<SEC-DOCUMENT>0001213900-20-040986.txt : 20201204
<SEC-HEADER>0001213900-20-040986.hdr.sgml : 20201204
<ACCEPTANCE-DATETIME>20201204122312
ACCESSION NUMBER:		0001213900-20-040986
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		5
FILED AS OF DATE:		20201204
DATE AS OF CHANGE:		20201204
EFFECTIVENESS DATE:		20201204

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Lion Group Holding Ltd
		CENTRAL INDEX KEY:			0001806524
		STANDARD INDUSTRIAL CLASSIFICATION:	SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-251127
		FILM NUMBER:		201369315

	BUSINESS ADDRESS:	
		STREET 1:		UNIT A-C, 33/F, TOWER A, BILLION CENTER
		STREET 2:		1 WANG KWONG ROAD, KOWLOON BAY
		CITY:			HONG KONG
		STATE:			F4
		ZIP:			0000000000
		BUSINESS PHONE:		852-2796-2900

	MAIL ADDRESS:	
		STREET 1:		UNIT A-C, 33/F, TOWER A, BILLION CENTER
		STREET 2:		1 WANG KWONG ROAD, KOWLOON BAY
		CITY:			HONG KONG
		STATE:			F4
		ZIP:			0000000000
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-8
<SEQUENCE>1
<FILENAME>ea131035-s8_liongroup.htm
<DESCRIPTION>REGISTRATION STATEMENT
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>As filed with the Securities and Exchange
Commission on December 4, 2020</B></P>

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

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

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B STYLE="font-size: 12pt">UNITED STATES</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B STYLE="font-size: 12pt">SECURITIES AND EXCHANGE COMMISSION</B></P>

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B STYLE="font-size: 12pt">FORM S-8</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B STYLE="font-size: 12pt">REGISTRATION STATEMENT</B></P>

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

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

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B STYLE="font-size: 14pt">Lion Group Holding Ltd.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Exact Name of Registrant as Specified
in Its Charter) </B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: top; width: 49%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Cayman Islands</B></FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: top; width: 49%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Not Applicable</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(State or Other Jurisdiction of</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Incorporation or Organization)</B></P></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(IRS Employer </B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Identification No.)</B></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Unit A-C, 33/F</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>1 Wang Kwong Road</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Address of Principal Executive Offices
and Zip Code) </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>2020 Share Incentive Plan</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Full Title of the Plans) </B></P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>+1 (212) 947-7200</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Telephone number, including area code,
of agent for service)</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;<B><I></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: 100%; padding: 0.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>David T. Zhang, Esq.<BR>
Benjamin W. James, Esq.<BR>
Kirkland &amp; Ellis International LLP<BR>
c/o 26th Floor, Gloucester Tower, The Landmark<BR>
15 Queen&rsquo;s Road Central, Hong Kong<BR>
+852 3761-3300</B></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">Indicate by check mark whether the registrant is a large accelerated
filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions
of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer,&rdquo; &ldquo;smaller reporting company,&rdquo; and &quot;emerging
growth company&quot; in Rule 12b-2 of the Exchange Act.</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: bottom">
    <TD STYLE="width: 21%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Large accelerated
    filer</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 49%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 26%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accelerated
    filer</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-accelerated filer</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9746;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Smaller reporting company</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging growth company</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9746;</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">If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
provided pursuant to Section 7(a)(2)(B) of the Securities Act. &#9746;</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"></P>

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt"><B>Title of Securities to be Registered<SUP>(1)</SUP></B></FONT></TD><TD STYLE="white-space: nowrap; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 10pt"><B>Amount to be<BR> Registered<SUP>(2)</SUP></B></FONT></TD><TD STYLE="white-space: nowrap; padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="white-space: nowrap; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 10pt"><B>Proposed <BR>
Maximum<BR> Offering Price <BR>
per<BR> Share<SUP>(4)</SUP></B></FONT></TD><TD STYLE="white-space: nowrap; padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="white-space: nowrap; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Proposed <BR>
Maximum <BR> Aggregate <BR>
Offering<BR> Price</TD><TD STYLE="white-space: nowrap; padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="white-space: nowrap; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Amount of<BR> Registration <BR>
Fee</TD><TD STYLE="white-space: nowrap; padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; width: 52%; padding-bottom: 4pt; text-indent: -12pt; padding-left: 12.25pt">Ordinary shares, par value $0.0001 per share</TD><TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%; border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; width: 9%; border-bottom: Black 4pt double; text-align: right">4,632,449</TD><TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 4pt; text-align: left"><SUP>(3)</SUP></TD><TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%; border-bottom: Black 4pt double; text-align: left">US$</TD><TD STYLE="white-space: nowrap; width: 9%; border-bottom: Black 4pt double; text-align: right">11,256,851.07</TD><TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%; border-bottom: Black 4pt double; text-align: left">US$</TD><TD STYLE="white-space: nowrap; width: 9%; border-bottom: Black 4pt double; text-align: right">2.43</TD><TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%; border-bottom: Black 4pt double; text-align: left">US$</TD><TD STYLE="white-space: nowrap; width: 9%; border-bottom: Black 4pt double; text-align: right">1,228.12</TD><TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px"></TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">The securities to be registered hereby may be represented by American depositary shares, or ADSs, of Lion Group Holding Ltd. (the &ldquo;Registrant&rdquo;). Each ADS represents one ordinary share, par value of US$0.0001 per share, of the Registrant (the &ldquo;Ordinary Shares&rdquo;). The Registrant&rsquo;s ADSs issuable upon deposit of the securities registered hereby have been registered under a separate registration statement on Form F-6 (Registration No. 333-238516).</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: 0px"></TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">In accordance with Rule 416(a) under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), this registration statement on Form S-8 (this &ldquo;Registration Statement&rdquo;) also covers an indeterminate number of additional securities which may be offered and issued under the Registrant&rsquo;s 2020 Share Incentive Plan (the &ldquo;Share Incentive Plan&rdquo;) to prevent dilution from stock splits, stock dividends or similar transactions as provided in the Share Incentive Plan.</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: 0px"></TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">The amount to be registered represents the Ordinary Shares available for future issuance under the Share Incentive Plan.</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: 0px"></TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt">(4)</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">The proposed maximum offering price per share, which is estimated solely for the purposes of calculating the registration fee under Rule 457(h) and Rule 457(c) under the Securities Act, is based on the average of the high and low prices for the Registrant&rsquo;s ADSs as quoted on the Nasdaq Capital Market on December 2, 2020, which is within five (5) business days prior to the date of this Registration Statement.</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>

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

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

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INFORMATION REQUIRED IN THE SECTION 10(a)
PROSPECTUS</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Item 1.</B></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B><U>Plan Information.</U>*</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></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: 0px"></TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Item 2.</B></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B><U>Registrant Information and Employee Plan Annual Information.</U>*</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left">*</TD><TD STYLE="text-align: left">Information required by Part I of the Form S-8 to be contained
in the Section 10(a) prospectus is omitted from this Registration Statement in accordance with Rule 428 under the Securities Act
and the introductory note to Part I of Form S-8. The documents containing information specified in this Part I of Form S-8 will
be separately provided to the participants covered by the Share Incentive Plan, as specified by Rule 428(b)(1) under the Securities
Act.</TD>
</TR></TABLE>

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

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

<!-- Field: Page; Sequence: 3; Options: NewSection -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px"></TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Item 3.</B></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B><U>Incorporation of Documents by Reference.</U></B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following documents filed by the Registrant
with the Securities and Exchange Commission (the &ldquo;Commission&rdquo;) are incorporated by reference herein:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">(a)</TD><TD STYLE="text-align: left">The Registrant&rsquo;s prospectus dated October 30,
2020 (File No. 333-249185) filed with the Commission on October 30, 2020 pursuant to Rule <A HREF="http://www.sec.gov/Archives/edgar/data/1806524/000121390020034159/0001213900-20-034159-index.htm">424(b)(3)</A>
under the Securities Act; and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">(b)</TD><TD STYLE="text-align: left">The description of the Registrant&rsquo;s Ordinary
Shares and ADSs contained in its registration statement on <A HREF="http://www.sec.gov/Archives/edgar/data/1806524/000126493120000115/0001264931-20-000115-index.htm">Form
8-A</A> (File No. 001-39301) filed with the Commission on May 28, 2020, including any amendment and report filed for the purpose
of updating that description.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All documents filed or furnished by the
Registrant pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange
Act&rdquo;), subsequent to the effective date of this Registration Statement, prior to the filing of a post-effective amendment
to this Registration Statement indicating that all securities offered hereby have been sold or deregistering all securities then
remaining unsold, shall be deemed to be incorporated by reference herein and to be part hereof from the date of filing of such
documents.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any statement contained herein or in any
document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes
of this Registration Statement to the extent that a statement contained herein or in any other subsequently filed document which
also is or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any such statement so modified
or superseded shall not be deemed to constitute a part of this Registration Statement, except as so modified or superseded.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0px"></TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Item 4.</B></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B><U>Description of Securities.</U></B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Not required</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0px"></TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Item 5.</B></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B><U>Interests of Named Experts and Counsel.</U></B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Not applicable</P>

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

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

<!-- Field: Page; Sequence: 4; Options: NewSection -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-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: 0px"></TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Item 6.</B></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B><U>Indemnification of Directors and Officers </U></B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Cayman Islands law does not limit the extent
to which a company&rsquo;s articles of association may provide for indemnification of officers and directors, except to the extent
any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification
against civil fraud or the consequences or committing a crime. Under the Registrant&rsquo;s amended and restated memorandum and
articles of association, to the fullest extent permissible under Cayman Islands law every director and officer of the Registrant
shall be indemnified against all actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred or sustained
by him, other than by reason of such person&rsquo;s own dishonesty, willful default or fraud, in or about the conduct of the Company&rsquo;s
business or affairs (including as a result of any mistake of judgment) or in the execution or discharge of his duties, powers,
authorities or discretions as a director or officer of the Registrant, including without prejudice to the generality of the foregoing,
any costs, expenses, losses or liabilities incurred by him in defending (whether successfully or otherwise) any civil proceedings
concerning the Registrant or its affairs in any court whether in the Cayman Islands or elsewhere.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the indemnification agreements,
the form of which is filed as Exhibit 10.26 to the Registrant&rsquo;s registration statement on Form F-4 (File No. 333-237336),
the Registrant has agreed to indemnify its directors and officers against certain liabilities and expenses incurred by such persons
in connection with claims made by reason of their being such a director or officer of the Registrant.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Registrant currently carries liability
insurance for its directors and executive officers.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Insofar as indemnification for liabilities
arising under the Securities Act may be permitted to directors, officers or persons controlling the Registrant pursuant to the
foregoing provisions, the Registrant has been informed that in the opinion of the Commission such indemnification is against public
policy as expressed in the Securities Act and is therefore unenforceable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Item 7.</B></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B><U>Exemption From Registration Claimed </U></B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Not applicable</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Item 8.</B></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B><U>Exhibits.</U></B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">See Exhibit Index beginning on page II-4
of this registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Item 9.</B></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B><U>Undertakings</U></B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 13.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 21.25pt">(a)</TD><TD>The undersigned Registrant hereby undertakes:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 0.5in">(1).</TD><TD>To file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 112.5pt"></TD><TD STYLE="width: 29.25pt">(i).</TD><TD>to include any prospectus required by section 10(a)(3) of the Securities Act of 1933;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 141.75pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 112.5pt"></TD><TD STYLE="width: 29.25pt">(ii).</TD><TD>to reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most
recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information
set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered
(if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or
high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant
to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate
offering price set forth in the &ldquo;Calculation of Registration Fee&rdquo; table in the effective registration statement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 141.75pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 141.75pt"></P>

<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 141.75pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 112.5pt"></TD><TD STYLE="width: 29.25pt">(iii).</TD><TD>to include any material information with respect to the plan of distribution not previously disclosed in the registration statement
or any material change to such information in the registration statement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify"><I>provided, however,</I> that
paragraphs (a)(1)(i) and (a)(1)(ii) of this section do not apply if the information required to be included in a post-effective
amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the Registrant pursuant to section
13 or section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the Registration Statement; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 0.5in">(2).</TD><TD>That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall
be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at
that time shall be deemed to be the initial bona fide offering thereof.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 0.5in">(3).</TD><TD>To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold
at the termination of the offering.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 31.5pt"></TD><TD STYLE="width: 18pt">(b)</TD><TD>The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933,
each filing of the Registrant&rsquo;s annual report pursuant to section 13(a) or section 15(d) of the Securities Exchange Act of
1934 (and, where applicable, each filing of an employee benefit plan&rsquo;s annual report pursuant to section 15(d) of the Securities
Exchange Act of 1934) that is incorporated by reference in the Registration Statement shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the
initial bona fide offering thereof.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 31.5pt"></TD><TD STYLE="width: 18pt">(c)</TD><TD>Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers
and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that
in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act of 1933 and is,
therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the
Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense
of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities
being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent,
submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed
in the Securities Act of 1933 and will be governed by the final adjudication of such issue.</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; width: 10%; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Exhibit<BR>
Number</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 1.5pt; vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; width: 89%; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Description</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">4.1</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1806524/000126493120000098/lionf4a3r.htm#AnnexB"><FONT STYLE="font-size: 10pt">Amended and Restated Memorandum and Articles of Association of the Registrant (incorporated by reference to Exhibit 3.2 to the Registrant&rsquo;s registration statement on Form F-4, as amended (File No. 333-237336) filed with the Commission)</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">4.2</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1806524/000126493120000067/ex4_5.htm"><FONT STYLE="font-size: 10pt">Registrant&rsquo;s Specimen Certificate for Ordinary Shares (incorporated by reference to Exhibit 4.5 to the Registrant&rsquo;s registration statement on Form F-4, as amended (File No. 333-237336) filed with the Commission)</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">4.3</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1471515/000095012720000028/a20-11_ex4.htm"><FONT STYLE="font-size: 10pt">Form of Deposit Agreement among the Registrant, Deutsche Bank Trust Company Americas, and owners and holders from time to time of the American depositary shares issued thereunder (incorporated by reference to Exhibit (a) to the Registrant&rsquo;s registration statement on Form F-6 (File No. 333-238516) filed with the Commission)</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">4.4</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1471515/000095012720000028/a20-11_ex4.htm"><FONT STYLE="font-size: 10pt">Form of Registrant&rsquo;s Specimen American Depositary Receipt (included in Exhibit 4.3)</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">5.1*</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt"><A HREF="ea131035ex5-1_liongroup.htm">Opinion of Ogier regarding the validity of Ordinary Shares being registered</A></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">10.1</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1806524/000126493120000098/lionf4a3r.htm#AnnexC"><FONT STYLE="font-size: 10pt">2020 Share Incentive Plan (incorporated by reference to Exhibit 10.24 to the Registrant&rsquo;s registration Statement on Form F-4, as amended (File No. 333-237336) filed with the Commission)</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">23.1*</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt"><A HREF="ea131035ex23-1_liongroup.htm">Consents of UHY LLP, Independent Registered Public Accounting Firm</A></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">23.2*</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt"><A HREF="ea131035ex5-1_liongroup.htm">Consent of Ogier (included in Exhibit 5.1)</A></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">24.1*</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><A HREF="#a_001"><FONT STYLE="font-size: 10pt">Power of Attorney (included on signature page hereto)</FONT></A></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><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">Filed herewith.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing
on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized,
in Hong Kong on December 4, 2020.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Lion Group Holding Ltd.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 35%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">By: </FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">/s/ Chunning Wang</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Name:&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Chunning Wang</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Title: </FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Chief Executive Officer</FONT></TD></TR>
</TABLE>

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

<!-- Field: Page; Sequence: 8 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_001"></A>POWER OF ATTORNEY </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">KNOW ALL PERSONS BY THESE PRESENTS, that
each person whose signature appears below constitutes and appoints each of Jian Wang and Chunning Wang as his true and lawful attorney-in-fact
with full power of substitution and re-substitution, for and in such person&rsquo;s name, place and stead, in any and all capacities,
to sign any and all amendments (including post-effective amendments) to this Registration Statement, and to file the same, with
all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto such
attorney-in-fact full power and authority to do and perform each and every act and thing requisite and necessary to be done as
fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that such attorney-in-fact
may lawfully do or cause to be done by virtue hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Act of 1933, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 29%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B STYLE="font-size: 10pt">Signature</B></FONT></TD>
    <TD STYLE="font-size: 10pt; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 37%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B STYLE="font-size: 10pt">Title</B></FONT></TD>
    <TD STYLE="font-size: 10pt; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 30%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B STYLE="font-size: 10pt">Date</B></FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt">
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">/s/ Jian Wang</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Chairman of the Board </FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">December 4, 2020</FONT></TD></TR>
<TR STYLE="font-size: 10pt">
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Name: Jian Wang</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt">
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">/s/ Chunning Wang</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Director and Chief Executive Officer</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">December 4, 2020</FONT></TD></TR>
<TR STYLE="font-size: 10pt">
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Name: Chunning Wang</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">(principal executive officer)</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt">
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">/s/ Sze Hau Lee</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Chief Financial Officer </FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">December 4, 2020</FONT></TD></TR>
<TR STYLE="font-size: 10pt">
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Name: Sze Hau Lee</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">(principal financial and accounting officer)</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt">
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt">
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">/s/ Hua Luo</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Director and Chief Operating Officer</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">December 4, 2020</FONT></TD></TR>
<TR STYLE="font-size: 10pt">
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Name: Hua Luo</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt">
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">/s/ Chi Fai Choi</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Director </FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">December 4, 2020</FONT></TD></TR>
<TR STYLE="font-size: 10pt">
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Name: Chi Fai Choi</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt">
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt">
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">/s/ Chi-yang Chen</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Director </FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">December 4, 2020</FONT></TD></TR>
<TR STYLE="font-size: 10pt">
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Name: Chi-yang Chen</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt">
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt">
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">/s/ Zhixiang Zhang</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">December 4, 2020</FONT></TD></TR>
<TR STYLE="font-size: 10pt">
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Name: Zhixiang Zhang</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt">
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt">
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">/s/ Walter Roudley Cook</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">December 4, 2020</FONT></TD></TR>
<TR STYLE="font-size: 10pt">
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Name: Walter Roudley Cook</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt">
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
</TABLE>

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

<!-- Field: Page; Sequence: 9 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURE OF AUTHORIZED REPRESENTATIVE
OF THE REGISTRANT</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the Securities Act of 1933,
the undersigned, the duly authorized representative in the United States of Lion Group Holding Ltd., has signed this Registration
Statement or amendment thereto in Hong Kong, on December 4, 2020.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Authorized U.S. Representative</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Cogency Global Inc.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 35%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">/s/ Colleen A. De Vries</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Name:&nbsp; </FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Colleen A. De Vries</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Title: </FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Senior Vice-President on behalf of Cogency Global Inc.</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">&nbsp;</P>

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

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>ea131035ex5-1_liongroup.htm
<DESCRIPTION>OPINION OF OGIER REGARDING THE VALIDITY OF ORDINARY SHARES BEING REGISTERED
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 5.1</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="ex5-1_001.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><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 ROWSPAN="4" STYLE="width: 60%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: Left"><FONT STYLE="text-transform: uppercase"><B>Lion
        group holding ltd.</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">c/o - Ogier Global (Cayman) Limited</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">89 Nexus Way, Camana Bay</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Grand Cayman KY1-9009</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Cayman Islands</P></TD>
    <TD STYLE="width: 2%; text-align: Left">&nbsp;</TD>
    <TD STYLE="width: 38%; text-align: Left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>D&nbsp;&nbsp;</B></FONT><B>+852 3656 6014</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: Left">&nbsp;</TD>
    <TD STYLE="text-align: Left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>E&nbsp;&nbsp;</B></FONT><B>nicholas.plowman@ogier.com</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: Left">&nbsp;</TD>
    <TD STYLE="text-align: Left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: Left">&nbsp;</TD>
    <TD STYLE="text-align: Left">Reference: NJP/LHJ/172158.00001</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: Left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: Left">December 4, 2020</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: Left"><B>LION GROUP HOLDING LTD. (the Company)</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: Left">We have acted as Cayman Islands counsel
to the Company to provide this legal opinion in connection with the Company&rsquo;s registration statement on Form F-8, including
all amendments or supplements thereto (the <B>Registration Statement</B>), originally filed with the United States Securities and
Exchange Commission (the <B>Commission</B>) under the United States Securities Act of 1933 (as amended, the <B>Act</B>) on or about
[Date] 2020. The Registration Statement relates to offering by the company of the following securities as described in the Registration
Statement (together the <B>Securities</B>):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: Left; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">-</FONT></TD><TD STYLE="text-align: Left">4,632,449 Class A ordinary share of the Company, par value US$0.0001 per share (the <B>Class A
Ordinary Shares</B>)<FONT STYLE="font-size: 10pt">; </FONT>and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: Left; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">-</FONT></TD><TD STYLE="text-align: Left">Class A Ordinary Shares issuable under the Share Incentive Plan (as defined in the Registration
Statement).</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: Left">This opinion is given as Exhibits 5.1 and
23.2 to the Registration Statement.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: Left; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">1</TD><TD STYLE="text-align: Left">Documents examined</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: Left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: Left">For the purposes of giving
this opinion, we have examined originals, copies, or drafts of the following documents:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: Left; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: Left">the certificate of incorporation of the Company dated 11 February 2020 issued by the Registrar
of Companies of the Cayman Islands (the <B>Registrar</B>);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: Left; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: Left">the amended and restated memorandum and articles of association of the Company filed with the Registrar
on 16 June 2020 (the <B>Amended Memorandum and Articles</B>);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: Left; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: Left">the unanimous consents of the directors approving the Registration Statement (the <B>Board Consents</B>);
and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: Left; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt">(d)</TD><TD STYLE="text-align: Left">the Registration Statement.</TD></TR></TABLE>

<P STYLE="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: bottom">
    <TD STYLE="width: 38%">
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ogier</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">British Virgin Islands, Cayman Islands, Guernsey, Jersey and
        Luxembourg practitioners</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">Floor 11 Central Tower</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">28 Queen's Road Central</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Central</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Hong Kong</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">T +852 3656 6000</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">F +852 3656 6001</P>
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">ogier.com</P></TD>
    <TD STYLE="width: 15%">
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Partners</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Nicholas Plowman</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Nathan Powell</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Kate Hodson</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Anthony Oakes</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Oliver Payne</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">James Bergstrom</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Marcus Leese</P></TD>
    <TD STYLE="width: 47%; text-align: Left; font-size: 10pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: Left; text-indent: -35.45pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: Left; text-indent: -35.45pt"></P>

<!-- Field: Page; Sequence: 1; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">Page <B><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></B> of <B>4</B></P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: Left; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">2</TD><TD STYLE="text-align: Left">Assumptions</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: Left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: Left">In giving this opinion we have
relied upon the assumptions set forth in this paragraph 2 without having carried out any independent investigation or verification
in respect of those assumptions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: Left; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: Left">all original documents examined by us are authentic and complete;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: Left; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: Left">all copy documents examined by us (whether in facsimile, electronic or other form) conform to the
originals and those originals are authentic and complete;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: Left; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: Left">all signatures, seals, dates, stamps and markings (whether on original or copy documents) are genuine;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: Left; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt">(d)</TD><TD STYLE="text-align: Left">the relevant documents have been authorised and duly executed and unconditionally delivered by
or on behalf of all relevant parties in accordance with all relevant laws (other than, with respect to the Company, the laws of
the Cayman Islands);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: Left; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt">(e)</TD><TD STYLE="text-align: Left">the relevant documents are legal, valid, binding and enforceable against all relevant parties in
accordance with their terms under the governing law specified therein (the <B>Relevant Law</B>) and all other relevant laws (other
than, with respect to the Company, the laws of the Cayman Islands);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: Left; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt">(f)</TD><TD STYLE="text-align: Left">the choice of the Relevant Law as the governing law of the relevant documents has been made in
good faith and would be regarded as a valid and binding selection which will be upheld by the courts of the relevant jurisdiction
and any other jurisdiction (other than the Cayman Islands) as a matter of the Relevant Law and all other relevant laws (other than
the laws of the Cayman Islands);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: Left; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt">(g)</TD><TD STYLE="text-align: Left">all parties to the relevant documents have the capacity, power, authority and legal right under
all relevant laws and regulations (other than, with respect to the Company, the laws and regulations of the Cayman Islands) to
enter into, execute, unconditionally deliver and perform their respective obligations under the relevant document;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: Left; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt">(h)</TD><TD STYLE="text-align: left">all copies of the Registration Statement are true and correct copies and conform in every material
respect to the latest drafts of the same produced to us and, where the Registration Statement has been provided to us in successive
drafts marked-up to indicate changes to such documents, all such changes have been so indicated;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: Left; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt">(i)</TD><TD STYLE="text-align: left">the Board Consents remain in full force and effect and the directors of the Company have acted
in good faith with a view to the best interests of the Company and has exercised the standard of care, diligence and skill that
is required of him in approving the matters therein;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: Left; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt">(j)</TD><TD STYLE="text-align: left">the directors have no financial interest in or other relationship to a party of the transactions
contemplated by the relevant consents or resolutions which has not been properly disclosed;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: Left; text-indent: -35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: Left; text-indent: -35.45pt"></P>

<!-- Field: Page; Sequence: 2; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">Page <B><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></B> of <B>4</B></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: Left; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt">(k)</TD><TD STYLE="text-align: Left">none of the director(s) and shareholder(s) of the Company have taken any steps to appoint a liquidator
of the Company and no receiver has been appointed over any of the Company&rsquo;s property or assets;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: Left; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt">(l)</TD><TD STYLE="text-align: left">no monies paid to or for the account of any party or any property received or disposed of by any
party in each case in connection with the relevant documents or the consummation of the transactions contemplated thereby represent
or will represent proceeds of criminal conduct or criminal property or terrorist property (as defined in the Proceeds of Crime
Law (Revised) and the Terrorism Law (Revised), respectively);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: Left; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt">(m)</TD><TD STYLE="text-align: left">no invitation has been or will be made by or on behalf of the Company to the public in the Cayman
Islands to subscribe for any of the Securities.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: Left; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt">(n)</TD><TD STYLE="text-align: left">the Company will receive money or money&rsquo;s worth in consideration for the issue of Class A
Ordinary Shares and none of the Class A Ordinary Shares were or will be issued for less than par value;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: Left; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt">(o)</TD><TD STYLE="text-align: left">the Board Consents are given in the manner prescribed by relevant law and/or in the Amended Memorandum
and Articles and have not been and will not be amended, varied or revoked in any respect; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: Left; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt">(p)</TD><TD STYLE="text-align: left">there is no provision of the law of any jurisdiction, other than the Cayman Islands, which would
have any implication in relation to the opinions expressed herein. Specifically and without limiting the foregoing, we have made
no independent investigation of the Relevant Law.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: Left; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">3</TD><TD STYLE="text-align: Left">Opinions</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: Left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: left">On the basis of the examinations
and assumptions referred to above and subject to the limitations and qualifications set forth in paragraph 4 below, we are of the
opinion that when the Class A Ordinary Shares are issued by the Company against payment in full of the consideration as set out
in the Registration Statement and in accordance with the terms set out in the Registration Statement, such Class A Ordinary Shares
will be validly issued, fully paid and non-assessable, provided that as a matter of Cayman Islands law, a share is only issued
when the issuance has been entered in the register of members.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: Left; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">4</TD><TD STYLE="text-align: Left">Limitations and Qualifications</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: Left; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">4.1</TD><TD STYLE="text-align: Left">We offer no opinion:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: Left; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: left">as to any laws other than the laws of the Cayman Islands, and we have not, for the purposes of
this opinion, made any investigation of the laws of any other jurisdiction, and we express no opinion as to the meaning, validity,
or effect of references in any document to statutes, rules, regulations, codes or judicial authority of any jurisdiction other
than the Cayman Islands; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: Left; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: left">except to the extent that this opinion expressly provides otherwise, as to the commercial terms
of, or the validity, enforceability or effect of the Registration Statement, the accuracy of representations, the fulfilment of
warranties or conditions, the occurrence of events of default or terminating events or the existence of any conflicts or inconsistencies
among the Registration Statement and any other agreements into which the Company may have entered or any other documents.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: Left; text-indent: -35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: Left; text-indent: -35.45pt"></P>

<!-- Field: Page; Sequence: 3; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">Page <B><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></B> of <B>4</B></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: Left; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">4.2</TD><TD STYLE="text-align: left">Under Cayman Islands law, the register of members is prima facie evidence of title to shares and
this register would not record a third party interest in such shares. However, there are certain limited circumstances where an
application may be made to a Cayman Islands court for a determination on whether the register of members reflects the correct legal
position. Further, the Cayman Islands court has the power to order that the register of members maintained by a company should
be rectified where it considers that the register of members does not reflect the correct legal position. As far as we are aware,
such applications are rarely made in the Cayman Islands and for the purposes of the opinion given in paragraph 3, there are no
circumstances or matters of fact known to us on the date of this opinion letter which would properly form the basis for an application
for an order for rectification of the register of members of the Company, but if such an application were made in respect of the
Class A Ordinary Shares, then the validity of such shares may be subject to re-examination by a Cayman Islands court.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: Left; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">4.3</TD><TD STYLE="text-align: left">In this opinion, the term &ldquo;non-assessable&rdquo; means, with respect to the Class A Ordinary
Shares, that a shareholder shall not, solely by virtue of its status as a shareholder, be liable for additional assessments or
calls on the Class A Ordinary Shares by the Company or its creditors (except in exceptional circumstances, such as involving fraud,
the establishment of an agency relationship or an illegal or improper purpose or other circumstance in which a court may be prepared
to pierce or lift the corporate veil).</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: Left; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">5</TD><TD STYLE="text-align: Left">Governing law of this opinion</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: Left; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">5.1</TD><TD STYLE="text-align: Left">This opinion is:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: Left; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: Left">governed by, and shall be construed in accordance with, the laws of the Cayman Islands;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: Left; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: Left">limited to the matters expressly stated in it; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: Left; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: Left">confined to, and given on the basis of, the laws and practice in the Cayman Islands at the date
of this opinion.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: Left; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">5.2</TD><TD STYLE="text-align: Left">Unless otherwise indicated, a reference to any specific Cayman Islands legislation is a reference
to that legislation as amended to, and as in force at, the date of this opinion.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: Left; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">6</TD><TD STYLE="text-align: Left">Reliance</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: Left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: Left">We hereby consent to the filing
of this opinion as an exhibit to the Registration Statement and to the reference to our firm in the Registration Statement. In
providing our consent, we do not thereby admit that we are in the category of persons whose consent is required under Section 7
of the Act or the rules and regulations issued by the Commission thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: Left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: Left">This opinion is addressed to
you and may be relied upon by you, your counsel, the holders of the Securities. This opinion is limited to the matters detailed
herein and is not to be read as an opinion with respect to any other matter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: Left">&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-size: 10pt; font-weight: bold">&nbsp;<IMG SRC="ex5-1_002.jpg" ALT="" STYLE="width: 150px; height: 75px"></TD>
    <TD STYLE="width: 50%; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: bold">Ogier</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

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

<!-- Field: Rule-Page --><DIV STYLE="width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>3
<FILENAME>ea131035ex23-1_liongroup.htm
<DESCRIPTION>CONSENTS OF UHY LLP, INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;<B>Exhibit 23.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-left: 0; text-align: center"><U>CONSENT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM</U></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We hereby consent to the inclusion in this
Registration Statement on Form S-8 of Lion Group Holding Ltd. (the &ldquo;Company&rdquo;) by reference of our report dated March
20, 2020, with respect to our audit of the Company&rsquo;s financial statements as of February 29, 2020, and for the period from
February 11, 2020 (inception) through February 29, 2020, which appears in the Prospectus dated October 30, 2020 (File No. 333-249185)
which is referred by this Registration Statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">/S/</FONT> UHY LLP</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">December 4, 2020</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center"><U></U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-left: 0; text-align: center"><U>CONSENT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We hereby consent to the inclusion in this
Registration Statement on Form S-8 of Lion Group Holding Ltd. by reference of our report dated March 20, 2020, with respect to
our audits of Lion Financial Group Limited and its subsidiaries&rsquo; consolidated financial statements as of December 31, 2018
and 2017, and for the years then ended, and our report dated April 24, 2020, with respect to our audits of Lion Financial Group
Limited and its subsidiaries&rsquo; consolidated financial statements as of December 31, 2019 and 2018, and for the years then
ended, both of which appear in the Prospectus dated October 30, 2020 (File No. 333-249185) which is referred by this Registration
Statement.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">December 4, 2020</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center"><U></U></P>

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

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

<!-- Field: Page; Sequence: 2; Options: Last -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo --><!-- Field: /Sequence --></P></DIV>
    <!-- Field: /Page -->

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>ex5-1_001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 ex5-1_001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  $! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_
MVP!# 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_P  1"  P '8# 2(  A$! Q$!_\0
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M6I>"?!/C/X]>+O[76YNK7]GS]E/3O&7AGP'H7AXS [-9\/\ @.=K_6M%T]F
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M_K=C!J6CZUI&I6<DUIJ&F:II]S;WMA>VLLEO=6L\4\,CQNK'<K^3O_@TT_;
M\2?&+]DSXO\ [+/C/4[C5;[]E7Q=X=U#P#=WLSRW$/PM^+X\3:E8^&HGE=Y;
MBW\+>,_"OB^:%R^RPTSQ-HVD01PV=A:1U_3)\6/CQ\+?@I8PW7Q \3V^FW=Y
M&TFFZ':1RZCK^IHK%3)::5:+).ML'5HS?W?V73DE'E27:2%5/G5:,J5:='63
MC*RLM9)I.+LN\6F^SOJ;1DI14MK_ (/J>P45\*^&_P#@H?\ L^:_J\6E7?\
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7HYY<CA?W6[M66_KN.RO?J@HHHJ1G_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>ex5-1_002.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 ex5-1_002.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  $! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_
MVP!# 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_P  1" !U .H# 2(  A$! Q$!_\0
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M/3OGOX/_ /!O/_P52TWXB+\=?BQ^T)^Q%\8?VB?&'C6UUCQA\<OVC/A+XO\
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MZN'N=0^QF'^M2T*P^9+(\D<<GV9%-W<QJ\4EQ*[PV(LX52SM/LZW5M9P&/\
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MM9DW']HZI=W=Q:6]G9VK0&9[N>Y@C@,1E\U3'D?S;W7_  7'^/7[9GB:_P#
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M\0:9#</-I7AG2);BVFU>\T^_T=?$VFZ3<:;:]A\&_P#@@-\-/&'C31OVBO\
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MTGS)-NVC:<VNVY>]=145>2Y8P:<4FY2]Y--<UM8R:Y4U&2_#7]G_ /X-[_\
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MMI3<4FRBBB@04444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
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2%%% !1110 4444 %%%% '__9

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
