sale and Payment of Foreign Exchange, Administration of Foreign Debts Tentative Procedures, the Statistical Monitoring
of Foreign Debts Tentative Provisions, the Detailed Rules for the Implementation of Provisional Regulations on Statistics and Supervision
of External Debt and the Provisional Measures on Administration of Foreign Debt.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">Pursuant to the Provisional
Measures on Administration of Foreign Debt (the &ldquo;Foreign Debt Measures&rdquo;) issued by the State Development Planning Commission
(revised), Ministry of Finance and SAFE in January&nbsp;2003 and last amended in September 2022, any loans provided by us to our PRC subsidiary
in foreign currencies shall be classified as foreign debt under the Foreign Debt Measures. According to the Foreign Debt Measures, the
sum of cumulative accrued amounts of medium-term&nbsp;to long-term&nbsp;foreign loans and balance amounts of short-termforeign loans taken
by a foreign investment enterprise shall be limited to the difference between the total project investment amount approved by the government
and the amount of registered capital. Foreign investment enterprises may take foreign loans freely within the scope of difference.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">On January&nbsp;12, 2017,
the People&rsquo;s Bank of China (the &ldquo;PBOC&rdquo;) issued the Notice of People&rsquo;s Bank of China on Matters Concerning Macro-prudential&nbsp;Management
on All-round&nbsp;Cross-border&nbsp;Financing (the &ldquo;No. 9 Notice&rdquo;), which improved the policy framework of the cross-border&nbsp;financing.
The No. 9 Notice clarifies the new calculation methods of the upper limit of the risk-weighted&nbsp;balance for all types of cross-border&nbsp;financing,
in particular, the upper limit for risk-weighted&nbsp;balance for cross-border&nbsp;financing equals to the capital or the net assets
multiplied by the leverage rate of cross-border&nbsp;financing and the macro-prudential&nbsp;adjustment parameters. In the case of our
PRC subsidiary, the capital or the net assets is calculated at the net assets of each subsidiary, the leverage rate for cross-border&nbsp;financing
for an enterprise is&nbsp;2, and the macro-prudential&nbsp;adjustment parameter is 1. The macro-prudential&nbsp;adjustment parameter set
forth is then updated to 1.5 (which may be varied due to the change of PRC&rsquo;s national macro-control&nbsp;policy). Currently, the
implementation of the foregoing methodologies in cross-border&nbsp;financing have not been formally determined by the PBOC and the SAFE.&nbsp;In
the practice, according to the Q&amp;A on Macro-prudential&nbsp;Regulation&nbsp;Parameter for Full-Covered&nbsp;Cross-border&nbsp;Financing
(Phase&nbsp;I) (the &ldquo;Q&amp;A&rdquo;) issued by the SAFE on May&nbsp;27, 2017, FIEs shall submit a written filing report to the local
foreign exchange bureau when they handle the foreign debt signing filing (registration) for the first time after the issuance of the Q&amp;A,
so as to clarify the cross-border&nbsp;financing management mode they choose during the transition period. If the All-Round&nbsp;Mode
is selected, the latest audited net assets data shall be reported at the same time. Once the cross-border&nbsp;financing management mode
is determined, it shall not be changed. Alternatively, if we choose to use the All-Round&nbsp;Mode, the amount of loans we can make to
our PRC subsidiary as calculated according to the No. 9 Notice and the Notice of PBC and SAFE on Adjusting the Macro-prudential&nbsp;Adjustment
Parameter for Cross-border&nbsp;Financing of Companies will not be more than 3 times (which may be varied due to the change of PRC&rsquo;s
national macro-control&nbsp;policy) of the net assets of such entities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">Moreover, as the debtors
of cross-border&nbsp;financing, our PRC subsidiary is also required to comply with certain registration formalities for execution of foreign
debt contracts with the foreign exchange bureau at the locality within fifteen working&nbsp;days after signing the contracts according
to the Notice of State Administration of Foreign Exchange on Promulgation of the Administrative Measures on Registration of Foreign Debt
which was promulgated by the SAFE in April&nbsp;2013 and revised in May&nbsp;2015.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">Pursuant to the Circular
of the National Development and Reform Commission on Promoting the Administrative Reform of the Record-filing&nbsp;and Registration System
for the Issuance of Foreign Debts by Enterprises promulgated on September&nbsp;14, 2015, which had been replaced by Measures for the Administration
of Review and Registration of Medium and Long term External Debt of Enterprises from February&nbsp;10, 2023. The term &ldquo;foreign loan&rdquo;
shall mean RMB-denominated&nbsp;or foreign currency-denominated&nbsp;debt instruments with a maturity of one year or more which are issued
overseas by domestic enterprises and their controlled overseas enterprises or branches and for which the principal and interest are repaid
as agreed, including bonds issued overseas and long- and medium-term&nbsp;international commercial loans, and so forth. Enterprises should
obtain a &ldquo;Certificate of Registration of Enterprise Borrowing Foreign Debt&rdquo; issued by NDRC before borrowing foreign debt,
and complete the registration procedures. Those who have not been verified and registered are not allowed to borrow foreign debt. Enterprises
shall, within 10 working days after borrowing each foreign debt, submit information on borrowing foreign debt to the review and registration
authority through the online system, including the main business indicators and borrowing situation of the enterprise; and submit the
corresponding external debt borrowing situation within 10 working days after the expiration of the validity period of the &ldquo;Certificate
of Registration of Enterprise Borrowing Foreign Debt&rdquo;.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify"><B><I>Regulations Relating
to Employment and Social Welfare</I></B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">The major PRC laws and regulations
that govern employment relationship are the PRC Labor Law, or the Labor Law. According to the aforementioned laws and regulations, labor
relationships between employers and employees must be executed in written form. The laws and regulations above impose stringent requirements
on the employers in relation to entering into fixed-term labor contracts, hiring of temporary employees and dismissal of employees. As
prescribed under the laws and regulations, employers shall ensure its employees have the right to rest and the right to receive wages
no lower than the local minimum wages. Employers must establish a system for labor safety and sanitation that strictly abide by state
standards and provide relevant education to its employees. Violations of the Labor Contract Law and the Labor Law may result in the imposition
of fines and other administrative liabilities and/or incur criminal liabilities in the case of serious violations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify"><B><I>Regulations on Social
Insurance and Housing Provident Fund</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">According to the Social Insurance
Law of PRC, enterprises and institutions in the PRC shall provide their employees with welfare schemes covering pension insurance, unemployment
insurance, maternity insurance, work-related injury insurance, medical insurance and other welfare plans. The employer shall apply to
the local social insurance agency for social insurance registration within 30&nbsp;days from the date of its formation. And it shall,
within 30&nbsp;days from the date of employment, apply to the social insurance agency for social insurance registration for the employee.
Any employer who violates the regulations above shall be ordered to make correction within a prescribed time limit; if the employer fails
to rectify within the time limit, the employer and its directly liable person will be fined. Meanwhile, the Interim Regulation on the
Collection and Payment of Social Insurance Premiums, issued by the State Council on January&nbsp;22, 1999 and came into effect on the
same&nbsp;day and was recently revised on March&nbsp;24, 2019, prescribes the details concerning the social securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">Apart from the general provisions
about social insurance, specific provisions on various types of insurance are set out in the Regulation on Work-Related Injury Insurance,
issued by the State Council on April&nbsp;27, 2003, came into effect on January&nbsp;1, 2004 and revised on December&nbsp;20, 2010, the
Regulations on Unemployment Insurance, issued by the State Council on January&nbsp;22, 1999 and came into effect on the same&nbsp;day,
the Trial Measures on Employee Maternity Insurance of Enterprises, issued by the Ministry of Labor on December&nbsp;14, 1994 and came
into effect on January&nbsp;1, 1995. Enterprises subject to these regulations shall provide their employees with the corresponding insurance.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">According to the Regulation&nbsp;Concerning
the Administration of Housing Provident Fund, , any newly established entity shall make deposit registration at the housing accumulation
fund management center within 30&nbsp;days as of its establishment. After that, the entity shall open a housing accumulation fund account
for its employees in an entrusted bank. Within 30&nbsp;days as of the date an employee is recruited, the entity shall make deposit registration
at the housing accumulation fund management center and seal up the employee&rsquo;s housing accumulation fund account in the bank mentioned
above within 30&nbsp;days from termination of the employment relationship.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">Any entity that fails to
make deposit registration of the housing accumulation fund or fails to open a housing accumulation fund account for its employees shall
be ordered to complete the relevant procedures within a prescribed time limit. Any entity failing to complete the relevant procedure within
the time limit will be fined RMB10,000 to RMB50,000. Any entity fails to make payment of housing provident fund within the time limit
or has shortfall in payment of housing provident fund will be ordered to make the payment or make up the shortfall within the prescribed
time limit, otherwise, the housing provident management center is entitled to apply for compulsory enforcement with the People&rsquo;s
Court.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify"><B><I>Regulations Relating
to Tax</I></B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">Under the Enterprise Income
Tax (&ldquo;EIT&rdquo;) Law of the PRC, domestic enterprises and Foreign Investment Enterprises (the &ldquo;FIE&rdquo;) are usually subject
to a unified 25% EIT rate while preferential tax rates, tax holidays, and even tax exemption may be granted on case-by-case basis. From
January 1, 2019 to December 31, 2020, small and low-profit enterprises with annual taxable income not exceeding RMB 1 million, the actual
income to be taxed will be 25% of annual taxable income, and the tax rate was 20%; small and low-profit enterprises with annual taxable
income exceeding RMB 1 million but not more than RMB 3 million, the actual income to be taxed was 50% of annual taxable income, and the
corporate income tax is paid at the rate of 20%. From January 1, 2021 to December 31, 2021, small and low-profit enterprises with annual
taxable income not exceeding RMB 1 million, the actual income to be taxed was further lowered to 12.5% of annual taxable income, and the
tax rate will be 20%; From January 1, 2022 to December 31, 2024, small and low-profit enterprises with annual taxable income exceeding
RMB 1 million but not more than RMB 3 million, the actual income to be taxed will be further lowered at 25% of annual taxable income,
and the corporate income tax is paid at the rate of 20%.A company recognized as a High-Tech Enterprise is eligible for a preferential
enterprise income tax rate of 15%, reduced from the statutory rate of 25%, for a total of three years, including the year in which the
High-Tech Enterprise Certificate is issued and the following two consecutive years, thereby benefiting from a 10% reduction in the applicable
income tax rate.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">The current PRC EIT Law imposes
a 10% withholding income tax for dividends distributed by foreign invested enterprises to their immediate holding companies outside the
PRC. A lower withholding tax rate will be applied if there is a tax treaty arrangement between the PRC and the jurisdiction of the foreign
holding company. Distributions to holding companies in Hong Kong that satisfy certain requirements specified by the PRC tax authorities,
for example, will be subject to a 5% withholding tax rate.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0in">According to Provisional
Regulations on Value-added&nbsp;Tax of the PRC, which were promulgated by the State Council on December&nbsp;13, 1993 and last amended
on November&nbsp;19, 2017, and the Implementing Rules for the Interim Regulations on Value-added&nbsp;Tax of the PRC promulgated by Ministry
of Finance on December&nbsp;25, 1993 and last amended on November&nbsp;1, 2011, all enterprises and individuals that engage in the sale
of goods, the provision of processing, repair and replacement services, the sale of services, intangible assets or immovable properties
and the importation of goods within the territory of the PRC must pay value-added&nbsp;tax.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0in">According to the EIT Law
and the EITIR, dividends paid by foreign-invested&nbsp;companies to their foreign Selling Shareholders that are non-resident&nbsp;enterprises
as defined under the law are subject to withholding tax at a rate of 10%, unless otherwise provided in the relevant tax agreements entered
into with the central government of the PRC.&nbsp;Pursuant to the Arrangement Between the Mainland of China and the Hong&nbsp;Kong Special
Administrative Region for the Avoidance of Double Taxation on Income (the &ldquo;Double Tax Avoidance Arrangement&rdquo;) promulgated
on August&nbsp;21, 2006, if a Hong&nbsp;Kong resident enterprise is determined by the competent PRC tax authority to have satisfied the
relevant conditions and requirements under such Double Tax Avoidance Arrangement, the withholding tax rate on the dividends the Hong&nbsp;Kong
resident enterprise receives from a PRC resident enterprise may be reduced to 5% from 10% applicable under the EIT Law and the EITIR.&nbsp;However,
based on the Notice of the State Taxation Administration on Certain Issues with Respect to the Enforcement of Dividend Provisions in
Tax Treaties promulgated and took into effect on February&nbsp;20, 2009 by the State Taxation Administration (the &ldquo;STA&rdquo;),
if the relevant PRC tax authorities determine, in their discretion, that a company benefits from such reduced income tax rate due to
a structure or arrangement that is primarily tax-driven, such PRC tax authorities may adjust the preferential tax treatment. Based on
the Notice of the State Taxation Administration on the Recognition of Beneficial Owners in Tax Treaties, which was promulgated by STA
on February&nbsp;3, 2018 and came into effect on April&nbsp;1, 2018, a comprehensive analysis will be used to determine beneficial ownership
based on the actual situation of a specific case combined with certain principles, and if an applicant was obliged to pay more than 50%
of its income to a third country (region) resident within 12&nbsp;months of the receipt of the income, or the business activities undertaken
by an applicant did not constitute substantive business activities including substantive manufacturing, distribution, management and
other activities, the applicant was unlikely to be recognized as a beneficial owner to enjoy tax treaty benefits.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0in"><B><I>Regulations on Intellectual
Property</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0in">China joined WTO in 2001
and signed the treaty of TRIPS (Agreement on Trade-Related&nbsp;Aspects of Intellectual Property Rights), therefore China&rsquo;s IP
laws are very much close to TRIPS.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0in">Trademarks are protected
by the PRC Trademark Law, as amended. Trademarks can be registered for a term of ten&nbsp;years and can be repeatedly extended for another
ten-year&nbsp;term at the time of expiry. The PRC Trademark Law has adopted a &ldquo;first-to-file&rdquo; principle with respect to trademark
registration. According to Chinese Trademark Law, if anyone has a dispute the officially registered trademarks, he can file a petition
to the review board of the Trademark Office, requesting a comprehensive review that may result in the revoking the registered trademarks.
So far, we have not received any such kind of petition and we strongly believe there will not be such petition because our trademarks
are firstly used as well as firstly registered by us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0in">According to the PRC Patent
Law as amended, the National Intellectual Property Administration is responsible for administering patents in the PRC.&nbsp;Inventions,
utility models, and designs with the features of novelty, inventiveness and practical applicability, are three kinds of patent defined
and protected under China&rsquo;s Patent Law. The State Intellectual Property Office is responsible for examining and approving patent
applications. Once the application is approved, the applicants can have their patent under Chinese legal protection for a long term since
its application date, which is 20&nbsp;years for invention and ten&nbsp;years for utility models and designs.</P>


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0in">Pursuant to the PRC Copyright
Law as amended, the PRC nationals, legal persons, and other organizations shall enjoy copyright in their works, whether published or
not, which include, among others, works of literature, art, natural science, social science, engineering technology and computer software.
Pursuant to the Regulations on the Protection of Computer Software promulgated by the State Council in December&nbsp;2001 and most recently
amended in January&nbsp;2013, and the Rules for the Registration of Computer Software Copyright, which was promulgated by the China Copyright
Office and came into effect in February&nbsp;2002, anyone publishes, revises or translates computer software without obtaining the prior
approval of the computer software copyright holders shall bear civil liability to the copyright owner because of harming the copyright.
The corporate computer software copyright is valid for a term of 50&nbsp;years until December&nbsp;31 of the 50<SUP>th</SUP>&nbsp;year,
starting from the date as of first publication. The computer software copyright owners shall register at the registration institution
authorized by the PRC Copyright Office to obtain the computer software copyright registration certificates as preliminary evidence of
the computer software copyright being registered.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0in">Internet domain name registration
and related matters are primarily regulated by the Measures on Administration of Internet Domain Names, as amended. Domain name owners
are required to register their domain names and the MIIT is in charge of the administration of PRC internet domain names. The domain
name services follow a &ldquo;first come, first file&rdquo; principle. The applicants will become the holders of such domain names upon
the completion of the registration procedure.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0in">From time to time, we are
subject to legal proceedings, investigations, and claims incidental to the conduct of our business.&nbsp;However, litigation is subject
to inherent uncertainties and an adverse result in these or other matters may arise from time to time that may harm our business. Except
for the arbitration proceeding and legal proceeding disclosed below, we are not currently a party to any legal or arbitration proceeding
the outcome of which, if determined adversely to us, would individually or in the aggregate be reasonably expected to have a material
adverse effect on our business, operating results, cash flows, or financial condition.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0in">On June&nbsp;8, 2021, Gongwuyuan
applied for arbitration in the Guangzhou Arbitration Commission Dongguan Branch in connection with a loan dispute with Guangdong Jingcheng
Education Technology Co., Ltd and Wu Dengtao, pursuant to which Gongwuyuan is claiming that Guangdong Jingcheng Education Technology
Co., Ltd and Wu Dengtao repay the loan principal and interest in the aggregate amount of RMB 451,000 and bear certain legal and arbitration
expenses. On April&nbsp;15, 2022, Guangzhou Arbitration Commission Dongguan Branch Gongwuyuan issued an award based on default judgement
in favor of Gongwuyuan, ordering the respondents to repay Gongwuyuan the principal loan amount of RMB 300,000 and legal interests, as
well as arbitration fee of RMB 16,991. The arbitral award is final and became effective on April&nbsp;15, 2022. Respondents are ordered
to make the award payment within 10&nbsp;days of receiving the judgment award. We are currently in the process of enforcing the arbitration
award against the respondents in accordance with applicable Chinese law and have not collected the award payment yet.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0in">On September&nbsp;27, 2023,
the First People&rsquo;s Court of Dongguan City, Guangdong Province, issued a judicial confirmation on a civil mediation settlement agreement
in connection with certain service fees of RMB 750,000 owed by Dongguan Gongwuyuan Yifang Talent Service Co., Ltd. and Gongwuyuan to
Dongguan Huidian Xinxi Jishu Co., Ltd, which shall be paid in two installments, with RMB 50,000 to be paid off by September&nbsp;27,
2023 and the remaining RMB 700,000 to be paid off by April&nbsp;30, 2024. The initial RMB 50,000 has been fully paid. On October&nbsp;19,
2023, Dongguan Huidian Xinxi Jishu Co., Ltd. provided a notice of debt assignment to Dongguan Gongwuyuan Yifang Talent Service Co., Ltd.
and Gongwuyuan that the debt related to the mediation settlement has been transferred to an individual, Deng Yongjin. The notice requests
that the remaining payment of RMB 700,000 be made directly to the transferee&rsquo;s designated account. As of the date of this prospectus,
Deng Yongjin was then paid RMB 400,000 and the remaining payment of RMB 409,451 was performed by execution by the First People&rsquo;s
Court of Dongguan City on November&nbsp;6, 2024. Therefore, there is no outstanding debt obligation for this proceeding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0in">On September&nbsp;28, 2023,
the Second People&rsquo;s Court of Zhongshan City, Guangdong Province, issued a judicial confirmation on a civil mediation settlement
agreement in connection with certain service fees of RMB 350,000 owed by Zhongshan Jushangyue to Dongguan Huidian Xinxi Jishu Co., Ltd,
which shall be paid in two installments, with RMB 50,000 to be paid off by September&nbsp;28, 2023 and the remaining RMB 300,000 to be
paid off by April&nbsp;30, 2024. The initial RMB 50,000 has been fully paid. On October&nbsp;19, 2023, Dongguan Huidian Xinxi Jishu Co.,
Ltd. provided a notice of debt assignment to Zhongshan Jushangyue that the debt related to the mediation settlement has been transferred
to an individual, Deng Yongjin. The notice requests that the remaining payment of RMB 300,000 be made directly to the transferee&rsquo;s
designated account. As of the date of this report, Deng Yongjin was then paid RMB 252,187 and the remaining payment is currently in the
execution stage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On June 25, 2024, Dongguan Gongwuyuan Yifang Talent
Service Co., Ltd. filed a lawsuit in connection with a contract dispute against Beijing Fengqi Tianxia Network Technology Co., Ltd., Yinglai
Century (Jiangsu) Talent Service Co., Ltd., Wang Yang, Ran Yunfeng, Dai Jiongqiu, and Wang Hui in the Third People&rsquo;s Court of Dongguan
City, Guangdong Province. The court issued a Civil Judgment where the court ordered the defendants to jointly pay the plaintiff the principal
sum of RMB 569,166.67, along with corresponding interest, penalty interest, and liquidated damages, as well as attorney&rsquo;s fees of
RMB 10,000. Due to the defendants&rsquo; failure to satisfy the obligations in the judgment, the court placed a seizure on two real estate
properties located in Shunde District, Foshan City, registered under the name of defendant Wang Hui. In 2025, the court issued a Notice
of Enforcement to terminate the enforcement proceedings and to enter a long-term supervision phase for judgment enforcement. The Pplaintiff
retained the right to apply to the court for resumption of enforcement at any time upon discovery of new executable assets or property
belonging to the defendants.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0in">On July 8, 2025, the Second People&rsquo;s Court of Zhongshan City,
Guangdong Province issued a Civil Judgment in the labor dispute case of Huang Kuncheng v. Zhongshan Jushangyue Freight Forwarding Service
Co., Ltd.. The court determined the existence of an employment relationship between the parties and ordered the defendant to pay the plaintiff
the following amounts: economic compensation for termination of the labor relationship in the sum of RMB 17,880, calculated based on the
plaintiff&rsquo;s average wage and length of service; a double-wage penalty for failure to sign a written labor contract amounting to
RMB 92,858, covering the period from April 1, 2023, to February 29, 2024; and high-temperature subsidies totaling RMB 2,400 for the statutory
periods. The parties settled the claim for RMB 113,138 in full in September 2025.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0in">There are no proceedings
in which any of our directors, officers, or any beneficial shareholder of more than five percent (5%) of our voting securities is an
adverse party or has a material interest adverse to us.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0in">Our Company was incorporated
in the Cayman Islands as an exempted limited liability company on October 18, 2021. Baiya operates through its indirect wholly foreign-owned
subsidiary, Shenzhen Pengze Future Technology Co., Ltd. (the &ldquo;Pengze WFOE&rdquo;), utilizing a variable interest entity (VIE) structure
pursuant to various Contractual Arrangements. Baiya consolidates the financial results of its variable interest entity, Shenzhen Gongwuyuan
Network Technology Co., Ltd. (&ldquo;Gongwuyuan&rdquo;), and its subsidiaries, collectively referred to as the &ldquo;PRC Operating Entities.&rdquo;
It is important to note that neither Baiya nor its direct or indirect subsidiaries hold any equity interests in the PRC Operating Entities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0in">We are an offshore holding
company incorporated in the Cayman Islands. As a holding company, we do not have any material operations and instead conduct our business
activities in China through Contractual Arrangements with the variable interest entity (VIE) and its subsidiaries, collectively referred
to as &ldquo;the PRC operating entities.&rdquo; Neither we nor our subsidiaries own any shares or equity interests in the PRC operating
entities. Our financial results consolidate those of Gongwuyuan, as we are deemed the primary beneficiary through the Contractual Arrangements
established between our indirectly wholly foreign-owned subsidiary, Shandong Shenzhen Pengze Future Technology Co., Ltd. (&ldquo;Pengze
WFOE&rdquo;), and Gongwuyuan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0in">The following is a brief
description of each of the Company&rsquo;s subsidiaries and the VIE as of the date of this prospectus:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; 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-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Ruifeng BVI. Ruifeng BVI is
an exempted company incorporated on October 25, 2021, under the laws of the British Virgin Islands. Ruifeng BVI is authorized to issue
50,000 ordinary shares of which 100 ordinary shares are issued and outstanding. Ruifeng BVI is wholly owned by Baiya.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; 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-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Juxing HK. Juxing HK is a limited
company incorporated on November 3, 2021, under the laws of Hong Kong. The total amount of share capital of Juxing HK is USD 10,000.00
with 10,000 authorized shares, of which 10,000 are issued and outstanding. Juxing HK is wholly owned by Ruifeng BVI.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; 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-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The Pengze WFOE. The Pengze
WFOE is a wholly foreign-owned limited company incorporated on December 9, 2021, under the laws of the PRC, and is wholly owned by Juxing
HK. The Pengze WFOE has been issued a business license (No. 91440300MA5H435M3C) by Shenzhen Administration For Market Regulation on December
9, 2021.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; 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-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Gongwuyuan. Gongwuyuan is a
limited liability company incorporated under laws of PRC on October 23, 2017, and the current shareholders are: Shenzhen Jiajun Enterprise
Management Partnership (LP), Dongguan Zhihe Enterprise Management Partnership (LP), Yangpu Ruiheng Enterprise Management Partnership
(LP), Haikou Financial Investment Enterprise Management Partnership (LP), Zhang Weilai, Liang Wenhao, Fang Bendian, Shanghai Hezhuo Enterprise
Management Center (LP) and Guangdong Yifang Investment Group Ltd. Gongwuyuan currently holds a business license (No. 91440300MA5ET5MM0Y)
issued by Shenzhen Administration for Market Regulation. Through a series of contractual agreements, The Pengze WFOE consolidates the
financial results of the VIE and its subsidiaries.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in">&nbsp;</P>


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<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: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_009"></A>MANAGEMENT</B></FONT></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; text-align: justify; text-indent: 0pt"><B>Directors and Executive Officers</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The following table below
sets forth information regarding our directors and executive officers as of the date of this prospectus. Our Board of Directors consists
of five members divided into three groups (Group I, Group II, and Group III), with each group serving staggered three-year terms until
successors are elected or until earlier death, retirement, resignation, or removal. There are no family relationships among any of the
directors and executive officers, except as noted.</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="border-bottom: black 1.5pt solid; width: 30%"><FONT STYLE="font-size: 10pt"><B>Name</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; width: 5%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Age</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; width: 63%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Position</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">Siyu YANG</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">46</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Chairman and Chief Executive Officer </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">Bin TAN</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">46</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Chief Operating Officer</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">Dan Bin</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">33</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Chief Financial&nbsp;Officer</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">Huashu YUAN</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">28</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Director, Chair of Nominating and Corporate Governance Committee</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">Yankun Wang</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">33</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Director, Chair of audit committee</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">Linxi Xie</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">36</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Director, Chair of Compensation Committee</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">Luting Zhang</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">24</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  </TABLE>
<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; text-indent: 0in"><I>Siyu Yang</I> is our Chairman
and Chief Executive Officer, responsible for our overall strategic development. Ms. Yang has been serving as the Chief Executive Officer
and Director since October 2021. She was elected the Chairman of the Board of Directors on July 11, 2025. Before joining Baiya, Ms. Yang,
was the founder of Sichuan Xinhaisheng Labor Service Co., Ltd., and served as its Chief Executive Officer. She also served as a senior
executive of a cultural communication company, managing national vocational education promotion and former vocational skills retraining.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0in; 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: 0in"><I>Bin Tan</I> is our Chief
Operating Officer, responsible for the overall operation of our Internet platform. Mr. Tan has been serving as the Chief Operating Officer
since October 2021. He is also the vice president of our holding subsidiary Shenzhen Gongwuyuan Network Technology Co., Ltd. Before joining
our company, Mr. Tan served as the general manager of the business unit in Shenzhen Diexun Technology Co., Ltd. from 2015 to 2018. Prior
to that, he was the general manager of the business department in Shenzhen Huanan Chengwang E-Commerce Co., Ltd. from 2012 to 2015, and
from 2007 to 2012, he was the Director of Product Operations in Shenzhen Penghaiyun Electronic Data Interchange Co., Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0in; 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: 0in"><I>Dan Bin </I>is our Chief
Financial Officer. Ms. Bin is a seasoned finance professional with over 12 years of experience in corporate financial management across
the manufacturing and technology sectors. Since March 2023, she has been serving as the Finance Director of Chengdu Jinkeyulu Technology
Co., Ltd. In this position, she leads strategic planning, internal controls, budgeting, and financial risk management. From September
2019 to December 2022, Ms. Bin served as the Finance Manager at Chongqing Jinzhima Machinery Manufacturing Co., Ltd., where she developed
a five-year finance strategy, optimized cost structures, and supported business expansion. From October 2014 to August 2019, she held
financial leadership roles at Chongqing Tianxin Consulting Services Co., Ltd., and from March 2013 to January 2014, she worked at Chengdu
Mingqing Machinery Co., Ltd. as a Finance Supervisor. Ms. Bin holds a bachelor&rsquo;s degree in Accounting Information Systems from
Sichuan Normal University and a master&rsquo;s degree in Software Engineering from the University of Electronic Science and Technology
of China.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0in; 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: 0in"><I>Huashu Yuan</I> Huashu
Yuan serves as an Independent Director and Chair of the Nominating and Corporate Governance Committee, appointed on March 6, 2025. Ms.
Yuan has extensive professional knowledge in the media field, along with solid business practice experience and professional skills.
Before joining as a director, Ms. Yuan worked for WG Empire in New York as a social media specialist. She holds a bachelor&rsquo;s degree
in communication and Rhetoric Studies from the University of Wisconsin-Madison, and a master&rsquo;s degree of Emerging Media Studies
from Boston University.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><I>Yankun Wang</I> is a director
and Chair of audit committee, serving as an independent director since July 21, 2025. Ms. Wang is a senior HR and administration professional
with over a decade of experience in human resources management, organizational development, and corporate administration. From March
2023 to present, she worked as HR and Administration Manager at Jinke Yulv Technology Co., Ltd., where she focused on HR strategy and
planning, talent supply chain development, and organizational effectiveness improvement. From March 2019 to March 2023, she served as
Deputy Director of Administration at Sichuan Jiaotou Tianfu Real Estate Co., Ltd., a subsidiary of Sichuan Jiaotou, one of China&rsquo;s
leading state-owned enterprises. Ms. Wang holds a nationally accredited Economics Professional Qualification. She earned her bachelor&rsquo;s
degree in marketing from Sichuan Normal University.</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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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><I>Linxi Xie</I> is a Director, serving as an independent director since June 25, 2025.
Ms. Xie has over ten years of experience in the financial industry, focusing on overseas IPOs and cross-border capital markets. Since
May 2020, she has been serving as a Partner at Antelope Holdings (Chengdu) Co., Ltd., where she has led multiple overseas IPO projects
and advised on listing strategy, M&amp;A planning, and financing. From March 2013 to September 2016, Ms. Xie worked as Head of the Asset
Management Department at Sichuan Xinglian&rsquo;an Asset Management Co., Ltd., where she supported the company&rsquo;s setup and later
managed capital operations and business oversight. Ms. Xie holds a degree in Business Administration (Online Education Program) from the
University of Electronic Science and Technology of China. She holds a Fund Practitioner Qualification Certificate and is a Certified Financial
Planner (CFP).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Luting Zhang is a Director.
Ms. Zhang has been serving as a director since July 11, 2025. Ms. Zhang is an accomplished legal professional specializing in capital
markets and commercial law, holding a Class A Legal Professional Qualification and is known for her ability to integrate technological
innovation into traditional legal practice. Her extensive experience spans over 200 judicial enforcement cases, where she implemented
procedural innovations that became models for court operations, and private practice counsel on complex civil, commercial, and equity
disputes. Ms. Zhang holds a Bachelor Degree of Laws from Fuzhou University of International Business and Economics.</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"><B>Compensation </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; text-indent: 0in">For the fiscal year ended
December 31, 2024, we did not compensate our directors for their services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0in; 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: 0in">The following table sets
forth certain information with respect to compensation for the fiscal year ended 2024 to our executive officers.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></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="border-bottom: Black 1.5pt solid; font-weight: bold">Name and Principal Position</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Salary <BR> ($)</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Bonus <BR> ($)</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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Other <BR> ($)</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid; font-weight: bold">Total <BR> ($)</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="text-align: left; text-indent: -10pt; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Siyu Yang, Chief Executive Officer<SUP>(1)</SUP></FONT></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><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="width: 52%; text-align: left; text-indent: -10pt; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Bin Tan, Chief Operating Officer and Vice President of Gongwuyuan<SUP>(2)</SUP></FONT></TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">2,501.49</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">-</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">-</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">2,501.49</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Dan Bin, Chief Financial Officer<SUP>(3)</SUP></FONT></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><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>
  </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: 0in; margin-bottom: 0in; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">Ms. Yang was appointed as our Chief Executive
                                            Officer in October 2021.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left">(2)</TD><TD STYLE="text-align: justify">Mr. Tan was appointed as our Chief Operating Officer in October
2021.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"></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">(3)</TD><TD STYLE="text-align: justify">Ms. Bin was appointed as our Chief Financial Officer in June
2025.</TD>
</TR></TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0in; 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: 0in">We do not have any profit
sharing plan or similar plans for the benefit of our officers, directors or employees. However, we may establish such plan 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"><B>Board Practices</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; text-indent: 0in">Our board of directors, consisting
of three members, has established the following committees: an Audit Committee, a Compensation Committee, and a Nomination and Corporate
Governance Committee.</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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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, 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>Audit Committee. </I></B></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; text-indent: 0in">Our audit committee consists
of Yankun Wang, Linxi Xie and Huashu Yuan, and is chaired by Yankun Wang. We have determined that each of these three directors satisfies
the &ldquo;independence&rdquo; requirements of the Nasdaq listing rules and meet the independence standards under Rule 10A-3 under the
Securities Exchange Act of 1934, as amended. We have determined that Yankun Wang qualifies as an &ldquo;audit committee financial expert.&rdquo;
The audit committee oversees our accounting and financial reporting processes and the audits of the financial statements of the Company.
The audit committee is responsible for, among other things:</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: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">selecting the independent registered public accounting firm and pre-approving
    all auditing and non-auditing services permitted to be performed by the independent registered public accounting firm;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 60pt; text-align: justify; text-indent: -0.25in">&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: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">reviewing with the independent registered public accounting firm any
    audit problems or difficulties and management&rsquo;s response;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 60pt; text-align: justify; text-indent: -0.25in">&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: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">reviewing and approving all related party transactions:</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 60pt; text-align: justify; text-indent: -0.25in">&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: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">discussing the annual audited financial statements with management
    and the independent registered public accounting firm;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 60pt; text-align: justify; text-indent: -0.25in">&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: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">reviewing the adequacy and effectiveness of our accounting and internal
    control policies and procedures and any special steps taken to monitor and control major financial risk exposures;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 60pt; text-align: justify; text-indent: -0.25in">&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: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">annually reviewing and reassessing the adequacy of our audit committee
    charter;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 60pt; text-align: justify; text-indent: -0.25in">&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: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">meeting separately and periodically with management and the independent
    registered public accounting firm;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 60pt; text-align: justify; text-indent: -0.25in">&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: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">monitoring compliance with our code of business conduct and ethics,
    including reviewing the adequacy and effectiveness of our procedures to ensure proper compliance; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 60pt; text-align: justify; text-indent: -0.25in">&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: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">reporting regularly to the board.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 60pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Compensation Committee. </I></B></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; text-indent: 0in">Our compensation committee
consists of Yankun Wang, Linxi Xie and Huashu Yuan, and is chaired by Linxi Xie. We have determined that each of these directors satisfies
the &ldquo;independence&rdquo; requirements of the Nasdaq listing rules. The compensation committee assists the board in reviewing and
approving the compensation structure, including all forms of compensation, relating to our directors and executive officers. Our chief
executive officer may not be present at any committee meeting during which their compensation is deliberated upon. The compensation committee
is responsible for, among other things:</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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">reviewing and approving, or recommending to the board for its approval,
    the compensation for our chief executive officer and other executive officers;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 60pt; text-align: justify; text-indent: -0.25in">&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: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">reviewing and recommending to the board for determination with respect
    to the compensation of our non-employee directors;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 60pt; text-align: justify; text-indent: -0.25in">&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: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">reviewing periodically and approving any incentive compensation or
    equity plans, programs or other similar arrangements; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 60pt; text-align: justify; text-indent: -0.25in">&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: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">selecting compensation consultant, legal counsel or other adviser only
    after taking into consideration all factors relevant to that person&rsquo;s independence from management.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 60pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 60pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 60pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Nominating and Corporate Governance Committee.
</I></B></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; text-indent: 0in">Our nominating and corporate
governance committee consists of Yankun Wang, Linxi Xie and Huashu Yuan, and is chaired by Huashu Yuan. We have determined that each
of these directors satisfies the &ldquo;independence&rdquo; requirements of the Nasdaq listing rules. The nominating and corporate governance
committee assists the board in selecting individuals qualified to become our directors and in determining the composition of the board
and its committees. The nominating and corporate governance committee is responsible for, among other things:</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 STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">recommending nominees to the board for election or re-election to the
    board, or for appointment to fill any vacancy on the board;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 60pt; text-align: justify; text-indent: -0.25in">&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: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">reviewing annually with the board the current composition of the board
    with regards to characteristics such as independence, knowledge, skills, experience, expertise, diversity and availability of service
    to us;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 60pt; text-align: justify; text-indent: -0.25in">&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: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">selecting and recommending to the board the names of directors to serve
    as members of the audit committee and the compensation committee, as well as of the nominating and corporate governance committee
    itself;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 60pt; text-align: justify; text-indent: -0.25in">&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: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">developing and reviewing the corporate governance principles adopted
    by the board and advising the board with respect to significant developments in the law and practice of corporate governance and
    our compliance with such laws and practices; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 60pt; text-align: justify; text-indent: -0.25in">&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: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">evaluating the performance and effectiveness of the board as a whole.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 60pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Employees</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; text-indent: 0in">As of December 31, 2024,
we had approximately 24 employees in management, operation, and research and development functions across Gongwuyuan and its subsidiaries,
and we have approximately 15 labor outsourcing workers for China Post Zhongshan Branch services.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">As of December 31, 2023,
we had approximately 31 employees in management, operation, and research and development functions across Gongwuyuan and its subsidiaries,
and we have approximately 33 labor outsourcing workers for China Post Zhongshan Branch services.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">As of December 31, 2022,
we had approximately 26 employees in management, operation, and research and development functions across Gongwuyuan and its subsidiaries,
and we have approximately 91 labor outsourcing workers for China Post Zhongshan Branch services.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Gongwuyuan and its subsidiaries
have signed written employment contracts with all of the employees in accordance with PRC Labor Law and PRC Labor Contract Law. None
of our employees is covered by collective bargaining contracts. We signed standard labor, confidentiality and non-compete&nbsp;agreements
with our employees.</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: center"><B>SELLING SECURITYHOLDERS</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: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">This
prospectus relates to the possible resale from time to time by the Selling Shareholders of any or all of the Shares that have been or
may be issued by us to the Selling Shareholders under the Subscription Agreements</FONT>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Beneficial ownership is determined
in accordance with Rule 13d-3(d) promulgated by the SEC under the Exchange Act, and includes Ordinary Shares with respect to which each
Selling Shareholder has voting and investment power. The number of shares that may actually be sold by us under the Subscription Agreement
may be fewer than the number of shares being offered by this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0in; 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; text-indent: 0in; background-color: white">The
Selling Shareholders may from time to time offer and sell any or all of the Shares set forth below pursuant to this prospectus and any
accompanying prospectus supplement. When we refer to the &ldquo;Selling Shareholders&rdquo; in this prospectus, we mean the persons listed
in the table below, and the pledgees, donees, transferees, assignees, successors, designees and others who later come to hold any of
the Selling Shareholder&rsquo; interest in the Shares other than through a public sale.</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>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></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; text-indent: 0in; background-color: white">The
following table sets forth, as of the date of this filing, the names of the Selling Shareholders and the aggregate number of Shares that
the Selling Shareholder may offer pursuant to this prospectus. This table is prepared based on information supplied to us by the Selling
Shareholders. The Selling Shareholders may sell some, all or none of their shares in this offering. We do not know how long the Selling
Shareholders will hold the shares before selling them, and we currently have no agreements, arrangements or understandings with the Selling
Shareholders regarding the sale of any of the shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: white">We
cannot advise you as to whether each Selling Shareholder will in fact sell any or all of such Shares. In addition, each Selling Shareholder
may sell, transfer or otherwise dispose of, at any time and from time to time, the Ordinary Shares in transactions exempt from the registration
requirements of the Securities Act after the date of this prospectus. For purposes of this table, we have assumed that the Selling Shareholders
will have sold all of the securities covered by this prospectus upon the completion of the offering.</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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; font: bold 8pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Number
    of Class A Ordinary Shares Beneficially Owned Prior to this<BR> Offering</B><SUP>(1)</SUP></FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; font: bold 8pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Number
    of Class B Ordinary Shares Beneficially Owned Prior to this<BR> Offering</B><SUP>(1)</SUP></FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Approximate
    percentage of Voting Power Prior to this</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Number
    of Class A Ordinary Shares Being</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Approximate
    Percentage of Voting Power After Registration Assuming all Shares Are Issued but</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; font: bold 8pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Beneficial
    Ownership of Class A Ordinary Shares After Registration Assuming All Shares Are Sold</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; font: bold 8pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Beneficial
    Ownership of Class B Ordinary Shares After Registration Assuming All Shares Are Sold</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Approximate
    Percentage of Voting Power Assuming All Shares</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Name
    of Selling Shareholders</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: bold 8pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Number</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: bold 8pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Percentage</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: bold 8pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Number</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: bold 8pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Percentage</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: bold 8pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Offering</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: bold 8pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Offered<SUP>(2)</SUP></B></FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: bold 8pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">not
    Sold</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: bold 8pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Number</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: bold 8pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Percentage</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: bold 8pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Number</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: bold 8pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Percentage</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: bold 8pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Are
    Sold</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: 8pt Times New Roman, Times, Serif; width: 28%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Peakrise
    Investment Management Limited <SUP>(3)</SUP></FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 0.5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 4%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">0</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 0.5%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 0.5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 4%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">0</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 0.5%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 0.5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 4%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">0</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 0.5%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 0.5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 4%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">0</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 0.5%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 0.5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 4%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">0</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 0.5%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 0.5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 4%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">10,000,000</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 0.5%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 0.5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 4%; text-align: right">4.0387</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 0.5%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">%</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 0.5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 4%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">0</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 0.5%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 0.5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 4%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">0</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 0.5%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 0.5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 4%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">0</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 0.5%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 0.5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 4%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">0</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 0.5%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 0.5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 4%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">0</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 0.5%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Stratosphere
    Capital Management Inc.<SUP>(4)</SUP></FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">0</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">0</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">0</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">0</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">0</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">20,000,000</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">8.0774</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">%</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">0</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">0</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">0</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">0</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">0</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  </TABLE>




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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;Beneficial ownership&rdquo; means that a person, directly or indirectly, has or shares voting or investment power with respect to a security or has the right to acquire such power within sixty (60) days. The number of Ordinary Shares beneficially owned is determined as of the date of this filing, and the percentage is based on 1,605,251 Ordinary Shares outstanding as of the date of this filing. The Selling Shareholder&rsquo;s information comes from questionnaire provided by the selling securityholder to the Company dated around the date of this prospectus, and such information may have changed from the date such information was provided until the date of this prospectus or after the date of this prospectus.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Assumes the sale of all shares offered herein. Based on 1,605,251 Ordinary Shares outstanding.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Peakrise Investment Management Limited is a British Virgin Island company. Zheng He is its sole director. It is owned by Rongda International Group Inc. (49%, which is wholly owned by Zheng He) and FUDA CAPITAL LIMITED (51%, which is wholly owned by Gao Yue). The registered address for Peakrise Investment Management Limited is Craigmuir Chambers, Road Town, Tortola, VG 1110, British Virgin Islands.</FONT></TD></TR>
  </TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in; font-size: 10pt"><FONT STYLE="font-size: 10pt">(4)</FONT></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Stratosphere Capital Management Inc. is a
    Cayman Islands company. Chen Xu, Jiangang Lou, and Jichao Yang are its directors. It is owned by Yaian Holdings Limited (99%) and
    Jiangang Lou (1%). The registered address for Stratosphere Capital Management Inc., is 31W 34th St, FL 8, Room 8080,
    New York, NY 10001.&nbsp;</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>Material Relationships
with Selling Shareholders</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; text-indent: 0in">Except for the transactions
contemplated by the Subscription Agreements, the Selling Shareholders do not, and have not had, any material relationship with us.</P>

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


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<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: center"><B><A NAME="a_010"></A>CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS</B></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"><B>Contractual Arrangements among Pengze
WFOE, Gongwuyuan, and the Shareholders of the VIE</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; text-indent: 0in">Pengze WFOE, an indirect
wholly-foreign&nbsp;owned subsidiary of Baiya, and Gongwuyuan as well as certain shareholders of Gongwuyuan entered into a series of
Contractual Arrangements in December&nbsp;2021. The Contractual Arrangements are designed to allow Baiya to consolidate Gongwuyuan&rsquo;s
operations and financial results in Baiya&rsquo;s financial statements in accordance with U.S.&nbsp;GAAP as the primary beneficiary.
Gongwuyuan, the VIE, and its PRC subsidiary are the entities conducting the operation in the PRC.&nbsp;Neither Baiya nor its subsidiaries
own any equity interests in the PRC operating entities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Due to PRC legal restrictions
on foreign ownership in certain sectors or other matters, such as value-added telecommunications services, or VATS, many China-based&nbsp;operating
companies had to list on a U.S.&nbsp;exchange through Contractual Arrangements, or a VIE structure, without a direct ownership in main
operating entities. Gongwuyuan&rsquo;s operations involve in the VATS, which is classified as a sector that restricts foreign ownership.
With the advice of our PRC counsel, Baiya has elected to utilize the VIE structure.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">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 overseas listing of domestic enterprises, adopting
new measures to extend the scope of cybersecurity reviews, and expanding the efforts in anti-monopoly&nbsp;enforcement. As we chose such
VIE structure, we understand that we are subject to certain risks and uncertainties that may not otherwise exist if we had direct equity
ownership in the operating entities. The VIE structure has inherent risks that may affect your investment, including less effectiveness
and certainties than direct ownership and potential substantial costs to enforce the terms of the Contractual Arrangements. We, as a
Cayman Islands holding company, may have difficulty in enforcing any rights we may have under the Contractual Arrangements with Gongwuyuan,
its shareholders, in PRC because all of our Contractual Arrangements are governed by the PRC laws and provide for the resolution of disputes
through arbitration in the PRC, where the legal environment is still developing. Furthermore, these Contractual Arrangements may not
be enforceable in China if PRC government authorities or courts take a view that such Contractual Arrangements contravene PRC laws and
regulations or are otherwise not enforceable for public policy reasons. In the event we are unable to enforce these Contractual Arrangements,
we may not be able to exert effective control over Gongwuyuan, and our ability to conduct our business may be materially and adversely
affected.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The following is a brief
description of the Contractual Arrangements (the &ldquo;Contractual Arrangements&rdquo;) entered into in December&nbsp;2021, between
Pengze WFOE, Gongwuyuan, and certain shareholders of the VIE, and the Spousal Consent Letter dated September&nbsp;22, 2022:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><I><U>Business Operation
Agreement</U>.&nbsp;</I>The Pengze WFOE entered into a business operation agreement with Gongwuyuan and certain shareholders of the VIE
on December&nbsp;29, 2021, pursuant to which (1)&nbsp;Gongwuyuan shall not enter into any transaction which may materially affect its
assets, businesses, employees, obligations, rights or operations without the written consent of the Pengze WFOE or any other party designated
by the Pengze WFOE; (2)&nbsp;Gongwuyuan and certain shareholders agree to accept suggestions by the Pengze WFOE in respect of the employment
and dismissal of Gongwuyuan&rsquo;s employees, daily operations and financial management of Gongwuyuan; and (3)&nbsp;Gongwuyuan and the
shareholders shall appoint the individuals designated by the Pengze WFOE as the directors (including the executive director) of Gongwuyuan,
and shall appoint the persons recommended by the Pengze WFOE as the general manager, chief financial officer and other senior management
members and officers of Gongwuyuan. The term of the business operation agreement shall be ten (10)&nbsp;years from the effective date
unless terminated by the Pengze WFOE upon thirty (30)&nbsp;days advance notice to Gongwuyuan and the shareholders. Upon request by the
Pengze WFOE, the parties shall extend the term of the business operation agreement by entering into a new business operation agreement
or continue performing the existing business operation agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0in; 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: 0in"><I><U>Powers of Attorney</U>.&nbsp;</I>Each
of the signing shareholders of Gongwuyuan executed a power of attorney on December&nbsp;29, 2021 (the &ldquo;Powers of Attorney&rdquo;)
to irrevocably appoint the Pengze WFOE or the person designated by the board of directors or the executive director of the Pengze WFOE
as its agent to act on its behalf to exercise their shareholders&rsquo; and voting rights in the name of the shareholders in accordance
with the applicable PRC laws and regulations and the articles of association of Gongwuyuan.</P>

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

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

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<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"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><I><U>Exclusive Consulting
and Service Agreement</U>.&nbsp;</I>Under the exclusive consulting and service agreement dated December&nbsp;29, 2021, entered into between
the Pengze WFOE and Gongwuyuan, the Pengze WFOE shall have the exclusive right to provide Gongwuyuan with consulting and related services.
Such services include:</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: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Research and development services of business-related&nbsp;software;</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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Providing business-related&nbsp;technical services, applications, and
    execution, including but not limited to design, installation, and testing of all systems;</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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Providing daily maintenance support, upgrade, maintenance, monitoring,
    and troubleshooting of computer network equipment and other technical services;</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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">(d)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Pre-job, on-the-job, and technical training services for personnel;</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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">(e)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Technology development and transfer services;</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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">(f)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Public relations services;</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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">(g)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Market research and consulting services (excluding market research
    services that are prohibited by the laws of the People&rsquo;s Republic of China for foreign-invested&nbsp;enterprises);</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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">(h)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Services for the formulation of medium and short-term&nbsp;market development
    and market plans;</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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">(i)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Consulting services related to business compliance;</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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">(j)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Organization and planning services related to marketing and customer
    activities;</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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">(k)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Intellectual property licenses;</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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">(l)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Equipment provision and rental; and</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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">(m)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Management consulting services and other business and technical consulting
    services related to business operation.</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Without the Pengze WFOE&rsquo;s
prior written consent, Gongwuyuan may not accept services covered by the exclusive consulting and service agreement from any third party
during the term of the agreement. In addition, the Pengze WFOE shall own all rights, titles, interests and intellectual property rights
arising out of the performance of the exclusive consulting and service agreement, provided, however, that if the development of such
intellectual property is based on the intellectual property rights of Gongwuyuan, Gongwuyuan shall ensure that such rights are free of
any defect or Gongwuyuan shall bear the loss caused to the Pengze WFOE.&nbsp;As consideration, Gongwuyuan agrees to pay the ninety-five&nbsp;percent
(95%) of its pre-tax&nbsp;profit, for each profitable fiscal year, and deducting any loss (if any) in the previous year, the necessary
costs, expenses, taxes incurred in the year and the withdrawn statutory reserve fund that must be withdrawn according to law by the Pengze
WFOE.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0in; 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: 0in">The exclusive consulting
and service agreement shall remain effective for ten (10)&nbsp;years from the effective date unless terminated by mutual agreement between
the Pengze WFOE and Gongwuyuan. or unilaterally terminated by the Pengze WFOE in advance. Upon request by the Pengze WFOE, the parties
shall extend the term of the exclusive consulting and service agreement by entering into a new exclusive consulting and service agreement
or continue performing the existing exclusive consulting and service agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0in; 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: 0in">The Exclusive Consulting
and Service Agreement between Penze WFOE and Gongwuyuan was supplemented on December&nbsp;21, 2022 to clarify that no consulting service
fees pertaining to the agreement need to be paid for the period December&nbsp;29, 2021 to December&nbsp;31, 2021.</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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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></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; text-indent: 0in"><I><U>Equity Disposal Agreement</U>.&nbsp;</I>The
Pengze WFOE entered into an equity disposal agreement with Gongwuyuan and certain shareholders of the VIE on December&nbsp;29, 2021.
Pursuant to the equity disposal agreement, the shareholders and Gongwuyuan have granted the Pengze WFOE (or its designee) an exclusive
option to acquire all or a portion of the ninety-five&nbsp;percent (95%) equity held by the shareholders and all or a portion of the
ninety-fivepercent (95%) assets of Gongwuyuan at the price equivalent to the lowest price then permitted under PRC law. The Pengze WFOE
may, at its sole discretion, at any time exercise the option. Moreover, the Pengze WFOE may designate a third party to exercise the option
on its behalf.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0in; 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: 0in">Under the equity disposal
agreement, Gongwuyuan may not, among other obligations, sell, transfer, mortgage or otherwise dispose of any asset, business or income,
or allow any other security interest to be created on them, enter into transactions that will materially and adversely affect its assets,
responsibilities, operations, equity and other legitimate rights, distribute dividends and bonuses in any form to all shareholders, incur,
inherit, guarantee or permit to subsist any debt except in the ordinary course of business unless otherwise expressly agreed to by the
Pengze WFOE, enter into any material contracts except in the ordinary course of business, increase or decrease the registered capital
of Gongwuyuan or otherwise change the structure of the registered capital, supplement, modify or amend the articles of association of
Gongwuyuan in any way, or merge or associate with any person, or acquire any person or invest in any person. In addition, the shareholders
may not, among other obligations, supplement, modify or amend the articles of association of Gongwuyuan that will materially and adversely
affect Gongwuyuan&rsquo;s assets, liabilities, operations, equity and other rights, cause Gongwuyuan to enter into transactions that
will materially and adversely affect Gongwuyuan&rsquo;s assets, responsibilities, operations, equity and other rights, adopt a resolution
on the distribution of dividends and bonuses, sell, transfer, mortgage or dispose of their equity interest in any way, sell, transfer,
mortgage or dispose of the rights of any equity and assets of Gongwuyuan, or allow any other security interest to be created on them,
approve the merger or association or reorganization in any other form, and independently wind up, liquidate or dissolve Gongwuyuan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0in; 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: 0in">The equity disposal agreement
shall remain effective for ten (10)&nbsp;years from the effective date. Upon request by the Pengze WFOE, the parties shall extend the
term of the equity disposal agreement by entering into a new equity disposal agreement or continue performing the existing equity disposal
agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0in; 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: 0in"><I><U>Equity Pledge Agreement</U>.&nbsp;</I>The
Pengze WFOE entered into an equity pledge agreement with certain shareholders of the VIE on December&nbsp;29, 2021, pursuant to which
the shareholders have pledged ninety-five&nbsp;percent (95%) of equity interests in Gongwuyuan held by them, and all current and future
rights and interests based on such equity, as priority security guarantees in favor of the Pengze WFOE to secure the performance of Gongwuyuan
and the shareholders&rsquo; performance of their obligations under, where applicable, (i)&nbsp;the Exclusive Consulting and Service Agreement,
(ii)&nbsp;the Equity Disposal Agreements, and (iii)&nbsp;the Business Operation Agreement (collectively, the &ldquo;Principal Agreements&rdquo;).
The Pengze WFOE is entitled to exercise its right for the priority of compensation obtained by the shareholders&rsquo; pledged interests
in the equity of Gongwuyuan in the event that either the shareholders or Gongwuyuan fails to perform their respective obligations under
the Principal Agreements. The Pengze WFOE may transfer all or any of its rights and obligations under the equity pledge agreement to
any designated third party. The equity pledge agreement will remain in full force and effective until Gongwuyuan and the shareholders
have satisfied their obligations under the Principal Agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0in; 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: 0in"><I><U>Agency Agreement</U>.&nbsp;</I>The
Pengze WFOE entered into an agency agreement with certain shareholders of the VIE on December&nbsp;29, 2021, pursuant to which the shareholders
granted the Pengze WFOE an irrevocable right to exercise the voting rights of the shareholders in accordance with the laws of the PRC
and the Articles of Association of Gongwuyuan, for the maximum period permitted by law. The shareholders shall authorize the person appointed
by the Pengze WFOE to exercise all the voting rights held by them regardless of any change in the equity of Gongwuyuan. In addition,
the shareholders shall not transfer any of their shareholders rights and interests in Gongwuyuan to any individual or other company other
than the Pengze WFOE or any person or entity designated by the Pengze WFOE.&nbsp;The agency agreement shall come into effect upon its
execution, and may be terminated by the unanimous consent of all parties or unilaterally by the Pengze WFOE with a thirty (30)&nbsp;days
advance notice.</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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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, 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: 0in"><I><U>Spousal Consent Letter</U>.&nbsp;</I>Each
spouse of relevant individual shareholders of Gongwuyuan has signed a Spousal Consent Letter. Under the Spousal Consent Letter, agreeing
that the signing spouse has unconditionally and irrevocably agreed that the disposition of the equity interest in Gongwuyuan which is
held by and registered under the name of his or her spouse shall be made pursuant to the above-mentioned&nbsp;Business Operation Agreement
and Powers of Attorney, Equity Disposal Agreement, Equity Pledge Agreement, and Agency Agreement, signed by his or her spouse, as amended
from time to time. Each of the signing spouse undertakes to take necessary actions to ensure the performance of above-mentioned&nbsp;VIE
agreements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Based on the foregoing Contractual
Arrangements, Baiya is allowed to consolidate Gongwuyuan&rsquo;s operations and financial results in Baiya&rsquo;s consolidated financial
statements for the periods presented herein as if the current corporate structure had been in existence throughout the periods presented
under common control in accordance with Regulation&nbsp;S-X-3A-02&nbsp;promulgated by the SEC and Accounting Standards Codification (&ldquo;ASC&rdquo;)&nbsp;810-10,
Consolidation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0in; 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: 0in">As we chose such VIE structure,
we are subject to certain unique risks and uncertainties that may not otherwise exist if we had direct equity ownership in the PRC operating
entities. Because we do not directly hold equity interests in the VIE and its subsidiaries, our Contractual Arrangements may not be effective
in providing control over Gongwuyuan, the VIE and their shareholders could breach their contractual arrangements with us by, among other
things, failing to conduct the operations of the VIE in an acceptable manner or taking other actions that are detrimental to our interests.
If we had direct ownership of the VIE in China, we would be able to exercise our rights as a shareholder to effect changes in the board
of directors of the VIE, which in turn could implement changes, subject to any applicable fiduciary obligations, at the management and
operational level. However, under the current contractual arrangements, we rely on the performance by the VIE and their shareholders
of their obligations under the contracts to exercise control over the VIE. The shareholders of the VIE may not act in the best interests
of our company or may not perform their obligations under these contracts. If any dispute relating to these contracts remains unresolved,
we will have to enforce our rights under these contracts through the operations of PRC law and arbitration, litigation and other legal
proceedings and therefore the Company may incur substantial costs to enforce the terms of the arrangements. Furthermore, if the VIE or
their shareholders fail to perform their respective obligations under the contractual arrangements, we may have to incur substantial
costs and expend additional resources to enforce such arrangements. We may also have to rely on legal remedies under PRC law, including
seeking specific performance or injunctive relief, and contractual remedies, which we cannot assure you will be sufficient or effective
under PRC law. For example, if the shareholders of the VIE were to refuse to transfer their equity interests in the VIE to us or our
designee if we exercise the purchase option pursuant to these contractual arrangements, or if they were otherwise to act in bad faith
toward us, then we may have to take legal actions to compel them to perform their contractual obligations. In addition, if any third
parties claim any interest in such shareholders&rsquo; equity interests in the VIE, our ability to exercise shareholders&rsquo; rights
or foreclose the share pledge according to the contractual arrangements may be impaired. Further, we are subject to risks due to uncertainty
of the interpretation and the application of the PRC laws and regulations, including but not limited to limitations on foreign ownership
and regulatory review of overseas listing of PRC companies through a special purpose vehicle, and the validity and enforcement of the
Contractual Arrangements. We are also subject to the risks of uncertainty about any future actions of the PRC government in this regard
that could disallow the VIE structure, which would likely result in a material change in our operations and/or cause the value of our
Ordinary Shares to decrease significantly or become worthless. However, as of the date of this prospectus, the agreements under the Contractual
Arrangements have not been tested in any courts of law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Additionally, such determination
by the PRC government and changes or interpretations in PRC Laws, if occurred, may cause significant decline in the value of our shares,
or even render our shares worthless; &mdash; We rely on Contractual Arrangements with the VIE and certain shareholders of the VIE to
consolidate financial results of the PRC operating entities. We do not have an equity ownership in, direct foreign investment in, or
control of, through such ownership or investment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0in">According to our PRC legal
counsel, under current effective PRC laws and regulations, apart from the filing procedure with the CSRC under the New Administrative
Rules Regarding Overseas Listings, we and the PRC operating entities are not required to obtain permission or approval from the PRC authorities
including CSRC or CAC to issue the Ordinary Shares to foreign Selling Shareholders, nor have we, or the PRC operating entities, applied
for or received any denial for the Registration. However, recently, the General Office of the Central Committee of the Communist Party
of China and the General Office of the State Council jointly issued the &ldquo;Opinions on Severely Cracking Down on Illegal Securities
Activities According to Law,&rdquo; or the Opinions, which was made available to the public on July&nbsp;6, 2021. The Opinions 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-concept&nbsp;overseas listed companies, and cybersecurity and data privacy protection requirements
and similar matters. The Opinions and any related implementing rules to be enacted may subject us to compliance requirement in the future.
Further, we are still subject to the uncertainty of interpretation and enforcement of the rules and regulations in the PRC, which can
change quickly with little advance notice, and any future actions of the PRC authorities. We cannot assure you that relevant PRC government
agencies would reach the same conclusion as we do or as advised by our PRC legal counsel. However, (i)&nbsp;if we inadvertently concluded
that such permissions or approvals are not required, or (ii)&nbsp;if the CSRC, the CAC or other regulatory PRC agencies later promulgate
new rules requiring that we obtain their approvals to issue the Ordinary Shares to foreign Selling Shareholders, and we are unable to
obtain a waiver of such approval requirements. In addition, 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 0pt 0in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, 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>Material Transactions with Related Parties
</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"><I>Due from related parties</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; text-indent: 0in">We periodically loan funds
to related parties for general business purposes. The balance due from related parties is typically interest-free and due upon demand.
As of December 31, 2024 and 2023, we had the total amounts due from related parties of $40,549 and $2,811,786, respectively, which were
mainly due from a shareholder and the founder of the VIE, Mr. Daoning Xia (&ldquo;Mr. Xia&rdquo;), Ms. Guoping Xia (&ldquo;Ms. Xia&rdquo;)
who is the sister of Mr. Xia, and their affiliated entities. As of December 31, 2024 and 2023, the amount due from Mr. Xia and his affiliated
companies were $33,973 and $1,775,005, respectively. As of December 31, 2024 and 2023, the amount due from Ms. Xia and her affiliated
companies were $nil and $926,450, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, 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: 0in">As of November 21, 2024,
the total loan amount from Gongwuyuan Network and its subsidiaries to the related parties is $2,338,686 (RMB 17,070,773). After friendly
negotiations between Gongwuyuan Network, its subsidiaries, and the related parties, it has been agreed that the related parties will
use their debt of $ 1,812,949 (RMB 13,233,259) to settle an equivalent amount of debt, which will result in the full settlement of these
obligations. The remaining debt of $ 525,737 (RMB 3,837,514) after the settlement will be assumed by Ms. Xia. Following this settlement,
Gongwu Yuan Network will have a receivable from the related party, Ms. Xia, in the amount of $ 525,737 (RMB 3,837,514), and all other
related party debts will be cleared.</P>

<P STYLE="font: 10pt Times New Roman, Times, 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>Due to related parties</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; text-indent: 0in">The amount due to related
parties represents the funds provided by companies controlled by Mr. Zhang, Mr. Xia, and Mr. Xiaojun Wang, a director of VIE&rsquo;s
subsidiary, for the Company&rsquo;s working capital needs and the payable balances for expenses and reimbursement in normal business
courses. As of December 31, 2024 and 2023, we had total amounts due to related parties of $170,855 and $1,040,009, respectively. As of
the date of this prospectus, none of the balances as of December 31, 2024 have been repaid.</P>

<P STYLE="font: 10pt Times New Roman, Times, 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>Related Party Transactions</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; text-indent: 0in">During the years ended December
31, 2024, 2023 and 2022, we provided entrust recruitment services to a related party company that is controlled by Mr. Xia and generated
service revenue of $0 and $181,408 and $135,029, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, 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 years ended December
31, 2024, 2023 and 2022, we entered several operating lease agreements with companies controlled by Mr. Xia, pursuant to which the rental
expenses were $0 and $143,832 and $158,063, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, 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 the lease agreement for our principal office
premises expired and was not renewed, we are currently utilizing office space provided by a related party company. The office premises
are located at 3rd Floor, Building A, Golden Life Science Park, No. 33 Gongye Avenue, Dongguan, Guangdong Province, China. On July 1,
2024, the related party, Dongguan Massachusetts Industrial Park Investment Co., Ltd., provided the Company with the rent-free use of
Rooms 301 and 302, located on the 3rd floor of Building A, No. 33 Pingshan Industrial Avenue, Tangxia Town, Dongguan City. The usage
period is from July 1, 2024 to December 31, 2025. The ultimate controlling party of Dongguan Massachusetts Industrial Park Investment
Co., Ltd. is Ms. Xia. Additionally, Baiya International Group Inc. has leased new office space at Room 18022, Floor 18, 112 W. 34th Street,
New York, NY 10120, with a lease term from August 1, 2025 to July 31, 2026.&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 November 21, 2024, we
entered into a debt settlement agreement with its related parties, pursuant to which the related parties agreed to settle a total amount
of $1,812,949 (RMB 13,233,259) of outstanding payables by offsetting an equivalent amount of receivables. Following the settlement, the
remaining payable balance of $525,737 (RMB 3,837,515) was assumed by Ms. Xia.</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; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, 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>Guarantees by Related Parties</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">We had the following loans
that are guaranteed by related parties at December&nbsp;31, 2023 and June 30, 2025:</P>

<P STYLE="font: 10pt Times New Roman, Times, 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>

<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="border-bottom: Black 1.5pt solid; text-align: left; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; vertical-align: bottom">Bank</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">Loan<BR> Agreement<BR> Date</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Loan<BR> Amount</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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Interest<BR> Rate</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="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">Maturity<BR> Date</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: center">Guaranteed by</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Balance at<BR> June 30,<BR> 2025</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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Balance at December&nbsp;31,<BR> 2024</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="text-align: left; text-indent: -0.125in; padding-left: 0.125in; width: 22.5%; vertical-align: top">WeBank</TD><TD STYLE="width: 0.5%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 11%; text-align: center">2023-03-03</TD><TD STYLE="width: 0.5%">&nbsp;</TD>
    <TD STYLE="width: 0.5%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">98,560</TD><TD STYLE="width: 0.5%; text-align: left">&nbsp;</TD><TD STYLE="width: 0.5%">&nbsp;</TD>
    <TD STYLE="width: 0.5%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">14.26</TD><TD STYLE="width: 0.5%; text-align: left">%</TD><TD STYLE="width: 0.5%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 11%; text-align: center">2025-02-24</TD><TD STYLE="width: 0.5%">&nbsp;</TD>
    <TD STYLE="width: 20%; text-align: center">&nbsp;*Peng Yao, the legal representative of Yifang</TD><TD STYLE="width: 0.5%">&nbsp;</TD>
    <TD STYLE="width: 0.5%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">-</TD><TD STYLE="width: 0.5%; text-align: left">&nbsp;</TD><TD STYLE="width: 0.5%">&nbsp;</TD>
    <TD STYLE="width: 0.5%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">9,133</TD><TD STYLE="width: 0.5%; 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; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">2023-03-16</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,120</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8.35</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">2025-03-24</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;Peng Yao, the legal representative of Yifang</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">2,569</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; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">2023-03-16</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">33,792</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8.35</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">2025-03-24</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;Peng Yao, the legal representative of Yifang</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">5,137</TD><TD STYLE="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; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">2023-03-20</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">42,240</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8.82</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">2025-03-24</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;Peng Yao, the legal representative of Yifang</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">4,110</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; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">2023-08-24</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24,077</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11.16</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">2025-08-24</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;Peng Yao, the legal representative of Yifang</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,989</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,809</TD><TD STYLE="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; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">2023-09-25</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29,568</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12.78</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">2025-09-22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;Xingbo Wang, the legal representative of Gongwuyuan</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,665</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,789</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">NanYue Bank</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">2023-03-16</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">98,560</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8.35</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">2025-03-24</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;Peng Yao, the legal representative of Yifang</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">11,987</TD><TD STYLE="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; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">2023-03-16</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">49,280</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8.35</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">2025-03-24</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;Peng Yao, the legal representative of Yifang</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">5,994</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">China Minsheng Bank</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">2023-03-20</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">78,848</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8.82</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">2025-03-24</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;Peng Yao, the legal representative of Yifang</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">9,590</TD><TD STYLE="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; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">2023-08-24</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">56,179</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11.16</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">2025-08-24</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;Peng Yao, the legal representative of Yifang</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,642</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,221</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Xinwang Bank</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">2024-01-17</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">56,163</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18.00</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">2026-01-17</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;NA</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,343</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">32,006</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Total bank loan payables</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; padding-bottom: 4pt">&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="vertical-align: top; text-align: center; padding-bottom: 4pt">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 4pt">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">28,639</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">117,345</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Current portion of bank loan payables</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; padding-bottom: 4pt">&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="vertical-align: top; text-align: center; padding-bottom: 4pt">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 4pt">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">28,639</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">117,345</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: 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; text-align: left"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Xingbo Wang, a related party
of the Company, serves as the legal representative of Gongwuyuan. Peng Yao, a related party of the Company, serves as the legal representative
of Yifang.</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; text-indent: 0in">For the six months ended June 30, 2025, the weighted average annual
interest rate for the bank loans was approximately&nbsp;8.19%. Interest expense for the above-mentioned loans amounted to $4,644&nbsp;and
$23,955&nbsp;during the six months ended June 30, 2025 and 2024, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, 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 June 30, 2025, the future minimum bank
loan payments to be paid by year are 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="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold">Period Ending</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Amount</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="width: 88%; text-indent: -10pt; padding-left: 10pt">June 30, 2026</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">29,888</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Less: Imputed interest</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(1,249</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 4pt; text-indent: -10pt; padding-left: 10pt">Total Bank loan payable</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">28,639</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: justify; text-indent: 0.25in">&nbsp;</P>


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<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: center"><B><A NAME="a_011"></A>SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS
AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS</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">The following table sets forth information regarding
the beneficial ownership of our Ordinary Shares as of March&nbsp;6, 2026 by our officers, directors, and 5% or greater beneficial owners
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">We have determined beneficial ownership in accordance
with the rules of the SEC. These rules generally attribute beneficial ownership of securities to persons who possess sole or shared voting
power or investment power with respect to those securities. Unless otherwise indicated, the person identified in this table has sole
voting and investment power with respect to all shares shown as beneficially owned by him, subject to applicable community property laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, 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 calculations in the table below are based
on 1,605,251 Ordinary Shares outstanding as of March 6, 2026.</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="font-weight: bold; text-align: justify; border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 10pt"><B>Name of Shareholder<SUP>(1)(2)</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">Class A<BR> Ordinary <BR> Shares <BR> Beneficially <BR> Owned<BR> Prior to<BR> This<BR> Offering</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">Class A<BR> Ordinary <BR> Shares <BR> Beneficially <BR> Owned <BR> After to <BR> This <BR> Offering</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">Class B<BR> Ordinary <BR> Shares <BR> Beneficially <BR> Owned <BR> Prior to <BR> This <BR> Offering</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">Class B<BR> Ordinary <BR> Shares <BR> Beneficially <BR> Owned <BR> After to <BR> This <BR> Offering</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-style: italic; text-align: justify">Executive Officers and Directors</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><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: 52%; text-align: justify; text-indent: -9pt; padding-left: 9pt"><FONT STYLE="font-size: 10pt">Siyu Yang<SUP>(3)</SUP></FONT></TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">0</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">0</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">1,000,000</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">1,000,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; text-indent: -9pt; padding-left: 9pt">Bin Tan</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,912</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,912</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#12288;</FONT><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#12288;</FONT><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; text-indent: -9pt; padding-left: 9pt">Dan Bin</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; text-indent: -9pt; padding-left: 9pt">Huashu YUAN</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#12288;</FONT><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#12288;</FONT><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#12288;</FONT><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#12288;</FONT><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; text-indent: -9pt; padding-left: 9pt">Yankun Wang</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; text-indent: -9pt; padding-left: 9pt">Linxi Xie</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#12288;</FONT><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#12288;</FONT><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; text-indent: -9pt; padding-left: 9pt">Luting Zhang</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#12288;</FONT><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#12288;</FONT><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; text-indent: -9pt; padding-left: 9pt">Officers and Directors as a Group (7&nbsp;persons)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,912</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,912</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,000,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,000,000</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>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.3in; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Unless otherwise indicated, the business address of each of our directors, executive officers and beneficial owners of more than 5% of our outstanding Ordinary Shares is c/o Baiya International Group Inc., Room 18022, Floor 18, 112 W. 34th Street, New York, NY 10120.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">We do not have any beneficial owners of 5% or more of our Ordinary Shares as of the date of this prospectus. For each person and group included in this column, percentage ownership is calculated by dividing the number of shares beneficially owned by such person or group by the number of 1,605,251 Ordinary Shares outstanding as of March 6, 2026.&nbsp;</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"><B>Listing on the NASDAQ Market</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 33.75pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt -0.5in; text-align: justify; text-indent: 0.5in">Our Ordinary Shares str listed
on NASDAQ under the symbol &ldquo;BIYA&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 33.75pt">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 33.75pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt -0.5in; text-align: justify; text-indent: 0.5in">The transfer agent and registrar
for our Ordinary Shares in the United States is Transhare Corporation.</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; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_012"></A>PLAN
OF DISTRIBUTION</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">We are not selling any of our Ordinary Shares under this prospectus, and we will not receive any
    of the proceeds from the sale of the Shares by the Selling Shareholders. Each Selling Shareholder, which as used herein includes
    donees, pledgees, transferees, distributees or other successors-in-interest selling the Shares or interests in the Shares received
    after the date of this prospectus from the Selling Shareholder as a gift, pledge, partnership distribution or other transfer, may,
    from time to time, sell, transfer, distribute or otherwise dispose of certain of their Shares or interests in the Shares on any stock
    exchange, market or trading facility on which our Ordinary Shares are traded or in private transactions. These dispositions may be
    at fixed prices, at prevailing market prices at the time of sale, at prices related to the prevailing market price, at varying prices
    determined at the time of sale, or at negotiated prices.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">The Selling Shareholders may use any one or more of the following
    methods when disposing of their Shares or interests therein:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers;</FONT></TD></TR>
  <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-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">one or more underwritten offerings;</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%; background-color: white; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">block trades in which the broker-dealer will attempt to sell the Ordinary Shares as agent, but may position and resell a portion of the block as principal to facilitate the transaction;</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-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">purchases by a broker-dealer as principal and resale by the broker-dealer for its accounts;</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-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">an exchange distribution in accordance with the rules of the applicable exchange;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">privately negotiated transactions;</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-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">distributions to their members, partners or shareholders;</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-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">short sales effected after the date of the registration statement of which this prospectus is a part is declared effective by the SEC;</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-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">through the writing or settlement of options or other hedging transactions, whether through an options exchange or otherwise;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">in market transactions, including transactions on a national securities exchange or quotations service or over-the-counter market;</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-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">directly to one or more purchasers;</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-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">through agents;</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-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">broker-dealers may agree with the Selling Shareholder to sell a specified number of such Ordinary Shares at a stipulated price per share; 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-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">a combination of any such methods of sale.</FONT></TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">The Selling Shareholders may, from time to time, pledge or grant a security interest
in some Shares owned by them and, if any Selling Shareholder defaults in the performance of its secured obligations, the pledgees or
secured parties may offer and sell such Shares, as applicable, from time to time, under this prospectus, or under an amendment or supplement
to this prospectus amending the list of the Selling Shareholders to include the pledgee, transferee or other successors in interest as
the Selling Shareholders under this prospectus. The Selling Shareholders also may transfer the Shares in other circumstances, in which
case the transferees, pledgees or other successors in interest will be the selling beneficial owners for purposes of this prospectus.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">In
connection with the sale of the Shares or interests therein, the Selling Shareholder may enter into hedging transactions with broker-dealers
or other financial institutions, which may in turn engage in short sales of our Ordinary Shares in the course of hedging the positions
they assume. The Selling Shareholder may also sell the Shares short and deliver these securities to close out their short positions,
or loan or pledge Ordinary Shares to broker-dealers that in turn may sell these securities. The Selling Shareholder may also enter into
option or other transactions with broker-dealers or other financial institutions or the creation of one or more derivative securities
that require the delivery to such broker-dealer or other financial institution of the Shares offered by this prospectus, which shares
such broker-dealer or other financial institution may resell pursuant to this prospectus (as supplemented or amended to reflect such
transaction).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">The aggregate proceeds to the Selling Shareholder from the sale of
the Shares offered by them will be the purchase price of such Shares less discounts or commissions, if any. The Selling Shareholder reserve
the right to accept and, together with their agents from time to time, to reject, in whole or in part, any proposed purchase of the Shares
to be made directly or through agents. We will not receive any of the proceeds from any offering by the Selling Shareholder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">The Selling Shareholder also may in the future resell a portion of
the Shares in open market transactions in reliance upon Rule 144 under the Securities Act; provided that they meet the criteria and conform
to the requirements of that rule, or pursuant to other available exemptions from the registration requirements of the Securities Act.</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">With respect to the Share, each Selling Shareholder
is an underwriter within the meaning of Section 2(a)(11) of the Securities Act of 1933, as amended.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">To the extent required by the Securities Act,
any discounts, commissions, concessions or profit that the Selling Shareholder earns on any resale of the Shares may be underwriting discounts
and commissions under the Securities Act. Any Selling Shareholder that is an underwriter within the meaning of Section 2(a)(11) of the
Securities Act will be subject to the prospectus delivery requirements of the Securities Act. Underwriters and their controlling persons,
dealers and agents may be entitled, under agreements entered into with us and the Selling Shareholder, to indemnification against and
contribution toward specific civil liabilities, including liabilities under the Securities Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">To the extent required, the Shares to be sold,
the respective purchase prices and public offering prices, the names of any agent, dealer or underwriter, and any applicable discounts,
commissions, concessions or other compensation with respect to a particular offer will be set forth in an accompanying prospectus supplement
or, if appropriate, a post-effective amendment to the registration statement that includes this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">The Selling Shareholders may use this prospectus
in connection with resales of the Shares. This prospectus and any accompanying prospectus supplement will identify the Selling Shareholders,
the terms of the Shares and any material relationships between us and the Selling Shareholders. The Selling Shareholders will receive
all the net proceeds from the resale of the Shares pursuant to this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">We do not know how long the Selling Shareholders
will hold the Shares before selling them, and we currently have no agreements, arrangements or understandings with the Selling Shareholder
regarding the sale of any of the Shares pursuant to this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">Each Selling Shareholder is an entity that may
elect to make an in-kind distribution of the Shares to its members, partners or shareholders pursuant to the registration statement of
which this prospectus is a part by delivering a prospectus. To the extent that such members, partners or shareholders are not affiliates
of ours, such members, partners or shareholders would thereby receive freely tradable Ordinary Shares pursuant to the distribution through
a registration statement.</P>

<P>&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_013"></A>CERTAIN TAX CONSIDERATIONS</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; text-indent: 0in"><I>The following description
is not intended to constitute a complete analysis of all tax consequences relating to the ownership or disposition of our Ordinary Shares.
You should consult your own tax advisor concerning the tax consequences of your particular situation, as well as any tax consequences
that may arise under the laws of any local, state, foreign, or other taxing jurisdiction.</I></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The Cayman Islands currently
levy no taxes on individuals or corporations based upon profits, income, gains or appreciations and there is no taxation in the nature
of inheritance tax or estate duty. There are no other taxes likely to be material to our company levied by the Government of the Cayman
Islands save for certain stamp duties which may be applicable on instruments executed in, or after execution brought within the jurisdiction
of the Cayman Islands. No stamp duty is payable in the Cayman Islands on transfers of shares of Cayman Islands companies except those
which hold interests in land in the Cayman Islands. The Cayman Islands is a party to a double tax treaty entered with the United Kingdom
in 2010 but is otherwise is not party to any double tax treaty which are applicable to any payments made by or to our company. There
are no exchange control regulations or currency restrictions in the Cayman Islands.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Payments of dividends and
capital in respect of our Ordinary Shares will not be subject to taxation in the Cayman Islands and no withholding will be required on
the payment of a dividend or capital to any holder of our Ordinary Shares, nor will gains derived from the disposal of our Ordinary Shares
be subject to Cayman Islands income or corporation tax.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">There is no income tax treaty
or convention currently in effect between the United&nbsp;States and the Cayman Islands.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The Cayman Islands enacted
the International Tax Co-operation&nbsp;(Economic Substance) Act (2021 Revision) together with the Guidance Notes published by the Cayman
Islands Tax Information Authority from time to time. The Company is required to comply with the economic substance requirements from
July&nbsp;1, 2019 and make an annual report in the Cayman Islands as to whether or not it is carrying on any relevant activities and
if it is, it must satisfy an economic substance test.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B>People&rsquo;s Republic
of China Taxation</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Under the Enterprise Income
Tax (&ldquo;EIT&rdquo;) Law of the PRC, domestic enterprises and Foreign Investment Enterprises (the &ldquo;FIE&rdquo;) are usually subject
to a unified 25% EIT rate while preferential tax rates, tax holidays, and even tax exemption may be granted on case-by-case basis. From
January 1, 2019 to December 31, 2020, small and low-profit enterprises with annual taxable income not exceeding RMB 1 million, the actual
income to be taxed will be 25% of annual taxable income, and the tax rate was 20%; small and low-profit enterprises with annual taxable
income exceeding RMB 1 million but not more than RMB 3 million, the actual income to be taxed was 50% of annual taxable income, and the
corporate income tax is paid at the rate of 20%. From January 1, 2021 to December 31, 2021, small and low-profit enterprises with annual
taxable income not exceeding RMB 1 million, the actual income to be taxed was further lowered to 12.5% of annual taxable income, and
the tax rate will be 20%; From January 1, 2022 to December 31,</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The current PRC EIT Law imposes
a 10% withholding income tax for dividends distributed by foreign invested enterprises to their immediate holding companies outside the
PRC. A lower withholding tax rate will be applied if there is a tax treaty arrangement between the PRC and the jurisdiction of the foreign
holding company. Distributions to holding companies in Hong Kong that satisfy certain requirements specified by the PRC tax authorities,
for example, will be subject to a 5% withholding tax rate.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">We are a holding company
incorporated in the Cayman Islands and we gain substantial income by way of dividends paid to us from our PRC subsidiary. The EIT Law
and its implementation rules provide that China-sourced&nbsp;income of foreign enterprises, such as dividends paid by a PRC subsidiary
to its equity holders that are non-resident&nbsp;enterprises, will normally be subject to PRC withholding tax at a rate of 10%, unless
any such foreign investor&rsquo;s jurisdiction of incorporation has a tax treaty with China that provides for a preferential tax rate
or a tax exemption.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Under the PRC Enterprise
Income Tax Law and its implementation rules, an enterprise established outside of the PRC with a &ldquo;de facto management body&rdquo;
within the PRC is considered a resident enterprise and will be subject to the enterprise income tax at the rate of 25% on its global
income. The implementation rules define the term &ldquo;de facto management body&rdquo; as the body that exercises full and substantial
control over and overall management of the business, productions, personnel, accounts and properties of an enterprise. In April&nbsp;2009,
the State Administration of Taxation issued a circular, known as Circular&nbsp;82, which provides certain specific criteria for determining
whether the &ldquo;de facto management body&rdquo; of a PRC-controlled&nbsp;enterprise that is incorporated offshore is located in China.
Although this circular only applies to offshore enterprises controlled by PRC enterprises or PRC enterprise groups, not those controlled
by PRC individuals or foreigners, the criteria set forth in the circular may reflect the State Administration of Taxation&rsquo;s general
position on how the &ldquo;de facto management body&rdquo; test should be applied in determining the tax resident status of all offshore
enterprises. According to Circular&nbsp;82, an offshore incorporated enterprise controlled by a PRC enterprise or a PRC enterprise group
will be regarded as a PRC tax resident by virtue of having its &ldquo;de facto management body&rdquo; in China only if all of the following
conditions are met: (i)&nbsp;the primary location of the&nbsp;day-to-day&nbsp;operational management is in the PRC; (ii)&nbsp;decisions
relating to the enterprise&rsquo;s financial and human resource matters are made or are subject to approval by organizations or personnel
in the PRC; (iii)&nbsp;the enterprise&rsquo;s primary assets, accounting books and records, company seals, and board and shareholder
resolutions, are located or maintained in the PRC; and (iv)&nbsp;at least 50% of voting board members or senior executives habitually
reside in the PRC.</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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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Currently, as resident enterprises
in the PRC, Gongwuyuan and their PRC subsidiary, are subject to the enterprise income tax at the rate of 25%. The EIT is calculated based
on the entity&rsquo;s global income as determined under PRC tax laws and accounting standards.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Although Baiya does not have
a PRC enterprise or enterprise group as our primary controlling shareholder and is therefore not a Chinese-controlled&nbsp;offshore incorporated
enterprise within the meaning of Circular&nbsp;82, in the absence of guidance specifically applicable to us, we have applied the guidance
set forth in Circular 82 to evaluate the tax residence status of Baiya and its subsidiaries organized outside the PRC.&nbsp;We believe
that we do not meet some of the conditions outlined in the immediately preceding paragraph. For example, as a holding company, the key
assets and records of Baiya, including the resolutions and meeting minutes of our board of directors and the resolutions and meeting
minutes of our shareholders, are located and maintained outside the PRC.&nbsp;In addition, we are not aware of any offshore holding companies
with a corporate structure similar to ours that has been deemed a PRC &ldquo;resident enterprise&rdquo; by the PRC tax authorities. Accordingly,
we believe that Baiya and its offshore subsidiaries should not be treated as a &ldquo;resident enterprise&rdquo; for PRC tax purposes
if the criteria for &ldquo;de facto management body&rdquo; as set forth in Circular 82 were deemed applicable to us. However, as the
tax residency status of an enterprise is subject to determination by the PRC tax authorities and uncertainties remain with respect to
the interpretation of the term &ldquo;de facto management body&rdquo; as applicable to our offshore entities. If the PRC tax authorities
determine that our Cayman Islands holding company is a PRC resident enterprise for PRC enterprise income tax purposes, a number of unfavorable
PRC tax consequences could follow. We will continue to monitor our tax status.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">As a Cayman Islands holding
company, we may receive dividends from our PRC subsidiary through offshore subsidiaries. The EIT Law and its implementing rules provide
that dividends paid by a PRC entity to a non-resident&nbsp;enterprise for income tax purposes is subject to PRC withholding tax at a
rate of 10%, subject to reduction by an applicable tax treaty with China. Pursuant to the Arrangement between Mainland China and the
Hong&nbsp;Kong Special Administrative Region for the Avoidance of Double Taxation and Tax Evasion on Income, the withholding tax rate
in respect to the payment of dividends by a PRC enterprise to a Hong&nbsp;Kong enterprise may be reduced to 5% from a standard rate of
10% if the Hong&nbsp;Kong enterprise directly holds at least 25% of the PRC enterprise. Pursuant to the Notice of the State Administration
of Taxation on the Issues concerning the Application of the Dividend Clauses of Tax Agreements, or SAT Circular&nbsp;81, a Hong&nbsp;Kong
resident enterprise must meet the following conditions, among others, in order to apply the reduced withholding tax rate: (i)&nbsp;it
must be a company; (ii)&nbsp;it must directly own the required percentage of equity interests and voting rights in the PRC resident enterprise;
and (iii)&nbsp;it must have directly owned such required percentage in the PRC resident enterprise throughout the 12&nbsp;months prior
to receiving the dividends. In October&nbsp;2019, the SAT promulgated the Administrative Measures for Entitlement to Treaty Benefits
for Non-resident&nbsp;Taxpayers, or SAT Circular&nbsp;35, which became effective on January&nbsp;1, 2020. SAT Circular 60 provides that
non-resident&nbsp;enterprises are not required to obtain pre-approval from the relevant tax authority in order to enjoy the reduced withholding
tax. Instead, non-resident&nbsp;enterprises and their withholding agents may, by self-assessment&nbsp;and on confirmation that the prescribed
criteria to enjoy the tax treaty benefits are met, directly apply the reduced withholding tax rate, and file necessary forms and supporting
documents when performing tax filings, which will be subject to post-tax&nbsp;filing examinations by the relevant tax authorities. Accordingly,
Juxing HK may be able to benefit from the 5% withholding tax rate for the dividends it receives from the Pengze WFOE, if it satisfies
the conditions prescribed under SAT Circular 82 and other relevant tax rules and regulations. However, according to SAT Circular 82 and
SAT Circular&nbsp;35, if the relevant tax authorities consider the transactions or arrangements we have are for the primary purpose of
enjoying a favorable tax treatment, the relevant tax authorities may adjust the favorable withholding tax in the future.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B>WE URGE YOU TO CONSULT
AND RELY UPON YOUR OWN TAX ADVISOR WITH RESPECT TO YOUR OWN TAX SITUATION, POTENTIAL CHANGES IN APPLICABLE LAWS AND REGULATIONS AND THE
FEDERAL AND STATE CONSEQUENCES ARISING FROM AN INVESTMENT IN THE SHARES. THE COST OF THE CONSULTATION COULD, DEPENDING ON THE AMOUNT
CHARGED TO YOU, DECREASE ANY RETURN ANTICIPATED ON YOUR INVESTMENT. NOTHING IN THIS PROSPECTUS IS OR SHOULD BE CONSTRUED AS LEGAL OR
TAX ADVICE TO ANY SPECIFIC INVESTOR, AS INDIVIDUAL CIRCUMSTANCES MAY VARY. THIS FEDERAL INCOME TAX CONSEQUENCES SECTION OF THIS PROSPECTUS
ONLY PROVIDES THE CURRENT STATE OF TAX LAWS. YOU SHOULD BE AWARE THAT THE INTERNAL REVENUE SERVICE MAY NOT AGREE WITH ALL TAX POSITIONS
TAKEN BY US AND THAT LEGISLATIVE, ADMINISTRATIVE OR COURT DECISIONS MAY REDUCE OR ELIMINATE YOUR ANTICIPATED TAX BENEFITS.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 33.75pt">&nbsp;</P>


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<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: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_014"></A>LEGAL
MATTERS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Ogier, Cayman Islands, has
opined upon the validity of our Ordinary Shares offered by this prospectus and certain other legal matters related to this prospectus.
We are being represented by Carter Ledyard &amp; Milburn LLP with respect to certain legal matters as to United States federal securities
and New York State law.</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"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_015"></A>EXPERTS</B></FONT></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; text-indent: 0in">The consolidated financial statements of the Company as of and for
the years ended December 31, 2023 and 2024 included in this prospectus and elsewhere in the registration statement have been audited by
Kreit &amp; Chiu CPA LLP, an independent registered public accounting firm, as stated in their report appearing herein. Such financial
statements are included in reliance upon the report of such firm, given on their authority as experts in accounting and auditing. The
offices of Kreit &amp; Chiu CPA LLP are located at 733 Third Ave, Floor 16, Suite 1014, New York, NY 10017.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_016"></A>WHERE
YOU CAN FIND MORE INFORMATION</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">This prospectus is part
of the Registration Statement. This prospectus does not contain all of the information in the Registration Statement, including the exhibits
filed with or incorporated by reference into the Registration Statement. The Registration Statement, its exhibits, and the documents
incorporated by reference into this prospectus and their exhibits, all contain information that is material to the offering of the securities
hereby. Whenever a reference is made in this prospectus to any of our contracts or other documents, the reference may not be complete.
You should refer to the exhibits that are a part of the Registration Statement in order to review a copy of the contract or documents.
The Registration Statement and the exhibits are available through the SEC&rsquo;s EDGAR website.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">We file annual reports and other information
with the SEC. Our SEC filings are available to the public over the internet at the SEC&rsquo;s website at www.sec.gov and on our website
at <I>www.gwyapp.com</I>. The information found on, or that can be accessed from or that is hyperlinked
to, our website is not part of this prospectus or any applicable prospectus supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The information relating to us contained in this
prospectus does not purport to be comprehensive and should be read together with the information contained in the documents incorporated
or deemed to be incorporated by reference in this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">As you read the above documents, you may find inconsistencies
in information from one document to another. If you find inconsistencies between the documents and this prospectus, you should rely on
the statements made in the most recent document. All information appearing in this prospectus is qualified in its entirety by the information
and financial statements, including the notes thereto, contained in the documents incorporated by reference herein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">We will provide to each person, including any beneficial owner, to
whom this prospectus is delivered, a copy of these filings, at no cost, upon written or oral request to us at the following address:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Room 18022, Floor 18,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">112 W. 34th Street,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">New York, NY 10120</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">You should rely only on the information contained or incorporated
by reference in this prospectus. We have not authorized any other person to provide you with different information. If anyone provides
you with different or inconsistent information, you should not rely on it. We are not making an offer to sell these securities in any
jurisdiction where the offer or sale is not permitted. You should assume that the information appearing in this prospectus is accurate
only as of the date on the front cover of this prospectus, or such earlier date, that is indicated in this prospectus. Our business,
financial condition, results of operations, and prospects may have changed since that date.</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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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Except as otherwise described in the 2024 Annual Report, in our reports
of foreign issuer on Form 6-K filed or submitted under the Exchange Act and incorporated by reference herein, and as disclosed in this
prospectus or the applicable prospectus supplement, no reportable material changes have occurred since December 31, 2024.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INCORPORATION OF CERTAIN INFORMATION BY REFERENCE</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">We are allowed to incorporate by reference the information we file
with the SEC, which means that we can disclose important information to you by referring to those documents. The information incorporated
by reference is considered to be part of this prospectus. We incorporate by reference in this prospectus the documents listed below:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">our <A HREF="https://www.sec.gov/Archives/edgar/data/1944712/000121390025042694/ea0239630-20f_baiya.htm">2024 Annual Report</A> filed
with the SEC on May 13, 2025; and</FONT></TD>
</TR></TABLE>


<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: top">
    <TD STYLE="width: 48px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">our reports of foreign private issuer on Form 6-K filed with the SEC on </FONT><A HREF="https://www.sec.gov/Archives/edgar/data/1944712/000121390025052349/ea024506401-6k_baiya.htm"><FONT STYLE="font-size: 10pt">June 9</FONT></A> <FONT STYLE="font-size: 10pt">(two reports), </FONT><A HREF="https://www.sec.gov/Archives/edgar/data/1944712/000121390025058451/ea024719401-6k_baiya.htm"><FONT STYLE="font-size: 10pt">June 26</FONT></A><FONT STYLE="font-size: 10pt">, </FONT><A HREF="https://www.sec.gov/Archives/edgar/data/1944712/000121390025060728/ea0247621-6k_baiya.htm"><FONT STYLE="font-size: 10pt">July 2</FONT></A><FONT STYLE="font-size: 10pt">, </FONT><A HREF="https://www.sec.gov/Archives/edgar/data/1944712/000121390025063359/ea024877101-6k_baiyaintern.htm"><FONT STYLE="font-size: 10pt">July 11</FONT></A> <FONT STYLE="font-size: 10pt">(as amended on </FONT><A HREF="https://www.sec.gov/Archives/edgar/data/1944712/000121390025112867/ea0266513-6ka1_baiya.htm"><FONT STYLE="font-size: 10pt">November 20</FONT></A><FONT STYLE="font-size: 10pt">), </FONT><A HREF="https://www.sec.gov/Archives/edgar/data/1944712/000121390025065814/ea0249613-6k_baiya.htm"><FONT STYLE="font-size: 10pt">July 21</FONT></A> <FONT STYLE="font-size: 10pt">(excluding Exhibit 99,1), </FONT><A HREF="https://www.sec.gov/Archives/edgar/data/1944712/000121390025069388/ea025089101-6k_baiya.htm"><FONT STYLE="font-size: 10pt">July 30</FONT></A><FONT STYLE="font-size: 10pt">, </FONT><A HREF="https://www.sec.gov/Archives/edgar/data/1944712/000121390025073782/ea0252516-6k_baiyainter.htm"><FONT STYLE="font-size: 10pt">August 8</FONT></A><FONT STYLE="font-size: 10pt">, </FONT><A HREF="https://www.sec.gov/Archives/edgar/data/1944712/000121390025074362/ea0252696-6k_baiyainter.htm"><FONT STYLE="font-size: 10pt">August 11</FONT></A><FONT STYLE="font-size: 10pt">, </FONT><A HREF="https://www.sec.gov/Archives/edgar/data/1944712/000121390025091968/ea0258723-6k_baiya.htm"><FONT STYLE="font-size: 10pt">September 26</FONT></A><FONT STYLE="font-size: 10pt">, </FONT><A HREF="https://www.sec.gov/Archives/edgar/data/1944712/000121390025093455/ea0258583-6k_baiya.htm"><FONT STYLE="font-size: 10pt">September 30</FONT></A><FONT STYLE="font-size: 10pt">, </FONT><A HREF="https://www.sec.gov/Archives/edgar/data/1944712/000121390025101742/ea0262102-6k_baiya.htm"><FONT STYLE="font-size: 10pt">October 23</FONT></A><FONT STYLE="font-size: 10pt">, </FONT><A HREF="https://www.sec.gov/Archives/edgar/data/1944712/000121390025116658/ea0267819-6k_baiya.htm"><FONT STYLE="font-size: 10pt">December 1</FONT></A><FONT STYLE="font-size: 10pt">, </FONT><A HREF="http://www.sec.gov/Archives/edgar/data/1944712/000121390025124899/ea0270226-6k_baiya.htm"><FONT STYLE="font-size: 10pt">December 23</FONT></A> <FONT STYLE="font-size: 10pt">(as amended on </FONT><A HREF="http://www.sec.gov/Archives/edgar/data/1944712/000121390025126031/ea0271045-6ka1_baiya.htm"><FONT STYLE="font-size: 10pt">December 29</FONT></A><FONT STYLE="font-size: 10pt">) all in 2025, and <A HREF="http://www.sec.gov/Archives/edgar/data/1944712/000121390026001812/ea0271887-6k_baiya.htm">January 6</A> (as amended on <A HREF="http://www.sec.gov/Archives/edgar/data/1944712/000121390026003074/ea0272287-6ka1_baiya.htm">January 12</A>), <A HREF="http://www.sec.gov/Archives/edgar/data/1944712/000121390026004904/ea0273121-6k_baiya.htm">January 16</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/1944712/000121390026007717/ea0274085-6k_baiya.htm">January 26</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/1944712/000121390026014439/ea0276441-6k_baiya.htm">February 11</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/1944712/000121390026018069/ea0277559-6k_baiya.htm">February 19</A>, all in 2026.&nbsp;</FONT></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; text-align: justify; text-indent: 0in">Any statement made in a document incorporated by reference into this
prospectus will be deemed to be modified or superseded for purposes of this prospectus to the extent that a statement contained in this
prospectus modifies or supersedes that statement. Any statement so modified or superseded will not be deemed, except as so modified or
superseded, to constitute a part of this prospectus.</P>

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

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

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<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: center; background-color: white"><B>BAIYA INTERNATIONAL
GROUP INC.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Resale of up to 30,000,000
Ordinary Shares by the Selling Shareholders</B></P>

<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; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>&nbsp;</B></P>

<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: 0pt 0; text-align: center">PROSPECTUS</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">&nbsp;</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"><B>April 1, 2026</B></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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